通 用 研 究 2026 年 1 月 29 日 电子——沪电股份 （002463）：公司一季度面临多重积极催化：1、海外云厂商进入财报季以及国内供应链业 绩预告披露，将验证 A 算力需求的持续性及行业景气度；2、英伟达 GTC 大会召开在即，高端 PCB 板需求凸显，公 司已批量交付 112G 交换机 PCB，并配合客户开发 224G 产品，技术卡位优势显著，泰国基地量产爬坡及国内高端产 能项目，有望打破供给瓶颈。公司目前股价调整较为充分，当前动态 PE 在 26 年业绩高增速的背景下具备配置性价 比。 国防军工——国科军工（688543）：公司是国内重要的弹药装备研制生产企业之一，目前正在由常规弹药向智 能化、信息化弹药转型，未来有望充分受益行业的高景气；公司是国内少数从事导弹（火箭）固体发动机动力模块 及总装科研生产的企业之一，军贸订单落地将为公司开启更大成长空间，未来业绩有望续创历史新高。 医药生物——和黄医药（0013.HK）: 1、新一代 ATTC 平台下候选药物首次进入人体临床试验 ：1）HMPL-A251 是一款全球首创的 PI3K/PIKK- HER2 抗体靶向偶联药物（"ATTC"），由高选 ...

证券之星消息，1月27日地面兵装板块较上一交易日上涨1.48%，国科军工领涨。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。地面兵装板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688543 | 国科室工 | 71.97 | 4.18% | 9.44万 | 6.65 Z | | 300875 | 捷强装备 | 41.82 | 4.13% | 6.52万 | 2.70亿 | | 000519 | 中兵红箭 | 19.65 | 2.50% | 0 69.08万 | 13.43 Z | | 301357 | 北方长龙 | 138.04 | 2.37% | 2.26万 | 3.11亿 | | 600184 | 光电股份 | 18.74 | 2.24% | 15.23万 | 2.81亿 | | 300527 ...

证券之星消息，1月26日地面兵装板块较上一交易日下跌3.07%，银河电子领跌。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。地面兵装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) | | | --- | --- | --- | --- | --- | --- | --- | | 000576 | 目化科工 | 11.65 | 0.87% | 26.78万 | | 3.09亿 | | 300527 | ST应急 | 8.26 | -1.08% | 13.82万 | | 1.14亿 | | 000519 | 中兵红箭 | 19.17 | -1.44% | 41.32万 | | 7.956 | | 601606 | 长城军工 | 46.90 | -1.66% | 18.31万 | | 8.61亿 | | 301357 | 北方长龙 | 134.84 | -3.11% | 2.15万 | | 2.92亿 | | 300875 | 捷强装备 | 40.16 | -3.14% | 3.66万 | | 1.48亿 | ...

Investment Rating - The report maintains a "Positive" investment rating for the aerospace and defense industry [4] Core Insights - The domestic commercial aircraft market in China is projected to reach approximately 10 trillion yuan over the next 20 years, with an expected demand of over 400 aircraft per year by 2029 [15][18] - The C919 aircraft family has expanded with the introduction of the C919-600 highland variant, which is designed for high-altitude operations, marking a significant step in China's civil aviation equipment development [14] - The report highlights the trend towards self-sufficiency in domestic commercial aircraft engines, indicating a potential to break the existing monopoly in the market [41] Summary by Sections Section 1: C919 Aircraft Development - The C919-600 highland variant has been publicly unveiled, designed specifically for high-altitude routes, enhancing adaptability for challenging environments [14] - The C919 family now includes basic, extended, and highland variants, with a steady progression towards a comprehensive product matrix [14] Section 2: Market Demand and Projections - The domestic commercial aircraft market is expected to be 2.5 times larger than the current military aircraft market, with a forecasted demand of 9,856 aircraft and a market size of 103.53 billion yuan over the next 20 years [15][17] - By 2029, the demand for new commercial aircraft in China's civil aviation fleet is projected to exceed 400 units annually, with specific annual requirements outlined for the years 2025 to 2029 [18][19] Section 3: Engine Market Dynamics - The global commercial aircraft engine market is anticipated to exceed 13 trillion yuan over the next 20 years, with China's market expected to surpass 2.9 trillion yuan [43][45] - The report indicates a significant mismatch in supply and demand for commercial aircraft engines globally, with a strong push for domestic development of aviation power systems [52][59] Section 4: Commercial Aerospace Developments - Blue Arrow Aerospace's IPO status has changed to "under inquiry," indicating a rapid acceleration in the commercial space sector [71] - The report outlines plans for multiple rocket launches in 2026, with a focus on both near-Earth and deep-space exploration, highlighting the increasing activity in China's commercial space industry [77][86] Section 5: Satellite Manufacturing and Launch Capabilities - The report notes that domestic satellite manufacturing capacity is robust, with several companies capable of producing hundreds of satellites annually, which is expected to drive down costs [99][100] - The establishment of new liquid rocket launch facilities at the Hainan commercial launch site is set to enhance China's capabilities in commercial space launches [108]

证券之星消息，1月23日地面兵装板块较上一交易日上涨1.12%，银河电子领涨。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。地面兵装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) | | | --- | --- | --- | --- | --- | --- | --- | | 002519 | 银河电子 | 9.06 | 5.35% | 304.93万 | | 27.26亿 | | 600435 | 北方导航 | 17.91 | 1.99% | 105.08万 | | 18.78亿 | | 688543 | 国科年工 | 72.53 | 1.54% | 12.71万 | | 9.15 亿 | | 000519 | 中兵红箭 | 19.45 | 1.30% | 1 52.85万 | | 10.20亿 | | 600184 | 光电股份 | 19.44 | 1.14% | 14.09万 | | 2.74亿 | | 300527 | ST应急 | 8.35 | 0.72% | 14.59万 | | 1.22 ...

