为什么空间态势感知系统越来越重要？ 国联民生证券指出，空间态势感知系统越来越重要的核心在于近年来卫星发射的"井喷式"发展。近年 来，随着低地球轨道(LEO)内卫星数量的增加，太空交通拥堵和碰撞风险已成为全球航天界关注的重大 问题。 在低轨空间容量有限的背景下，全球提交的星座计划越来越多，发生节奏或倾向于加速。火箭残骸长期 滞留轨道、部分运营商机动时不共享轨迹预测、某些国家进行反卫星测试，这些行为都显著加剧了太空 碎片和碰撞威胁。传统地面雷达系统观测频率有限，轨道预测不确定性较大，尤其受空间天气影响，预 警往往滞后。在此背景下，能显著提高低地球轨道(LEO)卫星运行的安全性和可持续性的SSA技术自然 得到各国重点关注。 近期SpaceX Stargaze系统的引用，或为马斯克"百万卫星计划"保驾护航 与传统的地面系统相比，Stargaze的探测能力或提高了几个数量级。Stargaze 使用近3万个星体跟踪器收 集的数据，每个跟踪器都对附近的物体进行持续观测，最终使整个星体群每天探测到约3000万次飞掠事 件。在得到数据后，该系统将自主检测轨道物体的观测结果并汇总，并整合到一个空间交通管理平台 中，该平台能够识别 ...

Group 1: Cement Industry - The demand for cement in developing countries is steadily increasing, with a favorable competitive landscape, leading to significantly higher profit per ton compared to domestic markets. Companies actively expanding into overseas markets are expected to perform better [1] - The domestic cement market is expected to face pressure in Q4 2025, while overseas performance is anticipated to be stronger. Non-operating projects may impact profits [1] - Cement prices and profits are expected to stabilize in 2025, with a slight seasonal rebound in Q4 2025 due to a temporary increase in coal prices. However, year-on-year pressure on prices and profits is expected in Q4 2025 [1] Group 2: Glass Industry - The float glass industry is experiencing a bottoming out phase, with weak downstream demand leading to continued losses. Some small to medium enterprises are reducing production, resulting in a slight decrease in capacity [2] - The photovoltaic glass segment is expected to see a decrease in volume but an increase in price in Q4 2025, leading to significant pressure on revenue and profits. The demand for photovoltaic glass is expected to be impacted by earlier demand surges [2] Group 3: Glass Fiber Industry - The glass fiber sector is projected to experience high growth in revenue and profits in 2025, driven by strong demand in wind power and thermoplastics. Domestic net demand for glass fiber is expected to reach 5.48 million tons in 2025, a year-on-year increase of 19% [3] - High-end electronic fabric is expected to see a simultaneous increase in both price and volume, benefiting companies with a first-mover advantage. The price of 7628 electronic fabric is projected to be 4.1 yuan per meter in 2025, a year-on-year increase of 9% [3] Group 4: Renovation and Building Materials - The renovation and building materials sector is expected to face continued pressure in 2025, with significant declines in housing starts, completions, and sales. The year-on-year declines for these metrics are projected to be 21%, 18%, and 8%, respectively [4] - The competitive landscape in the renovation and building materials sector is intensifying, with many companies exploring new business avenues to maintain resilience in performance [4]

我们认为，短期情绪波动不改长期发展前景，公司自身业绩拐点已至，生态壁垒不断加深，国产算力龙 头长期竞争力持续提升！ 业绩拐点：2025年全年业绩高增 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 寒武纪股价今日出现波动。公司也于今日发布声明，否认网传组织小范围交流、出具营收指引数据 等信息为不实内容，并表示研发经营进展顺利。 公司预计2025年营收60亿元-70亿元，同比增速近500%；归母净利润18.5亿元-21.5亿元（24年-4.52亿 元），扣非归母净利润16亿元-19亿元（24年-8.65亿元）。 公司受益于行业算力需求持续攀升，凭借产品竞争力拓展市场、推动应用场景落地，带动营收大幅增 长，实现整体盈利扭亏。 生态壁垒：深度适配国产头部大模型 以DeepSeek为例，公司对其进行了深度适配优化： 在大模型训练方向，寒武纪重点支持DeepSeek V3/V3.1、等MoE类模型训练。基于原生FP8的计算能 力，新增DeepSeek等系列网络FP8的训练支持。 针对DeepSeek V3.2-Exp模型，寒武纪实现发布即适配的支持，并与合作伙伴同步开源适配代码。 风险提示：需 ...

