Core Viewpoint - The ChiNext 50 Index experienced a significant increase on January 9, closing at 1475.97 points with a rise of 1.43%, reflecting a strong market performance despite initial fluctuations [1]. Group 1: Market Performance - The ChiNext Composite Index rose by 2.08% to close at 1803.4 points, with a total trading volume of approximately 327.2 billion yuan [1]. - The average increase for the 600 stocks on the ChiNext board was 2.04%, with an average turnover rate of 4.48% and a total trading volume of 327.2 billion yuan [1]. - The index showed a volatility of 2.73% during the trading session, indicating active trading [1]. Group 2: Sector Performance - Communication equipment and chemical pharmaceutical stocks demonstrated strong performance, while semiconductor and healthcare stocks faced declines [1]. - Individual stock performances included Zhenyou Technology, Xinke Yidong, and Qianyan Biology reaching the daily limit up, while Shengbang Security saw a decline of 7.18%, marking the largest drop [1]. Group 3: Trading Details - Cambrian Technology led in trading volume with 14.9 billion yuan, while ST Yifei had the lowest trading volume at 1.259 million yuan [2]. - Strong Yi Co. had the highest turnover rate at 39.07%, while Longteng Optoelectronics recorded the lowest at 0.28% [2].

科创板个股中，截至发稿上涨的共有433只，涨幅在10%以上的共有10只，涨幅较高的有震有科技、信 科移动-U、华秦科技等，分别上涨20.00%、20.00%、16.97%，下跌的有162只，跌幅较大的有芯源微、 必贝特-U、恒坤新材，分别下跌8.81%、5.90%、4.41%。 从机构评级来看，近一个月该股获1家机构买入评级。1月7日浙商证券发布的研报给予公司买入评级。 （数据宝） 融资融券数据显示，该股最新（1月8日）两融余额为6.99亿元，其中，融资余额为6.99亿元，较上一个 交易日增加2253.91万元，增幅为3.33%；近10日两融余额合计增加1.34亿元，增幅为23.77%，其间融资 余额增长23.77%。 1月9日盘中科创板股震有科技涨停，截至10:18，股价报57.29元，成交10.65亿元，换手率10.46%，振幅 19.08%。 资金面上，震有科技上一交易日主力资金净流入1.37亿元，近5日净流入3.34亿元。 ...

1月9日，A股市场商业航天板块继续飙升，其中，震有科技、国科军工、信科移动、邵阳液压20CM涨 停，旭升集团、巨力索具、航天科技、中衡设计、航天电子、国机精工、云南锗业、江顺科技、安泰科 技、东方钽业、金风科技、神开股份、中国一重等10CM涨停。 最新消息，广州市人民政府办公厅发布《广州市加快建设先进制造业强市规划(2024—2035年)》提出， 到2035年，打造具有全球影响力的中国商业航天新一极。涌现一批商业航天领域骨干企业，产业规模进 一步壮大。《规划》提到，聚焦攻关可重复使用火箭技术，依托从化商业火箭液体动力系统试验中心及 总装测试产业化基地，为中大型液体火箭研制提供坚实基础，未来将面向全国科研院所、企业和高校等 开放共享。推动南沙中科宇航液体火箭总装测试基地建设和黄埔星河动力火箭总装基地尽快落地，研发 大推力、可复用液体火箭，打造低成本、高密度的航天发射能力。除火箭外，《规划》支持鼓励广州市 高校及企业开展"五羊系列星座""大湾智通"等卫星星座建设，服务国家战略的同时，牵引卫星制造、火 箭发射、卫星运营和应用产业发展，推动商业航天人才、资本和企业集聚广州，构建完整商业航天产业 生态。 | 代码 | ...

格隆汇1月9日｜A股市场商业航天板块继续飙升，其中，震有科技、国科军工、信科移动、邵阳液压 20CM涨停，旭升集团、巨力索具、航天科技、中衡设计、航天电子、国机精工、云南锗业、江顺科 技、安泰科技、东方钽业、金风科技、神开股份、中国一重（维权）等10CM涨停。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 603305 | 旭升集团 | 都 | 10.02 | 221亿 | 18.05 | | 002342 | 巨力索具 | 1 | 10.02 | 105亿 | 19.35 | | 000901 | 航天科技 | 1 | 10.02 | 266亿 | 16.89 | | 603017 | 中衡设计 | 1 | 10.01 | 36.73亿 | 20.04 | | 600879 | 航天电子 | 1 | 10.01 | 947亿 | 34.57 | | 002046 | 国机精工 | 4 | 10.01 | 249亿 | 7.43 | | 002428 | 云南猪业 | 1 | 10.01 | 254 ...

