（一）重磅消息 1月31日，SpaceX已向美国联邦通信委员会(FCC)提交申请，计划发射高达100万颗卫星，以构建一个环 绕地球的轨道数据中心网络。该公司在周五晚提交的文件中，将该项目描述为一个具有空前计算能力的 卫星星座，旨在为先进AI模型及其应用提供算力支持。SpaceX在一份8页文件中阐述了其"轨道数据中 心系统"的构想，称为了向全球数十亿用户提供大规模AI推理和数据处理所需的能力，公司目标部署多 达100万颗卫星，这些卫星将在厚度不超过50公里的多个狭窄轨道层中运行。 （二）券商最新研判 （三）券商行业掘金 东吴证券：商业航天为何会成为2026年的主线？ 1、产业质变的逻辑：运力瓶颈实现从0到1的飞跃。长期以来，我国商业航天的核心痛点在于"星多箭 少"，即海量卫星组网需求受制于极度稀缺的投送能力。2025年12月3日，朱雀三号遥一成功入轨，标志 着国产商业火箭具备了成熟的大规模入轨实力，正式拆除了制约行业发展的物理围墙。 2、步入2026年，行业将迎来技术闭环、订单释放与资本溢价的多重共振。随着长征十号甲、朱雀三号 遥二等可回收火箭进入密集首飞期，叠加SpaceX星舰V3于2026Q1的试飞压力，中 ...

Industry Investment Rating - The industry investment rating is Neutral, maintained [1] Core Insights - The report highlights a "general increase with differentiation" in the performance of listed securities firms, with a median year-on-year net profit growth rate exceeding 60% for 26 firms. Leading firms like CITIC Securities and Guotai Junan achieved growth rates of 38.5% and 111%-115% respectively, supported by comprehensive, international, and merger integration advantages. Smaller firms showed even higher growth rates due to low base effects and unique business breakthroughs [4][16] - The report notes that despite strong fundamentals, the securities sector underperformed last week, with the Shenwan Securities II Index declining by 0.68%, lagging behind the CSI 300 Index by 0.77 percentage points. Current valuations remain significantly behind the pace of profit recovery [4][10] - The report emphasizes that the current market liquidity is abundant, with the SHIBOR 3M rate stable at a historical low of 1.59%. The A-share market remains active, with an average daily trading volume of 3.70 trillion yuan, reflecting a 7.63% increase compared to the previous week [5][21] Summary by Sections 1. Performance of Listed Companies - The report indicates that the securities industry experienced widespread high growth in 2025, driven by a favorable capital market environment, core business synergy, and policy resonance. The head firms benefited from scale effects and comprehensive service capabilities, while smaller firms achieved aggressive growth through mergers and unique business focuses [16][17] 2. Industry Fundamentals Tracking 2.1 SHIBOR 3M Rate - The SHIBOR 3M rate was reported at 1.59% as of January 30, 2026, indicating a stable and abundant liquidity environment [5][20] 2.2 Stock Fund Trading Volume - The average daily trading volume of A-share stock funds reached approximately 37,040 billion yuan, reflecting a significant increase of about 7.63% compared to the previous week [21][22] 2.3 Margin Trading Situation - The margin trading balance was reported at 27,393.63 billion yuan, maintaining a historical high level. The balance fluctuated slightly but remained above 27 trillion yuan [24][23] 2.4 Bond Market Index and Trading Volume - The bond market showed a "trading cooling, index rising" pattern, with a daily average trading volume of 30,927.60 billion yuan, reflecting a slight increase of about 3% compared to the previous week [27][28] 2.5 Stock-Bond Spread - The average yield of 10-year government bonds was reported at 1.82%, showing a slight decrease, while the stock-bond spread remained stable at an average of 4.90% [29][30] 3. Market Review - The Shenwan Securities II Index underperformed the CSI 300 Index, ranking 12th among 31 first-level industries. The report notes that the securities sector's performance over the past year was significantly lower than that of the CSI 300 Index [31][33]

