Group 1 - The military electronics sector increased by 1.43% on January 7, with Guankang Technology leading the gains [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] - Guankang Technology's stock price rose by 20.00% to 82.86, with a trading volume of 18,200 lots and a transaction value of 151 million [1] Group 2 - The military electronics sector experienced a net outflow of 5.765 billion from institutional investors, while retail investors saw a net inflow of 4.719 billion [2] - The top gainers in the military electronics sector included ST Sike Rui, which rose by 13.52% to 42.66, and Fuke Defense, which increased by 10.01% to 16.71 [1] - The trading volume and transaction values for various stocks in the sector showed significant activity, with Aerospace Development recording a transaction value of 17.949 billion [1][2] Group 3 - The net inflow from retail investors in Aerospace Development was 8.68 million, while institutional investors had a net outflow of 9.06 million [3] - The stock performance of various companies in the sector varied, with some experiencing significant declines, such as Huali Chuangtong, which fell by 7.04% to 28.27 [2] - The overall market sentiment in the military electronics sector appears mixed, with both gains and losses among different stocks [2][3]

证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交32.92亿元，其中，买入成交额为13.95亿 元，卖出成交额为18.98亿元，合计净卖出5.03亿元。 雷科防务今日涨停，全天换手率65.12%，成交额132.30亿元，振幅14.77%。龙虎榜数据显示，机构净卖 出1.42亿元，深股通净买入1.14亿元，营业部席位合计净卖出4.75亿元。 深交所公开信息显示，当日该股因日涨幅偏离值达9.89%、日换手率达65.12%上榜，机构专用席位净卖 出1.42亿元，深股通净买入1.14亿元。 具体来看，今日上榜的营业部中，共有2家机构专用席位现身，即买五、卖四、卖五，合计买入金额 2.79亿元，卖出金额4.21亿元，合计净卖出1.42亿元，深股通为第一大买入营业部及第一大卖出营业 部，买入金额为5.65亿元，卖出金额为4.51亿元，合计净买入1.14亿元。 | 买/卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 深股通专用 | 56525.22 | 45117.59 | | 买二 | 国泰海通证券股份有限公司宜昌沿江大道证 ...

Market Overview - The total market turnover exceeded 2.88 trillion yuan, an increase of 493 billion yuan compared to the previous trading day, with over 2,100 stocks rising [2] Sector Performance - The sectors that saw the highest gains included photoresists, coal mining and processing, storage chips, photolithography machines, and controllable nuclear fusion, while brain-computer interfaces and internet insurance sectors experienced collective adjustments [3] - The coal sector continued to rise, with stocks such as Dayou Energy, Shanxi Black Cat, and Antai Group hitting the daily limit, while Zhengzhou Coal Electricity, Lu'an Environmental Energy, and Shanxi Coking Coal also showed significant gains [6][8] Notable Stocks - Reiko Defense achieved a "6 consecutive limit up" and topped the A-share hot stock list, closing at 16.71 yuan per share, with a total market value exceeding 22 billion yuan. The stock has seen a cumulative increase of over 188% since the upward trend began on November 24, 2025 [3][5] - The controllable nuclear fusion sector saw strong gains, with companies like Hongxun Technology, Xue Ren Group, China Nuclear Construction, and Guoji Heavy Equipment hitting the daily limit [9] Coal Industry Insights - According to Guohai Securities, the supply constraints in the coal mining industry remain unchanged, while demand may fluctuate. The industry is expected to see improvements in supply-demand relationships by 2026, with policies supporting price increases and profitability recovery [8] - Leading coal companies exhibit characteristics of high profitability, high cash flow, high asset quality, high dividends, and high barriers to entry, making them attractive for investment [8] Controllable Nuclear Fusion Developments - Energy Singularity Company announced significant progress with its high-temperature superconducting Tokamak nuclear fusion experimental device, achieving a stable long-pulse plasma operation for 120 seconds, marking a milestone in commercial nuclear fusion technology [12] - Northeast Securities anticipates that the controllable nuclear fusion industry is transitioning from experimental validation to commercial demonstration, with expectations for demonstration power generation by the mid-21st century [12]

雷科防务今日涨停，成交额132.30亿元，换手率65.12%，盘后龙虎榜数据显示，深股通专用席位买入 5.65亿元并卖出4.51亿元，有2家机构专用席位净卖出1.42亿元。 ...

