证券日报网讯1月21日，陕西华达（301517）在互动平台回答投资者提问时表示，本次收购华经微电子 的工作正在有序推进中，收购完成后能够丰富公司产品结构，实现双方市场资源互补，可以很好地释放 协同效应，助力公司更好地与重点客户拓展合作领域，巩固行业竞争地位。 ...

证券日报网讯1月21日，陕西华达（301517）在互动平台回答投资者提问时表示，公司通过直接或间接 方式为客户配套航天级相关产品，业务发展具体情况请关注公司相关公告。 ...

Group 1 - The article discusses the recent policy measures issued by Guangdong province aimed at promoting high-quality development in transportation through artificial intelligence [4][5] - The policy encourages enterprises to focus on core technology breakthroughs and innovation in areas such as end-to-end remote driving, intelligent decision-making, and precise prediction and control [4][5] - The initiative aims to create high-quality data sets, toolchains, and algorithm libraries to facilitate the application of large models in autonomous driving [4][5] Group 2 - The article lists various companies involved in the development of key technologies related to autonomous driving, including 威帝股份, 凯众股份, and 大华股份 [6] - It highlights the importance of advanced systems such as steer-by-wire systems, vehicle-mounted cameras, and heads-up displays (HUD) in the context of intelligent driving [6]

Group 1 - The company, Shaanxi Huada (301517.SZ), specializes in the research, development, production, and sales of electrical connectors and interconnection products [1] - Main products include RF coaxial connectors, low-frequency connectors, and RF coaxial cable assemblies, which are widely used in aerospace, weaponry, and communications sectors [1] - Currently, the company has not ventured into the storage chip business [1]

Core Viewpoint - Shaanxi Huada (301517.SZ) focuses on the research, development, production, and sales of electrical connectors and interconnection products, serving various industries including aerospace, weaponry, and communications [1] Group 1: Company Overview - The main business of the company includes electrical connectors and interconnection products [1] - Key products consist of RF coaxial connectors, low-frequency connectors, and RF coaxial cable assemblies [1] - The company supplies products to the Aerospace Science and Technology Group and its subsidiaries, with some products used in satellite monitoring and ground terminals [1]

Core Viewpoint - Shaanxi Huada (301517.SZ) focuses on the research, development, production, and sales of electrical connectors and interconnection products, with applications in various fields such as aerospace, weaponry, and communications [1] Group 1: Company Overview - The main business of the company includes the development, production, and sales of electrical connectors and interconnection products [1] - Key products consist of RF coaxial connectors, low-frequency connectors, and RF coaxial cable assemblies [1] - The company has not yet ventured into the liquid-cooled server business [1] Group 2: Industry Applications - The products are widely used in aerospace, weaponry, and communications sectors [1]

Core Viewpoint - Shaanxi Huada (301517.SZ) focuses on the research, development, production, and sales of electrical connectors and interconnection products, with applications in various industries including aerospace, weaponry, and communications [1] Company Overview - The main products of the company include RF coaxial connectors, low-frequency connectors, and RF coaxial cable assemblies [1] - Currently, the company has not ventured into the liquid-cooled server business [1]

Core Viewpoint - The company, Shaanxi Huada (301517.SZ), specializes in the research, development, production, and sales of electrical connectors and interconnection products, with applications in aerospace, weaponry, and communications [1] Group 1: Business Overview - The main products of the company include RF coaxial connectors, low-frequency connectors, and RF coaxial cable assemblies [1] - The company supplies products to the Aerospace Science and Technology Group and its subsidiaries, with some products used in satellite monitoring and ground terminals [1]

Investment Rating - The report maintains an "Outperform" rating for the commercial aerospace industry [1] Core Insights - The aerospace sector is transitioning from being viewed as a "cost center" driven by national will to a "growth engine" driven by commercial demand, with significant investments and strategic planning from both the US and China [6][9] - The global aerospace economy is projected to reach $613 billion in 2024, with commercial aerospace contributing 78%, and is expected to exceed $1 trillion by 2032 [6][9] - The value chain of commercial aerospace is divided into five core levels: "space, ground, terminal, rocket, and application," each presenting unique market opportunities and technical challenges from 2026 to 2030 [10][29] Summary by Sections 1. Space: Satellite Manufacturing - The satellite manufacturing market in China is expected to grow from approximately 7.1 billion yuan in 2025 to about 39.4 billion yuan by 2030, reflecting a shift from sporadic research models to continuous, batch engineering deliveries [16][18] 2. Ground: Ground Systems - The ground systems market is projected to increase from around 1.2 billion yuan in 2025 to approximately 39.1 billion yuan by 2030, evolving from a supporting role to a core infrastructure essential for stable satellite constellation operations [21][22] 3. Terminal: Key Variable for Commercial Aerospace - The terminal market is anticipated to grow from 500 million yuan in 2025 to about 141.9 billion yuan by 2030, driven by multiple vertical industries and potential consumer scenarios [23][24] 4. Rocket: Core Constraint - The cost of rocket launches is a critical constraint, with reusable technology expected to reduce costs by 80%-90% compared to traditional expendable rockets. The market for rocket launch services is projected to grow from approximately 10.7 billion yuan in 2025 to about 34.3 billion yuan by 2030 [25][26] 5. Application: Final Value Realization - The application market is expected to expand from 200 million yuan in 2025 to 525 billion yuan by 2030, with the revenue share from applications projected to rise from single digits to over 67% by around 2030 [27][28] 6. Investment Opportunities - Investment opportunities in commercial aerospace can be categorized into three main tracks: 1. Launch and manufacturing segments, which are expected to benefit directly from increased orders and visibility 2. Core components and systems, characterized by high technical barriers and critical for long-term competitiveness 3. Downstream applications and operational services, which, while currently limited in scale, hold the greatest long-term potential for value realization [29][30]

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The launch cycle of the Long March 12 rocket has been shortened, indicating a potential acceleration in China's commercial space launch rhythm. The report anticipates that by 2026, China's commercial space sector will experience rapid growth, becoming a core investment direction in the military industry during the 14th Five-Year Plan [2][4]. Summary by Sections Industry Overview - The Long March 12 rocket, developed by the China Aerospace Science and Technology Corporation, has demonstrated strong performance with a near-Earth orbit capacity of at least 12 tons and a 700 km sun-synchronous orbit capacity of at least 6 tons. The rocket's launch cycle has been optimized, reducing the time by 4 days, showcasing high efficiency in testing and launch operations [4]. Future Outlook - By 2025, significant breakthroughs in manned spaceflight, deep space exploration, and commercial space sectors are expected, with a projected total of 92 launches, setting a historical record. The report highlights that 2026 will bring further surprises and advancements in China's space endeavors, including the construction of space stations and lunar exploration [4]. Investment Recommendations - The report recommends specific stocks for investment, including Aerospace Electronics, Shaanxi Huada, Zhimin Da, Guobo Electronics, Guangwei Composite, and AVIC High-Tech. Related stocks mentioned include Chaojie Co., Zhenlei Technology, China Satellite, Aerospace Electric, Zhongtian Rocket, and Srey New Materials [4].