Group 1: RoboX Industry Insights - RoboX is accelerating its industrialization, transitioning from technology validation to large-scale deployment, driven by strong policy support and urgent demand for cost reduction and efficiency improvement [1] - Since 2020, the Chinese government has introduced numerous supportive policies, enhancing institutional guarantees for RoboX's development [1] - The penetration rate of L2 and above intelligent functions in passenger vehicles is rapidly increasing, leading to significant cost reductions in core components like lidar and computing chips [1] - The demand for intelligent driving solutions is fueled by multiple factors, including cost reduction, safety enhancement, and labor shortages, positioning RoboX as a core driver of this industrial transformation [1] Group 2: Robotaxi Market Dynamics - Robotaxi's core advantage lies in its significant cost reduction, with operational costs expected to be $0.2 per km by 2027, a 50% decrease compared to traditional ride-sharing platforms [2] - The reduction in human error is anticipated to significantly lower accident rates, enhancing safety, with the global market projected to reach a trillion-dollar scale by 2030 [2] - The decline in hardware costs and improved operational efficiency are key factors driving the commercialization of Robotaxi, with Tesla entering the market using a pure vision approach [2] - Full autonomous commercialization is gradually being implemented in major cities in China, transitioning from technology validation to a commercial closed loop [2] Group 3: Robovan Demand and Supply - The demand for Robovan is driven by labor shortages and high costs in last-mile delivery, making it a critical solution for various high-frequency scenarios [3] - The price of unmanned delivery vehicles is expected to drop significantly from 500,000-600,000 yuan to around 20,000 yuan due to economies of scale in core components [3] - The penetration rate of L2 and above functions in passenger vehicles is projected to exceed 90% by 2030, facilitating the mass production of essential components [3] - Policy support is accelerating with the introduction of hard indicators for deploying unmanned vehicles, promoting the transition from demonstration to large-scale application [3] Group 4: Robotruck Commercialization - Robotruck applications are primarily in closed environments like ports and mines, as well as trunk logistics, with the market size expected to reach a trillion yuan [4] - The successful implementation of L4 in closed scenarios demonstrates the capability for high-intensity operations, while trunk logistics is becoming a core commercial direction [4] - Robotruck utilizes a "virtual driver" to significantly reduce the operating costs of electric tractors, enhancing its commercial viability [4] - National support is clear, but local authorities remain cautious due to the high accident risks associated with heavy trucks, with integrated vehicle-road-cloud trials expected to accelerate cross-province collaboration [4]

此次获奖是行业对公司投教创新价值的充分肯定，更是对团队深耕投教事业的莫大鼓舞。未来，国联民 生证券将持续聚焦投教创新赛道，以科技赋能精准服务，用协同合力拓宽普惠边界，不断完善投教体 系，为筑牢资本市场健康发展根基注入持久动力！ 本次评选依托海量金融数据，经权威专家评审，含金量十足。荣誉背后，是公司构建的"产品赋能+活 动提质+体系升级"立体化投教生态的实力彰显。产品创新上，秉持"内容创新为核、技术赋能为翼"理 念，深耕AI投教应用，针对青少年金融启蒙、大学生专业实践、普通投资者风险教育等不同需求，打 造差异化内容，实现从"普适教育"到"精准滴灌"的升级，让服务更具针对性与实效性。 活动创新层面，采用多元场景融合模式，打造"民民之中 与你相豫"体验官、财商教育社会实践、"26°C 服务驿站"等原创活动栏目，以趣味互动+实用内容的创新形式，强化投教工作的主动性与普惠性，既 提升了投资者参与度，又夯实了投教实效；体系建设上，搭建政校企协同、行业联动的公益平台，联合 监管、公安、高校、律所等多方力量，共建产研学及反诈宣传教育基地，深化跨界合作，打造投资者服 务新范式。 近日，同花顺（300033）主办的"共同发声 价 ...

证券之星消息，2月2日证券板块较上一交易日下跌0.01%，长江证券领跌。当日上证指数报收于 4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。证券板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000712 | 锦龙股份 | 12.23 | 3.38% | 43.25万 | | 5.34亿 | | 601881 | 中国银河 | 15.11 | 0.60% | 63.91万 | | 9.751Z | | 601456 | 国联民生 | 9.75 | 0.41% | 55.55万 | | 5.47亿 | | 002670 | 国盛证券 | 16.43 | 0.18% | 35.99万 | | 5.97亿 | | 600918 | 中泰证券 | 6.40 | 0.16% | 57.54万 | | 3.74亿 | | 6501059 | 信达证券 | 17.59 | 0.00% | 32.92万 | | 5.83亿 | | 60123 ...

