Market Overview - The market showed signs of recovery with all three major indices turning positive, and the ChiNext index rising over 1% at one point. The total trading volume in the Shanghai and Shenzhen markets was 2.89 trillion, a decrease of 353.2 billion from the previous trading day. However, over 3,400 stocks in the market experienced declines [2]. Capital Flow Analysis - On January 27, the main capital inflow was directed towards high-growth technology sectors such as electronics and communications, while there was a notable outflow from previously popular sectors like electric equipment and biomedicine [3]. - The top five sectors for capital inflow were dominated by technology, with the electronics sector leading with a net inflow of 31.928 billion. Other sectors like communications and machinery also saw significant increases. Conversely, the top five sectors for capital outflow included electric equipment, non-bank financials, and biomedicine [5]. Stock Performance - The top five stocks with the highest capital inflow were primarily in the communications and electronics sectors, with Zhongji Xuchuang leading at a net inflow of 3.413 billion. Other notable stocks included Tianfu Communication and Dongxin Co., which also saw substantial inflows. The outflow was mainly from heavyweight stocks and previously popular sectors, indicating a clear trend of capital withdrawal [6]. Market Highlights - On January 27, a total of 59 stocks hit the daily limit up, with the semiconductor sector being the biggest winner, accounting for 11 of those stocks [7]. - The sectors with the most stocks hitting the limit up included chips, photovoltaic, and gold, indicating strong market interest in these areas [8]. Sector Movements - Gold stocks experienced a resurgence, with many reaching new highs. The semiconductor and AI computing supply chains showed strength, particularly in memory and CPO directions. In contrast, coal, basic metals, and retail sectors faced declines, while vaccine and lithium battery themes weakened [9][10]. - The recent statements by Tesla CEO Elon Musk regarding space photovoltaics have sparked increased activity in related concepts. Musk announced plans for SpaceX and Tesla to build a total of 200GW of photovoltaic capacity in the U.S. over the next three years, primarily for ground data centers and space AI satellites [10]. Future Outlook - According to Open Source Securities, the release of a hundred GW-level space computing market, combined with the high unit value of space photovoltaic batteries, is expected to open new growth opportunities for the photovoltaic industry [11]. - Guotai Junan Securities also noted that the upcoming dense launch period for low-orbit satellites and the clear trend of commercializing space computing will effectively drive the demand for photovoltaic expansion, with core equipment manufacturers likely to benefit first [12].

识别风险，发现价值 请务必阅读末页的免责声明 1 / 21 [Table_Title] 国防军工行业空天系列 星舰量产驱动学习曲线重现，降本规模有望重新定义全球物流 [Tabl e_Author] 分析师： 孟祥杰 分析师： 吴坤其 分析师： 邱净博 SAC 执证号：S0260521040002 SFC CE.no: BRF275 SAC 执证号：S0260522120001 SFC CE.no: BRT139 SAC 执证号：S0260522120005 010-59136693 010-59133689 010-59136685 mengxiangjie@gf.com.cn wukunqi@gf.com.cn qiujingbo@gf.com.cn 请注意，邱净博并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 [Table_Summary] 核心观点： | 相关研究 [Table_Report ： ] | | | --- | --- | | 国防军工行业:商业航天和商发两机景气持续，重视海外共振赛道机遇 | 2026-01-25 | | 国防军工行业:航改燃机正成为电力缺口的解决 ...

（图片来源：摄图网） 1月22日，北京穿越者载人航天科技有限公司在成都举行全球发布会上宣布，国内首艘商业载人飞船"穿越者 壹号"亚轨道飞船计划于2028年前后实现载人首飞，单张船票定价300万元人民币，预付10%(30万元)即可锁 定飞行名额。目前已预订了超三艘船，首批20余位付费游客已完成签约，包括中国工程院院士李立浧、探路 者品牌创始人王静、啟赋资本董事长傅哲宽、演员黄景瑜等，涵盖了学界、商界、航天界、艺术界、娱乐界 乃至网红界等多个领域。 企查猫APP显示，北京穿越者载人航天科技有限公司成立于2023年1月11日，注册资金为778.9275(万人民 币)，经营范围涉及民用航空器零部件设计生产、火箭发射设备研发制造、飞行训练、火箭发动机研发等领 域，是国内首家集可重复使用载人飞船研制与太空旅游运营于一体的商业航天企业，也是国内唯一获得国家 级商业载人航天项目立项批复的民营企业。 在国家政策的大力推动下，我国商业航天活动日益活跃，商业发射次数高速增长。2023年，我国发射商业航 天器141颗，同比增长29%;商业发射23次，较2022年增长28%。2024年，虽然商业航天发射次数下降至12 次，但入轨商业卫 ...

