格隆汇1月26日丨斯瑞新材(688102.SH)在投资者互动平台表示，2023年，公司直接投资蓝箭航天，金额 2000万元，股权比例较小。 ...

证券日报网讯1月23日，斯瑞新材在互动平台回答投资者提问时表示，公司光模块芯片基座/壳体产品为 光模块工作运行提供物理支撑与保护、散热管理、光学性能保证、机械稳定性等功能支持，确保光模块 的高性能、高可靠性和长寿命。 ...

证券之星消息，1月23日金属新材料板块较上一交易日上涨3.39%，斯瑞新材领涨。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。金属新材料板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300855 | 图南股份 | 37.64 | -3.81% | 10.68万 | 4.05亿 | | 300811 | 铂科新材 | 80.42 | -2.99% | 13.45万 | 10.76亿 | | 300835 | 龙磁科技 | 72.52 | -2.92% | 5.06万 | 3.67 亿 | | 603124 | 江南新材 | 93.51 | -1.61% | 1.52万 | 1.41亿 | | 605158 | 华达新材 | 8.50 | -0.58% | 5.47万 | 4633.78万 | | 3 ...

（文章来源：每日经济新闻） 每经AI快讯，1月23日，商业航天指数再度走强，成分股普涨。其中，天银机电、超捷股份涨超8%，通 宇通讯涨超7%，上海瀚讯、斯瑞新材涨超5%。 ...

Group 1 - The core viewpoint of the news is that Srey New Materials has shown significant trading activity and financial performance, with a notable increase in stock price and financing activities [1][2]. - On January 22, Srey New Materials' stock price increased by 6.37%, with a trading volume of 1.607 billion yuan. The net financing purchase on that day was 3.2375 million yuan, with a total financing and margin balance of 940 million yuan, which is 2.87% of the circulating market value [1]. - The company has a high financing balance, exceeding the 90th percentile level over the past year, indicating strong investor interest [1]. Group 2 - As of September 30, Srey New Materials had 13,800 shareholders, a decrease of 3.52% from the previous period, while the average circulating shares per person increased by 3.65% to 53,101 shares [2]. - For the period from January to September 2025, Srey New Materials achieved an operating income of 1.174 billion yuan, representing a year-on-year growth of 21.74%. The net profit attributable to the parent company was 108 million yuan, reflecting a year-on-year increase of 37.74% [2]. Group 3 - Since its A-share listing, Srey New Materials has distributed a total of 167 million yuan in dividends, with 135 million yuan distributed over the past three years [3].

沪指1月22日上涨0.14%，申万所属行业中，今日上涨的有22个，涨幅居前的行业为建筑材料、国防军 工，涨幅分别为4.09%、3.23%。跌幅居前的行业为美容护理、银行，跌幅分别为0.76%、0.43%。有色 金属行业今日下跌0.37%。 资金面上看，两市主力资金全天净流出216.12亿元，今日有12个行业主力资金净流入，通信行业主力资 金净流入规模居首，该行业今日上涨2.83%，全天净流入资金80.19亿元，其次是国防军工行业，日涨幅 为3.23%，净流入资金为57.13亿元。 有色金属行业今日下跌0.37%，全天主力资金净流出52.00亿元，该行业所属的个股共138只，今日上涨 的有81只，涨停的有3只；下跌的有53只。以资金流向数据进行统计，该行业资金净流入的个股有47 只，其中，净流入资金超亿元的有5只，净流入资金居首的是西部材料，今日净流入资金2.72亿元，紧 随其后的是中国稀土、斯瑞新材，净流入资金分别为1.72亿元、1.55亿元。有色金属行业资金净流出个 股中，资金净流出超亿元的有17只，净流出资金居前的有湖南白银、洛阳钼业、兴业银锡，净流出资金 分别为8.27亿元、6.08亿元、4.64亿元。 ...

Group 1 - The metal new materials sector increased by 1.61% on January 22, with Tianli Composite leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Key stocks in the metal new materials sector showed significant price increases, with Tianli Composite rising by 16.00% to a closing price of 107.50 [1] Group 2 - The sector experienced a net inflow of 265 million yuan from institutional investors, while retail investors saw a net outflow of 283 million yuan [2] - Major stocks like Tianli Composite and Sry New Materials had varying net inflows and outflows, indicating differing investor sentiment [3] - The trading volume and turnover for key stocks in the sector were substantial, with Tianli Composite achieving a turnover of 1.166 billion yuan [1][2]

Group 1 - The core point of the news is that Srey New Materials Co., Ltd. experienced a stock price increase of 5.01%, reaching 44.00 CNY per share, with a trading volume of 479 million CNY and a turnover rate of 1.52%, resulting in a total market capitalization of 34.12 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%), other supplementary (6.12%), medical imaging components (5.31%), and high-performance metal chromium powder (5.08%) [1] Group 2 - From the perspective of major fund holdings, data shows that one fund under Penghua Fund has a significant position in Srey New Materials. The Penghua Sci-Tech Innovation Board 200 ETF (588240) held 64,100 shares in the fourth quarter, accounting for 1.38% of the fund's net value, ranking as the sixth largest holding [2] - The Penghua Sci-Tech Innovation Board 200 ETF (588240) was established on February 13, 2025, with a latest scale of 180 million CNY. Year-to-date, it has achieved a return of 16.33%, ranking 218 out of 5542 in its category, and a cumulative return of 62.78% since inception [2]

