Core Viewpoint - The commercial aerospace sector experienced a collective adjustment, with several stocks, including Yinhe Electronics and Haige Communications, hitting the daily limit down [1] Group 1: Stock Performance - Yinhe Electronics, Haige Communications, Tongyu Communication, Luxin Venture Capital, Juyi Sockets, and Oriental Communication all reached the daily limit down [1] - Guangha Communication, Xinghuan Technology, and Zhongke Xingtou saw declines exceeding 10% [1] - Jin Feng Technology and Aerospace Electronics approached the daily limit down [1]

Group 1 - The commercial aerospace index declined by 2%, with constituent stocks experiencing widespread losses [1] - Guangha Communication saw a significant drop of 13%, while Tongyu Communication hit the daily limit down [1] - Xingtum Control fell by 8.22%, and Aerospace Electronics decreased by 8% [1]

Group 1 - The core viewpoint is that traditional manufacturing companies in China are the ones realizing performance amidst the global tech market surge, with the future bull market in China relying on physical assets and manufacturing capacity value [1] - Recommended investment sectors include upstream resources (copper, aluminum, lithium, oil, coal) benefiting from potential increases in physical asset consumption and midstream industries like basic chemicals and steel as PPI rebounds [1] - Domestic sectors such as food and beverage, aviation, and apparel are expected to benefit from price stabilization and recovery in domestic demand [1] Group 2 - The introduction of commercial real estate REITs is expected to accelerate market expansion, with 12 consumer REITs currently listed, benefiting from ample inventory and simplified regulations [3] - AI PCB copper powder materials are entering a prosperous cycle, with the copper powder industry expected to see rapid profit growth due to increased usage in PCB production [3] - The copper powder's processing fee is projected to significantly increase, as its usage in PCB production is expected to rise from 15% to over 27% by 2029 [3] Group 3 - Insurance capital has shown a strong interest in equity stakes, with 39 instances of shareholding this year, primarily favoring high-dividend stocks in banking, infrastructure, and logistics [5] - The liquid cooling market for data centers is projected to reach $21.8 billion by 2027, driven by increased efficiency and lower power usage effectiveness (PUE) [5] - Domestic manufacturers are expected to benefit from the rising demand for liquid cooling solutions in AI servers, with a focus on those capable of mass production of core components [5] Group 4 - The Shanghai Composite Index is experiencing a primary upward trend, with financial stocks driving market gains and trading volumes exceeding 3 trillion yuan [11] - Various style indices have adjusted, with cyclical and growth sectors experiencing notable corrections due to recent rapid increases and external market influences [11] - The growth sector is seeing a reduction in momentum for further adjustments, with a focus on sectors benefiting from domestic demand policies such as machinery, home appliances, and consumer electronics [11]

Core Viewpoint - The military industry sector has shown a strong rebound, with the China Securities Military Industry Index seeing over 70 constituent stocks in the green, indicating a growing interest and potential investment opportunities in this sector [1][3]. Group 1: Market Performance - The military ETF, Huabao (512810), saw an increase of over 3%, with a trading volume exceeding 71 million yuan [1]. - Key stocks leading the gains include Shanghai Hanxun, which rose by 12.82%, and Zhongke Xingtou, which increased by 10.03% [1][3]. - The military ETF Huabao covers 24 commercial aerospace concept stocks, with a combined weight exceeding 32% [3][4]. Group 2: Industry Outlook - Research from Shenwan Hongyuan indicates that external geopolitical factors have heightened attention on the military sector, which is currently in a low valuation and low allocation phase [3]. - The military industry's overall outlook is expected to improve gradually, driven by the 14th Five-Year Plan and ongoing foreign trade expectations [3]. - The commercial aerospace sector and other related themes are anticipated to catalyze further investment opportunities within the military industry [3].

