Investment Rating - The report suggests focusing on investment targets with large market space, high barriers, and high performance elasticity, particularly in sectors expected to experience high growth such as new aviation equipment, missiles, unmanned equipment, military trade, domestic large aircraft, gas turbines, and commercial aerospace [5][30]. Core Insights - The report highlights that the military industry is driven by three macro factors: national defense policy, geopolitical environment, and domestic military expenditure, indicating an upward trend for the industry [2][31]. - It emphasizes the structural characteristics of traditional equipment showing steady growth while new combat power equipment is expected to see high growth, with military trade and civil-military integration opening up growth ceilings for military enterprises [2][30]. - The analysis of the military industry from 2020 to 2025 indicates that significant price inflation in certain segments, driven by equipment upgrades and increased usage, has led to substantial profit elasticity [1][23]. Summary by Sections Review of Military Industry Trends - The report reviews the military industry from 2020 to 2025, noting that the growth was primarily driven by national defense policies and the release of new equipment, leading to a "Davis double-click" market dynamic [14][16]. - It also discusses the impact of geopolitical events, such as the Russia-Ukraine war, on military stock performance, particularly in the U.S. market, where military stocks have seen significant valuation increases despite not achieving rapid growth in fundamentals [25][26]. Key Sectors to Watch - The report identifies key sectors to focus on, including: - **Aviation New Equipment**: Emphasizing the importance of new models and increased usage [8]. - **Missiles**: Highlighting the potential for high elastic growth due to low baselines and strong consumption attributes [8]. - **Unmanned Equipment**: Noting the maturation of China's unmanned equipment industry and its expected high growth during the 14th Five-Year Plan [8]. - **Military Trade**: Recognizing military trade as a significant growth driver for established military enterprises [8]. - **Domestic Large Aircraft**: Indicating that the large aircraft industry is entering a period of accelerated development [8]. - **Gas Turbines**: Focusing on the high demand driven by data center electricity needs [9]. - **Commercial Aerospace**: Identifying it as a super track with significant growth potential [9]. Investment Recommendations - The report recommends identifying investment targets that are positioned in high-growth sectors with large market potential and high barriers to entry, ensuring that these companies can benefit from the overall industry growth [5][30]. - It suggests focusing on companies with strong market positions and high performance elasticity, particularly those involved in high-demand segments such as military AI, unmanned systems, and commercial aerospace [5][30].

行业研究 / 行业点评 2026 年 03 月 09 日 机械设备 证券研究报告 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《全球人形机器人产业周报（一）：人形机器 人供应链海外产能布局加速推进》2026-03-02 《智能制造行业周报：存储扩产确定性提升， 持续推荐"两长"设备产业链》2026-02-09 《智能制造行业周报：SpaceX 申请百万颗卫 星，卫星互联网产业化提速》2026-02-02 《智能制造行业周报：SpaceX 推进星链升级与 IPO 进程》2026-01-26 《以第一性原理推演中国商业航天降本革命— —商业航天行业深度系列（一)》2026-01-21 王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com 行业及产业 持续看好半导体设备零部件国产化替代 ——智能制造行业周报（2026/03/02-2026/03/06） 本周行情：本周（2026/03/02-2026/03/06）沪深 300 指数-1.07%，其中机械设备板块 -2.81%，申万一级行业 ...

证券代码：688102 证券简称：斯瑞新材 公告编号：2026-010 陕西斯瑞新材料股份有限公司 关于更换持续督导保荐代表人的公告 公司董事会对赵中堂先生所做出的贡献表示衷心的感谢！ 特此公告。 陕西斯瑞新材料股份有限公司董事会 2026 年 3 月 7 日 1 附件：陈秋月女士简历 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 陕西斯瑞新材料股份有限公司（以下简称"公司"）于近日收到国泰海通证 券股份有限公司（以下简称"国泰海通"）出具的《关于更换陕西斯瑞新材料股 份有限公司持续督导保荐代表人的函》。 国泰海通为公司首次公开发行股票并在科创板上市以及 2024 年度向特定对 象发行股票的保荐机构，首次公开发行股票并在科创板上市以及 2024 年度向特 定对象发行股票的保荐代表人为林文亭先生、赵中堂先生，负责保荐工作及持续 督导工作，持续督导期分别至 2025 年 12 月 31 日以及 2027 年 12 月 31 日。由于 原保荐代表人赵中堂先生工作变动，无法继续从事公司的持续督导工作。为保证 持续督导工作的有序进行 ...

