AIDC 系列四 北美缺电重塑格局，聚焦 SOFC 和 MLCC 新机遇 glmszqdatemark 北美缺电常态化，开启 SOFC 和 MLCC 投资新篇章。当前北美电力供需失衡持续 加剧，叠加 AIDC 快速扩张，电力矛盾或已成为制约区域产业发展的核心瓶颈。 在此背景下，北美数据中心非线性增长规划正重塑当地能源格局，SOFC 凭借独 特优势加速部署，成为破解电力短缺、契合能源格局重塑的重要路径之一。 与此同时，AI 产业发展推动服务器功耗增长，电路侧供电与信号稳定成为保障数 据中心高效运行的关键。MLCC 作为电路侧核心被动元器件，承担稳定供电、滤 除干扰的职能，其高效能、高可靠、高密度特性，精准匹配 AI 时代服务器需求。 SOFC：数据中心电源困境破局者。SOFC 作为一种高效清洁的高温燃料电池，可 直接将氢气、天然气等转化为电能。SOFC 由于具备高能量转换率、稳定电力可 靠性、快速部署能力、低碳排放、动态可调响应等能力，成为应对高密度负载的 关键方案。从市场空间来看，根据 Grand View Research 的预测，全球（SOFC） 市场在 2024 年规模约 10 亿美元，预计到 2033 ...

截至9月30日，火炬电子股东户数3.57万，较上期增加20.74%；人均流通股13315股，较上期减少 17.18%。2025年1月-9月，火炬电子实现营业收入26.98亿元，同比增长25.41%；归母净利润3.20亿元， 同比增长41.76%。 分红方面，火炬电子A股上市后累计派现10.37亿元。近三年，累计派现3.65亿元。 机构持仓方面，截止2025年9月30日，火炬电子十大流通股东中，长信国防军工量化混合A（002983） 位居第三大流通股东，持股760.83万股，为新进股东。广发小盘成长混合(LOF)A（162703）位居第四 大流通股东，持股681.82万股，相比上期增加82.67万股。富国军工主题混合A（005609）位居第六大流 通股东，持股531.55万股，相比上期增加94.13万股。广发中小盘精选混合A（005598）位居第七大流通 股东，持股495.11万股，相比上期减少187.91万股。国泰聚信价值优势灵活配置混合A（000362）位居 第九大流通股东，持股310.00万股，为新进股东。富国天惠成长混合(LOF)A/B（161005）、景顺长城品 质长青混合A（010350）、国泰中证 ...

证券研究报告 航天军工 长征十号一级箭体实现受控海上溅落 华泰研究 2026 年 2 月 23 日│中国内地 行业周报（第七周） 本周观点：长征十号一级箭体实现受控海上溅落，火箭运力瓶颈加速 突破 (4.0) (2.0) 0.0 2.0 4.0 传 媒 计 算 机 电 子 通 信 建 材 有 色 金 属 航 天 军 工 机 械 设 备 汽 车 煤 炭 电 力 设 备 与 新 能 源 教 育 和 人 力 资 源 轻 工 制 造 基 础 化 工 钢 铁 综 合 环 保 建 筑 与 工 程 家 用 电 器 房 地 产 开 发 社 会 服 务 医 药 健 康 证 券 公 用 事 业 多 元 金 融 交 通 运 输 银 行 保 险 农 林 牧 渔 石 油 天 然 气 纺 织 服 装 食 品 饮 料 商 业 贸 易 房 地 产 服 务 (%) 2026 年 2 月 11 日，我国在文昌航天发射场成功组织实施长征十号运载火箭 系统低空演示验证与梦舟载人飞船系统最大动压逃逸飞行试验。可回收火箭 的进展是商业航天板块的重要催化，也是加速航天产业发展、建设航天强国 的关键之一。随着我国可回收火箭逐渐成熟，发射运力提升的同时带来发 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The thermal protection materials market is expected to have significant growth potential, particularly driven by the Starship program, with an estimated market space of $90 billion for thermal tiles and $1.17 billion for single launch losses if the production and launch targets are met [4][30][32] - The development of reusable rockets, particularly in China, is advancing rapidly, with ceramic-based materials likely to benefit first [4][60][66] Summary by Sections 1. Thermal Materials: The Core of Commercial Aerospace Thermal Protection - The development of aerospace vehicles increasingly focuses on thermal protection capabilities, which are critical for ensuring rocket recovery [12] - Thermal protection systems (TPS) must meet stringent requirements, including high-temperature resistance, oxidation resistance, lightweight design, and mechanical strength [12][18] - The market for thermal materials is expanding, with significant applications in various stages of rocket launch and recovery [18][19] 2. Overseas Secondary Rocket Reusability Accelerates Validation, Multi-layer Protection for Thermal Materials - NASA has laid the foundation for thermal tile technology, with various materials developed for different temperature tolerances [37] - The Starship's thermal protection structure combines adhesive and cover-type designs, indicating a shift towards more effective thermal protection solutions [42][46] 3. Domestic First-stage Rocket Reusability Progresses Faster, Ceramic-based Materials Benefit First - China's aerospace sector has developed a third-generation thermal material system, with significant applications in crewed spacecraft [58] - The demand for ceramic-based thermal materials is expected to grow as the country advances in reusable rocket technology [66] 4. Related Companies - Torch Electronics focuses on ceramic matrix composites, with significant revenue generation in aerospace applications [72] - Hua Qin Technology specializes in thermal resistance materials, enhancing performance in high-temperature components [73] - Zhonggang Lu Neng is a key supplier of high-end refractory materials, with strong production capabilities for ceramic-based products [74] - Beijing Lier is expanding into aerospace thermal materials, with a short investment recovery period indicating strong profitability potential [75]

