Core Viewpoint - The commercial aerospace concept stocks experienced a significant surge in the previous trading day but have shown a notable decline today, indicating volatility in the sector [1] Company Performance - Goldwind Technology (02208.HK) fell by 8.82%, trading at 14.79 HKD [1] - Asia-Pacific Satellite (01045.HK) decreased by 5.61%, with a current price of 3.53 HKD [1] - Aerospace Holdings (00031.HK) dropped by 4.23%, now priced at 0.68 HKD [1] - AVIC Industry (02357.HK) saw a decline of 2.59%, trading at 4.13 HKD [1]

Group 1 - The market opened strong on the first trading day of 2026, with the ChiNext Index rising over 1.00% and the Shanghai Composite Index increasing by 0.45%, reaching a high of 3994.77 points during the session [1] - Sectors such as brain-computer interfaces, oil and gas, precious metals, and commercial aerospace showed significant gains, with nearly 3400 stocks in the Shanghai and Shenzhen markets rising [1] - Precious metals and gaming sectors led the gains, while the commercial aerospace concept stocks opened high, with companies like Goldwind Technology and Aerospace Science & Industry Corporation hitting the daily limit [3] Group 2 - Blue Arrow Aerospace's IPO was accepted, aiming to become the "first commercial rocket stock," with plans to raise 7.5 billion yuan for projects related to reusable rocket capacity and technology enhancement [4] - Market sentiment was reflected in stocks like Fenglong Co., which hit the daily limit for the sixth time, and other commercial aerospace stocks such as Shenkong Co. and China Satellite, which opened significantly higher [7] - Other sectors like robotics and digital currency also saw varied performances, with some stocks opening lower despite the overall market strength [7]

Group 1 - The commercial aerospace concept stocks experienced a significant drop after a previous surge, with notable declines in companies such as Goldwind Technology down 8.82% to HKD 14.79, Asia-Pacific Satellite down 5.61% to HKD 3.53, Aerospace Holdings down 4.23% to HKD 0.68, and AVIC Aerospace down 2.59% to HKD 4.13 [1] - Blue Arrow Aerospace has submitted its prospectus for an IPO on the Sci-Tech Innovation Board, aiming to raise CNY 7.5 billion, with CNY 2.77 billion allocated for reusable rocket capacity enhancement and CNY 4.73 billion for technology improvements in reusable rockets [1] - Guolian Minsheng Securities has released a report indicating that by 2026, domestic and international rocket manufacturers are expected to go public, with accelerated launches of low-orbit satellite constellations and the potential for space computing to achieve a "0-1" breakthrough [1] Group 2 - The report suggests focusing on leading companies in the rocket component sector, such as rocket engines and structural components, which may benefit from the financing of rocket manufacturers and the acceleration of technology iteration and capacity expansion [1] - Companies involved in downstream satellite equipment and operations are expected to benefit from the increased launch capacity of private rockets, leading to reduced launch costs and an accelerated process for low-orbit satellite networking [1]

Group 1 - The commercial aerospace concept stocks experienced a significant drop after a previous surge, with notable declines in companies such as Goldwind Technology (down 8.82% to HKD 14.79), Asia-Pacific Satellite (down 5.61% to HKD 3.53), Aerospace Holdings (down 4.23% to HKD 0.68), and AVIC (down 2.59% to HKD 4.13) [1] - Blue Arrow Aerospace has submitted its prospectus for an IPO on the Sci-Tech Innovation Board, aiming to raise CNY 7.5 billion, with CNY 2.77 billion allocated for enhancing reusable rocket production capacity and CNY 4.73 billion for improving reusable rocket technology [1] - Guolian Minsheng Securities released a report indicating that by 2026, domestic and international rocket manufacturers are expected to go public, with accelerated launches of low-orbit constellations and the potential for space computing to achieve a "0-1" breakthrough [1] Group 2 - The report suggests focusing on leading companies in the rocket components sector, such as rocket engines and body structures, which may benefit from the financing acceleration of rocket manufacturers' IPOs, leading to technological iterations and capacity expansion [1] - Companies involved in downstream satellite equipment and operations are expected to benefit from the increased launch capacity of private rockets, which will lower launch costs and accelerate the deployment of low-orbit satellite networks [1]

