导语：人类终将会逆转衰老。 所以，这是我们身份和使命的重要组成部分。我非常激动能邀请到马斯克。他特地从加利福尼亚远道而来，就是为了见大家。所以，谢谢你，埃 隆。 马斯克： 不客气。其实，我之前听说要搞一个 "和平峰会"（Peace Summit），我当时在想，那是指 P-I-E-C-E（一片/一块）吗？比如分一块 格陵兰岛，分一块委内瑞拉。我们拿到了一块。结果原来我们要的是和平（Peace）。 近日，在达沃斯世界经济论坛上， 全球首富埃隆 ·马斯克接受 贝莱德首席执行官拉里 ·芬克访谈，对人工智能、机器人、人类抗衰老、自动驾驶 等热议话题发表了自己的观点。 马斯克认为， AI大规模落地应用的最大瓶颈，归根结底是电力供应。美国芯片产量追不上电力系统承载上限。 能源的未来，归根结底是太阳能的 未来。 他还认为， 人工智能部署成本最低的地方将是太空，而且这种情况将在两年内发生 ， 最迟三年。 关于自动驾驶，马斯克声称， FSD下个月获得欧洲市场的有监督完全自动驾驶功能批准，中国市场的审批进度也差不多 。 他表示， 从技术层面 来说，自动驾驶技术已经是一个被解决的问题。 马斯克还谈到了很多关于生命、人生的话题，他认为 ...

证券研究报告 行业研究 / 行业点评 2026 年 01 月 26 日 机械设备 王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com 行业及产业 SpaceX 推进星链升级与 IPO 进程 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《以第一性原理推演中国商业航天降本革命— —商业航天行业深度系列（一)》2026-01-21 《智能制造行业周报：看好 2026 年中国商业 航天产业拐点确立》2026-01-20 《神开股份（002278.SZ）首次覆盖报告：深 海装备国产化破局，AI 驱动数字油服商业模式 升级》2025-12-20 《芯碁微装（688630.SH）首次覆盖：PCB 与 先进封装共振，直写光刻龙头乘势起》 2025-12-12 《智能制造行业周报：晶圆产能持续扩张，看 好薄膜沉积设备需求上行》2025-12-02 ——智能制造行业周报（2026/01/19-2026/01/23） 观点：SpaceX 持续推进星链系统升级与运力能力提升，并加快资本化进程。1）SpaceX 计 划于 20 ...

Core Viewpoint - The article discusses the emerging competition in the energy sector, particularly focusing on space-based solar energy initiatives led by Elon Musk, which could significantly impact the solar energy and lithium battery industries [3][4]. Group 1: Space Solar Energy Initiatives - Elon Musk announced plans to establish 200GW of solar energy capacity, with 100GW sourced from space solar energy, aimed at supporting low Earth orbit satellites and space AI data centers [3]. - Musk's vision includes launching numerous solar energy satellites annually to create a large-scale solar energy collection network in space, requiring the deployment of 500,000 Starlink satellites and over 8,000 Starship flights [3]. Group 2: Impact on Solar and Lithium Battery Industries - The announcement of Musk's space energy vision led to a surge in domestic solar stocks, with leading companies like Longi Green Energy and JinkoSolar seeing stock increases of over 10% [4]. - The concept of space solar energy has sparked interest in the lithium battery supply chain, particularly regarding the need for energy storage solutions to balance solar panel operations in space [4]. - SpaceX has signed a $500 million order with a photovoltaic company for HJT equipment to build solar satellite arrays, corresponding to an annual production capacity of approximately 7GW [5]. Group 3: Developments in Commercial Aerospace - LG has reportedly secured an order for cylindrical lithium batteries from SpaceX for main and backup power systems, although the scale and value of this order remain undisclosed [6]. - Domestic commercial aerospace companies, such as Blue Arrow Aerospace and Zhongke Aerospace, are making advancements in reusable rocket technology and space transportation [6]. - EVE Energy has indicated its commitment to providing comprehensive lithium battery solutions for aerospace applications, having established partnerships with leading commercial rocket and satellite companies [7]. Group 4: Future of Battery Technology - The industry anticipates that solid-state batteries will meet future commercial aerospace battery demands due to their high energy density, long cycle life, and enhanced safety features, which are critical for high-value satellites and manned space missions [8].

