Market Analysis - The A-share market is experiencing a volatile upward trend with significant trading volume, as the Shanghai Composite Index closed at 4136.16 points, up 0.33%, and the Shenzhen Component Index rose 0.79% to 14439.66 points, with a total market turnover of 3.12 trillion, an increase of approximately 400 billion (+14.8%) from the previous trading day [2][5][7] - The market is characterized by a broad-based rally, with 3938 stocks rising and 1389 falling, indicating a strong profit-making effect [2] Sector Performance - The photovoltaic equipment sector led the market with a significant increase of 9.95% in the photovoltaic selection index, driven by new market hotspots in space photovoltaics, following support from Tesla's CEO Elon Musk at the World Economic Forum [5][9] - The commercial aerospace sector also showed strength, with several stocks hitting the daily limit, supported by upcoming events and the launch of China's first commercial manned spacecraft [5][9] - Conversely, the financial sector faced pressure, with the optical module and insurance selection indices declining by 2.24% and 1.81%, respectively, reflecting a continued shift in market style [5][7] Policy and Market Trends - The market is currently driven by a dual engine of policy and industry trends, with high trading volumes indicating active capital flow from undervalued financial sectors to high-growth sectors, particularly in small and mid-cap growth stocks [7][13] - The report suggests focusing on sectors such as photovoltaics (including space photovoltaics and HJT technology), commercial aerospace, and precious metals (gold and silver), while being cautious of pure concept stocks that may face delisting risks [7][13] Bond Market - The bond market saw a slight increase in government bond futures, with the 30-year main contract rising by 0.07% to close at 112.30 yuan, supported by a net liquidity injection of 1 trillion yuan by the central bank this month [7][9] - The central bank's actions indicate a clear expectation of continued monetary easing, which is expected to support bond prices [7][9] Commodity Market - The commodity market is maintaining an upward trend, with the Nanhua Commodity Index rising by 1.14%, driven by precious and new energy metals, while some sectors like energy and agricultural products faced localized pressure [7][9] - Silver prices are approaching the $100 mark, with the main contract closing at 24,965 yuan/kg, reflecting strong demand driven by both financial and industrial factors [7][9] Trading Hotspots - Recent hot sectors include AI applications, commercial aerospace, nuclear fusion, quantum technology, brain-computer interfaces, robotics, and consumer goods, with a focus on policy support and technological advancements [10][13] - The report emphasizes the importance of monitoring developments in these sectors, particularly in terms of application scenarios and project progress [10][13]

证券代码：002865 证券简称：钧达股份 公告编号：2026-008 海南钧达新能源科技股份有限公司 （三）早期投资及合同履约风险 本次投资属于早期参股投资，目标公司为新设主体，尚无自主经营历史与完 整财务数据，未来经营成果、盈利能力及估值成长均存在较大不确定性，公司能 否通过本次投资实现预期收益或顺利退出存在风险。 关于对外投资参股上海星翼芯能科技有限公司事项的补充公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 海南钧达新能源科技股份有限公司（以下简称"公司"或"钧达股份"）于 2026 年 1 月 15 日披露《关于对外投资参股上海星翼芯能科技有限公司的公告》（公 告编号：2026-004），公告公司与上海星翼芯能科技有限公司（以下简称"星翼芯 能"）及其创始团队、原股东等相关方签署《增资协议》及《股东协议》，公司 以现金出资人民币 3,000 万元，认购星翼芯能新增注册资本人民币 46.1539 万元， 获得星翼芯能 16.6667%的股权。现就相关事项补充公告如下： 一、风险提示 （一）技术不确定性风险 公司虽长期深耕光伏电池技术的研发与产业化 ...

格隆汇1月23日｜钧达股份(002865.SZ)公告，此前披露，公司以现金出资3000万元认购星翼芯能新增注 册资本46.1539万元，获得星翼芯能16.6667%的股权。现就相关事项补充公告。公司虽长期深耕光伏电 池技术的研发与产业化，但在面向太空极端环境的光伏产品适配能力、航天领域技术验证资源及行业应 用经验等方面，尚无成熟积累。钙钛矿光伏技术虽在超轻量化、低成本、高抗辐照性等方面展现出潜在 优势，但其在太空极端环境下的长期可靠性、量产一致性及综合成本效益仍有待充分验证。太空光伏行 业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，若未来出现更具竞争力的 技术路线，或竞争对手率先实现技术突破与规模化应用，可能对目标公司的市场地位带来挑战。本次投 资属于早期参股投资，目标公司为新设主体，尚无自主经营历史与完整财务数据，未来经营成果、盈利 能力及估值成长均存在较大不确定性，公司能否通过本次投资实现预期收益或顺利退出存在风险。 ...

