Investment Rating - The report rates the computer industry as "Recommended" [2] Core Insights - The low Earth orbit (LEO) satellite sector has officially entered a "super-large constellation" competition phase, accelerating the global power struggle for satellite resources. China's application for 200,000 satellite frequency and orbit resources marks a strategic elevation in satellite resource allocation, while SpaceX continues to expand its Starlink constellation with an additional 7,500 satellites, indicating a shift from technical validation to a strategic game focused on scale, first-mover advantage, and resource positioning [2][3] - SpaceX's expansion of the Starlink constellation reflects that the low Earth orbit communication business model has completed initial validation and is now entering a phase of scale enhancement. The decision to increase satellite density and network redundancy aims to improve system capacity, service quality, and user experience, establishing significant competitive barriers in the low Earth orbit communication field [3] - The application potential for low Earth orbit satellites is broadening, positioning them as a new generation of global information infrastructure. These satellites can provide broadband connectivity to areas where traditional networks cannot reach, with applications in remote communication, maritime operations, aviation broadband services, and emergency communication. The strategic value of low Earth orbit satellites will continue to grow as coverage density increases and latency decreases, supporting long-term investment logic for industry chain companies [4] Summary by Sections - **Event Overview**: China applied for over 200,000 low Earth orbit satellite frequency and orbit resources, significantly surpassing previous domestic plans. This shift indicates a transition from demonstration phases to a long-term, systematic capacity positioning [1] - **Investment Recommendations**: Beneficiaries include companies involved in rocket manufacturing, satellite technology, and related services, such as Aerospace Power, Superjet, Western Materials, and others [5][6]

Investment Rating - The report maintains an "Overweight" rating for the communication industry, indicating an expectation of more than 5% outperformance relative to the benchmark in the next 6 months [7]. Core Insights - China's satellite communication strategy is accelerating, with a significant application for satellite frequency resources, including over 200,000 satellites, which could enhance the market space for satellite communication [4]. - The establishment of the Radio Innovation Institute aims to consolidate satellite communication resources and expedite deployment, fostering industry growth [4]. - The approval of SpaceX's additional 7,500 Gen2 Starlink satellites by the FCC is expected to enhance its global satellite communication capabilities, providing a benchmark for China's satellite communication industry [4]. - The satellite communication sector is entering a growth phase, with recommendations to focus on two investment directions: 1. Targeting established players with strong market positions and multi-segment participation, such as Xinke Mobile, Haige Communication, and Fenghuo Communication [4]. 2. Investing in leading companies in niche segments, particularly those involved in satellite deployment and hardware/software development, such as Zhenyou Technology, Shaanxi Huada, and Tongyu Communication [4].

Core Viewpoint - The global competition for space resources is accelerating, with China submitting multiple satellite constellation plans to the International Telecommunication Union (ITU) in late December 2025, totaling over 200,000 satellites [1][8]. Group 1: Satellite Constellation Plans - China has announced several satellite constellation plans, with the largest being CTC-1 and CTC-2, each consisting of 96,714 satellites, operated by the Radio Innovation Institute [2][3][9]. - Other notable plans include CHINAMOBILE-L1 with 2,520 satellites, SAILSPACE-1 with 1,296 satellites, and TIANQI-3G with 1,132 satellites, among others [2][9]. Group 2: Radio Innovation Institute - The Radio Innovation Institute was registered on December 30, 2025, in Xiong'an New Area, aiming to focus on technological innovation and the transformation of results in the field of radio management [4][10]. - The institute is a collaborative effort involving seven entities, including the National Radio Monitoring Center and several universities, with a vision to enhance the satellite internet industry and explore the value of spectrum resources [4][10]. Group 3: Global Space Resource Competition - The allocation of satellite frequency and orbital resources follows a "first-come, first-served" principle, intensifying global competition as countries rush to secure low Earth orbit resources [6][13]. - As of May 12, 2025, there are approximately 10,824 satellites in low Earth orbit, with a utilization rate of about 18% of the theoretical capacity of 60,000 satellites [6][13]. Group 4: Future Outlook - The commercial space industry is expected to experience significant growth in 2026, driven by the launch of multiple reusable and high-capacity rockets, which will facilitate satellite communication development [7][14]. - China's low Earth orbit satellite internet is entering a phase of mass launch construction in the second half of 2025, with expectations for accelerated industry development in 2026 [7][14].

