商业航天迎来多重利好，国内方面，中国商业航天企业代表蓝箭航天宣布，我国重复使用火箭朱雀三号 计划今年第二季度再次开展回收试验。这一计划若顺利推进，将加速可重复使用火箭系统的成熟进程， 为中国商业航天领域树立新的里程碑。海外方面，SpaceX首席执行官马斯克设想从月球电磁弹射AI卫 星，以支持AI等高性能计算需求。 上个马年沪指涨近60%！新年新福利来了，炒股排面要拉满，新号启幸运>> 截至2026年2月25日 13:56，中证卫星产业指数(931594)强势上涨3.21%，成分股航天电子上涨6.65%，新 雷能上涨5.37%，航天环宇上涨4.91%，信科移动，铂力特（维权）等个股跟涨。卫星ETF鹏华(563790) 上涨2.87%，最新价报1.18元。 卫星ETF鹏华紧密跟踪中证卫星产业指数，中证卫星产业指数选取50只业务涉及卫星制造、卫星发射、 卫星通信、卫星导航、卫星遥感等领域的上市公司证券作为指数样本，反映卫星产业上市公司证券的整 体表现。 数据显示，截至2026年1月30日，中证卫星产业指数(931594)前十大权重股分别为航天电子、中国卫 星、臻镭科技（维权）、中国卫通、中科星图、国博电子、华测导航 ...

A股马年首个交易日（2月24日），军工板块盘初短线下探后快速回升，而后持续飘红，高人气军工ETF 华宝（512810）摸高1.98%，收涨1.16%日线三连阳，全天频现溢价，收盘溢价率仍有0.29%，显示买盘 资金活跃。 成份股57涨23跌，中航重机、菲利华涨超8%居前，中国动力大涨6.17%，权重股中国船舶、航发动力、 光启技术齐涨超2%。臻镭科技、航天发展等多只商业航天人气股逆市下跌。 消息面上，春节前后军工各领域催化不断。国内，春运期间，14架国产大飞机C919日均执飞近50班航 班，同比增长52.6%，2026国产化进度加速可期。商业航天方面，业内人士表示，3至6月有望迎来可回 收火箭试验的密集验证。 东方证券最新研报建议"加大军工板块配置，核心看好大飞机和军贸"。该机构认为，大飞机瓶颈环节提 速超预期、军贸在中东等新市场份额提升的预期有望随近期地缘事件强化，应重点加大这两个方向的配 置，并等待商业航天、内需方向的机会。* 【投军工，选"八一"】代码有"八一"的军工ETF华宝（512810）（原国防军工ETF）覆盖"大飞机、商业 航天、低空经济、卫星导航、军工信息化、可控核聚变"等诸多热门主题，同时是 ...

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [4] Core Insights - The focus is on increasing allocations in the large aircraft and military trade sectors, with expectations for growth in these areas due to geopolitical events and advancements in core technologies [8] - The large aircraft sector is expected to see accelerated development, particularly with the C919 aircraft, as key components are set to achieve certification and production targets [11][12] - Military trade is anticipated to benefit from heightened defense spending in the Middle East due to regional tensions, with expectations for increased market share for Chinese military exports [12] - The commercial aerospace sector is viewed positively for the first half of the year, despite recent adjustments and lower-than-expected launch activities [13] - Domestic demand in the military sector is expected to recover, with potential for exceeding current market pessimism as the "14th Five-Year Plan" progresses [14] Summary by Sections 1.1 Large Aircraft - The report highlights that the current market has low expectations for the large aircraft sector, particularly regarding the C919's delivery volumes. However, advancements in engine and onboard systems are expected to accelerate, potentially leading to a faster-than-expected development pace in the next two years [11][12] 1.2 Military Trade - The report notes that escalating tensions in the Middle East are likely to increase defense spending and military imports in the region. China's military trade share is expected to rise as countries diversify their defense procurement sources [12] 1.3 Commercial Aerospace - Despite recent adjustments in the commercial aerospace sector, the report maintains a positive outlook for investment opportunities in leading companies, particularly in satellite manufacturing and related technologies [13] 1.4 Domestic Military Demand - The report suggests that the market has been overly pessimistic regarding domestic demand recovery. It anticipates that as geopolitical uncertainties rise and the "14th Five-Year Plan" is implemented, demand in the military sector may recover faster than expected [14] 1.5 Investment Recommendations - The report recommends actively investing in core targets within the large aircraft and military trade sectors, while monitoring the commercial aerospace sector for potential catalysts. Specific companies are highlighted for investment consideration [16]

