Core Viewpoint - The company's stock price is influenced by multiple factors including macroeconomic conditions, industry cycles, and market sentiment, indicating that short-term fluctuations do not fully reflect its intrinsic value [2] Group 1: Company Performance - The company has maintained a focus on its core business since its listing, with normal operating conditions and a continuous strengthening of its core competitiveness and industry position [2] - The company is a key supplier in the domestic aerospace power sector, playing significant roles in major national projects such as manned spaceflight, lunar exploration, and satellite internet [2] Group 2: Management and Strategy - The management team is confident in the company's long-term development, having fully disclosed its technological advantages, market position, and development strategy in the prospectus [2] - The company commits to maintaining good operational management and will strictly adhere to information disclosure requirements, announcing significant developments in a timely manner [2]

格隆汇2月25日丨盛洋科技(603703.SH)在互动平台表示，公司于2026年1月公告的CANAL+项目进展顺 利，正按计划推进，预计将于5月前完成交付。目前三款卫星互联网终端已进入小批量试生产阶段，产 能将根据客户验证进度及订单需求动态调整，交付节奏与项目验收安排保持一致。后续公司将结合南 美、欧洲、非洲等区域合作进展，有序推进量产及规模化交付。 ...

Group 1 - The core viewpoint of the article highlights the positive developments in the commercial space sector, particularly in China, with Blue Arrow Aerospace planning to conduct a recovery test of its reusable rocket Zhuque-3 in the second quarter of this year, which could accelerate the maturity of reusable rocket systems and set a new milestone for China's commercial space industry [1] - SpaceX CEO Elon Musk envisions using electromagnetic catapults on the Moon to support AI and high-performance computing needs, indicating a forward-looking approach in the global space industry [1] - Open Source Securities emphasizes the accelerated development of satellite internet in China, suggesting investment opportunities across various segments of the industry, including satellite manufacturing, launching, ground equipment, and satellite operations [1] Group 2 - In the satellite manufacturing segment, companies that supply satellite payloads and platform components are expected to benefit from increased demand for satellite launches [1] - The satellite launch segment is advised to focus on resource allocation, launch cadence, and technological advancements that could catalyze the industry [1] - The ground equipment segment should pay attention to the construction of high-value core networks and the terminal market, while the satellite operation segment is highlighted by the rapid development of satellite networks led by companies like Xingwang and Yanjin [1] Group 3 - As of February 25, 2026, the Zhongzheng Satellite Industry Index (931594) has risen by 3.21%, with notable increases in stocks such as Aerospace Electronics (up 6.65%), Xinle Energy (up 5.37%), and Aerospace Universe (up 4.91%) [1] - The Satellite ETF Penghua (563790) has increased by 2.87%, with the latest price reported at 1.18 yuan [1] - The Zhongzheng Satellite Industry Index tracks 50 listed companies involved in satellite manufacturing, launching, communication, navigation, and remote sensing, reflecting the overall performance of the satellite industry [2]

Group 1 - The core viewpoint of the report highlights that satellite demand is driving the market potential for space photovoltaics, with low Earth orbit satellite demand expected to increase rapidly due to applications in satellite internet, strategic layouts, and space computing [1] - Space photovoltaics is identified as the only energy supply solution for satellites, benefiting from the increase in the number of satellites and the power output per satellite [1] - The evolution of solar wings towards flexibility is necessary as the power output per satellite increases, requiring lightweight and flexible designs [1] Group 2 - The report discusses the technological evolution that presents new opportunities, including the transition from gallium arsenide to heterojunction technology and perovskite tandem cells. Gallium arsenide is currently the mainstream technology with high reliability but high costs [1] - The p-HJT solution leverages the mature crystalline silicon industry, significantly reducing costs compared to gallium arsenide, and is expected to have substantial growth potential in the short to medium term [1] - The perovskite tandem cell solution is still in the early research phase, facing challenges such as stability under light or high-temperature conditions and short lifespan, but is anticipated to have significant growth potential in the medium to long term as technology matures and production capacity increases [1] Group 3 - Investment recommendations include focusing on companies such as Maiwei Co., Ltd. (300751), Dongfang Risheng (300118), and Junda Co., Ltd. (002865) [1]