Market Performance - Major market indices opened with mixed results, with the Shanghai Composite Index rising by 0.09% to 4086.76 points, while the Shenzhen Component Index fell by 0.30% to 13917.78 points, and the ChiNext Index decreased by 0.69% to 3279.38 points [1] Individual Stock Performance - A total of 2051 stocks rose at the opening, with 25 stocks hitting the daily limit up, including Fenglong Co. with 11 consecutive limit ups, *ST Dongyi with 13 limit ups in 10 days, and Luxin Investment with 11 limit ups in 9 days [1] - Conversely, 2493 stocks declined at the opening, with 2 stocks hitting the daily limit down, namely ST Derun and *ST Chuntian [1] Price Continuity Statistics - Among the stocks that hit the limit up yesterday, 21 stocks continued to hit the limit up today, including Zhizhi New Materials and Hangxiao Steel Structure [1] - Stocks that opened lower today included Puni Testing, Bibet, and Aipeng Medical, with declines of 8.20%, 7.41%, and 6.03% respectively [1] - Among the stocks that hit the limit down yesterday, ST Derun and *ST Chuntian continued to hit the limit down today [1]

Group 1 - A-shares experienced significant activity with 80 stocks hitting the daily limit up and 4 stocks hitting the limit down on January 8 [1] - The VPN concept stocks were notably active, with Nanxing Co., Ltd. achieving 5 limit ups in 6 days [1] - Aerospace-related stocks showed strength, with Aerospace Electronics and Lekai Film achieving 3 limit ups in 5 days, and Aerospace Technology and Aerospace Information hitting the limit up [1] Group 2 - Fenglong Co., Ltd. achieved a remarkable 10 consecutive limit ups, while *ST Dongyi recorded 6 consecutive limit ups [1] - Luxin Investment achieved 8 limit ups in 10 days, and *ST Chengchang had 5 consecutive limit ups [1] - Other notable stocks included Yanshan Technology and Pulite with 4 consecutive limit ups, and Aipeng Medical with 3 limit ups in 4 days [1] Group 3 - ST Derun faced a continuous decline with 3 consecutive limit downs, while *ST Panda and Baihua Pharmaceutical experienced 2 consecutive limit downs [2] - *ST Chuntian also hit the limit down [2]

Market Overview - The Shanghai Composite Index closed at 4085.77 points, up 0.05%, with a trading volume of 11,974 billion yuan [1] - The Shenzhen Component Index closed at 14,030.56 points, up 0.06%, with a trading volume of 16,567.97 billion yuan [1] - The ChiNext Index closed at 3,329.69 points, up 0.31%, with a trading volume of 7,632.51 billion yuan [1] - The STAR Market 50 Index closed at 1,443.39 points, up 0.99%, with a trading volume of 871 million yuan [1] - The total trading volume of both markets was 28,541.97 billion yuan, an increase of 475.91 billion yuan compared to the previous trading day [1] Sector Performance - Strong sectors included coal, electronics, telecommunications, power equipment, pharmaceutical biology, construction decoration, steel, and machinery equipment [2] - Weak sectors included oil and petrochemicals, securities, beauty care, education, banking, and precious metals [2] - The top-performing stocks were concentrated in electronics, machinery equipment, chemicals, telecommunications, and pharmaceutical biology [2] Individual Stock Performance - 2,078 stocks rose, while 3,003 stocks fell, with 93 stocks remaining flat and 9 stocks suspended [2] - Among the stocks with the most consecutive daily limits, Victory Energy led with 14 consecutive limit-ups [4] - 110 stocks saw net inflows exceeding 100 million yuan, with Aerospace Development receiving the highest net inflow of 1.933 billion yuan [8][9] Fund Flow Analysis - The net outflow of main funds in the Shanghai and Shenzhen markets was 47.198 billion yuan, with the ChiNext seeing a net outflow of 17.043 billion yuan [5] - Seven sectors experienced net inflows, with the telecommunications sector seeing the highest inflow of 2.814 billion yuan [5] - The defense industry had the largest net outflow of 8.7 billion yuan, followed by computer, automotive, electronics, and power equipment sectors [5] Institutional Activity - Institutions had a net buy of 2.12 billion yuan, with the highest net buy in Sanbo Brain Science at approximately 266.27 million yuan [14][15] - The most sold stock by institutions was Goldwind Technology, with a net sell of approximately 406.44 million yuan [14][15]

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、股票交易异常波动情况 浙江铖昌科技股份有限公司（证券名称：*ST 铖昌，证券代码：001270，以 下简称"公司"或"本公司"）股票连续三个交易日内（2026 年 1 月 5 日、2026 年 1 月 6 日、2026 年 1 月 7 日）收盘价格涨幅偏离值累计超过 12%，根据《深圳证券 交易所交易规则》的相关规定，属于股票交易异常波动的情况。 二、公司关注、核实情况说明 针对公司股票异常波动，公司董事会对有关事项进行了核实，有关情况说明 如下： 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较大 影响的未公开重大信息； 3、公司目前经营情况正常，内外部经营环境未发生重大变化； 证券代码：001270 证券简称：*ST铖昌 公告编号：2026-001 浙江铖昌科技股份有限公司 股票交易异常波动公告 4、公司控股股东和实际控制人不存在关于本公司应披露而未披露的重大事项， 或处于筹划阶段的重大事项； 5、公司控股股东及实际控制人在公司股票交易 ...

