Group 1 - The Shanghai Composite Index closed at 4136.16 points, above the five-day moving average, with a gain of 0.33% [1] - The total trading volume of A-shares reached 31,181.08 billion yuan [1] - A total of 1,091 A-shares have prices that surpassed the five-day moving average, with notable stocks including Dongfang Risheng, Jinko Solar, and Xinke Mobile, showing divergence rates of 16.59%, 15.85%, and 15.78% respectively [1] Group 2 - The top stocks with significant divergence rates from the five-day moving average include: - Dongfang Risheng (300118) with a price increase of 20.00% and a divergence rate of 16.59% [1] - Jinko Solar (688223) also increased by 20.00% with a divergence rate of 15.85% [1] - Xinke Mobile (688387) rose by 18.41% with a divergence rate of 15.78% [1] - Other notable stocks with divergence rates include: - Jiejia Weichuang (300724) at 20.00% increase and 15.34% divergence [1] - Ruichuang Micro (688002) with a 20.00% increase and 14.83% divergence [1]

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index closing at 4133.58 points, above the five-day moving average, reflecting a gain of 0.27% [1] Group 1: Market Performance - The total trading volume of A-shares reached 19,136.04 billion yuan [1] - A total of 961 A-shares have prices that surpassed the five-day moving average [1] Group 2: Individual Stock Performance - Notable stocks with significant deviation rates from the five-day moving average include: - Dongfang Risheng (300118) with a deviation rate of 16.59% and a price increase of 20.00% [2] - Jiejia Weichuang (300724) with a deviation rate of 15.34% and a price increase of 20.00% [2] - Ruichuang Weina (688002) with a deviation rate of 14.83% and a price increase of 20.00% [2] - Other stocks with notable performance include: - Jingke Energy (688223) with a deviation rate of 14.43% and a price increase of 18.09% [2] - Guosheng Tang (300436) with a deviation rate of 14.19% and a price increase of 20.00% [2]

Market Performance - The satellite internet sector experienced a significant increase, with the sector rising by 4.72% as of the report's publication [1] - Leading stocks included Ruichuang Micro-Nano, which surged by 20.00%, and several others such as Tongyu Communication and Aerospace Electronics, which hit the daily limit [1][2] Industry Trends - The core market speculation is driven by the accelerated commercialization of satellite internet, with expectations for new developments from overseas giants and steady progress in domestic low-orbit satellite networks [2] - The third Beijing Commercial Space Industry High-Quality Development Promotion Conference and the 2026 Beijing International Commercial Space Exhibition will take place from January 23 to 25, featuring over 300 global companies [3] Technological Developments - SpaceX plans to launch its second-generation Starlink system in 2027, with the approval to deploy 7,500 new satellites capable of achieving internet speeds of up to 1 Gbps [4] - Blue Origin announced its TeraWave satellite communication network, consisting of 5,408 satellites, set to launch in Q4 2027, offering symmetrical data transmission speeds of up to 6 Tbps [4] Related Industries - The demand for low-orbit satellite networks is increasing, with domestic satellite production capabilities improving, leading to a potential expansion of the industry scale [6] - There is a pressing need for high-performance RF chips for satellite communication, particularly those supporting direct satellite connections for mobile devices, benefiting from technological advancements [6] - Ground terminal equipment is essential for the commercialization of satellite internet, with companies capable of developing and manufacturing these devices expected to see growth opportunities [6] - The satellite internet sector can address communication gaps in remote areas, with increasing demand for high-bandwidth services from enterprises and government users, indicating a broad long-term growth potential for companies in this space [6]

Core Insights - The report emphasizes the importance of discovering investment opportunities with a proactive attitude rather than merely relaying information [1] Macro News Summary - The Ministry of Industry and Information Technology (MIIT) supports local governments in building future industries and increasing government investment fund efforts [4] - MIIT will promote collaborative innovation across the entire supply chain for advanced materials [4] - The Ministry of Housing and Urban-Rural Development supports reasonable financing needs of real estate companies and addresses both rigid and improved housing demands of residents [4] Industry Developments - Glass substrates are expected to become the next generation of core materials for advanced packaging, replacing traditional organic substrates, with related stocks including Di'er Laser (300776) and Hongtian Co., Ltd. (603800) [5] - Six departments have extended tax and fee incentives for the childcare industry, indicating a potential boom for the maternal and infant sector, with related stocks including Kidswant (301078) and Aiyingshi (603214) [5] - Several banks have recently launched satellites, accelerating the operational value of the satellite industry, with related stocks including Hangyu Micro (300053) and Aerospace Hongtu (688066) [5] Company Focus - Ruike Laser (300747) is taking measures to resist malicious low-price sales and irregular channel sales that disrupt market pricing [6] - Betta Pharmaceuticals (300558) is progressing steadily with multiple clinical studies for MCLA-129 [6] - Zhongke Chuangda (300496) has reached a strategic cooperation with the Beijing Humanoid Robot Innovation Center through its subsidiary Xiaowu Intelligent [6] - Ningbo Bank (002142) is continuously accumulating differentiated competitive advantages, with a steady expansion of profit scale expected by 2025 [6] Market Review and Outlook - On January 21, the market experienced a pullback after a rise, with the Shanghai Composite Index closing at 4116.94, up 0.08%, and the Shenzhen Component Index at 14255.13, up 0.70% [7] - The total trading volume in the Shanghai and Shenzhen markets was 2.6 trillion, a decrease of 177.1 billion from the previous trading day [7] - The market is expected to shift from a "fund-driven" rapid growth model to a "performance-driven" slow bull market, with macroeconomic improvements and corporate profit recoveries as key drivers for mid-term upward trends [7] - It is advised to maintain balanced allocations across sectors, focusing on non-ferrous metals, technology growth, new energy, and dividend stocks [7]