商业航天板块持续走强，银河电子4连板，直真科技、泰嘉股份、中信重工、盛洋科技涨停，泰胜风能 涨超15%，震有科技、天力复合、太力科技跟涨。 ...

Market Overview - On January 7, the Shanghai Composite Index rose by 0.05%, while the CSI 300 fell by 0.29%. The Sci-Tech 50 increased by 0.99%, the CSI 1000 rose by 0.53%, and the ChiNext Index went up by 0.31%. The Hang Seng Index decreased by 0.94% [4][5]. - The best-performing sectors on January 7 were comprehensive (+3.86%), coal (+2.47%), electronics (+1.25%), communication (+1.24%), and power equipment (+0.62%). The worst-performing sectors included oil and petrochemicals (-1.73%), non-bank financials (-1.13%), beauty and personal care (-1.03%), computers (-0.81%), and banks (-0.72%) [4][5]. - The total trading volume for the entire A-share market on January 7 was 28,815.66 billion yuan, with net inflow from southbound funds amounting to 9.178 billion Hong Kong dollars [4][5]. Important Recommendations - The report highlights Zhenyou Technology (688418) as a key player in satellite internet, positioned as the "central brain" of the industry. The company is expected to benefit from the acceleration of low-orbit satellite internet deployment and overseas business expansion, which could drive performance beyond expectations [6]. - The revenue forecast for Zhenyou Technology from 2025 to 2027 is projected to be 1,010 million yuan, 1,479 million yuan, and 1,975 million yuan, respectively, with growth rates of 6.17%, 46.35%, and 33.53%. The net profit attributable to the parent company is expected to be 19 million yuan, 182 million yuan, and 346 million yuan, with growth rates of -30.82%, 857.42%, and 90.52% [6]. - The company’s earnings per share are forecasted to be 0.10 yuan, 0.94 yuan, and 1.80 yuan for the years 2025, 2026, and 2027, respectively, with price-to-earnings ratios of 441.34, 46.08, and 24.18 [6]. Important Insights - The report discusses public REITs as an investment tool characterized by "high dividends + anti-inflation + asset growth." They provide a unique combination of stable income and potential asset appreciation, making them an ideal "fixed income +" solution to address the current "asset shortage" [7][8]. - The report notes that the public REITs market is moving towards normalization in its expansion mechanism, with an expectation of increased capital inflow. It highlights that certain asset classes, such as consumer infrastructure, affordable rental housing, and warehousing logistics, show relatively high investment value [7][8]. - The report suggests a "barbell" investment strategy and a "high dividend yield" tactic to enhance returns, focusing on sectors with economic resilience and stable dividends, such as infrastructure and affordable housing, while also considering long-duration quality assets like premium data centers [8].

Core Viewpoint - The F5G concept sector experienced a decline of 0.21%, ranking among the top losers in the market, with notable declines in stocks such as StarNet Ruijie, Cambridge Technology, and Changxin Bochuang [1][2] Market Performance - The F5G concept sector saw a net outflow of 5.795 billion yuan, with 22 stocks experiencing net outflows, and 10 stocks seeing outflows exceeding 100 million yuan [2] - The stock with the highest net outflow was Zhongji Xuchuang, with a net outflow of 2.578 billion yuan, followed by Changxin Bochuang, Cambridge Technology, and Fenghuo Communication [2] Top Gainers and Losers - Among the F5G concept stocks, the top gainers included Zhenyou Technology, Tongyu Communication, and CITIC Heavy Industries, with increases of 6.17%, 3.38%, and 2.13% respectively [1][2] - The top losers in the F5G sector included Zhongji Xuchuang (-2.93%), Changxin Bochuang (-3.55%), and Cambridge Technology (-4.36%) [2][3] Capital Flow Analysis - The main capital inflows in the F5G concept stocks were observed in Zhenyou Technology, Zhao Chi Shares, and Dekeli, with inflows of 134 million yuan, 114 million yuan, and 6.307 million yuan respectively [2][3] - The overall trend indicates a significant capital outflow from the F5G sector, highlighting potential concerns among investors [2]