Core Viewpoint - The Zhongzheng 500 Enhanced ETF (159678) has shown a positive performance since its inception, with a return of 40.53% since February 13, 2023, and a recent one-month return of 7.00% [1] Group 1: ETF Performance - The Zhongzheng 500 Enhanced ETF opened at 1.416 yuan, with an increase of 0.93% [1] - The ETF's performance benchmark is the Zhongzheng 500 Index return rate [1] - The fund is managed by Bosera Asset Management, with fund managers Liu Zhao and Yang Zhenjian [1] Group 2: Top Holdings - Key stocks in the ETF include: - Shenghong Technology up 1.47% - Huagong Technology up 0.28% - Goldwind Technology up 10.00% - Giant Network down 0.42% - Perfect World up 0.98% - Ninebot Company up 0.27% - Jincheng Trust up 0.11% - Gaode Infrared up 1.91% - Rockchip up 0.46% - Shennong Development unchanged [1]

Group 1 - The commercial aerospace sector experienced a significant surge in early trading on January 5, with multiple stocks, including Goldwind Technology, Aerospace Defense, and Lianchuang Optoelectronics, hitting the daily limit up [1] - Companies such as Jiuzhiyang, Beidou Star, China Satellite, and Shunhao Co. opened more than 5% higher [1]

Core Viewpoint - The commercial aerospace sector in the A-share market is gaining significant attention, with Blue Arrow Aerospace Technology Co., Ltd. preparing for its IPO, potentially becoming the "first stock in commercial aerospace" in China [1][4]. Group 1: IPO Details - Blue Arrow Aerospace has submitted its IPO application to the Shanghai Stock Exchange, aiming to issue 40 million shares, which will account for at least 10% of the total share capital post-issue, with a fundraising target of 7.5 billion yuan, leading to an estimated company valuation of 75 billion yuan [1][11]. - The company completed its IPO counseling in just five months, a notably efficient process compared to other companies in the sector [5]. Group 2: Financial Performance - As of June 2025, Blue Arrow Aerospace reported cumulative losses of 4.84 billion yuan, indicating that the company has not yet achieved profitability [2][16]. - The company has invested a total of 2.29 billion yuan in research and development over the past three and a half years, reflecting its commitment to innovation [3][15]. Group 3: Technological Advancements - Blue Arrow Aerospace focuses on the development and operation of medium to large-sized launch vehicles using liquid oxygen and methane propellants, and it has achieved significant milestones, including the successful launch of the Zhuque-2 rocket, the first liquid oxygen-methane rocket to enter orbit [8][14]. - The company aims to reduce launch costs significantly, targeting a cost of less than 20,000 yuan per kilogram for its reusable rockets [15]. Group 4: Market Position and Investor Interest - Blue Arrow Aerospace has attracted substantial investment from over 50 institutions, including state-owned funds and leading venture capital firms, establishing a strong shareholder base [9][12]. - Despite the influx of capital, some shareholders have exited, indicating mixed sentiments about the company's future [12]. Group 5: Regulatory Support - The company benefits from favorable regulatory changes, as the China Securities Regulatory Commission has reintroduced standards for unprofitable companies to list on the Sci-Tech Innovation Board, particularly supporting firms in the commercial aerospace sector [6][7].