Group 1: A-Share Buyback Events - During the period from February 23, 2026, to March 1, 2026, a total of 6 listed companies announced shareholder buyback plans, with the average buyback amount as a percentage of total market capitalization being 0.18% for Aidi Pharmaceutical, 1.09% for Binhua Co., 0.04% for Tongce Medical, 0.07% for Huaneng Hydropower, 1.69% for Biyinlefen, and 0.80% for Conch Cement [1][8][11]. Group 2: Key Companies of Interest - **Biyinlefen**: The company announced its first buyback and the controlling shareholder plans to buy back more than 1% of shares, with an amount between 100 million and 200 million RMB, reflecting confidence in the company's long-term prospects as a leading high-end apparel group focused on golf lifestyle [2][13]. - **Aidi Pharmaceutical**: The controlling shareholder plans to buy back 0.18% of shares, with an expected turnaround from loss to profit and a high growth rate in net profit forecasted [2][14][15]. - **Conch Cement**: The controlling shareholder plans to buy back 0.80% of shares, with a buyback amount between 7 billion and 14 billion RMB, indicating recognition of the company's long-term value in the cement industry [3][20][21]. Group 3: Management Buyback Announcements - From February 23, 2026, to March 1, 2026, 9 listed companies announced management buyback plans, with the only company exceeding 0.01% of total market capitalization being Sruy New Materials [11].

Group 1 - The core announcement is about the quarterly adjustment results of the Sci-Tech 50 and other indices, which will be implemented after the market closes on March 13 [1] - Three companies, including Keda Guandun Quantum Technology Co., Ltd., Shenzhen Zhongke Feimeng Technology Co., Ltd., and Zhongke Xingtai Co., Ltd., will be added to the Sci-Tech 50 Index, while ten other securities will be added to the Sci-Tech 100 Index [1] - After the adjustments, the total market capitalization of the Sci-Tech 50 Index will be 4.5 trillion yuan, covering 39% of the market, while the Sci-Tech 100 Index will have a total market capitalization of 2.7 trillion yuan, covering 24% of the market, resulting in a combined coverage of 63%, an increase of 1.1% [1] Group 2 - The Shanghai Stock Exchange has been enhancing its "one body, two wings" index system to improve the quality and diversity of indices, effectively supporting long-term capital inflow and national strategic initiatives [2] - The periodic adjustments of existing indices aim to optimize industry structures, with the weight of information technology and other "new economy" sectors increasing by 4.9% and 4.7% respectively by the end of 2024 [2] - The newly launched indices cover the entire market capitalization and industry chain of the Sci-Tech Board, guiding over 320 billion yuan into "hard technology" companies [2]

Group 1 - The Shanghai Stock Exchange and China Securities Index Co., Ltd. announced adjustments to the sample of the Sci-Tech Innovation 50 Index, effective after the market closes on March 13, 2026 [2] - GuoDun Quantum, ZhongKe FeiCe, and ZhongKe XingTu will be added to the Sci-Tech Innovation 50 Index, while Rejing Bio, Sry New Materials, and Junshi Biosciences, among 10 other securities, will be added to the Sci-Tech Innovation 100 Index [4]

Group 1 - The Shanghai Stock Exchange and China Securities Index Company announced a quarterly adjustment of the sample stocks for the Sci-Tech 50 and other Sci-Tech indices [1] - The Sci-Tech 50 Index will replace three sample stocks, specifically Guoshun Quantum, Zhongke Feimeng, and Zhongke Xingtou [1] - Additionally, ten securities including Rejing Bio, Sry New Materials, and Junshi Biosciences will be added to the Sci-Tech 100 Index [1] - The adjustments will take effect after the market closes on March 13 [1]

Core Insights - The commercial aerospace industry is accelerating, with a significant increase in market size, and the industry maintains a "recommended" rating by Huolong Securities [1] - The competition for satellite frequency and orbital resources is intensifying globally, with the U.S., Russia, and China solidifying their positions as the leading players [1][2] - By 2025, China's commercial aerospace market is projected to exceed 2.5 trillion yuan, with rocket and satellite manufacturing being the primary investment areas [1][3] Group 1: Market Dynamics - The global low Earth orbit can safely accommodate approximately 60,000 to 100,000 satellites, but as of January 2026, the combined number of satellites applied for by large constellations from China and the U.S. exceeds 1.29 million, indicating fierce competition for space resources [1] - By the end of 2025, the number of satellites in orbit globally is expected to reach 16,881, nearly four times that of 2021 [1] Group 2: Launch Statistics - In 2025, there will be 329 rocket launches globally, with a success rate of 97.5%, and the U.S. and China will account for 83% of these launches [2] - The U.S. is projected to lead with 181 launches, while China is expected to achieve a record high of 92 launches [2] Group 3: Domestic Developments - By the end of 2025, China is expected to have conducted 95 commercial rocket launches, marking the entry into a phase of large-scale launches [3] - The commercial aerospace sector has been elevated to a national priority, with supportive policies being included in government work reports for two consecutive years [3] Group 4: Investment Opportunities - Recommended stocks in the rocket launch sector include Superjet Co., Ltd. (301005.SZ), Srey New Materials (688102.SH), Plittech (688333.SH), and Zhongtian Rocket (003009.SZ) [4] - In satellite manufacturing, suggested companies are China Satellite (600118.SH), Zhenlei Technology (688270.SH), and Aerospace Electronics (600879.SH) [4] - For satellite applications, recommended stocks include Zhongke Xingtou (688568.SH) and Huace Navigation (300627.SZ) [4]

