Core Viewpoint - SpaceX's CEO Elon Musk announced that the first flight test of the Starship V3 will take place in six weeks at the Starbase launch site in Boca Chica, Texas, aiming to send the next-generation Starlink V3 satellites into orbit and validate several key technological capabilities of the Starship V3 [1] Industry Summary - According to Dongwu Securities, the scale of China's commercial space market is projected to grow from 1.2 trillion yuan in 2024 to 4.8 trillion yuan by 2027, and is expected to exceed 7.8 trillion yuan by 2030 [1] - Zhongtai Securities believes that the commercial space industry is entering a new phase of rapid development, with the number of commercial space enterprises in China exceeding 600 and a total of 25 commercial space launch sites (18 operational and 7 under construction) [1] - The launch speed of the GW satellite constellation is significantly accelerating, and reusable rocket technology is approaching critical validation stages, driven by the demand for space computing capabilities [1] - A turning point in the commercial space industry has been observed, with the sector likely to experience concentrated catalysts in the near future, suggesting investment opportunities in the commercial space direction [1] Company Summary - Aerospace Technology has deeply entered the commercial space industry chain, collaborating with leading rocket manufacturers such as Jiuzhou Yunjian, Xinghe Power, Blue Arrow Aerospace, Tianbing Technology, Dongfang Space, and CAS Space, providing various supporting products including turbine discs, pumps, shells, flanges, and other forged components [1] - Xizi Clean Energy's subsidiary, Hangzhou Zhongneng Optoelectronics, has overcome challenges in large-area low-temperature preparation, high-precision laser scribing, and high-barrier packaging, providing reliable supply for high-power solar wings in space [1]

Core Viewpoint - Aerospace Technology announced its total guarantees for wholly-owned and controlling subsidiaries amounting to 40.7 million yuan, representing 21.92% of the audited net assets and 9.49% of total assets for 2024 [1] Group 1 - As of the announcement date, the total external guarantees by the company and its controlling subsidiaries reached 52.7 million yuan, accounting for 28.38% of the audited net assets and 12.29% of total assets for 2024 [1] - The company and its controlling subsidiaries do not have any overdue guarantees or guarantees involved in litigation [1]

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 （记者 曾健辉） 每经AI快讯，航宇科技1月26日晚间发布公告称，截至本次担保前，公司对全资子公司、控股子公司的 担保总额为4.07亿元，占公司2024年经审计净资产及总资产的比例为21.92%、9.49%；截至本公告披露 日，公司及控股子公司对外担保总额为5.27亿元，占公司2024年经审计净资产及总资产的比例分别为 28.38%、12.29%；公司及控股子公司不存在逾期担保和涉及诉讼担保的情形。 ...

| 证券代码：688239 | 证券简称：航宇科技 | 公告编号：2026-004 | | --- | --- | --- | | 债券代码：118050 | 债券简称：航宇转债 | | 贵州航宇科技发展股份有限公司 关于为子公司提供担保的公告 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： 担保对象及基本情况 | | 对 | 被担保人名称 | | | 四川德兰航宇科技发展有限责任公司 | | --- | --- | --- | --- | --- | --- | | | | 本次担保金额 | 12,000 | 万元 | | | 担 象 | 保 | 实际为其提供的担保余额 | 40,000 | 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：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 ...

1月26日，航宇科技跌5%，截至发稿，报68.35元/股，成交2.12亿元，换手率1.60%，总市值130.30亿 元。 责任编辑：小浪快报 中欧高端装备股票发起A（016847）基金经理为李帅。 截至发稿，李帅累计任职时间10年187天，现任基金资产总规模47.07亿元，任职期间最佳基金回报 101.5%， 任职期间最差基金回报-26.27%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验，因此本文内 容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 资料显示，贵州航宇科技发展股份有限公司位于贵州省贵阳市贵阳国家高新技术产业开发区金阳科技产 业园上坝山路5号，成立日期2006年9月4日，上市日期2021年7月5日，公司主营业务涉及主要从事航空 难变形金属材料环形锻件研发、生产和销售。主营业务收入构成为：航空锻件75 ...