Market Overview - The market experienced a rebound with all three major indices rising, driven by strength in the semiconductor industry and precious metals [1] - Notable stocks included Dongxin Co. and Kangqiang Electronics, both hitting the daily limit, while Huahong Company rose over 7% to reach a new high [1] - The trading volume for the day was 2.92 trillion [1] Key Highlights Domestic Chips - The domestic chip sector saw significant gains, with stocks like Electric Science Chip, Dongxin Co., and Yaxiang Integration hitting the daily limit [4] - Microsoft announced the launch of its next-generation AI chip, Maia200, which reportedly improves performance by 30% per dollar compared to the latest hardware [4] - Samsung proposed a price increase of over 80% for LPDDR chips in Q1, with SK Hynix's increase around 100%, impacting Apple's supply chain [4] Semiconductor Pricing Trends - According to招商证券, the supply-demand gap is driving storage product prices up, with DRAM contract prices expected to increase by 55-60% and Server DRAM prices by over 60% in Q1 2026 [6] - The forecast for NAND Flash products indicates a price increase of 33-38% [6] - The localization rate of semiconductor manufacturing equipment in China is currently low, with projections to reach 30% by 2026 [6] Optical Communication - The optical communication sector rebounded, with stocks like Zhongci Electronics and Kecuan Technology hitting the daily limit [7] - Demand for optical modules remains strong, driven by increased capital expenditures from major North American cloud providers, with a projected total exceeding $380 billion for 2025 [9] Photovoltaic Sector - The photovoltaic sector strengthened in the afternoon, with companies like Saiwu Technology and Zhengtai Power seeing significant gains [10] - Elon Musk announced plans to achieve 200 GW of solar manufacturing capacity in the U.S. within three years, indicating a strong future demand for solar technology [12] Stock Performance - Key stocks in the semiconductor and optical communication sectors showed substantial gains, with Dongxin Co. and Shengke Communication both rising by 20% [18] - The overall market sentiment reflects a positive outlook for sectors related to AI, storage, and renewable energy technologies [18]

HEALTH WARNING & DISCLAIMERThis is not Investment Advice. The stock discussed in this post is a “Pink Sheet” OTC stock with limited liquidity and almost no reporting. The author may own, buy or sell shares in this company without pre-warning. DO YOUR OWN RESEARCH !!As a change to previous write-ups, I will start with the sound track for this write-up. And of course it is “Rocket Man” from Elton John. It fits in more than one way to this Special situation and you maybe want to listen to it while reading the ...

地面光伏电站一到晚上就"下班"，还要受天气影响；太空光伏把太阳翼装在卫星、飞船或空间站上，没 有大气散射、没有云层遮挡，相当于"日照峰值"全天候在线。 它主要由三部分组成：发电端——柔性或刚性太阳翼。储能端——锂电或钠电，保证卫星进入地球阴影 区不断电；控制端——电源管理器，稳压、分流、保护一条龙。 1月24日，A股光伏板块突然"涨"声一片，起因不是地面电站，而是"天上电站"——太空光伏。马斯克谈 到Space X和特斯拉正在提升太阳能产能，目标是每年达到100GW。 1.太空光伏是什么？一句话：把太阳能板搬到天上，24小时不打烊 一句话：太空光伏就是卫星的"移动电源宝"，只是这个充电宝面积动辄几百平方米，价值量占整颗卫星 的20%以上。 2. 为什么太空突然"缺电"？太空光伏需求爆发来自两大场景 其一，通信卫星：轨道资源"抢车位"，先占先得。 国际电信联盟规定"先登先占"，7年内必须发射首星，14年内全部部署完毕。我国两大星座"GW"和"千 帆"合计申报2.8万颗，2025年底又新增申报近20万颗，目前在轨卫星占总申报数量比例不到1%。因 此，未来仅国内星座组网规划对应的光伏市场就已非常大。 其二，算力卫星 ...

