周恒 制图 ◎记者 刘怡鹤 10万颗、20万颗、100万颗……这些数字不是天上星星的数量，而是全球计划发射的卫星数量。 尽管这些卫星大多仍处于申报阶段，却一次次刷新了人们对商业航天产业的认识和想象。为何卫星部署 规模呈现爆发式增长？近地轨道空间能否容纳？从普通人的生活到地球生态，大量卫星又将带来哪些改 变？ 上海证券报记者采访专家了解到，在各国锁定太空资源和卫星技术普及化的趋势下，大规模卫星申报和 部署成为必然趋势，奠定广阔卫星应用的基础。未来，"+卫星""卫星+"将如同"互联网+""+互联网"，培 育出繁荣的服务生态。不过，在部署更多卫星的同时，既要打通卫星应用"最后一公里"的商业化堵点， 也要关注尚未被充分认识的潜在影响。 卫星申请数量屡创新高 锁定稀缺太空资源 当地时间2月4日，美国联邦通信委员会（FCC）主席布伦丹·卡尔（Brendan Carr）发布SpaceX轨道数据 中心受理及征求意见公告。他在社交媒体平台上表示："FCC欢迎SpaceX公司提交的轨道数据中心申 请，并开始就此征求意见。" 1月30日，SpaceX向FCC提交了上述申请，内容为"一个拥有前所未有的计算能力的卫星星座，可为先进 的 ...

范雨露 制图 ◎记者 汪友若 过去一周，A股市场整体呈震荡调整态势，节前资金观望情绪有所升温。本周，A股即将迎来春节假期 前最后一个交易周。每逢春节临近，市场对持股过节还是持币过节的讨论就会升温。 机构策略展望报告显示，此前市场调整的核心原因，是海外AI产业链情绪扰动与主要市场流动性预期 边际变化共同作用，导致了市场风险偏好的阶段性回落，而非基本面发生了根本性走弱。 从历史规律来看，春节假期前A股市场往往因资金观望出现短线调整，而春节假期后随着资金回流，市 场量能通常会迎来显著提升。综合历史经验与当下市场基本面来看，A股具备积极布局的基础，持股过 节的性价比相对较高。 并且春节假期前后A股宽基指数上涨概率均较高。其中，春节假期前一周上证指数上涨概率为81%、涨 幅均值为1.8%，春节假期后一周上证指数上涨概率为76%、涨幅均值为1.3%。因此，国信证券称，当前 持股过节或为上策。1月中旬以来A股横盘震荡，最近一周波动加大，但市场仍处上行趋势中，本轮春 季行情仍有进一步演绎空间。 在华创证券看来，从2025年12月至2026年1月初，商业航天、脑机接口等科技板块、以有色金属为代表 的顺周期板块，以及近期以白酒、 ...

察势者智，驭势者赢。地方GDP目标的设定，既是对当前经济形势的科学研判，也彰显出对未来发展的 坚定信心。从东部沿海到西部内陆，从传统制造业到未来产业，从投资驱动到消费引领，一幅区域协 调、创新驱动、内需拉动的中国经济高质量发展画卷正在徐徐展开。 今年的地方政府工作报告凸显出三个特征：以差异化定位构建区域协同发展格局，以新质生产力重塑竞 争优势，以扩大内需战略激发市场活力。 在GDP增速目标的设定上，各地坚持实事求是、稳中求进，以差异化目标实现区域协同发力。经济大省 挑大梁，GDP增速目标设定更显稳健：广东设定为4.5%至5%、浙江设定在5%至5.5%区间，江苏、山 东、河南分别为5%、5%以上、5%左右，充分发挥经济"压舱石"作用。西藏提出的预期增长目标最高， 明确今年地区生产总值增长7%以上，海南、新疆分别设定在6%左右及5.5%至6%的增速，展现强劲后 劲。 ■孟珂 当前，发展新质生产力已成为各地的"必答题"而非"选择题"。人工智能、生物医药、商业航天、量子科 技等前沿领域成为各地两会关注重点。例如：浙江提出，着力打造新兴支柱产业，支持新材料、新能 源、集成电路等新兴产业集群发展。广东明确，进一步加强未来 ...

