[Table_Title] 证券研究报告 / 公司深度报告 泛射频解决方案提供商，多领域布局未来可期 报告摘要： [Table_Summary] 全球领先的一站式泛射频解决方案提供商。信维通信是国内小型天线行 业发展的领跑者，主要致力于研发和生产移动通信设备终端各类型天线， 包括手机天线/GPS/WIFI/手机电视/无线网卡/AP 天线等。公司积极围绕 射频技术，拓展高性能射频连接器及为解决整机 EMC/EMI 的精密五金 部件、LDS 产品、音频产品及音/射频模组等，新材料天线零部件如 NFC、 无线充电、无线支付模组等新品已批量交货。公司业务多元布局，正加 速迈向"消费电子+卫星通信+智能汽车+N"的多业务发展阶段。 消费电子业务进展迅速。公司消费电子行业产品包括天线系列、被动元 件、无线充电、接触类弹片、精密连接器等，可应用于手机、电脑、平 板、VR/AR 设备等。公司自主研发的 LCP 天线模组已服务北美大客户； 天线业务继续保持市场领先；无线充电业务受益于智能手机、可穿戴设 备及智能汽车对无线充电模块、特别是支持 Qi2.x 等标准的无线充电模 块的快速渗透有望快速增长；精密结构件业务随着客户新机型 ...

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].

Investment Rating - The report maintains an "Overweight" rating for the low-altitude economy sector [3]. Core Insights - The low-altitude economy index increased by 3.70% this week, with a relative increase of 4.32%, and the average daily trading volume was 365.3 billion yuan, indicating a decrease in trading volume compared to the previous week [3][11]. - The top five performing stocks this week were Beimo Gaoke, Xinwei Communication, Hangfa Power, Chaojie Co., and Baowu Magnesium, while the bottom five were Haige Communication, Shenglu Communication, Xiaopeng Motors-W, Lais Information, and Guangqi Technology [4][16]. Industry Dynamics - Blue Sky Aviation launched the world's first 800V aviation range extender, which significantly enhances the eVTOL range to over 1000 kilometers [19]. - An eVTOL test flight and operation seminar was held in Chengdu, focusing on various aspects of the eVTOL industry, including compliance verification and pilot training [19]. - A successful fire rescue test using drones was conducted in Shenzhen, demonstrating the capability to deliver water from heights exceeding 300 meters [19]. - The RX1E-A received production certification, marking the beginning of mass production for this electric light sport aircraft [20]. Policy Dynamics - The Dongguan Transportation Bureau is seeking public opinion on a draft for the development of low-altitude economic transportation infrastructure, proposing a comprehensive infrastructure system [21]. - The Shanghai Municipal Government released interim measures for the safety management of civil unmanned aerial vehicles, which will take effect on February 1 [21][22]. Company Dynamics - Eve Air Mobility completed a $150 million five-year debt financing, increasing its total funding to $1.2 billion, aimed at eVTOL technology development and FAA certification, targeting commercialization by 2028 [23].

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].

