Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating a positive outlook for the sector compared to the overall market performance [5][26]. Core Insights - Recent geopolitical events and thematic catalysts have increased market interest in the military sector, with significant gains observed in commercial aerospace, large aircraft, and military trade segments. The industry is expected to continue its upward trajectory, supported by the implementation of the 14th Five-Year Plan and rising foreign trade expectations [5][6]. - The report highlights that the military industry is entering a new growth cycle, driven by modernization goals and increased defense spending as outlined in the recent policy meetings. The first half of 2026 is anticipated to see continued improvement in the industry's fundamentals, with a recovery in orders and performance [5][6]. - The domestic industrial policy is facilitating the development of commercial aerospace, with leading companies accelerating their IPO processes. The report emphasizes the importance of domestic demand growth and technological advancements in driving investment opportunities within the military sector [5][6]. Market Performance - Last week, the Shenwan Defense and Military Index rose by 4.37%, while the CSI Military Leaders Index increased by 6.82%. In comparison, the Shanghai Composite Index rose by 0.84%, and the CSI 300 Index fell by 0.62% [6][12]. - The report notes that the defense and military sector's performance ranked 10th among 31 Shenwan primary industry indices, with the average increase of the CSI Civil-Military Integration Index at 3.73% [6][12]. Stock Performance - The top five performing stocks in the defense and military sector last week were: - Aero Engine Corporation of China (40.45%) - Aerospace Electronics (22.6%) - Triangle Defense (21.24%) - Beimo High-Tech (20.46%) - Aero Engine Control (18.36%) [12][21] - Conversely, the bottom five performing stocks were: - *ST Aowei (-22.34%) - Shenjian Co. (-15.12%) - Aerospace Power (-12.68%) - Haige Communication (-9.23%) - Saiwei Electronics (-9.08%) [12][21]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 103.17, placing it in the upper range historically, with a valuation percentile of 78.49% since January 2014 and 99.82% since January 2019. The aerospace and aviation equipment sectors are noted to be at relatively high valuation levels since 2020 [13][18].

Core Viewpoint - General aviation concept stocks have declined, with Aerospace Electronics dropping over 6%, and Haige Communication, China Satellite, and Zhongke Star Map each falling over 3% [1] Group 1: Market Performance - General aviation-related ETFs have decreased nearly 3% [1] - Specific ETF performance includes: - General Aviation ETF (563320) down 2.98% to 1.237 - Southern General Aviation ETF (159283) down 2.89% to 1.277 - Penghua General Aviation ETF (563870) down 2.79% to 0.977 - General Aviation ETF Fund (561660) down 2.72% to 1.357 [2] Group 2: Industry Outlook - The low-altitude economy is recognized as a strategic emerging industry in government work reports and is a crucial part of China's transportation network planning [2] - Various government levels have introduced numerous supportive policies to promote the low-altitude economy [2] - The market potential for China's drone low-altitude market is expected to exceed 3.1 trillion yuan by 2035, with the eVTOL market projected to surpass 500 billion yuan [2]

主力资金早间净流入有色金属、基础化工、石油石化、建筑装饰等板块，净流出电力设备、国防军工、 医药生物、汽车等板块。 具体到个股来看，中国铝业、网宿科技、省广集团获净流入33.76亿元、29.54亿元、21.27亿元。 净流出方面，阳光电源、贵州茅台、航天电子遭抛售19.11亿元、15.44亿元、15.12亿元。 (本文来自第一财经) ...

Group 1 - The aerospace equipment sector increased by 0.66% on January 27, with LIGONG Navigation leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] - Key stocks in the aerospace equipment sector showed varied performance, with LIGONG Navigation at 74.91 (+2.46%), Aerospace Electronics at 28.95 (+2.22%), and China Satellite at 38.76 (+1.39%) [1] Group 2 - The net outflow of main funds in the aerospace equipment sector was 1.025 billion yuan, while retail investors saw a net inflow of 790 million yuan [1] - Specific stock fund flows indicated significant outflows for stocks like Aerospace Electronics (-605 million yuan) and China Satellite (-657 million yuan), while retail inflows were notable for LIGONG Navigation (+775 million yuan) [1] Group 3 - The Aerospace ETF (product code: 159227) tracked the National Aerospace Industry Index and saw a 6.64% increase over the past five days, with a net subscription of 190 million yuan [5] - The General Aviation ETF (product code: 159230) tracked the National General Aviation Industry Index, experiencing a 5.15% increase, but had a net redemption of 14.27 million yuan [6] - The Machine Tool ETF (product code: 159663) tracked the China Machine Tool Index, with a 3.98% increase and a net subscription of 1.78 million yuan [6]

Group 1 - The A-share market showed mixed performance on January 27, with the aerospace ETF (159227) experiencing a strong rally, rising by 1.63% and achieving a trading volume of 339 million yuan, leading its category [1] - The establishment of China's first Interstellar Navigation College by the University of Chinese Academy of Sciences focuses on advanced fields such as interstellar propulsion, deep space communication and navigation, and space science, aiming to cultivate versatile talents with solid foundations and strategic vision [1] - Dongxing Securities highlighted that during the 14th Five-Year Plan period, commercial aerospace will become a key driver for high-quality development in China's new productive forces and technology [1] Group 2 - The aerospace ETF (159227) closely tracks the National Securities Aerospace Index, covering leading companies across the entire industry chain, including fighter jets, aircraft engines, rockets, missiles, satellites, and radars, aligning perfectly with the "aerospace integration" strategic direction [2] - The ETF has a high commercial aerospace content of 70.19%, with top ten holdings including Aerospace Development, China Satellite, Aerospace Electronics, AVIC Aircraft, and AVIC High-Tech [2]

