截至2026年2月2日 09:51，国证航天航空行业指数(CN5082)成分股方面涨跌互现，北摩高科领涨 3.76%，航材股份上涨3.75%，新劲刚上涨2.40%；海特高新领跌。航空航天ETF(159227)最新报价1.42 元。 消息面上，SpaceX公司正在申请发射多达一百万颗卫星，希望能够在围绕地球构建一个轨道数据中心 网络。1月30日，SpaceX公司向联邦通信委员会（FCC）提交了相关申请，称该项目是"由一系列卫星组 成的卫星群，其具备前所未有的计算能力，能够为先进的人工智能（AI）模型以及依赖这些模型的应 用程序提供动力支持。"该计划的规模之大令人震惊，远远超过了现有的"星链"卫星网络。目前"星 链"卫星网络在地球轨道上的卫星数量已超过9600颗。 东吴证券指出，长期以来，我国商业航天的核心痛点在于"星多箭少"，即海量卫星组网需求受制于极度 稀缺的投送能力。2025年12月3日，朱雀三号遥一成功入轨，标志着国产商业火箭具备了成熟的大规模 入轨实力，正式拆除了制约行业发展的物理围墙。这一事件将商业航天从纯粹的主题炒作推向由底层运 力驱动的宏大叙事。步入2026年，行业将迎来技术闭环、订单释放与资本溢 ...

Investment Rating - Industry investment rating: Outperform the market (expected to outperform the market by more than 5% in the next 6 months) [36] Core Insights - Apple reported Q1 2026 financial results with revenue of $143.76 billion, a 16% year-over-year increase, and net profit of $42.10 billion, also up 16% year-over-year. iPhone revenue reached $85.27 billion, growing 23% year-over-year, accounting for 59.3% of total revenue. The Greater China region showed strong performance with revenue of $25.53 billion, a 38% increase year-over-year [3][6] - The semiconductor industry index fell by 0.9% this week, underperforming the CSI 300 index by 0.98 percentage points. However, since the beginning of 2026, the semiconductor industry index has risen by 18.04%, outperforming the CSI 300 index by 16.39 percentage points [27][30] - Global smartphone shipments are expected to decline by 2.1% in 2026 due to rising storage costs. It is recommended to focus on brands with scale advantages, comprehensive product lines, and vertical integration capabilities. Emerging products like foldable phones, AI smartphones, and AI glasses are expected to create new opportunities for the supply chain [3][12] - The Shanghai "Rocket Star City" plan was officially released, aiming to build a national aerospace industry hub with a target industry scale of around 100 billion yuan by 2027. The plan includes a complete layout for reusable rockets and satellite production capabilities [18][19] Summary by Sections Apple Financial Performance - Q1 2026 revenue: $143.76 billion, up 16% year-over-year - Net profit: $42.10 billion, up 16% year-over-year - iPhone revenue: $85.27 billion, up 23% year-over-year, 59.3% of total revenue - Greater China revenue: $25.53 billion, up 38% year-over-year [3][6] Semiconductor Industry Performance - Semiconductor industry index down 0.9% this week, underperforming CSI 300 index - Year-to-date increase of 18.04%, outperforming CSI 300 index by 16.39% [27][30] Global Smartphone Market Outlook - Expected decline in global smartphone shipments by 2.1% in 2026 - Focus on brands with scale advantages and emerging product opportunities [3][12] Shanghai Aerospace Initiative - "Rocket Star City" plan aims for a 100 billion yuan industry scale by 2027 - Goals include production capabilities for reusable rockets and satellites [18][19]

