Group 1 - The core viewpoint of the article is that AVIC Aircraft (600372.SH) has a subsidiary, Dongfang Instrument, which is engaged in satellite navigation business, providing satellite navigation products for various types of aircraft, helicopters, and drones [1] Group 2 - Dongfang Instrument specializes in satellite navigation, indicating a focus on advanced technology in the aviation sector [1] - The company supports multiple aircraft types, which suggests a diversified product offering and potential for growth in different segments of the aviation market [1] - The involvement in drones highlights the company's alignment with emerging trends in the aerospace industry, particularly in unmanned aerial vehicles [1]

Market Overview - Major stock indices in the Asia-Pacific region showed mixed results, with the Shanghai Composite Index surpassing 4100 points, while Hong Kong's main indices were in the red [1] - The South Korean Composite Index broke through 4900 points for the first time, with Hyundai and Kia Motors both rising over 12% [1] - A-shares experienced a contraction in trading volume, with the Shanghai Composite Index up 0.29% and the Shenzhen Component Index up 0.09%, while the ChiNext Index fell by 0.7% [1][2] Trading Volume and Stock Performance - The total trading volume in the Shanghai and Shenzhen markets was 2.73 trillion yuan, a decrease of 324.3 billion yuan from the previous trading day [1] - Over 3500 stocks in the market rose, with 103 stocks hitting the daily limit [1] Sector Performance - The electric grid equipment sector showed strong performance throughout the day, with stocks like China West Electric, Dalian Electric Porcelain, and Guangdian Electric all hitting the daily limit [3] - The AVIC index opened high and saw all constituent stocks in the green, with AVIC Aircraft, AVIC Power, AVIC Control, and AVIC Technology all hitting the daily limit, while Hongdu Aviation rose nearly 9% [4][5] Hong Kong Market - The three major indices in Hong Kong collectively declined, with the Hang Seng Index and Hang Seng Technology Index both dropping over 1%, and the Hang Seng China Enterprises Index down over 0.8% [6] - Most tech stocks in Hong Kong fell, with Bilibili down over 7%, Alibaba and Alibaba Health down over 3%, and other companies like Kuaishou and JD Health down over 2% [6] Commodity Performance - Gold and silver prices reached new highs, with spot gold nearing $4700 and silver up over 3.6%, marking a year-to-date increase of over 30% [7] - The cryptocurrency market continued to decline, with Bitcoin dropping nearly 3% and over 250,000 individuals facing liquidation, totaling approximately $871 million [7]

格隆汇1月19日丨中航机载(600372.SH)在投资者互动平台表示，中航机载的子公司东方仪器从事卫星导 航业务，为多型飞机、直升机、无人机配套卫星导航产品。 ...

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 300129 | 泰胜风能 | 1 | 15.75 | 185亿 | 59.46 | | 301005 | 超捷股份 | 1 | 14.16 | 290亿 | 38.96 | | 000925 | 众合科技 | 1 | 10.02 | 65.34 Z | 7.57 | | 600372 | 中航机载 | | 10.02 | 765亿 | 17.81 | | 000738 | 航发控制 | | 10.00 | 310亿 | 10.46 | | 002985 | 北摩高科 | 1 | 9.99 | 123亿 | 16.55 | | 002201 | 九鼎新材 | 4 | 9.98 | 82.56亿 | 11.04 | | 688239 | 航宇科技 | 4 | 9.90 | 132亿 | 2.25 | | 920576 | 天力复合 | 1 | 8.40 | 111亿 | 44.44 | | 600268 | 国电南自 | 1 | 7.60 | 134亿 | ...

Group 1 - The A-share market showed mixed performance on January 19, with the aerospace engine concept experiencing a strong rally, particularly the aerospace ETF (159227) which rose by 3.77% and achieved a trading volume of 609 million yuan, leading its category [1] - Key stocks within the aerospace sector, including AVIC Aircraft, Aero Engine Corporation of China, and others, reached their daily limit up, indicating strong investor interest and confidence in the sector [1] - China Aerospace Science and Technology Corporation held a 2026 work conference, emphasizing breakthroughs in reusable rocket technology and the acceleration of commercial aerospace and low-altitude economy developments during the 14th Five-Year Plan [1] Group 2 - The aerospace ETF (159227) closely tracks the National Securities Aerospace Index, covering leading companies across the entire aerospace industry chain, including fighter jets, aircraft engines, rockets, and satellites, aligning with the "integrated aerospace" strategic direction [2] - The ETF has a high commercial aerospace content of 70.19%, indicating a significant focus on emerging sectors such as large aircraft, commercial aerospace, and low-altitude economy [2]

