Core Viewpoint - The company, Dagang Co., Ltd. (002077.SZ), confirmed that its products are currently not applicable in the commercial aerospace sector [1]. Group 1 - An investor inquired about the application of the company's products in commercial aerospace [1]. - The company responded on the investor interaction platform, indicating that its business does not currently involve this field [1].

Market Overview - The Hong Kong stock market opened higher on January 26, with the Hang Seng Index rising by 0.35% to 26,844.04 points, the Hang Seng Tech Index up by 0.05% to 5,801.15 points, the National Enterprises Index increasing by 0.3% to 9,188.19 points, and the Red Chip Index gaining 0.25% to 4,227.98 points [1] - Major technology stocks generally performed well, with Alibaba up 0.59%, JD Group up 1.05%, Xiaomi up 0.33%, NetEase up 0.77%, and Meituan up 0.41%. However, Bilibili saw a slight decline of 0.15% [1] - The gold and non-ferrous metal sectors opened higher, with Old Poo Gold rising by 5.33%, Zijin Gold International up by 3.5%, Luoyang Molybdenum up by 3.83%, and Zijin Mining up by 2.92% [1] - Chip stocks opened strongly, with Meijiayin Holdings surging over 166%. The new consumption concept sector also saw gains, with Pop Mart rising over 4% [1] - Oil stocks were active, with CNOOC rising over 2%, while automotive stocks weakened, with Xpeng Motors dropping over 1% [1] Company News - China Merchants Bank reported a revenue of 337.53 billion yuan for 2025, a year-on-year increase of 0.01%, and a net profit of 150.18 billion yuan, up by 1.21% [2] - Everbright Securities achieved a revenue of 10.86 billion yuan in 2025, a growth of 13.18%, and a net profit of 3.73 billion yuan, increasing by 21.92% [2] - Shanghai Fudan expects a revenue of approximately 3.93 billion to 4.03 billion yuan for 2025, a year-on-year increase of 9.46% to 12.25%, but anticipates a net profit decrease to between 190 million and 283 million yuan, down by approximately 66.82% to 50.58% [2] - Minyin Capital forecasts a net profit of approximately 130 million to 170 million HKD for 2025, representing a significant increase of 155.9% to 234.6% [3] - Asia Cement (China) expects a net profit of approximately 85.6 million yuan for 2025 [4] - Xinda International Holdings issued a profit warning, expecting a net profit of approximately 74 million to 82 million HKD for the year [5] - China Petroleum & Chemical Corporation reported an oil production of 39.7 million tons for 2025, a year-on-year increase of 0.2%, and a natural gas production of 41.253 billion cubic meters, up by 4.02% [5] - Zijin Mining's Giant Dragon Copper Mine Phase II project has officially commenced production, becoming the largest copper mine in China [6] Industry Insights - Huadian International Power's total power generation for 2025 is expected to be 262 million megawatt-hours, a decrease of approximately 6.99% year-on-year [7] - China Life plans to invest 4 billion yuan to establish a partnership focused on AI-driven technological innovation and industrial upgrading in the Yangtze River Delta, and intends to contribute 8.492 billion yuan to establish a partnership focused on the elderly care industry [7] - China National Offshore Oilfield Services released a strategic guidance for 2026, expecting capital expenditures of approximately 8.44 billion yuan [9] - The commercial aerospace sector is anticipated to grow significantly, with private commercial rocket companies expected to play a crucial role in the national team, creating market opportunities in satellite manufacturing and rocket launching [10] - The demand for space photovoltaics is projected to reach nearly 10 GW due to existing low-orbit satellite plans, benefiting photovoltaic equipment manufacturers involved in the development of process routes [10]