Group 1 - The core viewpoint of the article emphasizes the rapid development of China's commercial space industry, highlighting significant advancements in launch frequency, satellite internet, and government support [3][4][5][6]. - In 2025, global space launches reached a record high of 337, a 28% increase from 263 in 2024, with China and the U.S. accounting for 84% of total launches [9][11]. - The establishment of commercial space as a strategic emerging industry in China was marked by its inclusion in the government work report in March 2025 and the formation of the Commercial Space Administration in November 2025 [12][18]. Group 2 - China's commercial space sector is entering an accelerated development phase, with a notable increase in private sector participation and a shift towards commercialization since 2015 [15][16]. - The government has significantly increased policy support for commercial space, transitioning from encouragement to institutional establishment and relaxed access [17][19]. - The cost of satellite launches has decreased, with domestic launch costs dropping from 115,000 yuan/kg in 2020 to 75,000 yuan/kg in 2024, although still higher than SpaceX's Falcon 9 [20]. Group 3 - SpaceX is leading the global commercial space industry, conducting 165 launches in 2025, which is 49% of the total, and plans to go public in 2026 [21][22]. - The development model represented by SpaceX focuses on extreme scalability, cost reduction, and continuous innovation, transforming space technology into practical global services [22][23]. - Other companies like Blue Origin and Virgin Galactic are also entering the commercial space sector, focusing on space tourism [23]. Group 4 - The first major application of future commercial space is low-orbit satellite internet, which is expected to enter the consumer market with services like SpaceX's Starlink Direct to Cell [25][27]. - The market potential for low-orbit satellite internet is vast, with estimates suggesting it could reach trillions in scale, as it targets consumer markets rather than just B2B [28][29]. - The second major application is the deployment of AI data centers in space, leveraging the unique environmental advantages of space for energy efficiency and cooling [33][36].

Group 1 - Core viewpoint: Zhenray Technology is under investigation by the China Securities Regulatory Commission for suspected violations related to information disclosure, particularly concerning revenue recognition issues, which may negatively impact investor confidence [1] - The completion of China's first offshore recovery mission for rocket first-stage boosters is seen as a positive development for the commercial aerospace sector, indirectly benefiting satellite chip suppliers like Zhenray Technology [1] Group 2 - Stock performance: As of February 13, 2026, Zhenray Technology's stock price closed at 175.28 yuan, with a slight increase of 0.16% on that day, but a cumulative decline of 3.69% over the past five days, with a volatility of 5.04% [2] - Capital flow: On February 13, 2026, there was a net inflow of 120 million yuan in main funds, while the margin trading balance decreased by 0.79% to 1.682 billion yuan [2] - ETF holdings: On February 13, 2026, the number of shares in the Jianxin SSE STAR 200 ETF decreased by 3 million, with Zhenray Technology being the largest holding, accounting for 1.96% of the fund [2]