ST得润连续2日跌停，*ST奥维、*ST熊猫等跌停。 1月7日午间，A股半日下来共有86只涨停股、5只跌停股。光刻胶概念活跃，普利特3连板，国风新材3 天2板，雅克科技、南大光电等涨停。 连板股方面，胜通能源14连板，锋龙股份9连板，*ST东易11天8板，鲁信创投9天7板，*ST铖昌8天7 板，友邦吊顶5连板，城建发展、*ST高斯4连板，王子新材4天3板，岩山科技、美好医疗等3连板，可 川科技、ST长园3天2板，*ST松发、华林证券等2连板，中国西电、淳中科技等涨停。 ...

Summary of Commercial Aerospace Conference Call Industry Overview - The focus of the conference call is on the **commercial aerospace industry** in China, highlighting its strategic importance and growth potential in the coming years [4][5][6]. Key Points and Arguments 1. **Timing for Investment**: The commercial aerospace industry is at a pivotal moment due to the successful launch of the Zhuque-3 rocket in December 2025, which has established reliable transportation capabilities, breaking the previous capacity bottleneck [4]. 2. **Strategic Importance**: The Chinese government has elevated commercial aerospace to a strategic emerging industry due to urgent geopolitical security needs and the necessity to fill technological gaps [5][6]. 3. **Rocket Development**: Key upcoming events include the first flights of several large-capacity reusable rockets, such as Long March 10A and Zhuque-3, expected between late 2025 and mid-2026 [4]. 4. **Market Demand**: The demand for satellite launches is projected to surge, with estimates of over 600 launches by 2030, a 30-fold increase from 2024, driven by the need to deploy thousands of satellites [8][10]. 5. **Cost Competitiveness**: The cost of launching rockets in China is significantly lower than in the U.S. For instance, the Zhuque-3's launch cost is approximately 130 to 150 million RMB, while SpaceX's Falcon 9, even after reuse, costs around 150 million RMB [10][11]. 6. **Technological Bottlenecks**: The primary bottleneck in the industry is the development of liquid rocket engines, which are crucial for achieving cost-effective and reusable launch capabilities [11][12]. 7. **Investment Opportunities**: Companies involved in the supply chain for rocket engines, such as Srey New Materials and Fevo Technology, are expected to benefit significantly from the growth in the commercial aerospace sector [9][10]. Additional Important Insights 1. **Global Competition**: The U.S. and China are in a race to advance their commercial rocket technologies, with China adopting a strategy of "leapfrogging" by using next-generation liquid oxygen-methane fuels [7][17]. 2. **Satellite Market Growth**: The satellite market is expected to grow rapidly, with a focus on high-value payloads and advanced technologies such as phased array antennas and laser communication systems [18][19]. 3. **Future Trends**: The development of "space computing" is anticipated to become a significant trend, with potential applications in military and civilian sectors, emphasizing the strategic importance of rocket launch capabilities [20][21]. 4. **Key Players**: Notable companies in the Chinese commercial aerospace sector include China Aerospace Science and Technology Corporation and various private firms focusing on rocket manufacturing and satellite technology [22][23]. Conclusion The commercial aerospace industry in China is poised for explosive growth, driven by technological advancements, strategic government support, and increasing global demand for satellite launches. Investors should closely monitor developments in rocket technology, cost competitiveness, and the evolving satellite market to identify potential opportunities.

证券代码：001270 证券简称：*ST铖昌 公告编号：2025-051 浙江铖昌科技股份有限公司 3、公司目前经营情况正常，内外部经营环境未发生重大变化； 4、公司控股股东和实际控制人不存在关于本公司应披露而未披露的重大事项， 或处于筹划阶段的重大事项； 5、公司控股股东及实际控制人在公司股票交易异常波动期间未买卖本公司股 票。 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、股票交易异常波动情况 浙江铖昌科技股份有限公司（证券名称：*ST 铖昌，证券代码：001270，以 下简称"公司"或"本公司"）股票连续三个交易日内（2025 年 12 月 29 日、2025 年 12 月 30 日、2025 年 12 月 31 日）收盘价格涨幅偏离值累计超过 12%，根据《深 圳证券交易所交易规则》的相关规定，属于股票交易异常波动的情况。 二、公司关注、核实情况说明 针对公司股票异常波动，公司董事会对有关事项进行了核实，有关情况说明 如下： 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司未发现近期公共传媒报道了可能或已经对公司 ...