- The report introduces a quantitative model framework for market trend analysis, focusing on five asset style stages: external growth, quality growth, quality dividend, value dividend, and bankruptcy value. The model evaluates assets based on their intrinsic attributes and prioritizes them using the sequence of g > ROE > D, analyzing whether there are "good assets" and whether they are "expensive" [5][8][9] - The model incorporates key factors such as expected growth (gf), actual growth (g), profitability (ROE), high dividend (D), and bankruptcy value (B/P). Each factor is associated with specific market phases, e.g., expected growth is relevant across all phases, while profitability is emphasized during maturity phases [9][12] - The quantitative model has demonstrated strong historical performance, achieving an annualized return of 27.67% since 2009. It has shown consistent excess returns in most years, particularly post-2017, with limited effectiveness in years like 2011, 2012, and 2016 [19][22] - The model's backtesting results for specific years include notable excess returns, such as 51% in 2009, 36% in 2013, and 62% in 2022. However, it also recorded underperformance in years like 2011 (-11%) and 2014 (-4%) [22] - The report details six specific strategies derived from the model, each focusing on different factors: - **Expected Growth Strategy**: Selects industries with the highest analyst-forecasted growth rates. Recent recommendations include sectors like automotive sales, lithium equipment, and tungsten [38][39] - **Actual Growth Strategy**: Focuses on industries with the highest unexpected growth (△g). Current recommendations include photovoltaic equipment, insurance, and coal chemical sectors [40][41] - **Profitability Strategy**: Targets high-ROE industries with low valuations under the PB-ROE framework. Recommended sectors include copper, liquor, and non-dairy beverages [43][44] - **Quality Dividend Strategy**: Utilizes a DP+ROE scoring system to identify industries. Current recommendations include forestry, lithium equipment, and fiberglass [46][47] - **Value Dividend Strategy**: Employs a DP+BP scoring system. Recommended sectors include security, daily chemicals, and buses [49][50] - **Bankruptcy Value Strategy**: Focuses on industries with the lowest PB+SIZE scores. Current recommendations include automotive sales, ceramics, and cotton textiles [53][54]

Group 1 - The merger between SpaceX and xAI is valued at $1.25 trillion, indicating a significant shift in the market dynamics of both the space and AI industries [1][3] - This merger represents the ultimate integration of "space transportation" and "artificial intelligence," elevating the role of space from traditional functions like communication and navigation to a core strategic infrastructure for next-generation AI supercomputing [3] - The integration of SpaceX's Starlink constellation and launch capabilities with xAI's advanced algorithms aims to create a distributed supercomputer in low Earth orbit, fundamentally reshaping the growth narrative and valuation logic of the satellite industry [3] Group 2 - The strong performance of the satellite industry ETF (159218), which rose by 4.47%, reflects the market's pricing of this significant narrative shift, encompassing satellite manufacturing, launching, and navigation communication applications [3] - Other companies in the sector also saw notable increases, with aerospace electronics rising by 6.10%, China Satellite Communications up by 5.01%, and Zhenray Technology increasing by 4.90% [1][3]