Core Conclusion - By 2026, China's commercial aerospace industry is expected to reach a turning point in cost reduction for launch capacity, driven by the concentrated deployment of low Earth orbit (LEO) constellations and the normalization of high-frequency launches, with reusable rockets nearing breakthroughs in reducing unit launch costs. The industry's business model will shift from state-driven tasks to market-driven profitability, with a valuation logic transitioning towards "space infrastructure" as application scenarios and business models are restructured [3]. Market Outlook - 2026 is anticipated to be a prosperous year for China's commercial aerospace sector, with an accelerated pace of multi-constellation launches transitioning to large-scale deployment, leading to a rapid increase in rocket launch frequency. The commercial rocket launch service market in China is projected to grow from 10.26 billion yuan in 2025 to 47.39 billion yuan by 2030, corresponding to a CAGR of approximately 35.8%, primarily driven by high-frequency launch demand from dense deployment of LEO constellations [4][11]. - The industry is expected to maintain medium to long-term growth, with over 237,000 satellites needing to be deployed in accordance with ITU regulations by 2039. Starlink currently has over 9,000 satellites in orbit, and the demand for subsequent launches remains robust due to tightening frequency resources [4][11]. Cost Reduction Pathways - The essence of commercial rockets is a "space logistics" business, where core variables include efficiency improvements and cost reductions in launch capacity. Key pathways for cost reduction include breakthroughs in full-flow engine technology, high-frequency reuse capabilities, and industrialization in manufacturing [5]. - The unit cost of launching rockets is expected to decrease significantly through various stages: 1. Initial launch cost is approximately 55,000 yuan/kg 2. By around 2026, after achieving first-stage reuse, costs may drop to about 25,000 yuan/kg 3. Upgrading from aluminum to stainless steel structures could further reduce costs to approximately 19,000 yuan/kg 4. With the maturation of recovery methods, costs may decline to around 13,000 yuan/kg 5. Long-term, achieving second-stage reuse could bring costs close to 5,000 yuan/kg [5]. Industry Structure and Investment Opportunities - The commercial rocket industry is still in its early growth and valuation evolution phase. Key catalysts for valuation uplift in China's commercial aerospace sector include the realization of reusable rockets for large-scale LEO satellite networking and the transition from customized to standardized launches through long-term batch tasks [7][8]. - The valuation logic for commercial aerospace companies is shifting from manufacturing-oriented to platform and infrastructure-oriented technology enterprises, covering diverse long-term space mission needs such as manned flights and deep space exploration [8]. Key Players and Market Segments - The core technical barriers in rocket engines are concentrated in critical components such as thrust chambers and turbine pumps. The value in satellite manufacturing is primarily found in communication payloads [9]. - Key companies involved in the aerospace supply chain include: - Power Systems: Yingliu Co., Srey New Materials, Guoji Precision Engineering - Satellite Communication Systems: Shanghai Hantong, Aerospace Electronics, Guobo Electronics - Materials and Structural Components: Western Materials, Parker New Materials, Guoji Heavy Industry, Huazhuo High-Tech - Testing and Verification: Xicai Testing, Su Testing [9][10].

Investment Rating - The report rates the industry as "stronger than the market" [1] Core Insights - The report concludes that 2026 will mark a turning point for China's commercial aerospace industry, with a shift from state-driven missions to market-driven profitability, driven by the deployment of low-orbit satellite constellations and advancements in reusable rocket technology [1][6] - The commercial rocket launch service market in China is projected to grow from 10.26 billion yuan in 2025 to 47.39 billion yuan by 2030, with a CAGR of approximately 35.8% [1][12] - The report emphasizes that the core components of rocket launch services are engines (54%) and structural components (24%), which together account for 78% of the value in the launch service segment [1][12] Summary by Sections Industry Overview - The commercial aerospace industry is defined as activities that provide aerospace products and services through social capital investment under national policy guidance, including the R&D, manufacturing, launch, and operation of spacecraft and rockets [6][7] - The global aerospace economy is expected to reach $612 billion by 2024, with commercial aerospace revenues accounting for approximately $480 billion, representing about 78% of the total [6][7] Market Dynamics - The demand for satellite launches is expected to surge as China enters a concentrated deployment phase for low-orbit satellite constellations, with over 200,000 satellites planned for deployment [18][19] - The report highlights that the competition for low-orbit frequency resources is intensifying, necessitating faster deployment of satellite constellations [19][21] Cost Structure and Efficiency - The report breaks down the cost structure of rockets, indicating that engines and structural components dominate the value chain [1][12] - It outlines a pathway for reducing launch costs, projecting that the unit cost of launching payloads could decrease significantly as technology advances [1][12] Investment Recommendations - The report suggests focusing on companies involved in key segments such as propulsion systems, satellite communication systems, materials and structural components, and testing and validation services [2][4] - Specific companies to watch include 应流股份 (603308), 斯瑞新材 (688102), and 上海瀚讯 (300762), among others [2][4]