（一）重要市场新闻 1、美股三大指数集体收涨，纳指涨1.04%，标普500指数涨0.77%，道指涨0.76%；大型科技股多数上 涨，AMD涨超8%，英特尔涨超5%，特斯拉、奈飞、苹果涨超2%，微软、亚马逊涨逾1%，英伟达、 Meta小幅上涨，谷歌小幅下跌；PayPal两个交易日累计上涨13%，创2022年以来最大同期涨幅。中概股 多数上涨，纳斯达克中国金龙指数涨1.37%，小鹏汽车涨超6%，霸王茶姬涨近5%，金山云涨超4%。欧 洲三大股指收盘涨跌不一，德国DAX指数跌0.02%报24986.25点，法国CAC40指数涨0.26%报8519.21 点，英国富时100指数跌0.04%报10680.59点。 2、国际油价小幅震荡，截至发稿时，美油主力合约跌0.17%，报66.2美元/桶；布油主力合约涨0.17%， 报71.23美元/桶。国际贵金属价格走低，截至发稿时，现货黄金跌1.37%，报5154.83美元/盎司， COMEX黄金期货跌0.94%，报5176.4美元/盎司；现货白银跌1.32%，报87.05美元/盎司，COMEX白银期 货涨0.73%，报87.22美元/盎司。 （二）行业掘金 1、2月24日，据新 ...

"卫星批量生产能力和商业开拓能力都实现快速提升。"让徐鸣同样振奋的是，去年依托自主建设的国内 首个低轨宽带通信试验星座"小蜘蛛网"，企业还成功完成多项国内乃至全球首次卫星互联网应用技术验 证，实现卫星互联网"走出去"。 聚焦大国重器级别的技术创新，民企正在积极担当航天强国建设主力军。银河航天去年还成功研制出全 球首款大规模卷轴全柔性太阳翼，让太阳翼能像画卷一样卷起来。 进行研究工作。本报记者 王海欣摄 本报记者 孙杰 2025年2月17日，习近平总书记在民营企业座谈会上强调，新时代新征程民营经济发展前景广阔、大有 可为，广大民营企业和民营企业家大显身手正当其时。 过去一年来，首都民营企业家牢记殷殷嘱托，奋力创新突破，民企活力持续释放。2026年是"十五五"开 局之年，站在新起点，企业家们正以拼搏姿态，奋楫争先，全力拼抢开局之年"开门红"。 批量"造星" 担当强国建设主力军 "去年一年的卫星发射量，等于过去几年的总和！" 作为首都民营企业家代表之一，银河航天（北京） 网络技术有限公司创始人、董事长兼CEO徐鸣在现场参加了座谈会。一年来，总书记的讲话鼓舞着他， 也大大增强了企业的发展信心。 银河航天是北京一家卫星 ...

明日主题前瞻 1、银发经济 | 据新华社，在24日举行的国务院常务会议上，研究推进银发经济和养老服务发展有关工作。会议指出，我国银发经济潜力很大，要完善支持 举措，强化政策落实，促进养老事业和养老产业发展，为应对人口老龄化提供有力支撑。要进一步释放银发消费需求，提升消费能力发挥消费补贴等政策牵 引作用，打造一批银发消费新场景新业态。 点评：研究机构认为，2023年中国养老产业市场规模约为12万亿元，预计到2027中国养老产业市场规模有望超过20万亿元。其中，养老服务业涵盖着老年人 衣食住行，医疗服务，生活照料和学习娱乐，具有涉及面广，产业链长和贴近老年人需求等特点，是中国养老产业市场重要细分市场，具有广阔的发展前 景。在政策与市场双轮驱动下，养老服务业面临全新机遇。 2、航天 | 据新华社，为更便捷部署专用于人工智能(AI)的数据中心卫星网络，美国太空探索技术公司首席执行官埃隆。马斯克设想，从月球用电磁弹射方式 向地球轨道发射卫星。据法国未来科学网站报道，马斯克有意在月球建造一台巨型电磁弹射装置和一座卫星组装厂，由前者发射卫星进入地球轨道。未来科 学网站的报道认为，从理论上说，马斯克从月球发射卫星的设想并非全 ...

