Market Overview - On January 28, A-shares showed mixed performance with the Shanghai Composite Index rising by 0.27% to 4151.24 points, the Shenzhen Component Index increasing by 0.09% to 14342.89 points, while the ChiNext Index fell by 0.57% to 3323.56 points [1] - The gold concept sector continued to rise, with strong performances also seen in phosphate chemicals, scarce resources, and minor metals, while sectors such as TOPCon batteries, perovskite batteries, and space station concepts experienced declines [1] Fund Manager Changes - On January 28, 26 fund managers experienced changes in their positions, with a total of 545 fund products having manager changes in the past 30 days (December 29 to January 28) [3] - On the same day, 38 fund products announced fund manager departures, involving 6 fund managers. The reasons for these changes included personal reasons, completion of agency roles, and job changes [3] Fund Manager Performance - Fund manager He Jiaqi from Huaxia Fund currently manages assets totaling 15.184 billion yuan, with the highest return product being Huaxia Dingli Bond A (002459), achieving a return of 104.14% over 9 years and 71 days [4] - Fund manager Sun Meng from Huaxia Fund manages assets of 14.764 billion yuan, with the highest return product being Huaxia Zhisheng Value Growth A (002871), which achieved a return of 162.46% over 5 years and 318 days [5] Fund Manager Appointments - On January 28, 64 fund products announced new fund manager appointments involving 21 fund managers [5] - Notable new appointments include Sun Meng as the manager for Huaxia Dingli Bond A and Huaxia Dingli Bond C [5] Fund Research Activity - In the past month (December 29 to January 28), Bosera Fund conducted the most company research, engaging with 47 listed companies, followed by Huaxia Fund, Guotai Fund, and Southern Fund, which researched 47, 38, and 38 companies respectively [8] - The chemical products industry was the most researched sector, with 205 instances, followed by the automotive parts industry with 176 instances [8] Individual Stock Research - The most researched stock in the past month was Dajin Heavy Industry, with 67 fund management companies participating in the research. Dajin Heavy Industry specializes in offshore wind power equipment [9] - In the last week (January 21 to January 28), Dajin Heavy Industry remained the top researched company, followed by Sanqi Interactive Entertainment and Xingchen Technology, with 42 and 23 fund institutions respectively [9]

Group 1 - The public fund industry is maintaining a high-intensity research pace ahead of the Spring Festival, focusing on key sectors such as commercial aerospace and consumer goods [1][2] - Commercial aerospace remains a significant area of interest, with companies like Xingchen Technology, Taili Technology, and Chaojie Co. receiving intensive research from multiple public funds [2][3] - Xingchen Technology has been a focal point, with 23 fund companies conducting research in the past week, emphasizing its servo technology and future applications in motion control [2][3] Group 2 - Taili Technology is also under scrutiny, with several fund companies exploring its development strategies in the aerospace sector, particularly its core material technology [3] - Chaojie Co. has been engaged by various fund companies, focusing on its manufacturing of commercial rocket structures and its completed production line for 2024 [3] - Additionally, Dajin Heavy Industry, a supplier of offshore wind power equipment, has attracted attention from 47 fund companies due to its expanding overseas business, particularly in Europe and emerging markets like Japan and South Korea [4][5] Group 3 - The longest Spring Festival holiday is increasing interest in the consumer sector, with companies in food and beverage, as well as tourism and entertainment, receiving attention from multiple public funds [5] - The consumer sector is expected to present structural investment opportunities, especially as macro policies aimed at expanding domestic demand continue to take effect [5]

Group 1 - In the past month (from December 27, 2025, to January 26, 2026), a total of 18 companies listed on the Beijing Stock Exchange (BSE) received institutional research, with Xingchen Technology being the most notable, attracting 31 participating institutions [1] - Among the 18 companies, 16 were researched by brokerages, 11 by funds, 5 by private equity, and 4 by insurance companies [1] - The companies that received the most attention from institutions include Tietuo Machinery, Wuxin Tunnel Equipment, and Jikang Technology, with 27, 23, and 16 participating institutions respectively [1] Group 2 - The average market capitalization of all companies on the BSE as of January 26 was 3.327 billion yuan, while the average market capitalization of the companies that received research was 4.205 billion yuan [2] - The companies with the highest market capitalization among those researched include Kaifa Technology, Fujida, and Jinhua New Materials [2] - The average stock price increase for the researched companies over the past month was 5.46%, with notable gainers including Tianrun Technology, Tairis, and Fujida, which saw increases of 24.61%, 18.46%, and 13.52% respectively [1][2]

