Core Viewpoint - JunDa Co., Ltd. (002865) experienced a significant stock increase, rising over 14% at one point and currently up 12.33% to HKD 32.98, with a trading volume of HKD 473 million [1] Group 1: Industry Developments - China Aerospace Science and Technology Corporation's commercial rocket division held a 2026 work meeting, emphasizing the need to successfully launch and recover main rockets and to advance reusable technology [1] - The commercial space market in China is expanding rapidly, with over 250,000 satellite applications submitted, indicating a vast market potential [1] - The global space market is projected to exceed USD 800 billion by 2030, driven by increasing competition for space resources [1] Group 2: Company Initiatives - JunDa Co., Ltd. is strategically investing in low Earth orbit and space photovoltaic sectors, recently announcing a cash investment of RMB 30 million for a 16.67% stake in Shanghai Xingyi Chip Energy, becoming its second-largest shareholder [1] - A joint venture will be established to focus on CPI films and products combining CPI films with crystalline silicon batteries, targeting the low Earth orbit and space photovoltaic markets [1] - The company has a strong foundation in crystalline silicon manufacturing and is expected to achieve new growth in the global low Earth orbit satellite and space computing power industries [1]

Core Viewpoint - JunDa Co., Ltd. (02865) experienced a significant stock price increase, rising over 14% at one point and closing up 12.33% at HKD 32.98, with a trading volume of HKD 473 million [1] Group 1: Industry Developments - China Aerospace Science and Technology Corporation held a 2026 annual work meeting, emphasizing the importance of successfully launching and recovering main rockets and advancing reusable technology [1] - The commercial space market in China is expanding rapidly, with over 250,000 satellite applications, and the global aerospace market is projected to exceed USD 800 billion by 2030 [1] Group 2: Company Strategy - Dongwu Securities noted that the company is strategically positioned in low Earth orbit and space photovoltaic sectors, recently announcing a cash investment of RMB 30 million for a 16.67% stake in Shanghai Xingyi Chip Energy, becoming its second-largest shareholder [1] - A joint venture will be established to focus on CPI films and products combining CPI films with crystalline silicon batteries, aiming to enter the low Earth orbit and space photovoltaic markets [1] - The company has a strong foundation in crystalline silicon manufacturing and is expected to achieve new growth in the global low Earth orbit satellite and space computing industries [1]

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].

格隆汇1月28日丨根据联交所最新权益披露资料显示，2026年1月23日，钧达股份(02865.HK)获JPMorgan Chase & Co.以每股均价34.2187港元增持好仓139.84 万股，涉资约4785.11万港元。 | 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的股每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 分散目 | | | (請參閱 (亦***)有投票權股 (日/日/年) | | | | | | | | | 份自分市 | | | CS20260128E00212 | JPMorgan Chase & Co. | 1001(L) | | 1.398,390(L | HKD 34.2187 | 3.234.490(L) 5.09(L)23/01/2026 | | | | | 1403(S) | | 503,400(S) | | 1,885,100(S) | 2.97(S) | | | | | | | | ( ...

| 代码 | 名称 | | 涨幅% ↑ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 300118 | 东方日升 | 1 | -7.33 | 242亿 | 44.95 | | 603806 | 福斯特 | | -5.34 | 463亿 | 27.08 | | 002865 | 钧达股份 | 1 | -5.08 | 289亿 | 80.97 | | 002506 | 协鑫集成 | 1 | -4.61 | 206亿 | 25.71 | | 688599 | 天合光能 | 长 | -4.53 | 464亿 | 19.58 | | 605117 | 德业股份 | 1 | -4.40 | 820亿 | 4.64 | | 600537 | 亿闘米甲 | | -4.14 | 38.35亿 | -22.12 | | 300274 | 阳光电源 | 1 | -4.01 | 3148亿 | -11.23 | | 300554 | 三超新材 | 报 | -3.80 | 29.51亿 | 11.43 | | 603398 | *ST沐邦 | | -3.10 | ...

Group 1 - Dongfang Risen announced that its stock price had deviated by 30.10% over two consecutive trading days, indicating abnormal trading conditions. The company clarified that its photovoltaic products are not directly supplied to commercial aerospace satellite companies, and the application of "space photovoltaic" is still in the exploratory stage with uncertainties in industrialization [1] - Maiwei Co. reported a cumulative stock price deviation of over 30% over three consecutive trading days, also indicating abnormal trading conditions. The company emphasized that its main products are solar cell production equipment, including screen printing equipment and heterojunction cell production lines, and warned investors about the potential impact of market heat on future business expansion [1][2] - Junda Co. stated that its stock price had deviated by 20% over three consecutive trading days, indicating abnormal trading conditions. The company confirmed that its operations are normal and that the new fields it is exploring are still in the technical exploration phase, facing uncertainties in market space and industrialization pace [1][3] Group 2 - The recent market interest in "space photovoltaic" concepts has led to increased heat in related sectors, prompting companies to remind investors to be cautious about speculative risks and to maintain rational investment approaches [2]