Key Points - The article highlights the importance of major announcements in the stock market, including suspensions, investments, acquisitions, performance reports, and other significant events that can impact stock prices [1] - It emphasizes the role of specific companies in emerging technologies such as space photovoltaics, chips, HJT batteries, and BC batteries, indicating their position as core material suppliers in the global commercial aerospace and space photovoltaic projects [1] - The article also mentions a company involved in the development of heterogeneous junction slurry for space photovoltaic applications, which has a stake in the humanoid robot market and has begun small-scale production for leading clients [1] - Another company is noted for its products in commercial aerospace, optical communication, robotics, photovoltaics, and smart grids, with high-temperature cable products already being supplied in bulk [1]

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry [4] Core Insights - The report emphasizes the focus on domestic large aircraft and commercial aerospace, highlighting the successful participation of COMAC in the 2026 Singapore Airshow, which is expected to accelerate order acquisition [7][10] - The design and testing phase of the C929 wide-body aircraft is progressing rapidly, with initial wind tunnel tests already underway, indicating a potential acceleration in R&D progress [12] - The report continues to favor commercial aerospace, military aircraft, and new types of combat capabilities, suggesting that the military industry will benefit from both domestic and international demand [13] Summary by Sections 1.1 COMAC's Participation in the 2026 Singapore Airshow - COMAC showcased multiple aircraft models, including the C909 and C919, and secured an order for six C909 firefighting aircraft, indicating a growing recognition of domestic large aircraft in international markets [10][11] 1.2 Acceleration of C929 Development - The C929's design and testing are being expedited, with resources mobilized to potentially launch the aircraft ahead of schedule. Initial wind tunnel tests have begun, marking a significant milestone in the aircraft's development [12] 1.3 Continued Optimism for Commercial Aerospace and Military Growth - The report anticipates that the "14th Five-Year Plan" will enhance military equipment construction, with a focus on unmanned systems and deep-sea technology. The military sector is expected to see growth from both civilian and military trade, positioning it as a second growth driver for the industry [13][14]

Group 1 - The report highlights that most provinces in China have either maintained or lowered their economic growth targets for 2026, indicating a stable policy stance compared to 2025, with a focus on structural policies in sectors like artificial intelligence, service consumption, commercial aerospace, and robotics [3][12][13] - The current period is identified as the optimal entry point for the strongest seasonal construction market, with a significant probability of entering the first benign adjustment phase in the growth industry cycle [4][14] - The report suggests that representative stocks typically experience a maximum adjustment range of 15-30% during the first benign adjustment phase, with a pattern of "decline → rebound → decline" observed historically [15][17] Group 2 - The report emphasizes the importance of focusing on stable and certain investment opportunities, particularly in sectors with regular construction opportunities, highlighting ten key sub-sectors and a portfolio of 18 advantageous stocks [29][30] - It notes that the AI industry chain remains a core focus for 2026, although it is currently entering the first benign adjustment phase, with expectations of a 15-20% adjustment in growth style [30][31] - The report indicates that traditional consumer goods and defensive dividend stocks are experiencing a short-term rotation, which aligns with historical patterns observed during the initial phase of benign adjustments [29][30]

国务院总理李强2月6日主持召开国务院第十次全体会议，讨论拟提请十四届全国人大四次会议 审议的政府工作报告稿和"十五五"规划纲要草案稿。李强指出，要坚持远近结合，扎实推动高 质量发展。进一步加强年度工作和五年规划的衔接，将中长期目标任务落实到年度工作部署 中。要注重整体规划和重点突破相结合，围绕规划纲要高质量编制各领域专项规划，深入谋划 实施一批重大举措、重大项目，特别是要在发展新质生产力、做强国内大循环、促进居民增收 等方面取得更大突破。要注重前瞻布局，坚持脚踏实地，在实践中不断塑造引领未来的发展新 优势。 中国央行连续第15个月增持黄金 中国央行发布数据，中国2026年1月末黄金储备报7419万盎司，2025年12月末为7415万盎司， 为连续第15个月增持黄金。 要闻速递 李强：深入谋划实施一批重大举措、重大项目 特别是要在发展新质生产力、做强国内大循 环、促进居民增收等方面取得更大突破 中国人民银行等八部门发布关于进一步防范和处置虚拟货币等相关风险的通知。虚拟货币不具 有与法定货币等同的法律地位。比特币、以太币、泰达币等虚拟货币具有非货币当局发行、使 用加密技术及分布式账本或类似技术、以数字化形式存在等 ...