Core Viewpoint - The general aviation ETF (159378) has seen a strong increase of 3.47%, driven by significant gains in constituent stocks such as Haige Communication and Zhongke Star Map, indicating a positive market sentiment towards the low-altitude economy and related sectors [1]. Group 1: Market Performance - Zhongke Star Map (688568) rose by 14.72% with a trading volume of 3.676 billion [2] - Haige Communication (002465) increased by 10.00% with a trading volume of 12.274 billion [2] - Aerospace Electronics (600879) saw an 8.63% rise with a trading volume of 14.624 billion [2] - Aerospace Hongtu (688066) grew by 7.14% with a trading volume of 1.488 billion [2] - Digital Zhengtong (300075) increased by 5.83% with a trading volume of 0.522 billion [2] Group 2: National Policy and Industry Development - The national civil aviation work conference has outlined four key directions for the development of the low-altitude economy: systematic policy framework, networked infrastructure, technological collaboration, and scaled scenarios, shifting the focus from pilot exploration to system integration [1][3] - The Ministry of Industry and Information Technology emphasized the development of aerospace and low-altitude economy as emerging pillar industries [1][3] Group 3: Regional Initiatives - Shanghai has set a target for its core low-altitude economy industry to reach 80 billion by 2028, aiming to build a national advanced manufacturing cluster for low-altitude economy [3] - Guangdong has introduced "Twelve Measures for Low-altitude Finance" to create a specialized financial service system to support industry development [3] Group 4: Industry Outlook - The commercial space sector is entering a golden period of policy and technological resonance, with advancements in reusable rocket technology and satellite constellation construction driving down launch costs [3] - The low-altitude economy is expected to benefit from the revision of the Civil Aviation Law and improved infrastructure, indicating significant market potential and a potential revaluation of the industry chain [3] - The general aviation ETF (159378) focuses on the low-altitude economy and drones, benefiting from the rapid development of integrated air-space-ground systems [3]

华宝中证军工ETF（512810）成立日期2016年8月5日，最新规模11.26亿。今年以来收益13.92%，同类 排名261/5520；近一年收益62.31%，同类排名859/4203；成立以来收益81.01%。 华宝中证军工ETF（512810）基金经理为胡洁。 截至发稿，胡洁累计任职时间13年94天，现任基金资产总规模1002.04亿元，任职期间最佳基金回报 173.62%， 任职期间最差基金回报-98.01%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 1月14日，航天电子涨5.14%，截至发稿，报29.86元/股，成交93.92亿元，换手率9.89%，总市值985.17 亿元。 资料显示，航天时代电子技术股份有限公司位于北京市海淀区丰滢东路1号，成立日期1990年7月18日， 上市日期1995年11月15日，公司主营业务涉及主要从事测控通信、机电组件、集成电路、惯性导航以及 其他航天技术应用产品的研发、生产和销售。航天精密惯性仪表专业制造、液浮惯性器件制造 ...

Group 1 - Aerospace and satellite navigation sectors experienced a strong rebound, with HaiGe Communication achieving a consecutive limit-up, and both Aerospace Electronics and TianYin Mechanical & Electrical rising over 6% [1][4] - The General Aviation ETF HuaBao (159231) initially turned negative but then reversed to rise by 2%, with a net subscription of 9 million units during the session, following a net inflow of 92.17 million yuan over the previous five days [1][4] - The successful launch of the Long March 8 rocket on January 13, which deployed 18 low-orbit satellites for satellite internet, marks a significant achievement for the rocket institute as it begins 2026 with a successful mission [1][6] Group 2 - CITIC Securities' latest report indicates that by 2025, China will complete the maiden flights of two reusable rockets, Zhuque-3 and Long March 12A, with successful launches, although further technical iterations are needed for stage recovery [3][6] - Looking ahead to 2026, approximately 10 reusable rockets are expected to be ready for their first or repeated flights, with some models anticipated to achieve successful recovery [3][6] - The gradual construction and utilization of domestic commercial rocket launch sites, along with improved supporting infrastructure, is expected to shorten rocket test flight cycles, potentially increasing the total number of launches from 92 in 2025 to over 100 in 2026 [3][6]