Market Overview - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have respective ten-year PE percentile ranks of 99.71%, 93.91%, and 49.4% as of January 23, 2026 [17] - The market temperature indicator reflects a mixed sentiment with a total value of 100% based on the PE percentile ranks [17] Sector Performance - The top-performing sectors on January 23, 2026, include: - Power Equipment: +3.50% - Non-ferrous Metals: +2.65% - National Defense and Military Industry: +2.73% [2][17] - The sectors with the largest declines are: - Media: -0.71% - Household Appliances: -0.90% - Steel: -1.52% [2][17] Fund Flows - The sectors with the highest net inflows are: - Power Equipment: 8.977 billion - Non-ferrous Metals: 4.552 billion - Media: 2.173 billion [2][19] - The sectors with the largest net outflows are: - Communication: -7.992 billion - Electronics: -6.350 billion - Machinery: -5.077 billion [2][19] ETF Performance - The following ETFs have shown significant performance: - Green Energy ETF: +3.68% with a six-month increase of 37.06% [19] - General Aviation ETF: +3.67% with a six-month increase of 32.93% [19] - Non-ferrous Metals ETF: +3.37% with a six-month increase of 84.40% [19] Gold Market Insights - Gold prices have recently surpassed 5000 USD per ounce, driven by factors such as U.S. fiscal risks and strong demand for gold from global central banks [21] - The Non-ferrous Metals ETF has also seen a significant increase, reflecting the bullish sentiment in the gold market [21] Industry Growth Projections - The commercial aerospace market in China is projected to reach approximately 2.3 trillion RMB by 2024, with an annual compound growth rate of 22.5% from 2015 to 2024, significantly higher than the global average [21]

Macro and Strategy - The macroeconomic report highlights the geopolitical shifts impacting asset pricing, particularly focusing on the U.S. involvement in Greenland as a strategic move for national security and resource control [8][9] - The report indicates that the EU's response to U.S. policies is limited due to its economic dependencies, particularly in pharmaceuticals and energy [8] - The analysis suggests a structural change in global asset pricing, with a shift towards hard assets and scarce resources as the new safety net for investments [9] Fixed Income Research - The public fund's convertible bond holdings decreased by 83 billion to 3,083 billion, a decline of 2.6%, which is less than the overall market contraction of 7% [16] - The average return for convertible bond funds in Q4 2025 was 0.86%, outperforming other active fund types, indicating a strong performance in a volatile market [17] - The report notes a significant increase in the issuance of long-term bonds, with trading activity in this segment becoming notably active [27][28] Industry and Company Insights - The aerospace industry report emphasizes the potential for commercial space ventures, particularly in rocket recovery, indicating a competitive landscape [3] - The chemical industry analysis points to a tightening supply-demand situation in the potassium chloride market, with expectations for demand and prices to exceed forecasts in 2026 [3] - The real estate sector commentary reflects a downturn in 2025 but anticipates positive signals in early 2026, suggesting a potential recovery [3] Financial Engineering - The financial engineering report indicates a trend of funds shifting from passive to active management, with a notable increase in the allocation to sectors like banking and military [17] - The report highlights the performance of various funds, with a median net value growth of 11.04% for top-performing convertible bond funds in Q4 2025 [18] Market Trends - The macroeconomic weekly report shows a GDP growth of 5.0% for 2025, with a notable slowdown in Q4 to 4.5%, but signs of recovery are emerging [11] - The report on the short-term pure bond funds indicates a reversal in asset growth, with total assets rising to 1,082.1 billion, reflecting a resilient market despite broader economic challenges [21][22]

Group 1 - The company has made strategic investments in the commercial aerospace and satellite internet sectors [1] - The current focus is on the development and research of core components and devices for inter-satellite and ground-satellite communication payloads [1] - In the semiconductor measurement field, the company is primarily concentrating on the optical component supporting business, providing essential optical components for related equipment [1]

格隆汇1月26日丨久之洋(300516.SZ)在投资者互动平台表示，公司已在商业航天和卫星互联网领域进行 了布局，目前聚焦于星间、星地之间通信载荷的核心部件、组件的开发和研制。公司在半导体测量领域 目前主要聚焦于光学零部件配套业务，为相关设备提供核心光学组件支持。 ...