Group 1 - SpaceX plans to launch the second generation of its Starlink satellite communication system in 2027, with overall capacity expected to increase by over 100 times and data throughput capability to improve by more than 20 times compared to the first generation [2][12] - The global rocket launch service market reached USD 16.45 billion in 2023 and is projected to exceed USD 50 billion by 2032, with a compound annual growth rate (CAGR) of 13% from 2023 to 2032 [2][25] - The upstream materials and core components account for 85%-90% of the total cost of rockets, with liquid engine manufacturing constituting approximately 50% of the total cost [2][18] Group 2 - The North Exchange technology growth stocks saw a median price change of +1.25% from January 19 to January 23, 2026, with 108 companies (71%) experiencing an increase [2][44] - The median price-to-earnings (P/E) ratio for the information technology industry increased by 7.40% to 83.6X, while the median market capitalization rose from CNY 2.68 billion to CNY 2.77 billion [2][50] - The North Exchange electronic equipment industry saw its median P/E ratio rise from 62.3X to 65.8X, with the total market capitalization increasing from CNY 148.39 billion to CNY 153.9 billion [2][52] Group 3 - The North Exchange rocket industry chain includes six companies: Xingtou Measurement and Control, Minshida, Suzhou Axis, Xingchen Technology, Kelong New Materials, and KQ Co., Ltd [2][40] - The average launch cost for China's satellite launches is expected to reach CNY 45,000 per kilogram by 2029, while SpaceX's Falcon 9 has a launch cost of CNY 20,000 per kilogram [2][38][37] - The commercial space market in China is projected to grow at an annual rate of over 20%, potentially reaching CNY 9 trillion by 2030 [2][24]

Group 1 - The January PMI data will be released on January 31, with December's PMI at 50.1%, an increase of 0.9 percentage points, marking a return to the expansion zone after eight months below 50% [2] - The Federal Reserve is expected to maintain interest rates at the upcoming meeting, with a 95% probability of no change according to the CME's FedWatch tool [3] - The People's Bank of China (PBOC) will have a total of 11,810 billion yuan in reverse repos maturing next week, with a net injection of 2,295 billion yuan this week [4] Group 2 - Over 40 billion yuan in locked shares will be unlocked next week, with January 27 being the peak day for unlocks, led by Haibo Sichuang at 23.154 billion yuan [5][6] - Three new stocks will be issued next week, including Beixin Life on January 26 and Linping Development and Electric Science Blue Sky on January 30 [8][9]

Core Insights - The Chinese commercial space industry is entering a critical development phase, with 2026-2027 identified as a key validation window for medium to large liquid rocket companies, marking the first flights of several rockets and the practical testing of reusable technology [1][3] - The demand for satellite internet and the need for cost-effective launch capabilities are becoming core competitive advantages, with companies needing to achieve a payload capacity of at least 2.8 tons for profitability in near-polar orbits [1][4] - Engine technology advancements, particularly full-flow staged combustion and 3D printing, are seen as the most certain investment logic within the industry [1][5] Group 1: Market Dynamics - The transition from small solid rockets to medium and large liquid reusable rockets is causing profound changes in the supply chain, with core components like 3D printing and large tanks gaining market attention due to their reliability and cost-effectiveness [2] - The success record and payload capacity of commercial rockets are fundamental standards for assessing their commercial value, with a shift towards liquid rockets and reusable technology driven by large-scale satellite networking demands [3][4] Group 2: Technical Developments - The engine evolution is trending towards higher thrust and full-flow staged combustion, with current engines primarily using gas generator cycles, while future designs are expected to adopt more efficient technologies [5][8] - The demand for increased payload capacity is pushing the need for engines with thrust levels reaching 120 tons, and companies are exploring innovative recovery methods to reduce costs [4][5] Group 3: 3D Printing Impact - 3D printing has become a core production capability in commercial aerospace, significantly reducing production cycles and weight, with over 60% of parts in new rocket engines being produced through this technology [9][10] - The Chinese 3D printing market is projected to reach approximately 41.5 billion yuan in 2024, with the aerospace sector accounting for about 16.7% of this market [9][10] Group 4: Structural and Control System Innovations - Rocket structural components are evolving towards larger sizes to meet increased payload demands, with materials like stainless steel and carbon fiber composites being adopted to reduce weight and costs [12] - The control systems are also being upgraded to meet the high-frequency launch requirements of commercial space, with a shift from traditional electric servos to electromechanical hydraulic systems [12]