南方财经2月2日电，据企业预警通，受托管理人公告，国联民生证券股份有限公司全资子公司国联民生 承销保荐因证券虚假陈述责任纠纷案提起上诉，山东省高级人民法院已受理。一审判决中，国联民生承 销保荐需在5%范围内对2.75亿元债务承担连带清偿责任。公司已计提预计负债，基于谨慎性原则处理 会计事项，表示该诉讼不会对公司本期或期后利润产生重大不利影响，并承诺及时披露进展。 ...

长期以来，国联民生证券锚定"一流现代投资（000900）银行"的中心愿景，以科技为术、以创新为道， 推进前沿科技赋能传统业务，高效整合多元数据，重塑金融服务场景，助力业务高质量可持续发展，获 得了市场与行业的广泛赞誉。 未来，国联民生证券将以此次获奖为契机，持续深耕科技与业务融合赛道，不断为行业健康发展注入新 鲜活力与创新可能，共绘"十五五"高质量发展新蓝图。 近日，在同花顺（300033）举办的"共同发声·价值发现"资本市场高质量创新发展交流会暨同花顺2025 年度评选颁奖典礼上，国联民生（601456）证券成功摘得"数据挖掘价值"、"金融科技创新"两项重量级 荣誉，充分展示了公司在数据整合、科技创新上的卓越能力。 ...

Core Viewpoint - The China Securities Association has updated the classification list of sponsor representatives, with 16 individuals rated as D-class, temporarily losing their signing qualifications due to various violations [1][4]. Group 1: D-Class Representatives - A total of 16 D-class representatives are involved, with 11 brokerage firms represented, including notable firms like Guotai Junan Securities and CICC, each having two representatives on the list [5][8]. - Compared to the D-class list updated in June last year, 4 representatives have been removed, while 3 new representatives have been added from First Capital Securities, Guolian Minsheng Securities, and Dongwu Securities [1][5]. Group 2: Violations and Penalties - The violations of the D-class representatives include issues related to convertible bonds, IPOs, and private placements, with some facing significant fines [4][6]. - For instance, Fan Benyuan from First Capital Securities was penalized for failing to detect misuse of approximately 1.7 billion yuan in fundraising for a convertible bond project, resulting in a total penalty of about 16.98 million yuan [5][6]. - Jin Yaping from Guolian Minsheng Securities was noted for a unique case of severe penalties due to long-term stock trading violations, amounting to over 10 million yuan [5][6]. Group 3: Regulatory Mechanism - The D-class classification is part of a regulatory mechanism that has evolved since its inception, with the latest revisions in September 2024 introducing stricter criteria for classification based on recent administrative penalties [8][9]. - The classification aims to enforce accountability among sponsor representatives, ensuring that violations lead to significant repercussions, thereby enhancing the integrity of the IPO process [9][10]. - The current C-class list includes 281 representatives, with 86 added in 2025, indicating a dynamic adjustment in regulatory oversight [10].

投资者可通过以下途径咨询具体业务： （1） 国联民生证券股份有限公司 客户服务电话: 95570 公司网址：www.glms.com.cn 华宝基金关于华宝可转债债券型证券投资基金新增国联民生证券股份有限公司为代销机构的公告 根据华宝基金管理有限公司（以下简称"本公司"）与国联民生证券股份有限公司（以下简称：国联民生 证券）签署的《证券投资基金销售代理协议》，本公司自2026年02月02日起增加国联民生证券为华宝可 转债债券型证券投资基金（华宝可转债债券:240018；华宝可转债债券C:008817；华宝可转债债券 D:025259）的代销机构。投资者可通过上述代销机构办理华宝可转债债券型证券投资基金的开户、认 购、申赎及其他业务。 华宝基金关于旗下部分基金新增西南证券股份有限公司为代销机构的公告 根据华宝基金管理有限公司（以下简称"本公司"）与西南证券股份有限公司（以下简称"西南证券"）签 署的《证券投资基金销售代理协议》，本公司自2026年02月02日起增加西南证券为以下适用基金的代销 机构。 一、适用基金如下： （2）华宝基金管理有限公司 客户服务电话：400-820-5050、400-700-5588 ...