1月21日，A股三大指数集体上涨，商业航天板块全天小幅震荡，截止13点37分，航空航天ETF （159227）涨幅0.82%，成交额达3.84亿元，持仓股航发科技、华秦科技、海兰信、航天电子、航材股 份、航发动力等股涨幅居前。 （文章来源：每日经济新闻） 国泰海通证券认为，展望2026年，中国商业航天有望迎来高速发展。1）2025年中国载人航天、深空探 测、商业航天等领域完成多项突破，实现多个首次。航天全年发射次数达到92次，创造历史新高。2026 年，中国航天将迎来更多新的惊喜和突破。从空间站建设到探月探星，再到商业航天发展，中国航天正 朝着建设航天强国的目标开启新征程。2）作为新质生产力，自主、多元、高效的商业航天将进一步发 挥灵活的商业发射能力，为我国卫星互联网星座快速组网提供核心运力支撑。3）"十五五"时期以朱雀 三号、长征十二号甲为代表的大型火箭批量应用有望打破当前制约我国星座建设的技术瓶颈，我国商业 航天发射节奏有望持续提速，以GW、G60为代表的巨型星座建设有望提速，中国商业航天事业有望迎 来高速发展。 航空航天ETF(159227)：紧密跟踪国证航天指数，成分股覆盖战斗机、航空发动机、火箭、导 ...

西南证券分析指出，国家十五五规划建议加快航空航天、低空经济产业发展。国家战略聚焦低空经济新 赛道，各地相继出台低空经济发展纲领性政策，国资央企密集成立低空经济公司。从应用场景来看，低 空物流、低空文旅等应用场景先行。 每日经济新闻 各地区因地制宜发展低空经济。继上海市大力发展低空经济，预计经济核心产业规模达到800 亿元，建 设低空经济国家先进制造业集群后，重庆、云南、广州陆续发布地区发展计划。其中，重庆市提出要持 续拓展"低空+"典型应用场景，迭代升级低空经济应用场景清单，开展无人机在农林植保、货运物流、 高楼消防、应急救援、城市巡检、文体消费等领域商业化应用。云南省提出积极打造高原无人机制造集 聚地、低空飞行多元应用基地、低空飞行装备出口基地。广州市提出大力发展低空经济和商业航天，围 绕低空经济发展实际需求，探索建设民用无人驾驶航空试验区，培育发展低空领域新技术、新模式、新 业态。 1月21日，三大指数集体走强，商业航天、低空经济板块延续震荡，截至13点35分，通用航空ETF华夏 （159230）涨跌持平，其持仓股航天电子、航材股份、航发动力、广联航空等股涨幅靠前，航空航天 ETF（159227）涨0.5 ...

Group 1 - The core viewpoint of the article highlights the positive market sentiment towards the technology sector, particularly driven by new productivity areas such as brain-computer interfaces, AI applications, and commercial aerospace, with the Sci-Tech Innovation Board 100 ETF (588120) rising over 1.2% [1] - The brain-computer interface sector is stimulated by Neuralink's plan for mass production in 2026, while the commercial aerospace sector remains active as a recent market focus [1] - Continuous favorable policies are being released, including the Ministry of Finance's plan to issue ultra-long-term government bonds to support technological innovation, which is expected to guide trillions of yuan into the market [1] Group 2 - The Sci-Tech Innovation Board 100 ETF (588120) tracks the Sci-Tech 100 Index (000698), which includes 100 securities with larger market capitalization and better liquidity from the Sci-Tech Innovation Board, covering high-tech fields such as information technology and healthcare [1] - The index reflects the overall performance of representative technology innovation enterprises in the Sci-Tech Innovation Board, focusing on a growth-oriented investment style [1] - With the domestic monetary policy remaining moderately loose and foreign and long-term funds accelerating their entry into the market, there is an expectation for a spring market rally [1]

