当前星链卫星已搭载星载相控阵天线以及激光链路终端，全球化供应链已实现相关芯片、模组、终端的 规模化量产与在轨运行。国内方面，细分领域的头部企业在相控阵T/R芯片、光通信芯片、星载光纤放 大器、星敏感器、星载高速通信终端等领域积极布局，验证星间与星地高速光通信技术落地，为商业航 天产业发展提供高速、稳定、安全的信息传输能力。 商业航天产业的兴起为卫星通信市场带来增量需求 可回收火箭技术使发射成本大幅降低，SpaceX在2025年完成167次发射，Starlink在轨卫星超9300颗，覆 盖150多个国家且付费用户突破900万，新推出50美元/月低价套餐旨在加速渗透。卫星通信应用场景从 传统广电、海事通信扩展至偏远地区互联网、物联网、应急救灾和国防领域，预计2035年全球市场规模 达830亿美元。国内方面，多家主体向ITU申报超20万颗卫星计划，产业配套逐步完善，发射能力有望 提升至年均万颗，推动市场持续增长。 卫星通信产业链涵盖上游芯片、中游模组和下游终端环节 智通财经APP获悉，中信建投发布研报称，卫星通信技术正经历产业变革，通过轨道高度降低、相控阵 天线应用和激光介质应用等技术创新，显著提升了传输速度、降低 ...

马斯克计划未来 3 年在美建设 200GW 光伏产能 | 分析师：曾彪 | | --- | | 执业证书编号：S0740522020001 | | Email：zengbiao@zts.com.cn | | 分析师：吴鹏 | | 执业证书编号：S0740522040004 | | Email：wupeng@zts.com.cn | | 分析师：赵宇鹏 | | 执业证书编号：S0740522100005 | Email：zhaoyp02@zts.com.cn 执业证书编号：S0740525020001 Email：xumc@zts.com.cn 执业证书编号：S0740524060006 Email：wangxy23@zts.com.cn 执业证书编号：S0740525080002 Email：guolin@zts.com.cn 执业证书编号：S0740526010001 Email：yangzw02@zts.com.cn | | | | 上市公司数 | 398 | | --- | --- | | 行业总市值(亿元) | 90,656.53 | | 行业流通市值(亿元) | 81,089.59 | 行业-市场走 ...

据北京穿越者载人航天科技有限公司披露，该公司的穿越者壹号太空船，可将乘客运送至距离地面高度100公里的卡门线，体验3到6分钟的失重，黄景瑜 是第009名乘客。 据多家媒体披露，这条太空飞船启动商业化预售后，2023年售出第一张，目前已预售近20张，预售船票价格为300万元一张，预付10%即可锁定名额。 首批乘客名单里，除了黄景瑜，还包括穿越者创始人兼CEO雷诗情、中国工程院院士李立浧、智元机器人CMO邱恒、探路者创始人王静、啟赋资本董事 长兼创始人傅哲宽，甚至还出现了一个叫众擎PM01的人形机器人。 01 这两天，演员黄景瑜要上天的消息引爆了社交媒体网络。 这组跨越碳基与硅基生命的名单迅速引发了公众对中国首家载人商业航天企业的关注。 而从传播视角来看，考虑到黄景瑜娱乐圈身份，虽然是否为自费游客暂未披露，但这张明星船票更像是引爆公众关注的角色，而非纯粹购票行为。 伴随着中国太空商业首飞名单公布，热搜上的反应确实挺热闹。 有人说，以前大家开玩笑你咋不上天，现在这件事真的成了现实，也有人在评论区感叹，贫穷限制了我的失重感，还有媒体公开质疑，所谓的太空梦只是 换了马甲的精英游戏。 但无论如何，一个事实已经摆在眼前，太 ...