Market Overview - On January 13, major indices in China experienced collective adjustments, with the Shenzhen Component Index falling over 1% and the ChiNext Index dropping nearly 2%. The Shanghai Composite Index closed down 0.64%, the Shenzhen Component Index down 1.37%, and the ChiNext Index down 1.96%. The total trading volume in the Shanghai and Shenzhen markets reached 3.65 trillion yuan, an increase of 49.6 billion yuan compared to the previous trading day [1] - In the U.S. stock market, the three major indices also declined on January 13. The Dow Jones Industrial Average fell by 398.21 points to close at 49,191.99, a decrease of 0.80%. The S&P 500 Index dropped by 13.53 points to 6,963.74, down 0.19%, while the Nasdaq Composite Index decreased by 24.03 points to 23,709.87, a decline of 0.10% [1] Sector Performance - In the Chinese market, over 3,700 stocks declined, with the AI application concept sector rising against the trend, seeing over ten constituent stocks hitting the daily limit up. The AI medical concept remained active, while the power grid equipment sector strengthened in the afternoon. The retail sector also showed active performance. Conversely, the commercial aerospace and controllable nuclear fusion sectors experienced significant declines [1] - In the U.S., the performance of major indices reflected a general downward trend, indicating a cautious market sentiment [1] Commodity Prices - International oil prices rose on January 13. The price of light crude oil futures for February delivery on the New York Mercantile Exchange increased by $1.65 to $61.15 per barrel, a rise of 2.77%. The March delivery Brent crude oil futures price rose by $1.60 to $65.47 per barrel, an increase of 2.51% [2] Policy and Regulatory Updates - The Ministry of Commerce of China announced the continuation of anti-dumping duties on imported solar-grade polysilicon from the U.S. and South Korea, effective from January 14, 2026, for a period of five years [2] - The Ministry of Industry and Information Technology issued an action plan for the high-quality development of industrial internet platforms from 2026 to 2028, aiming for significant progress in platform development and resource connectivity by 2028 [3][4] Company-Specific Developments - The approval of NVIDIA to export its H200 AI chips to China is expected to restart shipments to Chinese customers. This decision will be overseen by the U.S. Department of Commerce, which will also impose a fee of approximately 25% on the related transactions [7]

1月13日沪指下跌0.64%，盘后龙虎榜数据显示，机构现身45只个股龙虎榜，净买入28只，净卖出17 只。深沪股通席位出现在39只个股龙虎榜。 证券时报·数据宝统计显示，1月13日机构专用席位现身45只个股龙虎榜，合计净买入17.59亿元。个股来 看，净买入28只，净卖出17只。 机构龙虎榜净买卖个股 机构专用席位净买入金额最多的是中国卫星，该股今日收盘上涨4.17%，全天换手率为16.55%，成交额 为227.40亿元。因日振幅值达21.70%上榜龙虎榜，前五大买卖营业部中有1家机构专用席位，为买二， 合计净买入67878.45万元。同时上榜的还有沪股通专用席位，净买入1.64亿元，营业部席位合计净买入 9640.68万元。资金流向方面，该股全天资金净流出12.12亿元。 恒为科技，今日收盘上涨1.21%，全天换手率为29.77%，成交额为35.43亿元。因日换手率达29.77%上榜 龙虎榜，前五大买卖营业部中有2家机构专用席位，为买一、买二，合计净买入40360.21万元。同时上 榜的还有沪股通专用席位，净买入1.00亿元，营业部席位合计净卖出4199.49万元。资金流向方面，该股 全天资金净流出1.09 ...

Core Viewpoint - The commercial aerospace sector, which had been experiencing rapid growth since December 2025, faced a sudden halt in its upward momentum following multiple risk warning announcements from several listed companies on January 12, 2026 [1][2]. Group 1: Market Reaction - On January 12, several companies including Aerospace HuanYu, LeiKe Defense, Aerospace Electronics, and China Satellite issued risk warnings, leading to a sharp decline in stock prices on January 13, with Aerospace HuanYu dropping over 18% and several stocks hitting the daily limit down [1][4]. - The rapid cooling of the sector was triggered by the announcements that included specific business data, clarifying the market's overly optimistic expectations regarding their commercial aerospace operations [1][4]. Group 2: Business Performance Insights - China Satellite reported a rolling P/E ratio of 2400.54, significantly higher than industry peers, indicating potential overvaluation [1]. - XinKe Mobile disclosed that its revenue from the satellite internet sector only accounted for 2%-3% of total income, while LiGong Navigation revealed that its commercial aerospace applications were still in the early planning stages, with revenue of only 154.4 thousand yuan in the first three quarters of 2025 [1]. - Aerospace Engineering stated that it does not engage in commercial aerospace or related businesses, further highlighting the sector's nascent stage [1]. Group 3: Industry Context and Future Outlook - The commercial aerospace sector had been thriving due to favorable policy expectations, including the "14th Five-Year Plan" which emphasized the acceleration of building a strong aerospace nation and the establishment of a dedicated "Commercial Aerospace Department" by the National Space Administration [2]. - The application for over 200,000 satellite frequency resources by China in December 2025 is seen as a strategic move, significantly enhancing market expectations for industry scale [2]. - Despite the long-term strategic value, some institutions have issued warnings about the overheated short-term market conditions, indicating that the sector is still in its early stages of development [3][4].