卫星从研发设计到样品制备再到量产出厂均需介入测试，行业进入批量发射后单星亦需例行测试。商业 航天的测试维度全覆盖且专业化要求提升，包括但不限于环境适应性、电磁兼容、通信性能(发射功率/ 频率精度/速率/误码)、组网协同(时间同步/链路切换/负载均衡)、可靠性寿命与安全性(冗余/碰撞规避/网 络安全)等。 国产公司加速追赶海外，国产替代空间巨大 尖端科研仪器研发周期长、技术壁垒高，我国科研仪器自主研发相对滞后，正进行艰难的突围之战。就 通信检测设备而言，美国的是德科技(即Keysight，KEYS.N)、德国罗德施瓦茨(Rohde & Schwarz)、日本 安立(Anritsu，6754.T)仍是通信检测设备行业的三巨头。国产公司这几年加速追赶海外，长期国产替代 空间较大。 风险提示：商业航天&太空算力行业发展不及预期。 智通财经APP获悉，招商证券发布研报称，在低轨星座批量化组网与可复用火箭验证加速的共振下，测 试从单机/单星验证走向面向批产的"并行、自动、智能、仿真先行"的体系化能力，呈现高标准化、高 算力融合与多学科一体协同三大趋势，带动高端仪器进口替代与第三方实验室能力扩张的结构性机会， 建议关注测试 ...

证券研究报告 | 行业点评报告 2026 年 01 月 12 日 重视商业航天测试设备环节，有望率先放量 行业指数 % 1m 6m 12m 绝对表现 9.0 35.8 64.2 相对表现 5.5 16.6 38.3 资料来源：公司数据、招商证券 -20 0 20 40 60 80 Jan/25 May/25 Aug/25 Dec/25 (%) 机械 沪深300 相关报告 商业航天行业简评 中游制造/机械 在低轨星座批量化组网与可复用火箭验证加速的共振下，测试从单机/单星验证 走向面向批产的"并行、自动、智能、仿真先行"的体系化能力，呈现高标准 化、高算力融合与多学科一体协同三大趋势，带动高端仪器进口替代与第三方 实验室能力扩张的结构性机会，建议关注测试设备环节。 ❑ 风险提示：商业航天&太空算力行业发展不及预期。 相关标的财务数据与估值 | 公司名称 | | 归母净利润 | | | PE | | --- | --- | --- | --- | --- | --- | | | 2024 | 2025E | 2026E | 2027E | （2025E） | | 坤恒顺维 | 0.37 | 0.52 | 0.74 ...

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 301306 | 西测测试, | 子 | 10.95 | 138亿 | 43.36 | | 300053 | 航宇微 | 1 | 10.08 | 167亿 | 25.71 | | 002935 | 天奧电子 | 1 | 10.02 | 108亿 | 13.96 | | 300455 | 航天智装 | 1 | 8.48 | 274亿 | 26.96 | | 688053 | ST思科瑞 | | 8.35 | 51.91亿 | 41.25 | | 300672 | 国科微 | 1 | 6.15 | 272亿 | 16.30 | | 688611 | 杭州柯林 | | 5.92 | 98.58 Z | 26.39 | | 600584 | 长电科技 | 1 | 5.54 | 778亿 | 18.16 | | 688012 | 中微公司 | 1 | 5.59 | 2226亿 | 30.35 | | 002413 | 雷科防务 | 1 | 5.46 | 254亿 | ...

1月12日，A股市场存储芯片概念股集体走强，其中，西测测试、航宇微涨超10%，天奥电子10CM涨 停，航天智装涨超8%，国科微涨超6%，杭州柯林、长电科技、中微公司、雷科防务涨超5%，兆易创新 涨超3%。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 301306 | 西测测试 | 章 | 10.95 | 138亿 | 43.36 | | 300053 | 航宇微 | 1 | 10.08 | 167亿 | 25.71 | | 002935 | 天奧电子 | 1 | 10.02 | 108亿 | 13.96 | | 300455 | 航天智装 | 1 | 8.48 | 274亿 | 26.96 | | 688053 | ST思科瑞 | | 8.35 | 51.91亿 | 41.25 | | 300672 | 国科微 | 1 | 6.15 | 272亿 | 16.30 | | 688611 | 杭州柯林 | | 5.92 | 98.58 Z | ...

