（一）重要市场新闻 1、美股三大指数集体收跌，道指跌1.2%，纳指跌1.59%，标普500指数跌1.23%，热门科技股普跌，超 微电脑、高通跌超8%，微软跌近5%，亚马逊跌超4%，AMD跌超3%，特斯拉跌超2%，英伟达跌超 1%。纳斯达克中国金龙指数收涨0.9%，中概股多数上涨，蔚来涨超5%，理想汽车涨超2%，哔哩哔哩 涨超1%。欧洲三大股指收盘全线下跌，德国DAX指数跌0.93%报24373.06点，法国CAC40指数跌0.29% 报8238.17点，英国富时100指数跌0.9%报10309.22点。 3、2月5日，巴斯夫此前宣布上调亚太地区的TDI产品价格11%。巴斯夫海外调价显示当前全球TDI产业 格局重构，海外成本压力与供应收缩将长期存在，而中国TDI产业凭借产能、成本与产业链优势，全球 市场话语权将持续提升。近年来海外多地TDI装置因环保标准升级、运行成本高企等因素陆续关停或减 产，海外市场供应缺口持续扩大。中国TDI产业正迎来产能扩张与出口爆发的双重红利。近年来，海外 多地老旧TDI装置因环保标准升级、运行成本高企、设备老化等因素，陆续出现关停、减产或频繁临停 现象，海外市场供应缺口持续扩大且难以 ...

每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 1、美股三大指数集体收跌，道指跌1.2%，纳指跌1.59%，标普500指数跌1.23%，热门科技股普跌，超 微电脑、高通跌超8%，微软跌近5%，亚马逊跌超4%，AMD跌超3%，特斯拉跌超2%，英伟达跌超 1%。纳斯达克中国金龙指数收涨0.9%，中概股多数上涨，蔚来涨超5%，理想汽车涨超2%，哔哩哔哩 涨超1%。欧洲三大股指收盘全线下跌，德国DAX指数跌0.93%报24373.06点，法国CAC40指数跌0.29% 报8238.17点，英国富时100指数跌0.9%报10309.22点。 点评：调价标志着全球TDI产业"供需失衡、重心东移"的格局正式固化，海外产业收缩成为长期趋势。 巴斯夫作为全球化工巨头，其调价核心动因是海外运输、能源及合规成本的持续攀升，而这背后是海外 TDI产业的系统性困境。此次调价不仅是巴斯夫对自身成本压力的被动传导，更向市场释放了明确信 号：海外TDI产业的成本劣势与供应刚性收缩将长期存在，全球TDI市场的供应主导权正加速从欧美向 亚太转移，由中国主导的全球TDI产业新秩序逐步形成。概念股包括沧州大化、北华股份、广信股份 等。 1、2 ...

知情人士透露，SpaceX正为星链（Starlink）制定一系列发展计划，旨在将业务版图拓展至新的市场领域，包括推出Starlink手机、直连终端 的联网服务及空间监测服务。 ...

Core Insights - The third Xiong'an Future City Scenario Conference has officially released its first batch of 564 scenario demands, with a total investment of 9.29 billion RMB [1][2] - The conference aims to foster innovation and application of new technologies and products, accelerating the transformation of scientific achievements into practical applications [1] Investment Breakdown - The scenario demands cover nine areas, with specific investments allocated as follows: - Aerospace information: 41 demands with an investment of 1.06 billion RMB, focusing on "Satellite Internet+" and "Beidou+" scenarios [1] - Low-altitude transportation: 55 demands with an investment of 750 million RMB, including low-altitude applications and infrastructure [1] - Robotics: 69 demands with an investment of 400 million RMB, encompassing industrial, service, and special robots [1] - Healthcare: 37 demands with an investment of 220 million RMB [2] - Smart agriculture: 61 demands with an investment of 870 million RMB [2] - Safety and emergency: 62 demands with an investment of 390 million RMB [2] - Green energy: 59 demands with an investment of 2.52 billion RMB [2] - Smart city: 68 demands with an investment of 960 million RMB [2] - Artificial intelligence: 112 demands with an investment of 2.12 billion RMB [2]