Core Viewpoint - The company, Jiu Zhi Yang (300516.SZ), is focusing on core businesses such as infrared thermal imaging, laser sensors, optical components, and star trackers, with applications in defense, industrial temperature measurement, power inspection, high-end equipment manufacturing, low-altitude economy, and satellite internet [1] Group 1 - The company is actively responding to the national strategy for becoming a space power and has made arrangements in commercial aerospace and satellite internet sectors [1] - The current focus is on the development and research of core components and modules for inter-satellite and ground-satellite communication payloads [1] - The company aims to continuously monitor market demand and industry trends while actively expanding cooperation opportunities [1] Group 2 - The company is committed to enhancing its product technological advantages and market competitiveness to drive business development and improve overall competitiveness [1]

上周，A股三大指数涨跌不一。创业板指累跌0.34%，深证成指累涨1.11%，上证指数累涨0.84%。板块 上，贵金属、超硬材料、航天装备、光伏设备等板块领涨，保险、银行、数字媒体、白酒概念等板块下 挫。 | 序号 代码 | | 名称 | 最新价 | 涨跌额 | 涨跌幅 | 5日涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 000001 | 上证指数 | 4136.16 | +13.59 | 0.33% | 0.84% | | 2 | 399001 | 深证成指 | 14439.66 | +112.61 | 0.79% | 1.11% | | 3 | 399006 | 创业板指 | 3349.50 | +20.86 | 0.63% | -0.34% | 本周重要财经事件：（1）1月26日，广东省召开十四届人大五次会议；（2）1月29日，美联储FOMC公 布利率决议；（3）1月30日，美国公布核心PPI年率；（4）苹果、微软、Meta和特斯拉等科技巨头公布 季度业绩。 后市市场将如何演绎？且看最新十大券商策略汇总。 1. 中信证券：寻找"强承接" ...

Key Points - Luoyang Molybdenum has completed the delivery of its Brazilian gold mine project, expecting to produce 6-8 tons of gold this year [1] - Zhaojin Mining anticipates a net profit of 122 million to 182 million yuan in 2025, marking a turnaround from losses [1] - Hunan Gold expects a year-on-year net profit increase of 50%-90% in 2025, driven by rising sales prices of gold, antimony, and tungsten products [1] - Hunan Gold plans to acquire 100% equity of Golden Tianyue and Zhongnan Smelting, which are involved in gold mining and sales [1] - Cangge Mining's affiliate, Julong Copper, has completed the construction and production of its second phase of the Julong Copper Mine [1] - Zijin Mining has also completed the construction and production of the second phase of the Julong Copper Mine [1] - Lens Technology has achieved bulk supply in the commercial aerospace sector and has developed ultra-thin photovoltaic glass modules for extreme space conditions [1] - Yiwei Lithium Energy has partnered with several leading companies in the commercial rocket and satellite sectors to provide aerospace battery products and solutions [1] - Zhonglai Co. is actively advancing the independent research and development of photovoltaic products for diverse applications, including space [1] - Yongjie New Materials plans to acquire 100% equity of Aokening Qinhuangdao and 95% equity of Aokening Kunshan, which is expected to constitute a major asset restructuring [1] Performance - Xinqianglian expects a year-on-year net profit increase of 1093%-1307% in 2025 [2] - Xiandai Intelligent anticipates a year-on-year net profit increase of 424%-529%, with a rapid recovery in order scale [2] - Shenkong Co. forecasts a year-on-year net profit increase of 119%-167%, driven by increased operating rates of storage chip factories [2] - Shannon Chip expects a year-on-year net profit increase of 82%-135%, with growth in enterprise-level storage product sales [2] - Zhongwei Semiconductor anticipates a year-on-year net profit increase of approximately 107.55%, with expanded shipment volume and revenue share of 32-bit MCUs [2] - Haozhi Electromechanical expects a year-on-year net profit increase of 54%-99%, with significant sales growth in PCB processing equipment and various spindle products [2] - Zhongwei Company forecasts a year-on-year net profit increase of 29%-35%, with a notable increase in the shipment of high-end products for advanced logic and memory device manufacturing [2] - China Merchants Bank reported a net profit of 150.181 billion yuan for 2025, a year-on-year increase of 1.21% [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]