Market Overview - The major indices showed mixed performance with the STAR Market 50 index up by 0.82% and the ChiNext index down by 0.82% [1] - The TMT sector led the gains, particularly in communication equipment and military electronics, while the communication network equipment and printed circuit board sectors faced declines [1] Domestic News - CINNO reported that Chenxian Optoelectronics has developed a 0.12-inch Micro-LED micro-display using semiconductor-level hybrid bonding technology, meeting key requirements for mass production [2] - Jihai officially launched the G32M3101 series high-performance motor control SoC, integrating MCU, LDO, and gate driver into a single chip to reduce system costs and improve efficiency [2] - Lexin partnered with Bosch Sensortec to introduce an AI interactive solution, utilizing Bosch's MEMS sensors and algorithms alongside Lexin's Wi-Fi 6 IoT chip [2] - Beijing Chaoyang Hospital implemented VR technology to alleviate preoperative anxiety in over 100 patients, resulting in significant reductions in anxiety scores and improved postoperative satisfaction [2] Overseas News - PetaRay and Quanta Computer launched a commercially viable AR headset utilizing PetaRay's LiFiD light field technology for natural alignment of virtual content with real objects [3] - TrendForce reported that NVIDIA will adjust the HBM4 specifications for the Rubin platform, delaying the mass production timeline to early 2026 due to increased speed requirements and AI demand [3] - Mobileye announced the acquisition of Mentee Robotics to enhance its autonomous driving system with advancements in visual-language-motion technology [3] - Samsung Display and Intel developed SmartPower HDR™ technology to reduce OLED panel power consumption by up to 22% in HDR mode for laptops [3] AI News - The Chinese Academy of Sciences and CreateAI team built a 4D world model NeoVerse from monocular videos, enabling efficient reconstruction without prior camera pose knowledge [4] - Zhiyuan Robotics unveiled the first LLM-driven open-source simulation platform Genie Sim 3.0 at CES, significantly improving simulation scene construction efficiency [4] - Xidian University released VoiceSculptor, a model allowing high flexibility in controlling voice attributes through natural language instructions [4] - Lenovo launched Qira, a personal AI super agent capable of summarizing notifications and coordinating tasks, designed for high personalization and offline operation [4] Industry Tracking - Jitian Starship developed a remote sensing optical payload achieving 0.5-meter resolution, planning to launch 22 satellites this year to enhance earth observation capabilities [5] - Zhenghe Industrial introduced the world's first chain-type dexterous hand with 17 degrees of freedom, achieving high precision and load capacity [5] - Yunnan First People's Hospital successfully performed the first two brain-machine interface surgeries in Southwest China, implanting rechargeable, closed-loop brain stimulators for Parkinson's patients [5] - The Ministry of Industry and Information Technology outlined plans for AI in manufacturing, aiming for significant advancements in core technologies and application scenarios by 2027 [5]

Economic Policy and Market Overview - The People's Bank of China emphasized the importance of promoting high-quality economic development and reasonable price recovery in its monetary policy, utilizing various tools like reserve requirement ratio cuts and interest rate reductions to maintain liquidity and support balanced credit growth [1] - The Ministry of Commerce announced strengthened export controls on dual-use items to Japan, citing recent provocative statements from Japanese leaders regarding Taiwan, which are seen as a serious violation of China's sovereignty [1] Capital Market Developments - The China Securities Index announced adjustments to the CSI 1000, CSI 500, and CSI A500 indices, effective January 9, 2026, with companies like Chipone Technology and Mingyue Optical being added to the indices [3] - In December 2025, A-share new account openings reached 2.6 million, a 9% increase from November, with a total of 27.44 million new accounts opened throughout the year, marking a 10% year-on-year growth [3] Industry Insights - AI in healthcare is gaining traction, with Alibaba's AI model for early pancreatic cancer screening highlighted as a significant innovation, indicating a growing trend in AI applications across various medical fields [6] - The semiconductor industry is experiencing price increases, with Samsung and SK Hynix raising DRAM prices for servers, PCs, and smartphones by 60%-70% in Q1 2026 compared to Q4 2025 [7] Company Highlights - iFlytek reported extensive collaborations with over 500 robot manufacturers, leveraging its AI service platform for various types of robots [8] - BYD outperformed Tesla in sales across Europe's two largest electric vehicle markets, with a sevenfold increase in sales in Germany to 23,306 units, while Tesla's sales dropped to 19,390 units [9] - FiconTEC, a subsidiary of Robotech, signed a significant contract worth approximately €770,000 (about ¥63.08 million), which is expected to have a positive impact on the company's revenue [11] - MiniMax's IPO received overwhelming interest, with a subscription amount exceeding HK$253.3 billion and a public offering oversubscription rate of 1,209 times [13]