两融数据显示，该股最新（1月9日）两融余额为5.45亿元，其中，融资余额为5.44亿元，近10日增加 2.46亿元，环比增长82.30%。 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2.25亿元，同比下降27.90%，实现净利 润-1.06亿元，同比下降11.82%，基本每股收益为-1.2600元。（数据宝） （文章来源：证券时报网） 西测测试股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有12个交易日股价刷新历史 纪录。截至10:03，该股目前上涨10.20%，股价报162.84元，成交628.52万股，成交金额9.69亿元，换手 率10.78%，该股最新A股总市值达137.44亿元，该股A股流通市值94.94亿元。 证券时报·数据宝统计显示，西测测试所属的国防军工行业，目前整体涨幅为3.39%，行业内，目前股价 上涨的有125只，涨停的有天奥电子、中国卫星等6只。股价下跌的有16只，跌幅居前的有*ST奥维、北 方长龙、长城军工等，跌幅分别为4.13%、3.76%、3.29%。 ...

长城久嘉创新成长混合A（004666）基金经理为尤国梁。 截至发稿，尤国梁累计任职时间6年83天，现任基金资产总规模42.62亿元，任职期间最佳基金回报 274.22%， 任职期间最差基金回报-15.93%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 1月12日，西测测试涨5.22%，截至发稿，报155.49元/股，成交5.87亿元，换手率6.66%，总市值131.23 亿元。西测测试股价已经连续3天上涨，区间累计涨幅11.91%。 资料显示，西安西测测试技术股份有限公司位于陕西省西安市高新区丈八二路16号，成立日期2010年6 月1日，上市日期2022年7月26日，公司主营业务涉及从事军用装备和民用飞机产品检验检测,为客户提 供环境与可靠性试验、电子元器件检测筛选、电磁兼容性试验等检验检测服务,同时开展检测设备的研 发、生产和销售以及电装业务。主营业务收入构成为：环境与可靠性试验49.49%，电子装联业务 29.38%，电磁兼容性试验10.81 ...

Group 1: Satellite Industry Overview - The satellite internal structure is divided into satellite platforms and payloads, with platforms providing necessary support for payloads to achieve mission objectives[4] - Effective payloads are the instruments and systems that perform specific tasks on satellites, primarily including antenna subsystems and transponder subsystems for communication satellites[5] - The satellite attitude control system consists of sensors, controllers, and actuators to maintain the satellite's orientation and stability[24] Group 2: Investment Opportunities - Key beneficiaries in the satellite industry include companies involved in attitude control (e.g., Tianyin Electromechanical, Aerospace Zhizhuang) and TR components (e.g., Zhenlei Technology, Chengchang Technology)[5] - The market performance of small-cap indices like the CSI 1000 and CSI 500 has outperformed large-cap indices such as the SSE 50 and CSI 300 this week[6] - New shares listed this week include 1 company on A-shares and 6 companies on the Hong Kong Stock Exchange, indicating a vibrant IPO market[6] Group 3: Market Trends and Recommendations - The report highlights investment themes in smart vehicles and high-end manufacturing, recommending stocks such as Hu Guang Co., Ruihu Mould, and Aopute[7] - The satellite industry is expected to benefit from advancements in low-orbit satellite payloads, particularly in transponders and phased array antennas, which are crucial for communication satellites[70] - The cost structure of low-orbit communication satellites shows that payloads account for approximately 75% of costs, with antennas and TR components being the major contributors[51]

1月9日，西测测试涨5.01%，截至发稿，报150.79元/股，成交6.05亿元，换手率7.18%，总市值127.27亿 元。 资料显示，西安西测测试技术股份有限公司位于陕西省西安市高新区丈八二路16号，成立日期2010年6 月1日，上市日期2022年7月26日，公司主营业务涉及从事军用装备和民用飞机产品检验检测,为客户提 供环境与可靠性试验、电子元器件检测筛选、电磁兼容性试验等检验检测服务,同时开展检测设备的研 发、生产和销售以及电装业务。主营业务收入构成为：环境与可靠性试验49.49%，电子装联业务 29.38%，电磁兼容性试验10.81%，电子元器件检测筛选8.18%，检测设备销售1.88%，其他0.26%。 从西测测试十大流通股东角度 长城久嘉创新成长混合A（004666）基金经理为尤国梁。 截至发稿，尤国梁累计任职时间6年80天，现任基金资产总规模42.62亿元，任职期间最佳基金回报 231.75%， 任职期间最差基金回报-15.93%。 数据显示，长城基金旗下1只基金位居西测测试十大流通股东。长城久嘉创新成长混合A（004666）三 季度新进十大流通股东，持有股数120万股，占流通股的比例为2.0 ...