Group 1 - The commercial aerospace sector is experiencing multiple favorable catalysts both domestically and internationally, which is expected to inject new growth expectations into the industry [1][5] - SpaceX has applied to deploy a constellation of up to 1 million satellites to create a powerful on-orbit computing center to support advanced AI development, reflecting a global acceleration in the strategic layout of space information infrastructure [1][5] - China's main commercial rocket institutions have identified "winning the primary rocket's maiden flight and recovery battle" as a core task for 2026, indicating a formal push towards reusable technology, which is crucial for global competitiveness [1][5] Group 2 - The reusable launch vehicle is currently the core technological path for reducing launch costs and increasing launch frequency in the global aerospace industry [1][5] - Although Chinese commercial aerospace companies have achieved multiple successful launches, they are still in the stage of catching up and breaking through in the reliable recovery and rapid reuse of first-stage rockets [1][5] - The designation of the "recovery battle" as a core task signifies that state-backed commercial rocket companies are officially launching an offensive in this high-tech barrier area, which may directly impact China's long-term competitiveness in the global commercial rocket market [1][5] Group 3 - The aerospace ETF (563380) has seen net inflows in 15 out of the last 20 trading days this year, accumulating 734 million yuan, with an average daily trading volume rising to 181 million yuan, significantly widening compared to 2025 [2][6] - The fund's scale and shares have both reached new highs since its inception, at 879 million yuan and 713 million shares respectively [2][6] - The aerospace ETF focuses on the aerospace sector, with significant allocations in aerospace equipment (61.4%), space equipment (17.8%), and military electronics (17.4%), providing comprehensive coverage of the aerospace industry chain [2][6] Group 4 - The fund manager of the aerospace ETF (563380) and the general aviation ETF (563320) is Huatai-PB Fund, one of the first ETF managers in China, with extensive ETF management experience [3][7] - Both flagship products, the Huatai-PB CSI 300 ETF (510300) and the Huatai-PB A500 ETF (563360), are among the largest in their category, utilizing the lowest fee structure in the market (management fee of 0.15% per year, custody fee of 0.05% per year) to assist investors in low-cost allocations [3][7]

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - The overall trend of the domestic commodity futures market is mostly downward, with significant drops in precious metals and base metals, while some energy - chemical products show slight increases. In the financial market, the A - share market has different performance trends in various sectors, and the real estate market shows signs of stabilization. The global economic and political situation is complex, with potential impacts on the financial and commodity markets [4][41][42] 3. Summary by Directory Overnight Night - Market Trends - In the domestic commodity futures market on the 30th, most products closed lower. Shanghai silver hit the daily limit down with a 17% drop, Shanghai gold fell over 9%, and other metals like Shanghai tin, copper, and nickel also had significant declines. However, caustic soda rose nearly 3% and PVC rose over 2%. In the London base metals market, all metals declined. In the oil market, the US oil and Brent oil main contracts rose slightly, and the increase in net long positions in Brent crude reflected a bullish sentiment [4] Important Information Macroeconomic Information - Israel and the US are collaborating on potential military actions against Iran. China's National Development and Reform Commission and National Energy Administration issued a notice to improve the capacity price mechanism on the power generation side. In 2025, China's national general public budget revenue was 21.6 trillion yuan, a 1.7% decrease from 2024. Shipping indices declined, while the prices of polysilicon and silicon wafers increased at the end of 2025, and the price of thermal coal also rose. The China Securities Regulatory Commission solicited opinions on regulatory changes, and Trump nominated Kevin Warsh as the Fed Chair. The Fed's Bostic suggested no need for interest rate cuts. The manufacturing PMI in January was 49.3%, a 0.8 - percentage - point drop