行业周报 | 电力设备 SpaceX 申请部署百万颗卫星，发电侧容量电价机制出台 证券研究报告 2026 年 02 月 01 日 电新行业周报 20260126-20260201 核心结论 SpaceX 申请部署百万颗卫星，产业链有望持续受益。根据财联社，FCC 一份新文件显示 SpaceX 正在申请发射并运营一个由至多 100 万颗卫星组成的星座，这些卫星具较好计算 能力（轨道数据中心），以支持先进的人工智能。太空算力方兴未艾，有望提振配套太空 光伏设备及产品需求增长。推荐迈为股份、福斯特、明阳智能，建议关注华菱线缆、琏 升科技、东方日升、泰胜风能、钧达股份、海优新材、宇晶股份、永贵电器。 发电侧容量电价机制出台，"十五五"能源规划落地。本周，两部委完善发电侧容量电价 机制，煤电补偿比例提升至不低于 50%，并确立电网侧独立储能容量电价与"可靠容量" 补偿体系。能源局明确"十五五"风光年均新增 2 亿千瓦目标；电网侧，国家电网部署配网 网架建设，聚焦城网承载、民生保障及防灾抗灾三大能力提升。电力设备推荐国能日新、 平高电气、神马电力，建议关注特变电工。储能推荐：阳光电源，建议关注海博思创、 通润装备、阿特斯 ...

Investment Rating - The industry investment rating is "Overweight" [4] Core Insights - SpaceX has applied to the FCC for the "Orbital Data Center system," which will consist of up to 1 million satellites operating at altitudes between 500 km and 2000 km to meet the growing demand for AI computing power and energy consumption [1] - The construction of low Earth orbit satellite constellations is expected to drive significant business demand for reusable rocket launch service providers, with companies that achieve technological breakthroughs gaining a competitive advantage [2] - The acceleration of low Earth orbit satellite constellation construction is anticipated to create new revenue opportunities for domestic leading rocket launch service providers, particularly in upstream supply chain segments such as manufacturing equipment and satellite payloads [3] Summary by Sections Industry Overview - The report highlights the importance of reusable rocket manufacturing and launch capabilities as a foundation for large-scale low Earth orbit satellite constellation construction [2] - The cost reduction potential of reusable rockets could decrease total launch costs by 40%-60%, significantly impacting the economics of satellite constellation deployment [2] Market Performance - As of December 2025, SpaceX's Starlink is projected to have approximately 9,300 satellites in orbit, making it the largest near-Earth satellite network in history [3] - SpaceX's total revenue for 2025 is estimated to be around $18.2 billion, with Starlink contributing approximately $12.8 billion, accounting for 70.3% of total revenue [3] Investment Opportunities - The report suggests focusing on 3D printing equipment companies such as Huashu High-Tech and Plater, which may benefit from the developments in the satellite constellation and rocket launch service sectors [3]

Group 1 - The underlying logic of the non-ferrous metals, liquor, and large refining sectors is interconnected, driven by the anticipated liquidity from the Federal Reserve's QE in 2026, which is expected to enhance the super cycle of commodities [1][10] - The current investment in the large refining sector is likened to the investment in non-ferrous metals last year, with expectations of a significant price increase in oil and chemical products by 2026, following the patterns observed in the non-ferrous sector [2][14] - The "anti-involution" trend in China is contributing to the upward momentum in the large refining sector, as capital expenditure is being restrained, leading to a significant slowdown in new capacity additions and a clearing of inventories, which supports future price elasticity [3][16] Group 2 - The large refining sector is still at a low valuation level, with significant room for valuation recovery compared to the non-ferrous sector, which has already experienced a systematic valuation increase [4][21] - Recent inflows from public funds, foreign investments, and ETFs into the large refining sector indicate a timely opportunity for investment, as the sector is positioned for a major upward trend [6][27] - The upcoming Federal Reserve QE in 2026 is expected to create a favorable environment for the large refining sector, alongside the anticipated recovery in consumer demand and high-end manufacturing sectors [7][37]

金工量化周报 500 指增超额收益回升 量化基金业绩跟踪周报（2026.01.26-2026.01.30） 核心结论 周度业绩：本周（2026.01.26-2026.01.30），公募沪深 300 指增平均超额收 益-0.03%，实现正超额收益的基金占比 46.84%；公募中证 A500 指增平均 超额收益-0.01%，实现正超额收益的基金占比 57.75%；公募中证 500 指增 平均超额收益 0.42%，实现正超额收益的基金占比 82.89%；公募中证 1000 指增平均超额收益 0.24%，实现正超额收益的基金占比 73.91%；公募主动 量化基金平均收益-1.09%，实现正收益的基金占比 25.65%；公募股票市场 中性基金平均收益-0.03%，实现正收益的基金占比 36.36%。 月度业绩：2026 年 1 月（截至 2026.01.30），公募沪深 300 指增平均超额 收益 0.94%，实现正超额收益的基金占比 75.64%；公募中证 A500 指增平 均超额收益 0.36%，实现正超额收益的基金占比 60.29%；公募中证 500 指 增平均超额收益-1.88%，实现正超额收益的基金占比 2. ...

