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].

国机精工集团股份有限公司 关于回购注销部分限制性股票减少注册资本 证券代码：002046 证券简称：国机精工 公告编号：2026-007 本次回购注销完成后，公司股本总额将由 536,266,835 股调整为 536,190,854 股，注册资本将由人民币 536,266,835 元减少至人民币 536,190,854 元。 二、需要债权人知晓的信息 公司本次回购注销部分限制性股票将导致公司注册资本减少，根 据《中华人民共和国公司法》等相关法律法规的规定，本公司债权人 自本公告披露之日起四十五日内，凭有效债权证明文件及凭证向公司 要求清偿债务或提供相应担保。债权人未在规定期限内行使上述权利 的，不会因此影响其债权的有效性，相关债务（义务）将由公司根据 原债权文件的约定继续履行。 债权人可采取现场、信函方式进行申报，具体申报方式如下： 1、申报时间：2026 年 1 月 22 日至 2026 年 3 月 7 日 2、现场申报登记地点及申报材料寄送地址：河南省郑州市新材 料产业园区科学大道 121 号国机精工集团股份有限公司董事会办公 室 暨通知债权人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 ...

北京海润天睿律师事务所 关于国机精工集团股份有限公司 2026 年第一次临时股东会的 法 律 意 见 书 致：国机精工集团股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国公司法》 （以下简称"《公司法》"）及中国证券监督管理委员会颁布的《上市公司股东会规则》（以 下简称"《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《管 理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《执业规则》"） 等法律、法规、规范性文件及《国机精工集团股份有限公司章程》（以下简称"《公司章程》"） 的规定，北京海润天睿律师事务所(以下简称"海润天睿"或"本所")接受国机精工集团股份 有限公司（以下简称"公司"）委托，作为公司召开 2026 年第一次临时股东会（以下简称"本 次股东会"）的特聘专项法律顾问出具本法律意见书。 公司已向本所保证和承诺，公司向本所律师提供的文件和所作的陈述和说明是真实、准确、 完整和有效的，并无任何隐瞒、虚假和重大遗漏之处，且文件材料为副本或复印件的，其与原 件一致。 本所及经办律师依据《证券法》《管理办法》和《执业规则》等规定 ...

2、本次股东会不涉及变更前次股东会决议。 证券代码：002046 证券简称：国机精工 公告编号： 2026-006 国机精工集团股份有限公司 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现否决议案的情形。 一、会议召开和出席情况 1、召开时间： 现场会议召开时间为：2026年1月21日 15:20 网络投票时间为：通过深圳证券交易所系统进行网络投票的具体 时间为2026年1月21日9:15-9:25，9:30-11:30，13:00-15:00；通过 深圳证券交易所互联网投票系统投票的具体时间为2026年1月21日 9:15至15:00的任意时间。 2、现场会议召开地点：郑州市新材料产业园区科学大道121号公 司会议室 3、召开方式：现场投票与网络投票相结合 4、召集人：公司董事会 5、主持人：公司董事长蒋蔚先生 6、本次股东会的召集、召开及表决程序符合有关法律、行政法 规、部门规章、规范性文件和公司章程的规定。 7、出席情况： 参加本次股东会现场会议投票和网络投票的具有表决权的股东 及股 ...

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]

Group 1 - The core point of the article is that Guojijinggong has experienced a decrease in the number of shareholders for the second consecutive period, indicating a potential shift in investor sentiment [2] - As of January 20, the number of shareholders for Guojijinggong was 54,583, a decrease of 3,715 from the previous period, representing a decline of 6.37% [2] - The latest stock price of Guojijinggong is 46.80 yuan, reflecting an increase of 1.12%, with a cumulative increase of 0.88% since the concentration of shares began [2] Group 2 - In the third quarter report, Guojijinggong achieved a total operating revenue of 2.296 billion yuan, marking a year-on-year growth of 27.17% [2] - The net profit for the same period was 206 million yuan, showing a year-on-year increase of 0.79% [2] - The basic earnings per share were reported at 0.3874 yuan, with a weighted average return on equity of 0.05% [2]

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]

国机精工（002046.SZ）1月21日在投资者互动平台表示，公司2025年业绩预计于2026年4月份发布。 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司26年的业绩展望是什么样子的？2025年的 业绩预告大概什么时候发布？贵公司特种轴承和航空航天领域类的产品占总营收的比例大概有多少？和 国内头部厂商合作送样的金刚石散热类产品目前进展怎么样了？ （记者 王晓波） ...

Market Overview - A-share major indices showed a significant rebound this week, with the weekly performance of the indices as follows: CSI 300 at -0.57%, ChiNext 300 at 1.39%, STAR 50 at 2.58%, CSI 500 at 2.18%, CSI 1000 at 1.27%, and the humanoid robot index at 1.48%, with the STAR 50 showing the most notable recovery [1] Recent Events and Highlights - China applied to the International Telecommunication Union (ITU) for frequency resources for over 200,000 satellites, with more than 190,000 satellites coming from the newly established Radio Innovation Institute. Experts are optimistic about the institute's role in integrating industry resources and leveraging China's large market to accelerate its industry to catch up with SpaceX [2] Current Perspectives - The establishment of the humanoid robot and embodied intelligence standardization technical committee by the Ministry of Industry and Information Technology is viewed positively for the humanoid robot industry chain, with related companies including Hengshuai Co., Junpu Intelligent, Anpeilong, Keda Li, Lens Technology, Changying Precision, Sanhua Intelligent Control, Fengmao Co., Top Group, and Wuzhou Xinchun [3] - Guangdong has launched its first provincial-level drone governance system, creating a drone resource pool and a provincial management platform to build a "one network for unified flight" service ecosystem, with related companies including Xindong Link, Wanfeng Aowei, Wolong Electric Drive, and Zongshen Power [3] - The China Academy of Information and Communications Technology's Tair System Laboratory recently issued a liquid cooling capability testing report and certificate to Shenzhen Invech Technology Co., indicating that AI data center construction is expected to drive demand for liquid cooling equipment, with related companies including Invech, Nanfeng Co., Chuanrun Co., and Bojie Co. [3] - China's application to the ITU for over 200,000 satellites coincides with the U.S. Federal Communications Commission granting SpaceX significant authorization to build, deploy, and operate an additional 7,500 second-generation Starlink satellites, with related companies including Superjet Co., Xindong Link, Guoji Precision, and Electric Science Digital [3]

1月19日，国机精工盘中上涨2.11%，截至11:06，报47.80元/股，成交5.78亿元，换手率2.32%，总市值 256.34亿元。 机构持仓方面，截止2025年9月30日，国机精工十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股1044.52万股，相比上期增加834.51万股。 责任编辑：小浪快报 资料显示，国机精工集团股份有限公司位于河南省郑州市新材料产业园区科学大道121号，成立日期 2001年12月9日，上市日期2005年5月26日，公司主营业务涉及轴承、电主轴的研发、生产及销售,以及 国家、各级地方政府和其他企业所委托的技术开发业务。主营业务收入构成为：基础零部件29.82%， 基础零部件:特种及精密轴承29.40%，机床工具9.99%，其中:超硬材料磨具9.99%，供应链管理与服务 7.17%，供应链管理与服务:供应链运营5.02%，高端装备4.91%，高端装备:其他高端装备4.48%，新材料 2.88%，供应链管理与服务:技术开发与检测服务2.16%，新材料:复合超硬材料1.68%，新材料:金刚石材 料1.20%，其他0.47%，高端装备:高压装备0.42%，基础零部件:电主 ...