Investment Rating - The SW Machinery Equipment Index increased by 5.39% during the week of January 5 to January 9, 2026, ranking 10th among 31 primary industry categories [12][14]. Core Insights - The report anticipates a significant increase in domestic rocket launches in 2026, driven by the urgent demand for satellite deployment [21]. - The robotics sector is expected to experience a strong market trend in Q1 2026, with advancements in humanoid robots [21]. - The nuclear fusion energy sector is highlighted as a potential investment opportunity during the 14th Five-Year Plan period, with significant technological breakthroughs reported [22]. - The global shipbuilding industry is showing signs of recovery, with new ship prices increasing and order volumes significantly improving [31]. - The engineering machinery sector is entering an upward cycle, with robust domestic and export sales of excavators and loaders [35]. - The report indicates varying degrees of industry performance, with general machinery under pressure, while engineering machinery and railway equipment show positive trends [46][45]. Summary by Sections 1. Stock Portfolio - Recommended stocks include Chaojie Co., Feiwo Technology, Guanglian Aviation, Hengli Hydraulic, Lianchuang Optoelectronics, XCMG, SANY Heavy Industry, Zoomlion, LiuGong, and China Shipbuilding [10]. 2. Market Review - The SW Machinery Equipment Index rose by 5.39% in the first week of 2026, outperforming the CSI 300 Index, which increased by 2.79% [12][14]. 3. Key Data Tracking 3.1 General Machinery - The manufacturing PMI was reported at 50.1% in December, indicating a slight recovery [23]. 3.2 Engineering Machinery - Excavator sales reached 23,095 units in December, marking a year-on-year increase of 17.6% [35]. 3.3 Railway Equipment - Railway fixed asset investment has maintained a steady growth rate of around 6% since 2025 [45]. 3.4 Shipbuilding - The global new ship price index reached 184.65 in December, with a month-on-month increase of 0.17% [46]. 3.5 Oil Service Equipment - The oil service equipment sector is stabilizing, with high demand in the Middle East [49]. 3.6 Industrial Gases - A decrease in raw material prices is expected to improve profitability in the steel sector, boosting demand for industrial gases [55]. 3.7 Gas Turbines - GEV's new gas turbine orders grew by 39% year-on-year in the first three quarters of 2025, indicating a robust market [57].

- The report discusses a volume-timing model that has issued buy signals for major broad-based indices, indicating a positive market sentiment[1][2][22] - The volume-timing model is constructed by analyzing the volume indicators of major broad-based indices and their ETFs, which have shown an increase in trading volume, suggesting a bullish market outlook[1][2][22] - The specific construction process of the volume-timing model involves tracking the trading volume of major indices and ETFs, and when the volume increases significantly, the model issues a buy signal[1][2][22] - The evaluation of the volume-timing model indicates that it is effective in capturing market sentiment and providing timely buy signals[1][2][22] - The report also introduces a sentiment indicator based on the proportion of rising stocks within the CSI 300 index, which helps gauge market sentiment by tracking the number of stocks with positive returns over a specified period[23][24] - The construction process of this sentiment indicator involves calculating the proportion of CSI 300 index constituent stocks with positive returns over a given period, and using this proportion to assess market sentiment[23][24] - The evaluation of this sentiment indicator suggests that it is useful for quickly capturing market upturns, although it may miss out on gains during prolonged bullish phases and has limitations in predicting market downturns[23][24] - Another sentiment indicator discussed in the report is the moving average sentiment indicator, which uses the eight moving averages of the CSI 300 index to determine market trends[30][31] - The construction process of the moving average sentiment indicator involves calculating the eight moving averages (8, 13, 21, 34, 55, 89, 144, 233) of the CSI 300 index closing prices, and assigning values based on the number of moving averages the current price exceeds[30][31] - The evaluation of the moving average sentiment indicator indicates that it provides a clearer understanding of the market trends and is effective in identifying bullish phases[30][31] - The report includes backtesting results for the volume-timing model, showing that the model has consistently issued buy signals for major indices such as the Shanghai Composite Index, SSE 50, CSI 300, CSI 500, CSI 1000, and the ChiNext Index[23] - The sentiment indicator based on the proportion of rising stocks within the CSI 300 index has shown that the proportion of rising stocks is around 74%, indicating a positive market sentiment[24] - The moving average sentiment indicator shows that the CSI 300 index is currently in a bullish phase, as the short-term moving average is above the long-term moving average[30][31]

每经AI快讯，超捷股份发布公告称，2026年1月9日，超捷股份接受前海开源基金等投资者调研，公司 董事会秘书、财务总监李红涛等人参与接待，并回答了投资者提出的问题。 每经头条（nbdtoutiao）——独家对话特斯拉FSD跨美第一人：4400公里"零接管"，手没碰过方向盘！作 为激光雷达销售员，他为何站队马斯克的"纯视觉"？ （记者 王晓波） ...

