格隆汇1月29日｜A股市场商业航天股集体回调，其中，北化股份、火炬电子跌停，鸿远电子、通达股 份、坤恒顺维跌超8%，高德红外、顺灏股份跌超7%，九鼎新材、宝钛股份、腾景科技、长盈通、乾照 光电、长光华芯、华丰科技跌超6%。 ...

Investment Rating - The report maintains an "Overweight" rating for the commercial aerospace industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The commercial aerospace industry is expected to undergo a significant transformation by 2026, driven by advancements in launch capabilities and the successful deployment of domestic rockets, which will remove previous constraints on industry growth [8][9]. - The competition in commercial aerospace is fundamentally a "land grab" for space sovereignty and resource allocation, emphasizing the need for increased launch frequency to secure China's position in low Earth orbit [10]. - The report highlights the strategic importance of commercial aerospace in national defense and resource acquisition, particularly in the context of lunar resources like Helium-3, which could reshape global energy dynamics [12]. - Key catalysts for the industry include domestic policy support and capital market developments, with significant IPOs expected from leading aerospace companies in 2026 [13][15]. Summary by Sections 1. Why has the domestic commercial aerospace industry reached a qualitative change? - The industry has transitioned from a limited payload capacity to a robust launch capability, marked by the successful launch of the Zhuque-3 rocket, which signifies a shift from speculative themes to a narrative driven by operational capacity [8]. 2. How to understand the importance of commercial aerospace? - The scarcity of low Earth orbit resources has made the commercial aerospace race a critical national strategy, with the need to enhance launch frequency to secure space assets and maintain competitive advantages [10][11]. 3. What subsequent catalysts are worth paying attention to in commercial aerospace? 3.1. Domestic: Accelerated release of policy and capital dividends - The report anticipates significant policy support and capital market activity, with major aerospace companies expected to enter the IPO market in 2026, reflecting the strategic importance of the sector [13]. 3.2. International: Clear policy framework and tight planning timeline - The U.S. has shifted from a public to a private ownership model for space resources, establishing a legal framework that encourages commercial investment in space resource development [15][16]. 4. Investment Recommendations 4.1. SpaceX Concept - Companies that could potentially enter the SpaceX supply chain are highlighted, indicating a strong future in commercial aerospace [17]. 4.2. Rocket Sector: "Many Stars, Few Rockets" Expected to Breakthrough - The report suggests that advancements in large-capacity reusable rocket technology will lead to significant changes and valuation adjustments in the sector [19]. 4.3. Satellite Sector: Certainty in Implementation - The urgency to secure low Earth orbit resources is driving domestic satellite constellations from planning to large-scale deployment [20]. 4.4. Space Computing and Space Photovoltaics: Next-Generation Core Tracks - The report identifies space computing and space photovoltaics as critical future sectors, emphasizing their role in supporting lunar economies and global intelligence ecosystems [22].

Group 1: Industry Overview - The company is optimistic about the space computing industry, which involves deploying powerful computing capabilities in space, such as installing high-performance computing units on satellites to process vast amounts of data locally [2][3] - The global demand for computing power is experiencing exponential growth, driven by advancements in artificial intelligence, big data, and cloud computing [2][3] - Training an advanced AI model consumes electricity equivalent to the annual usage of thousands of households, highlighting the significant energy demands of large data centers [2][3] Group 2: Investment and Strategic Moves - In June 2025, the company invested 110 million RMB in Beijing Orbit Chuangguang Technology Co., Ltd., which focuses on deploying computing satellites in the Earth's dawn-dusk orbit to create space data centers [3][4] - Following the investment, the company's stake in Orbit Chuangguang increased from 19.30% to 28.68% after a capital increase of approximately 74.98 million RMB [6] Group 3: Technological Developments - Orbit Chuangguang's technology aligns with global trends in space computing, utilizing 24/7 solar power and advanced cooling technologies to address energy supply and heat dissipation challenges [4] - Recent advancements include the successful launch of the Starcloud-1 satellite by Starcloud, which conducted the first data center-level GPU operations in space [5] Group 4: Future Prospects and Challenges - The first experimental satellite "Chuangguang-1" has been developed but is yet to be launched due to various factors affecting launch schedules [7] - The company anticipates steady operational performance in 2025, with its specialty anti-counterfeiting paper and printing businesses being the main revenue contributors [8]

Market Overview - The packaging and printing sector experienced a decline of 1.14% on January 26, with Huayuan Holdings leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Notable gainers in the packaging and printing sector included: - Dashengda (603687) with a closing price of 11.59, up 4.32% on a trading volume of 230,100 shares and a turnover of 261 million yuan [1] - Shunhao Co. (002565) closed at 16.97, up 2.97% with a trading volume of 1,873,500 shares and a turnover of 3.096 billion yuan [1] - Major decliners included: - Huayuan Holdings (002787) which fell 6.05% to a closing price of 12.90, with a trading volume of 218,600 shares and a turnover of 286 million yuan [2] - Zhongrui Co. (002374) decreased by 5.18% to 3.48, with a trading volume of 487,600 shares and a turnover of 172 million yuan [2] Capital Flow - The packaging and printing sector saw a net outflow of 329 million yuan from institutional investors, while retail investors contributed a net inflow of 224 million yuan [2] - Specific stock capital flows indicated: - Shunhao Co. had a net inflow of 39.85 million yuan from institutional investors, while retail investors saw a net inflow of 46.56 million yuan [3] - Hongbo Co. (002229) experienced a net inflow of 24.44 million yuan from institutional investors but a net outflow of 44.19 million yuan from retail investors [3]

