| 宁德时代 | -1.43 | -10.26亿元 | 电池 | | --- | --- | --- | --- | | 中国卫通 | -10 | -9.71亿元 | 通信服多 | | 蓝色光标 | 0.92 | -9.28亿元 | 文化传媒 | | 中国长城 | -5.8 | -9.07亿元 | 计算机设 | | 乾照光电 | 8.55 | -8.97亿元 | 光学光电 | | 捷佳伟创 | -1.86 | -8.90亿元 | 光伏设备 | | 航天发展 | -9.99 | -8.86亿元 | 通信设管 | | 铜陵有色 | 10.06 | -7.96亿元 | 有色金属 | | 岩山科技 | -5.04 | -7.68亿元 | 互联网服 | *数据仅供参考，不构成投资建议 | 股票名称 | 涨跌幅 (%) | 主力资金流向 | 所属行 | | --- | --- | --- | --- | | 航天电子 | -9.98 | -38.16亿元 | 航天航空 | | 中国卫星 | -10 | -25.95亿元 | 航天航空 | | 信维通信 | -10.05 | -18.59亿元 | 消费电子 | | 三花智控 ...

（文章来源：每日经济新闻） 每经AI快讯，1月26日，商业航天板块午后持续走低，海格通信、航天动力、润贝航科、沃格光电、江 顺科技等股跌停。 ...

国防军工行业 行业研究 | 行业周报 星网管理层正式调整，大规模招标近期或 将开启，继续看好商业航天表现 核心观点 投资建议与投资标的 国家/地区 中国 行业 国防军工行业 报告发布日期 2026 年 01 月 26 日 看好（维持） | 罗楠 | 执业证书编号：S0860518100001 | | --- | --- | | | luonan@orientsec.com.cn | | | 021-63326320 | | 冯函 | 执业证书编号：S0860520070002 | | | fenghan@orientsec.com.cn | | | 021-63326320 | | 鲍丙文 | 执业证书编号：S0860124070016 | | --- | --- | | | baobingwen@orientsec.com.cn | | | 021-63326320 | | 商业航天近期调整不改中长期产业趋势， | 2026-01-19 | | --- | --- | | 关注大飞机国际化认证进展 | | | 我国新申请近 20 万颗卫星轨道资源，凸显 | 2026-01-11 | | 加速低轨空间建设的决 ...

1月26日早盘，军工板块快速走低，军工ETF华宝（512810）小幅高开后直线回落，现跌近3%，止步三 连涨。成份股方面，商业航天概念股领跌，海格通信跌逾9%，航天电子、中科星图、中国卫星、航天 南湖等多股跌超8%。 市场分析人士指出，市场对春节前流动性的谨慎预期叠加部分机构调仓换股，引发市场风格切换，避险 情绪升温。军工板块聚集较多商业航天翻倍股，短期获利了结压力集中释放加剧板块波动。 光大证券认为，春节前市场将会保持震荡，难以保持稳定的趋势，这主要与春节之前投资者交易热度有 所下行，以及微观流动性短期趋紧有关。从历史情况来看，春节前20个交易日，主要指数上涨概率不足 50%。预计春节之后市场将会迎来新一轮上行动力。策略上，建议投资者近期以稳为主，但仍应持股过 节。主题方面，可继续关注商业航天。 【投军工，选"八一"】代码有"八一"的军工ETF华宝（512810）（原国防军工ETF）覆盖"商业航天、 低空经济、大飞机、卫星导航、军工信息化、可控核聚变"等诸多热门主题，同时是融资融券+互联互 通标的，是一键投资军工核心资产的高效工具。 数据来源： iFinD ，截至 2026.1.18 。上述含量占比指数分别 ...

Core Insights - The report emphasizes the ongoing prosperity in the commercial aerospace and military sectors, highlighting opportunities in overseas markets and the importance of technological advancements in the industry [2][3] Group 1: Industry Overview - The commercial aerospace sector is experiencing upward momentum, driven by SpaceX's advancements in reusable rocket technology, which could reduce space access costs by 100 times [13] - The military aviation sector is expected to benefit from increased demand for large aircraft and military trade, with significant growth anticipated in 2026 [14] - The report identifies a focus on supply chain reforms and the integration of AI technologies as key trends shaping the future of the defense and aerospace industries [15] Group 2: Investment Recommendations - The report recommends companies that align with the "S-curve" evolution, focusing on supply chain reforms and automation, including firms like航发动力 (Aero Engine Corporation) and 中航沈飞 (AVIC Shenyang Aircraft Corporation) [15] - Companies positioned for expansion in military trade and civil aviation, such as 国睿科技 (Guorui Technology) and 中国动力 (China Power), are highlighted for their growth potential [15] - Emerging industries like commercial aerospace, AI, and quantum computing are also recommended, with firms like 睿创微纳 (Ruichuang Micro-Nano) and 菲利华 (Feilihua) noted for their innovative capabilities [15] Group 3: Company Valuations and Financial Analysis - 航发动力 (Aero Engine Corporation) is projected to have a 2025E EPS of 0.22 CNY, with a PE ratio of 216.82 for 2025 [6] - 中航高科 (AVIC High-tech) is expected to achieve a 2025E EPS of 0.90 CNY, with a PE ratio of 29.16 for 2025 [6] - The report provides detailed financial metrics for various companies, indicating growth in EPS and improvements in PE ratios across the sector, reflecting a positive outlook for the defense and aerospace industries [6]