Market Performance - The ground equipment sector increased by 1.78% compared to the previous trading day, with Galaxy Electronics leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] Stock Performance - Galaxy Electronics (002519) closed at 8.60, with a rise of 9.97% and a trading volume of 2.629 million shares, amounting to a transaction value of 2.202 billion [1] - Other notable stocks include: - Guoke Nian Gong (688543) at 71.43, up 3.19% [1] - Beifang Navigation (600435) at 17.56, up 2.39% [1] - Tianzao Equipment (300922) at 24.63, up 2.11% [1] - Zhongbing Hongjian (000519) at 19.20, up 2.02% [1] Capital Flow - The ground equipment sector saw a net inflow of 446 million from institutional investors, while retail investors experienced a net outflow of 269 million [2] - The capital flow for key stocks includes: - Galaxy Electronics with a net inflow of 469 million from institutional investors [3] - Beifang Navigation with a net inflow of 83.02 million [3] - Zhongbing Hongjian with a net inflow of 24.69 million [3]

Market Overview - The ground armament sector experienced a slight decline of 0.06% on January 21, with Galaxy Electronics leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Stock Performance - Key stocks in the ground armament sector showed varied performance, with the following notable movements: - Optoelectronic Co. (600184) closed at 19.23, up 2.61% with a trading volume of 174,000 shares and a turnover of 332 million yuan [1] - Jieqiang Equipment (300875) closed at 40.70, up 1.29% with a trading volume of 24,600 shares and a turnover of 99.73 million yuan [1] - Northern Long Dragon (301357) closed at 137.97, up 0.75% with a trading volume of 14,000 shares and a turnover of 194 million yuan [1] - Galaxy Electronics (002519) closed at 7.82, down 1.64% with a trading volume of 1,264,600 shares and a turnover of 999.7 million yuan [2] Capital Flow - The ground armament sector saw a net outflow of 193 million yuan from institutional investors, while retail investors contributed a net inflow of 245 million yuan [2] - The following stocks had significant capital flow: - Optoelectronic Co. had a net inflow of 16.16 million yuan from institutional investors, but a net outflow of 25.73 million yuan from retail investors [3] - Northern Long Dragon experienced a net outflow of 0.68 million yuan from institutional investors, with a net inflow of 1.89 million yuan from retail investors [3] - Galaxy Electronics faced a net outflow of 7.28 million yuan from institutional investors, while retail investors contributed a net inflow of 17.73 million yuan [3]

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 core viewpoint of the article highlights that Guokai Military Industry is a key manufacturer of ammunition equipment and a leader in aerospace propulsion, actively exploring mixed ownership reform in the military industry [1] - The company has been deeply involved in the national defense technology industry for many years, holding an important position as a key supplier of solid rocket engines and ammunition equipment in China [1] - Since the 14th Five-Year Plan, the company has experienced significant growth in revenue and net profit, driven by the increase in solid engine power modules and main ammunition products, with steady improvement in profitability [1] Group 2 - Looking ahead to the 15th Five-Year Plan, the company's growth is expected to accelerate further due to a rich reserve of projects and models, with gradual realization of mass production [1] - The company is continuously expanding its customer base and exploring new markets, including military trade, based on deep cooperation with various military and defense units in China [1] - To meet delivery tasks and business expansion needs, the company has been actively expanding production since its listing, with multiple ongoing construction projects progressing steadily, and new production capacity is about to be released [1] Group 3 - Solid engines are considered scarce assets, and the company is well-positioned to expand its aerospace applications [1] - The company has significant advantages in focusing on small and medium-caliber main ammunition, having deepened its expertise in ammunition equipment over the years [1]

Core Viewpoint - The ground armament sector experienced a 1.06% increase on January 19, with GanHua Science and Technology leading the gains. The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1]. Group 1: Market Performance - The ground armament sector saw a net outflow of 197 million yuan from main funds, while retail investors contributed a net inflow of 127 million yuan [1]. - The closing prices and performance of key stocks in the ground armament sector included: - Yinhe Electronics (002519) at 8.35, down 10.02% with a trading volume of 3.26 million shares [1]. - Guangdian Co. (600184) at 19.33, down 2.23% with a trading volume of 282,200 shares [1]. - Jiekang Equipment (300875) at 42.25, down 0.75% with a trading volume of 31,700 shares [1]. - Changcheng Military Industry (601606) at 48.42, up 0.29% with a trading volume of 184,500 shares [1]. - Guoke Biological Engineering (688543) at 71.66, up 0.93% with a trading volume of 102,700 shares [1]. Group 2: Trading Volume and Turnover - The total turnover for the ground armament sector was significant, with notable individual stock turnovers such as: - Yinhe Electronics with a turnover of 2.748 billion yuan [1]. - North Navigation (600435) with a turnover of 1.191 billion yuan [1]. - ST Emergency (300527) with a turnover of 81.5497 million yuan [1].