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].

在当今快速变革的背景下，技术创新已成为推动经济发展的核心动力。木头姐《ARK Big Ideas 2026》报告以其深刻的洞察力和前瞻性，为我们揭示了未来 十年内最具潜力的13大创新领域，这些领域不仅将重塑全球经济格局，更将为我们带来前所未有的机遇。 1. 人工智能（AI）基础设施 核心观点：AI基础设施将成为下一代云计算的核心，推动数据中心系统投资的持续增长。 机会分析： 数据中心投资增长：报告指出，数据中心系统投资在2025年已达到约5000亿美元，预计到2026年将增长至1.4万亿美元。这一增长主要由AI相关工作负载推 动，为硬件制造商（如Nvidia、AMD）和数据中心运营商提供了巨大的市场机会。 AI芯片竞争加剧：Nvidia目前在AI芯片市场占据主导地位，但AMD和Google等竞争对手正在迎头赶上。这将推动技术创新和成本降低，为相关企业创造更 多机会。 | Initial Shipments | 02 2024 | 01 2025 | 01 2025 | ~2H 2025 | 04 2023 | Q2 2025 | ~2H 2026 | 04 2025 | | --- | --- | --- | ...

中信证券研究 文|李超 俞腾 商业航天在可复用迭代与星座ITU时限共振下，发射与制造进入刚性放量，材料端出现"乘数效应"。我 们看好四类核心材料的产业化加速：高强高导铜合金（液体火箭发动机推力室内壁）、铌合金（二级真 空喷管与高工况推力室）、钽合金（抗辐照与星载）及高温合金（发动机热端部件）。 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！ ▍发射端的景气度与可复用渗透率是材料需求"乘数效应"的核心来源。 2025年全球火箭发射329次，其中商业航天发射214次，占比约65%；中国发射92次，商业航天占比 50%；美国发射198次，商业航天占比82%，商业属性已成为行业增长的主要驱动力。在星座端，我国 近期新增申报低轨卫星20.3万颗，叠加原有项目，申报总数已突破25.5万颗。在ITU"7-9-12-14年"强制 发射约束下，高密度发射窗口效应将把火箭与卫星制造推入"刚性放量"的轨道。 | 140 285 MIT 2017 | | | | | --- | --- | --- | --- | | 时间 | 政策名称 | 爱布机构 | 横心内容与意义 | | 2014 | 《国务院关于创 ...

证券研究报告 技术与政策共振，商业航天需求高景气 证券分析师：朱洁羽 执业证书编号：S0600520090004 联系邮箱：zhujieyu@dwzq.com.cn 二零二六年一月二十六日 请务必阅读正文之后的免责声明部分 1 摘要 2 ◆ 低轨卫星资源有限，ITU规则下先到先得，各国加速争夺。当前商业航天主要以遥感、通信、导航卫星等应用卫星为主，低轨卫 星高度200~2000千米是目前商业航天核心竞争轨道，频段方面高频段（Ku、Ka、V）容量上限较高，其中Ku趋近饱和，Ka频段 正在被大量申请，而根据ITU规则，对于轨道和频谱"先登先得"，并要求申请者在申报后7年内发射第一颗卫星，否则丧失频率 优先权，9年内要发射申报数量的10%，12年内发射申报数量的50%，14年内完成全部发射，轨道与频段资源有限情况下各国加 速争夺。 ◆ 美国卫星部署遥遥领先，中国加码追赶。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 ...

Market Overview - US stock markets closed higher, with the Dow Jones up 0.64%, Nasdaq up 0.43%, and S&P 500 up 0.50% [1] - Silver experienced its strongest intraday surge since 2008 but later retraced gains, while gold surpassed the $5000 mark for the first time [2] - US natural gas prices surged nearly 30% [2] Corporate Developments - Trump administration is implementing a $1.6 billion debt and equity investment plan to acquire a 10% stake in USA Rare Earth [4] - Nvidia invested $2 billion in CoreWeave and is launching an independent CPU chip [5] - Nvidia plans to enter the Arm PC chip market, with Lenovo and Dell likely to be the first adopters [6] - Microsoft released its second-generation AI chip, Maia 200, aiming to reduce dependency on Nvidia [7] - SoftBank has paused its $50 billion data center acquisition of Switch [8] Industry Trends - The North Sea wind energy initiative is driving industry commitments to invest €9.5 billion [11] - The European Parliament has postponed its decision on whether to restore approval for the US-EU trade agreement [12] - The potential for a new US government shutdown is estimated at nearly 80% according to market predictions [13] Domestic Developments - The Ministry of Commerce announced the launch of a national digital trade demonstration zone and the establishment of relevant standards [14] - The AI healthcare sector is rapidly evolving, with Amazon's One Medical launching an AI health assistant that integrates with its existing medical services [19][20] - The digital trade sector is expected to grow significantly, with cross-border e-commerce reaching a total import and export volume of 2.75 trillion yuan by 2025 [21] Company Announcements - Zijin Mining plans to acquire 100% of United Gold for 28 billion yuan, with gold resources of 533 tons expected by the end of 2024 [22] - Dinglong Co. intends to acquire 70% of Haofei New Materials for 630 million yuan, a leading company in new lithium battery dispersants [22] - Haike New Source signed a long-term cooperation agreement with BYD for the supply of at least 100,000 tons of electrolyte solvent annually [22] - Chuanhuan Technology plans to invest 1.1 billion yuan to build a manufacturing headquarters in East China [22] - Longyuan Donggu's subsidiary received a notification for a project with a lifecycle sales amount estimated between 2.2 billion to 3 billion yuan [22] - Ruixin Microelectronics expects a net profit of 1.023 billion to 1.103 billion yuan for 2025, a year-on-year increase of 71.97% to 85.42% [22] - Multiple companies, including Multi-Fluorine and Lantian Electronics, are projecting significant profit increases for 2025 due to market demand in sectors like new energy and AI [23][24]

点击注册小程序 （1）重点关注电新滞涨板块轮动： 氢氨醇："十五五"期间，基于中国未来产业、26年欧盟碳关税双重利好加持下，看好氢氨醇统筹、规模 化、超前建设，碳、氢等相关政策也可与化工板块形成轮动。 AIDC：黄仁勋近日到访中国，关注国产算力机会；看好国内AIDC建设，亦可配合AI应用形成板块轮动； 海外层面HVDC方案放量、SST技术合作进展有望兑现。 （2）景气度较高板块持续波段操作： 风电：欧洲行业景气度高，26年订单催化有望持续兑现；中国可再生能源学会风能专委会对国内风电 2026-2028年装机预测均为120GW。 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 整体观点： 1、本周的市场热点无疑是太空光伏：马斯克表示特斯拉与SpaceX计划未来三年在美国建设总计200GW光 ...