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable amounts withdrawn from companies across different sectors, particularly in the electric equipment and battery industries [1][2][3]. Group 1: Major Stocks with Capital Outflows - TBEA Co., Ltd. experienced a capital outflow of 1.452 billion yuan, with a decline in stock price of 4.09% [2]. - Zhejiang Wenlian reported a capital outflow of 992 million yuan, with a stock price decrease of 1.28% [2]. - Hunan Silver saw a capital outflow of 900 million yuan, with a stock price increase of 2.82% [2]. - Tongling Nonferrous Metals had a capital outflow of 873 million yuan, with a stock price increase of 2.91% [2]. - Dongfang Fortune experienced a capital outflow of 817 million yuan, with a stock price decrease of 1.63% [2]. Group 2: Additional Stocks with Notable Outflows - Leading Intelligent reported a capital outflow of 733 million yuan, with a stock price decrease of 2.7% [2]. - Tianji Co., Ltd. faced a capital outflow of 666 million yuan, with a significant stock price drop of 9.09% [2]. - Xinyi Communication had a capital outflow of 613 million yuan, with a stock price increase of 0.73% [2]. - Tianci Materials saw a capital outflow of 570 million yuan, with a stock price decrease of 5.28% [2]. - Wangsu Science & Technology experienced a capital outflow of 558 million yuan, with a stock price decrease of 3.56% [2]. Group 3: Other Companies with Capital Outflows - Longi Green Energy reported a capital outflow of 547 million yuan, with a stock price decrease of 0.93% [3]. - Dufeng Co., Ltd. faced a capital outflow of 533 million yuan, with a stock price decrease of 7.35% [3]. - China Satellite had a capital outflow of 515 million yuan, with a stock price decrease of 1.62% [3]. - Contemporary Amperex Technology experienced a capital outflow of 458 million yuan, with a stock price decrease of 0.89% [3]. - Salt Lake Potash reported a capital outflow of 437 million yuan, with a stock price decrease of 2.67% [3].

Core Viewpoint - JunDa Co., Ltd. (002865) has experienced a significant decline in stock price, dropping over 30% from its recent high, with a current trading price of 31.54 HKD and a trading volume of 523 million HKD [1] Group 1: Company Actions - JunDa announced an investment of 30 million CNY to acquire a 16.6667% stake in Shanghai Xingyi Chip Energy Technology Co., Ltd. by subscribing to an increase in registered capital of 461,539 CNY [1] - This investment marks a strategic shift from ground-based photovoltaic technology to space-based photovoltaic technology [1] Group 2: Market and Technology Outlook - The company indicated that the newly entered fields are still in the technology exploration phase, with significant uncertainty regarding future market potential and industrialization pace [1] - There are risks associated with technological iterations and intensified market competition, as the relevant business is currently in the research and development stage [1] - The company has no existing orders and faces uncertainty in future market development progress, with the current investment unlikely to have a significant impact on the company's immediate operating performance [1]

值得注意的是，钧达股份近日再发公告称，公司近期布局的领域目前仍处于技术探索阶段，未来市场空 间与产业化节奏存在较大不确定性，可能面临技术路线迭代与市场竞争加剧等风险。目前，相关业务正 处于研发阶段，公司尚无在手订单，未来市场开拓进展存在不确定性。相关投资不会对公司当期经营业 绩产生重大影响，对未来长期业绩的影响尚存在不确定性。 智通财经APP获悉，钧达股份(02865)再跌超15%，较昨日高点已跌超30%。截至发稿，跌13.45%，报 31.54港元，成交额5.23亿港元。 消息面上，钧达股份1月14日公告称，拟以现金出资3000万元，参股上海星翼芯能科技有限公司，认购 星翼芯能46.1539万元新增注册资本并获其16.6667%股权，启动从地面光伏向太空光伏的战略延伸。 ...

智通财经APP获悉，香港联交所最新资料显示，1月26日，钧达股份(02865)股东将股票由中信证券经纪 香港转入香港上海汇丰银行，转仓市值2.30亿港元，占比9.29%。 钧达股份公布，公司A 股股票(证券简称：钧达股份，证券代码：002865)连续 3 个交易日内(2026 年 1 月 22 日、2026 年 1 月 23 日、2026 年 1 月 26 日)收盘价格涨幅累计偏离值达到 20%。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。 ...