Group 1 - Aerospace Electronics (600879) is a core listed platform of the Aerospace Science and Technology Group, focusing on aerospace electronic information systems, inertial navigation, integrated circuits, and electromechanical components. It is a leading supplier for manned lunar landing projects, providing key equipment for the Long March 10 rocket and the Dream Chaser spacecraft, with a leading market share in aerospace electronic support [1][25]. - Aerospace Power (600343) specializes in aerospace liquid propulsion systems and is a key supplier for the Long March 10 rocket's propulsion system. The company is recognized for its high-temperature and high-reliability products, suitable for manned lunar landing conditions, and is expected to see strong growth in orders as the lunar landing program progresses [2][26]. - Aerospace Engineering (603698) relies on resources from the Aerospace Science and Technology Group and is involved in system integration and launch support for manned lunar landing projects. The company is recognized as a leader in aerospace engineering contracting and is expected to expand its system integration business as demand for launch support services increases [3][27]. Group 2 - Aerospace Electromechanical (600151) focuses on special materials and energy systems for spacecraft, serving as a core supplier for the Dream Chaser and lunar probe. The company is recognized for its lightweight and high-strength products, which are essential for manned lunar missions, and is expected to see rapid growth in its aerospace support business [4][28]. - Aerospace Electrical (002025) specializes in high-end relays, connectors, and micro motors, with a market share exceeding 70% in aerospace connectors. The company is viewed as a critical supplier for manned lunar projects, with strong reliability and high technical barriers, and is expected to see increased demand as the lunar landing program advances [5][30]. - Quanxin Co., Ltd. (300447) focuses on aerospace special cables and transmission components, providing high-temperature and interference-resistant cables for lunar landing projects. The company is recognized as a leader in the aerospace cable segment, with stable orders expected to grow as demand for aerospace information technology increases [6][31]. Group 3 - Zhenhua Technology (000733) is a leading military electronics company, providing essential electronic components and power systems for spacecraft. The company is expected to see significant growth in product demand as the lunar landing program progresses, supported by its strong technical capabilities and customer resources [7][32]. - Torch Electronics (603678) specializes in ceramic capacitors and aerospace components, recognized as a core supplier for ceramic capacitors in lunar landing projects. The company is expected to see growing demand for its aerospace-grade capacitors as the lunar landing program advances [8][33]. - Guojijiang Precision (002046) focuses on aerospace special bearings and precision manufacturing equipment, with a market share exceeding 90% in high-reliability aerospace bearings. The company is expected to see strong demand for its special bearings as the lunar landing spacecraft development accelerates [9][34]. Group 4 - China Satellite (600118) is a leading satellite manufacturer under the Aerospace Science and Technology Group, providing satellite development and application services for lunar landing projects. The company is expected to see rapid growth in its satellite manufacturing and application business as demand for space-based systems increases [10][35]. - China Satcom (601698) specializes in satellite communication services, providing critical communication links for lunar landing missions. The company is recognized as a leader in satellite communication operations, with expected growth in service revenue as lunar landing tasks progress [11][36]. - Haige Communication (002465) focuses on satellite navigation and wireless communication, serving as a core supplier for navigation and communication terminals in lunar landing projects. The company is expected to see strong growth in its core business as demand for lunar landing measurement and control systems increases [12][37]. Group 5 - Beidou Xingtong (002151) is a core enterprise in the Beidou navigation industry chain, providing high-precision navigation solutions for rockets and spacecraft. The company is expected to see rapid growth in its aerospace navigation business as demand for high-precision navigation increases with the lunar landing program [13][38]. - Guangwei Composite Materials (300699) is a leading carbon fiber manufacturer, providing lightweight materials for the Long March 10 rocket and Dream Chaser. The company is expected to see growing orders for its composite materials as demand for lightweight solutions in aerospace increases [14][39]. - Guangqi Technology (002625) specializes in metamaterials and aerospace structural components, providing lightweight and radiation-resistant parts for spacecraft. The company is expected to see increasing demand for its metamaterial solutions as the lunar landing program progresses [15][40]. Group 6 - Steel Research High-Nickel (300034) focuses on high-temperature alloys and aerospace special alloys, providing critical materials for rocket engines. The company is expected to see strong demand for its high-temperature alloys as the lunar landing rocket production accelerates [16][41]. - Western Materials (002149) specializes in titanium alloys and rare metal composite materials, providing lightweight components for lunar landing vehicles. The company is expected to see growing demand for its special materials as the lunar landing spacecraft development accelerates [17][42]. - Hailanxin (300065) focuses on marine electronic information and aerospace recovery measurement and control systems, providing critical support for lunar landing return missions. The company is expected to see rapid growth in its measurement and control business as lunar landing return tasks are implemented [18][43]. Group 7 - Jieli Rigging (002342) specializes in special rigging and lifting equipment, providing critical components for the safe recovery of lunar landing rockets. The company is expected to see increasing demand for its special rigging solutions as the technology for reusable rockets becomes more prevalent [19][44]. - China Shipbuilding (600150) is a leading shipbuilding company, focusing on the construction of marine recovery platforms for lunar landing missions. The company is expected to see continued growth in its recovery platform construction business as lunar landing tasks progress [20][45]. - Chaojie Co., Ltd. (301005) specializes in high-strength fasteners and precision structural components, providing critical fasteners for rockets and spacecraft. The company is expected to see growing demand for its fasteners as the lunar landing program moves into mass production [21][46]. - Yingliu Co., Ltd. (603308) focuses on high-temperature alloy castings and aerospace precision components, providing critical parts for rocket engines. The company is expected to see strong demand for its core components as the lunar landing rocket production accelerates [22][47].