Investment Rating - The mechanical equipment industry is rated as "stronger than the market" based on its performance relative to the CSI 300 index, which decreased by 0.62% during the week while the mechanical equipment sector increased by 2.57% [5][6]. Core Insights - SpaceX is advancing its Starlink system upgrades and capitalizing on its operations, planning to launch a second-generation Starlink system by 2027, which will enhance satellite performance and network capacity. The company aims to reduce the cost of launching to below $100 per pound through full reusability of its Starship [2]. - The capital market is preparing for SpaceX's IPO, expected in Q3 2026, with a valuation around $800 billion based on recent internal equity transactions. The report suggests that the valuation uplift in China's private rocket companies will follow a similar trajectory as SpaceX, transitioning from project-based products to infrastructure and technology services [2]. - In the PCB equipment sector, companies such as Chipbond (688630), Dongwei Technology (688700), and Dazhu CNC (301200) are recommended, with a focus on the increasing demand for advanced packaging and fine line technology [3]. - The humanoid robot sector is highlighted with recommendations for companies like Inovance Technology (300124) and Sanhua Intelligent Control (002050), as the production of Tesla's Optimus V3 approaches, which is expected to catalyze the market [3]. - In the controlled nuclear fusion sector, Guoji Heavy Industry (601399) is recommended, with expectations of increased procurement activity related to fusion projects, potentially exceeding previous investment forecasts [4]. Summary by Sections Mechanical Equipment Sector - The mechanical equipment sector's PE-TTM valuation increased by 2.56%, with the best-performing sub-sector being abrasives, which rose by 8.58% [5][6]. - The report indicates that the mechanical equipment industry ranks 13th out of 31 in the Shenwan industry classification [5]. Commercial Aerospace - Companies such as Yingliu Co. (603308), Srey New Materials (688102), and West Materials (002149) are recommended for investment in the commercial aerospace sector [5]. PCB Equipment - The report emphasizes the transition towards thinner substrates and finer line requirements in PCB manufacturing, with specific recommendations for companies involved in advanced packaging technologies [3]. Humanoid Robots - The report suggests focusing on core enterprises in the humanoid robot sector, particularly as Tesla ramps up production of its Optimus V3 robot, which is expected to begin sales in 2027 [3]. Controlled Nuclear Fusion - The procurement pace for fusion projects is accelerating, with significant budget allocations expected for various projects, indicating a robust growth outlook for companies in this sector [4].

证 券 研 究 报 告 行业周报 人形机器人+航空航天双轮驱动，旋转变压器迎广阔新兴市场 汽车行业周报 投资评级： （ ） 报告日期： 推荐 维持 2026年01月26日 ◼ 分析师：林子健 ◼ SAC编号：S1050523090001 投 资 要 点 ▌人形机器人+航空航天双轮驱动，旋转变压器迎来广阔新兴市场 依托极强的抗冲击抗振特性，旋转变压器有望适配人形机器人关节。旋变采用无接触式电磁感应原理，无 磨损部件仅轴承存在微量损耗，实现近乎无限的使用寿命，无需频繁维护更换，完美契合人形机器人对关 节部件高可靠性、长耐久性、抗复杂工况的严苛要求。人形机器人旋变市场规模有望远超传统旋变市场空 间。我们认为出于人形机器人的抗冲击性要求和寿命要求，人形机器人将会应用旋转变压器用来替代编码 器。我们预测到2030年人形机器人旋变市场规模有望达到61.5亿元，到2035年有望达到471.0亿元市场 规模，2026-2035年CAGR为85.9%。 卫星发射数量快速上升，带动航天领域旋变市场放量。从发射计划数据看，SpaceX将在2033年完成4.2万 颗发射，国网星座将在2035年前发射1.3万颗，千帆星座将在2030年 ...

Investment Rating - The industry investment rating is "Overweight" (Maintain) [2] Core Viewpoints - The global computing power construction is accelerating, leading to a rapid increase in photovoltaic demand. Elon Musk announced plans for SpaceX and Tesla to achieve a combined photovoltaic capacity of approximately 200GW in the U.S. within three years [3][4] - The photovoltaic technology routes for ground and space applications are diversifying, with TOPCon, HJT, and perovskite technologies expected to grow in parallel. The report is optimistic about the development potential of these technologies in the context of large-scale overseas photovoltaic capacity construction [3][4][6] - The energy supply for AI applications is currently a bottleneck, with AI chip production growing exponentially while power supply only increases by 4% annually. Photovoltaics are seen as a key solution to this energy bottleneck, with the potential for hundreds of terawatts of power generation from space photovoltaics in the future [4] Summary by Sections Section: Ground and Space Computing Power - Ground computing power is expected to add 97GW capacity globally between 2025 and 2030, driven by the expansion of large-scale cloud services and AI demand, resulting in a CAGR of 14%. This will increase total capacity to over 200GW and raise electricity demand from data centers significantly [5] - Space computing power is becoming more economically viable due to the long-term decline in commercial space launch costs. Plans for space data centers are being developed, with significant capacity expected in the coming years [5] Section: Photovoltaic Technology Routes - In space photovoltaics, gallium arsenide batteries are currently the mainstream technology due to their high efficiency and radiation resistance, but their high cost limits their use in large-scale satellite networks. Perovskite and P-type HJT batteries show promise for space applications due to their better performance and lower manufacturing costs [6] - Ground photovoltaic technologies like TOPCon are expected to maintain a leading market share due to their good low-irradiation performance and commercial maturity [6] Section: Equipment Companies - Companies involved in photovoltaic equipment are likely to see an increase in orders due to Musk's plans for photovoltaic capacity. Key players include: - Maiwei Co., a leader in HJT equipment benefiting from P-type HJT and perovskite applications in space - Aotwei, which provides equipment for both space and ground photovoltaic capacity - Gaoce Co., a leader in wafer cutting technology, expected to benefit from the trend towards thinner solar cells in space applications [7]