Group 1 - The core viewpoint of the report emphasizes that the demand for AI computing power will continue to grow and diversify in 2026, extending from data centers to network edges and even internal terminals [8][13][27] - The report highlights the significant capital expenditure (Capex) growth driven by business revenue, with major cloud service providers like Google, Microsoft, and Amazon showing consistent revenue growth exceeding 20% year-on-year [27][31][35] - The report identifies the increasing importance of silicon photonics technology, particularly the 1.6T optical module, which is expected to maintain accelerated growth and enhance the global market share of domestic optical chips and devices [7][54][70] Group 2 - The report discusses the emergence of new technologies such as Scale-UP supernodes and their impact on optical link demand, indicating that these technologies will drive additional link requirements in 2026 [7][9][66] - It notes that the AI infrastructure is experiencing a high level of prosperity, with significant investments in data centers and AI capabilities expected to continue, particularly in the U.S. [47][49][53] - The report anticipates that the integration of silicon photonics will significantly increase its market penetration, projecting that by 2026, over half of optical module sales will come from silicon photonics solutions [70][75]

海格通信搭上此次商业航天板块的热潮，主要源自公司旗下西安驰达承制的"九天"无人机完成首飞。 2025年12月11日，"九天"无人机在陕西蒲城圆满完成首飞任务。据媒体报道，"九天"无人机由陕西无人 装备科技有限责任公司委托，航空工业第一飞机设计研究院设计、海格通信持股56.4050%的西安驰达 飞机零部件制造股份有限公司承制。 海格通信曾表示，此次首飞成功标志着我国大型无人机技术实现新突破，其规模化应用将加速产业链与 创新链的协同融合，为低空经济高质量发展注入新质生产力动能，助力航空产业创新升级。不过，"九 短短一个月内，海格通信股价出现过山车式的大起大落。在2025年12月以来商业航天板块的持续高热过 程中，海格通信股价则曾快速上涨，在一个月内就实现翻倍，是一时风头无两的大牛股。然而，1月14 日公告2025年业绩预计将出现上市以来首度亏损后，海格通信股价连续下挫，截至1月20日收盘，海格 通信股价18.10元，跌6.70%，较1月14日高点26.62元已累计跌去32%，为此，海格通信还在当晚发布了 股票交易异常波动公告。 海格通信的亏损并非没有预兆。2024年，海格通信业绩就已出现明显下滑，2025年上半年 ...

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]

昨日沪深两市的融资融券余额为27003.83亿元，其中融资余额26830.44亿元，融券余额173.39亿元。两市融资融券余额较前一交易日减少136.8亿元。分市场 来看，沪市两融余额为13644.95亿元，相较前一交易日减少76.94亿元；深市两融余额13358.87亿元，相较前一交易日减少59.87亿元。 两市共有3478只个股有融资资金买入，其中特变电工、中际旭创、新易盛排名前三，买入金额分别29.12亿元、23.59亿元、20.75亿元。融资买入额前10个股 详情见下表： 一、证券市场回顾 南财金融终端数据显示，昨日（1月20日，下同）上证综指日内下跌0.01%，收于4113.65点，最高4128.93点；深证成指日内下跌0.97%，收于14155.63点，最 高14337.12点；创业板指日内下跌1.79%，收于3277.98点，最高3347.94点。 二、融资融券情况 昨日龙虎榜营业部净买入额前10详情见下表： | 证券代码 | 证券简称 | 龙虎榜净买入额(万元) | | --- | --- | --- | | 002716.SZ | 湖南白银 | 12554.74 | | 300242.SZ ...

证券日报网讯1月20日，海格通信（002465）在互动平台回答投资者提问时表示，在卫星通信领域，公 司深度参与天通卫星通信系统，新一代卫星通信系统与国家卫星互联网重大工程。是特殊机构市场地面 终端的主流供应商和优势企业，已实现了全产业链的布局，包括芯片、终端、信关站和系统运营。公司 近年来持续加大芯片领域研发投入，自主研制的射频、基带芯片已通过用户验证，成为卫星互联网关键 芯片供应商；民用市场正在积极布局运营商、行业和消费市场，天通芯片已经应用于众多主流手机厂 家，在"手机直连"基础上，也在积极拓展"汽车直连"市场，与国内知名汽车厂商建立了合作关系。先后 中标了用户产品化窄带数据终端和窄带手持终端，多款通信和导航增强终端已通过在轨测试验证，部分 终端已交付用户试用。目前公司已完成某信关站建设和空口自动化测试系统部署与试运行，将有力支撑 低轨卫星数据落地和系统运营管理。同时，公司也在积极布局空间段新领域，凭借已有的技术和市场优 势，从核心部件切入，拓展卫星通信载荷领域，开拓新市场和新利润增长点。 ...