每经AI快讯，1月22日，深圳市地方金融管理局发布《深圳市关于保险业助力科技创新和产业发展的行 动方案（2026—2028年）（征求意见稿）》。其中提出，鼓励保险机构在人形机器人、量子科技、商业 航天、脑机工程等前沿科技方向开展研究，创新保险产品供给及"首研首用"保障。探索完善深圳市科技 研发资金管理相关制度，允许科技研发资金根据实际需求安排科技保险费用支出。积极发展"惠科保"等 普惠型科技保险产品。拓展创新积分在科技保险等多维场景的应用，鼓励保险机构开发"创新积分保 险"专属产品。 （文章来源：每日经济新闻） ...

Core Viewpoint - The commercial aerospace sector is experiencing renewed activity, with significant inflows into the Aerospace ETF (563380), indicating strong market interest and potential growth in the industry [1][3][4]. Group 1: Market Activity - The Aerospace ETF (563380) attracted 267 million yuan in inflows this week (January 19-21), with an average daily trading volume rising to 266 million yuan, a 964% increase compared to the average daily trading volume of 25 million yuan in 2025 [1][3]. - The fund's total assets and shares reached new highs since its inception, amounting to 750 million yuan and 591 million shares, respectively [1][3]. Group 2: Industry Outlook - Despite recent market fluctuations, there is a strong consensus on the long-term trends in the aerospace industry, driven by national defense modernization and production iterations of core equipment [4]. - Several companies in the commercial aerospace supply chain have announced performance increases for 2025, indicating a shift from research and development to commercialization and scale effects, supported by policy and market demand [4]. Group 3: ETF Composition and Management - The underlying index of the Aerospace ETF focuses heavily on military aerospace capabilities, with aerospace military and aviation military sectors accounting for 44.0% and 32.5% of the index, respectively [4]. - The fund manager, Huatai-PB Fund, is one of the first ETF managers in China, with a strong presence in broad-based and dividend-themed indices [4].

资金流向方面，Wind数据显示，该ETF近10个交易日累计获资金净流入额超2.3亿元。 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%。 1月22日，A股早盘震荡走强，三大指数集体上涨，商业航天概念再度爆发，国证航天航空行业指数涨 近3%。 相关ETF中，航空航天ETF天弘（159241）盘中成交额达1.19亿元，换手率14.27%，换手率居同标的第 一。 中银证券认为，商业航天主题正突破"升温"期。商业航天领域近期迎来顶层设计完善以及新政策支持， 为产业发展明确了发展蓝图，增强了市场对商业航天长期发展的信心。近期，我国卫星互联网低轨卫星 组网发射明显提速，未来国内商业航天进入常态化、高频次发射阶段后将对产业链上下游形成实质性利 好。 东兴证券指出，"十五五"时期，商业航天将成为国内推动新质生产力和科技高质量发展的重要引擎。为 了抢占宝贵的轨道和频谱资源，2026年我国星座卫星发射数量有望进一步加速增长；民营商业火箭公司 有 ...

Group 1: Market Overview - The commercial aerospace and AI application sectors experienced a rebound, with commercial aerospace showing stronger performance, boosting related sectors such as military industry and photovoltaic equipment [2] - The mining sector also saw gains, particularly in oil and gas extraction, with "three major oil companies" collectively rising, and China National Offshore Oil Corporation increasing by over 4% [2] - Overall, the market favored small-cap stocks, with the micro-cap index rising by 1.1%, reaching a historical high, while major indices like the Shanghai Composite Index and Shenzhen Component Index declined [2] Group 2: Commercial Aerospace Sector - The commercial aerospace sector rebounded, with stocks like Zhongtai Co., Triangle Defense, and Tianli Composite experiencing significant increases [4] - Notable stock performances included Zhongtai Co. rising by 15.82% with a market cap of 13.1 billion, Triangle Defense up by 14.92% with a market cap of 20.1 billion, and Tengjing Technology increasing by 14.09% with a market cap of 26.4 billion [5] - Recent news regarding SpaceX's IPO plans and updates from three commercial aerospace companies on their IPO guidance have positively influenced market sentiment [6] Group 3: Investment Opportunities in Commercial Aerospace - The value chain of commercial aerospace can be divided into five core levels: "sky, ground, terminal, rocket, and application," with unique market opportunities and technical challenges expected from 2026 to 2030 [7] - Current investment opportunities in commercial aerospace are categorized into three main lines: 1. Launch and manufacturing segments, which are expected to benefit directly from increased orders as satellite constellations enter a dense deployment phase 2. Core components and systems, which include satellite payloads and critical electronic systems, characterized by high technical barriers and essential for long-term competitiveness 3. Downstream applications and operational services, which, while currently limited in scale, hold the most significant long-term potential for value realization [7] Group 4: AI Application Sector - The AI application sector also saw a rebound, with stocks like Huakai Yibai and Deepin Technology experiencing substantial gains [8] - Key stock performances included Huakai Yibai rising by 20.03% with a market cap of 5.29 billion and Deepin Technology increasing by 10.21% with a market cap of 42.5 billion [9] - Recent developments include Baidu's release of the Wenxin large model 5.0, which supports multi-modal understanding and is now available on various platforms, indicating a competitive landscape among major AI model providers [10][11]