from the previous month [7][8][9][11][12] Energy - Chemical Futures - The output and capacity utilization of Chinese styrene factories decreased slightly in the week ending January 29. The US relaxed sanctions on Venezuela's downstream oil production. OPEC+ decided to suspend production increase in March 2026 due to seasonal factors [14][15][16] Metal Futures - The Thai Futures Exchange temporarily suspended trading of online gold futures. Chinese banks issued risk warnings and adjusted business rules for precious metal investments. The price of Indonesian nickel ore increased, and the Shanghai Futures Exchange will conduct a simulation trading of nickel futures and options. The lithium ore sector declined, but companies reported normal operations. A lead refinery in East China planned to suspend production, and the Osaka Exchange triggered a "circuit - breaker" for platinum futures. The production and sales of lithium concentrate by Pilbara had different trends, and the margin requirements for gold and silver futures were increased [18][21][23][26][27] Black - Series Futures - China adjusted the lower limit of the medium - and long - term coal - power market trading price. In 2025, China's steel exports increased in volume but decreased in price. The purchase prices of coke by steel mills in Shandong and Hebei increased. A coal mine in Inner Mongolia passed the resumption inspection. The inventory and daily throughput of imported iron ore in ports changed, and the situation of steel mills' production and profitability also had corresponding changes. The Indonesian coal industry faced production quota cuts [29][31][33] Agricultural Product Futures - Indonesia raised the reference price of crude palm oil in February. The actual soybean crushing volume of domestic oil mills increased in the 5th week of 2026. The inventory of imported cotton at ports increased, and the pig - breeding profits changed. The soybean sowing in Argentina was almost completed, and the global sugar supply balance and Brazilian sugar production forecasts were adjusted [35][37][38] Financial Market Finance - From a resource boom to a cycle boom, the price - increase clues may run through the first quarter in the A - share market. The performance forecasts of A - share listed companies in 2025 showed different results in various industries. The performance of 29 securities firms in 2025 was mostly positive. The February gold - stock lists of securities firms were concentrated in certain industries, and the semiconductor and real estate sectors had different performance trends. The telecom service VAT rate of Chinese telecom companies was adjusted, and a fund had a trading suspension [40][41][42][43] Industry - In 2025, the "trade - in" policy boosted the sales revenue of household appliances and communication equipment retail industries, and rural consumption increased. China's shipbuilding industry maintained its leading position globally. Most domestic car companies had year - on - year sales growth in January. The price of second - hand housing in 100 cities decreased, while the new - house price had a structural increase. The global AI computing power construction drove the upgrade of power - equipment transformers. The scale of "fixed - income +" funds reached a record high [45][46][47] Overseas - Trump hoped the Fed Chair nominee Warsh could lower interest rates. A new round of tripartite talks between Ukraine, the US, and Russia was scheduled. The Indian government's borrowing in the 2026 - 27 fiscal year would reach a record high, and the deficit and debt - to - GDP ratios were expected to change. South Korea's semiconductor exports in January increased significantly, driving up the total export volume [48] International Stock Markets - The Indian and Saudi stock markets tumbled on February 1. India's proposed increase in securities trading taxes on stock index futures and options led to a sharp decline in the Indian stock market, and the Saudi