Investment Rating - The report maintains an "Overweight" rating for the aerospace and military industry, as well as for the steel sector [5]. Core Insights - The rapid development of commercial aerospace is driving demand for aerospace stainless steel and high-temperature alloys, which are becoming the new material system for rockets [1][4]. - Stainless steel is increasingly being adopted for rocket structures due to its cost-effectiveness, high-temperature resistance, and ease of processing, while high-temperature alloys are essential for engine components [1][3][4]. - The transition from aluminum alloys to a combination of stainless steel and high-temperature alloys is a significant trend in rocket material evolution, driven by the need for cost reduction and performance enhancement [9][10]. Summary by Sections Historical Context - Historically, aluminum alloys dominated rocket materials, with limited use of stainless steel and high-temperature alloys [1][2]. Current Status - The current rocket material landscape is transitioning from aluminum dominance to the integration of stainless steel and high-temperature alloys, particularly in reusable rocket designs [2][3]. Future Outlook - The future of rocket technology is expected to favor stainless steel and high-temperature alloys due to their superior properties, which are essential for the evolving demands of rocket design and operation [3][4]. Investment Conclusion - The report suggests focusing on companies involved in the supply of stainless steel for rocket tanks and components, as well as leading enterprises in high-temperature alloy production [4][19]. - Key companies identified include Fushun Special Steel, Aerospace Materials, and others that have established a strong foothold in the aerospace materials supply chain [4][19]. Demand Analysis - The demand for rockets is anticipated to surge due to the rapid growth of low Earth orbit satellite constellations, which will drive the need for increased launch frequency and scale [4][45]. Supply Analysis - The supply side of aerospace stainless steel is characterized by high customization and segmentation, with early movers likely to benefit from structural growth opportunities [4][19]. - High-temperature alloy suppliers face significant barriers to entry, indicating a favorable competitive landscape for established players [4][19].

（编辑 楚丽君） 证券日报网讯 1月22日，钢研高纳在互动平台回答投资者提问时表示，技术专利是公司构筑核心技术壁 垒、保护自主研发成果、支撑资质认定与项目申报、巩固市场竞争优势的关键载体，具有不可替代的战 略价值。 ...

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]

Core Viewpoint - The aviation equipment sector experienced a significant increase of 3.83% on January 22, with Triangular Defense leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - The aviation equipment sector saw a net inflow of 2.963 billion yuan from main funds, while retail investors experienced a net outflow of 2.038 billion yuan [1] Group 2: Individual Stock Performance - Triangular Defense (300775) closed at 39.49, with a remarkable increase of 19.99% and a trading volume of 1.086 million shares, amounting to 4.103 billion yuan [1] - Other notable performers included: - Aileda (300696) with a closing price of 34.05, up 13.58% [1] - Steel Research Tube (300034) at 23.50, up 12.98% [1] - Jianghang Equipment (688586) at 15.68, up 10.04% [1] - Beimo High-tech (002985) at 41.98, up 10.01% [1] - Aviation Power Technology (600391) at 53.36, up 10.00% [1] Group 3: Fund Flow Analysis - The main funds showed a net inflow for Triangular Defense of 550 million yuan, while retail funds had a net outflow of 220 million yuan [2] - Other stocks with significant fund flows included: - Aviation Control (000738) with a net inflow of 189 million yuan from main funds [2] - North Mo High-tech (002985) with a net inflow of 168 million yuan from main funds [2]

类型：有限责任公司(非自然人投资或控股的法人独资) 统一社会信用代码：91130681MA7EC0P580 证券代码：300034 证券简称：钢研高纳 公告编号：2026-006 北京钢研高纳科技股份有限公司 关于全资子公司涿州高纳德凯科技有限公司注销完成的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 为优化资源配置及组织结构，降低管理成本，提高运营效率，根据公司实际 经营情况和业务发展规划，北京钢研高纳科技股份有限公司（以下简称"公司"） 决定注销下属全资子公司涿州高纳德凯科技有限公司（以下简称"涿州高纳"）。 根据《深圳证券交易所创业板股票上市规则》及《公司章程》等有关规定， 本次注销事项在经营管理层审批权限内，无需提交董事会、股东会审议。本次注 销事项不构成关联交易，亦不构成《上市公司重大资产重组管理办法》规定的重 大资产重组。 近日，公司收到涿州市行政审批局出具的《登记通知书》（（涿）登字[2026] 第 399 号），准予涿州高纳注销登记，涿州高纳目前已完成简易注销登记手续。 一、注销全资子公司的基本情况 公司名称：涿州高纳德凯科技有限公司 住 ...