Core Viewpoint - The semiconductor design sector in the STAR Market is experiencing significant growth, with key stocks showing strong performance and an increase in ETF investments, driven by rising demand and pricing in the memory and storage markets [1][2]. Group 1: Market Performance - The STAR Market Chip Design Theme Index (950162) rose by 1.10% as of February 13, 2026, with notable increases in constituent stocks such as Shengke Communication (+10.18%) and Jiewate (+6.45%) [1]. - The E Fund STAR Chip Design ETF (589030) increased by 0.94%, with a recent price of 1.07 yuan, and has seen a cumulative increase of 6.74% over the past week [1]. - The ETF recorded a turnover rate of 2.01% during the trading session, with a total transaction volume of 9.3767 million yuan [1]. Group 2: Fund Growth and Inflows - The E Fund STAR Chip Design ETF has seen a significant increase in scale, growing by 1.7171 million yuan over the past two weeks, ranking second among comparable funds [1]. - The ETF's share count increased by 14.1 million in the past month, also ranking second among comparable funds [1]. - Over the last ten trading days, the ETF attracted a total of 10.7451 million yuan in inflows [1]. Group 3: Industry Insights - According to TrendForce, DRAM contract prices have risen by over 40% in Q4 2025, with further increases expected in Q1 2026, particularly in the DDR4 market due to supply-demand imbalances [2]. - Wanlian Securities highlights the ongoing AI wave driving demand for key hardware components, suggesting that storage and PCB sectors are in an expansion cycle, with potential growth in AI consumer electronics [2]. - The E Fund STAR Chip Design ETF has achieved an 80.00% weekly profit percentage and a 77.78% monthly profit probability since its inception [2]. Group 4: Fee Structure and Index Composition - The management fee for the E Fund STAR Chip Design ETF is 0.50%, and the custody fee is 0.10%, which are among the lowest in comparable funds [3]. - The STAR Market Chip Design Theme Index primarily includes companies involved in chip design, with digital chip design accounting for 76.8% of the index weight, benefiting from industry uptrends [3]. - As of January 30, 2026, the top ten weighted stocks in the index account for 58.7% of the total index, including companies like Lanqi Technology and Haiguang Information [3].

Core Viewpoint - The semiconductor industry chain places chip design at the top, recognized for its high R&D investment, high gross margins, and light asset operation, making it the segment with the highest added value in the industry. The E Fund Sci-Tech Chip Design ETF (589030) serves as a standardized observation tool to effectively monitor fluctuations in this segment [1]. Group 1: Index Characteristics - The E Fund Sci-Tech Chip Design ETF (589030) closely tracks the Shanghai Stock Exchange Sci-Tech Board Chip Design Theme Index, which has a high "purity" as it exclusively selects listed companies in the semiconductor design sector from the Sci-Tech Board, excluding heavy asset wafer manufacturing and backend testing [2]. - Digital chip design and analog chip design are the top two weighted industries in the index, together accounting for over 90%, allowing the index to accurately reflect the overall prosperity of the chip design segment without being affected by manufacturing capital expenditure fluctuations [2]. Group 2: Component Stock Overview - The ETF's holdings include several core enterprises in the domestic semiconductor field, with the top ten component stocks being: - Lanqi Technology - Haiguang Information - Chipone Technology - Cambricon - Baiwei Storage - Ruichuang Micro-Nano - Dongxin Technology - Loongson Technology - Zhenlei Technology - Fudan Microelectronics [3]. - The business distribution focuses on three main areas: - Computing and calculation chips, such as Haiguang Information and Cambricon, which are crucial for domestic computing infrastructure [4]. - Memory interface and storage logic, including Lanqi Technology (memory interface chips) and Baiwei Storage (storage devices) [5]. - Analog chips, such as Ruichuang Micro-Nano (infrared detectors) and Zhenlei Technology (RF chips), applicable in various industrial and consumer electronics scenarios [6]. Group 3: Market Insights - Recent reports from major brokerages highlight structural recovery opportunities in the semiconductor industry, with the chip design segment identified as a direction where performance elasticity is expected to be realized first [7]. - In the storage sector, Guosheng Securities notes that under the backdrop of original manufacturers reducing production and supply-demand tightness, module manufacturers with stable, high-quality particle supply are likely to benefit significantly from the AI era's supply-demand tightness, price increases, and domestic production upgrades [8]. - CITIC Securities emphasizes that "self-control and AI computing power" will be the absolute main line throughout 2026, indicating that the domestic computing power industry chain is transitioning from "point breakthroughs to systematic reconstruction" [9]. Group 4: Industry Tool Attributes - For observers focused on semiconductor industry logic, tracking the performance of the E Fund Sci-Tech Chip Design ETF (589030) provides a direct reflection of market recognition of valuation fluctuations in the chip design segment. This index tool, focusing on the upstream high-value-added segment, offers a precise "slice" for analyzing the trends of hard technology on the Sci-Tech Board [11]. - As of February 11, 2026, the index achieved a 69.47% increase over the statistical period, significantly reflecting the high elasticity characteristics of the chip design segment during industry upcycles [12].

