Core Viewpoint - The aerospace ETF Tianhong (159241) has shown significant market activity, with a turnover of 34.03% and a trading volume of 216 million yuan, reflecting strong investor interest in the aerospace sector [1]. Group 1: ETF Performance - As of January 9, 2026, the aerospace ETF Tianhong (159241) tracked the National Aerospace Industry Index (CN5082), which surged by 4.44%, with constituent stocks such as Huayin Technology (688281) rising by 18.92% and Guoke Military Industry (688543) by 18.01% [1]. - Since the "924" market rally, the National Aerospace Industry Index has increased by 108.78% [1]. - On the previous Friday, the aerospace ETF Tianhong (159241) experienced a net subscription of 54 million units, indicating strong capital inflow [1]. Group 2: Product Highlights - The aerospace ETF Tianhong (159241) is designed to efficiently capture core military aerospace opportunities, with a military attribute ratio of 97.86%, making it the highest military content index in the market [3]. - The weight of aerospace equipment in the ETF is notably high at 66.8%, surpassing other indices such as the CSI Military and CSI Defense indices [3]. Group 3: Industry Developments - China has applied for over 200,000 satellite frequency resources, indicating a strategic national initiative to accelerate its satellite capabilities and compete with SpaceX [4]. - According to Guojin Securities, the construction of satellite internet is driving strong demand for commercial rockets, with plans to launch a total of 44,816 satellites, leading to an estimated annual need for approximately 8,963 satellite replacements [5]. - The commercial rocket industry in China is entering a new phase of engineering and industrialization, supported by government policies and the initiation of IPO processes for several commercial rocket companies [5].

Group 1: Satellite Industry Overview - The satellite internal structure is divided into satellite platforms and payloads, with platforms providing necessary support for payloads to achieve mission objectives[4] - Effective payloads are the instruments and systems that perform specific tasks on satellites, primarily including antenna subsystems and transponder subsystems for communication satellites[5] - The satellite attitude control system consists of sensors, controllers, and actuators to maintain the satellite's orientation and stability[24] Group 2: Investment Opportunities - Key beneficiaries in the satellite industry include companies involved in attitude control (e.g., Tianyin Electromechanical, Aerospace Zhizhuang) and TR components (e.g., Zhenlei Technology, Chengchang Technology)[5] - The market performance of small-cap indices like the CSI 1000 and CSI 500 has outperformed large-cap indices such as the SSE 50 and CSI 300 this week[6] - New shares listed this week include 1 company on A-shares and 6 companies on the Hong Kong Stock Exchange, indicating a vibrant IPO market[6] Group 3: Market Trends and Recommendations - The report highlights investment themes in smart vehicles and high-end manufacturing, recommending stocks such as Hu Guang Co., Ruihu Mould, and Aopute[7] - The satellite industry is expected to benefit from advancements in low-orbit satellite payloads, particularly in transponders and phased array antennas, which are crucial for communication satellites[70] - The cost structure of low-orbit communication satellites shows that payloads account for approximately 75% of costs, with antennas and TR components being the major contributors[51]

Group 1: Market Observation - The three major indices experienced a strong upward trend, with the Shanghai Composite Index surpassing 4100 points and total trading volume exceeding 30 trillion, indicating a robust market structure [1] - The Vice Chairman of the China Securities Regulatory Commission, Chen Huaping, emphasized the need to improve the institutional environment for long-term investments and to enhance the effectiveness of regulatory enforcement [1] - As of the end of last year, various long-term funds held approximately 23 trillion yuan in A-share market value, a 36% increase from the beginning of the year, while equity fund sizes grew from 8.4 trillion yuan to around 11 trillion yuan [1] Group 2: SpaceX and Satellite Deployment - The FCC approved SpaceX's application to deploy an additional 7,500 second-generation Starlink satellites, increasing the total number of operational second-generation satellites to 15,000 [4] - SpaceX is required to launch at least 50% of the approved second-generation satellites by December 1, 2028, and complete the deployment of the remaining satellites by December 31, 2031 [4] Group 3: Chinese Satellite Industry - The Radio Innovation Institute was established in Xiong'an New Area, involving seven organizations, including China Electronics Technology Group and China Satellite Network Group, to support the development of China's satellite internet [5] - China Electronics Technology Group is deeply involved in the construction of low-orbit satellite internet constellations, covering the entire industry chain from satellite manufacturing to application services [6] - Key companies in the industry include GuoBo Electronics, which is a leading supplier of T/R components for phased array radars, and Chengchang Technology, which focuses on T/R chip design and production [11][8] Group 4: Neuralink and Market Impact - Neuralink announced plans to start large-scale production of brain-machine interface devices in 2026, which is expected to significantly reduce surgical risks and accelerate technology adoption [18] - Following this announcement, A-shares saw widespread price increases, with several stocks hitting their daily limit [18][19] Group 5: Competitive Market Dynamics - The market for brain-machine interface technology is characterized by strong news-driven volatility, with initial surges followed by differentiation among stocks [17][26] - Companies like Pulite and Sanbo Brain Science have seen significant stock performance due to their involvement in both brain-machine interface and commercial space sectors [21][28]

