Group 1 - The capital market is active, with brokers conducting research on A-share companies to identify new opportunities, focusing on sectors like electronics and machinery [1][2] - A total of 440 A-share companies have been researched by brokers this year, with the electronics and machinery sectors leading in numbers, each having over 60 companies [2][3] - The power equipment sector has gained significant attention, with the State Grid Corporation announcing a fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan, a 40% increase from the previous plan [2][3] Group 2 - Over 1,000 A-share companies have disclosed their 2025 performance forecasts or reports, prompting brokers to adjust ratings and target prices for several stocks [4][5] - Notable companies such as Baiwei Storage and Jianghuai Automobile have received rating upgrades due to strong performance forecasts, with Baiwei expected to achieve a net profit of 850 million to 1 billion yuan, a year-on-year increase of 427% to 520% [5] - Brokers are focusing on structural opportunities in the stock market, particularly in technology growth and resource sectors, as the market is expected to transition to performance-driven growth [6][7] Group 3 - Brokers are particularly interested in the technology growth sector, emphasizing areas such as AI, semiconductor, and optical electronics, with companies like Kaisheng Technology and Baiwei Storage receiving significant attention [3][7] - The chemical sector has also seen increased research activity, with companies like Runfeng and Water Technology being researched by over 20 brokers [2][3] - The market outlook for 2026 suggests a potential revaluation of Chinese assets, with a focus on technology innovation and resource repricing as key investment themes [8]

本报记者 郭冀川 1月23日至25日，2026北京国际商业航天展览会（以下简称"展览会"）在北京亦庄北人亦创国际会展中 心举办。《证券日报》记者深入展馆探访，目之所及的每一件展品，都生动勾勒出商业航天产业蓬勃跃 动的发展脉络。 深空探测器的精密核心部件纹理清晰可见，可重复使用火箭发动机的工业质感扑面而来，低轨卫星星座 的实时数据图表在屏幕上动态流转，太空漫游的沉浸式模拟演示让人仿佛置身于浩瀚星际——展馆里的 每一件展品，皆是商业航天发展的鲜活见证，它们无声却有力地印证着：中国商业航天已跨越技术验证 的萌芽阶段，正以产业化发展的全新姿态，持续拓展人类探索太空的想象与实践边界。 国家航天局公布的数据显示，2025年，我国商业航天保持高速发展态势，全年完成发射50次，占我国全 年宇航发射总数的54%。去年11月份，国家航天局设立商业航天司，这标志着我国商业航天产业迎来了 专职监管部门，产业链有望全线受益。 政策的护航为商业航天产业的快速发展提供了坚实有力的支撑。据展览会组委会公布，本届展览会吸引 了来自海内外的300余家商业航天企业及产业链相关机构参展，展品覆盖运载火箭、卫星制造、航天应 用、航天服务与配套、航天投 ...

Group 1 - The article highlights significant announcements in the stock market, including "suspensions and resumption of trading, shareholding changes, investment wins, acquisitions, performance reports, unlocks, and high transfers" to help investors identify investment hotspots and mitigate risks [1] - A company involved in commercial aerospace, photovoltaic technology, satellite internet, domestic chips, optical modules, and third-generation semiconductors has successfully applied gallium arsenide solar cell products in domestic large-scale commercial aerospace satellite constellations [1] - Another company is deeply engaged in the "Spark One" project, with total orders related to magnets and other components amounting to approximately 5 billion yuan [1] - A company has achieved a comprehensive layout of semiconductor storage device testing equipment, focusing on robotics, storage chips, computing power, and semiconductor equipment [1]

【导读】蓝箭航天、银河航天等头部民营商业航天公司在北京商业航天展集中展示 中国基金报记者 卢鸰 1月23日至1月25日，以"汇聚全球资源、共促商业航天"为主题的2026北京国际商业航天展览会在北京亦 庄举办。 在展会现场，中国基金报记者注意到，蓝箭航天、银河航天、中科宇航、星河动力等头部民营商业航天 公司在此次商业航天展上集中展示。现场人气爆棚，不少家长带小孩前来参观，互动热烈。 目前，美国已有两家商业航天公司上市，火箭实验室目前市值为474亿美元（约合3300亿元人民币）， 马斯克旗下的SpaceX有望在2026年上市。 在国内，蓝箭航天IPO进入"已问询"阶段，中科宇航已完成IPO辅导，天兵科技、星河动力、星际荣耀 等公司正处于IPO辅导阶段。 民营商业航天公司集中展示 在此次商业航天展览会上，蓝箭航天携全球首款连续发射成功的液氧甲烷火箭——朱雀二号改进型模 型，以及已完成中国商业航天首次可重复使用火箭轨道级发射验证的朱雀三号模型亮相，集中呈现公司 下一代可重复使用火箭的关键技术方案。 2023年至2025年，蓝箭航天自主研制的朱雀二号及其改进型火箭实现连续4次发射成功。其中，朱雀二 号已成为全球首款成功 ...

