Group 1 - The core viewpoint of the article highlights the strategic adjustments made by prominent fund managers at E Fund in their investment portfolios for Q4 2025, focusing on sectors like AI, healthcare, consumer goods, and technology [2][4][6][10] Group 2 - Zhang Kun adjusted the structure of investments in the healthcare, consumer, and technology sectors while maintaining a stable position in top holdings, which include Tencent Holdings, Kweichow Moutai, and Alibaba-W [4][5] - Zhang Kun expressed confidence in the improvement of living standards and social security in China over the next decade, suggesting a narrowing gap with developed countries [4] - The AI wave is seen as a significant driver for innovation, with strong domestic demand expected to attract global resources and talent [4][5] Group 3 - Chen Hao focused heavily on AI-related sectors, increasing allocations in power equipment, new energy, non-bank financials, and chemicals, which yielded positive returns [7][8] - Chen Hao anticipates a transition of the AI industry from an acceleration phase in 2025 to a stable growth phase in 2026, emphasizing the importance of structural opportunities and the integration of AI with local applications [7][8] Group 4 - Xiao Nan reduced allocations in high-end and sub-high-end liquor sectors while increasing investments in the livestock industry, anticipating inflation-driven cost increases over the next two years [10] - The top holdings in Xiao Nan's consumer sector fund remained unchanged, including Kweichow Moutai and Midea Group [10]

Core Conclusion - By 2026, China's commercial aerospace industry is expected to reach a turning point in cost reduction for launch capacity, driven by the concentrated deployment of low Earth orbit (LEO) constellations and the normalization of high-frequency launches, with reusable rockets nearing breakthroughs in reducing unit launch costs. The industry's business model will shift from state-driven tasks to market-driven profitability, with a valuation logic transitioning towards "space infrastructure" as application scenarios and business models are restructured [3]. Market Outlook - 2026 is anticipated to be a prosperous year for China's commercial aerospace sector, with an accelerated pace of multi-constellation launches transitioning to large-scale deployment, leading to a rapid increase in rocket launch frequency. The commercial rocket launch service market in China is projected to grow from 10.26 billion yuan in 2025 to 47.39 billion yuan by 2030, corresponding to a CAGR of approximately 35.8%, primarily driven by high-frequency launch demand from dense deployment of LEO constellations [4][11]. - The industry is expected to maintain medium to long-term growth, with over 237,000 satellites needing to be deployed in accordance with ITU regulations by 2039. Starlink currently has over 9,000 satellites in orbit, and the demand for subsequent launches remains robust due to tightening frequency resources [4][11]. Cost Reduction Pathways - The essence of commercial rockets is a "space logistics" business, where core variables include efficiency improvements and cost reductions in launch capacity. Key pathways for cost reduction include breakthroughs in full-flow engine technology, high-frequency reuse capabilities, and industrialization in manufacturing [5]. - The unit cost of launching rockets is expected to decrease significantly through various stages: 1. Initial launch cost is approximately 55,000 yuan/kg 2. By around 2026, after achieving first-stage reuse, costs may drop to about 25,000 yuan/kg 3. Upgrading from aluminum to stainless steel structures could further reduce costs to approximately 19,000 yuan/kg 4. With the maturation of recovery methods, costs may decline to around 13,000 yuan/kg 5. Long-term, achieving second-stage reuse could bring costs close to 5,000 yuan/kg [5]. Industry Structure and Investment Opportunities - The commercial rocket industry is still in its early growth and valuation evolution phase. Key catalysts for valuation uplift in China's commercial aerospace sector include the realization of reusable rockets for large-scale LEO satellite networking and the transition from customized to standardized launches through long-term batch tasks [7][8]. - The valuation logic for commercial aerospace companies is shifting from manufacturing-oriented to platform and infrastructure-oriented technology enterprises, covering diverse long-term space mission needs such as manned flights and deep space exploration [8]. Key Players and Market Segments - The core technical barriers in rocket engines are concentrated in critical components such as thrust chambers and turbine pumps. The value in satellite manufacturing is primarily found in communication payloads [9]. - Key companies involved in the aerospace supply chain include: - Power Systems: Yingliu Co., Srey New Materials, Guoji Precision Engineering - Satellite Communication Systems: Shanghai Hantong, Aerospace Electronics, Guobo Electronics - Materials and Structural Components: Western Materials, Parker New Materials, Guoji Heavy Industry, Huazhuo High-Tech - Testing and Verification: Xicai Testing, Su Testing [9][10].