在公司此前的IPO项目中，百惠金控团队曾担任联席全球协调人、联席账簿管理人及联席牵头经办人， 成功协助钧达新能源登陆港交所，有效提升了其在国际资本市场的影响力。 在本次股份增发计划中，百惠金控团队再次获委任为配售代理，利用自身资源和专业优势，持续跟进钧 达新能源的配售需求，并与项目各方保持及时紧密的沟通，确保配售计划的顺利进行。 重要声明：以上内容由百惠金控提供，仅作参考，并不能完全代替投资者的判断和决策。投资者需要根 据自身风险承受能力情况和需求，建议进行分析和评估，以制定最合适的投资策略。 百惠金控，旗下的百惠证券(中央编号: BPQ161)获香港证监会发牌进行第一类及第四类受规管的持牌活 动。同时，旗下的百惠资本(中央编号: BSM550)持有第一类及第六类牌照，并且拥有保荐人资格。 近日，海南钧达新能源科技股份有限公司(以下简称"钧达新能源")，股份代号2865.HK，发布股份增发 公告，宣布进行新股配售，由百惠金控担任配售代理。此次计划配售最多1,868.2万股H股，配售价为每 股22港元，较1月21日收市价折让约1.08%。按此计算，本次配售预计集资总额约4.11亿港元，所得净额 3.98亿港元。 ...

Group 1 - The aerospace and military sectors are experiencing significant upward movement, with key concepts such as aircraft carriers, large aircraft, general aviation, space stations, and military-civilian integration showing notable gains. The military ETF (512710) has risen by 3.8%, the satellite ETF (563230) by 3.53%, and the aviation ETF (159392) by 2.53% [1] - The successful launch of the Long March 6 modified rocket carrying the Remote Sensing Satellite No. 50 and the Long March 8A rocket deploying 18 low-orbit satellites for satellite internet indicates a robust start for 2026 in terms of rocket launches. The launch process has been optimized, with the Long March 8A testing process reduced to 18 days, supporting high-density network demands [1] - China's commercial space industry has developed a complete chain covering "upstream manufacturing - midstream launching - downstream application." State-owned aerospace companies have established platform capabilities for launching, and the Wenchang commercial launch site has officially commenced operations, enhancing infrastructure capabilities. Private enterprises are rapidly emerging in areas such as rockets, satellites, and remote sensing terminals, leading to increased synergy [1] Group 2 - The military ETF (512710) closely tracks the CSI Military Leaders Index (931066), which selects 30 listed companies involved in military products and services to reflect the overall performance of leading companies in the military sector [2]

