机构对商业航天板块持战略看多态度，认为 2026 年 A 股龙头标的风险 收益比更高，尤其看好中科星图、海格通信和航天电子。 国内政策利好频出，上交所明确商业火箭企业适用科创板第五套上市标 准，加速商业航天产业发展，引发一二级市场广泛关注。 SpaceX 计划以 1.5 万亿美元估值 IPO，以及国内可回收商用运载火箭 发射成功，从不同层面打开行业远期空间，太空算力成为估值重要因素。 太空商业化将显著提升火箭运力和卫星制造数量，大幅扩大产业市场空 间，国内商业航天企业市场空间全面打开。 海外太空数据中心发展有两条路线：一是亚马逊和 Starlink 建设太空数 据中心作为地面延伸，二是 SpaceX 通过低轨卫星互联网实现通信计算 融合。 国内商业航天发展分三阶段：政府机要需求建设低轨宽带卫星星座、天 地结合系统实现商业自洽、解决工程问题降低火箭运营成本实现太空算 力产业安全。 投资者应关注 SpaceX 的 IPO 进程（预计最早 2026 年 3 月）和蓝箭航 天等企业在深交所第五套标准下的 IPO 节奏提速，以及 2026 年第二季 度首个商业航天企业 IPO。 商业航天后市研判及重点方向梳理 2025 ...

盘前要闻 1、财政部：明年财政将大力提振消费，继续安排资金支持消费品以旧换新 类型：宏观 情绪影响：正面 全国财政工作会议12月27日至28日在北京召开。会议指出，2026年继续实施更加积极的财政政策。财政 部部长蓝佛安表示，明年财政将大力提振消费。深入实施提振消费专项行动，继续安排资金支持消费品 以旧换新，调整优化补贴范围和标准。 2、白银突破83美元后跳水，马斯克警告"这不好"！散户高呼明年冲100美元 类型：市场 情绪影响：中性 今日早盘现货白银持续拉升涨超5%，突破83美元，继续刷新历史新高，但随后冲高回落抹去日内涨 幅。随着白银价格飙升至历史新高，马斯克警告制造商可能会承受后果，许多工业流程都需要白银。有 调查显示，57%散户交易员预计白银明年交易价格将高于每盎司100美元。 3、交易所推出降费让利措施：免收上市公司上市费，减免交易单元使用费等 类型：市场 情绪影响：正面 沪深交易所同步发布通知，宣布推出2026年度系列降费措施。这不仅是资本市场落实中央经济工作会议 精神的具体行动，更是一场"真金白银"的及时雨。据初步测算，两大交易所预计降费总金额将超过19亿 元人民币。政策覆盖了股票、基金、债券等 ...

Core Insights - The article discusses the rapid development and transformation of China's commercial space industry, highlighting the significant policy support and market dynamics that are shaping its future [2][4][6]. Policy Support - The Chinese government has introduced a series of "nuclear bomb" level policies to support the commercial space sector, marking 2025 as a pivotal year for the industry [4][6]. - The 14th Five-Year Plan identifies commercial space as a key strategic emerging industry, with the establishment of a 20 billion yuan national fund to support its development [6][9]. - Various local governments have also implemented targeted measures to promote the growth of the commercial space industry [10]. Market Dynamics - The commercial space sector is experiencing unprecedented capital market activity, with significant stock price increases and a surge in IPO applications from leading companies [11][12]. - The commercial space index has seen a remarkable increase of 60.12% in 2025, outperforming the Shanghai Composite Index [16][18]. - The number of registered commercial space-related companies in China has surged, with over 24,800 new registrations in 2025 alone, reflecting a 57.5% increase compared to the previous year [19]. Technological Challenges - Despite the excitement, the industry faces critical challenges, particularly in achieving cost reductions through rocket reuse, which remains a key hurdle [3][28]. - The successful implementation of reusable rocket technology is essential for reducing launch costs by approximately 38%-58% [28][44]. - The industry is also exploring advanced manufacturing techniques, such as 3D metal printing, to further reduce costs and improve production efficiency [31][32]. Competitive Landscape - The competition in the commercial space sector is intensifying, with a focus on low Earth orbit satellite constellations and space computing capabilities [37][45]. - The upcoming IPO of SpaceX, with a projected valuation of $1.5 trillion, is expected to set a new benchmark for the global commercial space industry, influencing domestic players [34][36]. - China's commercial space industry is characterized by a dual structure of state-owned and private enterprises, with private companies expected to fill the capacity gaps left by state-owned entities [42]. Future Outlook - The successful validation of reusable rocket technology and the establishment of a commercial closed-loop system are critical for the industry's long-term sustainability [44][46]. - The development of space computing capabilities is seen as a potential breakthrough for the commercial space sector, offering new revenue streams and competitive advantages [45][46].