Group 1 - The commercial space industry in China is set for a busy launch schedule in 2026, with multiple companies planning high-frequency launches, including Dongfang Space's "Gravity One" and "Gravity Two" rockets, and Deep Blue Aerospace's "Nebula One" rocket [1] - The Long March 8 rocket is scheduled to launch the "StarNet Low Earth Orbit 18A-I" payload on January 13, 2026, from Hainan, while other rockets like Long March 3B and Long March 12 are also set for launches in January 2026 [2] - The average launch cost for expendable rockets is reported to be between 110 million to 180 million yuan, while reusable rockets are expected to reduce costs significantly to between 2 million to 5 million dollars as major companies develop recovery technologies [3] Group 2 - As of January 8, 2026, the Zhongzheng Satellite Industry Index (931594) has risen by 4.47%, with notable increases in stocks such as Aerospace Electric (10.01%) and Aerospace Electronics (10.00%) [3] - The Zhongzheng Satellite Industry Index includes 50 companies involved in satellite manufacturing, launching, communication, navigation, and remote sensing, reflecting the overall performance of the satellite industry [3] - The top ten weighted stocks in the Zhongzheng Satellite Industry Index as of December 31, 2025, include China Satellite, Aerospace Electronics, and China Satcom, accounting for 63.64% of the index [4]

1月8日，国博电子涨5.04%，截至发稿，报113.08元/股，成交5.75亿元，换手率0.90%，总市值673.97亿 元。国博电子股价已经连续5天上涨，区间累计涨幅32.13%。 资料显示，南京国博电子股份有限公司位于江苏省南京市江宁经济技术开发区正方中路155号，成立日 期2000年11月27日，上市日期2022年7月22日，公司主营业务涉及主要从事有源相控阵T/R组件和射频 集成电路相关产品的研发、生产和销售。主营业务收入构成为：T/R组件和射频模块88.19%，射频芯片 8.49%，其他芯片2.04%，其他1.28%。 嘉实创新成长混合（001760）基金经理为杨欢。 截至发稿，杨欢累计任职时间10年207天，现任基金资产总规模41.97亿元，任职期间最佳基金回报 189.6%， 任职期间最差基金回报-40.97%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，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。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，嘉实基金旗下1只基金重仓国博电子。嘉实创新成长 ...

国博电子1月7日大宗交易平台出现一笔成交，成交量14.00万股，成交金额1333.78万元，大宗交易成交 价为95.27元，相对今日收盘价折价11.50%。该笔交易的买方营业部为瑞银证券有限责任公司上海花园 石桥路证券营业部，卖方营业部为机构专用。 两融数据显示，该股最新融资余额为3.77亿元，近5日增加1.07亿元，增幅为39.83%。（数据宝） 1月7日国博电子大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营业部 | 卖方营 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 价（%） | | 业部 | | 14.00 | 1333.78 | 95.27 | -11.50 | 瑞银证券有限责任公司上海花园 | 机构专 | | | | | | 石桥路证券营业部 | 用 | （文章来源：证券时报网） 进一步统计，近3个月内该股累计发生29笔大宗交易，合计成交金额为3.14亿元。 证券时报·数据宝统计显示，国博电子今日收盘价为107.65元，上涨8.19%，日换手率为1.88%，成交额 为11.56亿元 ...