证券代码：603678 证券简称：火炬电子 公告编号：2026-003 福建火炬电子科技股份有限公司 关于为控股子公司提供担保的进展公告 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。 重要内容提示： 担 保 对 象一 被担保人名称 苏州雷度电子有限公司（以下简称 "苏州雷度"） 本次担保金额 30,000 万元 实际为其提供的担保余额 25,837 万元 是否在前期预计额度内 是 □否 □不适用：_________ 本次担保是否有反担保 □是 否 □不适用：_________ 担 保 对 象二 被担保人名称 上海紫华光电子科技有限公司（以 下简称"上海紫华光"） 本次担保金额 18,000 万元 实际为其提供的担保余额 500 万元 是否在前期预计额度内 ☑是 □否 □不适用：_________ 本次担保是否有反担保 □是 ☑否 □不适用：_________ 担 保 对 象三 被担保人名称 上海雷度电子有限公司（以下简称 "上海雷度"） 本次担保金额 2,500 万元 实际为其提供的担保余额 0 元 是否在前期预计额度内 ☑ ...

Core Viewpoint - Ceramic Matrix Composites (CMC) exhibit excellent high-temperature performance and have broad applications in commercial aerospace, aviation, nuclear power, and automotive sectors, with significant market potential. China leads in brake and thermal protection for aircraft but lags in aviation engine applications [3][4]. Group 1: CMC Characteristics and Applications - CMC is defined as composites that incorporate reinforcing materials into a ceramic matrix, resulting in superior properties such as high-temperature resistance, low density, high specific strength, and oxidation resistance [4][15]. - SiCf/SiC composites are a research focus due to their enhanced oxidation resistance and longevity, making them ideal for high-temperature applications [4][21]. - In the aerospace sector, SiCf/SiC is recognized as an ideal material for the hot end of aviation engines, already in mass production for static components, with ongoing exploration for rotating parts [5][25]. - In nuclear energy, SiCf/SiC composites are considered ideal candidates for reactor cladding and control rods due to their high melting point and excellent neutron irradiation stability [5][44]. Group 2: Market Growth and Trends - The global CMC market was valued at $11.9 billion in 2022 and is projected to grow at a CAGR of 10.5%, reaching $21.6 billion by 2028, with the highest market share in defense and aerospace applications [6]. - The demand for CMC in China's aviation engine sector is expected to reach a turning point in 2024, driven by technological advancements and cost reductions [11][9]. Group 3: CMC Production and Industry Landscape - CMC production involves complex processes with high barriers to entry, including fiber preparation, preform weaving, interface layer preparation, matrix preparation, and densification [7][8]. - GE has established a vertically integrated CMC supply chain, producing 20 tons of CMC prepreg and 10 tons of SiC fibers annually, with a tenfold increase in CMC component production expected over the next decade [8][39]. - China's CMC industry is relatively complete, with advancements in the production of second-generation SiC fibers and ongoing development of third-generation fibers, although industrial-scale production remains a challenge [9][10]. Group 4: Investment Opportunities - The potential for growth in China's aviation engine sector for CMC is significant, with upstream raw material demand expected to increase as applications mature [11][9]. - As CMC manufacturing technologies improve and fiber costs decrease, midstream CMC component manufacturers are poised for rapid development [11].