Investment Rating - The industry investment rating is "Outperform the Market - A" [4] Core Insights - The importance of aerospace and satellite technology is increasingly recognized, with the acceleration of space infrastructure construction benefiting the related industry chain in the long term [2][12] - The report highlights significant recent developments in the commercial aerospace and satellite industry, including the launch of new satellite networks and rockets, which are expected to enhance the application potential of satellite infrastructure [1][11] - The report suggests focusing on incremental directions in space infrastructure, such as space computing power, 3D printing, terminal direct connection, and inter-satellite connectivity, as well as value-enhancing segments in low Earth orbit satellites [2][12] Summary by Sections Industry Performance - The report indicates that the industry has shown a relative return of 14.7% over the past month, 9.2% over three months, and 23.8% over twelve months, with absolute returns of 16.5%, 11.2%, and 47.4% respectively [6][13] Recent Developments - The report details various recent events, including the launch of the "TeraWave" satellite communication network by Blue Origin, which will consist of 5,408 low Earth orbit satellites, and the successful launch of multiple satellites by different companies [1][11] - It also mentions the approval of policies in Beijing to support the development of commercial satellite remote sensing data resources from 2026 to 2030, indicating a favorable regulatory environment for the industry [1][11] Investment Focus - The report recommends paying attention to companies involved in satellite and space asset management, safety, and applications, as well as those engaged in testing and simulation services [2][12]

财达期货｜股指期货周报 财达期货｜股指期货周报 2026-1-26 姓名：李津文 从业资格号： F0244287 投资咨询号： Z0012495 分化整理，小强大弱 研究员 行情回顾: 上周四个股指期货品种走势以分化整理为主，其中中证 500 和 中证 1000 的涨幅相对较大。四个股指期货品种基差贴水深度大幅 改善，主力合约开启期货升水模式。期指主力合约期货-现货基差， IH 收于 5.61，IF 收于 6.70，IC 收于 68.03，IM 收于 45.86。 上周 A 股市场走出分化整理的行情，沪深两市周线收阳，中小 指数走势偏强，两市日成交额维持在 2.5 万亿之上，周五突破 3 万 亿，资金交投意愿较强，赚钱效应从结构性扩散至全市场。从板块 表现来看，马斯克宣布 SpaceX 与特斯拉三年建 200GW 太空光伏产 能，叠加"十五五"规划支持，太空光伏+商业航天板块热度持续; 受益于央行结构性降息、全球供应链重构及地缘风险，基本金属与 贵金属同步走强;电网设备受益于万亿级投资计划与业绩确定性; 半导体国产替代与技术迭代逻辑未变;资金偏好从低弹性转向高成 长，大金融(银行/保险/券商)全周持续调整;白 ...

IT之家 1 月 26 日消息，埃隆 · 马斯克阐述了他认为特斯拉和 SpaceX 终将远超竞争对手的原因，指出自动驾驶、机器人技术以及天基能源这三大力量将从根 本上重塑经济规模。 马斯克近期在社交平台 X 上发布了两条推文，称上述两家公司所处的领域，其发展并非呈线性增长，而是指数级增长。 有 X 平台用户指出，SpaceX 的估值已超过美国六大国防公司的总和。马斯克对此回应称，天基产业的经济价值最终将超越地球经济的总价值。他表示，太 空能为人类提供的能源总量约为地球的十万倍，而这些能源仍然不到太阳能量的百万分之一。 IT之家注意到，在后续发布的推文中，马斯克还称："凭借自动驾驶技术，特斯拉的市值已超过其他所有汽车厂商的总和。"他补充称，这一估值还未将特斯 拉的人形机器人"擎天柱"（Optimus）纳入考量。这位首席执行官表示，一旦擎天柱实现规模化量产，有望将全球 GDP 提升一个数量级。 ...

Group 1: AI Industry Insights - Baidu and Tencent are launching cash red envelope promotions to boost AI application usage during the Spring Festival, with Baidu offering 500 million yuan and Tencent 1 billion yuan in total rewards, potentially increasing AI application frequency across the industry [2] - The NAND flash memory prices have surged over 100% in Q1 2026, exceeding market expectations, as Samsung Electronics has completed supply contract negotiations, indicating a strong recovery in the storage industry [3] Group 2: Company Performance Forecasts - Sitway (688213.SH) expects 2025 revenue between 8.8 billion to 9.2 billion yuan, a year-on-year increase of 47% to 54%, with net profit projected at approximately 980 million to 1.03 billion yuan, reflecting a growth of 149% to 162% [4] - Bailong Chuangyuan reported a 2025 revenue of 1.379 billion yuan, up 19.75% year-on-year, and a net profit of 366 million yuan, up 48.94%, driven by product structure optimization and high-margin product prioritization [10] - Qingsong Co. forecasts 2025 revenue of about 2.22 billion yuan, a 14% increase, with net profit expected to grow 1.4 to 2 times, attributed to a strategic focus on high-margin cosmetics ODM business [11] - Rongjie Health anticipates a net profit of 75 to 88 million yuan in 2025, representing a growth of 60% to 88%, driven by the strong performance of health products, particularly high-margin infrared therapy sauna rooms [12]