【导读】道指创历史新高，商业航天迎来利好 中国基金报记者 泰勒 兄弟姐妹们啊，马上就是春节前最后一周交易窗口了，希望大家都能过个"肥年"！一起回顾下周末大 事，以及看看券商分析师们的最新研判。 周末大消息 1.国常会：研究促进有效投资政策措施 深入谋划推动一批重大项目、重大工程 国务院总理李强2月6日主持召开国务院常务会议，听取2025年国务院部门办理全国人大代表建议和全国 政协提案工作情况汇报，研究促进有效投资政策措施，部署修订《环境空气质量标准》，讨论《中华人 民共和国招标投标法（修订草案）》。 2.八部门联合发文：进一步防范和处置虚拟货币等相关风险 虚拟货币不具有与法定货币等同的法律地位。比特币、以太币、泰达币等虚拟货币具有非货币当局发 行、使用加密技术及分布式账本或类似技术、以数字化形式存在等主要特点，不具有法偿性，不应且不 能作为货币在市场上流通使用。 3.央行连续第15个月增持黄金 央行发布数据，中国2026年1月末黄金储备报7419万盎司，2025年12月末为7415万盎司，为连续第15个 月增持黄金。截至2026年1月末，我国外汇储备规模为33991亿美元，较2025年12月末上升412亿美元 ...

行 业 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 建筑装饰行业周报 继续推荐政策持续加码的未来产业成 长赛道，同时重视低位央国企配置机会 2026 年 02 月 08 日 【投资要点】 2）本周，《中共中央 国务院关于锚定农业农村现代化 扎实推进乡村 全面振兴的意见》正式发布，意见要求努力把农业建成现代化大产业， 使农村基本具备现代生活条件，让农民生活更加富裕美好。我们注意 到 2025 年国家发布《逐步把永久基本农田建成高标准农田实施方案》， 并发出通知，要求各地区各部门结合实际认真贯彻落实。主要目标是， 到 2030 年，力争累计建成高标准农田 13.5 亿亩，累计改造提升 2.8 亿亩，统筹规划、同步实施高效节水灌溉，新增高效节水灌溉面积 8000 万亩，测算高标农田建设年空间 2000 亿元，且由于政府补贴能够覆盖 30%左右成本，因此资金确定性较高。高标农田建设企业【棕榈股份】、 水系统建设企业【大禹节水】有望受益。 3）本周，上海启动收购二手住房用于保障性租赁住房工作，浦东新区、 静安区、徐汇区为首批试点区。第一批拟收购房源将着重房型匹配、 布局合理、配套成熟、交通便捷等特点，尽量精 ...

Group 1 - Shenjian Co., Ltd. reported that revenue from its commercial aerospace application area is estimated to account for less than 1% of the company's total revenue for the fiscal year 2025 [2] - The company’s total revenue for Q3 2025 was approximately 1.83 billion yuan, with aerospace-related revenue at about 139.18 million yuan, representing 7.59% of total revenue [2] - Yongtai Technology plans to acquire a 25% stake in Yongtai High-tech from Ningde Times, which will make Ningde Times a shareholder of the company [2] Group 2 - If the restructuring of Singshan Co., Ltd. is successful, the actual controller will change to the Anhui Provincial State-owned Assets Supervision and Administration Commission [3] - The restructuring agreement has been signed with investors, but the plan still requires approval from creditors and the court, indicating uncertainty [3] Group 3 - Mingguan New Materials has decided to terminate the investment agreement for a solar backplane and functional film production base project due to overcapacity and intensified price competition in the photovoltaic industry [4] - The total investment for the project was estimated at 5 billion yuan, and the decision was made during a board meeting [4] Group 4 - Hunan Baiyin announced the resignation of a board member due to work adjustments, which will not affect the company's management or operations [5] - Sichuan Changhong plans to transfer 58.33% of its stake in a big data company to its holding group for approximately 33.12 million yuan [6] Group 5 - Huangting International's stock experienced abnormal fluctuations, but the company confirmed that there were no undisclosed significant matters affecting its stock price [8] - Zhongsheng Pharmaceutical reported positive results from Phase III clinical trials for its innovative drug aimed at treating influenza in children and adolescents [8] Group 6 - Anlu Technology announced that major shareholders plan to reduce their holdings by up to 4% [9] - Zhongfu Shenying's controlling shareholder intends to reduce its stake by up to 3% [10] - Linyang Energy's controlling shareholder plans to increase its holdings by 50 million to 100 million yuan without a set price range [11]