36氪作为中国最大的新经济媒体平台，过去通过与投资机构、基金合伙人的深度合作，大幅提升企业融资机会。随着新经济不断发展的十年，36氪沉淀和积 累了大量一级市场投资人资源。 「每日路演」是针对优质创业项目开放投资人社群、进行新型的线上闭门路演，持续为创业者与投资人两端提供深度运营服务。to 高潜创业者-高效输出公 司价值亮点+与投资人进行深度交流；to 投资人与投资机构-多维度、低成本对话项目决策人+先一步看到未来，掌握一手资讯，以媒体资源与平台优势助力 创投双端对接。 本期我们精选汇总了三个社群精选路演项目信息。如果您对本文中的项目感兴趣，希望可以对接到项目方，或者如果您手中有好项目需要融资对接更多投资 人，欢迎与我们联系（底部扫码添加运营官，备注项目对接）。 对接项目请扫码添加文章底部专属运营官微信 1.卓世航空 【项目概要】 【融资需求】 Pre-A 轮，3000万-5000万人民币 【项目亮点】 1）黄金赛道-消防应急蓝海市场：精准切入消防应急这一政策支持明确、付费能力强的刚需市场，凭借成熟产品矩阵和服务体系，已验证商业模式的有效 性，展现出在应急消防领域的市场竞争力与发展潜力； 2）15年行业深耕一线 ...

Core Viewpoint - The company has successfully entered the commercial aerospace sector, expanding its product applications in materials, cabinets, connectors, and electromechanical components, thereby injecting new momentum into its future development [1] Group 1 - The company is actively exploring emerging markets within the aerospace industry [1] - The successful entry into the commercial aerospace sector marks a significant milestone for the company [1] - The application of various products in the aerospace industry demonstrates the company's innovation and adaptability [1]

Group 1: Financial Performance - The company's net profit attributable to shareholders is expected to be between 130 million and 160 million yuan for 2025, representing a year-on-year growth of 74.07% to 114.24% [2] Group 2: Industry Competition - The cable accessory industry exhibits a "pyramid" structure, with a fragmented market in the medium and low voltage segment due to low technical barriers, while the high voltage segment has higher technical barriers leading to increased industry concentration [2] - Major competitors in the high voltage cable accessory market include Changyuan Group, Hanchang Co., Tebian Electric, and foreign firms like Sumitomo and Prysmian [3] Group 3: International Market Development - The company has successfully entered international markets including Italy, the USA, Uruguay, Oman, and Algeria, achieving export sales of its full product range [3] Group 4: Product Innovations - Double River Energy has established advantages in the natural ester insulating oil sector, which is characterized by high flash points, biodegradability, and strong safety features, making it an ideal eco-friendly insulating oil for transformers [3] - The company is involved in a national key technology project for the development of plant-based insulating oils for ultra-high voltage transformers, with plans to deepen technology and market expansion in 2025 [3] Group 5: Aerospace Applications - The company has successfully entered the commercial aerospace sector, introducing materials, cabinets, connectors, and electromechanical products into the aerospace industry, thereby injecting new momentum into future development [3]

Group 1 - The core viewpoint is that China's commercial space industry is experiencing rapid development, with projections for 2025 indicating 50 launches, accounting for 54% of the total national space launches [1] - In 2025, commercial rockets are expected to complete 25 launches, and the Hainan commercial space launch site will have conducted 9 launches, totaling 10 since its establishment [1] - A total of 311 commercial satellites are projected to be placed into orbit, representing 84% of the total satellites launched in China [1] Group 2 - The commercial space industry is entering a golden era driven by both demand and supply, with recommendations to focus on structural component suppliers such as Aerospace Power, Srey New Materials, and others [1] - In satellite manufacturing, the focus is on low Earth orbit satellites and related infrastructure, with suggested companies including China Satellite and Aerospace Electronics [1] - The upstream and midstream sectors, particularly subsystems and materials supporting satellite mass production, are expected to benefit first, with companies like Zhenlei Technology and Guangwei Composites highlighted [1] Group 3 - In 2026, the domestic commercial space sector is anticipated to experience a "triple resonance" of policy, technology, and capital, making it highly promising [2] - Beneficiary companies in the rocket industry chain include Aerospace Power, Western Materials, and others [2] - In the satellite industry and space computing, recommended companies include Zhongke Xingtou, Aerospace Hongtu, and several others [2]

国光电气回复称，公司霍尔电推进器核心部件产品已实现批量供应，近年来保持快速增长，在同类产品 中展现出较强的市场竞争力，整体优势显著。目前，公司与国内多家知名科研院所及相关企业建立了稳 定的配套合作关系，并深度参与了星网GW星座、千帆星座等国家级低轨卫星网络建设。未来，公司将 紧跟商业航天发展趋势，以霍尔电推进器核心部件为着力点，加大研发投入，优化产品设计，提高产品 的可靠性和使用寿命，降低成本。同时，公司将积极巩固并深化与国内各电推进总体单位的合作，在保 障现有业务稳步增长的基础上，拓展更多市场机会与合作客户，持续巩固在商业航天电推部件领域的市 场地位。 格隆汇1月21日｜有投资者在互动平台向国光电气提问：卫星的在轨推进主流技术是霍尔电推，公司的 霍尔电推产品在该领域处于什么地位，和国内的哪些卫星企业建立了合作关系？未来在这个产品方向有 什么规划？ ...

