Investment Rating - The report does not explicitly state an investment rating for the gas turbine industry Core Insights - Gas turbines have a wide range of downstream applications, with F-class being the current mainstream model [6] - AI is driving the gas turbine market into a prosperous cycle, with significant order increases from overseas leaders [6] - The overall capacity of the supply chain is tight, and domestic suppliers are expected to increase their global market share [9] Summary by Sections 1. Gas Turbines: Wide Downstream Applications, F-Class as the Mainstream Model - Gas turbines convert thermal energy into mechanical work and consist of three main components: compressor, combustion chamber, and turbine [7] - Heavy gas turbines are primarily used in fixed power generation units for urban grids, while light gas turbines are used in industrial power generation, marine propulsion, oil and gas transportation, distributed generation, and military applications [7][26] - The global gas turbine market is expected to see a significant increase in installed capacity, reaching over 100 GW in the next decade, with the U.S. adding 250 GW in the next five years [41][43] 2. Demand: AI Drives the Gas Turbine Market into a Prosperous Cycle - The global data center demand is expected to grow significantly, with AI data centers in the U.S. requiring an additional 31 GW of power over the next five years [31][36] - The electricity consumption of global data centers is projected to rise from 415 TWh in 2024 to 945 TWh by 2030, with the U.S. accounting for 45% of this demand [36] 3. Supply: Overall Capacity of the Supply Chain is Tight - The gas turbine OEM market is highly concentrated, with GEV, Siemens Energy, and Mitsubishi holding 34%, 27%, and 24% of the global market share, respectively [44] - The report highlights the increasing order intake for gas turbines, with GEV expecting to sign contracts for 24 GW in Q4 2025, and Siemens Energy forecasting 26 GW in the same period [55] 4. Investment Suggestions - The report suggests focusing on domestic suppliers' opportunities to increase their global market share and progress in the gas turbine supply chain [10] - The domestic suppliers are positioned to benefit from the ongoing expansion of the gas turbine market, particularly in high-temperature alloy components and blades [80]

证券之星消息，2月3日航空装备板块较上一交易日上涨4.39%，三角防务领涨。当日上证指数报收于 4067.74，上涨1.29%。深证成指报收于14127.1，上涨2.19%。航空装备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300775 | 三角防务 | 44.13 | 17.99% | 97.73万 | 40.47亿 | | 688510 | 航亚科技 | 39.91 | 14.26% | 13.09万 | 5.03亿 | | 605123 | 派克新材 | 125.31 | 10.00% | 11.51万 | 2666'EI | | 000738 | 航发控制 | 25.86 | 10.00% | 48.02万 | 12.04亿 | | 688239 | 航宇科技 | 68.10 | 9.29% | 7.96万 | 5.29亿 | | 300900 | 广联航空 | 41.30 | 8.40% | 62.67万 | 25.41亿 | | 688586 | 江航装备 ...

航天军工板块震荡走强，三角防务涨超8%，航发动力、航亚科技涨超6%。 ...

Core Insights - The report emphasizes the growth potential in the commercial aerospace and large aircraft sectors, highlighting the importance of the defense and military industry in these areas [2][3] Group 1: Industry Overview - The Chinese aerospace sector is set to advance with initiatives like the "Tian Gong Kai Wu" plan, focusing on space tourism, smart infrastructure, and resource development [13] - The commercial aircraft and aerospace sectors are experiencing sustained high demand, with a focus on self-reliance in aviation engine development and the establishment of a strong aviation industry [14] Group 2: Investment Recommendations - The report identifies three key investment themes based on the "S-curve" evolution: 1. Supply chain reform and maintenance growth, recommending companies like AVIC Power and AVIC Control [15] 2. Expansion into overseas markets and civilian applications, recommending companies such as Guorui Technology and China Power [15] 3. New emerging industries like commercial aerospace and AI, recommending companies like Ruichuang Micro-Nano and Feilihua [15] Group 3: Company Analysis - AVIC Power is positioned as a core supplier in the aviation sector, benefiting from high-end aircraft production and potential market share growth in the civil aviation engine sector [21] - AVIC Heavy Machinery is expected to see revenue growth due to its comprehensive product offerings in aviation and engine sectors, with a focus on high-value components [23] - Guorui Technology is leveraging its radar business and low-altitude safety solutions, with projected revenue growth driven by defense modernization and low-altitude economic development [20] - Feilihua is a leading supplier of quartz materials for aerospace and semiconductor industries, benefiting from ongoing demand in both sectors [19] - Ziguang Guowei is focusing on the IC industry, with significant growth expected in the AI and communication sectors, emphasizing its competitive advantages in domestic and international markets [18]

杨继虎 长江证券军工分析师: 尊敬的各位投资者，大家晚上好。我是长江军工组的研究员杨继虎。本期的话就是给大家 这个汇报的是我们的一个个股，关于在商用大飞机以及航空发动机里边，一个比较核心的 一个民参军的一个企业。航亚科技，然后这家公司的话，就是因为它在跟海外的，就是 CFM 国际，有一些发动机型号有比较多的这个配套。所以就是在国内商用的航发动机这块 的话，公司参与的这个业务也比较多，所以应该是国内商用大飞机及航发动机板块一个比 较核心的这个标的。 然后进入到全球的这个航发供应链当中。公司也是在这个，伴随着法国赛峰它这个发动机 交付的一个快速上量的一个阶段，公司的业务整体发展的也比较快，所以在 2020 年的 12 月在科创板上市。这是公司主要的这个发展历程。然后从股权结构上来讲的话，它的股权 相对比较分散，有目前董事长的这个持持股的话是有 14%左右，然后其他的有一些这个无 锡当地的一些产投的一些基金。以及有航发集团下属的这个航发资产，对公司都有相关的 一个持股。所以它公司在成立之后，其实经历了，也是经历了多轮的融资导致的这个股权 的一个相对分散。 然后公司的话，它立足的业务是做精锻叶片。目前的话，开拓了，就 ...