1月7日，国博电子大宗交易成交14万股，成交额1333.78万元，占当日总成交额的1.14%，成交价95.27 元，较市场收盘价107.65元折价11.5%。 | DE FREE DE I LE ASS | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | | 卖出营业部 | 是否为专场 | | 2026-01-07 | 国博电子 | 688375 | 95.27 發開業發展開設 | 1333.78 | 14 | 机构专用 | | KO | ...

Group 1 - The military electronics sector increased by 1.43% on January 7, with Guankang Technology leading the gains [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] - Guankang Technology's stock price rose by 20.00% to 82.86, with a trading volume of 18,200 lots and a transaction value of 151 million [1] Group 2 - The military electronics sector experienced a net outflow of 5.765 billion from institutional investors, while retail investors saw a net inflow of 4.719 billion [2] - The top gainers in the military electronics sector included ST Sike Rui, which rose by 13.52% to 42.66, and Fuke Defense, which increased by 10.01% to 16.71 [1] - The trading volume and transaction values for various stocks in the sector showed significant activity, with Aerospace Development recording a transaction value of 17.949 billion [1][2] Group 3 - The net inflow from retail investors in Aerospace Development was 8.68 million, while institutional investors had a net outflow of 9.06 million [3] - The stock performance of various companies in the sector varied, with some experiencing significant declines, such as Huali Chuangtong, which fell by 7.04% to 28.27 [2] - The overall market sentiment in the military electronics sector appears mixed, with both gains and losses among different stocks [2][3]

进一步统计，近3个月内该股累计发生28笔大宗交易，合计成交金额为3.00亿元。 证券时报·数据宝统计显示，国博电子今日收盘价为99.50元，上涨1.22%，日换手率为1.62%，成交额为 9.32亿元，全天主力资金净流出4417.48万元，近5日该股累计上涨21.85%，近5日资金合计净流入 7127.78万元。 1月6日国博电子大宗交易一览 两融数据显示，该股最新融资余额为3.73亿元，近5日增加1.07亿元，增幅为40.37%。（数据宝） 国博电子1月6日大宗交易平台出现一笔成交，成交量13.00万股，成交金额1144.78万元，大宗交易成交 价为88.06元，相对今日收盘价折价11.50%。该笔交易的买卖双方均为机构专用席位。 | 成交量（万 | 成交金额（万 | 成交价格 | 相对当日收盘折溢价 | 买方营业 | 卖方营业 | | --- | --- | --- | --- | --- | --- | | 股） | 元） | （元） | （%） | 部 | 部 | | 13.00 | 1144.78 | 88.06 | -11.50 | 机构专用 | 机构专用 | （文章来源：证券时报网） ...

Group 1: Commercial Aerospace Insights - The Shanghai Stock Exchange has introduced policies to support quality commercial rocket companies for listing, focusing on reusable rocket payloads as a core standard[6] - The commercial aerospace sector is expected to maintain stable or potentially increasing value under cost reduction trends, with key targets identified in satellite payloads and platforms[3] - Significant growth is anticipated in the satellite constellation deployment, with the G60 constellation aiming to launch 1,296 satellites by the end of 2027 and 15,000 by 2030[19] Group 2: Consumer-Level Engraving Machines - xTool plans to go public in Hong Kong, with revenue projected to grow from CNY 14.6 billion in 2023 to CNY 24.8 billion in 2024, reflecting a 70% year-on-year increase[29] - The company holds a 35.1% market share in the consumer-level laser engraving tool market, positioning it as a leading player[48] - The business model of xTool includes a closed loop of "equipment + consumables + software + ecosystem," enhancing customer retention and engagement[32] Group 3: Zhengli New Energy Developments - Zhengli New Energy reported a revenue of CNY 31.7 billion in the first half of 2025, a 71.9% increase year-on-year, with a net profit of CNY 2.2 billion, marking a successful turnaround[55] - The company is positioned to benefit from the growing demand in the electric vehicle and energy storage markets, with a projected increase in global energy storage battery shipments from 530 GWh in 2025 to 1,343 GWh by 2028[55]