Market Performance - The photovoltaic industry chain saw significant gains, with stocks like Junda Co. (002865) rising over 51%, and several others including Kaisheng New Energy (600876) and Xinyi Solar gaining over 10% [1] - The photovoltaic index in A-shares increased by 7.46%, with nearly 50 stocks hitting the daily limit or rising over 10% [1] - Longi Green Energy (601012) reached a closing price of 19.35 CNY per share, with a total market capitalization of 146.6 billion CNY [2] Industry Trends - The photovoltaic index has surged over 24% in the past month, with stocks like Junda Co., Aotewi, and Maiwei Co. doubling in price [2] - Elon Musk expressed strong support for space photovoltaic technology during the World Economic Forum, revealing plans for a solar manufacturing capacity of 100 GW annually within three years [2] Company Developments - Companies in the Yangtze River Delta are actively exploring opportunities in space photovoltaics, with JinkoSolar and Trina Solar announcing plans to accelerate the commercialization of perovskite technology [3] - Junda Co. plans to invest 30 million CNY for a 16.67% stake in Shanghai Xingyi Chip Energy, focusing on low-orbit and space photovoltaic applications [4] - Dongfang Risheng highlighted the need for solar wings in satellite energy systems to adapt to market demands and cost pressures, emphasizing the advantages of crystalline silicon photovoltaic cells [3][4] Technological Insights - Research indicates that traditional fossil fuels face significant storage and supply challenges in space, while nuclear energy has complexities that hinder scalability [4] - Photovoltaic technology is seen as a viable solution for energy needs in extreme space environments due to its sustainability and stability [4] Market Caution - Despite the excitement around space photovoltaics, there are warnings about potential bubbles in the market, with concerns over the technology's commercial viability and the challenges of large-scale implementation [5][6] - The industry faces hurdles in technology maturity, cost control, and regulatory frameworks, which could impact the future of space photovoltaic projects [6]

钧达股份公告称，此前已披露以3000万元现金出资，认购上海星翼芯能科技有限公司新增注册资本 46.1539万元，获其16.6667%股权。此次进行补充公告，提示多项风险，包括技术不确定性风险，相关 技术及产品处于研发验证阶段，可能面临研发进展不及预期等问题；业务不确定性风险，在太空光伏领 域未形成稳定客户储备，无在手订单；还有早期投资及合同履约、市场、政策环境等方面的风险。 ...

记者丨王达毓 编辑丨蒋韵 视频丨许婷婷 2025年以来，商业航天赛道火力全开。 根据国家航天局数据，2025年我国共完成50次商业航天发射，占全年宇航发射总数的54%。 市场的火爆直观反映在资本市场。 1月23日，商业航天概念反复活跃，28只概念股涨停，瑞华泰、乾照光电、飞沃科技、臻镭科技、东方日升等7股20CM涨 停，中国卫星、航天电子、西部材料、钧达股份等同步涨停。 2025年，商业航天指数（886078.TI）上涨73.13%。其中2025年底启动的行情更使其成为市场"最靓的崽"。 国家队与航天央企的传统主导格局被打破，赛道商业化进程提速，不仅吸引大批VC加码布局，资本市场也迎来不少新的入 局者，产业资本密集入场。 根据投中嘉川CVSource数据，CVC投资商业航天企业事件数由2023年的19起增长至2025年的35起，近乎翻倍。 上述35起事件中，种子轮和天使轮共9起，A轮及A轮系列（包括Pre-A轮、A轮、A+轮）共16起，而2024年投向种子轮、天 使轮、A轮的事件仅为15起。无论从绝对值还是比例来说，2025年CVC投向商业航天都出现了更加投早、投小的趋势。 从被投企业所在地看，北京表现最为突 ...