Group 1 - The stock of Shunhao Co., Ltd. fell by 5.83% on January 26, closing at 15.52 yuan per share, with a trading volume of 340 million yuan and a turnover rate of 1.99%, resulting in a total market capitalization of 16.451 billion yuan [1] - Shunhao Co., Ltd. specializes in the research, production, processing, and sales of products such as vacuum aluminum-coated paper, composite film paper, white cardboard, printed materials, and cigarette polypropylene fiber bundles, with the main business revenue composition being: printed materials 48.07%, aluminum-coated paper 30.03%, others (supplementary) 8.51%, composite film paper 5.56%, others 3.93%, optical anti-counterfeiting film 2.02%, new tobacco 1.65%, and white cardboard 0.23% [1] Group 2 - According to data from the top ten holdings of funds, one fund under Jiahe Fund holds Shunhao Co., Ltd. The Jiahe Jinyuan Return Mixed A Fund (011015) held 73,600 shares in the fourth quarter, accounting for 3.43% of the fund's net value, ranking as the seventh largest holding [2] - The Jiahe Jinyuan Return Mixed A Fund (011015) was established on March 23, 2021, with a latest scale of 29.7248 million yuan. Year-to-date return is 11.04%, ranking 1736 out of 9003 in its category; the one-year return is 25.37%, ranking 5005 out of 8185; and since inception, the return is 3.17% [2] Group 3 - The fund manager of Jiahe Jinyuan Return Mixed A Fund (011015) is Li Chao, who has been in the position for 4 years and 212 days. The total asset scale of the fund is 171.89 billion yuan, with the best fund return during his tenure being 15.86% and the worst being -11.57% [3]

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]

Market Performance - The packaging and printing sector increased by 2.29% on January 23, with Kangxin New Materials leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Individual Stock Performance - Kangxin New Materials (600076) closed at 4.22, up 9.90%, with a trading volume of 926,000 shares and a transaction value of 381 million [1] - Jiamei Packaging (002969) closed at 23.17, up 8.52%, with a transaction value of 2.094 billion [1] - Shunhao Co., Ltd. (002565) closed at 16.48, up 5.98%, with a transaction value of 2.905 billion [1] - Other notable performers include Yinglian Co., Ltd. (002846) up 5.39% and Zhongrui Co., Ltd. (002374) up 5.16% [1] Capital Flow Analysis - The packaging and printing sector experienced a net outflow of 40.439 million from institutional investors and 83.3317 million from retail investors, while retail investors saw a net inflow of 124 million [2] - The capital flow for individual stocks shows that Kangxin New Materials had a net inflow of 10.9 million from institutional investors, but a net outflow from retail investors [3] - Other stocks like Zijiang Enterprise (600210) and Baosteel Packaging (601968) also showed mixed capital flows, with Zijiang having a net inflow of 56.8885 million from institutional investors [3]

Group 1 - The company, Shunhao Co., Ltd. (002565), stated on its interactive platform that it will not disclose the number of shareholders at non-periodic report times to ensure fair information rights for all investors [1]

Group 1 - The A-share market experienced a rebound in the afternoon of January 22, with all three major indices turning positive, and the ChiNext index showing strong performance [2] - The commercial aerospace sector saw significant gains, with 27 constituent stocks hitting the daily limit, including Tengjing Technology, Keshun Shares, and Triangle Defense, all reaching a 20% limit up [2] - News reports indicate that Elon Musk is actively advancing SpaceX's IPO plan, aiming to complete it by July this year, after previously resisting the idea [2] Group 2 - A primary motivation for Musk's push for the IPO is to secure the necessary funding to establish a data center in space, which would be a pioneering effort [2] - Musk believes that the SpaceX IPO will also help his AI company, xAI, to catch up with competitors in the industry [2]

Market Performance - The packaging and printing sector increased by 1.49% on January 22, with Jia Mei Packaging 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] Top Gainers - Jia Mei Packaging (002969) closed at 21.35, up 9.99% with a trading volume of 1.139 million shares [1] - Shunhao Co., Ltd. (002565) closed at 15.55, up 9.97% with a trading volume of 1.4706 million shares [1] - Wangzi New Materials (002735) closed at 20.03, up 5.31% with a trading volume of 422,500 shares [1] Top Losers - Kangxin New Materials (600076) closed at 3.84, down 9.86% with a trading volume of 1.5169 million shares [2] - Zhuhai Zhongfu (000659) closed at 4.42, down 5.56% with a trading volume of 763,200 shares [2] - Global Printing (002799) closed at 9.38, down 3.00% with a trading volume of 289,900 shares [2] Capital Flow - The packaging and printing sector saw a net inflow of 101 million yuan from institutional investors, while retail investors experienced a net inflow of 1.4648 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Shunhao Co., Ltd. (002565) had a net inflow of 278 million yuan from institutional investors, while retail investors saw a net outflow of 14.9 million yuan [3] - Wangzi New Materials (002735) experienced a net inflow of 71.7173 million yuan from institutional investors, with retail investors facing a net outflow of 68.2631 million yuan [3] - Yongji Co., Ltd. (603058) had a net inflow of 40.7319 million yuan from institutional investors, while retail investors had a net outflow of 36.7394 million yuan [3]