Group 1 - The A-share market saw a strong performance in storage chip concept stocks, with notable gains from companies such as Yingfangwei and Yiyaton, both reaching the daily limit up, and Guanghe Technology rising by 7% [1] - Major US storage companies, including Micron Technology, Western Digital, Seagate Technology, and SanDisk, reached historical highs in the overnight market [1] - Major storage manufacturers, including Winbond and Nanya Technology, have signed long-term supply agreements (LTA) that typically lock in volume without locking in prices, extending the duration from one year to at least two years, with some clients discussing frameworks for cooperation extending close to 2030 [1] Group 2 - Yingfangwei (000670) increased by 10.05% with a total market value of 8.692 billion and a year-to-date increase of 39.43% [2] - Yiyaton (002183) rose by 10.02% with a total market value of 14.5 billion and a year-to-date increase of 17.65% [2] - Guanghe Technology (001389) saw a rise of 7.09% with a total market value of 43.5 billion and a year-to-date increase of 25.30% [2] - Other notable companies include Lankai Technology (688008) with a 6.86% increase and a market value of 196 billion, and Zhongjing Electronics (002579) with a 6.13% increase and a market value of 7.952 billion [2] - The overall trend indicates a positive outlook for the storage chip sector, with expectations of price increases for storage products in the first and second quarters of 2026 as stated by Baiwei Storage [1]

公司股东颜军先生保证向本公司提供的信息内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 珠海航宇微科技股份有限公司（以下简称"公司"）于 2025 年 12 月 23 日披露 了《关于股东减持股份计划的预披露公告》（公告编号：2025-070），公司持股 5%以上股东暨公司名誉董事长、首席科学家颜军先生自减持计划披露之日起十五 个交易日后的三个月内以集中竞价或大宗交易等方式，减持公司股份不超过 11,540,000 股（占公司总股本比例为 1.66%），其中通过集中竞价减持的股份不超 过 4,950,000 股（占公司总股本比例为 0.7103%），通过大宗交易减持的股份比例 不超过 6,590,000 股（占公司总股本比例为 0.9457%）。 公司于近日收到股东颜军先生出具的《股份减持计划进展情况告知函》，获 悉公司股东颜军先生于 2026 年 1 月 16 日至 2026 年 1 月 19 日期间通过集中竞价 和大宗交易方式合计减持公司股份 6,573,500 股，占公司总股本比例为 0.9433%。 本次减持后，颜军先生权 ...

Market Overview - The semiconductor sector experienced a decline of 0.7% on January 20, with Hangyu Micro leading the losses [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Notable gainers in the semiconductor sector included: - Zhongwei Semiconductor (688380) with a closing price of 41.35, up 19.99% and a trading volume of 198,400 shares, totaling 799 million yuan [1] - Gu Zhong Technology (688352) closed at 16.68, up 16.32% with a trading volume of 834,800 shares, totaling 1.312 billion yuan [1] - Yingjixin (60Z8889) closed at 25.22, up 12.24% with a trading volume of 365,700 shares, totaling 908 million yuan [1] - Conversely, significant decliners included: - Hangyu Micro (300053) closed at 19.53, down 10.25% with a trading volume of 1,054,300 shares, totaling 2.132 billion yuan [2] - Jumo Technology (688270) closed at 183.00, down 8.96% with a trading volume of 279,100 shares, totaling 5.221 billion yuan [2] - Shengke Communication (688702) closed at 135.42, down 6.39% with a trading volume of 63,500 shares, totaling 870 million yuan [2] Capital Flow - The semiconductor sector saw a net outflow of 2.035 billion yuan from institutional investors, while retail investors experienced a net outflow of 444 million yuan [2] - In contrast, speculative funds recorded a net inflow of 2.479 billion yuan [2] Individual Stock Capital Flow - Notable capital flows included: - Lanqi Technology (688008) with a net inflow of 371 million yuan from institutional investors, while retail investors saw a net outflow of 284 million yuan [3] - Demingli (001309) had a net inflow of 346 million yuan from institutional investors, with retail investors experiencing a net outflow of 163 million yuan [3] - Tongfu Microelectronics (002156) recorded a net inflow of 341 million yuan from institutional investors, while retail investors had a net outflow of 246 million yuan [3]