Market Overview - The market experienced a significant net outflow of 323.7 billion, reversing the previous trend of continuous net inflow, with ETFs accounting for a major portion of this outflow at 325.2 billion [1] - The trading volume of major broad-based index ETFs reached a historical high of 152.5 billion on January 23 [1] ETF Analysis - East Wu Securities interprets the current market as a need to stabilize the index and repair volatility, noting that the 20-day volatility index for the Shanghai Composite Index reached 95.2, indicating a need for a correction [3] - Citic Securities suggests that the rapid reduction of broad-based ETF holdings is primarily due to profit-taking in a strong market environment, rather than a direct impact on the overheating of small-cap stocks and thematic trading [5] - The remaining holdings in major ETFs include approximately 647 billion in the CSI 300 ETF and around 236 billion in the ChiNext ETF, indicating substantial institutional investor presence with about 1 trillion in total ETF holdings [5][6] Fund Management Insights - In Q4, active equity funds significantly increased their positions in resource sectors, with a record allocation of 13.3% in resource stocks, particularly in non-ferrous metals and basic chemicals [14] - Approximately 40% of existing active equity funds have net values exceeding their highs from 2020-2022, indicating a strong recovery among mid to high net worth individuals [8] Industry Trends - The commercial aerospace sector is gaining momentum, with significant developments such as the completion of the listing guidance for Zhongke Aerospace and advancements in reusable rocket technology by SpaceX [22][23] - The semiconductor industry is highlighted as a key area for investment, with expectations of continued growth driven by demand for AI applications and advanced manufacturing technologies [20][21] Commodity Market - Precious metals have seen a substantial increase, with gold prices reaching 4,991.4 USD/ounce, marking the largest weekly percentage gain since 2020, while silver prices also hit record highs [34] - The copper price has rebounded to 13,000 USD, nearing its earlier monthly peak, indicating strong demand in the commodities market [34] A-Share Market Performance - The A-share market saw a net inflow of 82.8 billion, with the top sectors attracting capital being electric equipment, non-ferrous metals, and basic chemicals [41] - Northbound trading volume decreased to 1.69 trillion, down from 2 trillion the previous week, reflecting a shift in investor sentiment [42]

明日主题前瞻 1、有色金属 | 美元走弱助推了金属市场的强势表现，黄金、白银均刷新历史新高。现货白银涨超7%，最高报约103美元/盎司。现货黄金一度上涨1%，最高 报约4988美元/盎司。伦铜一度上涨3.4%，达到13187.50美元/吨，接近本月早些时候创下的历史新高。伦锡上涨9.5%。伦镍上涨4.2%。 点评：西南证券金属研究团队建议把握四条主线:一是分母端扩张:黄金中长期看多方向较一致，把握交易节奏，主要关注美联储降息预期和贸易边际变化。 金银比价较高，带来白银上涨动能较大，白银标的也应重点关注。二是分子端改善:2025年氧化铝下跌带来电解铝单位盈利明显改善，吨铝盈利或将继续维 持较高位置，但是也应警惕短期需求走弱带来的价格回落，铜铝都是如此。三是稀土等关键优势矿产，稀土、锑、钨板块或有更好表现。四是反内卷带来供 给侧的扰动机会，碳酸锂板块周期反转。 2、商业航天 | 1月23日，第三届北京商业航天产业高质量发展推进会在北京经济技术开发区(北京亦庄)举行，会议主题为"聚力赋新 质向空天"。北京市科 委、中关村管委会向7家北京市重点实验室授牌，包括低轨星座融合通信与组网技术北京市重点实验室、新型电力系统卫 ...

1月25日上午，北京市第十六届人民代表大会第四次会议在北京会议中心开幕。北京市市长殷勇作政府 工作报告。 报告提出，今年经济社会发展主要预期目标是：地区生产总值增长5%左右，一般公共预算收入增长4% 左右，城镇调查失业率控制在5%以内，居民消费价格涨幅2%左右，居民收入增长和经济增长同步，细 颗粒物年均浓度控制在29微克/立方米左右、争取更优水平，能源、水资源、碳排放等指标达到国家要 求。 山东GDP突破10万亿元 2025年，山东省实现地区生产总值103197亿元，比上年增长5.5%。山东成为全国第三个、北方第一个 GDP突破10万亿元的省份。 金融•证券 业绩比较基准新规发布 公募基金迎来"投资之锚" 美联储将在本周（1月27日至28日）召开议息会议，并将于1月29日公布利率决议。目前市场普遍预期美 联储将在此次会议上暂停降息。据CME"美联储观察"，截至目前，美联储1月降息25个基点的概率仅有 4.4%，维持利率不变的概率达95.6%。 宏观•要闻 2026年北京市经济社会发展主要预期目标公布：地区生产总值增长5%左右 1月23日，中国证监会发布《公开募集证券投资基金业绩比较基准指引》，基金业协会同步发 ...