Market Overview - Major US stock indices showed mixed performance, with the S&P 500 rising by 0.19% and the Dow Jones increasing by 0.66%, while the Nasdaq fell by 0.03% [1] - Tesla shares dropped by 2.6%, influenced by software stocks offsetting gains in chip stocks, while Salesforce fell over 4% and Nvidia rose over 1% [1] - The White House's decision to delay tariffs on certain household goods led to an 8% increase in shares of RH [1] Semiconductor Sector - SanDisk surged nearly 16%, Micron Technology rose over 10%, ASML increased by over 8%, and TSMC hit a historical high with a rise of over 5% [2] - The semiconductor sector is expected to benefit from increased capital expenditure in 2026, with analysts projecting a tightening market for memory chips, leading to significant price increases [11] Chinese Tech Stocks - The China concept index rose over 4%, with Baidu increasing by 15% and Alibaba by over 6% [3] - Baidu announced plans to spin off Kunlun Chip for independent listing on the Hong Kong Stock Exchange, resulting in a 9% rise in its stock [10] Economic Policies and Initiatives - The State Council approved the draft of the Water Supply Regulations and the revised Drug Administration Law Implementation Regulations [4] - Shanghai's measures to accelerate the construction of low-altitude economic advanced manufacturing clusters include support for eVTOL and industrial-grade drones, with funding up to 50 million yuan [5] - The State Council issued a solid waste comprehensive governance action plan aiming for a 45 billion-ton annual comprehensive utilization of major solid waste by 2030 [5] IPO and Corporate Actions - Blue Arrow Aerospace's IPO application was accepted, aiming to raise 7.5 billion yuan for reusable rocket technology upgrades and capacity enhancement [12] - Multiple companies announced acquisitions, including Zhongwei Company planning to acquire a 64.69% stake in Hangzhou Zhonggui, and Meike Home proposing to buy 100% of Wande Technology [15][16] Lithium and Battery Materials - Tianqi Lithium forecasted a net profit of 1.1 to 1.6 billion yuan for 2025, driven by strong demand in the new energy vehicle and energy storage markets [29] - The lithium hexafluorophosphate market is expected to remain tight, with significant price increases anticipated due to strong demand and cautious supply expansion [13] Consumer Market Trends - Hainan's duty-free market saw a significant increase during the New Year holiday, with sales reaching 712 million yuan, a year-on-year growth of 128.9% [10][14]

电力设备及新能源 2026 年 1 月 4 日 行业周报 宁德时代宣布规模应用钠电池，政策支持光伏知识产权保护 强于大市（维持） 证券分析师 | 李梦强 | 投资咨询资格编号 | | --- | --- | | | S1060525090001 | | | LIMENGQIANG340@pingan.com.cn | | 皮秀 | 投资咨询资格编号 | | | S1060517070004 | | | PIXIU809@pingan.com.cn | | 张之尧 | 投资咨询资格编号 | | | S1060524070005 | | | ZHANGZHIYAO757@pingan.com.cn | 平安观点： 本周（2025.12.29-2025.12.31）新能源细分板块行情回顾。风电指数 （866044.WI）下跌 1.40%，跑输沪深 300 指数 0.82 个百分点。截至本 周，风电板块 PE_TTM 估值约 25.62 倍。本周申万光伏设备指数 （801735.SI）下跌 3.29%，其中，申万光伏电池组件指数下跌 3.50%， 申万光伏加工设备指数上涨 2.15%，申万光伏辅材指数下跌 2.46% ...

证券研究报告 | 行业周报 gszqdatemark 2026 01 04 年 月 日 电力设备 -10% 6% 22% 38% 54% 70% 2025-01 2025-05 2025-08 2025-12 电力设备 沪深300 硅片电池价格持续走高，两部委发布 2026 年消费品以旧换新通知 光伏：硅片电池价格持续走高，组件涨价预期增强。据 InfoLink Consulting，延续 上周偏强的价格走势，硅片厂于上周四陆续上调报价，整体市场仍维持挺价基调。 从各尺寸表现来看，183N 硅片新一轮报价普遍上调至每片 1.40 元人民币，210RN 主流报价同步调整至每片 1.50 元人民币，210N 上周四起报价上移至每片 1.70 元 人民币，相较上周三以前出现明显抬升，且已有零星成交陆续释出。继上周各尺寸 报价持续上涨，本周一线电池厂家基本能达到每瓦 0.38 元以上价格，报价每瓦 0.39-0.40 元以上则有少量成交。近期头部组件企业普遍响应行业自律行为，陆续 上调组件报价。在涨价讯号逐步明确的背景下，分布式分销渠道率先出现成交上 行。组件端开始反映银价成本的抬升上调报价，在上周调涨 TOPCon ...