Core Insights - The current market environment in 2026 differs significantly from 2015, with the recent rise to 4100 points driven by solid industrial foundations and profit support rather than just liquidity and risk appetite [1][5][6] - Opportunities in the market are emerging from accelerated global AI capital expenditure, with Chinese companies actively participating in various segments of the AI industry chain [1][6] - The ongoing geopolitical tensions, abundant liquidity, and economic recovery are contributing to rising prices of upstream resources, creating new investment opportunities [1][6] Market Dynamics - The A-share market is transitioning from a phase primarily driven by liquidity and risk appetite to one where both profits and valuations are expected to drive growth [2][7] - Recent increases in retail investor participation have led to heightened market sentiment, necessitating regulatory measures to ensure stability [2][7] - Short-term market corrections may occur due to over-exuberance, but patience and careful stock selection are advised for investors [2][7] Sector Focus - Continued attention is recommended for sectors such as AI computing power, semiconductors, and export-oriented industries like non-ferrous metals, electric grid equipment, and engineering machinery [2][7] - In the context of inflationary pressures, sectors like innovative pharmaceuticals and non-bank financials are suggested for consideration [2][7] Thematic Investment Opportunities - AI applications and commercial aerospace are highlighted as attractive investment themes, particularly after recent adjustments that may have alleviated short-term overheating [3][8] - The commercial aerospace sector, supported by strong policy backing and macro narratives like SpaceX, is expected to see continued upward momentum [3][8] - High-risk investors are encouraged to identify quality leaders within these sectors during periods of adjustment for long-term gains [3][8]

Investment Rating - The report maintains a positive outlook on the automotive industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [2][12]. Core Insights - Yongda Automotive shows strong recovery signals with cash flow and dividend yield attractiveness, benefiting from support from manufacturers like BMW, and is expected to see significant performance improvements in 2025 [3]. - Tianzhun Technology's core business is experiencing robust growth, but the industry faces cost pressures due to memory shortages, particularly in high-end DDR5 memory [4]. - Longsheng Technology has significant untapped potential in the commercial aerospace sector, with a solid market position in satellite components and a clear growth trajectory in its robotics business [5]. - Yinlun Technology is positioned to benefit from the growth of data center liquid cooling solutions, with expected significant market elasticity by 2027 [5]. - Fuda Co., Ltd. has issued convertible bonds, indicating positive signals for business certainty and valuation support, with a focus on expanding production capacity [6]. - Tiancai Control is strategically positioned in the low-altitude economy, with ongoing efforts to secure key clients and certifications, which could lead to substantial market share gains [6]. Summary by Relevant Sections Yongda Automotive - The company is a key dealer for BMW, showing strong recovery signals with a projected net cash flow exceeding 1.1 billion yuan in the first half of 2025, supported by manufacturer subsidies and a reduction in inefficient dealerships [3]. Tianzhun Technology - The company focuses on intelligent driving and embodied intelligence, with strong growth momentum, but faces challenges from memory supply shortages impacting vehicle production costs [4]. Longsheng Technology - The company has significant growth potential in the commercial aerospace sector, with a strong foothold in satellite components and a clear growth strategy in its robotics business [5]. Yinlun Technology - The company is focusing on data center liquid cooling modules, with expectations for significant market growth by 2027, while also being a key supplier in the robotics sector [5]. Fuda Co., Ltd. - The issuance of convertible bonds at a conversion price of 17.5 yuan signals positive business prospects, with a focus on expanding production capacity and addressing market concerns regarding client structure [6]. Tiancai Control - The company is well-positioned in the low-altitude economy, actively working on client acquisition and technical certifications, which could lead to significant market share in the future [6].