Market Performance - The Shanghai Composite Index rose by 0.33% to 4136.16 points, while the Shenzhen Component increased by 0.79% and the ChiNext Index gained 0.63%[1] - The Hang Seng Index closed up 0.45% at 26749.51 points, with the Hang Seng Tech Index rising 0.62% and the Hang Seng China Enterprises Index increasing by 0.51%[1] - The total market turnover in Hong Kong was 240.9 billion HKD[1] Currency and Trade Tensions - The Japanese yen rebounded strongly, nearing the 160 mark against the USD, marking its largest single-day gain since August of the previous year[8] - U.S. President Trump threatened to impose a 100% tariff on all Canadian exports to the U.S. if Canada reaches a trade agreement with China[8] ETF and Market Sentiment - Continuous outflows from broad-based ETFs in China have raised concerns about potential reductions in state-owned fund holdings, leading to increased interest in small-cap stocks[12] - From January 15 to 22, approximately 67.5 billion USD was sold off from 14 ETF products by the central government, indicating a significant market impact[12] Corporate Developments - Dongpeng Beverage plans to raise up to 10.141 billion HKD through an IPO, with a share price set at 248 HKD, representing a 12.5% discount compared to its A-share price[10] - BYD aims for overseas sales of 1.3 million vehicles in 2026, a nearly 24% increase from last year's 1.05 million deliveries[14]

1月26日，A股三大股指集体高开，其中上证综指上涨8.61点，涨幅0.21%报4144.78点；深证成指上涨52.77点，涨幅0.37% 报14492.42点；沪深300指数上涨12.88点，涨幅0.27%报4715.38点；创业板指数上涨16.1点，涨幅0.48%报3365.61点；科创50指 数上涨2.86点，涨幅0.18%报1556.57点；太空光伏概念继续大幅高开，明阳智能、拓日新能、协鑫集成、钧达股份、双良节能 封涨停，东方日升、欧普泰、奥特维、连城数控高开超10%；贵金属板块领涨，成分股中，湖南黄金一字涨停，四川黄金、恒 邦股份、晓程科技、湖南白银等涨超5%；AI应用概念股多数高开，浙文互联涨停，世纪恒通涨超10%，天地在线、中控技术、 泛微网络等跟涨。 盘面上，市场焦点股巨力索具（12天7板）高开7.24%，实控人变更的江化微（5板）低开1.50%，电网设备板块三变科技 （9天5板）高开0.50%、积成电子（6天3板）高开0.96%，贵金属板块白银有色（4板）高开5.79%，业绩超预期的金安国纪（7 天4板）低开0.47%，辅助生殖概念股汉商集团（5天3板）低开4.85%，光伏概念股宇晶股份（6 ...

崧盛股份（301002.SZ）1月26日在投资者互动平台表示，我司投资参股的重庆精刚传动科技有限公司， 主营业务为高精度高密度谐波减速器及其组件的定制化研发、生产和销售，产品主要面向航天航空领域 部件应用。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：若SpaceX未来对贵司进行审厂，请问贵司是否利用自 身规模优势，致力于低成本批量化生产以满足SpaceX 的核心竞争力"低成本、高密度"的制造能力？ ...

据智通财经消息，日前，广汽集团表示，公司正积极推进全固态电池的自主研发与产业化落地，2025年 11月广汽全固态电池中试线已投产，计划于2026年进行小批量装车实验。 电动汽车方面，此次广汽集团的全固态电池中试线投产，标志着产业化迈出关键一步。商业航天方面， 固态电池的高能量密度和轻量化特性，使其成为卫星和航天器电源的理想选择，预计将大幅降低发射成 本、延长任务周期。据报道，SpaceX等公司正探索固态电池在深空探测中的应用。 鉴于新能源汽车、商业航天等赛道巨大的市场前景对固态电池潜在需求，近年来政策面持续加大对固态 电池的扶持。工信部在《先进动力电池创新发展行动计划（2025-2030）》中明确，对固态电池中试线 给予30%的设备购置补贴。长三角、珠三角等地也推出了"固态电池示范运营项目"，车企搭载国产半固 态电池的车型可获补贴。 2026年固态电池的量产线建设有望获得突破，2026-2027年或迎来普遍装车。除电动汽车外，低空经 济、商业航天和AI应用也将拓展市场空间。 展望后市，高工产研（GGII）测算，2035年全球锂电池总出货量将达10TWh级别，其中固态电池渗透 率有望达到5%-10%。机构预测2 ...