Group 1: Market Overview - On January 26, the main funds in the Shanghai and Shenzhen markets experienced a net outflow of 757.1 billion yuan, with the ChiNext index seeing a net outflow of 281.49 billion yuan and the CSI 300 index a net outflow of 95.23 billion yuan [1] - Among the 10 primary industry sectors, the non-ferrous metals sector had the highest increase at 4.57%, followed by the petroleum and petrochemical sector at 3.18% and the coal sector at 2.07% [1] - In contrast, the defense and military industry saw the largest decline at 4.47%, with the automotive, social services, electronics, real estate, and computer sectors also experiencing declines exceeding 2% [1] Group 2: Fund Inflows and Outflows by Industry - Six industries saw net inflows of main funds, with the pharmaceutical and biotechnology sector leading at 3.29 billion yuan, followed by the communication sector at 2.519 billion yuan, and both the non-bank financial and banking sectors exceeding 1.4 billion yuan [1] - Conversely, 25 industries experienced net outflows, with the electronics, power equipment, and defense industries each seeing outflows exceeding 11 billion yuan [1] Group 3: Individual Stock Performance - Two stocks, Wangsu Science & Technology and Tianfu Communication, had significant net inflows exceeding 1.1 billion yuan, with Wangsu Science & Technology seeing a net inflow of 1.719 billion yuan and a price increase of 20.03% [2][3] - A total of 120 stocks had net inflows exceeding 100 million yuan, with 23 stocks exceeding 300 million yuan [2] - On the other hand, over 270 stocks had net outflows exceeding 1 billion yuan, with the leading outflow from Xunwei Communication at 1.946 billion yuan, followed by Goldwind Technology at 1.864 billion yuan [4][5] Group 4: End-of-Day Fund Flows - At the end of the trading day, the main funds saw a net outflow of 15.61 billion yuan, with the ChiNext index experiencing a net outflow of 6.76 billion yuan [6] - Four stocks had net inflows exceeding 1 billion yuan at the end of the day, with Hikvision leading at 1.471 billion yuan and a price increase of 1.13% [6][7] - Conversely, 25 stocks had net outflows exceeding 700 million yuan, with CATL, Weichai Power, and Tongfu Microelectronics each seeing outflows exceeding 2 billion yuan [8][9]

证券之星消息，1月26日消费电子板块较上一交易日下跌2.53%，信维通信领跌。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。消费电子板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301326 | 捷邦科技 | 110.30 | 4.85% | 2.56万 | 2.81亿 | | 300602 | 飞荣达 | 35.75 | 2.88% | 56.68万 | 19.93亿 | | 300784 | 利安科技 | 55.58 | 2.53% | 2.58万 | 1.44亿 | | 601231 | 环旭电子 | 31.23 | 2.13% | - 54.97万 | 17.21亿 | | 301285 | 鸿日达 | 76.90 | 1.56% | 3.97万 | 3.04亿 | | 603296 | 华勤技术 | 90.52 | 1.18% | 15.46万 | 14.07亿 | | 603626 | 科森科技 | 22. ...

沪指1月26日下跌0.09%，申万所属行业中，今日上涨的有10个，涨幅居前的行业为有色金属、石油石 化，涨幅分别为4.57%、3.18%。跌幅居前的行业为国防军工、汽车，跌幅分别为4.47%、2.31%。电子 行业今日下跌2.24%。 资金面上看，两市主力资金全天净流出1143.17亿元，今日有6个行业主力资金净流入，非银金融行业主 力资金净流入规模居首，该行业今日上涨0.79%，全天净流入资金34.93亿元，其次是医药生物行业，日 涨幅为0.29%，净流入资金为28.39亿元。 主力资金净流出的行业有25个，电子行业主力资金净流出规模居首，全天净流出资金277.21亿元，其次 是电力设备行业，净流出资金为203.06亿元，净流出资金较多的还有国防军工、机械设备、汽车等行 业。 电子行业今日下跌2.24%，全天主力资金净流出277.21亿元，该行业所属的个股共476只，今日上涨的有 68只；下跌的有405只，跌停的有5只。以资金流向数据进行统计，该行业资金净流入的个股有115只， 其中，净流入资金超亿元的有15只，净流入资金居首的是澜起科技，今日净流入资金6.88亿元，紧随其 后的是香农芯创、沃尔核材，净流入 ...

Core Viewpoint - The data indicates significant outflows of main funds from various stocks, particularly in the aerospace and consumer electronics sectors, reflecting a bearish sentiment among investors. Group 1: Stock Performance and Fund Flow - Aerospace stocks, such as Aerospace Electronics and China Satellite, experienced the largest fund outflows, with -38.16 billion and -25.95 billion respectively, and declines of -9.98% and -10% in their stock prices [1][2] - Other notable stocks with significant outflows include Xinwei Communication (-18.59 billion, -10.05%), Sanhua Intelligent Control (-17.72 billion, -3.89%), and Goldwind Technology (-17.69 billion, -3.99%) [1][2] - The outflow from Longi Green Energy was -15.87 billion with a stock price decrease of -1.34%, indicating a relatively smaller decline compared to others in the same sector [1][2] Group 2: Sector Analysis - The consumer electronics sector saw major outflows, particularly from companies like Xinwei Communication and Lens Technology, with outflows of -18.59 billion and -12.82 billion respectively [1][2] - The wind power equipment sector, represented by Goldwind Technology, also faced significant outflows, reflecting potential challenges in the renewable energy market [1][2] - The communication equipment sector, including companies like Haige Communication and China Satellite, showed substantial fund outflows, indicating investor caution in this area [1][3]