Summary of Key Points from Conference Call Records Industry Overview - The records indicate significant market movements influenced by geopolitical events and economic indicators, particularly in the U.S. stock market and commodities sector. The nomination of Waller by Trump as the Federal Reserve Chair has sparked hawkish expectations in the market [1][2][3]. Core Insights and Arguments - **U.S. Stock Market Performance**: The three major U.S. stock indices experienced declines, attributed to unexpected increases in the Producer Price Index (PPI) [2][3]. - **Apple's Stock Movement**: Following earnings reports, Apple's stock rose by 0.46%, while SanDisk saw a significant increase, opening up 21% and closing nearly 7% higher [2][3]. - **Bond Market**: The 10-year U.S. Treasury yield fluctuated but ultimately closed flat, indicating market volatility [2][3]. - **Currency Fluctuations**: The U.S. dollar increased by 0.84%, marking the largest daily gain since May 2025 [3]. - **Commodity Market**: Oil prices initially followed the downward trend of other commodities but rebounded due to concerns over U.S.-Iran relations. Precious metals faced a sharp decline, with platinum and palladium dropping over 10%, and silver plummeting by 37% [4][5]. Additional Important Content - **A-Share Market**: The A-share market saw a decrease in trading volume, with a drop of 0.93% in the Wande All A index, and total trading volume fell from 3.26 trillion to 2.86 trillion [4]. - **Sector Performance**: Agricultural, coal, and computing hardware sectors showed resilience, with CPO concept stocks experiencing significant gains [6]. - **Technology Sector**: Major tech stocks faced declines, while optical communication stocks rose against the trend [7]. - **Regulatory Developments**: The National Health Commission approved a pilot for internet diagnosis and treatment in Beijing, and the National Energy Administration plans to promote hydrogen energy during the 14th Five-Year Plan [8]. - **Tax Changes**: Starting January 1, 2026, the value-added tax rate for the three major telecom operators will increase from 6% to 9% [9]. - **Emerging Themes**: - **AI Applications**: Tencent's AI assistant, Yuanbao, gained significant traction, indicating a competitive landscape in AI-driven applications [9]. - **Energy Storage**: The National Development and Reform Commission and the Energy Administration announced a new pricing mechanism for independent energy storage, highlighting potential investment opportunities in this sector [10]. - **Commercial Space**: SpaceX's plans to launch up to 1 million satellites for a "data center in orbit" signal growth in the commercial space industry [10]. - **Brain-Computer Interfaces**: A conference on brain-computer interfaces is scheduled for February 3, 2026, suggesting potential investment interest in this innovative field [11].

Core Insights - China is set to expand its "Space+" future industry layout, focusing on commercial aerospace and application industry chains [1] - China Aerospace Science and Technology Corporation will lead the development of the commercial aerospace industry during the 14th Five-Year Plan, aiming to enhance strategic guidance and ecosystem building [1] - The initiative includes five major projects, such as developing space digital infrastructure, space resource development, space traffic management, and space tourism [1] Industry Outlook - Guotai Junan Securities predicts that by 2026, China's commercial aerospace sector is expected to experience rapid growth [1] - The mass application of large rockets like Zhuque-3 and Long March 12A during the 14th Five-Year Plan is anticipated to break existing technological bottlenecks in satellite constellation construction [1] - The pace of commercial aerospace launches in China is expected to accelerate, with the construction of large satellite constellations represented by GW and G60 also expected to speed up [1]

Group 1 - The commercial aerospace sector showed active performance on February 2, with notable stock movements [1] - Western Materials (002149) reached the daily limit increase, indicating strong investor interest [1] - Tianyin Electromechanical (300342) saw a rise of over 13%, reflecting positive market sentiment [1] Group 2 - Other companies in the sector, including China Satellite (600118), Zaiseng Technology (603601), Fenghuo Communication (600498), Huali Chuantong (300045), and Tongyu Communication (002792), also experienced upward trends [1]

面对全球竞争，中国商业航天产业在核心环节正取得扎实进展。航天科技集团六院成功完成了大推力可重 复使用发动机的关键试车，为未来低成本、高频次发射提供了"心脏"保障；同时，天兵科技等民营公司的 火箭也已进入首飞倒计时。这表明，我国产业链正朝着"规模化"发射的目标稳步迈进。 当前，卫星产业的投资逻辑已全面进入 "全球资源争夺白热化"与"国内技术产业化提速" 双轮驱动的新阶 段。SpaceX的激进计划犹如一剂强心针，打开了行业的想象天花板。卫星产业ETF(159218)作为一键覆盖火 箭、卫星、运营全产业链的投资工具，其持续巨量的资金流入，正是市场对这一关乎未来战略空间的宏大 竞争，所投下的坚定信任票。 数据显示，截至1月30日，全市场首只卫星产业ETF(159218)在短短一个月内累计净流入约25.1亿元，并已实 现连续6个月资金净流入，且势头持续增强，显示出机构与投资者将其视为长期战略配置的核心赛道。 这一空前的资金热度，源于近期一则极具颠覆性的产业催化。全球商业航天巨头SpaceX已正式向美国监管 机构提交申请，计划部署一个规模高达100万颗卫星的巨型星座。标志着竞争已进入"轨道资源"与"算力基 础设施"的终极 ...