Core Insights - The report emphasizes the ongoing prosperity in the commercial aerospace and military sectors, highlighting opportunities in overseas markets and the importance of technological advancements in the industry [2][3] Group 1: Industry Overview - The commercial aerospace sector is experiencing upward momentum, driven by SpaceX's advancements in reusable rocket technology, which could reduce space access costs by 100 times [13] - The military aviation sector is expected to benefit from increased demand for large aircraft and military trade, with significant growth anticipated in 2026 [14] - The report identifies a focus on supply chain reforms and the integration of AI technologies as key trends shaping the future of the defense and aerospace industries [15] Group 2: Investment Recommendations - The report recommends companies that align with the "S-curve" evolution, focusing on supply chain reforms and automation, including firms like航发动力 (Aero Engine Corporation) and 中航沈飞 (AVIC Shenyang Aircraft Corporation) [15] - Companies positioned for expansion in military trade and civil aviation, such as 国睿科技 (Guorui Technology) and 中国动力 (China Power), are highlighted for their growth potential [15] - Emerging industries like commercial aerospace, AI, and quantum computing are also recommended, with firms like 睿创微纳 (Ruichuang Micro-Nano) and 菲利华 (Feilihua) noted for their innovative capabilities [15] Group 3: Company Valuations and Financial Analysis - 航发动力 (Aero Engine Corporation) is projected to have a 2025E EPS of 0.22 CNY, with a PE ratio of 216.82 for 2025 [6] - 中航高科 (AVIC High-tech) is expected to achieve a 2025E EPS of 0.90 CNY, with a PE ratio of 29.16 for 2025 [6] - The report provides detailed financial metrics for various companies, indicating growth in EPS and improvements in PE ratios across the sector, reflecting a positive outlook for the defense and aerospace industries [6]

消息面上，据证券时报，马斯克据悉希望在7月前让SpaceX上市。当地时间1月21日，据媒体报道，马 斯克正积极推进麾下太空探索技术公司SpaceX的首次公开募股（IPO）计划，其目标是在今年7月之前 完成IPO。报道称，知情人士称，马斯克一心想着让SpaceX成为首家在太空建数据中心的公司。如果没 有IPO一次性带来的数十亿美元资金，就很难尝试这样的壮举。马斯克还认为，SpaceX IPO将有助于他 的AI公司xAI追赶上竞争对手。 国金证券认为，2026年航空航天行业将迎来供需拐点。供给端受飞机制造商产能制约显著。需求端则持 续增长，中国民航客运量预计同比增速4.7%-5.5%，供需缺口或达1.4%，推动客座率超2019年水平。 （文章来源：21世纪经济报道） 相关ETF方面，航空航天ETF天弘(159241)昨日成交额为1.59亿元，溢价率为0.14%。资金流向方面，该 ETF1月19日至21日三日累计获资金净流入额超4000万元。截至1月21日收盘，该ETF最新流通份额为 5.44亿份，最新流通规模为8.12亿元。 航空航天ETF天弘（159241）紧密跟踪国证航天航空行业指数，该指数覆盖航空装备、航天 ...

Core Viewpoint - The commercial aviation engine market in China has significant potential, with projections indicating a total market size exceeding 2.6 trillion yuan over the next 20 years, translating to an annualized scale of over 130 billion yuan [1] Group 1: Market Potential - The after-sales market is expected to reach approximately 100 billion yuan annually, contributing to a combined total of 240 billion yuan per year from both the engine market and after-sales services [1] Group 2: Investment Recommendations - The report suggests focusing on three key areas within the domestic aviation engine supply chain: - Core supporting companies, including Hangzhou Engine, Aero Engine Technology, and Aero Engine Control [1] - Suppliers of high-temperature alloys and other basic components, with continued recommendations for Yingliu Co., and attention to Wanze Co., Hangya Technology, and Hangyu Technology [1] - Raw material suppliers, highlighting AVIC High-tech [1]