Group 1: Automotive Business Overview - The company focuses on the research, production, and sales of high-strength precision fasteners and special connectors, primarily used in automotive engine turbocharging systems, transmission control systems, exhaust systems, and other key components [2][3] - In the new energy vehicle sector, products are applied in battery trays, chassis and body connections, electric control inverters, and battery swapping systems [3] Group 2: Competitive Landscape - The automotive fastener market has a low entry barrier with many small to medium-sized enterprises; however, only large manufacturers can pass the qualification audits of Tier 1 customers, leading to market share concentration among top companies [3] Group 3: Revenue Growth and Challenges - The company's automotive revenue growth is supported by advantages such as quality customer resources, rich technical experience, quality control capabilities, stable supply capacity, and better customer service [3] - Despite significant revenue growth in recent years, profit margins have declined due to factors such as a slowdown in the automotive industry in H1 2023, rising material costs since H2 2021, and increased depreciation from the Wuxi project [3][4] Group 4: Future Growth Directions - Future growth in the automotive sector includes expanding exports, developing new customers (e.g., NIO, BYD), product category expansion, and increasing domestic market share [4] Group 5: Commercial Aerospace Business Overview - The commercial aerospace segment focuses on manufacturing structural components for commercial rockets, including major sections, fairings, and engine parts, with production lines completed in 2024 [4][5] - Structural components account for over 25% of the cost of a commercial rocket [4] Group 6: Barriers to Entry in Aerospace - The aerospace sector has high technical, talent, and financial barriers, requiring advanced technology, skilled personnel, and significant capital investment for production line construction [5] Group 7: Production Capacity and Future Prospects - The company has completed a riveting production line with an annual capacity of 10 rockets, with the ability to increase capacity based on order demand [5][6] - The maturity of reusable technology is expected to enhance launch frequency and operational efficiency, creating new business growth opportunities [6]

Group 1 - Several companies, including Haoshi Electromechanical, Chaojie Co., and Huada Technology, reached new highs during trading [1] - Xusheng Group experienced a limit-up increase [1] - Other companies such as Jizhi Co., Kailong High-tech, Jinfat Technology, Wanxiang Qianchao, and Jinbo Co. also saw gains [1]

Market Performance - On January 9, the three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.92% to 4120.43 points, the Shenzhen Component Index rising by 1.15% to 14120.15 points, and the ChiNext Index up by 0.77% to 3327.81 points [1]. Sector Performance - The sectors that performed well included AI agents, multimodal AI, and space-based connectivity, while sectors such as perovskite batteries, HIT batteries, and F5G experienced declines [1]. Fund Manager Changes - On January 9, there were 24 fund manager changes across various funds, indicating significant movement in the management of these investment products [2][3]. - In the past 30 days (December 10 to January 9), a total of 600 fund managers left their positions, with 22 funds announcing departures on January 9 alone [3]. Fund Manager Appointments - On January 9, 20 funds announced new fund manager appointments, involving 11 new managers, including Zhao Zhiyue from Shangyin Fund, who manages a total asset scale of 1.768 billion yuan [5][6]. Fund Research Activity - In the past month, Huaxia Fund conducted the most company research, engaging with 44 listed companies, followed by Bosera Fund with 43 and Southern Fund with 34 [6][7]. - The automotive parts industry was the most researched sector, with 168 instances of fund company inquiries, followed by the computer equipment sector with 141 inquiries [7]. Individual Stock Research - The most researched stock in the past month was Zhongke Shuguang, with 117 fund management companies participating in the research, followed by Haiguang Information and Changan Automobile [8][9]. - In the past week (January 2 to January 9), the stock with the highest research interest was Chaojie Co., Ltd., with 52 fund institutions conducting research [8].