航发控制、航发科技涨停，图南股份涨超10%，航亚科技、航发动力、国机精工、飞沃科技跟涨。 (本文来自第一财经) ...

午后，A股三大指数震荡回升，半导体、贵金属、算力硬件等板块涨幅居前。截至收盘，上证指数涨0.18%，深证成指涨0.09%，创业板指涨0.71%。 | 航发科技 | | 53.12 +10.00% +14.93% | | --- | --- | --- | | 600391 離 | | | | 人气龙头3 7天4板 | 最终涨停13:16 发动机 | | | 航发控制 | 26.53 | +9.98% +7.38% | | 000738 融 | | | | 首板 最终涨停14:13 | | | | 万泽股份 | 30.80 | +8.45% +23.44% | | 000534 融 | | | | 领涨龙头1 发动机 | | | | 润贝航科 | 51.30 | +7.55% +20.35% | | 001316 | | | | 人气龙头1 关键材料 运营维修 | | | | 航亚科技 | 39.16 | +6.85% -0.86% | | 科创 688510 融 | | | | 发动机 | | | 板块方面，贵金属、半导体、培育钻石、汽车芯片等涨幅居前，养殖业、动物疫苗、煤炭开采加工等板块调整。 个股方面，白 ...

今日，航天ETF（159267）表现活跃，盘中涨幅一度达到2.78%，截至发稿实时成交额超1.5亿元。成分 股方面，航发动力、航发科技、航发控制涨停，三角防务涨超13%，航亚科技、雷电微力、航天发展等 跟涨。 国金证券表示，商业航天产业正处于全球共振发展阶段，中国商业火箭公司将在2026-2027年间迎来中 大型火箭首飞、回收验证及密集发射，并启动卫星大规模组网，产业链各环节技术持续进步，一二级产 业研究视角显示行业前景广阔。 拉长时间线来看，截至1月26日收盘，该基金近30个交易日（2025.12.12-2026.1.26）累计涨幅达 23.72%。 （文章来源：21世纪经济报道） 消息面上， 据智通财经，随着全球低轨卫星组网进入密集建设期，卫星通信产业链成为近期市场焦 点。Wind数据显示，近2个月卫星通信板块指数上涨约40%，其中多家卫星通讯相关的芯片企业涨幅显 著。从市场情况来看，在低轨卫星通信芯片领域，多家企业已实现关键技术突破并进入批量出货阶段。 开源证券表示，商业航天技术与资本在2026年有望形成共振，火箭产业链和卫星产业链及太空算力领域 值得关注。随着技术进步与资本市场的良性互动，商业航天将迎 ...

航空航天ETF(159227)：紧密跟踪国证航天指数，成分股覆盖战斗机、航空发动机、火箭、导弹、卫 星、雷达等全产业链龙头，完美契合"空天一体"的战略方向，涵盖大飞机、商业航天、低空经济等新兴 领域，商业航天含量高达70.19%。前十大重仓股中包含了航天发展、中国卫星、航天电子、中航机 载、中航高科等行业龙头。 （文章来源：每日经济新闻） 1月27日，A股三大指数涨跌不一，航空航天ETF（159227）午后强势拉升，截至13:25，涨幅1.63%，成 交额已达3.39亿元，稳居同类第一，持仓股航发科技涨停，三角防务涨超10%，航亚科技、航发控制、 航发动力均涨超7%，航材股份、雷电微力、航天发展等跟涨。 消息面上，中国科学院大学星际航行学院1月27日正式揭牌成立，是我国首个星际航行学院，将聚焦星 际推进、深空通信导航、空间科学等前沿领域，培育兼具扎实功底、战略视野与家国担当的紧缺复合型 人才。 东兴证券指出，"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 ...

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 300855 | 图南股份 | 家 | 10.45 | 156亿 | 22.11 | | 600391 | 航发科技 | 1 | 10.00 | 175亿 | 43.18 | | 300775 | 三角防务 | 1 | 9.68 | 212亿 | 27.47 | | 603601 | 再升科技 | 1 | 7.65 | 124亿 | -13.15 | | 002471 | 中超控股 | + | 7.29 | 117亿 | 6.48 | | 688510 | 航亚科技 | | 6.68 | 101亿 | 45.35 | | 688563 | 航材股份 | 1 | 6.13 | 330亿 | 25.29 | | 000534 | 万泽股份 | 张 | 6.13 | 154亿 | 37.00 | | 688231 | 隆达股份 | | 5.72 | 79.34 Z | 23.62 | | 600893 | 航发动力 | 1 | 5.70 | 1296亿 | 2 ...