上 市 公 司 公 司 研 究 / 公 司 深 度 证 券 研 究 报 2026 年 02 月 25 日 电科蓝天 (688818) —— 星耀强国系列报告之十：宇航电源领军企业，星座组 网加速驱动业绩高增 报告原因：首次覆盖 增持（首次评级） | 市场数据： | 2026 年 02 月 25 日 | | --- | --- | | 收盘价（元） | 61.50 | | 一年内最高/最低（元） | 80.88/54.01 | | 市净率 | 29.4 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 8,119 | | 上证指数/深证成指 | 4,147.23/14,475.87 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 2.32 | | 资产负债率% | 50.03 | | 总股本/流通 A 股（百万） | 1,737/132 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -20% -10% 0% 10% 02-10 ...

军工板块马年开市连续上涨！2月25日，军工ETF华宝（512810）低开高走，午后一度上探1.84%，放量 斩获四连阳，拉升区间溢价同步走高，显示买盘活跃，此前两个交易日已有百万资金连续进场。 军工ETF华宝（512810）成份股56涨24跌，商业航天概念强势回归，菲利华盘中20CM涨停，成交88.6 亿元，量价均创历史新高！航天发展首板，航天电子涨6.28%。 消息面，海内外商业航天领域再传重磅。据外媒报道，SpaceX首席执行官埃隆·马斯克最新提出设想： 从月球用电磁弹射方式向地球轨道发射卫星。国内商业航天企业代表蓝箭航天宣布，我国重复使用火箭 朱雀三号计划今年第二季度再次开展回收试验。 银河证券最新军工研报指出，短期看，由于商业航天和商业航空国产化在未来五年需求增长的确定性 高，且两条赛道制造端均为千亿级市场，有望持续获得市场青睐。此外，2026年作为"十五五"首年，主 机端有望开启新一轮备货周期，产业链上游将率先受益，订单端牵引最早于今年年初启动。 中期看，军贸需求迎重大拐点，带动装备总需求"量价"齐升，主机和关键分系统厂商显著获益。AI对发 电侧的强劲需求有望带动燃机产业链持续强势。长期看，聚焦20 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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！ 文| 《长三角资本局》十里 发自上海 2026年开年，已有约9位上市公司董事会秘书因互动平台回复、公众号推文或自愿披露公告涉及热点概 念，被监管警示。其中，天普股份（维权）、英集芯（维权）、亚辉龙（维权）还被立案调查。所有案 例均发生在上海证券交易所体系内，涵盖主板与科创板公司。 监管并未用夸张措辞，但态度已经足够明确：互动平台、微信公众号、投资者关系活动记录表，都是信 息披露延伸场景。关键词本身可能并不违规，但如果未同步披露发展阶段、销售规模、收入占比及不确 定性风险，便构成"信息披露不准确、不完整"。 从区域分布看，这9家公司中有6家来自江浙沪长三角地区，包括江苏的天合光能、双良节能（维权）、 英集芯，浙江的杭萧钢构（维权）、天普股份，以及上海的电科数字（维权）。其余公司为江西的沃格 光电、国科军工，以及深圳的亚辉龙。 长三角本就是制造业与科创企业最密集的区域之一，也是互动平台最活跃的区域之一。热点概念叠加密 集披露，使这里成为本轮监管案例的集中地带。但监管指向的并非地域，而是边界。 ...

Market Overview - The A-share market continues to show a strong upward trend, with the three major indices collectively rising. The cyclical sectors, including real estate services, non-ferrous metals, and steel, lead the market, while the technology growth sector shows mixed performance [3][6] - As of the market close, the Shanghai Composite Index rose by 0.72% to 4147.23 points, the Shenzhen Component Index increased by 1.29% to 14475.87 points, and the ChiNext Index climbed by 1.41% to 3354.82 points. The total market turnover reached approximately 2.48 trillion, indicating a good profit effect with 3742 stocks rising and 1609 falling [2][3] Sector Performance - The cyclical stocks have shown significant strength, with steel, non-ferrous metals, real estate, building materials, and basic chemicals rising by 4.26%, 3.53%, 2.51%, 2.41%, and 2.37% respectively. The recent policy adjustments in Shanghai's real estate sector have further boosted these sectors [6][8] - The rare earth sector also experienced a surge, with prices for various rare earth products increasing significantly post-holiday. For instance, the average price of praseodymium and neodymium oxide rose by 4.16 million yuan/ton, while neodymium metal increased by 8 million yuan/ton [6][8] Investment Themes - The report identifies several key investment themes, including AI applications, commercial aerospace, nuclear fusion, quantum technology, brain-machine interfaces, robotics, consumer sectors, brokerage firms, precious metals, and non-ferrous metals. Each theme has specific core logic and follow-up points for future monitoring [9][10] - The AI application sector is highlighted for its potential growth driven by product application acceleration and technological upgrades. The commercial aerospace sector is supported by the establishment of a commercial aerospace office, while nuclear fusion and quantum technology are gaining traction due to industrialization and policy support [9][10] Market Sentiment and Future Outlook - The report suggests a shift in market sentiment from "concept-driven" to "price-driven" profit enhancement, indicating a balanced allocation between technology and consumer sectors. The upcoming "Two Sessions" may further influence the cyclical sectors, particularly in real estate policy implementation and commodity prices [8][11] - The bond market is experiencing adjustments, with the long-end bonds leading the decline. The report notes that the LPR rates remain unchanged, and the market is expected to maintain a stable liquidity environment in the short term [8][11]

截至收盘，中证卫星产业指数上涨2.6%，国证通用航空产业指数上涨0.9%。ETF方面，卫星ETF易方达（563530）紧密跟踪中证卫星产业指数， 从持仓来看，其前十大重仓股涵盖航天电子、中国卫星、中国卫通、华测导航、中科星图等板块龙头企业，覆盖卫星制造、发射、通信、导航、遥感全产业 链，龙头集中度高，能够充分享受行业发展红利，其中航天电子、中国卫星持仓占比居前，直接受益于火箭发射技术突破带来的产业景气度提升。 消息面上，中国商业航天企业代表蓝箭航天近日宣布，我国重复使用火箭朱雀三号计划今年第二季度再次开展回收试验。这一计划若顺利推进，将加速可重 复使用火箭系统的成熟进程，为中国商业航天领域树立新的里程碑。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 ...