Market Overview - The military electronics sector experienced a decline of 0.27% on February 4, with *ST Chengchang leading the drop [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Stock Performance - Notable gainers in the military electronics sector included: - Quanxin Co., Ltd. (300447) with a closing price of 21.54, up 6.69% and a trading volume of 458,300 shares, totaling 1.006 billion yuan [1] - Taimeng Technology (600590) closed at 12.39, up 6.63% with a trading volume of 1,832,500 shares, totaling 2.255 billion yuan [1] - Guoguang Electric (688776) closed at 115.09, up 4.82% with a trading volume of 43,500 shares, totaling 492 million yuan [1] Fund Flow Analysis - The military electronics sector saw a net outflow of 3.046 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.105 billion yuan [2] - The top stocks by net inflow from retail investors included: - Ruichuang Micro-Nano (688002) with a net inflow of 110 million yuan [3] - Xicet Testing (301306) with a net inflow of 102 million yuan [3] - Taimeng Technology (600590) with a net inflow of approximately 89.38 million yuan [3]

Core Insights - The report highlights the ongoing development of U.S.-China relations, with President Trump planning a visit to China in April, which is seen as beneficial for both nations [2] - The People's Bank of China is actively engaging with global financial leaders, indicating a focus on macroeconomic policies and trade relations [2] - The Chinese government is prioritizing the service sector in 2026, aiming to expand market access and promote digital trade [2] - The State-owned Assets Supervision and Administration Commission is working on initiatives to optimize the layout of state-owned enterprises, with significant investment planned for R&D and asset growth [2] - The report emphasizes the importance of the photovoltaic industry and the need for regulatory measures to ensure healthy competition [2] Company Insights - TikTok has established a joint venture in the U.S. for data security, indicating a strategic move to enhance its operational transparency [5] - China National Petroleum Corporation has achieved large-scale production of high-end materials, reducing reliance on imports for strategic industries [5] - SpaceX is preparing for a significant IPO, aiming for a valuation of approximately $1.5 trillion, which reflects its growth potential in the commercial space sector [5] - China Aerospace Science and Technology Corporation is focusing on enhancing its commercial launch capabilities, with ambitious goals for the next decade [5] Banking Sector Insights - The report indicates a slight increase in the proportion of active funds in the banking sector, with a total market value of 1.61 trillion yuan allocated to A-shares [6] - The concentration of holdings among the top five banks has decreased, with notable fluctuations in individual bank positions [7] - Northbound capital has seen a net reduction in bank stocks, with significant decreases in holdings for certain banks [8] - The banking sector is expected to benefit from macroeconomic policies aimed at improving credit conditions and stabilizing net interest margins [8][9]

Market Overview - The military electronics sector experienced a decline of 2.56% on January 29, with Torch Electronics leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Stock Performance - Notable gainers in the military electronics sector included: - Aerospace Development (Code: 000547) with a closing price of 27.18, up 2.26% and a trading volume of 1.8612 million shares, totaling 5.056 billion yuan [1] - Haige Communication (Code: 002465) closed at 17.51, up 1.63% with a trading volume of 2.4575 million shares, totaling 4.307 billion yuan [1] - Significant decliners included: - Torch Electronics (Code: 603678) closed at 38.93, down 10.01% with a trading volume of 393,200 shares, totaling 1.579 billion yuan [3] - Fuguijie (Code: 688272) closed at 30.03, down 9.68% with a trading volume of 50,500 shares [3] Capital Flow - The military electronics sector saw a net outflow of 2.689 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.691 billion yuan [5] - Key stocks with notable capital flows included: - Aerospace Development had a net inflow of 370 million yuan from institutional investors, but a net outflow of 806.22 million yuan from retail investors [5] - Haige Communication experienced a net inflow of 278 million yuan from institutional investors, with a net outflow of 759.12 million yuan from retail investors [5] ETF Performance - Aerospace ETF (Product Code: 159227) tracked the national aerospace industry index and saw a 5-day change of 3.00%, with a reduction of 53 million shares, resulting in a net redemption of 78.67 million yuan [7] - General Aviation ETF (Product Code: 159230) tracked the national general aviation industry index, with a 5-day change of 2.17% and a net redemption of 5.55 million yuan [8]