Core Viewpoint - The commercial aerospace sector experienced a significant downturn on January 20, with many stocks hitting their daily limit down, marking the end of a month-long rally. The sector's volatility is attributed to a combination of policy changes, clarifications of business relevance, and recent launch failures [1][2][3]. Market Performance - As of January 20, the commercial aerospace sector index (BK0963) fell over 3.2%, with individual stocks like Xice Testing (301306.SZ) and Aerospace Hongtu (688066.SH) dropping more than 11%. A total of 11 stocks hit their daily limit down, while others like Aerospace Huanyu (688523.SH) and Shenglu Communication (002446.SZ) saw declines exceeding 8% [2][3]. - The index has decreased from above 3100 points on January 12 to around 2790 points, ending a rapid rise that began in late November 2025, during which at least 10 stocks doubled in price [2][3]. Factors Influencing Market Changes - The recent market cooling is attributed to multiple factors, including over 20 companies issuing risk warnings or clarifications about their lack of substantial involvement in commercial aerospace. For instance, Aerospace Hongtu stated that its strategic cooperation with a space technology company has not led to any significant business collaboration [3][6]. - The sector faced setbacks with launch failures, including the Long March 3B rocket and the private commercial rocket from Star River Power, which both experienced mission failures [3][4]. Policy and Industry Developments - The previous surge in the sector was driven by favorable policies, such as China's application for 203,000 new satellites, the largest in recent years, and the Shanghai Stock Exchange's announcement allowing commercial rocket companies to apply for IPOs under specific standards [4][5]. - Recent developments indicate that several companies with core technology capabilities are in the IPO preparation stage, although many have not yet gone public [6][7]. Financial Challenges - Financial data reveals significant challenges for companies in the sector. For example, Blue Arrow Aerospace reported net losses of 8.21 billion yuan in 2022, 12.16 billion yuan in 2023, and 9.16 billion yuan in 2024, with a total loss exceeding 35 billion yuan over three and a half years [7][8]. - The commercial viability of these companies is hindered by their early-stage development and the high costs associated with rocket technology, which still lag behind international competitors [8]. Future Outlook - Despite the recent downturn, long-term prospects for the commercial aerospace sector remain positive, with industry experts suggesting that the current market correction may help identify companies with genuine technological capabilities and commercial potential [9]. - Analysts believe that the sector may experience a recovery similar to the renewable energy market, driven by ongoing policy support and potential improvements in profitability [9].

第4笔成交价格为18.82元，成交16.00万股，成交金额301.12万元，溢价率为-13.51%，买方营业部为国 泰海通证券股份有限公司深圳红荔西路证券营业部，卖方营业部为广发证券股份有限公司珠海紫荆路证 券营业部。 1月19日，航宇微收涨6.35%，收盘价为21.76元，发生14笔大宗交易，合计成交量254.5万股，成交金额 4853.7万元。 第1笔成交价格为18.82元，成交17.00万股，成交金额319.94万元，溢价率为-13.51%，买方营业部为招 商证券股份有限公司西安北大街证券营业部，卖方营业部为广发证券股份有限公司珠海紫荆路证券营业 部。 第2笔成交价格为18.82元，成交16.00万股，成交金额301.12万元，溢价率为-13.51%，买方营业部为招 商证券股份有限公司西安北大街证券营业部，卖方营业部为广发证券股份有限公司珠海紫荆路证券营业 部。 第3笔成交价格为18.82元，成交35.00万股，成交金额658.70万元，溢价率为-13.51%，买方营业部为机 构专用，卖方营业部为广发证券股份有限公司珠海紫荆路证券营业部。 第9笔成交价格为18.82元，成交15.00万股，成交金额282 ...

Group 1 - The commercial aerospace sector is experiencing a partial recovery, with notable stock performance from companies such as Jiuding New Materials and Yuexiu Capital reaching the daily limit increase [1] - Guangyun Technology saw a significant rise of over 15%, indicating strong investor interest in the sector [1] - Other companies like Su Shi Testing, Hangyu Micro, Chaojie Co., and Feiwo Technology also experienced upward momentum in their stock prices [1]