公司发布的三季报数据显示，前三季度公司共实现营业收入6.02亿元，同比增长34.49%，实现净利润 2842.84万元，同比增长11.52%，基本每股收益为0.2100元，加权平均净资产收益率3.74%。（数据宝） （文章来源：证券时报网） 证券时报·数据宝统计显示，超捷股份所属的汽车行业，目前整体涨幅为0.72%，行业内，目前股价上涨 的有189只，涨幅居前的有交运股份、旭升集团、航天科技等，涨幅分别为10.05%、10.02%、8.33%。 股价下跌的有106只，跌幅居前的有凯众股份、ST八菱、长源东谷等，跌幅分别为3.29%、3.06%、 2.87%。 两融数据显示，该股最新（1月8日）两融余额为7.04亿元，其中，融资余额为7.04亿元，近10日增加 1.95亿元，环比增长38.46%。 超捷股份股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有13个交易日股价刷新历史 纪录。截至09:44，该股目前上涨3.08%，股价报178.11元，成交407.09万股，成交金额7.08亿元，换手 率3.08%，该股最新A股总市值达239.14亿元，该股A股流通市值235.77亿元。 ...

Core Viewpoint - The company acknowledges the significant application of 3D printing technology in the commercial aerospace sector, but emphasizes that its application scenarios have clear technical boundaries [1] Group 1: 3D Printing in Aerospace - 3D printing is currently utilized mainly for engine components in rockets [1] - The company's rocket structural components are classified as large or oversized thin-walled structures, which have stringent requirements for overall dimensional accuracy, mechanical uniformity, and cost control [1] - Due to limitations in the current metal 3D printing equipment's forming size and the maturity of post-processing techniques, large structural components cannot yet be manufactured at scale or economically through 3D printing [1]

Group 1: Business Overview - The company focuses on commercial aerospace, primarily manufacturing rocket structural components, including major segments like shells, fairings, and engine parts [2][3] - In 2024, the company completed its production line construction with an annual capacity of 10 rockets, which can be increased based on order demand [2][3] Group 2: Market Dynamics - The rocket structural component manufacturing sector is currently experiencing a supply shortage, which is a bottleneck for rapid industry growth [3] - The market is expected to maintain a supply-demand imbalance, with a growing capacity gap anticipated in the coming year [3] Group 3: Competitive Landscape - There are limited suppliers capable of large-scale delivery in the domestic market, primarily located in regions like Beijing-Tianjin-Hebei, Chengdu-Chongqing, and Shandong [3] - The industry has high technical barriers, requiring specialized knowledge and experience, often from teams with "national team" backgrounds [3][4] Group 4: Company Advantages - The company has established stable, small-batch product deliveries to leading private rocket companies, gaining valuable R&D and manufacturing experience [3] - Key advantages include a skilled workforce with extensive experience in the aerospace sector and financial resources for equipment purchases and production line construction [3] Group 5: Technological Considerations - 3D printing technology has specific applications in aerospace but is limited for large structural components due to size and cost constraints [3][4] - The company will continue to monitor advancements in manufacturing technologies, including 3D printing, to assess their potential impact on product structure and manufacturing systems [3] Group 6: Future Growth and Challenges - The introduction of reusable rocket technologies is expected to enhance launch frequency and operational efficiency, potentially increasing demand for new rocket structural components [4] - The manufacturing of rocket structural components is capital-intensive, requiring stable financial support for production line development [4] Group 7: Automotive Business Insights - The company also manufactures high-strength precision fasteners for the automotive industry, with applications in various critical components [7][8] - The automotive sector has shown steady growth, with revenue increasing year-on-year, despite some temporary impacts from capacity adjustments [8][9] Group 8: Strategic Growth Opportunities - Future growth in the automotive sector may come from expanding exports and developing new customer relationships, particularly with key players like NIO and BYD [10][11] - The company aims to enhance its product offerings and increase the value per vehicle through diversification and increased market share [11]

Group 1 - On January 7, 21 companies were investigated by institutions, with 19 of them being attended by funds, highlighting a strong interest in specific companies like Chaojie Co., Shunhao Co., and Dongfang Shenghong [1][2] - Chaojie Co. received the most attention, with 27 funds participating in its investigation, while Shunhao Co. and Dongfang Shenghong had 18 and 13 funds respectively [1][3] - The companies investigated belong to various sectors, with the electronics and machinery equipment industries having the highest representation, each with 3 companies [1] Group 2 - Among the companies investigated, 3 have a total market capitalization exceeding 500 billion yuan, with BOE Technology Group being one of them, while 8 companies have a market cap below 100 million yuan [1] - In terms of market performance, 14 out of the investigated stocks increased in value over the past 5 days, with the highest gains seen in Pulite, Shunhao Co., and Guanglian Aviation, which rose by 38.07%, 20.57%, and 13.49% respectively [1][2] - Conversely, 4 stocks experienced declines, with the largest drops recorded by Binglun Environment, Haixia Co., and Dongfang Shenghong, which fell by 11.15%, 10.70%, and 2.09% respectively [1]