Group 1 - The core point of the article is that Beili Leike (Xi'an) Innovation Incubator Co., Ltd. has increased its registered capital from 10 million to 60 million yuan, marking a 500% increase [1] - The company's business scope has been updated to include sales of intelligent unmanned aerial vehicles, integrated circuits, satellite mobile communication terminals, radar and supporting equipment manufacturing, and navigation terminal sales [1] - Beili Leike (Xi'an) Innovation Incubator Co., Ltd. was established in August 2019 and is wholly owned by Leike Defense (002413) [1]

Group 1 - The commercial aerospace concept stocks have shown significant activity, with LeiKe Defense (002413) hitting the daily limit up [1] - Other stocks such as Beifang Navigation (600435), Tongyu Communication (002792), Galaxy Electronics (002519), and Chengjian Development (600266) also previously reached the daily limit up [1] - Additional companies like Tianli Composite, Aerospace Development (000547), Aerospace Electric (002025), Hualing Cable (001208), Beidou Star (002151), Const (300445), Aerospace Huanyu, and Shenjian Co. (002361) continued to rise [1]

Market Overview - On January 6, the three major indices collectively rose, with the Shanghai Composite Index reaching a ten-year high, closing up 1.5% [1] - The total trading volume in A-shares reached 2.83 trillion yuan, an increase of 265 billion yuan compared to the previous trading day [1] - Over 4,100 stocks in the market rose, with 143 stocks hitting the daily limit, marking the second consecutive day of over a hundred stocks reaching the limit [1] - The commercial aerospace and brain-computer interface concepts continued to show strong performance [1] Company Announcements - China Satellite announced that its stock price has risen 156.07% since December 3, 2025, significantly outpacing the 23.92% increase in the military industry and 5.31% in the Shanghai Composite Index, indicating a potential overvaluation [3] - China Satellite warned of high trading risks due to market sentiment and irrational speculation, stating that its stock price is detached from its fundamentals [3] - China Satcom also indicated that its stock price has significantly deviated from its fundamentals, with a notable "hot potato" effect in trading, suggesting a high risk of a price drop [4] - Beidou Star Communication noted that its stock price has deviated by over 20% in the last three trading days, highlighting the high market interest in commercial aerospace concepts, while its main business includes satellite navigation products [5] - LeiKe Defense reported a 58.10% increase in stock price over five consecutive trading days, with no significant changes in fundamentals, indicating potential market overheating [6] - Aerospace Electronics announced a 123.23% increase in stock price since November 27, 2025, significantly higher than industry and index increases, warning of trading risks [7] - Aerospace Universe stated that its stock price has risen significantly, with a projected commercial aerospace revenue contribution of less than 15% for 2025 [8] - Aerospace Changfeng clarified that it does not engage in brain-computer interface or commercial aerospace businesses, despite being categorized as such [10] - Sanbo Brain Science indicated that it does not involve in the research or sales of brain-computer interface products, with minimal impact on its overall revenue [13] - Xiangyu Medical is focusing on non-invasive brain-computer interface technology, with no significant sales achieved yet [14] - Mylande announced that its brain-computer interface products are still in the research and development phase, with no major impact on its financial performance [15] - Fenglong Co. reported a 94.92% increase in stock price over seven consecutive trading days, warning of high speculation risks and potential trading halts if prices continue to rise [20][23]