Group 1 - The communication industry is expected to lead in growth by 2025, with AI as the core driving force [1][2] - The performance of the communication sector shows resilience, with a year-on-year revenue growth of 3.22% and a net profit growth of 9.09% in the first three quarters of 2025 [2] - AI is identified as a key direction, with significant growth in sub-sectors such as optical modules and the Internet of Things [2] Group 2 - The demand for AI computing power is driving a systematic upgrade of computing infrastructure, focusing on building efficient, low-latency, and low-cost interconnected networks [3] - Key hardware like optical modules and switches are innovating around high speed, low power consumption, and low cost, with domestic manufacturers gaining a leading position in the global market [3] - The evolution of optical communication and switching technology will be crucial for the efficiency and cost of future AI infrastructure [3] Group 3 - The construction of China's low Earth orbit satellite internet constellation is accelerating, with significant advancements in manufacturing and launch capabilities [4] - The collaboration between state-owned and private enterprises is enhancing rocket technology, with reusable rockets reducing launch costs by over 50% compared to traditional methods [4] - Major telecom operators are transitioning from traditional service providers to new infrastructure and emerging digital service providers, with new business revenues from cloud computing and big data accounting for 25% of total telecom revenue [4]

Core Viewpoint - Apple is set to significantly upgrade its satellite communication capabilities with the upcoming iPhone 18 Pro series, introducing a feature called "Satellite 5G" that allows for the transmission of satellite image messages, marking a shift from emergency backup to a regular connectivity protocol [2]. Group 1: Apple’s Satellite Communication Upgrade - The iPhone 18 Pro will enhance satellite communication bandwidth from Kbps to Mbps and even Gbps, enabling the sending and receiving of images [2]. - The new "Pocket Direct Connect" technology allows users to maintain satellite connectivity without needing to manually align their phones with the satellite, even in pockets or indoors [2]. Group 2: Competitive Landscape - Huawei has already implemented satellite image messaging in its Pura 70 series, utilizing advanced AI compression algorithms to transmit images in just 800 Bytes, ahead of Apple by approximately two years [3]. - Chinese telecom operators have begun to establish mobile satellite direct connection services, with China Telecom launching such services in 2023, supporting devices like the Huawei Mate 60 Pro [3]. Group 3: Industry Trends - The mobile satellite direct connection technology is becoming a focal point in the satellite internet sector, with companies like AST SpaceMobile, Lynk, Omnispace, and SpaceX accelerating their technological developments [4]. - The demand for satellite communication chips is expected to rise significantly as the market for mobile satellite direct connection technology opens up, with several A-share listed companies already investing in the satellite communication technology supply chain [6]. Group 4: Future of Communication - The founder of Galaxy Space suggests that mobile satellite direct connection will lead the 6G communication revolution, proposing a network architecture that integrates ground networks with satellite broadband and mobile direct connections [8]. - The demand for satellite broadband is rapidly increasing, indicating a key step towards making satellite communication accessible to the general public [9].

Investment Rating - The report maintains an "Accumulate" rating for the industry [1]. Core Insights - The overall performance of the North Exchange has shown a positive trend, with the North 50 Index increasing by 4.22% during the period from January 12 to January 23, 2026, while the Shanghai and Shenzhen 300 Index decreased by 1.19% [4][10]. - The average market capitalization of the North Exchange's constituent stocks is 3.22 billion [4][10]. - The daily average trading volume reached 334.1 billion, representing a 41.49% increase compared to the previous period [4][12]. - The top five performing sectors during this period were non-ferrous metals, building materials, chemicals, steel, and electronics, with increases of 9.24%, 8.49%, 8.25%, 5.26%, and 5.22% respectively [4][14]. Summary by Sections North Exchange Market Overview - As of January 23, 2026, there are 291 constituent stocks in the North Exchange, with an average market capitalization of 3.22 billion [4][10]. - The North 50 Index closed at 1588.66 points, with a trading volume of 334.1 billion and a turnover rate of 6.79% [4][12]. New Stocks in the North Exchange - During the period from January 12 to January 23, 2026, three new stocks were issued: Koma Materials, Aishalen, and Guoliang New Materials [23]. Key News from the North Exchange - On January 14, 2026, the China Securities Regulatory Commission approved an adjustment to the financing margin ratio, increasing the minimum margin from 80% to 100% for new financing contracts [6][26]. Investment Strategy for the North Exchange - The report suggests focusing on sectors such as data centers, robotics, semiconductors, consumer goods, and military information technology for potential investment opportunities in 2026 [6][27].