Core Viewpoint - Haige Communication's stock price experienced significant volatility, initially doubling in value within a month due to the commercial aerospace sector's boom, but subsequently plummeting after announcing expected losses for 2025, marking the first loss since its listing [2][3][4]. Group 1: Stock Performance - The stock price of Haige Communication rose from a low of 12 yuan to a peak of 26.62 yuan, representing a 137% increase within a month [3]. - Following the announcement of expected losses on January 14, the stock price fell to 18.10 yuan, a decrease of 32% from its peak, resulting in a market value loss exceeding 200 billion yuan [2][4]. Group 2: Financial Performance - In 2024, Haige Communication reported a revenue of 49.20 billion yuan, down 23.71% year-on-year, with a net profit of 1.07 billion yuan, a decline of 85.42% [5]. - For the first half of 2025, the company recorded a revenue of 22.29 billion yuan, a 13.97% decrease, and a net profit of only 251.38 million yuan, down 98.72% year-on-year [5]. - By the third quarter of 2025, the company faced a significant loss of 1.78 billion yuan, with total revenue for the first three quarters at 9.28 billion yuan, a 16.17% decline [5]. Group 3: Shareholder Actions - The company's major shareholder, Yang Haizhou, engaged in significant share sell-offs, liquidating approximately 96.81 million yuan worth of shares between October and December 2025 [6]. - Yang Haizhou's recent selling activity was noted to be more frequent compared to previous years, raising concerns among investors regarding the company's financial health [6].

1月21日消息，北京星河动力航天科技股份有限公司（以下简称"星河动力"）、星际荣耀航天科技集团股份有限公司（以下简称"星际荣耀"）、江苏天兵航 天科技股份有限公司（以下简称"天兵科技"）三家商业航天企业更新IPO辅导进展。 瑞财经 吴文婷商业航天IPO加速。 中信证券股份有限公司文件 中信证券〔2026〕71号 关于星际荣耀航天科技集团股份有限公司 首次公开发行股票并上市辅导工作进展情 况报告(第二十二期) 中国证券监督管理委员会北京监管局: 星际荣耀航天科技集团股份有限公司(曾用名"北京星 际荣耀空间科技股份有限公司",以下简称"星际荣耀"、"辅 导对象"、"公司")拟申请在中华人民共和国境内首次公开发 行股票并在科创板上市,天风证券股份有限公司、中信证券 股份有限公司(以下简称"辅导机构")作为辅导机构,根据 《证券发行上市保荐业务管理办法》《首次公开发行股票并 据了解，星河动力于2025年10月23日启动IPO辅导，辅导机构为华泰联合证券。 星河动力成立于2018年，是国内首家实现火箭量产、高密度发射并实现商业化的民营商业火箭企业。 星际荣耀于2020年12月24日启动IPO辅导，拟登陆科创板，辅导机构 ...

Core Viewpoint - The A-share market experienced a rebound in technology stocks, particularly in the semiconductor and precious metals sectors, with significant trading volumes observed in ETFs, indicating strong market interest and potential for further growth [1][2]. Market Performance - On January 21, the A-share market saw the ChiNext index rise by 3.53%, with a total trading volume of 2.6 trillion yuan, down by 177.1 billion yuan from the previous trading day [1]. - The Shanghai Composite Index increased by 0.08%, the Shenzhen Component Index rose by 0.70%, and the ChiNext Index gained 0.54% [1]. Sector Highlights 1. **Chip Stocks** - Chip stocks showed strong performance, particularly in computing and storage sectors, with multiple stocks hitting the daily limit [3]. - The demand for CPUs is expected to rise due to their critical role in AI and machine learning applications, which may lead to supply constraints [3]. 2. **Precious Metals** - The precious metals sector performed robustly, with silver prices surpassing $95 per ounce and gold prices exceeding $4,800 per ounce, marking a 33% increase year-to-date [4]. - The geopolitical climate is driving demand for gold as a safe-haven asset, prompting recommendations for increased allocation to gold [4]. 3. **Lithium Mining** - Lithium mining stocks rebounded, with several companies reaching their daily limits, driven by a significant increase in lithium carbonate prices, which exceeded 164,000 yuan per ton [5]. - The growth in AI data centers is expected to drive lithium demand, with projections of a 40%-50% annual growth rate in overseas energy storage over the next two to three years [5]. Institutional Perspectives 1. **Spring Market Outlook** - Industry analysts from Guangfa Securities anticipate a strong upward trend in the market from late January to mid-March, coinciding with the annual report preview period [2]. - The focus will shift to fundamental performance as companies disclose earnings, potentially leading to a structural adjustment in market dynamics [6]. 2. **Slow Bull Market View** - According to Debon Securities, a slow bull market is expected to continue, with attention on policy directions and liquidity levels that may sustain market activity [8]. - The long-term support from government policies and industry upgrades is expected to bolster market confidence [8]. 3. **Market Adjustment and Rotation** - Dongfang Securities suggests that the market may experience mild adjustments with active fund rotation, maintaining a pattern of sector rotation until the Spring Festival [9]. - This adjustment phase is seen as beneficial for the market's upward trajectory in the longer term [9].