深圳商报·读创客户端记者 詹钰叶 平安基金基金经理莫艽 如何在板块轮动的喧嚣市场中寻找机会？投资者又要如何守住本质与初心？平安基金新生代基金经理莫 艽在接受专访时，分享了他如何穿透市场"噪音"，坚守核心投资框架的思考。 公开资料显示，莫艽是清华大学机械工程本硕出身，拥有7年证券从业经验、近2年投资管理经验。这位 新生代基金经理的代表作是平安安享灵活配置混合基金：银河证券数据显示，该基金2024年的回报为 21.18%，业绩排名前5%（18/425），同期沪深300的涨幅为14.5%、偏股混合基金指数涨幅为3.5%；在 2025年价值风格产品逆风期里，该基金仍保持了24.57%的正收益。回撤方面，平安安享灵活配置混合 2024年、2025年最大回撤分别为15.8%、12.8%。 以DCF为"道"，深度研究等四大方法为"器"，更多采用终局思维 "于我个人而言，人生的第一阶段目标，是在未来十年，能够取得年化复合15%的收益率（非承诺业 绩），成为市场上第一梯队的基金经理。"莫艽解释称，将15%作为目标，是因为长期来看，全市场能 做到十年年化15%以上的基金经理凤毛麟角。 他认为科技革命触手可及，人工智能AI、自动驾 ...

文案：凌纪伟 0:00 制作：张雯雯 什么是商业航天，为何要大力发展，面临的难点是什么，未来发展前景如何？新华网科技频道利用AI 工具辅助制作创意短视频，解码商业航天发展概况。 策划：冉晓宁 ...

Market Overview - The A-share market continued to rise, with the Shanghai Composite Index increasing by 0.72% to 4147 points, the Shenzhen Component Index rising by 1.29%, and the ChiNext Index up by 1.41% [1]. High-Performance Stocks - YN Holdings achieved a five-day consecutive rise with a 49.97% increase, closing at 11.03, driven by its involvement in computing power and energy storage [4]. - Jiangxi Tungsten's stock rose by 9.98% over five days, attributed to its acquisition of tungsten-lithium assets and magnetic separation technology [4]. - Hanlan Co. saw a 10.07% increase, benefiting from its focus on ultra-high voltage and offshore wind power projects [4]. - Guoan Co. increased by 9.91% over six days, supported by its background in AI data labeling and state-owned enterprise status [4]. - The price of tungsten has been rising, with Zhangyuan Tungsten's stock up by 10% due to price adjustments and performance improvements [4][15]. Trading Activity - The top three net purchases on the daily leaderboard were Baogang Co. (10.34 billion), Aerospace Development (7.08 billion), and Shanshan Co. (3.47 billion) [5][6]. - The top three net sales were dominated by Zangyue Technology (-3.15 billion), Fenghua Gaoke (-3.02 billion), and Xianglu Tungsten (-2.98 billion) [7][9]. Institutional Activity - Institutional net purchases were led by Tongyuan Petroleum (3.85 billion), Zhongtung High-tech (1.98 billion), and Aerospace Development (1.74 billion) [8]. - The top three net sales by institutions included Xianglu Tungsten (-3.40 billion), Tianqi Co. (-2.25 billion), and Yuxin Health (-660.59 million) [9]. Sector Highlights - The aerospace sector is gaining attention, with companies like Blue Arrow Aerospace planning to conduct rocket recovery tests in 2026 and achieving successful satellite launches [12]. - Zhongtung High-tech is expanding its production capacity for PCB drill bits, reinforcing its position in the tungsten industry [15]. - Tongyuan Petroleum is focusing on clean energy and CCUS business, with recent project wins in Algeria [18].

证券日报网讯2月25日，泰胜风能（300129）在互动平台回答投资者提问时表示，公司积极推动商业航 天业务的开拓，与多家整箭企业进行基于技术研发的战略合作。公司于2024年底开始开展火箭贮箱业务 相关的工艺研究和技术储备工作，贮箱生产基地项目于2025年底正式立项，计划对原东台工厂进行改 造。目前火箭贮箱业务布局处于起步阶段，正在开展产线改造建设、市场拓展等前期工作，预计2026年 年中投产。 ...

Group 1 - The core viewpoint emphasizes that the commercial aerospace sector is entering a phase of distinguishing genuine opportunities from false ones, with a focus on companies that have actual demand and can realize revenue and profits in the future [1] - The military industry ETF (512660) has seen a net inflow of over 600 million yuan in the past five days, indicating strong investor interest in the sector [1] - The macro perspective highlights that strong launch capacity is a strategic focal point for major powers, while the medium perspective notes that the gap in rocket numbers supports a logic of inflation in rocket quantity [1] Group 2 - The article suggests focusing on domestic rocket companies, the overseas SpaceX and Tesla supply chains, and the rapidly developing satellite industry driven by technological changes [1] - The military industry ETF tracks the CSI Military Industry Index (399967), which selects major military-related listed companies from the Shanghai and Shenzhen markets, covering sectors such as aviation, aerospace, shipbuilding, and weaponry [1] - The index primarily reflects the performance of small and mid-cap companies in the military industry, particularly in aviation equipment and military electronics [1]