Core Viewpoint - The average stock price of the STAR Market is 48.62 yuan, with significant price variations among stocks, indicating a robust market performance and investor interest in high-value stocks [1]. Group 1: Stock Performance - A total of 441 stocks on the STAR Market rose today, while 151 declined, reflecting overall positive market sentiment [1]. - The highest closing price was recorded by Cambrian-U at 1353.87 yuan, which increased by 0.81% [1]. - Among stocks priced over 100 yuan, the average increase was 2.52%, with notable gainers including Longxin Technology and Chipone Microelectronics [1]. Group 2: Price Premiums - The average premium of stocks priced over 100 yuan relative to their issue price is 524.18%, with the highest premiums seen in companies like Shuwei New Materials and Anji Technology [1]. - The premium rates for these companies are 6144.67%, 2186.27%, and 2002.61% respectively, indicating strong investor confidence [1]. Group 3: Industry Concentration - The majority of stocks priced over 100 yuan are concentrated in the electronics, computer, and machinery sectors, with 48, 13, and 12 stocks respectively [1]. Group 4: Capital Flow - The net inflow of main funds into stocks priced over 100 yuan today was 35.98 billion yuan, with leading inflows from Haiguang Information and SMIC [2]. - Conversely, the stocks with the highest net outflows included Zhenlei Technology and Baiwei Storage, with outflows of 406.05 million yuan and 326.70 million yuan respectively [2]. Group 5: Margin Trading - The total margin balance for stocks priced over 100 yuan is 127.72 billion yuan, with Cambrian-U and SMIC having the highest balances of 15.18 billion yuan and 13.27 billion yuan respectively [2].

数据显示，招商基金旗下1只基金重仓臻镭科技。招商中证卫星产业ETF（159218）三季度持有股数 20.37万股，与上期相比持股数量不变，占基金净值比例为3.44%，位居第九大重仓股。根据测算，今日 浮亏损失约187.41万元。 招商中证卫星产业ETF（159218）成立日期2025年5月14日，最新规模15.31亿。今年以来收益13.43%， 同类排名230/5542；成立以来收益97.86%。 招商中证卫星产业ETF（159218）基金经理为许荣漫。 截至发稿，许荣漫累计任职时间4年304天，现任基金资产总规模353.65亿元，任职期间最佳基金回报 106.75%， 任职期间最差基金回报-62.7%。 1月21日，臻镭科技跌5.03%，截至发稿，报173.80元/股，成交36.36亿元，换手率9.43%，总市值372.02 亿元。 资料显示，浙江臻镭科技股份有限公司位于浙江省杭州市西湖区智强路428号云创镓谷研发中心7号楼,8 号楼1-3层，成立日期2015年9月11日，上市日期2022年1月27日，公司主营业务涉及集成电路芯片和微 系统的研发、生产和销售。主营业务收入构成为：电源管理芯片50.10%，射 ...

Investment Rating - The report maintains an "Outperform" rating for the commercial aerospace industry [1] Core Insights - The aerospace sector is transitioning from being viewed as a "cost center" driven by national will to a "growth engine" driven by commercial demand, with significant investments and strategic planning from both the US and China [6][9] - The global aerospace economy is projected to reach $613 billion in 2024, with commercial aerospace contributing 78%, and is expected to exceed $1 trillion by 2032 [6][9] - The value chain of commercial aerospace is divided into five core levels: "space, ground, terminal, rocket, and application," each presenting unique market opportunities and technical challenges from 2026 to 2030 [10][29] Summary by Sections 1. Space: Satellite Manufacturing - The satellite manufacturing market in China is expected to grow from approximately 7.1 billion yuan in 2025 to about 39.4 billion yuan by 2030, reflecting a shift from sporadic research models to continuous, batch engineering deliveries [16][18] 2. Ground: Ground Systems - The ground systems market is projected to increase from around 1.2 billion yuan in 2025 to approximately 39.1 billion yuan by 2030, evolving from a supporting role to a core infrastructure essential for stable satellite constellation operations [21][22] 3. Terminal: Key Variable for Commercial Aerospace - The terminal market is anticipated to grow from 500 million yuan in 2025 to about 141.9 billion yuan by 2030, driven by multiple vertical industries and potential consumer scenarios [23][24] 4. Rocket: Core Constraint - The cost of rocket launches is a critical constraint, with reusable technology expected to reduce costs by 80%-90% compared to traditional expendable rockets. The market for rocket launch services is projected to grow from approximately 10.7 billion yuan in 2025 to about 34.3 billion yuan by 2030 [25][26] 5. Application: Final Value Realization - The application market is expected to expand from 200 million yuan in 2025 to 525 billion yuan by 2030, with the revenue share from applications projected to rise from single digits to over 67% by around 2030 [27][28] 6. Investment Opportunities - Investment opportunities in commercial aerospace can be categorized into three main tracks: 1. Launch and manufacturing segments, which are expected to benefit directly from increased orders and visibility 2. Core components and systems, characterized by high technical barriers and critical for long-term competitiveness 3. Downstream applications and operational services, which, while currently limited in scale, hold the greatest long-term potential for value realization [29][30]