Core Viewpoint - The A-share space concept stocks have shown strong performance, with several companies experiencing significant gains on January 27, indicating a positive market sentiment towards the space industry [1]. Group 1: Stock Performance - Aerospace Microelectronics (航宇微) saw a rise of 10.80%, with a total market capitalization of 17.1 billion [2]. - Triangle Defense (三角防务) increased by 10.25%, bringing its market value to 21.3 billion [2]. - Western Materials (西部材料) rose by 8.66%, with a market cap of 23.1 billion [2]. - Aerospace Technology (航发科技) experienced a 6.65% increase, with a market capitalization of 17 billion [2]. - Aerospace Control (航发控制) grew by 5.56%, reaching a market value of 33.2 billion [2]. - Raytheon Defense (雷科防务) increased by 5.55%, with a market cap of 18.8 billion [2]. - Aerospace Power (航发动力) rose by 4.50%, with a total market capitalization of 128.1 billion [2]. - Hongyuan Electronics (鸿远电子) saw a 4.04% increase, with a market value of 13.8 billion [2]. Group 2: Year-to-Date Performance - Aerospace Microelectronics (航宇微) has a year-to-date increase of 28.92% [2]. - Triangle Defense (三角防务) has risen 28.13% since the beginning of the year [2]. - Western Materials (西部材料) has a year-to-date increase of 3.98% [2]. - Aerospace Technology (航发科技) has increased by 38.81% year-to-date [2]. - Aerospace Control (航发控制) has a year-to-date increase of 18.58% [2]. - Raytheon Defense (雷科防务) has risen 13.71% since the start of the year [2]. - Aerospace Power (航发动力) has a year-to-date increase of 20.06% [2]. - Hongyuan Electronics (鸿远电子) has increased by 9.74% year-to-date [2].

A股1月26日共有3764只个股获融资资金买入，有706股买入金额超亿元。其中，航天电子、紫金矿业、 特变电工融资买入金额排名前三，分别获买入24.34亿元、20.14亿元、19.91亿元。从融资买入额占当日 总成交金额比重来看，台华新材、朗鸿科技、中创股份融资买入额占成交额比重排名前三，分别为 26.84%、26.28%、26.13%。从融资净买入金额来看，有53只个股获融资净买入超亿元。其中，中国平 安、北方稀土、中国铝业融资净买入金额排名前三，分别获净买入4.44亿元、4.17亿元、4.16亿元。 ...

A股1月26日共有3477只个股获融资资金买入，有706股买入金额超亿元。其中， 航天电子、 紫金矿 业、 特变电工融资买入金额排名前三，分别获买入24.34亿元、20.14亿元、19.91亿元。 ...

航天时代电子技术股份有限公司 董事会2026年第二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 1、本次董事会会议的召开符合《中华人民共和国公司法》和《公司章程》的有关规定。 2、公司于2026年1月21日发出召开董事会会议的书面通知。 3、本次董事会会议于2026年1月26日（星期一）以通讯表决方式召开。 4、本次董事会会议应出席董事9人，实际出席董事9人。公司董事姜梁先生、王海涛先生、阎俊武先 生、戴利民先生、杨雨先生、陈建国先生，独立董事张松岩先生、唐水源先生、胡文华女士全部亲自参 加投票表决。 二、董事会会议审议情况 证券代码：600879 证券简称：航天电子 公告编号：临2026-009 2026年1月27日 ●报备文件： 关于召开公司2026年第一次临时股东会的议案 本议案同意9票，反对0票，弃权0票。 会议以投票表决方式通过《关于召开公司2026年第一次临时股东会的议案》。 根据召开股东会的有关规定，公司董事会拟定于2026年2月11日(星期三)下午14:45在朗丽兹西山 ...

Core Viewpoint - The military industry sector is experiencing a significant downturn, with the military ETF Huabao (512810) dropping 4.07% on January 26, halting a three-day upward trend and losing key moving averages [1][7]. Group 1: Market Performance - The military ETF Huabao (512810) saw a notable decline, with a closing premium rate of 0.28%, indicating active buying interest despite the price drop [1][7]. - The total trading volume for the military ETF reached 83.15 million yuan, while individual stocks like Aerospace Electronics and China Satellite also showed strong trading activity, with Aerospace Electronics achieving over 20.6 billion yuan in daily trading volume [1][7]. Group 2: Market Dynamics - The shift in market sentiment may lead to high volatility in the military sector, particularly affecting smaller stocks and those in the commercial aerospace segment, which are more sensitive to market risk preferences [3][9]. - The military industry is expected to remain in a demand-up cycle over the next five years, with short-term pullbacks potentially presenting good buying opportunities [3][9]. Group 3: Investment Opportunities - Analysts recommend focusing on military trade, commercial aerospace, and large aircraft sectors, while also paying attention to developments in state-owned enterprise reforms [3][9]. - The military ETF Huabao (512810) covers various popular themes such as commercial aerospace, low-altitude economy, large aircraft, satellite navigation, military informatization, and controllable nuclear fusion, making it an efficient tool for investing in core military assets [10].