Group 1: Key Insights on Popular Concepts - The PEEK Materials Index, Machine Vision Index, and High Transfer Expectation Index have the highest institutional participation rates, with the PEEK Materials Index reaching its highest level in nearly 20 weeks at 9.07% [8][17] - The GPU Index, ASIC Chip Index, and Semiconductor Equipment Index show the highest growth rates in institutional participation, while the Aviation Transport Selected Index, Huawei Harmony Index, and Influenza Index have seen the largest declines in institutional participation [14][17] - The Gold and Jewelry Index, Rare Earth Permanent Magnet Index, and Aviation Transport Selected Index exhibit significant divergence between individual and institutional participation, with a notable decrease in individual participation in the Gold and Jewelry Index on January 30, 2026 [17] Group 2: Industry Participation Insights - The Mechanical, Electronic, and Light Industry Manufacturing sectors have the highest institutional participation rates, while the Oil and Petrochemical, Transportation, and Pharmaceutical sectors have seen the largest declines in participation [2][21] - The Electronic, Building Materials, and Basic Chemical sectors show the highest growth rates in institutional participation, contrasting with the declines in Oil and Petrochemical, Transportation, and Pharmaceutical sectors [23][22] - The Oil and Petrochemical, Coal, and Media sectors have the highest levels of divergence between individual and institutional participation [25]

证券研究报告 看好地产温和复苏，重视产业链机会 ——地产、建材、消费联合专题 西部证券研发中心 2026年01月31日 分析师 | 张欣劼 S0800524120009 邮箱地址：zhang_xinjie@research.xbmail.com.cn； 于佳琦 S0800525040008 邮箱地址：yujiaqi@xbmail.com.cn； 周雅婷 S0800523050001 邮箱地址：zhouyating@research.xbmail.com.cn； 联系人 | 陈默婧 邮箱地址：chenmojing@research.xbmail.com.cn； 韩朗讯 邮箱地址： hanlangxun@xbmail.com.cn； 核心结论 • 看好地产链机遇 行业评级 超配 前次评级 超配 评级变动 维持 近一年行业走势 -7% -2% 3% 8% 13% 18% 23% 2025-02 2025-06 2025-10 房地产 沪深300 相对表现 1个月 3个月 12个月 房地产 6.84 -1.08 16.03 沪深300 2.47 0.13 24.54 请仔细阅读尾部的免责声明 2 ✓ 1月以来二手房出 ...

Investment Rating - The investment rating for the company is "Buy" [5][10] Core Views - The company is expected to achieve a net profit attributable to shareholders of 835-998 million yuan in 2025, representing a year-on-year growth of 236.90%-302.67%. The net profit after deducting non-recurring items is projected to be 705-868 million yuan, with a year-on-year increase of 299.87%-392.32% [1][5] - The significant growth in performance is attributed to increased production and sales volume, along with a decline in raw material costs. The company has effectively managed costs and improved efficiency through refined management practices and the construction of two 65MW ultra-high temperature subcritical power generation projects [1][2] - The company has also capitalized on market opportunities by optimizing its product mix to increase the sales volume of high-margin products, which has positively impacted its performance [1] Summary by Sections Performance Forecast - The company anticipates a net profit of 918 million yuan in 2025, with a growth rate of 270.2%. The earnings per share (EPS) for 2025 is projected to be 0.40 yuan, with a price-to-earnings (P/E) ratio of 16 [4][9] - The forecast for 2026 and 2027 shows EPS of 0.46 yuan and 0.52 yuan, with corresponding P/E ratios of 14 and 12 [4][9] Financial Data - The company's revenue for 2025 is estimated at 20.458 billion yuan, reflecting a decline of 5.1% from the previous year. The net profit for 2024 is expected to be 248 million yuan, a decrease of 64% [4][9] - The company’s gross margin is projected to improve to 8.8% in 2025, with a net profit margin of 4.6% [9] Market Position - The steel industry is undergoing a transformation towards high-end, green, and intelligent production, with a focus on supply-side reforms. The company is well-positioned to benefit from these trends due to its strong internal incentives and effective cost control [2][4]

