海外运力加速、太空算力落地在即 近期马斯克陆续表态：1）特斯拉和SpaceX未来三年计划各自建设100GW/年产能，马斯克预计2-3年内 规模化太空算力成为现实；2）星舰今年目标完全复用、进入太空成本将下降100倍。三年内星舰发射频 率将超每小时1次，终极目标每年生产1万艘星舰。按星舰100吨次的近地运力计算，年运载量可达100万 吨；若按1吨/颗卫星计算，3年内年发射量可达百万颗，较当前3000颗/年实现非线性增长，空间远大。 智通财经APP获悉，东吴证券发布研报称，太空商业活动迎来爆发期。海外方面，马斯克提出星舰将实 现完全复用并大幅提升发射频率。国内进程同步加速，已提交超20万颗卫星频轨申请，中国星网等星座 计划将进入密集发射阶段。技术层面，柔性钙钛矿组件因其高效轻薄的特性，成为太空光伏供能的关键 路径。相关产业链有望迎来高速发展机遇。 东吴证券主要观点如下： 国内产业化提速、战略重视度高 投资建议：商业航天+低轨卫星加速发展背景下，太空光伏供能最优、或有望迎来高速发展。1）推荐 太空电源：钧达股份（合作尚翼布局卫星钙钛矿+CPI膜）、明阳智能（布局钙钛矿、HJT技术及砷化 镓）、关注东方日升（P型HJ ...

王紫敬 ◎张玮华 记者 刘怡鹤 商业航天板块自2025年末启动一轮火爆行情并延续至今。日前，东吴证券研究所所长助理、计算机首席 分析师王紫敬在"上证首席讲坛"发表演讲并接受上海证券报记者专访时表示，商业航天将在2025年底到 2026年上半年迎来决定性拐点，并成为贯穿2026年全年的投资核心主线之一。建议优选龙头标的，在火 箭、卫星、SpaceX供应链等投资方向上实现平铺，把握市场分歧与波动机遇。 多因素支撑商业航天行情 王紫敬认为，支撑商业航天本轮强势行情的重要逻辑是，我国在大型可回收液体火箭领域发生了"从0到 1"的质变，同时产业具有足够宏大的未来叙事。 王紫敬认为，上述头部企业一旦登陆资本市场，将有助于提高整个商业航天板块标的的质量，并扩大其 容量，以弥补当前优质标的的稀缺性。SpaceX若登陆资本市场，可能成为有史以来市值最大的上市公 司之一。这些都将进一步提升资本市场对商业航天领域的关注度，并提振整个板块的估值中枢。 产业方面，今年最主要的看点在于我国一批新型号火箭的首飞，及其在可重复使用技术、卫星互联网组 网方面的突破。 "今年国内预计将有近十发新型号火箭首飞，我对此充满信心，相信创造行业历史的时 ...

Group 1 - Dongwu Securities issued a report on January 27, giving Hema Technology (688032.SH) a "Buy" rating due to its continuous layout in the energy storage business and the expectation of growth recovery in 2026 [1] - The report highlights that the prices of micro-inverters and micro-storage are expected to bottom out, with further iterations of new products anticipated [1] - It is noted that during the transformation period, expenses are relatively high, with a slight increase expected in 2026 [1] Group 2 - The international gold price has surpassed $5,000, marking a 280% increase over the past seven years, with experts suggesting that the key factors for future trends will depend on the US dollar, international monetary system, interest rate cuts, and technological revolutions [1]

Core Viewpoint - 瑞芯微's Q4 performance exceeded market expectations, positioning itself to embrace opportunities in the edge AI industry [1] Financial Performance - The company is expected to achieve a net profit attributable to shareholders of 1.023-1.103 billion yuan, representing a year-on-year growth of 71.97%-85.42% [1] - The non-recurring net profit attributable to shareholders is projected to be 999-1.073 billion yuan, with a year-on-year increase of 84.44%-99.30%, nearing a doubling of growth [1] Strategic Outlook - The company has a dual-track layout for future growth, with new products expected to drive growth by 2026 [1] - The company is well-positioned to capitalize on trends in the edge AI application industry, aiming to secure a leading position in the market [1] Market Position - As a leading player in the domestic SoC industry, 瑞芯微's flagship chip RK3588 is leading multiple AIoT product lines, steadily increasing its market share in downstream markets [1] - The company is expected to continue seizing market opportunities in emerging smart application fields [1]

