Event Overview - The 2026 Beijing International Commercial Aerospace Exhibition will be held from January 23 to 25, 2026, at the Yichuang International Convention Center in Beijing, co-hosted by the Zhongguancun Yichuang Commercial Aerospace Alliance and Beijing Yichuang Star Arrow Technology Development Co., Ltd. [1] - This exhibition marks the first international commercial aerospace event in the "14th Five-Year Plan" period, aiming to create a platform for the entire industry chain and is expected to gather over 75% of leading domestic rocket manufacturing companies, with more than 300 exhibitors and over 20,000 professional visitors [1][2] Exhibition Highlights - The exhibition will feature four core areas: satellite manufacturing, rocket and launch systems, aerospace applications, and aviation services and support [2] - The third Beijing Commercial Aerospace Industry High-Quality Development Conference will take place concurrently, showcasing the latest innovations in the industry through reports, roundtable discussions, and project signings [2] Global Competition Acceleration - In December 2025, the Zhuque-3 rocket successfully completed its maiden flight, and China has launched several satellites, including the Resource-3 04 satellite and a constellation of low-orbit satellites [3] - Internationally, significant developments include Trump's reaffirmation of the goal to return to the Moon by 2028, SpaceX's plans for an IPO with a target valuation of approximately $1.5 trillion, and advancements in satellite technology by companies like Starcloud and Google [3] Market Growth Projections - According to a report by the Ministry of Industry and Information Technology, China's commercial aerospace market is expected to exceed 2.5 trillion yuan by 2025, with annual output value in rocket launches and satellite manufacturing projected to reach 85 billion yuan by 2030 [4] - The maturation of reusable rocket technology is anticipated to enable China to achieve 100 launches per year by 2030, with a cost of approximately 10 million yuan per launch [4] Industry Chain Companies - In the upstream sector, key players in rocket manufacturing include Superjet Co., Srey New Materials, Aerospace Power, and others, focusing on rocket structure components and engine support [7] - In satellite manufacturing, China Satellite is a leading company, with others like Guobo Electronics and Zhenlei Technology possessing core technologies in satellite payloads [7] Midstream and Downstream Services - The midstream sector benefits from increased launch frequency, with companies providing rocket launch and recovery services, while ground equipment providers like Haige Communication and Zhongke Xingtai offer ground control and data processing services [8] - Downstream applications focus on satellite communication, remote sensing, and navigation, with companies in the low-altitude economy, such as Lijun Co. and Weihai Guotai, also benefiting from industry integration [9]

Group 1 - The core viewpoint is that policy and industry collaboration is driving a new turning point for China's commercial aerospace sector [1] - The expected operational cost of China's ultimate space computing power is projected to be only 1/12 of that on the ground, indicating significant economic value [2] - The successful vertical recovery test of the Zhuque-3 rocket and the imminent maiden flight of the Long March 12A rocket highlight advancements in reusable rocket technology [1][3] Group 2 - The commercial aerospace sector's large-scale application heavily relies on low-cost and high-frequency launch capabilities, with reusable rockets being crucial [3] - By 2030, China is expected to achieve 100 launches per year at a cost of approximately 10 million yuan per launch, with the annual output value of rocket launches and satellite manufacturing reaching 85 billion yuan [3] - The development of space computing power is anticipated to provide a new path for forming an economic closed loop in China's commercial aerospace sector [2] Group 3 - Beneficiary companies in the commercial rocket sector include Superjet, Srey New Materials, Aerospace Power, and others [4] - Satellite payload companies include China Satellite, Guobo Electronics, and others [4] - Downstream application companies include Haige Communication, Zhongke Xingtou, and others [4]

国金证券发布研究报告称，在商业航天领域，SpaceX已成全球商业航天风向标，马斯克着手规划太空 算力蓝图。我国在"十五五"规划建议明确将航空航天列为战略性新兴产业集群重点发展方向，近期可复 用火箭密集发射，星网与千帆星座加速组网。无论从海外映射亦或是国内催化来看，商业航天产业趋势 已迎奇点时刻。 12月23日，卫星板块触底反弹再度走强。数据显示，截至10时5分，卫星产业ETF(159218)放量涨 0.27%，盘中冲击十一连阳；权重股中国卫星涨6.15%，再刷历史新高！ 风险提示：基金有风险，投资需谨慎。 ...