军工龙头ETF（512710）紧密跟踪中证军工龙头指数 （931066），中证军工龙头指数选取业务涉及军 工产品和服务的 30 只上市公司证券作为指数样本，以反映军工领域龙头上市公司证券的整体表现。 （文章来源：每日经济新闻） 沪深股指震荡攀升，航天军工等板块整体强势，大飞机、通用航空、商业航天、航母等板涨幅居前。截 至发稿，军工龙头ETF（512710）盘中涨幅达4.53%，航空ETF（159392）盘中涨幅达3.01%。其中军工 龙头ETF成分股中航机载、洪都航空、航发控制均涨停。 消息面上，2025年度国防科技工业十大新闻已由国家国防科技工业局新闻宣传办公室正式对外发布。其 中，歼10CE外销战机首获实战战果的消息备受瞩目。 此外，我国在航空动力领域再传捷报：自主研制的1200千瓦级涡桨发动机顺利完成点火试验，研制进程 由此全面迈入试验验证阶段。 ...

Core Viewpoint - The aviation sector, particularly the large aircraft concept, has seen significant stock price increases, indicating a bullish sentiment in the market for related companies [1]. Group 1: Stock Performance - Major companies in the aviation sector, such as航发控制, 航发动力, 中航机载, 万泽股份, and 五洲新春, experienced a surge in stock prices, with several reaching the daily limit up [1]. - 航亚科技 saw a notable increase of over 15%, while 中航西飞, 航宇科技, and 洪都航空 also reported gains [1]. Group 2: Detailed Stock Data - The following companies reported significant stock price increases: - 图南胶价: +16.13%, total amount 7.13 billion, market cap 153.8 billion, current price 38.92 [2] - 航亚科技: +15.20%, total amount 7.07 billion, market cap 93.04 billion, current price 35.85 [2] - 超捷股份: +14.49%, total amount 38.77 million, market cap 289.9 billion, current price 216.04 [2] - 航发动力: +10.01%, total amount 34.147 million, market cap 1190 billion, current price 44.63 [2] - 航发控制: +10.00%, total amount 12.59 million, market cap 309.6 billion, current price 23.54 [2] - 洪都航空: +9.97%, total amount 16.02 million, market cap 308.4 billion, current price 43.00 [2]

Core Viewpoint - The aerospace sector, particularly companies under the AVIC system, is experiencing a surge in stock prices, driven by positive market sentiment and developments in China's commercial space industry [1][3]. Group 1: Market Performance - AVIC stocks, including AVIC Aircraft, AVIC Engine, AVIC Control, and Hongdu Aviation, all hit the daily limit up, contributing to a rapid rise in the military industry sector [1]. - The military ETF Huabao (512810) rose by 2.88%, recovering two moving averages, indicating strong investor interest [1]. Group 2: Industry Developments - China Aerospace Science and Technology Corporation held a work meeting outlining plans to advance reusable rocket technology and major projects like manned lunar missions during the 14th Five-Year Plan [1]. - The commercial space sector in China is expected to grow rapidly once breakthroughs in rocket recovery and reflight technologies are achieved, with a significant market opportunity driven by the demand for approximately 4,000 satellite updates annually from two major domestic constellations [3]. Group 3: Investment Opportunities - The military ETF Huabao (512810) includes 24 commercial aerospace concept stocks, with a combined weight exceeding 32%, making it a focal point for investors interested in the aerospace sector [3][4]. - The ETF also covers various hot themes such as controllable nuclear fusion, low-altitude economy, large aircraft, deep-sea technology, and military AI, providing diverse investment avenues [3].