Investment Rating - The report rates the industry as "stronger than the market" [1] Core Insights - The report concludes that 2026 will mark a turning point for China's commercial aerospace industry, with a shift from state-driven missions to market-driven profitability, driven by the deployment of low-orbit satellite constellations and advancements in reusable rocket technology [1][6] - The commercial rocket launch service market in China is projected to grow from 10.26 billion yuan in 2025 to 47.39 billion yuan by 2030, with a CAGR of approximately 35.8% [1][12] - The report emphasizes that the core components of rocket launch services are engines (54%) and structural components (24%), which together account for 78% of the value in the launch service segment [1][12] Summary by Sections Industry Overview - The commercial aerospace industry is defined as activities that provide aerospace products and services through social capital investment under national policy guidance, including the R&D, manufacturing, launch, and operation of spacecraft and rockets [6][7] - The global aerospace economy is expected to reach $612 billion by 2024, with commercial aerospace revenues accounting for approximately $480 billion, representing about 78% of the total [6][7] Market Dynamics - The demand for satellite launches is expected to surge as China enters a concentrated deployment phase for low-orbit satellite constellations, with over 200,000 satellites planned for deployment [18][19] - The report highlights that the competition for low-orbit frequency resources is intensifying, necessitating faster deployment of satellite constellations [19][21] Cost Structure and Efficiency - The report breaks down the cost structure of rockets, indicating that engines and structural components dominate the value chain [1][12] - It outlines a pathway for reducing launch costs, projecting that the unit cost of launching payloads could decrease significantly as technology advances [1][12] Investment Recommendations - The report suggests focusing on companies involved in key segments such as propulsion systems, satellite communication systems, materials and structural components, and testing and validation services [2][4] - Specific companies to watch include 应流股份 (603308), 斯瑞新材 (688102), and 上海瀚讯 (300762), among others [2][4]

长城久嘉创新成长混合A（004666）成立日期2017年7月5日，最新规模19.74亿。今年以来收益 12.53%，同类排名637/8848；近一年收益110.28%，同类排名98/8093；成立以来收益238.23%。 1月20日，华曙高科跌5.06%，截至发稿，报82.69元/股，成交3.26亿元，换手率1.90%，总市值342.48亿 元。 资料显示，湖南华曙高科技股份有限公司位于湖南省长沙市岳麓区岳麓西大道2710号，成立日期2009年 10月21日，上市日期2023年4月17日，公司主营业务涉及工业级增材制造设备的研发、生产与销售,致力 于为全球客户提供金属(SLM)增材制造设备和高分子(SLS)增材制造设备,并提供3D打印材料、工艺及服 务。主营业务收入构成为：3D打印设备及辅机配件74.47%，售后服务及其他13.57%，3D打印粉末材料 11.02%，其他(补充)0.94%。 从华曙高科十大流通股东角度 数据显示，长城基金旗下1只基金位居华曙高科十大流通股东。长城久嘉创新成长混合A（004666）三 季度新进十大流通股东，持有股数177万股，占流通股的比例为0.88%。根据测算，今日浮亏损失约 ...

证券日报网讯 1月14日，华曙高科发布公告称，公司持股5%以上股东兴旺建设计划自2026年2月5日至 2026年5月4日，通过集中竞价及大宗交易方式合计减持不超过8，283，376股，占公司总股本比例不超 过2%，减持股份来源为IPO前取得。 （文章来源：证券日报） ...

华曙高科(688433.SH)发布公告，因股东自身资金需求，兴旺建设计划拟自公告披露之日起十五个交易 日后的三个月内，减持公司不超过828.34万股，占公司总股本比例不超过2%。 ...