东吴证券研报指出，分众传媒出售数禾资产，计提减值损失。由于分众传媒的联营公司数禾在2025Q4 因金融监管政策影响所出现亏损，这将对分众传媒的业绩产生影响，且分众传媒出售因数禾股份受监管 影响，其退出价值低于其账面价值并计提减值损失约21.53亿元，未来的投资收益也将受出售资产的影 响而有所下调，因此将2025-2027年的EPS预测由0.39/0.49/0.54元调整为0.21/0.46/0.51元。2025-2027年对 应当前PE分别为35.45/16.29/14.73倍，由于公司主业仍然保持稳健的增长，且计提减值损失并不会影响 其未来高股息分红的策略，2026-2027年的估值仍然具备安全边际，因此维持"买入"评级。 ...

Core Viewpoint - The performance of the company is in line with market expectations, with significant profit growth projected for 2025 [1] Financial Performance - The company is expected to achieve a net profit attributable to shareholders of 1.5-1.8 billion yuan in 2025, representing a year-on-year increase of 424.29%-529.15% [1] - The estimated net profit for Q4 2025 is projected to be 464 million yuan, a substantial turnaround from a loss of 300 million yuan in Q4 2024, with a quarter-on-quarter increase of 4% [1] Industry Outlook - The recovery in order scale is attributed to the increased operating rates and orderly expansion of leading domestic battery companies, leading to a rapid rebound in order delivery and project acceptance [1] - The high prosperity of the downstream power and energy storage battery industry is expected to continue, along with the accelerated industrialization of solid-state batteries, which will support growth in both traditional lithium battery equipment and solid-state battery equipment businesses [1] Profit Forecast - The company's net profit forecasts for 2025-2027 have been raised to 1.65 billion, 2.33 billion, and 2.71 billion yuan respectively, up from previous estimates of 1.53 billion, 2.04 billion, and 2.48 billion yuan [1] - The current stock price corresponds to dynamic price-to-earnings ratios of 60, 42, and 36 times for 2025, 2026, and 2027 respectively, maintaining a "buy" rating [1]

Group 1 - The core viewpoint is that the competition for space resources is accelerating, leading to rapid development in China's commercial space sector, with over 250,000 satellite applications submitted and a projected global space market exceeding $800 billion by 2030 [1][3] Group 2 - The deployment of satellites in the U.S. is significantly ahead, with SpaceX leading the way; by the end of 2025, SpaceX is expected to have deployed over 9,000 satellites, accounting for about 60% of the global total [2] - China's actual satellite deployment is notably lower than that of the U.S., with a strong demand for satellite launches; policies are being implemented to support the acceleration of space development [2] - The global commercial space market is projected to reach $6.13 trillion by 2024, with commercial space accounting for approximately $4.8 trillion; by 2030, the market is expected to grow to $8 trillion, with a CAGR of about 10% from 2025 to 2030 [3]

每经AI快讯，东吴证券1月26日发布研报称，给予分众传媒（002027.SZ）"买入"评级。评级理由主要包 括：1）公司出售数禾资产，计提减值损失；2）数禾受金融资管影响亏损，公司选择退出项目；3）分 众传媒在数禾项目上获利颇丰，未来投资收益会有所影响。风险提示：经济增速不及预期，行业竞争超 预期。 每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 （记者 张喜威） ...

Group 1 - Dongwu Securities issued a report on January 26, giving a "Buy" rating to XianDao Intelligent (300450.SZ) based on several factors [1] - The company's performance meets market expectations due to ongoing project acceptance [1] - The downstream power and energy storage sectors remain highly prosperous, with traditional lithium battery growth continuing [1] - Continuous policy and tender catalysts are expected to accelerate the industrialization of solid-state battery equipment [1] - The company covers solid-state battery production line equipment and has received repeat orders from leading battery players in Europe, the US, Japan, South Korea, and domestically [1]

Group 1 - The core viewpoint of the article highlights that Dongwu Securities has given a "buy" rating to Rockchip (603893.SH) based on its expected strong performance and resilience through industry fluctuations by 2025 [1] - The company is anticipated to achieve rapid growth in 2025, showcasing its ability to navigate industry volatility effectively [1] - Rockchip's dual-track strategy is expected to facilitate new product launches in 2026, contributing to continued growth [1] - The article expresses optimism about the trend of AI applications at the edge, positioning Rockchip as a leader in this sector [1]