Group 1 - The commercial aerospace sector has significant market potential, with the global space economy expected to reach $612 billion in 2024, of which commercial aerospace revenue is projected to be $480 billion, accounting for 78% [2][4] - China's commercial aerospace market has rapidly grown from approximately 0.38 trillion yuan in 2015 to 2.3 trillion yuan in 2024, with an annual compound growth rate of about 22%. The market is expected to reach between 7 trillion and 10 trillion yuan by 2030 [4][6] - Countries are accelerating their efforts to secure satellite frequency and orbital resources, which are considered strategic assets. The "first come, first served" rule by the International Telecommunication Union (ITU) reshapes the competition landscape [6][8] Group 2 - The CSI Satellite Industry Index (931594.CSI) includes up to 50 listed companies involved in satellite manufacturing, launching, ground equipment, navigation, and communication, reflecting the overall performance of the satellite industry [16] - The index is heavily weighted towards the defense and military industry, with a weight of 59.26%. Companies within the index generally have high R&D expenditures, with 38% of constituent stocks spending over 20% of their revenue on R&D [18][21] - The index's revenue growth is projected at 18.12% for 2024, with net profit growth expected to be 222.01% in 2025, 48.86% in 2026, and 32.34% in 2027 [25] Group 3 - The China Securities Index Satellite Industry ETF (159218) is designed to track the CSI Satellite Industry Index and was established on May 14, 2025. The fund aims to minimize tracking deviation and error [42][43] - As of January 13, 2026, the ETF's circulation reached 2.115 billion shares, with a scale of 4.744 billion yuan, indicating significant recent growth and investor interest [44] - The fund manager, Ms. Xu Rongman, has extensive experience in managing index funds, overseeing products with a total scale exceeding 40 billion yuan [46]

Core Viewpoint - The market experienced a collective decline on January 20, with a shift in investment style from high-valuation growth sectors to value sectors, leading to significant volatility in the military industry, particularly in the aerospace and low-altitude economy themes [1][5]. Military Industry Performance - The military ETF Huabao (512810) saw a trading range of 6.12% throughout the day, closing down 3.06%, erasing previous gains, with a trading volume of 89.76 million yuan [1][5]. - Leading stocks in the military ETF, particularly in commercial aerospace, faced significant declines, with Zhenlei Technology dropping nearly 9% and China Satellite Communications falling 7%, while several others dropped over 6% [3][13]. Market Analysis - Analysts attribute the volatility in the military sector to cautious liquidity expectations ahead of the Spring Festival and institutional portfolio adjustments, which have heightened risk aversion [5][15]. - The military sector is characterized by high growth potential, with small-cap stocks (market cap below 50 billion yuan) making up 56.47% of the military ETF's index, indicating high elasticity and volatility [5][15]. Investment Opportunities - The military sector is viewed as having high configuration value, with potential for investment during price dips, driven by historical opportunities in military trade, new quality-driven growth, and key timing catalysts [6][16]. - The global arms race is intensifying, with conflicts like India-Pakistan showcasing China's advanced equipment manufacturing capabilities, suggesting a historical opportunity for military trade to become a second growth curve for the industry [6][17]. - The new quality of combat power, characterized by intelligence, systematization, and informatization, is becoming a critical factor in strategic competition among major powers, with new production capabilities in commercial aerospace and low-altitude economy expected to further enhance military growth [7][16]. Future Outlook - The year 2026 marks the beginning of the "14th Five-Year Plan" and is a critical year for achieving the centenary goals of the military, indicating a potential new upward cycle for the military industry [6][17]. - The traditional military sector is expected to benefit from advantageous positioning, event catalysts, and improving fundamentals, presenting a significant opportunity for investment [7][17].

消息面，1月19日15时48分，我国在海南商业航天发射场使用长征十二号运载火箭，成功将卫星互联网低轨19组卫星发射升空，卫星顺利进入 预定轨道，发射任务获得圆满成功。分析指出，这是我国卫星互联网星座建设的又一次稳步推进，有力印证了产业正按规划加速落地，为行 业提供了坚实的订单与发展预期。在商业航天产业化、低轨星座建设加速的长期趋势下，卫星产业已成为市场公认的高景气赛道。 据了解，作为市场上首支收益翻倍、跟踪中证卫星产业指数的ETF，卫星产业ETF(159218)涵盖卫星制造、发射、导航通信应用等上中下游企 业，随着商业化进程的实质性突破接踵而至，该板块有望持续吸引长线配置资金的目光。 风险提示：基金有风险，投资需谨慎。 1月20日，卫星板块延续调整，资金逢低布局意图明显。数据显示，截至13时34分，两融标的卫星产业ETF(159218)跌5.95%，臻镭科技、航天 环宇、航宇微、长江通信、中国卫通跌幅居前。资金热度不减，据Wind Level2实时行情结合均价预估，盘中净流入约9600万，截至发稿，该 基金获资金连续3日净流入，累计约3.4亿。 ...