stock market also had a significant drop [49] Commodity - The international gold price had the largest single - day decline in 40 years on January 30, and experts advised caution. The price of pure benzene rebounded strongly in January [50] Bond - Convertible bond funds became the focus in the context of the overall underperformance of bond funds, with some funds having high yields [51] Foreign Exchange - New regulations on RMB cash payment came into effect on February 1, and the Bulgarian lev withdrew from circulation on the same day [52][54] Upcoming Events - The Bank of Japan will release the summary of the January monetary policy meeting, the People's Bank of China will have 150.5 billion yuan of reverse repurchases due, the Deputy Governor of the Bank of England will give a speech, the Asia Virtual Reality XR Industry Exhibition will be held, there will be new stock subscriptions, and the Atlanta Fed President will speak [56]

Key Points - Hongbaoli's epoxy propylene comprehensive technology renovation project has entered the preliminary preparation stage for trial production [1] - Jerry Holdings signed a sales contract for gas turbine generator sets for a US data center worth 1.265 billion yuan [1] - Aoshikang plans to invest 1.82 billion yuan in the construction of a high-end printed circuit board project [1] - BGI Genomics intends to acquire 100% equity of Sanjian Qifa and Huada Xifeng [1] - Tianqi Lithium's Talisman third-phase chemical-grade lithium concentrate expansion project is expected to produce its first batch of qualified chemical-grade lithium concentrate by January 30, 2026 [1] - Huayou Cobalt plans to collaborate on building an integrated battery industry chain project in Indonesia [1] Performance - Guangdong Mingzhu expects a net profit increase of 2908.49%-3577.04% year-on-year for 2025 [1] - Sainuo Medical anticipates a net profit increase of 2767%-3233% year-on-year for 2025 [1] - Lingdian Electric Control forecasts a net profit increase of 640.16%-804.64% year-on-year for 2025 [1] - Bojie Co. expects a net profit increase of 484.16%-618.97% year-on-year for 2025 [1] - Xiangcai Co. anticipates a net profit increase of 266.41%-403.81% year-on-year for 2025 [1] - Xinyi Sheng expects a net profit increase of 231%-249% year-on-year for 2025, with Q4 performance exceeding expectations [1] - Zhongji Xuchuang forecasts a net profit increase of 89.50%-128.17% year-on-year for 2025 [1] - Zhongjin Company anticipates a net profit increase of 50%-85% year-on-year for 2025 [1] - China Merchants Shekou expects a net profit decrease of 69%-75% year-on-year for 2025 [1] - Western Gold anticipates a net profit increase of 46.78%-69.23% year-on-year for 2025, driven by increased sales volume and prices of its own gold products [1] - Shandong Gold expects a net profit increase of 56%-66% year-on-year for 2025 [1] - Cambrian anticipates a net profit of 1.85 billion to 2.15 billion yuan for 2025, turning from loss to profit [1] - 360 Company expects a profit of 213 million to 318 million yuan for 2025, with Q4 performance significantly exceeding expectations [1] - Seres reported January automobile sales of 45,900 units, a year-on-year increase of 104.85% [1] - GAC Group reported January automobile sales of 116,600 units, a year-on-year increase of 18.47% [1] Buyback and Increase - GoerTek has increased the total amount for share repurchase to no less than 1 billion yuan and no more than 1.5 billion yuan [2]

来源：光大证券微资讯 热点聚焦 HOT 1、沙特股市2月1日大幅下挫，沙特全指跌幅一度达到2.6%，创2025年6月中旬以来最大盘中跌幅。此 前，伊朗军方警告称，德黑兰可能对以色列发动打击。伊朗其他官员也称正在采取措施，为可能的袭击 做准备。2月1日，以军称对黎巴嫩南部发动打击。以美军方高层被曝周末密集会谈，讨论对伊朗打击行 动。另据报道，白宫下令美海军舰艇前往中东，市场对美国可能发动打击的担忧加剧。 2、2月2日7:20，现货白银延续跌势，日内跌幅扩大至10%，报76.89美元/盎司。现货黄金跌破4700美 元，日内跌3.33%。此前，白宫提名前美联储理事凯文·沃什担任下任美联储主席。美东时间上周五，因 担忧沃什的鹰派立场，贵金属获利抛压激增，金、银出现崩盘式跳水，现货白银盘中一度暴跌36%，现 货黄金最高跌超12%。现货铂金重挫17.59%。现货钯金重挫14.89%。 3、1月31日，美股三大指数集体收跌。道指1月累涨1.73%；纳指1月累涨0.95%；标普500指数1月累涨 1.37%。黄金、白银股大幅下挫，全球最大白银ETF--iShares Silver Trust跌28%。纳斯达克中国金龙指数 1 ...