Core Viewpoint - The article discusses the booming commercial aerospace sector in China, highlighting the rapid developments in IPOs and investment opportunities, particularly in rocket and satellite companies, driven by favorable policies and market sentiment [4][10]. Group 1: IPO Developments - The optimization of the fifth set of standards for the Sci-Tech Innovation Board has opened the door for commercial aerospace companies to go public, with Blue Arrow Aerospace being the first to receive acceptance [4]. - Blue Arrow Aerospace's IPO status changed to "under inquiry" just 22 days after acceptance, indicating a fast-paced process akin to rocket speed [5]. - The market is speculating on the potential valuation of Chinese SpaceX, with estimates reaching up to 1.5 trillion yuan (approximately 1.5 trillion USD) for SpaceX's IPO [5]. Group 2: Investment Opportunities - X has four aerospace projects, with pre-IPO valuations ranging from 106 billion to 350 billion yuan, indicating significant investment potential [6][8]. - The C rocket project plans to launch its reusable liquid rocket by June 2026, with an expected market valuation exceeding 100 billion yuan post-IPO [7]. - D satellite company has seen its pre-IPO valuation increase from 350 billion to 450 billion yuan, reflecting strong investor interest and market dynamics [8]. Group 3: Market Sentiment and Trends - The commercial aerospace sector has transitioned from being overlooked to experiencing explosive growth, with significant increases in valuations and investor interest [10][12]. - The article notes that the commercial aerospace industry is now viewed as a promising investment opportunity, with expectations of increased satellite launches and a favorable regulatory environment [10][11]. - X's approach to investment emphasizes trend analysis over financial metrics, reflecting a broader sentiment in the market where access to investment opportunities is prioritized over immediate profitability [15].

2026年1月27日午后，太空光伏午后拉升，光伏ETF华夏（515370）受益上涨1.12%，持仓股拉普拉斯 20CM涨停，奥特维涨超12%，协鑫集成、迈为股份涨超8% 光伏ETF华夏（515370）及其联接基金（012885/012886）跟踪中证光伏产业指数，涉及光伏产业链 上、中、下游企业，包括硅片、多晶硅、电池片、电缆、光伏玻璃、电池组件、逆变器、光伏支架和光 伏电站等，能够更好的反映光伏产业整体表现。指数其太空光伏含量18.49%，指数维度全市场排名第 一。 （文章来源：每日经济新闻） 消息面上，马斯克在达沃斯表示，在太空设立太阳能AI数据中心是理所当然的事。"SpaceX与特斯拉正 同步推进太阳能产能提升，目标在未来三年内实现每年100GW的太阳能制造能力。用于地面数据中心 与太空AI卫星供能。" 国盛证券认为，马斯克提出的SpaceX计划每年部署约100万颗太阳能AI卫星，为太空光伏带来了新的产 业机遇。这一规划被视为推动光伏技术向极端空间场景突破、重构全球光伏产业格局的关键布局。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：科创板日报 作者：潇湘 防御战略 各国建立自有卫星资产的举措，通常是增加国防开支广泛努力的一部分。卫星长期以来一直是政府的战 略资产，而它们在近年来俄乌战场上所发挥的核心作用，更进一步凸显了其对国家安全的重要性。 约一年前，在白宫与乌克兰关系紧张之际，五角大楼下属的美国国家地理空间情报局曾暂停向乌克兰共 享卫星图像。虽然这一共享合作后来恢复，但暂停行为仍令乌克兰及其他国家政府领导人感到不安。 乌克兰在战争期间依赖SpaceX的星链卫星网络保持通信畅通。SpaceX首席执行官马斯克对星链系统使 用权限的决策，有时也会激怒乌克兰官员。 据全球航天业高管透露，许多国家领导人目前都希望能自主掌控卫星系统，因担忧私营企业可能限制使 用权限。 乌克兰在"星链"上的经历，刺激欧洲建立一个拥有290颗卫星网络的规划（IRIS2系统）。该规划旨在为 政府提供安全通信，同时解决互联网连接死角等问题。 随着美国特朗普政府一系列的外交和军事霸凌行为，正在日益撕碎全球秩序，越来越多的政府目前也正 愈发重视起了卫星主权。 欧洲、中东和亚洲国家正纷纷投资建设本 ...

随着太空光伏万亿赛道加速落地，光伏整体赛道配置价值凸显，光伏行业迎来格局重塑与高质量发展新阶段。光伏ETF博时(认购代 码：560313)于2026年1月26日正式发售，认购期至2月6日，助力投资者一键布局光伏产业链优质龙头。 消息面上，马斯克的一系列高调表态持续点燃市场对太空光伏领域的热情。1月22日，他在达沃斯论坛上宣布，SpaceX与特斯拉计划 未来三年内在美国联合打造200GW光伏产能，双方各承担100GW，核心用于地面数据中心及太空AI卫星供能。 技术端，随着新技术BC以及贱金属浆料替代等快速发展，或有望降低成本。 光伏ETF博时(认购代码：560313)紧密跟踪光伏产业指数，中证光伏产业指数从主营业务涉及光伏产业链上、中、下游的上市公司证券 中，选取不超过50只最具代表性的上市公司证券作为指数样本，以反映光伏产业上市公司证券的整体表现。 以上产品风险等级为：中高（此为管理人评级，具体销售以各代销机构评级为准） 值得关注的是，中证光伏产业指数自基日(2012年12月31日)至2026年1月13日期间涨幅为206.55%，同期沪深300指数和新能源指数涨幅 分别为91.97%、179.28%。 政策端 ...