Group 1 - Hailanxin (300065) benefits from the collaborative development of the capital urban area port cluster and the intelligent upgrade of shipping, leading to strong growth momentum for the company [1][34] - The company specializes in marine electronic information systems and marine engineering equipment, with a leading position in domestic navigation technology [1][34] - The demand for technology support is expected to increase due to the acceleration of intelligent transformation at key ports like Tianjin and Tangshan [1][34] Group 2 - Jingtou Development (600683) focuses on the development of rail transit properties, leveraging the construction of a cross-regional rail transit network to unlock land value along the routes [2][36] - The company has developed a mature "rail + property" model and holds multiple patents in core technologies related to rail property [2][36] - The ongoing construction in key areas like Beijing's sub-center and Xiong'an New Area aligns with the demand for residential and industrial support due to population relocation [2][36] Group 3 - Chengjian Development (600266) is positioned to benefit from the accelerated urban renewal and non-capital function relief, which creates sustained demand for urban development and infrastructure projects [3][37] - The company has extensive experience in old city renovation and affordable housing construction, participating deeply in the quality upgrade projects of core cities [3][37] - The company’s land reserves and project resources in key areas can directly meet the housing and industrial space needs arising from population relocation [3][37] Group 4 - Langfang Development (600149) is strategically positioned in the land development business in the Beijing area, benefiting from the integration of Tongzhou and the North Three Counties [4][38] - The company can leverage local resource advantages to undertake land consolidation and infrastructure construction projects [4][38] - The demand for land development is expected to be rigidly released due to the implementation of cross-regional demonstration policies [4][38] Group 5 - Julisi (002342) sees a surge in demand for engineering equipment and rigging due to large-scale infrastructure projects in the urban area [5][39] - The company specializes in engineering rigging and lifting equipment, widely used in construction scenarios such as bridges and ports [5][39] - The integration of transportation in the Beijing-Tianjin-Hebei region is expected to drive significant growth in the company's product demand [5][39] Group 6 - Huasheng Tiancai (600410) focuses on cloud computing and digital services, capitalizing on the digital infrastructure upgrade and industrial digital transformation in the urban area [6][40] - The company has a comprehensive digital technology system and rich industry service experience [6][40] - The demand for digital services is expected to grow as the region develops smart transportation and digital governance applications [6][40] Group 7 - Jinyu Group (601992) is a leading supplier of building materials in the Beijing-Tianjin-Hebei region, benefiting from the ongoing construction boom and urban renewal [7][41] - The company’s product offerings include cement, concrete, and aggregates, with a strong supply chain advantage [7][41] - The demand for building materials is expected to rise significantly due to large-scale infrastructure and housing projects [7][41] Group 8 - Jidong Equipment (000856) is positioned to benefit from the upgrade of traditional industries and the demand for equipment renewal in the building materials sector [8][42] - The company specializes in cement equipment manufacturing and engineering services, with a strong technical capability [8][42] - The demand for high-end cement equipment and environmental renovation technology is expected to grow as the region pushes for green upgrades [8][42] Group 9 - Fushi Holdings (300071) focuses on brand marketing and public relations, benefiting from the growing demand for brand promotion in the urban area [9][43] - The company has a full-chain marketing service capability and serves clients across multiple industries [9][43] - The demand for customized marketing solutions is expected to rise as many enterprises establish and upgrade their brands [9][43] Group 10 - Huaxia Happiness (600340) specializes in the development and operation of industrial new towns, benefiting from the influx of industries due to non-capital function relief [10][44] - The company has a mature operational model that integrates industrial introduction and urban support [10][44] - The value of industrial new towns is expected to increase as the region enhances transportation and public services [10][44] Group 11 - Hongqiang Co., Ltd. (002809) sees a rigid growth in demand for concrete additives due to large-scale infrastructure projects [11][45] - The company specializes in concrete additives and new building materials, with stable product performance [11][45] - The demand for concrete is expected to rise significantly, driving the growth of the additives market [11][45] Group 12 - Siwei Tuxin (002405) is positioned to benefit from the rapid development of smart transportation and the growth of the connected vehicle and autonomous driving industries [12][46] - The company specializes in navigation maps and connected vehicle services, with leading technology in high-precision mapping [12][46] - The demand for smart transportation solutions is expected to grow as the region promotes intelligent upgrades in transportation systems [12][46] Group 13 - Leike Defense (002413) focuses on radar systems and electronic countermeasures, benefiting from the dual growth in defense and civilian security demands [13][48] - The company has core technologies and intellectual property rights in the defense and civilian security sectors [13][48] - The demand for security solutions is expected to increase as the region enhances its security capabilities [13][48] Group 14 - Aerospace Technology (000901) is involved in the aerospace equipment manufacturing sector, benefiting from the integration of innovation resources and the upgrade of high-end manufacturing [14][49] - The company leverages its aerospace technology advantages to participate in regional aerospace projects [14][49] - The demand for aerospace technology applications is expected to grow as the region develops its aerospace industry [14][49] Group 15 - Keri International (300662) focuses on human resources services, benefiting from the accelerated flow of talent and the growing demand for high-end talent in the urban area [15][50] - The company provides comprehensive human resources services, covering various industries [15][50] - The demand for customized human resources solutions is expected to rise as enterprises upgrade and expand [15][50] Group 16 - Tanshijia (300005) is positioned to benefit from the growth in outdoor leisure demand and the development of ecological tourism resources [16][51] - The company specializes in outdoor apparel and equipment, with a strong brand presence in the outdoor products industry [16][51] - The demand for outdoor products is expected to grow as consumer awareness of outdoor activities increases [16][51] Group 17 - Gangyan Gaona (300034) focuses on high-temperature alloy materials, benefiting from the rapid development of aerospace and new energy sectors [17][52] - The company specializes in the research and production of high-end alloy materials, with leading technology in the field [17][52] - The demand for high-temperature alloys is expected to grow as the region promotes high-end manufacturing upgrades [17][52] Group 18 - Electronic City (600658) focuses on the development and operation of technology parks, benefiting from the demand for innovation resources and the establishment of tech enterprises [18][53] - The company has extensive experience in park operation and enterprise incubation [18][53] - The demand for technology parks is expected to grow as the region promotes innovation and collaboration [18][53] Group 19 - Shangda Co., Ltd. (301522) specializes in the processing of special steel materials, benefiting from the growing demand for high-end materials in traditional industries [19][54] - The company focuses on the deep processing of special steel, with significant advantages in material processing technology [19][54] - The demand for special steel products is expected to rise as the region promotes the upgrade of manufacturing industries [19][54] Group 20 - Jikai Co., Ltd. (002691) focuses on mining equipment and intelligent upgrades, benefiting from the demand for efficient resource development [20][55] - The company specializes in mining machinery and technical services, with a strong service network [20][55] - The demand for intelligent mining equipment is expected to grow as the region promotes equipment renewal [20][55] Group 21 - Xinhua News (603888) focuses on news dissemination and digital content services, benefiting from the growing demand for media and cultural industries [21][56] - The company has authoritative information channels and strong content creation capabilities [21][56] - The demand for customized media solutions is expected to rise as the region promotes cultural integration and digital transformation [21][56]