行业周报 | 非银金融 券商业绩预告亮眼，保险有望延续估值修复 金融行业周报（2026/02/01） 金融行业周涨跌幅跟踪：1）本周非银金融（申万）指数涨跌幅为+1.04%， 跑赢沪深 300 指数 0.95pct。本周证券Ⅱ（申万）、保险Ⅱ（申万）、多元金 融指数涨跌幅分别为-0.69%、+5.50%、-3.62%。2）本周银行（申万）涨跌 幅为+0.86%，跑赢沪深 300 指数 0.78pct。其中，国有行、股份行、城商行、 农商行本周涨跌幅分别为+0.35%、-0.26%、+3.11%、+2.06%。 投资观点：1）保险：本周保险Ⅱ(申万)涨跌幅为+5.50%，跑赢沪深 300 指 数 5.42pct。1 月保险股受"开门红"业绩高涨，后因监管降温进入震荡回 调。展望 2 月，保险股有望延续估值修复趋势：负债端，居民挪储趋势持续， 分红险凭借"保底+浮动"的收益优势成为承接居民资产迁徙的核心品种， 叠加 1 月"开门红"高增态势延续，头部险企保费增速有望持续领跑；资产 端，股市慢牛预期升温叠加利率中枢企稳，板块有望逐步从"流动性宽松驱 动"向"宏观政策加码+经济修复预期驱动"切换，投资收益提升路径明确 ...

Core Insights - The A-share market experienced wide fluctuations after the "opening red" in January, with major indices showing mixed performance [2][10] - The manufacturing PMI fell below the boom-bust line in January, indicating a decline in economic activity [6][27] - The report suggests a long-term bullish outlook for the A-share market supported by favorable monetary policies and economic recovery [8][31] Market Performance - During the week of January 26-30, 2026, the Shanghai Composite Index fell by 0.44%, the Shenzhen Component dropped by 1.62%, and the ChiNext Index saw a slight decline of 0.09% [3][10] - The largest weekly fluctuation was observed in the Sci-Tech Innovation Board Index, which experienced a 6.67% swing [10] - The overall market trend reflects increased volatility due to a stronger dollar and high index levels, leading to a demand for consolidation [13] Industry Analysis - Among the 31 first-level industries, the oil and petrochemical sector and telecommunications led with gains of 7.95% and 5.83%, respectively, while the defense and military industry and power equipment saw declines of -7.69% and -5.10% [4][20] - In the second-level industries, precious metals and oil service engineering had the highest weekly gains of 18.02% and 14.83%, while aerospace equipment II and military electronics II faced the largest declines of -15.78% and -8.45% [4][22] - The third-level industries showed gold and seeds leading with weekly increases of 18.22% and 15.02%, while aerospace equipment III and thermal power equipment had the largest drops of -15.78% and -9.93% [5][25] Macro Data - The manufacturing PMI for January was reported at 49.3%, indicating a contraction in manufacturing activity, with the production index at 50.6% showing slight expansion [6][27][28] - The new orders index fell to 49.2%, suggesting a slowdown in market demand across various sectors [28] Investment Recommendations - The report anticipates a stable economic environment in 2026, supported by proactive fiscal policies and moderate monetary easing, which is expected to sustain a "slow bull" market for A-shares [8][31] - Short-term market expectations remain strong, particularly in sectors related to "anti-involution," new productivity in AI and technology, and agriculture, which are expected to benefit from central bank policies [8][31]

（一）重磅消息 1月31日，SpaceX已向美国联邦通信委员会(FCC)提交申请，计划发射高达100万颗卫星，以构建一个环 绕地球的轨道数据中心网络。该公司在周五晚提交的文件中，将该项目描述为一个具有空前计算能力的 卫星星座，旨在为先进AI模型及其应用提供算力支持。SpaceX在一份8页文件中阐述了其"轨道数据中 心系统"的构想，称为了向全球数十亿用户提供大规模AI推理和数据处理所需的能力，公司目标部署多 达100万颗卫星，这些卫星将在厚度不超过50公里的多个狭窄轨道层中运行。 2、在2017年至2025年的2月份涨幅前10的二级行业合计有56个，相对分散，但出现3次以上的二级行业 只有通信设备、小金属、软件开发、能源金属等四个行业。这与2026年1月份有过不错表现的科技和有 色金属板块重叠度较高。且由于2026年春节在2月中旬，我们预期2月市场热点较难出现快速切换，科 技、有色这些1月强势的板块2月依旧有继续走强的可能。对于消费板块而言，虽然我国在继续推进"两 新"政策，但消费领域的传导链条较长，短期内依然无法刺激消费领域的全面爆发；且随着人工智能的 发展，就业问题也将越来越困难，一定程度上拖累了消费。 3 ...