证券代码：688433 证券简称：华曙高科 公告编号：2026-001 湖南华曙高科技股份有限公司 持股 5%以上股东减持股份计划公告 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 重要内容提示： 若计划减持期间出现送股、资本公积金转增股本、配股等除权除息事项，减 持股份数量将相应进行调整。 公司于 2026 年 1 月 14 日收到公司持股 5%以上股东兴旺建设发送的《减持 计划告知书》，现将相关减持计划公告如下： | | | 一、减持主体的基本情况 大股东持股的基本情况 截至本公告披露日，湖南华曙高科技股份有限公司（以下简称"公司"或"华 曙高科"）股东湖南兴旺建设有限公司（以下简称"兴旺建设"）持有华曙高科 股份 85,201,817 股，占公司总股本的 20.57%，为其在公司 IPO 之前取得的股份， 且已于 2024 年 4 月 17 日起解除限售并上市流通。 减持计划的主要内容 因股东自身资金需求，兴旺建设计划拟自本公告披露之日起十五个交易日后 的三个月内，通过集中竞价交易方式减持不超过 4,1 ...

格隆汇1月14日丨华曙高科(688433.SH)公布，因股东自身资金需求，兴旺建设计划拟自本公告披露之日 起十五个交易日后的三个月内，通过集中竞价交易方式减持不超过414.17万股，占公司总股本比例不超 过1%；通过大宗交易方式减持不超过414.17万股，占公司总股本比例不超过1%，共计减持不超过 828.34万股，占公司总股本比例不超过2%。上述股份减持价格按减持实施时的市场价格确定。 ...

华曙高科公告称，截至公告披露日，股东兴旺建设持有公司股份85,201,817股，占总股本20.57%，该股 份已于2024年4月17日起解除限售并上市流通。因自身资金需求，兴旺建设计划自2月5日至5月4日，通 过集中竞价和大宗交易方式，共计减持不超8,283,376股，占总股本不超2%。过去12个月，兴旺建设曾 减持5,683,063股，占比1.37%。本次减持不会对公司治理及经营产生重大影响，减持存在不确定性。 ...

Investment Rating - The report maintains a "Positive" investment rating for the 3D printing industry, particularly in its application within the commercial aerospace sector [3]. Core Insights - The report emphasizes that 3D printing technology is a cost-reduction tool that accelerates the industrialization of commercial aerospace, driven by high demand for advanced applications [5][48]. - The growth of the 3D printing market is significantly influenced by the increasing demand for high-end applications, which is expected to lead to continuous market expansion [22][39]. Summary by Sections Section 1: Disruption of Traditional Industrial Systems - Additive manufacturing, also known as 3D printing, revolutionizes traditional manufacturing by allowing for the "free manufacturing" of parts without the need for traditional tools and multiple processing steps, thus reducing processing time and increasing material utilization [9][19]. - Various types of additive manufacturing processes, such as Powder Bed Fusion and Directed Energy Deposition, are highlighted for their efficiency and precision [14][18]. Section 2: High-End Application Demand - The global market for metal additive manufacturing equipment has seen significant growth, with sales increasing from 202 units in 2012 to 3,793 units in 2023, reflecting a CAGR of 25.15% [27]. - The average price of industrial-grade additive manufacturing equipment has risen from $98,100 in 2019 to $316,900 in 2024, indicating a trend towards larger and more expensive systems [28][29]. - The aerospace and defense sectors are identified as key growth areas for 3D printing, with the market expected to reach approximately $3.379 billion in 2024 and grow to $10.48 billion by 2031, at a CAGR of 17.8% [45]. Section 3: 3D Printing as a Cost-Reduction Tool - The report notes that the high costs associated with rocket launches drive the urgent need for cost reduction through 3D printing, which can significantly lower manufacturing costs and weight of components [51][55]. - 3D printing allows for the integration of complex structures, reducing the need for traditional assembly methods, thus enhancing design flexibility and reducing manufacturing time [55][63]. - The application of 3D printing in rocket engines is highlighted, with examples from SpaceX demonstrating substantial cost and weight reductions in engine components [59][72].