桂林星辰科技股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 证券代码：920885 证券简称：星辰科技 公告编号：2026-002 □现场参观 □新闻发布会 □其他 □分析师会议 二、 投资者关系活动情况 √路演活动 活动时间：2026 年 1 月 22 日 □特定对象调研 活动地点：线下路演 □业绩说明会 □媒体采访 问题3. 未来对于伺服技术的发展趋势是什么？ 三、 投资者关系活动主要内容 回复：我们认为，未来伺服技术的发展将沿着多个重要方向稳步迈进。 问题1. 公司在深圳和上海成立的子公司的主要目的是什么？ 回复：星辰科技在深圳与上海设立子公司，核心目标在于深度布局工业控制 领域，包括注塑机、油压机等工业应用市场的拓展。通过区域子公司的布局，公 司能够更贴近华东、华南市场需求，精准把握不同行业客户的特点与趋势，提供 贴近客户的快捷服务，从而强化区域渗透能力，把握市场机遇，助力公司业务实 现持续增长。 问题2. 2025 年公司风电领域为 ...

证券代码：920885 证券简称：星辰科技 公告编号：2026-001 桂林星辰科技股份有限公司股票解除限售公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、本次股票解除限售数量总额为 1,306,001 股，占公司总股本 0.7645%，可交 易时间为 2026 年 1 月 27 日。 单位：股 | | 股东姓名 | 是否为控股 股东、实际 | 任职情 | 本次 解限 | 本次解除限 | 本次解除限 售股数占公 | 尚未解除 | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | | | | | 售登记股票 | | 限售的股 | | | 或名称 | 控制人或其 | 况 | 售原 | 数量 | 司总股本比 | 票数量 | | | | 一致行动人 | | 因 | | 例 | | | 1 | 郝铁军 | 否 | 总经理 | A | 17,500 | 0.0102% | 184,825 | | 2 | 吴勇强 | 否 | 原监事 | B | ...

Market Overview - The automation equipment sector experienced a decline of 1.8% on January 13, with Xingchen Technology leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Top Performers - Buke Co., Ltd. (688160) saw a significant increase of 10.21%, closing at 162.50 with a trading volume of 61,100 shares and a transaction value of 974 million [1] - Jianmo Information (605186) rose by 10.01%, closing at 22.97 with a trading volume of 76,100 shares and a transaction value of 168 million [1] - Zhongkong Technology (688777) increased by 9.90%, closing at 63.27 with a trading volume of 856,200 shares [1] Underperformers - Xingchen Technology (920885) experienced the largest decline, down 12.88% to 26.03, with a trading volume of 189,300 shares and a transaction value of 515 million [2] - Changfu Co., Ltd. (920396) fell by 10.11%, closing at 38.25 with a trading volume of 86,400 shares [2] - Hongxun Technology (603015) decreased by 9.99%, closing at 16.94 with a trading volume of 283,200 shares [2] Capital Flow - The automation equipment sector saw a net outflow of 2.116 billion in main funds, while retail investors contributed a net inflow of 1.789 billion [2] - The sector's capital flow indicates a mixed sentiment, with institutional investors withdrawing while retail investors are actively buying [2] Individual Stock Capital Flow - Green Harmonic (688017) had a main fund net inflow of 1.61 billion, but saw a net outflow from retail investors of 219.98 million [3] - Boshih Co., Ltd. (002698) recorded a main fund net inflow of 92.996 million, with a retail net outflow of 1.05 billion [3] - Jianmo Information (605186) had a main fund net inflow of 41.676 million, but also experienced significant outflows from both retail and speculative funds [3]

Market Performance - The automation equipment sector increased by 2.54% on January 12, with Xingchen Technology leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Top Gainers in Automation Equipment Sector - Xingchen Technology (code: 920885) closed at 29.88, up 12.93% with a trading volume of 235,000 shares and a transaction value of 678 million [1] - Changfu Co., Ltd. (code: 920396) closed at 42.55, up 10.63% with a trading volume of 129,900 shares and a transaction value of 530 million [1] - Yuantian Huan (code: 688889) closed at 61.29, up 10.61% with a trading volume of 225,700 shares and a transaction value of 1.338 billion [1] - Hongxun Technology (code: 603015) closed at 18.82, up 9.99% with a trading volume of 819,500 shares and a transaction value of 1.448 billion [1] - Huachangda (code: 300278) closed at 6.75, up 9.22% with a trading volume of 1,058,400 shares and a transaction value of 691 million [1] Market Capital Flow - The automation equipment sector experienced a net outflow of 721 million from institutional investors, while retail investors saw a net inflow of 760 million [2] - The top stocks with significant net inflows from retail investors include RuiKe Laser (code: 300747) with a net inflow of 1.49 billion [3] - Other notable stocks with retail net inflows include Huachangda (code: 300278) with 65.17 million and Tuosida (code: 300607) with 52.37 million [3]