目前砷化镓是主流技术路线，在发电效率和抗辐射特性上均具备优势，但价格昂贵难以大规模应用。晶 硅技术成本低廉适合大规模部署，采用p型硅片提升抗辐射性能，通过降低硅片厚度提升比功率，HJT 技术具有天然优势，中期看渗透率有望提升。钙钛矿或许是远期选择之一，转换效率有望突破30%，比 功率远高于晶硅和砷化镓，可实现太阳翼的柔性化，而且抗辐射性能优异（如金属卤化物钙钛矿）。 科创新能源ETF（588830）、创业板新能源ETF鹏华（159261） 消息面上，12月22日钧达股份与尚翼光电签署战略合作协议，围绕钙钛矿电池技术在太空能源的应用展 开合作。 科创新能源ETF紧密跟踪上证科创板新能源指数，上证科创板新能源指数从科创板市场中选取50只市值 较大的光伏、风电以及新能源车等领域的上市公司证券作为指数样本，以反映科创板市场代表性新能源 产业上市公司证券的整体表现。 机构认为，低轨卫星+太空算力双轮驱动，太空光伏远期市场可观。低轨卫星已成为太空博弈的新赛 道，各国纷纷推出星座计划，比如美国的星链、中国的国网和千帆、欧盟的IRIS2等，预计2030年发射 量在1.5万颗左右，若单颗卫星10kW，发电功率总额达到150MW ...

Core Viewpoint - The space photovoltaic market is entering a rapid growth phase driven by the deployment of low Earth orbit (LEO) satellite constellations and the burgeoning space computing industry, positioning the space economy as a key arena in reshaping global technological competition [1] Industry Summary - The total planned number of global low Earth orbit satellites has surpassed 100,000, indicating a new phase of dense networking and large-scale development in the industry [1] - The functionality of low Earth orbit satellites is continuously upgrading, expanding from remote sensing and communication to high-computing tasks such as on-orbit AI training and low-latency edge computing, which increases the demand for lightweight and high-efficiency energy solutions [1] - The rapid expansion of AI computing clusters is leading to energy supply and heat dissipation challenges for ground computing, with power and cooling demands exceeding the capacity of existing ground facilities, making space computing a critical solution [1]

证券简称：钧达股份 证券代码：002865 问题四：钙钛矿电池在太空应用有什么优势？ 投资者关系活动类别 □ 特定对象调研 ☑ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他（请文字说明其他活动内容） 参与单位名称及人员姓名 东吴证券股份有限公司徐铖嵘；民生证券股份有限公司林誉韬； 天风证券股份有限公司敖颖晨；中信证券股份有限公司吴子祎； 长江证券股份有限公司任佳惠；中信证券股份有限公司林劼；山 西证券股份有限公司肖索；中国国际金融股份有限公司胡子慧； 广发证券股份有限公司邹昱旻；天风证券股份有限公司艾方好； 西部证券股份有限公司杨敬梅；万家基金管理有限公司陈飞达； 平安资产管理有限责任公司李文杰；华福证券有限责任公司卢大 炜；汇添富基金管理股份有限公司李宁；华泰证券股份有限公司 宫宇博；中信建投证券股份有限公司任佳玮；财通证券股份有限 公司李晨；东方财富证券股份有限公司朱晋潇；光大证券股份有 限公司郝骞；开源证券股份有限公司周航；上海申银万国证券研 究所有限公司马天一；兴业证券股份有限公司杨森；交银施罗德 基金管理有限公司费琼艳；摩根士丹利基金管理（中国）有限 ...

Group 1 - The Aerospace ETF (159227) has a slight increase of 0.08% as of December 22, with a trading volume of 229 million yuan, maintaining its position as the largest in its category. The latest fund size reached a new high of 2.177 billion yuan [1] - China's two major satellite constellations, the State Grid Constellation (GW Constellation) and the Qianfan Constellation, have successfully launched 16 and 6 groups of satellites respectively, significantly increasing launch frequency and the number of satellites in orbit. By 2025, China's commercial space industry is expected to achieve breakthroughs across the entire satellite manufacturing, launching, networking, and application chain [1] - CITIC Securities indicates that by December 2025, SpaceX will have successfully launched 3,095 Starlink satellites, and domestic development of a recoverable medium-sized launch vehicle comparable to Falcon 9 is anticipated, marking a turning point in capacity constraints. The significant reduction in launch costs is expected to accelerate the realization of markets for satellites, terminals, and computing power, confirming the investment position of commercial space [1] Group 2 - The Aerospace ETF (159227) closely tracks the National Securities Aerospace Index, covering leading companies across the entire industry chain including fighter jets, aircraft engines, rockets, missiles, satellites, and radars, aligning perfectly with the "aerospace integration" strategic direction. The commercial aerospace concept accounts for a high weight of 64% [2] - The top ten holdings include industry leaders such as Aerospace Development, China Satellite, Aerospace Electronics, AVIC Aircraft, and AVIC High-Tech [2]