更重要的是，这一过程并非单一设备能力的展示，而是打开了一整套面向场景的能力空间：包括末端设 备的工程化接入能力、业务层的通道接入与适配能力，以及应用层的星地协同调度与承载能力。 震有科技表示，机器狗并不是目标本身，而是一次具有代表性的应用样本。从更长远的视角看，震有科 技关注的不是某一类终端，而是卫星互联网基础应用生态的构建能力。一方面，震有科技持续强化卫星 互联网的原生应用能力，在指挥调度、应急通信、矿山、石化等行业场景中，构建可直接运行的业务体 系，使网络能力能够直接服务于行业应用。 另一方面，随着低空经济的快速发展，震有科技也在同步布局空地一体的应用延展，无人机、 eVTOL、空中应急与空中指挥调度，通过星地一体通信网络，将地面终端、低空平台与指挥系统统一 纳入调度体系，形成真正意义上的多域协同应用网络。 记者从震有科技(688418)获悉，近日，震有科技在交付项目中完成机器狗接入低轨卫星星座的通信验证 实验。通过为机器狗搭载5G一体化便携接入单元，并接入星地一体通信网络，实现在无地面公网条件 下的远程控制、路径规划及高清视频回传。 据了解，卫星互联网的发展，正在经历一个重要转折。早期的讨论更多集中在覆 ...

本报讯(记者李昱丞刘晓一)近期，商业航天行业受到市场广泛关注。随着火箭回收、一箭多星和卫星批 量化制造等技术突破，低轨星座建设和运维成本持续下降，大规模组网的技术与商业可行性已得到验 证。 与此同时，多家公司也在积极布局相关产业。其中，深圳震有科技股份有限公司(以下简称"震有科技") 系统性布局了卫星终端战略。震有科技相关人士介绍称，公司终端技术方向明确为—"高低轨融合"，公 司认为，在相当长一段时间内，高轨、低轨将长期并存，行业用户、区域场景对网络能力的要求也高度 差异化。能够在同一技术体系下，实现多轨道适配与演进，才是真正可持续的终端路径。 目前，相关卫星终端及解决方案已在应急通信场景中形成成熟应用案例，能够在地面网络受损或不可用 条件下，快速打通现场与指挥中心的通信链路，支撑指挥调度和业务协同稳定运行。这种"终端即体系 节点、落地即实战验证"的能力，使卫星通信在To G市场具备长期不可替代性，也构成了震有科技在该 领域的核心优势。 资料显示，震有科技自成立以来一直致力于通信系统设备相关产品的设计、研发、销售与服务。2025年 前三季度，震有科技实现营业收入5.09亿元。 在此基础上，震有科技构建了一套层 ...

Group 1 - The core point of the news is that Shenzhen Zhenyou Technology Co., Ltd. experienced a decline of 5.21% in its stock price, reaching 39.15 CNY per share, with a trading volume of 306 million CNY and a turnover rate of 3.91%, resulting in a total market capitalization of 7.539 billion CNY [1] - The company, established on April 4, 2005, and listed on July 22, 2020, specializes in the research, production, sales, and service of communication system equipment [1] - The revenue composition of the company includes: smart networks and emergency systems at 41.27%, technical and maintenance services at 26.07%, optical networks and access systems at 19.13%, core network systems at 10.86%, and others at 2.66% [1] Group 2 - Among the top circulating shareholders of Zhenyou Technology, Yongying Fund's high-end equipment selection mixed fund A (015789) increased its holdings by 186,500 shares in the third quarter, totaling 1,201,700 shares, which represents 0.62% of the circulating shares [2] - The fund has a current scale of 209 million CNY and has achieved a return of 60.88% this year, ranking 612 out of 8,088 in its category [2] - The fund manager, Zhang Lu, has a tenure of 6 years and 146 days, with the fund's total asset scale at 22.921 billion CNY, achieving a best return of 112.82% and a worst return of -60.31% during the tenure [3]