Group 1 - The A-share market saw a positive performance in the afternoon, with the aerospace sector showing strong gains, particularly the Aerospace ETF (159227), which rose by 3.83% and achieved a trading volume of 5.33 billion yuan, making it the largest in its category [1] - Key stocks in the aerospace sector, such as Triangle Defense, Beimo High-Tech, and Aero Engine Corporation, reached their daily limit, while Steel Research High-Tech increased by over 12% [1] - The Aerospace ETF has reached a total scale of 29.75 billion yuan, making it the largest in its category [1] Group 2 - Recent updates from three commercial aerospace companies, including Xinghe Power, Xingji Glory, and Tianbing Technology, regarding their listing guidance, along with the acceptance of Blue Arrow Aerospace's IPO application and the completion of guidance filing by China Aerospace, indicate that five core enterprises focused on launch vehicles are preparing to compete for the title of "first commercial aerospace stock" [1] - According to Ping An Securities, the aerospace sector is recognized as an important new productive force in the country, benefiting from government support, technological advancements, and supply chain development, leading to an acceleration in space launch tasks [1] - The continuous decrease in rocket launch costs and the maturation of recovery technologies are expected to further expedite the rocket launch process [1] Group 3 - The Aerospace ETF (159227) closely tracks the National Aerospace Index, covering leading companies across the entire industry chain, including fighter jets, aircraft engines, rockets, missiles, satellites, and radars, aligning perfectly with the strategic direction of "integrated air and space" [2] - The ETF includes emerging fields such as large aircraft, commercial aerospace, and low-altitude economy, with a high commercial aerospace content of 70.19% [2]

Core Viewpoint - The A-share market is experiencing a surge in nuclear energy stocks following U.S. President Trump's announcement of significant developments in nuclear energy, including the signing of an executive order to approve the construction of multiple nuclear plants [1] Group 1: Stock Performance - Zhongchao Holdings (002471) and CITIC Heavy Industries (601608) both saw a maximum increase of 10.04%, with total market values of 10.6 billion and 36.6 billion respectively [2] - Great Wall Electric (600192) increased by 10.00%, with a market value of 4.956 billion [2] - China Uranium Industry (001280) rose by 7.28%, with a market value of 191.5 billion and a year-to-date increase of 52.00% [2] - Aerospace Technology (688239) and沃尔核材 (002130) increased by 5.18% and 5.14% respectively, with market values of 1.33 billion and 41 billion [2] - Other notable increases include Changfu Co. (920396) at 4.85%, Shanghai Electric (601727) at 4.36%, and China Power (600482) at 4.18% [2] Group 2: Market Trends - The overall trend indicates a strong interest in nuclear energy stocks, likely driven by the U.S. government's renewed focus on nuclear energy development [1] - The year-to-date performance of several companies in the nuclear sector shows significant growth, with some companies like China Uranium Industry and CITIC Heavy Industries achieving over 20% increases [2]

Group 1 - The military industry sector showed strong performance on January 22, with the China Securities Military Industry Index constituents experiencing significant gains, including a 20% limit up for Triangle Defense and over 13% increase for Steel Research High-tech [1][4] - The military ETF Huabao (512810) surged by 2.45%, with trading volume quickly surpassing 21 million yuan [2][8] - The upcoming Third Beijing Commercial Aerospace Industry High-Quality Development Promotion Conference, scheduled for January 23-24, aims to discuss new opportunities in commercial aerospace development [4][10] Group 2 - The 14th Five-Year Plan emphasizes the high-quality advancement of national defense and military modernization, accelerating the upgrade of advanced weaponry and equipment, indicating a new development period for military equipment [4][10] - China's global competitiveness in shipbuilding, aerospace, and satellite navigation has been steadily improving, positioning the national defense and military industry as a crucial area for new productive forces [4][10] - The military ETF Huabao (512810) covers various popular themes such as commercial aerospace, low-altitude economy, large aircraft, satellite navigation, military information technology, and controllable nuclear fusion, serving as an efficient tool for investing in core military assets [4][10]

富国中证军工龙头ETF（512710）成立日期2019年7月23日，最新规模146.9亿。今年以来收益10.93%， 同类排名968/5542；近一年收益46.97%，同类排名1456/4256；成立以来收益73.37%。 富国中证军工龙头ETF（512710）基金经理为王乐乐、牛志冬。 截至发稿，王乐乐累计任职时间10年169天，现任基金资产总规模506.48亿元，任职期间最佳基金回报 149.75%， 任职期间最差基金回报-97.19%。 1月22日，钢研高纳涨5.05%，截至发稿，报21.85元/股，成交2.12亿元，换手率1.28%，总市值174.14亿 元。 资料显示，北京钢研高纳科技股份有限公司位于北京市海淀区大柳树南村19号，成立日期2002年11月8 日，上市日期2009年12月25日，公司主营业务涉及从事航空航天、电力、汽车、冶金、玻璃制造、核电 等工业材料中高温材料的研发、生产和销售,制造高温、耐热合金铸件设备。主营业务收入构成为：铸 造合金制品69.36%，变形合金制品24.71%，新型合金制品5.55%，其他(补充)0.38%。 从钢研高纳十大流通股东角度 数据显示，富国基金旗下1只基 ...

Group 1 - The A-share market saw a strong performance in nuclear energy stocks, with companies like Zhongchao Holdings, CITIC Heavy Industries, and Great Wall Electric reaching their daily limit up [1] - President Trump announced that the U.S. is "strongly" developing nuclear energy and has signed an executive order to approve the construction of multiple new nuclear plants [1] Group 2 - Notable stock performances include Zhongchao Holdings and CITIC Heavy Industries both increasing by 10.04%, with market capitalizations of 10.6 billion and 36.6 billion respectively [2] - China Uranium Industry rose by over 7%, while other companies like Aerospace Technology and Wolong Nuclear Materials increased by over 5% [1][2] - Year-to-date performance shows China Uranium Industry with a 52% increase, while CITIC Heavy Industries has risen by 21.4% [2]