Investment Rating - The report maintains an "Outperform" rating for the commercial aerospace and construction sectors, indicating a positive outlook for these industries [3]. Core Insights - The report highlights that fixed asset investment (FAI) in 2025 is under pressure, with a total of 485,186 billion yuan, representing a year-on-year decline of 3.8%, which is a worsening of 1.2 percentage points compared to the previous 11 months [15]. - Infrastructure investment, excluding power and water supply sectors, decreased by 2.2% year-on-year, also reflecting a larger decline than earlier in the year [15]. - Real estate development investment reached 82,788 billion yuan in 2025, down 17.2% year-on-year, with new construction area dropping by 20.4% [15]. - The report emphasizes the potential for a rebound in the construction and real estate markets driven by supportive macro policies, particularly in urban renewal initiatives [16]. Summary by Sections 1. Industry Outlook and Investment Recommendations - The report suggests focusing on high-quality cyclical stocks in the construction sector, particularly those benefiting from urban renewal policies and major infrastructure projects [16][19]. - Key companies such as China State Construction and China Energy Engineering reported year-on-year increases in new contracts, indicating a positive trend in capital expenditure among leading firms [16]. 2. Market Performance Review - The construction decoration index rose by 1.88%, outperforming the overall A-share index, which increased by 0.83% [14]. - Notable performers in the sector included chemical engineering (+10.70%) and steel structure (+7.71%) [14]. 3. Key Company Dynamics - Roman Holdings is projected to achieve a profit of 1.8-2 billion yuan in 2025, marking a turnaround from previous losses, driven by strong demand for computing power in major cities [19]. - The report also notes the increasing importance of satellite remote sensing applications in the commercial aerospace sector, with new policies aimed at developing a comprehensive resource utilization system [19]. 4. Financing and Debt Issuance - As of January 23, 2026, special bond net financing reached 1,704.9 billion yuan, with new issuances totaling 1,746 billion yuan, indicating a stable financing environment compared to previous years [20][21]. - The report highlights that city investment bonds have seen a net financing contraction of 219 billion yuan, with no special government bonds issued so far in 2026 [21].

Company Dynamics - Mingyang Smart Energy Group Co., Ltd. plans to acquire all shares of Zhongshan Dehua Chip Technology Co., Ltd. to enter the emerging field of "space photovoltaics" [2] - The acquisition will be financed through a combination of share issuance and cash payment, involving nine parties including Guangdong Mingyang Ruide Venture Capital Co., Ltd. [2] - Dehua Chip, established in August 2015 with a registered capital of 94 million RMB, specializes in the R&D and manufacturing of semiconductor epitaxial wafers and chips, primarily for space solar cells and flexible solar cells [2] Market Reaction - Following the announcement, Mingyang Smart's stock price surged, hitting the daily limit with a closing price of 21.65 RMB and a total market capitalization nearing 50 billion RMB [2] Regulatory Scrutiny - The Shanghai Stock Exchange issued an inquiry to Mingyang Smart regarding the acquisition, questioning the target company's continuous losses, the rationale behind the related-party transaction, and the unusual stock price fluctuations [3] - The inquiry specifically requests details on Dehua Chip's profitability, industry position, competitive advantages, and the necessity of acquiring a loss-making entity [3] Business Strategy - Mingyang Smart believes that the acquisition will add a high-tech, high-growth business segment, optimizing its overall business structure and creating new performance growth points [4] - The company aims to leverage collaborative R&D in energy management systems to validate and commercialize more application scenarios [4] Financial Performance - Mingyang Smart's financial performance has been declining due to intensified competition in the wind power industry, with revenues projected to decrease from 30.75 billion RMB in 2022 to 27.16 billion RMB in 2024 [4] - The net profit for the same period is expected to drop significantly, from 3.45 billion RMB in 2022 to 346 million RMB in 2024 [4] - The company attributes negative cash flow in recent reporting periods to cyclical fluctuations in the wind power industry and assures investors of sufficient liquidity and financing channels [4]

| 华泰策略 | | 涨的概率约为50%，走势相对震荡，其或主 结合分析师预期及业绩数据寻找局性价 要受到国内政策、内外流动性等影响：2）结 比方向，关注：1）从基本面配置逻辑 | | | --- | --- | --- | --- | | 何度 | 市场或逐步切向业绩修复方向。 | 构上,业绩增速及其后续可持续性是行业获 | 中，关注高景气目有一定持续性及景气 | | | | 得超额收益的重要线索，当春季行情中主线 | 改善或有底部反转迹象的电池、部分化 | | | | 行业业绩增速相对较高时候，主线行业的涨 | 工品等; 2) 从主题切换视角,关注涨 | | | | 幅有望持续,如2020-2021年电力设备、 | 价逻辑的扩散,如有色金属、存储芯片 | | | | 2018年白酒等,后续资金有望进一步集中; | 基础化工、煤炭等方向。 | | | | 但若市场主线业绩增速相对偏弱，主线短期 | | | | | 或出现调整,景气修复行业或有望占优。 | | | | | | 来源:内容汇总自券商策略周报 | *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 东财策略陈果团队称 ...