Group 1 - The aerospace equipment sector increased by 4.67% on February 3, with Aerospace Hanyu leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Aerospace Hanyu's stock price rose by 9.26% to 64.89, with a trading volume of 132,000 shares and a transaction value of 825 million [1] Group 2 - The main capital inflow in the aerospace equipment sector was 1.207 billion, while retail investors experienced a net outflow of 1.019 billion [1] - The table shows that Aerospace Hanyu had a main capital net inflow of 75.72 million, but retail investors had a net outflow of 26.61 million [2] - Aerospace Electronics saw a main capital net inflow of 378 million, with retail investors experiencing a net outflow of 287 million [2]

Core Viewpoint - The commercial aerospace sector is experiencing significant activity, with the launch of the self-developed Gravitational No. 2 rocket by Dongfang Space, aimed at meeting the demand for medium to large satellite networks and commercial high-orbit launches, expected to complete its maiden flight by mid-2026 [1] Group 1: Industry Developments - The demand for rockets is surging, prompting attention to upstream materials, while the midstream equipment sector is expected to see significant changes in engine technology and 3D printing, which are characterized by scarcity and long-term inflationary logic [1] - The domestic market is anticipated to enter a new era of reusable rockets in 2026, driven by the synergy between commercial companies and state-owned enterprises [1] Group 2: Market Performance - As of February 3, 2026, the Zhongzheng Satellite Industry Index (931594) rose by 4.28%, with notable increases in constituent stocks such as Hailanxin (up 15.91%), XW Communication (up 11.58%), and Chip Origin (up 10.07%) [1] - The Penghua Satellite ETF (563790), which closely tracks the Zhongzheng Satellite Industry Index, increased by 3.61%, with a latest price of 1.23 yuan [1] Group 3: Index Composition - As of January 30, 2026, the top ten weighted stocks in the Zhongzheng Satellite Industry Index include Aerospace Electronics, China Satellite, Zhenlei Technology, and others, collectively accounting for 64.36% of the index [2]

Group 1 - Aerospace Electronic experienced a 5.01% increase in stock price, reaching 26.85 CNY per share, with a trading volume of 5.917 billion CNY and a turnover rate of 6.88%, resulting in a total market capitalization of 88.586 billion CNY [1] - The company, established on July 18, 1990, and listed on November 15, 1995, is primarily engaged in the research, production, and sales of aerospace technology application products, including measurement and control communication, electromechanical components, integrated circuits, and inertial navigation [1] - The revenue composition of Aerospace Electronic is heavily weighted towards military products, accounting for 99.34%, while civilian products contribute only 0.39%, and other sources add 0.27% [1] Group 2 - According to data, one fund under Rongtong Fund has a significant holding in Aerospace Electronic, with the Rongtong CSI Chengtong Central Enterprise Technology Innovation ETF (159335) holding 437,000 shares, representing 3.84% of the fund's net value, making it the eighth-largest holding [2] - The Rongtong CSI Chengtong Central Enterprise Technology Innovation ETF (159335) has a current scale of 242 million CNY, with a year-to-date return of 6.49%, ranking 1132 out of 5562 in its category, and a one-year return of 28.95%, ranking 2287 out of 4285 [2] - The fund manager, He Tianxiang, has a tenure of 11 years and 105 days, managing assets totaling 7.336 billion CNY, with the best fund return during his tenure being 161.67% and the worst being -80.34% [2]