卫星概念股走低，信维通信跌超4%，航天电子跌超3%，中国卫星、上海瀚讯、臻镭科技跌超2%。 受盘面影响，卫星相关ETF跌约2%。 有券商表示，"十五五"时期，商业航天将成为国内推动新质生产力和科技高质量发展的重要引擎。为了 抢占宝贵的轨道和频谱资源，2026年我国星座卫星发射数量有望进一步加速增长；民营商业火箭公司有 望深入参与，成为国家队的有效补充，共同支撑起高频发射需求。看好2026年我国卫星互联网产业链投 资机会。 （文章来源：每日经济新闻） | 代码 | 英型 名称 | 涨跌 | 涨跌幅 ▲ | | --- | --- | --- | --- | | 159206 | 主 卫星ETF | -0.039 | -2.07% | | 512630 | 主 卫星ETF广发 | -0.033 | -2.06% | | 563230 | 主 卫星ETF | -0.032 | -2.00% | | 159218 | + P星产业ETF | -0.038 | -1.95% | ...

登录新浪财经APP 搜索【信披】查看更多考评等级 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我 一、业绩预计大幅增长 登录新浪财经APP 搜索【信披】查看更多考评等级 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 1月27日晚，臻镭科技（维权）发布2025年业绩预增公告。公告显示，公司预计2025年实现归母净利润 1.23亿元至1.45亿元，同比增长529.64%至642.26%。 业绩虽然向好，但是其背后仍面临着投资者的索赔，2025年12月26日，臻镭科技发布公告，收到中国证 监会下发的《立案告知书》。因公司涉嫌信息披露违法违规，根据相关法律法规，中国证监会决定对该 公司进行立案。 上海沪紫律师事务所刘鹏律师符合于2025年12月26日（含当日）之前买入，并在2025年12月27日之后卖 出或仍持有而亏损即可加入索赔。（臻镭科技维权入口） 二、相关财报存在问题 在收到《立案告知书》的 ...

Core Insights - The active phased array radar (APAR) is a cornerstone of national defense and a key infrastructure for the digital economy, featuring advantages such as non-inertial scanning and multi-target tracking [1][2] - China's policies are promoting the technological iteration and civilian application of APAR, accelerating its penetration into the civilian economy [1][5] - The industry is characterized by a foundation in military applications, explosive growth in civilian markets, and leading technology, with the market expected to reach approximately 43.5 billion yuan by 2025 [1][5] Industry Overview - Active phased array radar (AESA) utilizes independent T/R components for each antenna unit, allowing for flexible beam steering and high data rates, overcoming the limitations of traditional mechanical scanning radars [2][3] - The classification of AESA includes analog, digital, and software-defined types, with applications spanning military and civilian sectors [3][4] Policy Environment - Recent policies in China, such as the "General Aviation Equipment Innovation Application Implementation Plan (2024-2030)" and others, support the development of APAR technology and its integration into civilian applications [5] - These policies aim to enhance core technology, expand application scenarios, and foster collaboration between academia and industry, facilitating the transition from military to civilian use [5] Current Industry Status - The APAR industry in China is in a golden development phase, characterized by technological independence, accelerated military-civilian integration, and steady market expansion [5][6] - The military market is expected to reach 44.8 billion yuan by 2030, with a compound annual growth rate (CAGR) of 10.7% from 2024 to 2030, while the civilian market is projected to reach 36.7 billion yuan with a CAGR of 21.5% [5][6] Industry Chain - The APAR industry has established a complete upstream, midstream, and downstream ecosystem, with significant domestic production capabilities [6] - Upstream focuses on core materials like GaN and GaAs, while midstream involves system integration and manufacturing led by state-owned enterprises [6] Development Trends - Future advancements in the APAR industry will focus on technological iteration, industrial upgrades, and application expansion, fostering a positive development environment [11][12] - Key trends include the widespread adoption of GaN materials, the integration of AI in radar technology, and the expansion of application scenarios in both military and civilian sectors [11][12][13]