Core Viewpoint - The commercial aerospace sector in China is experiencing significant growth, driven by policy support and technological advancements, with a projected financing total of 18.6 billion yuan by 2025, representing a 32% year-on-year increase [1][2]. Group 1: Market Performance - The Southern General Aviation ETF (159283) saw an intraday increase of over 1%, closing up 0.78% with a turnover of 7.45% and a transaction volume of 24.34 million yuan [1]. - Key stocks in the index, including Huayin Technology, Aerospace Electronics, and Guolian Aviation, experienced notable gains, with increases of 7.24%, 7.15%, and 3.86% respectively [1]. Group 2: Industry Developments - Recent updates from commercial aerospace companies Tianbing Technology, Xinghe Power, and Xingji Glory regarding their IPO guidance indicate a robust pipeline for future financing and growth [1]. - The Shanghai Stock Exchange has introduced tailored listing standards for commercial rocket companies, focusing on breakthroughs in medium to large reusable rocket technologies [2]. - The domestic commercial aerospace sector has transitioned from technology validation to engineering implementation, with private rocket companies expected to complete 23 launch missions and successfully deploy 324 spacecraft by 2025 [2]. Group 3: Investment Outlook - The 14th Five-Year Plan is expected to accelerate the application of large rockets, potentially overcoming current technological bottlenecks in China's satellite constellation development [2]. - The commercial aerospace sector is anticipated to become a core investment focus during the 14th Five-Year Plan, with significant growth expected in the construction of large satellite constellations [2]. Group 4: Index Composition - The Southern General Aviation ETF closely tracks the CSI General Aviation Theme Index, which includes 50 listed companies involved in aviation materials, aircraft manufacturing, and related infrastructure [3]. - The top ten weighted stocks in the index include Aerospace Electronics, Haige Communication, and China Satellite Communications, reflecting the overall performance of the general aviation sector [3].

日前，信风从接近长光卫星技术股份有限公司（下称"长光卫星"）人士处独家获悉，该公司正在酝酿重 启IPO。 针对该消息，信风向长光卫星致电求证，但电话无法接通，邮件截至发稿前暂未收到回复。 在此之前，长光卫星曾于2024年12月主动撤回科创板上市申请，宣告了其长达两年的首次闯关失败。 作为拥有全球最大亚米级商业遥感卫星星座的企业，长光卫星"吉林一号"工程在轨卫星数量已达141 颗。 值得一提的是，重启IPO前，长光卫星完成了核心管理层的"新老交替"。 2025年10月17日，长光卫星原董事长宣明辞任，曾任"吉林一号"宽幅系列卫星总设计师的张雷接棒董事 长一职。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 在政策利好的背景下，此次长光卫星备战IPO增添了不少胜算。 事实上，整个商业航天行业已在2025年按下了"加速键"。 数据层面，我国商业航天在2025年完成发射50次，占宇航发射总数的比例达到54%；同年入轨商业卫星 达到311颗，占据我国全年入轨卫星总数的84%。 国泰海通证 ...

Core Viewpoint - Woge Optoelectronics (603773.SH) has seen a significant stock price increase, reaching a limit up of 10% to 39.16 CNY per share, with a total market capitalization of 8.798 billion CNY, driven by strong performance in various sectors including Chiplet, glass substrates, CPO, Mini/MicroLED, and commercial aerospace [1] Business Overview - Woge Optoelectronics is a leading domestic manufacturer of glass substrates, with self-developed glass optical devices applied in semiconductor etching equipment and lithography machines [1] - In the MiniLED product sector, the company has achieved mass production and shipment of glass-based MiniLED backlight displays and is collaborating with major TV brands to develop and mass-produce glass-based MiniLED television products [1] - In the MicroLED field, the company is conducting product research and development with several domestic and international clients, with its glass-based CPO products recently completing batch sampling and engaging in strategic cooperation in advanced packaging for computing chips [1] - The company is advancing glass stacking technology iterations and is on the verge of mass production and shipment of microfluidic biochip products [1] - In the commercial aerospace sector, Woge Optoelectronics possesses a full industry chain production capability from CPI slurry to film and coating, maintaining a leading technical level in the industry, having achieved in-orbit application of flexible solar wing substrates, and is conducting business engagements and product testing with multiple flexible solar wing clients [1]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：资料显示参股公司辽宁育能科技有限公司经营范围涉 及到通用航空服务；民用航空器驾驶员培训。请问参股公司是否有涉及到商业航天相关的业务？公司持 有参股公司辽宁育能科技有限公司多少股权持股比例是多少？ 恒实科技（300513.SZ）1月21日在投资者互动平台表示，辽宁育能科技有限公司暂不涉及商业航天业 务。目前公司子公司辽宁邮电持有辽宁育能公司60%的股份。 ...

