1月27日，A股三大指数集体下跌，商业航天板块窄幅波动。截至10:29，航空航天ETF（159227）跌幅 0.88%，成交额达2.24亿元，稳居同类第一，持仓股三角防务领涨超6%，航天发展、航亚科技、航发控 制、航发动力等股跟涨。 中银证券表示，国内商业航天正步入政策与基建双重驱动的快车道。"十五五"规划首次将"加快建设航 天强国"列为重点任务，北京火箭大街交付及系列产业大会的举办，标志着我国正从发射能力到产业生 态进行系统性构建。这不仅是技术试验，更是向低成本、高频次商业发射模式的实质性迈进，为下游卫 星互联网等应用铺平道路。SpaceX 的潜在IPO 传闻也揭示了商业航天与人工智能两大前沿科技的深度 耦合趋势。 航空航天ETF(159227)：紧密跟踪国证航天指数，成分股覆盖战斗机、航空发动机、火箭、导弹、卫 星、雷达等全产业链龙头，完美契合"空天一体"的战略方向，涵盖大飞机、商业航天、低空经济等新兴 领域，商业航天含量高达70.19%。前十大重仓股中包含了航天发展、中国卫星、航天电子、中航机 载、中航高科等行业龙头。 航空航天ETF最新规模达31.92亿元，稳居同类第一。 1月23日至24日，第三届北 ...

Summary of Key Points from Conference Call Records Industry Overview - **Precious Metals and Non-Ferrous Metals**: Significant price movements observed in precious metals, particularly gold, which surged over 2% to exceed $5100 per ounce, indicating strong market demand and investor interest [1][2]. Core Insights and Arguments - **Gold Market Performance**: The spot price of gold increased by 2.29%, marking a daily rise of over $110, reflecting robust investor sentiment and market dynamics [1]. - **Tungsten Market Trends**: - The price of black tungsten concentrate rose by 11.43% to 536,000 CNY per ton, while ammonium paratungstate increased by 12.06% to 790,000 CNY per ton, indicating tightening supply conditions [2][4]. - Supply constraints are evident as mining production slows down due to reduced extraction quotas, leading to a tightening of market circulation [3]. - **Tin Market Dynamics**: - SHFE tin prices rose by 21.85% to 429,600 CNY per ton, and LME tin prices increased by 21.73% to $54,200 per ton, driven by supply pressures from geopolitical issues in major production areas [4][5]. Additional Important Content - **Biopharmaceutical Sector**: The outbreak of the Nipah virus in West Bengal, India, has raised concerns, with multiple healthcare workers infected, prompting urgent preventive measures in neighboring countries [6]. - **Space Photovoltaics**: - Elon Musk announced plans for SpaceX and Tesla to establish 100 GW of solar capacity in the U.S. within three years, which could significantly boost long-term demand for space photovoltaics [6]. - The commercial space sector is entering a new phase of large-scale deployment, with over 200,000 satellite constellation applications submitted in China [6]. - **Cloud Computing and AI**: AWS has raised its EC2 machine learning capacity block prices by approximately 15%, indicating rising operational costs in the cloud computing sector [7]. - **Oil and Gas Market**: Natural gas prices in the U.S. surged due to winter storms, with futures exceeding $6 per million British thermal units for the first time since 2022, reflecting supply-demand imbalances [7]. Stock Performance Highlights - **Top Gainers**: - In the precious metals sector, stocks such as Hunan Gold, Sichuan Gold, and China Gold saw significant price increases [2]. - In the tungsten sector, stocks like Xianglu Tungsten and Zhongtung High-tech performed well [4]. - In the biopharmaceutical sector, companies like Maike Biotech and Kaili Biotech experienced notable stock gains [6]. - **Market Activity**: The total trading volume in the Shanghai and Shenzhen markets approached 3.3 trillion CNY, reflecting increased market activity compared to the previous trading day [1].