Core Insights - The concept of "deep space economy" is emerging as a new economic model, with its framework first proposed in 2025, marking a transition from technical exploration to economic empowerment in China's deep space exploration [1] - The deep space economy encompasses ten industry directions, including resource development, internet, energy, transportation, and tourism, with a projected global scale reaching trillions of dollars by 2040 [1] Company Summaries - **China Satellite**: Focuses on satellite manufacturing and applications, benefiting from the demand for low-orbit satellite constellations. Despite a decline in net profit in the first three quarters of 2025, revenue growth indicates strong market expansion capabilities [4][6] - **China Satcom**: Operates satellite communication services and is a key player in deep space communication and navigation. The demand for satellite communication is expected to grow with the advancement of the deep space economy [5][6] - **Huali Chuangtong**: Engages in satellite applications and radar communication, with technology applicable to deep space exploration. The company is well-positioned to benefit from the rapid development of both low and deep space economies [7] - **Haige Communication**: Specializes in wireless communication and navigation, providing essential support for deep space exploration. The company has developed a comprehensive network integrating various technologies to support the deep space economy [8] - **Zhongke Xingtu**: Provides software and data services for special fields, with a focus on deep space intelligence and internet. The company has a leading position in several areas of the deep space economy [9][10] - **Sanwei Communication**: Operates in internet services and satellite communication, enhancing its market position through acquisitions. The company is expected to gain market share as demand for satellite communication increases [11] - **Shanghai Huguang**: Involved in welding and cutting equipment, with a subsidiary focusing on commercial satellite assembly. The company is poised to benefit from the rapid growth of the commercial space market [12] - **CITIC Haizhi**: Provides general aviation services and aims to expand into deep space tourism and transportation. The company has a first-mover advantage in the emerging deep space tourism market [14] - **Aerospace Zhizhuang**: Focuses on intelligent simulation testing and micro-system control technologies, supporting autonomous decision-making for deep space exploration. The company holds a leading position in core satellite components [15] - **Aerospace Power**: Specializes in the development of liquid rocket engines, playing a crucial role in deep space transportation. The company has advanced technology and production capabilities to support deep space exploration activities [16]

国防车工 相关研究 2025 年 12 月 30 日 看好 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 研究支持 达邵炜 A0230124030001 dasw@swsresearch.com 联系人 达邵炜 A0230124030001 dasw@swsresearch.com 班牙/分出京 申万宏源研究微信服务号 近期军工受订单及业绩等不确定性影响进行调整,但我们认为军工调整逐渐结束,军工 ● 进入筑底上升期:短期来看,年末订单交付加速,四季度业绩预期环比改善,目"十五 五"规划持续推进,一季度起订单有望从"点状"到"线状"乃至"面状"落地;中长 期看，由于地缘政治不确定性加剧，消耗类武器装备持续放量，以及军贸需求加大带来 巨大投资机会。建议重点关注军工底部配置时机,细分方向关注新型主战装备、消耗类 武器、军贸、军工智能化等领域投资机会；同时重视商业航天、深空经济、可控核聚变 等主题性外延投资机 ...