Investment Rating - The report maintains an "Outperform" rating for the commercial aerospace industry [1] Core Insights - The aerospace sector is transitioning from being viewed as a "cost center" driven by national will to a "growth engine" driven by commercial demand, with significant investments and strategic planning from both the US and China [6][9] - The global aerospace economy is projected to reach $613 billion in 2024, with commercial aerospace contributing 78%, and is expected to exceed $1 trillion by 2032 [6][9] - The value chain of commercial aerospace is divided into five core levels: "space, ground, terminal, rocket, and application," each presenting unique market opportunities and technical challenges from 2026 to 2030 [10][29] Summary by Sections 1. Space: Satellite Manufacturing - The satellite manufacturing market in China is expected to grow from approximately 7.1 billion yuan in 2025 to about 39.4 billion yuan by 2030, reflecting a shift from sporadic research models to continuous, batch engineering deliveries [16][18] 2. Ground: Ground Systems - The ground systems market is projected to increase from around 1.2 billion yuan in 2025 to approximately 39.1 billion yuan by 2030, evolving from a supporting role to a core infrastructure essential for stable satellite constellation operations [21][22] 3. Terminal: Key Variable for Commercial Aerospace - The terminal market is anticipated to grow from 500 million yuan in 2025 to about 141.9 billion yuan by 2030, driven by multiple vertical industries and potential consumer scenarios [23][24] 4. Rocket: Core Constraint - The cost of rocket launches is a critical constraint, with reusable technology expected to reduce costs by 80%-90% compared to traditional expendable rockets. The market for rocket launch services is projected to grow from approximately 10.7 billion yuan in 2025 to about 34.3 billion yuan by 2030 [25][26] 5. Application: Final Value Realization - The application market is expected to expand from 200 million yuan in 2025 to 525 billion yuan by 2030, with the revenue share from applications projected to rise from single digits to over 67% by around 2030 [27][28] 6. Investment Opportunities - Investment opportunities in commercial aerospace can be categorized into three main tracks: 1. Launch and manufacturing segments, which are expected to benefit directly from increased orders and visibility 2. Core components and systems, characterized by high technical barriers and critical for long-term competitiveness 3. Downstream applications and operational services, which, while currently limited in scale, hold the greatest long-term potential for value realization [29][30]

Macro Research - The GDP growth rate for Q4 2025 is projected at 4.5%, showing a slight decline due to base effects, with a dual differentiation of supply exceeding demand and external demand outperforming internal demand [1][2] Real Estate Research - In 2025, the real estate sector is expected to experience a noticeable decline, aligning with earlier predictions that real estate companies will maintain positive cash flow and that the year will be risk-free [1][3] - The rental yield in first-tier cities has increased from 1.6% in 2020 to 1.9% in 2025, while the "rental yield + CPI" has decreased from 4.5% in 2019 to 2.0% in 2025, which is below mortgage rates but slightly above risk-free rates [5][32] - Second-tier cities are showing signs of price stabilization, with rental yields plus CPI improving from 2.3% in 2023 to 2.6% in 2024 and maintaining that level in 2025 [6][33] - By the end of 2025, the proportion of residents willing to buy homes has increased to approximately 16%, with a notable rise in the percentage of declining listing prices [7][34] - The real estate investment is expected to decrease by 17.2% year-on-year, while sales are projected to decline by 12.6%, leading to a positive cash flow for the industry [8] Military Industry Research - The launch cycle of the Long March 12 rocket has been shortened, indicating a potential acceleration in China's commercial space launch schedule [12][13] - In 2025, China is expected to achieve multiple breakthroughs in manned spaceflight, deep space exploration, and commercial space, with a record 92 launches throughout the year [14][27] - The commercial space sector is anticipated to become a core investment direction in the military industry during the 14th Five-Year Plan period, with new rocket types expected to enhance launch capabilities [15][28]

证券研究报告 | 2026年01月20日 制造成长周报（第 43 期） 优于大市 SpaceX 目标年产 1 万艘星舰，OpenAI 寻找美国硬件供应商 重点事件点评&重点关注：AI 基建、商业航天 事件 1-马斯克称 SpaceX 目标为每年生产 1 万艘星舰：2026 年 1 月 16 日，X 社交媒体上，马斯克称 SpaceX 目标为三年内星舰发射频率将超每小时一次， 明确 SpaceX 终极目标为每年生产 1 万艘星舰。 事件 2-OpenAI 寻找美国本土机器人、数据中心硬件供应商：2026 年 1 月 15 日，据华尔街见闻信息，OpenAI 正寻找美国本土的硬件供应商，为其计划中 的消费设备、机器人和云数据中心扩张寻找合作伙伴。 商业航天点评：马斯克对 SpaceX 的期望极高，星舰发射频率将超每小时一 次的目标，极大地拓展了商业航天的想象力，打开了行业成长空间。我们持 续看好商业航天的长期投资机会，建议重点关注商业航天核心环节供应商和 蓝箭航天产业链标的：1)火箭端重点关注重要结构件及 3D 打印新应用：【华 曙高科】、【应流股份】、【龙溪股份】；2）卫星端关注总装及检验检 测等环节：【广电计 ...