Group 1 - Guangdong Mingzhu expects a net profit increase of 2908.49%-3577.04% year-on-year for 2025 [1] - Sainuo Medical anticipates a net profit growth of 2767%-3233% year-on-year for 2025 [1] - Lingdian Electric Control forecasts a net profit rise of 640.16%-804.64% year-on-year for 2025 [1] - Bojie Co. predicts a net profit increase of 484.16%-618.97% year-on-year for 2025 [1] - Kexing Pharmaceutical expects a net profit growth of 328.83%-455.89% year-on-year for 2025 [1] - Xiangcai Co. anticipates a net profit increase of 266.41%-403.81% year-on-year for 2025 [1] - Xinyi Sheng forecasts a net profit rise of 231.24%-248.86% year-on-year for 2025 [1] - Tongzhou Electronics predicts a net profit increase of 151.40%-230.42% year-on-year for 2025 [1] - Zhaofeng Co. expects a net profit growth of 136.26%-164.89% year-on-year for 2025 [1] - Kaige Precision Machinery anticipates a net profit increase of 133.99%-193.55% year-on-year for 2025 [1] - Sankeshu forecasts a net profit rise of 128.96%-189.21% year-on-year for 2025 [1] - Huazi Industrial expects a net profit growth of 128.00%-167.00% year-on-year for 2025 [1] - Zhite New Materials anticipates a net profit increase of 117.11%-171.39% year-on-year for 2025 [1] - Ecovacs expects a net profit growth of 110.90%-123.30% year-on-year for 2025 [1] - Jingquan Hua forecasts a net profit increase of 109.32%-140.72% year-on-year for 2025 [1] - Guoxuan High-Tech anticipates a net profit rise of 107.16%-148.59% year-on-year for 2025 [1] - Changjiang Securities expects a net profit growth of 101.37% year-on-year for 2025 [1] - Shanwaishan forecasts a net profit increase of 98%-125% year-on-year for 2025 [1] - Zhongji Xuchuang anticipates a net profit rise of 89.50%-128.17% year-on-year for 2025 [1] - Huachuang Yuxin expects a net profit growth of 86%-175% year-on-year for 2025 [1] - Kori Technology forecasts a net profit increase of 68.61%-115.25% year-on-year for 2025 [1] - Western Gold anticipates a net profit rise of 67.58%-93.21% year-on-year for 2025 [1] - Shandong Gold expects a net profit growth of 56%-66% year-on-year for 2025 [1] - Huaxi Biological anticipates a net profit increase of 54.93%-83.63% year-on-year for 2025 [1] - Nairui Radar expects a net profit growth of approximately 54.16% year-on-year for 2025 [1] - Lingyun Optical anticipates a net profit rise of approximately 50.75% year-on-year for 2025 [1] - Zhongjin Company expects a net profit increase of 50%-85% year-on-year for 2025 [1] - Dongwu Securities forecasts a net profit growth of 45%-55% year-on-year for 2025 [1] - Longping High-Tech anticipates a net profit increase of 14.17%-66.86% year-on-year for 2025 [1] Group 2 - Jiangfeng Electronics expects a net profit increase of 7.5%-27.5% year-on-year for 2025 [2]