多只热门龙头股本周遭到主力资金大幅撤离。 今日（1月23日），A股全天窄幅震荡，三大指数集体上涨。截至收盘，沪指小幅上涨0.33%，最新报4136.16点；深证成指上涨0.79%，创业板指上涨 0.63%。市场全天成交31181.08亿元，较昨日放量4017.03亿元。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 科创综指 | | 4136.16 | 14439.66 | 1899.78 | | +13.59 +0.33% | +112.61 +0.79% | +34.43 +1.85% | | 万得全A | 创业板指 | 北证50 | | 6893.11 | 3349.50 | 1588.66 | | +66.05 +0.97% | +20.86 +0.63% | +58.42 +3.82% | | 沪深300 | 中证500 | 中证A500 | | 4702.50 | 8590.17 | 5935.11 | | -21.21 -0.45% | +202.57 +2.42% | +23.34 +0.39% | | 中证1000 | 深 ...

Market Overview - The Shanghai Composite Index closed at 4136.16 points, up 0.33%, with a trading volume of 1.3369 trillion yuan. The Shenzhen Component Index rose 0.79% to 14439.66 points, with a trading volume of 1.7484 trillion yuan. The ChiNext Index increased by 0.63% to 3349.50 points, with a trading volume of 822.63 billion yuan. The STAR Market 50 Index closed at 1553.71 points, up 0.78%, with a trading volume of 110.8 billion yuan. The total trading volume of both markets was 3.0853 trillion yuan, an increase of 393.5 billion yuan compared to the previous trading day [1]. Sector Performance - The market saw more sectors gaining than losing, with notable increases in power equipment, non-ferrous metals, precious metals, defense and military, steel, media, computer, environmental protection, and textile and apparel sectors. Concepts such as perovskite batteries, commercial aerospace, satellite internet, sapphire, lithium mining, cultivated diamonds, small metals, gold, and interactive short dramas were particularly active. In contrast, sectors like communication, insurance, banking, coal, and home appliances experienced declines [1]. Individual Stock Performance - A total of 3707 stocks rose, while 1336 stocks fell, with 134 stocks remaining flat and 6 stocks suspended. Excluding newly listed stocks, there were 120 stocks hitting the daily limit up and 2 stocks hitting the limit down [2]. - Among the stocks that hit the daily limit up, 23 stocks had consecutive limit-up days of 2 or more, with Fenglong Co., Ltd. leading with 18 consecutive limit-ups [3]. Capital Flow - The net capital outflow from the two markets was 4.167 billion yuan, with the ChiNext seeing a net inflow of 1.515 billion yuan. The CSI 300 index experienced a net outflow of 1.005 billion yuan, while the STAR Market saw a net outflow of 3.171 billion yuan. Out of 31 sectors, 13 sectors had net capital inflows, with the power equipment sector leading with a net inflow of 8.977 billion yuan [4][6]. - The top sectors with net inflows included non-ferrous metals (4.552 billion yuan), media (2.173 billion yuan), and defense and military (2.157 billion yuan). Conversely, the communication sector had the highest net outflow of 7.992 billion yuan, followed by electronics (6.350 billion yuan) and machinery (5.077 billion yuan) [4][6]. Notable Stocks - 191 stocks had net capital inflows exceeding 1 billion yuan, with Jin Feng Technology receiving the highest net inflow of 1.861 billion yuan. Other notable stocks included Lens Technology (1.594 billion yuan), Qian Zhao Optoelectronics (1.267 billion yuan), and Xian Dao Intelligent (1.217 billion yuan) [7][8]. - Conversely, 116 stocks experienced net capital outflows exceeding 1 billion yuan, with Xin Yi Sheng leading with a net outflow of 3.471 billion yuan, followed by Zhong Ji Xu Chuang (3.103 billion yuan) and Li Ou Shares (2.604 billion yuan) [10][11]. Institutional Activity - Institutional investors had a net selling of approximately 1.02 billion yuan, with 22 stocks seeing net purchases and 14 stocks net sales. Jin Feng Technology was the most purchased stock by institutions, with a net purchase amount of approximately 266 million yuan [13][14].

恒指报收26749.51点，涨0.45%，恒生科技指数报收5798.01点，涨0.62%。黄金股领涨，紫金黄金国际 涨超8%，赤峰黄金涨超7%。商业航天概念股活跃，钧达股份涨超51%，亚太卫星涨超14%。科技股多 数上涨，小米集团涨2.84%，阿里巴巴涨2.25%，京东集团涨0.79%。（AI生成） ...

每经AI快讯，1月23日，香港恒生指数收涨0.45%，恒生科技指数涨0.62%。商业航天概念上涨，钧达股 份涨超51%，亚太卫星涨超14%，金风科技涨超10%；黄金板块上涨，紫金黄金国际涨超8%，赤峰黄金 涨超7%；中国黄金国际、老铺黄金涨超6%。 ...