Investment Rating - The report maintains a "Positive" investment rating for the aerospace and defense industry [4] Core Insights - The domestic commercial aircraft market is projected to reach approximately 10 trillion yuan over the next 20 years, with an expected demand of over 400 aircraft per year by 2029 [13][16] - The C919 aircraft family has expanded with the introduction of the C919-600 high-altitude variant, which is designed for high-altitude routes and has already secured orders from Xizang Airlines for 40 units [12][26] - The report highlights the trend towards self-sufficiency in domestic commercial aircraft engines, with a significant market opportunity as the industry aims to break the existing monopolies [35][41] Summary by Sections Section 1: C919 Aircraft Development - The C919-600 high-altitude variant has been unveiled, enhancing the C919 family and addressing the needs of high-altitude airports [12] - The C919 family now includes basic, extended, and high-altitude variants, with ongoing development of an extended version [26] Section 2: Market Demand for Commercial Aircraft - The domestic commercial aircraft market is expected to be 2.5 times larger than the current military aircraft market, with a forecasted demand of 9,856 aircraft over the next 20 years [13][15] - By 2029, the domestic civil aviation fleet is projected to require over 400 new commercial aircraft annually [16] Section 3: Domestic Engine Development - The domestic commercial aircraft engine market is anticipated to exceed 2.9 trillion yuan over the next 20 years, with a demand for over 900 engines per year by 2029 [35][38] - The report emphasizes the ongoing efforts to achieve self-sufficiency in commercial aircraft engines, with a focus on breaking the existing supply chain monopolies [41][49] Section 4: Commercial Space Industry - The report notes that the commercial space industry is entering a rapid growth phase, with multiple companies, including Blue Arrow Aerospace, preparing for IPOs and expanding their operational capabilities [60][62] - By 2026, the number of rocket launches is expected to exceed 100, marking a significant increase in launch frequency [66] Section 5: Satellite Manufacturing and Launch Capabilities - The report highlights the robust satellite manufacturing capacity in China, with multiple factories capable of producing thousands of satellites annually [87] - The development of reusable rockets is expected to drive down costs and enhance launch capabilities for satellite constellations [92]

Group 1 - The third Beijing Commercial Aerospace Industry High-Quality Development Promotion Conference was held, launching six platforms under "Beijing Rocket Street" to enhance the commercial aerospace ecosystem [1] - The platforms include common testing, public services, data services, component support, control centers, and situational awareness services, aiming to accelerate major project construction [1] - The initiative aims to form a comprehensive "thousand-star production and development" capability [1] Group 2 - Aijian Securities predicts that 2026 may become a significant year for China's commercial aerospace sector, with an accelerated pace of multi-satellite launches and increased rocket launch frequency [2] - The essence of commercial rockets is likened to "space logistics," with core variables being efficiency improvements and cost reductions, driven by breakthroughs in engine technology and industrialization [2] - The valuation of China's private rocket companies is still in the early stages, with key catalysts for valuation uplift including reusable rockets for large-scale low-orbit satellite networks and the transition from customized to standardized launches [2] Group 3 - Guoxin Securities highlights a fourfold resonance driving the robust development of commercial aerospace: clear policy design, imminent technological breakthroughs, high capital market activity, and expanding market applications [3] - Technological advancements include multiple companies racing to validate reusable rocket technology and the establishment of super factories for satellite production [3] - The market is expected to experience explosive growth, with broad prospects for satellite applications and increasing user acceptance [3]

大家早上壕！ 先看海外要闻： 国内重大事件汇总： 今日券商策略前瞻： 本周各家卖方策略对于接下来的行情整体依旧乐观，业绩与题材共舞是大家的共识。 东财策略陈果团队称，本周市场结构也出现了一些变化，地产链、资源品及涨价链都有扩散表现，显示中低风险偏好增量资金也在流入。春季行 情可继续关注两条主线，一条是商业航天与AI应用等想象空间较大的产业方向，另一条线索则是盈利弹性预期较大的涨价链。 中泰策略徐驰团队称，短期来看，高弹性板块的赚钱效应持续吸引增量资金，市场风险偏好短期内难以快速回落；同时，人民币汇率阶段性企稳 偏强、整体流动性环境保持相对宽松，对高弹性资产形成支撑。而春节后至两会期间，策略重点可转向一季报预期向好的海外算力产业链，把握 全球科技产业升级背景下，算力基础设施与相关硬件环节带来的结构性投资机会。 华西策略李立峰团队也强调，中长期视角下，对比A股历次牛市，本轮行情仍处中段，"慢牛"趋势有望延续。对比 2007 年、2015 年、2021年牛 市高点相比，沪深 300 指数曾触及5300-6000点区间，当前指数点位仅至中段；从大类资产比价的维度，当前沪深 300 风险溢价5.27%，在近十年 的几次 ...