Market Overview - As of last weekend, the total scale of equity ETFs in the market reached 48,892.36 billion yuan, with a decrease of 2,906.25 billion yuan in total scale over the past week, and a reduction of 479.65 billion units, resulting in a net outflow of 3,137.53 billion yuan [1] Fund Inflow and Outflow Direction - In the broad-based and strategy ETF category, the top three inflow sectors were Free Cash Flow, Strategy-Dividend, and CSI 2000, while the top three outflow sectors were CSI 300, CSI 1000, and SSE 50 [3][4] - In the industry and thematic ETF category, the top five inflow sectors were Semiconductor Chips, Chemicals, Power Grid and Power Operations, Non-ferrous Metals, and Innovative Drugs, while the top five outflow sectors were Military Industry, State-owned Enterprises, Agriculture, Rare Earths, and Consumer Electronics [4][5] Key Focus Areas - The Chemical ETF (159870) has seen continuous net inflows for 16 days, with various sub-sectors receiving positive news. The prices of chemical futures have risen significantly, indicating a positive market outlook for chemical products [6] - Specific price increases include: - Butadiene rubber up by 4.69% - Ethylene glycol up by 4.51% - Styrene up by 4.07% [6] - The price of a key intermediate for disperse dyes has increased from 25,000 yuan per ton to 38,000 yuan, a rise of over 50% [6] - The domestic potassium chloride market is showing strength due to reduced domestic supply and increased import costs [6] - The Chemical ETF has attracted a total of 94.27 billion yuan in net inflows over the past 16 days, with an average daily net inflow of 5.89 billion yuan [6][9] New Energy Sector - The Innovative New Energy ETF (588830) has experienced three consecutive days of gains, driven by the announcement of plans to build 200 GW of solar capacity in the U.S. for data center power supply [10] - The expected demand for solar equipment is projected to be significant, with potential annual procurement needs of 60-70 GW, translating to substantial revenue and profit opportunities in the solar supply chain [10]

①1月27日黄金与白银在刷新历史高点后大幅回调。 现货白银一度上涨14%，达117美元/盎司，随后跳水并抹去全部日内涨幅，收报约103.7美元/盎司。 ②1月26日中国新闻网发文：《印度暴发尼帕病毒疫情！可人传人，死亡率最高达75%》 ①1月27日黄金与白银在刷新历史高点后大幅回调。 现货白银一度上涨14%，达117美元/盎司，随后跳水并抹去全部日内涨幅，收报约103.7美元/盎司。 现货黄金一度上涨2.5%，达5110美元/盎司，随后回落至5010美元/盎司附近 ②1月26日紫金矿业出现40亿超大额压单。 达安基因、特一药业、鲁抗医药、海王生物、科华生物 之江生物（科创）、华兰疫苗、回盛生物、凯普生物、迈克生物、金迪克 现货黄金一度上涨2.5%，达5110美元/盎司，随后回落至5010美元/盎司附近 ②1月26日紫金矿业出现40亿超大额压单。 紫金矿业：拟以44加元/股共计约280亿元收购联合黄金100%股权 ③1月26日上期所 紫金矿业：拟以44加元/股共计约280亿元收购联合黄金100%股权 ③1月26日上期所调整铜，铝期货相关合约涨跌停板幅度和交易保证金比例，调整白银，锡期货相关合约交易限 额，进一步 ...

1)SpaceX引领美国卫星部署全球领先。2015年后随SpaceX实现规模化运营可回收火箭技术，美国火箭 发射次数快速攀升，2025年全球火箭发射次数为324次，美国占比约60%，卫星部署方面截至2025年底 SpaceX累计部署卫星已超9000颗，占全球约60%，确立全球领先地位，同时SpaceX目标累计部署4.2万 颗卫星，太空资源争夺迫切。2)我国实际卫星部署与美差距显著，卫星发射需求旺盛，政策与产业端加 码追赶。我国卫星申报数量超25万颗，但实际发射不足千颗，与美差距显著，在频轨资源有限及ITU规 则限制下，太空资源争夺愈发激烈，其中GW星座需在2029年底发射约1300颗，千帆星座计划在2030年 完成约15000颗卫星发射，2026-2030年我国卫星发射需求迫切，政策端国家不断出台政策支持航天发 展，25年底先后成立商业航天司并明确商业火箭企业适用科创板第五套上市标准的要求，助力商业火箭 企业加快上市推动产业发展。企业端多家民营火箭企业集中试射可回收火箭，商业化进程有望加快。 全球商业航天市场空间广阔，预计2030年达8000亿美元 2024年全球航天经济规模达到了6130亿美元，其中商业航天 ...

国泰海通晨报 2026 年 01 月 27 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【电力设备与新能源研究】太阳能：太空数据中心带来的市场空间巨大，晶硅和钙钛矿电池技 术将成为关键。 2、【海外科技研究】快手-W：可灵通过 2.5 Turbo（基础能力升级）-O1（全模态与成片能力突破） -2.6（音画一体化革命）的阶梯式迭代，完成从"高质量视频生成"到"重构 AI 视频创作工作流" 的技术升级。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 徐强(分析师) 010-83939805 xuqiang@gtht.com S0880517040002 吴志鹏(分析师) 021-23215736 wuzhipeng@gtht.com S0880525070004 罗青(分析师) 021-23185966 luoqing2@gtht.com S0880525070002 行业专题研究：太阳能《商业航天 ...