Group 1 - The stock price of Aerospace Electronic increased by 2.07% on February 3, reaching 26.10 CNY per share, with a trading volume of 2.599 billion CNY and a turnover rate of 3.07%, resulting in a total market capitalization of 86.112 billion CNY [1] - Year-to-date, Aerospace Electronic's stock price has risen by 22.42%, but it has decreased by 9.84% over the last five trading days, increased by 9.07% over the last 20 days, and surged by 138.14% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on January 13, where it recorded a net buy of -1.799 billion CNY, with total purchases of 1.905 billion CNY, accounting for 8.97% of total trading volume, and total sales of 3.704 billion CNY, accounting for 17.43% of total trading volume [1] Group 2 - Aerospace Electronic, established on July 18, 1990, and listed on November 15, 1995, is primarily engaged in the research, production, and sales of measurement and control communication, electromechanical components, integrated circuits, inertial navigation, and other aerospace technology application products [2] - The company's revenue composition is heavily weighted towards military products at 99.34%, with civilian products at 0.39% and other sources at 0.27% [2] - As of September 30, 2025, Aerospace Electronic reported a revenue of 8.835 billion CNY, a year-on-year decrease of 4.32%, and a net profit attributable to shareholders of 209 million CNY, a year-on-year decrease of 62.77% [2] Group 3 - Aerospace Electronic has distributed a total of 1.124 billion CNY in dividends since its A-share listing, with 514 million CNY distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders include E Fund Defense Industry Mixed A, which holds 60.2017 million shares, an increase of 11.9788 million shares from the previous period, and Fortune China Securities Military Leader ETF, holding 59.6553 million shares, an increase of 8.9999 million shares [3]

产业观察 [table_Header]2026.02.02 国内首个商业航天共性试验平台正在建设 ——商业航天跟踪 30 期 摘要：商业航天周报（2026.1.26-2026.1.30） | 产业研究中心 | | --- | | [Table_Authors] | | | --- | --- | | | 周天乐(分析师) | | | 0755-23976003 | | | zhoutianle@gtht.com | | 登记编号 | S0880520010003 | | | 徐淋(分析师) | | | 021-38677826 | | | xulin4@gtht.com | | 登记编号 | S0880523090005 | | | 肖洁(分析师) | | | 021-38674660 | | | xiaojie3@gtht.com | | 登记编号 | S0880513080002 | [Table_Report] 往期回顾 | 1. 火箭卫星发射动态 3 | | | --- | --- | | 2. 产业发展动态 | 3 | | 2.1. 国内首个商业航天共性试验平台正在建设 3 | | | 2.2. 2 ...

Group 1 - The aerospace equipment sector increased by 0.23% on February 2, with China Satellite leading the gains [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] - Key stocks in the aerospace equipment sector showed mixed performance, with China Telecom rising by 1.29% and StarNet falling by 4.35% [1] Group 2 - The net capital outflow from the aerospace equipment sector was 140 million yuan, while retail investors saw a net outflow of 216 million yuan [1] - The net inflow from speculative funds was 356 million yuan, indicating a shift in investor sentiment [1] - Detailed capital flow data shows that China Satellite had a net inflow of 41.55 million yuan from speculative funds, while StarNet experienced a net outflow of 6.64 million yuan [2]

Core Viewpoint - The low-altitude economy sector is showing mixed results for 2025, with 22 companies expected to be profitable while another 22 are projected to incur losses, indicating a significant divergence in performance within the industry [3]. Performance Forecast Summary Profit Growth - 11 companies are expected to report profit increases, with notable projections including: - Xinzhi Group (002664.SZ) and Shangluo Electronics (300975.SZ) anticipating several-fold increases in net profit [4]. - Weihai Guangtai (002111.SZ), Tongyu Heavy Industry (300185.SZ), and Guangyang Co. (002708.SZ) expecting over 50% growth in net profit [4]. - Wan Feng Aowei (002085.SZ) and Zongshen Power (001696.SZ) also forecasted net profit growth [4]. Losses - 22 companies are projected to incur losses, with several notable cases: - Zhongtian Rocket (003009.SZ) and Andavil (300719.SZ) have shifted from profit to loss [7]. - Haige Communication (002465.SZ) is investing heavily in R&D, leading to increased costs and a projected loss [7]. - Companies like Aerospace Power (600343.SH) and Sihua Electronics (600990.SH) are also expected to continue reporting losses [8]. Industry Insights - The low-altitude economy's contribution to overall profits remains limited, with most revenue still coming from aircraft manufacturing and infrastructure construction [3]. - Companies like Wan Feng Aowei are leveraging their low-altitude business to drive profit growth, supported by strong orders in general aviation aircraft manufacturing and strategic acquisitions [5]. - The industry is witnessing a shift towards commercial applications of low-altitude technologies, with companies preparing for a significant commercialization phase in 2026 [9][10]. Strategic Developments - Companies are increasingly focusing on integrating low-altitude infrastructure and management platforms, as seen with Suzhou Keda's strategic investments in civil aviation infrastructure [11]. - The emphasis on R&D and market expansion in emerging fields like low-altitude economy is evident, with companies aiming to enhance their competitive edge through innovative solutions [7][11].