Investment Rating - The report rates the defense and military industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [26]. Core Insights - The external geopolitical situation has increased attention on the military industry, which is currently undervalued and under-allocated. The industry is expected to gradually improve due to the ongoing "14th Five-Year Plan" and favorable foreign trade expectations, suggesting a new round of market activity [3][4]. - The "14th Five-Year Plan" aims to achieve high-quality modernization of national defense and military forces, indicating that the military industry is entering a new cycle of quality and quantity improvement [3]. - The report anticipates that the military industry's fundamentals will continue to improve in the first half of 2026, with a recovery in orders and performance expected to return to normal [3]. - The report highlights the IPO of Blue Arrow Aerospace, which is expected to raise 7.5 billion yuan, marking a golden development period for commercial aerospace [3]. - The report emphasizes the importance of domestic demand growth and technological advancements in driving investment opportunities within the military sector [3]. Market Review - Last week, the Shenwan Defense and Military Index rose by 3.05%, while the CSI Military Leaders Index increased by 4.29%. In comparison, the Shanghai Composite Index rose by 0.13%, the CSI 300 fell by 0.59%, and the ChiNext Index dropped by 1.25% [4][11]. - The defense and military sector's 3.05% increase ranked second among 31 Shenwan primary industry sectors [4]. - The top five performing stocks in the defense and military sector last week were: - Leike Defense: +33.09% - China Satellite Communications: +26.21% - China Satellite: +18.69% - Aerospace Development: +17.22% - Aerospace Morning Light: +14.87% [11]. - Conversely, the bottom five performing stocks were: - Tianjian Technology: -18.92% - *ST Aowei: -14.11% - Zhongguang Defense: -8.17% - Jianglong Shipbuilding: -7.10% - *ST Zhisheng: -4.50% [12]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 91.39, placing it in the 73.38% valuation percentile since January 2014, and in the 99.41% percentile since January 2019. The aerospace and aviation equipment sectors are noted to be at relatively high valuation levels since 2020 [12][13].

| 证券代码：002413 | 证券简称：雷科防务 | 公告编号：2026-002 | | --- | --- | --- | | 债券代码：124012 | 债券简称：雷科定02 | | 北京雷科防务科技股份有限公司 一、股票交易异常波动情况 公司（证券名称：雷科防务，证券代码：002413）股票连续 3 个交易日内（2025 年 12 月 31 日、2026 年 1 月 5 日、2026 年 1 月 6 日）收盘价格涨幅偏离值累计 达到 20%以上，根据《深圳证券交易所交易规则》的相关规定，属于股票交易异 常波动的情况。 二、公司关注及核实情况说明 针对公司股票交易异常波动的情况，公司对相关事项进行了核实，现就有关 情况说明如下： 1、截至本公告日，公司前期披露的信息不存在需要更正、补充之处； 股票交易异常波动公告 本公司及董事会全体成员保证本公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、北京雷科防务科技股份有限公司（以下简称"公司"）股票自 2025 年 12 月 29 日至 2026 年 1 月 6 日连续 5 个交易日涨停，累计涨幅偏离值（深证 A 股指 数）达 ...

Group 1: Commercial Aerospace - China Aerospace Science and Technology Corporation's commercial rocket subsidiary increased its registered capital from 1 billion to 1.396 billion yuan, with a 77.6% increase in investment from the parent company [5] - Blue Arrow Aerospace is aiming to become the first publicly listed commercial rocket company, with the commercial aerospace sector expected to enter a golden development period [9] - The low-orbit satellite internet in China is set to enter mass launch construction in the second half of 2025, with significant acceleration in industry development anticipated by 2026 [11] Group 2: Brain-Computer Interface - The first fully implanted, wireless, and fully functional brain-computer interface product in China has successfully completed its first clinical trial [20] - The brain-computer interface industry is expected to reach a market size of over 10 billion USD by 2030, with companies like Haige Communication and Xiangyu Medical seeing significant stock price increases [22] - Xiangyu Medical is focusing on non-invasive rehabilitation and exploring invasive technologies, with plans to cover over 1,000 top-tier hospitals by 2026 [24] Group 3: Financial Sector - The National Financial Regulatory Administration has lowered risk factors for long-term holding assets, which is expected to cultivate patient capital and support technological innovation [30] - The financial sector is experiencing strong performance, with stocks like Zhina Compass seeing a significant increase in value due to market expectations of a bull market [31] Group 4: Intelligent Driving - Nvidia plans to test a driverless taxi service by 2027, indicating advancements in autonomous driving technology [33] - The first batch of L3 autonomous vehicles in China has begun large-scale road operation, with companies like Wanjite Technology benefiting from this trend [34] - The automatic driving technology is moving towards mass production applications, with companies like Haoen Automotive seeing stock price increases [36]