Group 1 - The core point of the news is that Srey New Materials Co., Ltd. experienced a stock price increase of 5.09%, reaching 44.17 CNY per share, with a trading volume of 580 million CNY and a turnover rate of 1.84%, resulting in a total market capitalization of 34.252 billion CNY [1] - Srey New Materials, established on July 11, 1995, is located in Xi'an, Shaanxi Province, and was listed on March 16, 2022. The company specializes in high-strength and high-conductivity copper alloy materials and products, medium and high-voltage electrical contact materials and products, high-performance metal chromium powder, CT and DR tube components, and next-generation copper-iron alloy materials [1] - The revenue composition of Srey New Materials includes: high-strength and high-conductivity copper alloy materials and products (46.51%), medium and high-voltage electrical contact materials and products (22.90%), other main businesses (14.09%), supplementary other (6.12%), medical imaging components (5.31%), and high-performance metal chromium powder (5.08%) [1] Group 2 - From the perspective of fund holdings, Srey New Materials is a significant investment for the Jianxin Fund, with the Jianxin SSE STAR 200 ETF (589820) holding 161,900 shares, accounting for 1.37% of the fund's net value, making it the fifth-largest holding. The estimated floating profit today is approximately 346,400 CNY [2] - The Jianxin SSE STAR 200 ETF (589820) has a total asset size of 4.57 billion CNY and has achieved a return of 19.58% this year, ranking 201 out of 5,574 in its category. Since its inception, the fund has returned 28.15% [2] - The fund manager of Jianxin SSE STAR 200 ETF is Gong Jiajia, who has been in the position for 7 years and 8 days, managing assets totaling 1.867 billion CNY. The best fund return during the tenure is 44.21%, while the worst return is -55.26% [3]

Investment Rating - The report maintains a "Recommended" investment rating for the commercial aerospace industry [1]. Core Insights - The commercial aerospace sector is experiencing rapid development, particularly benefiting rocket and satellite manufacturing. The market size is expected to exceed 25 trillion yuan by 2025, with a compound annual growth rate of 20.84% from 2015 to 2025 [6][54]. - The competition for frequency and orbital resources is intensifying globally, with the number of satellites in orbit reaching 16,881 by the end of 2025, nearly four times that of 2021. The U.S. and China dominate satellite launches, accounting for 83% of global launches [6][25][71]. - China's commercial rocket launches have entered a phase of scale, with 95 launches completed by the end of 2025, marking a significant increase in market activity and policy support [6][38][71]. Summary by Sections 1. Intense Competition for Frequency and Orbital Resources - The Earth can safely accommodate approximately 60,000 to 100,000 satellites in low Earth orbit. By the end of 2025, the number of satellites in orbit reached 16,881, a significant increase from previous years. The competition for satellite frequency and orbital resources is becoming increasingly fierce, with over 1.29 million satellites proposed by major constellations in China and the U.S. [6][19][71]. 2. Accelerated Global Satellite Deployment, Dominated by the U.S. and China - The global satellite landscape remains concentrated among a few key players, with the U.S., Russia, and China leading. In 2025, there were 329 rocket launches globally, with a success rate of 97.5%. The U.S. led with 181 launches, followed by China with 92 [6][25][71]. 3. China's Commercial Aerospace Enters a Phase of Scale - By the end of 2025, China had completed 95 commercial rocket launches, indicating a shift towards large-scale launches. The market size for commercial aerospace in China surpassed 25 trillion yuan, with significant investments in rocket and satellite manufacturing [6][38][54][71]. 4. Rockets Determine Capacity, Satellites Determine Capability, Applications and Services Determine Scale - The report emphasizes that rockets are foundational to the aerospace industry, with the market expected to reach a scale of hundreds of billions. Satellite manufacturing is identified as the core value of commercial aerospace, with significant growth anticipated in related industries [58][61][67]. 5. Investment Recommendations - The report suggests focusing on specific companies within the commercial aerospace sector, including: - Rocket Launch: Chaojie Co., Ltd. (301005.SZ), Srey New Materials (688102.SH), Plittech (688333.SH), and Zhongtian Rocket (003009.SZ) - Satellite Manufacturing: China Satellite (600118.SH), Zhenlei Technology (688270.SH), and Aerospace Electronics (600879.SH) - Satellite Applications: Zhongke Xingtou (688568.SH) and Huace Navigation (300627.SZ) [6][71].