中银证券认为，海外波动加剧，市场震荡分化。上周A股市场总体呈现指数高位震荡、内部剧烈分化的 格局。科技（半导体、AI算力）与资源（有色、化工）成为双主线，贵金属、商业航天等题材波动剧 烈，板块轮动加快。资金面上，两融余额持续活跃并处于高位，但宽基ETF本周依旧出现显著资金净流 出，沪深300ETF净流出规模依旧居前。上周初格陵兰岛、美欧地缘问题以及日本国债收益率上升引发 全球避险情绪，加剧了海外市场波动，贵金属价格加速冲高。周五（1月30日）特朗普提名凯文·沃什出 任下一任美联储主席，其政策主张偏鹰，主张缩表+谨慎降息的政策组合，这扭转了市场对流动性持续 宽松的预期，推动美元走强，大宗商品出现较大幅度调整，全球性的美元流动性预期收紧引发资产价格 重估。短期来看，市场在强劲的"春季躁动"后，因政策主动引导、海外扰动加大或进入节奏调整期，此 前低位滞涨的板块或迎来轮动机会。 中信建投认为，短期面临回调压力，春季行情未完。1月30日，由于国际贵金属价格剧烈波动和A股宽 基ETF近期大规模的抛售导致的流动性压力，情绪指数出现明显下滑，发出右侧卖出信号且面临跌出亢 奋区考验。考虑到春节前避险情绪升温，情绪指数回落的季节 ...

本周前四个交易日，A股市场震荡，各大指数也是如此。不过，就在投资者认为本周将继续震荡下 去之时，周五盘中却迎来了大幅下跌。 周五收盘后，商品市场遭受重创。贵金属市场出现史诗级暴跌，COMEX白银大跌超25%， NYMEX铂、NYMEX钯跌幅超15%，COMEX黄金跌幅超8%。其他金属品种方面，LME锡跌幅超8%， LME镍、LME铜跌幅均超4%。 那么，商品市场大跌对A股有何影响？下周又有哪些机会值得关注？今天，达哥和牛博士就大家关 心的话题展开讨论。 牛博士：达哥，你好，又到我们周末聊市场的时间。贵金属品种的大跌，让大家周末都比较担忧。 今天首先请你来聊聊大市。 道达：先聊下指数的情况。 去年10月之后，达哥就提到，上证指数面临4184点的压力。今年1月6日，达哥提到，突破4184点没 有悬念。之后市场的走势，验证了达哥的观点。 突破4184点之后，商业航天、AI应用两大板块的投机过热，引发神秘资金出手控节奏、控情绪。 周五盘中，上证指数跌破了控节奏、控情绪期间的低点。我认为，后市上行节奏可能会放缓。 主要原因有几点： 一是市场已经习惯了神秘资金的控节奏、控情绪。若再出现板块的大幅投机或连续大涨，容易引发 ...

01 市场回顾 国内方面，本周A股震荡走弱，主要指数多数收跌。中小盘与成长指数领跌，科创50收跌2.85%、中证500收跌2.56%、中证1000收跌 2.55%，深证成指、创业板指同步走弱；仅上证50收涨1.13%、沪深300收涨0.08%，反映资金向大盘蓝筹避险标的倾斜。国债收益率走势分 化，3-10年期下行，其它期限上行。 商品市场方面，本周贵金属经历史诗级回调，而原油表现延续强势。黄金方面，周初受避险情绪与政策预期的双重推动，金价一路突破绝 对历史高点；后因美联储新任主席提名引发市场获利回吐，美元指数上涨和技术超买修正导致金价短期下跌，机构投资者大量抛售。原油 方面，美伊地缘局势紧张，哈萨克斯坦输油管道因无人机袭击受阻，以及美国寒潮导致原油出口中断，推升油价大涨。 （数据来源：iFinD，日期截至2026年1月30日，指数过往业绩不预示其未来表现，投资需谨慎） 02 行业情况 | | | 全球大类资产本周表现(2026/1/26-2026/1/30) | | | | | --- | --- | --- | --- | --- | --- | | 全球指数 | 涨跌幅 | A股领涨行业 | 涨跌幅 | ...

一、交易提示 年初发行市场升温，科技主题基金成为公募布局焦点。截至1月底，已有数十只AI、半导体、机器 人方向产品排队发行。多家机构认为，宏观经济企稳叠加新质生产力政策催化，2026年A股有望延续震 荡上行，科技创新被一致视为核心主线，成为公募全年布局重点。 1月30日,A股三大股指早盘高开探底,随后震荡回升,午后窄幅震荡,截止收盘,沪指跌0.96%报 4117.95点,深成指跌0.66%报14205.89点,创业板指涨1.27%报3346.36点,科创50指数涨0.12%报1509.4 点;本月沪指累涨3.76%,中旬创十年新高后小幅回落最终站稳4100点关口上方;深成指本月累涨5.03%, 创业板指本月累涨4.47%,科创50指数表现较强,月涨超12%;沪深两市成交额连续20个交易日突破2.5万 亿,近2900股下跌。 三、01月30日新发基金一览（不包含传统封闭式基金） | 基金代码 | 基金简称 | 基金经理 | 首次蔡集目标 | 投资频型 | 发行截止日期 | | --- | --- | --- | --- | --- | --- | | | | | (亿元) | | | | 026538 | 融通 ...