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating a positive outlook compared to the overall market performance [26]. Core Insights - The defense and military sector has shown resilience, with the Shenwan Defense Military Index rising by 6% last week, outperforming major indices such as the Shanghai Composite Index and the CSI 300 [1][5]. - The report suggests that the military sector is entering a recovery phase, driven by accelerated order deliveries and improved performance expectations for the fourth quarter [4]. - The "14th Five-Year Plan" is expected to enhance the quality and quantity of military capabilities, indicating a new growth cycle for the industry [4]. - There is a significant investment opportunity in the military sector due to increasing geopolitical uncertainties and rising demand for consumable military equipment [4]. - The report highlights the importance of focusing on new combat equipment, consumable weapons, military trade, and military intelligence as key investment areas [4]. Market Review - Last week, the Shenwan Defense Military Index outperformed the market, with a 6% increase, ranking second among 31 major industry sectors [5]. - The average increase for the civilian-military integration index was 8.45%, indicating strong performance in this segment [5]. - Top-performing stocks in the defense sector included Shenjian Co. (61.2%), Aerospace Engineering (43.39%), and China Satellite (36.24%) [12]. Valuation Changes - The current PE-TTM for the Shenwan Defense Military Index is 88.65, indicating it is in the upper range historically, suggesting potential for further growth [13][19]. - The report notes a divergence in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [13][19].

Market Overview - The market experienced fluctuations with all three major indices closing higher, marking an 8-day consecutive rise for the Shanghai Composite Index, which increased by 0.10% [1] - Sectors such as energy metals, precious metals, and non-ferrous metals saw significant gains, while electronic chemicals, paper printing, and the brewing industry faced declines [1] - Major capital inflows were noted in industries related to photovoltaic equipment, batteries, and non-ferrous metals [1] ETF Performance - ETFs related to non-ferrous metals, satellites, and batteries performed well, likely driven by relevant news [2] - The National Development and Reform Commission's article encouraged mergers and restructuring among major aluminum oxide and copper smelting enterprises to enhance competitiveness [2] - The main contracts for silver and copper saw significant daily increases, with silver rising over 7% and copper over 3%, both reaching historical highs [2] Industrial Metal Outlook - Huolong Securities expressed optimism for the metal sector, predicting a tight supply for copper in the medium term, with expectations of a supply-demand turning point around 2026 [2] - The anticipated economic growth in the U.S. for 2026 and the Federal Reserve's preventive rate cut strategy are expected to support demand [2] Commercial Aerospace Development - The Shanghai government issued measures to support the development of the aerospace industry, providing financial support for satellite manufacturing and operations [2] - Companies involved in communication, navigation, and remote sensing services may receive substantial one-time rewards for obtaining relevant licenses [2] Strategic Emerging Industries - The 510 billion yuan strategic emerging industry development fund has been launched to support aerospace and other strategic sectors, providing substantial fiscal backing [3] - The focus on self-reliance in technology and the acceleration of the aerospace industry is emphasized in the "14th Five-Year Plan" [3] Lithium Battery Industry - Lithium carbonate futures prices surged past 130,000 yuan, indicating a recovery in the lithium battery industry after a period of clearing and destocking [4] - Demand for lithium battery components remains robust, with signs of supply tightness emerging in key areas [4] - The overall outlook for the lithium battery sector is improving, with leading companies nearing full production capacity by Q3 2025 [4]

行 业 及 产 业 国防军工 2025 年 12 月 22 日 相关研究 证 券 研 究 报 告 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 研究支持 达邵炜 A0230124030001 dasw@swsresearch.com 联系人 达邵炜 A0230124030001 dasw@swsresearch.com 基本面筑底，行业进入配置周期 看好 ——国防军工行业周报（2025 年第 52 周） 本期投资提示： ⚫ 上周申万国防军工指数上涨 1.53%，中证军工龙头指数上涨 4.05%，同期上证综指上 涨 0.03%，沪深 300 下跌 0.28%，创业板指下跌 2.26%，申万国防军工指数跑赢创业 板指、跑赢沪深 300、跑赢上证综指、跑输军工龙头指数。1、从细分板块来看，上周 国防军工板块 1.53%的涨幅在 31 个申万一级行业涨跌幅排名第 11 位。2、从我们构建 的军工集团指数变化来 ...