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [4] Core Insights - The report emphasizes the importance of commercial aerospace and the progress of domestic large aircraft international certification [2] - The European Union Aviation Safety Agency (EASA) has begun flight testing the C919, which is expected to accelerate the global expansion of China's commercial aviation [11] - The aerospace work conference highlighted the need to break through reusable rocket technology, which is anticipated to accelerate the development of China's commercial aerospace industry [12] - The report continues to favor investment opportunities in commercial aerospace, military trade, and new quality combat capabilities [14] Summary by Sections 1.1 EASA Flight Testing of C919 - EASA has initiated flight evaluations of the C919 in Shanghai, indicating that the aircraft's performance is good and safe, with minor adjustments needed [11] - This certification is crucial for the C919 to enter international markets and compete with Boeing and Airbus, potentially reshaping the global civil aviation market [11] 1.2 Breakthrough in Reusable Rocket Technology - The aerospace work conference emphasized the importance of advancing reusable rocket technology and developing commercial aerospace and low-altitude economies [12] - The focus on low-orbit satellite constellations is seen as a new arena for major powers in space competition, with significant implications for satellite manufacturing, launching, and operations [13] 1.3 Continued Focus on Investment Opportunities - The report suggests that the "14th Five-Year Plan" will enhance the military sector's value, with a focus on unmanned and anti-unmanned equipment, deep-sea technology, and combat informationization [14] - The military sector is expected to see growth from both civilian and military trade, with a list of recommended stocks for investment opportunities in various segments [14][15]

Group 1 - Micron Technology plans to acquire a wafer facility from Powerchip Semiconductor Manufacturing Corporation in Taiwan for $1.8 billion to expand its memory chip production capacity. The deal is expected to significantly increase DRAM wafer output by the second half of 2027 [2] - Tesla's CEO Elon Musk announced that the design of the AI5 chip for fully autonomous driving systems is nearly complete, and the company has begun developing the next-generation AI6 chip. Tesla aims for a 9-month design cycle for future chip iterations [2] - Airbus has signed a service agreement with UBTECH Robotics to procure humanoid robots for its manufacturing facilities. This partnership signifies UBTECH's expansion into global aviation manufacturing applications, following a previous collaboration with Texas Instruments [2] Group 2 - NASA's Artemis 2 manned lunar mission has entered a critical preparation phase, with the rocket and spacecraft transported to the launch pad at Kennedy Space Center. The mission is set to launch no earlier than February 6, marking the first crewed lunar mission in over 50 years [2]

Economic Information - Several smartphone manufacturers, including Xiaomi, OPPO, vivo, and Transsion, have lowered their annual shipment forecasts, with Xiaomi and OPPO reducing by over 20%, vivo by nearly 15%, and Transsion to below 70 million units [2] - Silver prices have surged over 50% in one month and over 150% in six months, impacting the photovoltaic industry, which consumes a significant amount of silver. The cost of raw materials for solar cells has increased by nearly 20% due to rising silver prices [2] - The company Xibei is expected to incur cumulative losses exceeding 600 million yuan from September 2025 to March 2026, leading to the closure of 102 stores, accounting for 30% of its total outlets [2] Company Alerts - Shenghong Technology anticipates a net profit increase of 260%-295% year-on-year for 2025, although Q4 performance fell short of expectations [4] - Cambridge Technology expects a net profit increase of 51%-67% year-on-year for 2025, with Q4 results also below expectations [4] - Multiple companies, including Weimait and Youyan Silicon, have announced plans to reduce their shareholdings by up to 4.98% and 3% respectively [4][11] Overseas Alerts - The three major U.S. stock indices collectively declined last Friday, with the Nasdaq China Golden Dragon Index dropping by 1.15%. Notable declines were seen in Chinese stocks such as Alibaba and JD.com [5] - The European Union is considering imposing tariffs on U.S. goods worth 93 billion euros in response to U.S. tariffs on eight European countries, which could take effect on February 6 if no agreement is reached [5]

Group 1 - The satellite industry ETF (159218) experienced a strong performance, rising by 1.23% as of 14:58 on January 16 [1] - Leading stocks in this sector included Xinkai Mobile-U and Zhenlei Technology, contributing to the ETF's gains [1] - There was a net inflow of approximately 110 million CNY into the ETF during the trading session, reversing the previous trend of net outflows [1] Group 2 - The ETF's net asset value showed a 16.02% increase over the past 120 days, while it has decreased by 5.00% over the past day [2] - The ETF reached a 52-week high of 2.40 CNY and a 52-week low of 0.98 CNY, indicating significant volatility [2] - The trading volume included 103 transactions, with a total of 54 million shares available [2]