近日，商业航空热度爆棚，成为资本市场及投研圈的"C位"。 券商中国记者注意到，仅过去一周，"商业航天"相关的深度研报及电话会议就已经井喷，不少券商联合多行业发布系列研报，通信、计算机、机械等分析师 纷纷"跨界"研究。记者在进门平台看到，仅近一周，就有26场主题的电话会议，一些热门会议参会人数破500人。 相关上市公司也获得机构热捧，券商中国记者注意到，本月以来有14家商业航天相关上市公司被机构调研，部分热门公司获得上百家机构关注。 电话会、研报井喷！分析师"肝到冒烟" 随着商业航天板块近期集体上涨，相关概念也成了投研圈的"顶流"。 多家上市公司被机构扎堆调研 数据显示，A股商业航天概念股中，有14家上市公司在本月受到机构调研，其中广联航空（300900）、超捷股份（301005）、菲利华（300395）等公司被超 50家机构扎堆调研。机构关注度较高的公司还包括斯瑞新材、电科数字（600850）、陕西华达（301517）、通宇通讯（002792）、航天南湖等。 例如，广联航空在12月24日接待开源证券、国海证券等机构调研。公司在调研中介绍，公司近期与文昌国际航天城签约合作，希望深度接入区域"火箭链、 卫星链、数 ...

Core Viewpoint - The article discusses the evolving landscape of AI and computing power, emphasizing that while Google's TPU has gained temporary advantages, NVIDIA's upcoming Blackwell architecture is expected to reclaim dominance in the AI model training space by 2026 [4][6][7]. Group 1: Google's TPU and NVIDIA's Blackwell - Google's TPU has recently outperformed competitors with its Gemini 3 model, leading to speculation about the end of NVIDIA's dominance [6]. - Gavin Baker argues that the advantages of Google's TPU are temporary, as NVIDIA's Blackwell architecture has not yet been fully deployed [6]. - The transition from NVIDIA's H200 to Blackwell represents a significant leap in performance, necessitating extensive infrastructure changes [6][7]. Group 2: Predictions for 2026 - The first quarter of 2026 is predicted to be a turning point in the AI landscape, with the potential emergence of leading models utilizing Blackwell technology [7][8]. - Key indicators to watch for include the performance of Grok5, advancements from OpenAI and Anthropic, and the widening gap between companies that adopt Blackwell technology and those that do not [8][10]. Group 3: AI Monetization - Contrary to the belief that AI is a high-cost, low-return investment, the first non-tech Fortune 500 company has begun to see quantifiable benefits from AI implementation [11][12]. - The case of CH Robinson illustrates how AI can enhance revenue by automating processes rather than merely reducing costs, shifting the focus from cost-cutting to revenue generation [12][16]. Group 4: Future of Computing Infrastructure - The article posits that future computing power centers should be established in space rather than on Earth, due to advantages in energy efficiency, cooling costs, and transmission speeds [18][19][21]. - Space-based computing centers can leverage constant solar energy, reduce cooling costs, and utilize faster transmission methods, making them a more optimal solution for future AI needs [19][21][23]. Group 5: Strategic Implications - Companies like Tesla, SpaceX, and xAI are positioned to create a synergistic ecosystem that enhances their competitive advantages in AI and computing [27]. - The article suggests that the next two decades will be defined by AI and computing advancements, with significant opportunities for those who can recognize and act on emerging trends [28][30].

证券研究报告|行业研究周报 [Table_Date] 2025 年 12 月 28 日 [Table_Title] 太空算力新基建—太阳翼 计算机行业周报 [Table_Title2] 本周观点 （一）柔性太阳翼助力大规模星座建设 2025 年 12 月 26 日，长征八号甲于海南商业航天发射场成功发射 卫星互联网低轨 17 组卫星，任务隶属中国星网（GW）星座。该 发射场 2025 年发射成功率 100%，并计划 2026 年执行 20 至 30 次 发射。 国网星座规划约 1.3 万颗卫星，采用高低轨协同双层设计，旨在 提供低时延通信与高分辨率对地观测服务。低轨卫星运行在200- 2000 公里轨道，是构建卫星互联网的核心。在此背景下，柔性太 阳翼因能解决大发电面积与小收纳体积的矛盾，成为关键发展方 向。其重量可减轻 20%-40%，收纳体积缩小 60%以上，展开面积 显著扩大。 中国已发展出刚性、半刚性和柔性太阳翼。中国空间站应用了柔 性太阳翼，并采用世界首创的"二次展开"技术。风云四号 03 星采用独特的 T 型"单翅膀"太阳翼设计。银河航天成功发射了 全球首颗搭载卷式全柔性太阳翼的卫星，其可卷绕、高 ...