Group 1 - The Chinese government has adjusted the export tax rebate policy for photovoltaic and battery products, reducing the VAT export rebate rate for battery products from 9% to 6% starting April 1, 2026, and fully canceling it by January 1, 2027, with a three-month transition period [2] - The purpose of the policy adjustment is to compress the profit margins of low-value-added production, encourage companies to transition to high-value-added products, and guide enterprises to establish overseas production to mitigate geopolitical risks [2][3] - The lithium carbonate futures market has seen a significant increase, with the main contract closing at 156,060 yuan per ton, marking a 9% increase and the first time surpassing the 150,000 yuan mark in two years, driven by policy changes and improved fundamentals [2] Group 2 - In the photovoltaic sector, companies are expected to accelerate order deliveries during the transition period, leading to a significant increase in export growth in the first quarter of 2026, particularly benefiting leading companies with high export ratios [3] - From 2027 onwards, industry differentiation is expected to intensify, with overseas production capacity becoming a core competitive advantage for leading companies like CATL, BYD, and LONGi, as domestic production costs will rise by 6-9% due to the cancellation of tax rebates [3] - The exit of outdated production capacity is anticipated to significantly increase industry concentration, with the top five companies expected to exceed 80% market share by 2027, enhancing pricing power and overall profitability in the industry [3] Group 3 - The Federal Reserve Chairman Jerome Powell is under criminal investigation related to the renovation of the Federal Reserve's headquarters, which has escalated tensions with former President Trump, who has previously criticized Powell for not lowering interest rates [4][5] - Powell described the investigation as unprecedented and questioned its motives, asserting that he would not succumb to political pressure while fulfilling his duties [4][5][7] Group 4 - Gold and silver prices have surged, with gold surpassing $4,600 and silver exceeding $83, driven by increased geopolitical risks and expectations of interest rate cuts following poor non-farm payroll data [8][9] - The U.S. government is considering various options to intervene in Iran, including military actions, which has contributed to rising demand for safe-haven assets like gold [8][9] Group 5 - ByteDance has significantly increased its investment in data centers, with a capital expenditure budget of approximately 160 billion yuan for 2025, including nearly 70 billion yuan specifically for data center infrastructure and network equipment [10][11] - The bidding activity for AI data centers has accelerated, with major projects like a 1 GW project already announced, indicating a robust demand surge starting in the fourth quarter of 2025 [11][14] - The improvement in AI chip supply, particularly the easing of export restrictions on NVIDIA's H200 chips, has facilitated the resumption of data center construction plans that were previously hindered by chip shortages [12][15] Group 6 - The domestic AI data center bidding landscape is expected to benefit from the scarcity of resources, with operators possessing high-quality resources having a stronger ability to fulfill orders and maintain pricing power [19] - The preference for bidding is concentrated in regions with lower electricity costs, such as Inner Mongolia and Shanxi, which will significantly reduce operational costs for data centers [19] - The domestic liquid cooling sector is poised for recovery as demand from AI data centers exceeds expectations, benefiting local manufacturers closely tied to major internet companies [18]

Core Viewpoint - The article emphasizes the development of the low-altitude economy in Shanghai, aiming to establish it as a global hub for electric vertical takeoff and landing (eVTOL) aircraft by 2028, with a projected industry scale of approximately 80 billion yuan. Group 1: Industry Development - The "14th Five-Year Plan" suggests creating emerging pillar industries and accelerating the development of strategic emerging industry clusters, including the low-altitude economy [1] - Shanghai has gathered over half of the country's leading eVTOL companies, leveraging its advanced manufacturing capabilities and complete industrial chain [1] - The total order value for eVTOL companies in Shanghai's Minhang District exceeded 15 billion USD in 2025 [5] Group 2: Technological Advancements - The eVTOL aircraft acts as a "supermarket" for airborne systems, integrating supply chain, R&D, manufacturing, and operational services, significantly reducing the R&D time for manufacturers from several months to about one month [7] - A new generation of lightweight transponder products has been launched, reducing weight to 300-400 grams and costs from over 100,000 yuan to 20,000-30,000 yuan, making eVTOLs more affordable [10] Group 3: Policy Support and Infrastructure - Shanghai's recent support measures include financial incentives for R&D and assembly projects, with up to 100 million yuan for complete manufacturing projects and 5 million and 2 million yuan for key technology breakthroughs and pilot verification platforms, respectively [13] - The establishment of a technology R&D joint center and other facilities is planned to enhance collaboration between state-owned and private enterprises in the low-altitude industry [14] Group 4: Testing and Application Scenarios - Shanghai is accelerating the implementation of application scenarios, transforming urban areas into supply chains, testing grounds, and future markets, with 30 companies having applied for test flights at two urban testing sites [16] - The city plans to create a matrix of testing sites, including various scenarios to explore a comprehensive "Shanghai solution" for standards, airworthiness, and testing [18][20]