Group 1 - The U.S. government, under Trump's administration, has signed an executive order to enhance space policy support, aiming to ensure U.S. leadership in space exploration, security, and commercial sectors by 2028 and establishing a permanent lunar outpost by 2030 [1] - The order includes directives for deploying nuclear reactors on the Moon and in orbit, upgrading launch infrastructure, and developing commercial pathways to replace the International Space Station by 2030, stimulating private sector innovation and investment [1] Group 2 - The Starship rocket has successfully conducted multiple test flights and is validating its V2 version, which is crucial for future deep space exploration and the deployment of Starlink V3 satellites [2] Group 3 - The first large language model (LLM) trained using H100 space GPUs has been developed, showcasing the potential for AI workloads to be run in space, with plans for a 5GW orbital data center equipped with solar panels and cooling systems [3] - Starcloud's next phase includes a launch in October 2026, which will carry multiple H100 GPUs and integrate the Blackwell platform to enhance AI performance [3] Group 4 - China's commercial space sector is expected to see significant advancements by 2025, with multiple private aerospace companies completing rocket launch tests and the development of reusable rockets, which will lower launch costs and mature the commercial space profit model [4] - The recent launch of the Zhuque-3 rocket, despite a recovery test failure, is viewed as a valuable experience for China's private space industry in rocket recovery technology [4] Group 5 - Relevant companies in the space computing sector include Shunhao Co., Ltd. (002565.SZ), Putian Technology (002544.SZ), and Maiwei Co., Ltd. (300751.SZ) [5] - Companies involved in rocket technology include Western Materials (002149.SZ), Aerospace Power (600343.SH), and Aerospace Machinery (600151.SH) [5] - Satellite-related companies include China Satellite (600118.SH), Shanghai Hanxun (300762.SZ), and Zhenlei Technology (688270.SH) [6]

截至2025年12月22日 13点43分，上证科创板100指数强势上涨1.46%，成分股金盘科技上涨10.94%，微 导纳米上涨8.95%，华丰科技上涨7.84%，华峰测控，芯源微等个股跟涨。科创100ETF华夏（588800） 上涨1.49%，最新报价1.3元。 截至2025年12月22日 13点47分，上证科创板半导体材料设备主题指数强势上涨4.11%，成分股艾森股份 上涨13.92%，神工股份上涨9.53%，拓荆科技上涨9.22%，京仪装备，中芯国际等个股跟涨。科创半导 体ETF（588170）上涨3.79%，最新报价1.51元。 消息面上，摩根士丹利有望成为太空探索技术公司SpaceX首次公开募股（IPO）的主承销商，该行与 SpaceX首席执行官埃隆·马斯克关系密切，从而占据一定优势。此前有媒体报道称，SpaceX计划在2026 年上市，目标估值为1.5万亿美元，并希望筹集超过250亿美元资金，这可能使其成为全球史上规模最大 的IPO之一。 国盛证券指出，Starcloud 在获得NVIDIA投资后，已成功将搭载 H100 的算力节点送入轨道并开始运 行，标志着太空算力首次进入真实负载的工程阶段。S ...

行 业 国防军工 2025 年 12 月 22 日 研 究 军工本周观点：商业航天 X 太空算力 X 重返月球 投资要点： 本周核心观点： 行 业 定 本周（12.15-12.19）申万军工指数（801740）上升 1.53%，同期沪深 300 指数下跌 0.28%，相对超额 1.8pct，主要系商业航天板块热度持续带动， 近期商业航天板块催化频发，从海外来看： 期 报 告 12 月 17 日，谷歌披露了名为"Project Suncatcher"的计划，旨在构建 一个由太阳能驱动的太空数据中心原型。该项目由 81 颗搭载 AI 的卫星组 成的集群，它们将在太空中协同飞行并处理数据。作为该计划的第一步， 谷歌将与卫星公司 Planet 合作，预计于 2027 年向近地轨道发射两颗原型 卫星。此举的核心逻辑在于利用太阳同步轨道提供的近乎恒定的太阳能， 以及免除在地面建设所需的土地和水资源。 12 月 19 日，特朗普为"美国优先"的太空政策制定了愿景，以确保 美国在太空探索、安全和商业领域"引领世界"。该命令要求美国人到 2028 年重返月球，并在 2030 年前建立永久月球前哨站的初始设施。 12 月 19 ...