Core Viewpoint - The LCP-FCCL industry is transitioning from "usable" to "stable mass production," with a focus on addressing production pain points such as film thickness consistency, dielectric stability, and moisture absorption control [2][4]. Industry Development Status - The core of LCP-FCCL lies in the matching of LCP film, adhesive systems, and copper foil processes, with current challenges in achieving consistent production quality and performance [2]. - The demand for LCP-FCCL is driven by high-frequency, low-loss, and moisture-resistant characteristics, particularly in applications like 5G antennas and RF modules [3]. - Key bottlenecks include lamination, drilling, and reliability validation, with the industry facing challenges in achieving stable and cost-effective production [4]. Market Dynamics - The high-end market is primarily driven by leading companies, with domestic alternatives accelerating but showing clear segmentation [5]. - The industry is shifting from a "performance-first" approach to a "comprehensive cost-first" strategy, as LCP-FCCL prices remain higher than mainstream PI systems [6]. Development Trends - The demand for high-frequency applications continues to grow, with LCP-FCCL expected to penetrate more into high-frequency interconnects and antenna arrays due to its advantageous properties [7]. - The trend towards ultra-thin and lightweight designs is evolving, with a focus on reducing copper and film thickness while maintaining signal integrity [8]. - Material system iterations are underway to enhance low-loss bonding and surface treatment, improving thermal reliability and chemical resistance [10]. Domestic Market Insights - The domestic market for LCP-FCCL is rapidly evolving, with significant growth expected in China, which is projected to account for 54.03% of the global market by 2031 [14]. - The electronic communication sector is the largest consumer of LCP-FCCL, with a market share of approximately 69.06% in 2024 [15]. Competitive Landscape - Major global players in the LCP-FCCL market include Kurary, Panasonic, and Murata, with the first tier holding about 49% of the market share [17]. - The industry is witnessing increased competition as more companies enter the field, driven by the growing demand for high-frequency communication materials [17]. Industry Opportunities - The upgrade in high-frequency communication technologies such as 5G and satellite communication is creating a strong demand for LCP-FCCL materials [18]. - The automotive sector is also experiencing rapid growth in LCP-FCCL applications due to the increasing need for high-speed data links and radar systems [18]. - The trend towards terminal miniaturization and high integration is pushing the adoption of LCP-FCCL in various devices [19]. Supply Chain and Cost Considerations - The maturation of the supply chain and expected cost reductions are anticipated to enhance market stability and expand opportunities for LCP-FCCL [21].

Group 1 - The stock price of XW Communication fell by 5.67% on January 26, closing at 88.20 CNY per share, with a trading volume of 2.137 billion CNY and a turnover rate of 2.92%, resulting in a total market capitalization of 85.34 billion CNY [1] - XW Communication, established on April 27, 2006, and listed on November 5, 2010, is based in Shenzhen, Guangdong Province, and specializes in the research, production, and sales of mobile terminal antenna systems, with 100% of its revenue derived from RF components [1] Group 2 - The Zhongyou Value Select Mixed A Fund (009488) holds 40,000 shares of XW Communication, representing 5.05% of the fund's net value, making it the third-largest holding. The estimated floating loss for the day is approximately 212,000 CNY [2] - The Zhongyou Value Select Mixed A Fund was established on June 24, 2020, with a latest scale of 28.8576 million CNY. Year-to-date returns are 11.93%, ranking 1405 out of 9003 in its category, while the one-year return is 49.1%, ranking 2368 out of 8185 [2] Group 3 - The fund manager of Zhongyou Value Select Mixed A is Ma Shuli, who has been in the position for 3 years and 149 days. The total asset size of the fund is 49.089 million CNY, with the best return during her tenure being 29.02% and the worst return being -31.16% [3]