证券研究报告 西部证券研发中心 2026年01月30日 分析师 | 周安桐 S0800524120005 zhouantong@research.xbmail.com.cn 联系人 | 程宵凯 chengxiaokai@xbmail.com.cn 联系人 | 喻麟靖 yulinjing@xbmail.com.cn 静水潜流，价值当归 银行板块2026开年策略 • 板块现状：25年10月以来资金对银行板块策略偏审慎，板块整体呈行情趋势缺失、估值中枢向中值收敛，以及资金交易向绩优股集中、 估值分布不均两大特征。 • 资金面趋势：我们认为国资法人是银行板块中长期定价的主导资金，一方面国资稳定控股银行股（25Q2末持股数量、市值占比均在 60%以上）、且交易频次较低，另一方面央企、地方国资系统是上市银行长期经营策略制定与实施的主导方。而银行板块的短中期行 情或更多受险资、公募、宽基ETF等资金流动影响。 ➢ 息差有望趋势企稳：1）贷款端：新发放贷款利率已行至低位，叠加自律机制调节、监管引导行业"反内卷"等因素，预计今年贷款端 收益下行压力或边际缓减；2）存款端：预计今年银行存款重定价效应仍较强，利于银行持续改善负债端 ...

公司点评 | 方大特钢 产销量增长+原燃料成本下降，业绩高增符合预期 证券研究报告 2026 年 01 月 30 日 方大特钢（600507.SH）2025 业绩预增点评 事件：公司公告业绩预增，预计 2025 年归母净利润为 8.35-9.98 亿元，同 比增长 236.90%-302.67%；扣非后归母净利润为 7.05-8.68 亿元，同比增长 299.87%-392.32%。 产销量增长+原料成本下降，业绩高增符合预期。我们按照业绩预告中值可 以测算出 2025Q4 单季度归母净利润为 1.28 亿元，同比增长 116.10%；扣 非后归母净利润为 1.32 亿元，同比增长 471.74%，根据业绩预增公告内容： 1）业绩增长方面，2025 年钢铁行业下游需求仍偏弱运行，钢材价格呈震荡 下行态势，但同期上游主要原燃料价格也显著回落，钢材利润得到一定修复。 在生产端，公司持续推进精细化管理，大力降本增效；建设两套 65MW 超高 温亚临界发电项目，提升能源利用效率。在销售端，公司抢抓市场机遇，通 过优化品种结构，提高高效益产品产销量，有力推动了业绩增长。 2）非经营性损益方面，2025 年公司非经常性损 ...

Group 1: Automotive Sector - Hesai Technology (2525.HK) - The report projects total revenue for Hesai Technology to reach 3.1 billion, 4.8 billion, and 6.1 billion yuan from 2025 to 2027, with net profit attributable to shareholders expected to be 370 million, 690 million, and 1.09 billion yuan respectively, indicating strong growth potential in high-level autonomous driving and robotics [1][3]. - The market perceives limited space for LiDAR, but the report argues that the vehicle market alone, particularly models priced over 100,000 yuan, will rapidly adopt LiDAR technology, enhancing both the number of units per vehicle and average selling price (ASP) as autonomous driving evolves [3]. - The founders of Hesai have clearly defined roles that complement each other, contributing to the company's strategic advantage. The early market entry into the L4 level, commitment to chip-based LiDAR, and proprietary manufacturing processes reflect the company's forward-looking strategy and management quality [4]. Group 2: Computer Sector - Moltbot - Moltbot, an AI assistant project, aims to make terminal containerization mainstream by allowing users to deploy it on local devices and interact through various messaging platforms, showcasing its ability to execute commands and manage workflows autonomously [5][6]. - The architecture of Moltbot includes a memory system that records conversations and actions, enabling it to summarize discussions and retain key information, thus enhancing user interaction and task management [6][7]. - The introduction of a "session isolation" mechanism allows Moltbot to operate with full system permissions in private conversations while restricting access in group chats, ensuring user data security [7]. Group 3: Non-ferrous Metals Sector - Zijin Mining (601899.SH) - Zijin Mining announced a plan to acquire Allied Gold Corporation for 5.5 billion Canadian dollars (approximately 28 billion yuan), focusing on three large gold mines in Africa, which will enhance its resource base and production capacity [11][12]. - The core assets of Allied Gold are located in resource-rich areas of Africa, with significant gold reserves and production potential, including projects expected to contribute to production as early as 2023-2024 [12][13]. - The acquisition is expected to strengthen Zijin Mining's position in the global gold market, with projected earnings per share (EPS) of 1.95, 2.76, and 3.08 yuan from 2025 to 2027, maintaining a "buy" rating [13].