Investment Rating - The report maintains a recommendation for the commercial aviation engine industry, indicating a positive investment outlook [1]. Core Insights - The commercial aviation engine is referred to as the "crown jewel" of modern industry, with engines accounting for approximately 25% of the total value of commercial aircraft [4][20]. - The report emphasizes the significant growth potential of China's commercial aviation engine market, projecting a total market size exceeding 2.6 trillion yuan over the next 20 years, with an annualized scale of over 130 billion yuan [5][11]. - The commercial aviation engine supply chain is characterized by high barriers to entry, with a global oligopoly dominated by a few major manufacturers [5][6]. Summary by Sections Industry Overview - The report introduces the commercial aviation engine as a critical component of modern industrial capabilities, highlighting China's reliance on imported engines and the low marketization rate of domestic engines, which is less than 1% [4][21]. Commercial Aviation Engine Analysis - The structure of commercial aviation engines includes key components such as fans, compressors, combustion chambers, and turbines, with the hot section being the most critical and challenging to manufacture [26][33]. - The aftermarket services for engines can generate revenues up to four times the initial sale price, indicating a lucrative long-term profit potential [4][18]. Business Model Exploration - The primary manufacturers operate under a "super blade + long-term blade" profit model, leveraging significant discounts on initial sales to capture market share while securing long-term service contracts for profitability [5][6]. - Suppliers in the engine manufacturing chain are positioned as "hidden champions," benefiting from high entry barriers and the need for extensive certification processes [5][6]. Global Valuation Perspective - The average price-to-earnings (PE) ratio for major engine manufacturers is reported at 30.2 times, with leading companies like GE Aerospace at 42 times, indicating robust valuation metrics driven by order backlog and aftermarket growth [5][6]. - Core suppliers exhibit an even higher average PE of 68.5 times, reflecting their scarcity and stable demand characteristics [5][6]. China's Commercial Aviation Engine Market - The report highlights the Longjiang series of engines as a key initiative to reduce reliance on foreign technology and enhance domestic capabilities [5][11]. - The projected growth of the Chinese aviation market is supported by forecasts indicating a compound annual growth rate (CAGR) of 4.4% from 2024 to 2044, with expectations of 10,175 aircraft by 2044 [5][11]. Investment Recommendations - The report suggests focusing on three key areas within the domestic aviation engine supply chain: core component suppliers, high-temperature alloy manufacturers, and raw material suppliers [5][11].

Core Viewpoint - The aviation equipment sector experienced a significant increase of 3.83% on January 22, with Triangular Defense leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - The aviation equipment sector saw a net inflow of 2.963 billion yuan from main funds, while retail investors experienced a net outflow of 2.038 billion yuan [1] Group 2: Individual Stock Performance - Triangular Defense (300775) closed at 39.49, with a remarkable increase of 19.99% and a trading volume of 1.086 million shares, amounting to 4.103 billion yuan [1] - Other notable performers included: - Aileda (300696) with a closing price of 34.05, up 13.58% [1] - Steel Research Tube (300034) at 23.50, up 12.98% [1] - Jianghang Equipment (688586) at 15.68, up 10.04% [1] - Beimo High-tech (002985) at 41.98, up 10.01% [1] - Aviation Power Technology (600391) at 53.36, up 10.00% [1] Group 3: Fund Flow Analysis - The main funds showed a net inflow for Triangular Defense of 550 million yuan, while retail funds had a net outflow of 220 million yuan [2] - Other stocks with significant fund flows included: - Aviation Control (000738) with a net inflow of 189 million yuan from main funds [2] - North Mo High-tech (002985) with a net inflow of 168 million yuan from main funds [2]