Market News - The three major U.S. stock indices closed mixed, with the Dow Jones up 0.53%, the Nasdaq down 1.51%, and the S&P 500 down 0.51%. Notable declines were seen in popular tech stocks, with AMD dropping over 17% and Nvidia, Tesla, Broadcom, and Meta down over 3% [1] - International oil prices rose, with WTI crude oil up 1.8% at $64.35 per barrel and Brent crude oil up 1.92% at $68.62 per barrel. Precious metals also saw increases, with spot gold up 0.2% at $4950.75 per ounce and silver up 2.84% at $87.84 per ounce [1] Industry Insights - Tianbing Technology's satellite launch facility in Jiuquan has passed pre-acceptance review, marking a significant step in China's satellite internet network deployment. The facility will enhance the efficiency of satellite launches and reduce costs by over 30% [2] - The satellite communication industry is projected to reach between 200 billion to 400 billion yuan by 2030, with an annual growth rate of 10%-28%. This sector is transitioning from concept validation to large-scale application, contributing to the digital economy [3] - The brain-computer interface market is expected to reach $40 billion by 2030 and $145 billion by 2040, with significant advancements in medical applications for neurological disorders. Key stocks in this sector include Zhongke Information and Guanhao Biological [4] - Guangdong Province is accelerating the construction of a digital society, focusing on artificial intelligence applications and establishing a national AI application pilot base [5] - The humanoid robot industry is anticipated to see significant growth by 2025, driven by advancements in component performance and cost reduction. Key beneficiaries include core supply chains and application scenarios [5]

Core Insights - Chongqing is actively developing the aerospace information industry, with the establishment of a private equity investment fund focused on the low-altitude economy, amounting to 2 billion yuan [2] - The fund is a collaboration between central and local entities, featuring a dual GP model and multiple LPs contributing significant capital [2] - A larger capital layout is anticipated, with plans for a 10 billion yuan fund targeting the aerospace information sector [4] Group 1 - The Aerospace Information Low-altitude Economy Private Equity Investment Fund was established in Chongqing's Liangjiang New Area with a total investment of 2 billion yuan [2] - The fund consists of six partners, including two general partners and four limited partners, with significant contributions from state-owned enterprises [2] - The establishment of this fund marks the beginning of a larger capital strategy aimed at the aerospace information industry [3] Group 2 - Chongqing's aerospace information industry has made initial achievements, focusing on satellite internet and integrated navigation and remote sensing [5] - The industry has developed a matrix of enterprises and a supply chain covering chip modules, terminal manufacturing, and system integration [5] - Future plans include enhancing industry connections through events and forums, attracting leading companies, and promoting investment policies [5] Group 3 - The strategy for developing the aerospace information industry in Chongqing is characterized by a sophisticated approach, combining industry expertise with capital operations [5] - The focus is on achieving breakthroughs in communication, navigation, and remote sensing to establish sustainable competitiveness in the aerospace information sector [5]

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Insights - The overall performance of the North Exchange has shown a positive trend, with the North 50 Index increasing by 4.22% during the period from January 12 to January 23, 2026, while the Shanghai and Shenzhen 300 Index decreased by 1.19% [4][10] - The average market capitalization of the North Exchange's constituent stocks is 3.22 billion [10] - The daily average trading volume reached 334.1 billion, representing a 41.49% increase compared to the previous period [12] Summary by Sections North Exchange Market Overview - As of January 23, 2026, there are 291 constituent stocks in the North Exchange, with an average market capitalization of 3.22 billion [10] - The North 50 Index closed at 1588.66 points, with a trading volume increase and a daily turnover rate of 6.79% [12] Sector Performance - The top five performing sectors in the North Exchange during the reporting period are Non-ferrous Metals (9.24%), Building Materials (8.49%), Chemicals (8.25%), Steel (5.26%), and Electronics (5.22%) [14] Individual Stock Performance - Out of 288 stocks listed on the North Exchange, 216 stocks increased in value, 71 decreased, and 1 remained flat, resulting in a 75% increase ratio [16] New Stocks in the Period - During the reporting period, three new stocks were issued, and several companies updated their review status, indicating ongoing market activity [5][23] Key News - On January 14, 2026, the China Securities Regulatory Commission approved an adjustment to the financing margin ratio, increasing the minimum margin from 80% to 100% [26] Investment Strategy - The report suggests focusing on sectors such as Data Centers, Robotics, Semiconductors, Consumer Goods, and Military Information Technology for potential investment opportunities in 2026 [27]