Core Insights - Recent focus on space photovoltaics has significantly increased among listed companies in the photovoltaic sector, including Junda Co., JinkoSolar, and Trina Solar, with a particular emphasis on the application prospects of perovskite technology in space [1] - Junda Co. has shown active trading behavior, achieving two trading limits within three days, while other companies like Hanhua Steel and JinkoSolar have also experienced varying degrees of stock price increases [1] - According to Huajin Securities, the global in-orbit data center market is projected to reach $39.09 billion by 2035, indicating a strong demand for lightweight, high-efficiency energy solutions that align well with the advantages of space photovoltaics [1] - Dongwu Securities believes that the rapid development of commercial space and low-orbit satellites will enhance the performance of space photovoltaic energy supply [1] - Guohai Securities suggests that the acceleration of the commercialization process in the space industry will provide more momentum for development [1] Industry and Company Analysis Perovskite Batteries - Jinjing Technology focuses on glass manufacturing, positioned as an upstream TCO glass supplier with a transmittance rate of 94%, already applied in leading perovskite production lines, and possesses full-chain autonomous production capabilities [1] - Wanrun Co. specializes in the R&D and production of perovskite-related materials, positioned as an upstream supplier covering various material categories, with bulk sales to clients like GCL-Poly Energy in the first half of 2025 [2] - Jing Shan Light Machine is engaged in the R&D and manufacturing of photovoltaic equipment, positioned as a midstream RPD equipment supplier, with orders from GCL-Poly Energy and a coating equipment capacity of 15 GW [2] Commercial Space - Shunhao Co. is involved in new tobacco and eco-friendly packaging materials, positioned as a participant in the commercial space sector, having invested 110 million yuan in Orbit Chen Guang, holding a 19.3% stake, focusing on building space data centers [3] - Xice Testing provides environmental reliability testing services, positioned as a commercial space testing service provider, enhancing capabilities for thermal vacuum experiments and satellite payload testing [3] - Zhenlei Technology specializes in the R&D and manufacturing of electronic components for specialized fields, positioned as a supplier of commercial aerospace-grade devices, with products applied in satellite internet [3] Photovoltaics - Tongwei Co. covers silicon materials and battery cells in photovoltaic product R&D and production, positioned as a multi-segment supplier, having established an advanced battery laboratory for perovskite/silicon tandem battery R&D, achieving a conversion efficiency of 34.69% [4] - Longi Green Energy focuses on silicon wafers and modules, positioned as a manufacturer of photovoltaic products, participating in industry capacity integration discussions [4] - Sungrow Power Supply specializes in photovoltaic inverter R&D and manufacturing, positioned as an inverter supplier with capabilities for both string and centralized inverters [4] - Jingyuntong is involved in photovoltaic equipment and silicon wafer production, positioned as a supplier in these segments, with a focus on monocrystalline silicon wafer production and monocrystalline furnace equipment manufacturing [4]

西测测试股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有10个交易日股价刷新历史 纪录。截至10:14，该股目前上涨6.04%，股价报142.79元，成交562.54万股，成交金额7.68亿元，换手 率9.65%，该股最新A股总市值达120.51亿元，该股A股流通市值83.25亿元。 （文章来源：证券时报网） 两融数据显示，该股最新（1月7日）两融余额为3.97亿元，其中，融资余额为3.97亿元，近10日增加 1416.14万元，环比增长3.70%。 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2.25亿元，同比下降27.90%，实现净利 润-1.06亿元，同比下降11.82%，基本每股收益为-1.2600元。（数据宝） 证券时报·数据宝统计显示，西测测试所属的国防军工行业，目前整体涨幅为2.05%，行业内，目前股价 上涨的有120只，涨停的有天箭科技、银河电子等4只。股价下跌的有21只，跌幅居前的有观想科技、振 芯科技、*ST奥维等，跌幅分别为6.08%、3.73%、3.01%。 ...