方正证券表示，在商业航天方面，近期资本市场动作频繁，包括中科宇航和蓝箭航天的IPO进展显著， 同时SpaceX计划大幅降低太空物流成本，未来三年内有望实现完全可重复使用的星舰发射目标。国内 政策也持续支持行业发展，《酒泉市商业航天产业发展规划》正式发布，进一步明确国家商业航天发射 基地建设。看好商业航天领域的发展前景。 航空航天ETF天弘（159241）紧密跟踪国证航天航空行业指数，该指数覆盖航空装备、航天装备、军工 电子等细分领域，涉及卫星互联网、大飞机、低空经济等前沿科技方向。跟踪指数行业布局在申万一级 行业分类中，国防军工权重占比高达98.7%。 消息面上，据智通财经，在2026北京国际商业航天论坛上，银河航天创始人、董事长兼CEO徐鸣发表了 题为《太空科创时代的新基建与新应用》的主旨演讲，他表示，太空新基建将带来万亿级市场爆发期， 到2035年，全球太空经济预计将达到1.8万亿美元。目前，公司已成功发射自主研制的40余颗卫星，并 构建了领先的通信载荷、星载计算机、太阳翼等核心单机配套研制能力。 1月26日，三大指数集体下跌，航空航天板块回调。截至当日收盘，国证航天航空行业指数下跌 5.29%，该指数成 ...

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 1 月 27 日 星期二 研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 美国回归门罗主义，在全球收缩，将对全球经济、美债、美股、美元、贵金属、 工业金属等大类资产产生颠覆式深远影响。 鉴于美国连续的错误政策，全球经济已越过顶部区域，开始向下运行。 重要事项: 联系方式：yujunli@greendh. ...

Group 1 - Employees at Dangdang's subsidiary in Wuxi have been penalized for excessive overtime, averaging 149 hours per month, which is nearly equivalent to two months of work in a single month [4][5] - The fine imposed on the company for violating labor laws was 12,150 yuan, which some netizens criticized as being disproportionately low compared to the company's potential illegal gains [5] - A recent incident involving a programmer's death due to overwork has sparked discussions about the severe consequences of excessive working hours in the tech industry [5] Group 2 - Li Auto's CEO emphasized the company's commitment to AI and plans to develop humanoid robots, aiming to recruit top talent previously lost to startups [8][9] - The company is undergoing organizational changes to enhance its R&D capabilities, focusing on core areas such as base models and intelligent systems [9][10] - Li Auto's delivery numbers for 2025 fell short of expectations, with a year-on-year decline of approximately 19%, indicating significant challenges ahead [10] Group 3 - Tencent announced a new AI social feature called "Yuanbao," which will include a 1 billion yuan cash giveaway during the Spring Festival to encourage user engagement [12][13] - The company aims to replicate the success of the WeChat red envelope phenomenon from years past, leveraging AI technology to enhance social interactions [13] Group 4 - The AI startup Jieyue Xingchen has completed a 5 billion yuan Series B+ financing round, with plans to focus on developing advanced AI models and applications [14][15] - The appointment of Yin Qi as chairman signifies a strategic shift towards integrating AI capabilities into various sectors, including automotive and robotics [15] Group 5 - Porsche's CEO expressed an openness to collaborating with Chinese autonomous driving suppliers, reflecting the competitive landscape in the luxury automotive market [28][29] - The company is facing challenges in the Chinese market, with a reported 26.28% decline in sales, prompting a reassessment of its strategies [28] Group 6 - Apple has launched the second generation of AirTag, featuring improved tracking capabilities and a 50% increase in sound volume, while maintaining the same battery life as the original [46][47] - The new AirTag is designed to integrate seamlessly with Apple's ecosystem, enhancing user experience in locating lost items [47] Group 7 - Hyundai's plans to deploy humanoid robots in production have faced backlash from labor unions, citing concerns over job security and the impact on employment [50][51] - The company aims to establish a factory in the U.S. for robot production, which has raised alarms among workers about potential job losses [51]

Core Insights - The public feud between Elon Musk and Ryanair's Michael O'Leary has escalated into a notable media spectacle, benefiting both parties in terms of publicity and business [1][2]. Group 1: Background of the Dispute - The conflict began when Ryanair announced it would not adopt SpaceX's Starlink satellite internet service due to fuel costs and low demand for short flights [2]. - Musk labeled O'Leary as "misinformed" in response to the airline's decision, igniting a series of public exchanges [2]. Group 2: Escalation of the Feud - O'Leary publicly dismissed Musk, calling him an "idiot," to which Musk retaliated by suggesting O'Leary should be fired [3]. - The exchanges included Ryanair mocking Musk over a reported outage on X, and Musk humorously suggesting he might buy Ryanair [3][4]. Group 3: Business Impact - The ongoing feud has led to Ryanair launching a promotional campaign called the "Big Idiot seat sale," which O'Leary credited for significantly boosting ticket sales [4]. - Ryanair's American Depositary Receipts (ADRs) have increased by over 50% since the feud began, while Tesla's stock has risen approximately 10% during the same period [5].