Core Viewpoint - The article discusses the significant investment activities of the gaming giant miHoYo, highlighting its strategic investments in various sectors, particularly in AI and technology, as a means to diversify and secure future growth amidst uncertainties in its core gaming business [4][16]. Investment Strategy - miHoYo has made over 30 disclosed investments across various fields, including AI, embodied intelligence, and commercial aerospace, indicating a broad interest in future technologies [4][6]. - The company has invested in projects like MiniMax, Suplay, and Soul, which are either approaching IPO or have already gone public, showcasing its commitment to nurturing potential high-growth ventures [4][6][16]. Investment Portfolio - miHoYo's investment portfolio includes significant stakes in Suplay (11.86%) and Soul (5.47%), both of which are in the gaming and social media sectors [6][8]. - The company has also invested in cutting-edge fields such as controlled nuclear fusion and brain-computer interfaces, reflecting its ambition to be at the forefront of technological advancements [7][14]. Market Trends and Insights - The article notes that miHoYo's investments are driven by the growing demand for virtual companionship and identity recognition among younger generations, suggesting a strategic alignment with market trends [13][14]. - The decline in revenue from its flagship game "Genshin Impact" has prompted miHoYo to seek new revenue streams through investments, indicating a proactive approach to mitigate risks associated with its core business [17][18]. Future Outlook - miHoYo's aggressive investment strategy is seen as both a proactive and reactive measure to address uncertainties in its gaming revenue, with the potential for these investments to yield significant returns in the future [16][18]. - The company’s focus on technology investments is expected to enhance its operational efficiency and expand its existing ecosystem, thereby creating new revenue opportunities [15][18].

Core Viewpoint - The A-share market is currently in a state of consolidation, with indices showing slight declines while trading volume has increased significantly, indicating active internal adjustments among investors [1]. Group 1: Market Performance - As of midday, the Shanghai Composite Index fell by 0.15% to 4110.86 points, while the Shenzhen Component Index and the ChiNext Index dropped by 0.17% and 0.40%, respectively [1]. - The trading volume reached 1.79 trillion yuan, showing a notable increase compared to previous sessions, suggesting heightened market activity [1]. Group 2: Sector Highlights - The market displayed a mix of "new and old" themes, with sectors like commercial aerospace, oil and gas, and AI applications performing well, while AI computing hardware and gold stocks experienced noticeable pullbacks [1][2]. - The commercial aerospace sector saw significant gains, driven by the IPO progress of key players like Xinghe Power and Blue Arrow Aerospace, marking a transition from early-stage technology validation to capital market realization [1]. - The oil and gas sector's strength is attributed to fluctuations in U.S. natural gas futures and geopolitical risks supporting oil prices, although analysts caution that the overall supply dynamics remain unchanged [2]. Group 3: Future Outlook - Despite a lack of clear market direction, there are positive signals from policy support for growth and innovation, alongside strong earnings forecasts from certain industries [3]. - The market is expected to continue a structural trend rather than a broad-based bull market, with opportunities concentrated in sectors with clear industrial trends and event-driven catalysts [3]. - Key areas to monitor include advancements in the commercial aerospace supply chain, successful commercialization of AI applications, and sectors benefiting from global commodity price fluctuations [3].

观点网讯：1月22日，深圳市地方金融管理局发布《深圳市关于保险业助力科技创新和产业发展的行动 方案（2026—2028年）（征求意见稿）》。根据方案，深圳将推动全国保险资金在深投资突破1万亿 元，同时鼓励保险资金参与重大项目和关键领域投资，探索保投联动模式支持科创企业。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 根据公开资料整理，方案还鼓励保险机构在人形机器人、量子科技、商业航天、脑机工程等前沿科技方 向开展研究，创新保险产品供给及"首研首用"保障，加快落地科技创新种子基金风险补偿保险，为科创 企业提供多元化金融支持。 ...

整体看，上午市场风格偏向小盘股，微盘股指数上涨1.1%，刷新历史新高，沪深300、上证50等大盘股 指数下跌。 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！ 今天上午，商业航天、AI应用两大人气主线反弹，前者表现更强，带动军工、光伏设备等板块走强。 此外，采掘板块上涨，油气开采板块大涨，煤炭、页岩气等板块上涨。"三桶油"集体上涨，中国海油涨 超4%。 科技股方面，CPU涨价和封测涨价主题高开低走，海光信息、通富微电、长电科技、华天科技等个股下 跌。 截至上午收盘，上证指数下跌0.15%，深证成指下跌0.17%，创业板指下跌0.4%。 | 上证指数 | 深证成指 | 创业板指 | | --- | --- | --- | | 4110.86 | 14230.97 | 3282.48 | | -6.08 -0.15% | -24.16 -0.17% | -13.04 -0.40% | 商业航天板块反弹 今天上午，商业航天板块迎来反弹，中泰股份、三角防务、天力复合等个股大涨。 | | V | 商业航天 | A | C | | --- | --- | --- | --- | --- | | ...