Core Viewpoint - The global deep space exploration is transitioning from a focus on technological breakthroughs to a balanced emphasis on significant scientific discoveries and resource development [1] Group 1: Conference Overview - The "Frontiers of Extraterrestrial Resource Development Technology and Development Strategy - Space Mining and Deep Space Manufacturing" academic seminar was held in Bozhou, Anhui, organized by the Chinese Academy of Engineering [1] - The seminar was supported by various institutions including the National Space Administration's Deep Space Exploration Innovation Center and the Bozhou Municipal Government [1] - Key experts in attendance included academicians from various universities and organizations, with nearly a hundred representatives from over 30 units participating [1] Group 2: Discussion Topics - Experts discussed strategies for resource development and utilization of typical extraterrestrial bodies such as asteroids and the Moon [1] - The conference covered key technology systems, industry traction mechanisms, and major engineering application scenarios related to extraterrestrial resource exploration, mining, and in-situ manufacturing [1] - There was a systematic exchange on the full-chain technology paths for extraterrestrial resource exploration, mining, and construction, along with prospects for the deep space economy and industry development [1]

Summary of Key Points from the Conference Call on Commercial Aerospace Investment Opportunities Industry Overview - The conference call focuses on the commercial aerospace industry, particularly highlighting the advancements and investment opportunities related to companies like Blue Arrow and SpaceX [1][2][5]. Core Insights and Arguments - Blue Arrow's successful test of a reusable rocket indicates its capability for large-scale launches, potentially accelerating its listing on the Sci-Tech Innovation Board, exceeding market expectations [1][2]. - SpaceX's valuation surged from $400 billion to $800 billion, reflecting the U.S. capital market's strong recognition of the space economy, which includes traditional broadband and deep space economic expansion [2][5]. - The commercial aerospace supply chain includes key players such as rocket launch companies (e.g., Blue Arrow, Chang 12), satellite manufacturers (e.g., Shanghai Port Bay), and substrate manufacturers (e.g., Yunnan Germanium) [1][4]. - The demand for satellites is expected to grow significantly, with StarNet's first-generation enhanced satellites set to enter deployment by the end of 2026, and a second-generation experimental satellite planned for launch early next year [1][10]. Emerging Trends - The demand for computational power in space is increasing, with companies like StarCloud and Beijing Orbital Morning Light planning to achieve substantial computational capabilities by 2030 and 2035, respectively [1][11]. - The establishment of satellite super factories in various regions of China, such as the Wenchang Aerospace City, aims to produce 100 rockets and 1,000 satellites annually by 2027, enhancing domestic manufacturing capabilities [12][13]. Investment Opportunities - The commercial aerospace sector is currently in a nascent stage, akin to the robotics industry in late 2024, with significant investment opportunities anticipated in the coming months [2][16]. - Investors are encouraged to focus on both emerging sectors like computational satellites and traditional satellite companies, as the market is expected to adjust positively in 2026 [16][17]. - The upcoming launch of multiple rocket companies and the support from the Shanghai Stock Exchange's green channel indicate a robust investment environment [2][16]. Key Companies and Their Roles - Blue Arrow and Chang 12 are highlighted as significant players in the rocket launch segment, with upcoming tests expected to drive investment interest [4][15]. - Shanghai Port Bay is noted for its solar wing energy system, which holds a substantial market share [4]. - Companies involved in testing, such as Guangdian Measurement and Su Shi Experiment, are crucial for ensuring the reliability of satellite launches [7]. Conclusion - The commercial aerospace industry is poised for growth, driven by technological advancements and increasing demand for satellite launches. Investors should remain vigilant and consider both high-risk and traditional investment opportunities within this sector [16][17].

Core Viewpoint - The company, Huaron Co., Ltd. (603855.SH), currently lacks the complete capability for independent research and development of lunar mining robots, while it will continue to monitor the trends in the deep space economy [1]. Company Summary - Huaron Co., Ltd. has indicated that it does not possess the full capabilities required for the independent development of lunar mining robots [1]. - The company is committed to keeping an eye on the developments in the deep space economy [1].