格隆汇2月24日丨索辰科技(688507.SH)在投资者互动平台表示，公司工业仿真产品及技术能够应用于航 空航天（如飞行器结构、气动优化）和卫星互联网（卫星结构、天线设计）。 ...

Investment Rating - The report maintains an "Overweight" rating for the aerospace and military industry [8] Core Views - The successful controlled sea splashdown of the Long March 10 rocket's first stage marks a significant breakthrough in rocket payload capacity, which is crucial for the development of the commercial space sector and the acceleration of satellite deployment [1][11] - The report emphasizes the importance of reusable rocket technology in reducing launch costs and enhancing satellite internet construction, which is expected to benefit the satellite industry chain [15][12] Summary by Sections Industry Overview - The report highlights the advancements in China's reusable rocket technology, which is seen as a key factor in enhancing launch capacity and reducing costs, thereby accelerating satellite deployment [1][15] - The military modernization during the "14th Five-Year Plan" period is expected to shift from quantity to quality, creating structural opportunities in military equipment demand [2] Key Companies - Recommended companies include Torch Electronics, Hongyuan Electronics, AVIC Optoelectronics, Steel Research Nack, Gaode Infrared, Aerospace Intelligence, and AVIC High-Tech, all rated as "Buy" except for AVIC High-Tech, which is rated as "Hold" [3][37] - The report provides target prices for these companies, indicating strong growth potential based on their performance and market conditions [37] Market Performance - The report notes that the aerospace and military sector outperformed the market, with a 2.17% increase in the defense and military index, ranking 8th among 31 sectors [24] - The report includes a detailed analysis of stock performance, highlighting significant gainers and losers within the industry [9][10] Valuation Metrics - As of February 13, 2026, the Shenyin Wanguo defense and military sector index has a PE (TTM) of 97.40, indicating a high valuation relative to historical levels [29][34] - The report provides a breakdown of PE ratios for various sub-sectors within the military industry, indicating varying levels of valuation across different segments [29][36]

证券研究报告 商业航天规模化在即， 太空光伏打开成长空间 ——商业航天&太空光伏系列深度（一） 行业投资评级：强于大市|维持 中邮证券研究所 电新团队 中邮证券 1 1 发布时间：2026-02-24 投资要点 请参阅附注免责声明 2 卫星需求拉动太空光伏市场空间：卫星互联网应用场景打开+战略布局+太空算力，低轨卫星需求将 快速提升。太空光伏是卫星能源供应唯一供给方案，受益于卫星数量+单星功率提升。 太阳翼向柔性演进：单星功率提升要求太阳翼向轻量化、柔性化发展。 技术路线迭代带来新机遇：砷化镓-HJT-钙钛矿叠层演进。（1）砷化镓为目前主流技术路线，可靠性 高但成本高昂。（2）p-HJT方案依托于成熟的晶硅产业，较砷化镓方案大幅降本，且异质结作为向钙钛 矿叠层方案发展的基础，预计在短中期有较大发展空间。（3）钙钛矿叠层方案目前仍处于起步研究阶段， 存在光照或高温环境下稳定性不足、寿命短等问题亟待突破，随技术成熟产能增加叠加降本，预计中长期 将有较大发展空间。 投资建议：建议关注迈为股份、东方日升、钧达股份。 风险提示：商业火箭发射降本、卫星发射频次不及预期，技术迭代、产业落地不及预期，国际技术标准 与规则竞争 ...