Core Viewpoint - The commercial aerospace sector is becoming a central battlefield for fund managers as the commercialization inflection point becomes increasingly clear, indicated by the frequent net value deviations and anomalies in fund products [1] Group 1: Fund Performance and Market Signals - Recent significant deviations in net value performance of certain fund products signal a surge of capital into the commercial aerospace sector, suggesting a strategic shift in investment focus [3] - For instance, Dongcai Fund's Dongcai Prosperity Driven Fund saw a net value increase of nearly 8% on December 24, despite its top holdings showing lackluster performance, indicating potential cross-year portfolio adjustments by fund managers [3] - Similar patterns were observed with Changcheng Jiujia Fund and Huian Fund, where net value increases were not aligned with the performance of their top holdings, further suggesting a shift towards the commercial aerospace theme [3][4] Group 2: ETF Launches and Industry Positioning - The public fund industry is increasingly focusing on the commercial aerospace sector, as evidenced by the rapid issuance and establishment of satellite and commercial aerospace-themed ETFs by major fund houses [5] - The recent launch of the Penghua Satellite Industry ETF, which ended its fundraising early due to high market demand, exemplifies the growing consensus around the commercial aerospace theme as a new investment frontier [6] - Public funds are extending their research efforts deeper into the industry chain, conducting targeted investigations into various segments of the commercial aerospace sector, which is crucial for informed investment decisions [6][7] Group 3: Industry Transformation and Future Outlook - The commercial aerospace industry is undergoing a significant transformation from concept to reality, with recent successful rocket launches capturing market attention and indicating a high risk appetite among investors [8] - The successful launch of reusable rockets is seen as a pivotal moment for the commercial aerospace industry, overcoming 90% of technical challenges and paving the way for a new trillion-dollar market [9] - Fund managers anticipate that the rapid advancement of reusable rocket technology will facilitate the launch of thousands of satellites, driving the commercial aerospace sector into a new phase of large-scale development [9]

Core Viewpoint - The forum highlighted significant investment opportunities in AI and robotics, emphasizing the importance of practical applications and market demand in evaluating potential investments [2][4][15]. Group 1: Investment Opportunities in AI and Robotics - Key areas of focus include AI applications in autonomous driving, AI integration with biomedicine, and productivity-enhancing robots in various industries [4][7]. - Investment in AI downstream applications, particularly software and hardware integration, is expected to grow, with notable examples being AIGC in audio and video [8][12]. - The importance of infrastructure investments in AI, including computing power and related technologies, is emphasized as a long-term opportunity [8][14]. Group 2: Market Trends and Valuation - The secondary market often lags behind the primary market, with trends in the primary market influencing secondary market dynamics [5][11]. - The valuation of companies in the AI and robotics sectors is currently high, but there is a belief that significant growth potential exists, particularly for companies that can demonstrate real market demand [15][19]. - The discussion highlighted the need for companies to have substantial clients and to address genuine industry pain points to justify their valuations [15][19]. Group 3: Future Outlook and Strategic Focus - The year 2026 is anticipated to be pivotal for AI and robotics, with expectations of widespread entrepreneurial and investment opportunities across various sectors [9][10][14]. - The Chinese semiconductor industry is projected to achieve breakthroughs, positioning it as a significant player in the global market, which could reshape valuations in the tech sector [14][24]. - The focus on "scene + AI" investment logic suggests that practical applications of AI in real-world scenarios will be crucial for successful investments [10][15].

Group 1 - The Shanghai Stock Exchange has officially released guidelines for commercial rocket companies to apply for listing on the Sci-Tech Innovation Board, marking a significant step in promoting the commercial aerospace sector in China [1] - The guidelines are aligned with the national strategy to upgrade China into a "space power," emphasizing the importance of commercial aerospace as a new growth engine for the economy [3] - The guidelines specify that companies must demonstrate significant technological advantages, achieve certain milestones, obtain necessary approvals, and have a large market potential to qualify for listing [3][4] Group 2 - The guidelines require that companies must have successfully launched a medium to large reusable rocket with payload into orbit as a prerequisite for listing, highlighting the importance of this capability for commercial viability [4] - The commercial aerospace sector is expected to see substantial growth, with projections indicating that by 2030, the total number of rocket launches in China could reach 906, corresponding to a market potential of approximately $41.1 billion [4] - The industry is entering a scalable era as breakthroughs in reusable rockets and mass manufacturing address previous challenges, with space computing emerging as a high-value application area due to its unique advantages [5]

【环球网财经综合报道】据东方财富Choice统计，12月1日至12月27日期间，沪深京三市共有745家上市公司迎来了机构调研，反映出机构投资者 在当前市场环境下积极寻找投资机会、挖掘潜在价值的活跃态势。 若按机构来访接待量统计，排名前十的上市公司分别为中科曙光、海光信息、长安汽车、杰瑞股份、博盈特焊、广联航空、一品红、伟创电气、 领益智造和佐力药业。其中，中科曙光和海光信息并列第一，机构来访接待量均达到365家，长安汽车以258家的接待量位居第三。 从接待机构调研次数来看，部分上市公司成为机构频繁拜访的对象。其中，博盈特焊表现尤为突出，接待机构调研次数多达14次，成为该时间段 内接待次数最多的上市公司。冰轮环境以9次接待量位列第二，杰瑞股份和威力传动分别以8次和7次紧随其后。 从近一周调研情况来看，商业航天、机器人题材双线爆发。国信证券研报统计，调研机构较多的股票是光庭信息、诺德股份、麦澜德、盛邦安 全、博众精工、沃尔德、卓易信息、虹软科技等，光庭信息被83家机构调研。对应资金流入情况，12月26日披露龙虎榜数据中，机构专用席位净 流入前十的股票是航天发展、德明利、航天电子、广联航空、北斗星通、江顺科技、博云 ...