行 业 研 究 / 建 筑 装 饰 / 证 券 研 究 报 建筑装饰行业周报 未来产业大时代来临，重视建筑企业跨 界转型大机遇 2026 年 02 月 01 日 【投资要点】 商业航天&低空经济：商业航天与低空经济同为拓展人类活动与资源 获取边界，激发经济活力的重要载体。同时本周中国航天科技集团宣 布全面实施"155 战略"，关注【苏州规划】（拟收购的东进航科布 局低空基建并与中国星网合作空天大数据的算法与系统研发），【亚 玛顿】（钙钛矿电池）、【隆华科技】（PMI）、【凯盛科技】（UTG 玻璃）、【上海港湾】（钙钛矿电池）、【中衡设计】（参股致航科 技）、【招标股份】（卫星数据分析）。 （太空）算力：本周 SpaceX 申请部署至多 100 万颗卫星欲建轨道 AI 数据中心网络，重视算力基建与商业航天结合并扩展至太空的逻辑。 关注板块内布局算力业务的【罗曼股份】、【浦东建设】。 机器人：以具身智能、人形机器人、黑灯工厂等为核心，进一步推动 我国制造业竞争力提升。与国内领先四足/双足机器人企业镜识科技/矩 阵超智深度合作的【宏润建设】，进军消防机器人行业的【青鸟消防】， 以及研发工业机器人的头部钢结构企业【鸿 ...

不知不觉，26年的1月已经过去了，我今天打开雪球账户一看，满仓投顾组合的情况下，收益已 经有去年8月的那种感觉了。 别人晒实盘，不管是P的还是真的，都是为了让你相信Ta做投资是真的牛； 我今天晒一下的目的，还是想严肃地强调一下，这种表现，显然是 不可能持续，不可能持续，不 可能持续的 ，重要的事情说三遍（此前也说过，在地区分散、均衡配置、多元资产的投资理念 下，能避过大坑，但也赚不到什么大钱）。 1、贵金属巨震后，产生了几个连锁反应——白银LOF，预计开启连续跌停。 接着昨天的《 当白银期货爆仓 》，说说贵金属大跌后的几个连锁反应。 第一，暴跌后，由于期货交易都是保证金模式， 如果波动率继续维持在高位， 很多账户爆仓的风险 会大幅增加，因此，芝加哥商品交易所， 紧急提高了黄金和白银期货的保证金比例 ，分别提高了2%、 4%左右，这是比较罕见的操作，可见波动的影响之大。 第二，要关注衍生出的 流动性冲击 ，在过去，都是股票等风险资产发生危机后，为了补仓或补保证 金，机构卖出黄金换取流动性，导致黄金同步下跌；而这回，黄金和白银本身成为危机本身，从而导致 全市场资产都"遭殃"。 我们看到，周五晚上，美股下跌，其中风 ...

Core Viewpoint - The company is focusing on the commercial aerospace sector, particularly in the field of structural new materials, emphasizing lightweight and high-strength materials for cost control in payload weight [1] Group 1: Company Strategy - The company adheres to the "first principle" approach, positioning itself to provide lightweight and high-strength materials specifically for the commercial aerospace industry [1] - The core product, PMI foam, presents significant market opportunities due to its mature application technology in aerospace [1] Group 2: Product Features - PMI foam serves as a base material that, when combined with surface composite resin systems and carbon fiber skins, meets requirements for lightweight, wave transparency, and relevant certification [1] - As a closed-cell foam, PMI foam also offers excellent vibration isolation, noise reduction, and high-temperature resistance, making it suitable for stringent aerospace conditions [1] Group 3: Market Position and Partnerships - The company has established cooperative relationships with several major commercial aerospace enterprises, with many seeking lightweight solutions from the company [1] - The company has transitioned from being a simple structural new materials supplier to a comprehensive solution provider, leveraging its material technology to meet diverse customer needs [1]

Core Insights - The report emphasizes the growth potential in the commercial aerospace and large aircraft sectors, highlighting the importance of the defense and military industry in these areas [2][3] Group 1: Industry Overview - The Chinese aerospace sector is set to advance with initiatives like the "Tian Gong Kai Wu" plan, focusing on space tourism, smart infrastructure, and resource development [13] - The commercial aircraft and aerospace sectors are experiencing sustained high demand, with a focus on self-reliance in aviation engine development and the establishment of a strong aviation industry [14] Group 2: Investment Recommendations - The report identifies three key investment themes based on the "S-curve" evolution: 1. Supply chain reform and maintenance growth, recommending companies like AVIC Power and AVIC Control [15] 2. Expansion into overseas markets and civilian applications, recommending companies such as Guorui Technology and China Power [15] 3. New emerging industries like commercial aerospace and AI, recommending companies like Ruichuang Micro-Nano and Feilihua [15] Group 3: Company Analysis - AVIC Power is positioned as a core supplier in the aviation sector, benefiting from high-end aircraft production and potential market share growth in the civil aviation engine sector [21] - AVIC Heavy Machinery is expected to see revenue growth due to its comprehensive product offerings in aviation and engine sectors, with a focus on high-value components [23] - Guorui Technology is leveraging its radar business and low-altitude safety solutions, with projected revenue growth driven by defense modernization and low-altitude economic development [20] - Feilihua is a leading supplier of quartz materials for aerospace and semiconductor industries, benefiting from ongoing demand in both sectors [19] - Ziguang Guowei is focusing on the IC industry, with significant growth expected in the AI and communication sectors, emphasizing its competitive advantages in domestic and international markets [18]

Group 1 - The A-share market showed a significant upward trend in January 2026, with major indices rising, particularly the Sci-Tech 50 and CSI 500, while the Shanghai Composite Index increased by 3.8% [5][10] - Market trading volume increased significantly, with a record high of 3.99 trillion yuan on January 14, 2026, reflecting a recovery in investor sentiment [10][18] - The performance of various sectors was mixed, with non-ferrous metals and media leading gains, while banking and home appliances lagged behind [15][18] Group 2 - The report suggests maintaining a "growth + value" strategy in the Hong Kong stock market, as the overall trend is positive due to earnings recovery, improved liquidity, and low valuations [3][4] - The report emphasizes that small-cap stocks typically outperform during the spring market, driven by increased risk appetite and the influx of retail investors [71][88] - Key sectors to focus on include electronics, power equipment, machinery, non-ferrous metals, and communications, which are expected to perform well in February 2026 [3][4][73] Group 3 - The spring market is anticipated to be characterized by a focus on growth and cyclical sectors, with historical data indicating that these sectors often perform well during this period [73][88] - The report highlights that the consumer sector may receive policy support, as the government emphasizes domestic demand and market expansion [88][89] - Earnings forecasts for 2025 show improvement across various industries, particularly in non-ferrous metals, steel, and media, indicating a positive outlook for these sectors [61][81]

（3）具体方向上，一方面，资金长期聚焦的科技方向或依然是重点，对于算力 AI、 机器人、商业航天等具备事件持续迭代催化且长期发展空间巨大的新质生产力主题 产业链，持续保持关注并积极寻找具备业绩支撑的标的，适度配合高低切；另一方 面，对于人气阶段性关注但近期表现较为平抑的主题行业，或可把握节奏适度轮动 布局，包括创新药、新消费、新型能源等。 （4）本周可能即将上市的新股：世盟股份、北芯生命等。 上周新股表现： （1）新股发行表现：上周，共有 3 只新股网上申购；其中，2 只为科创板、1 只为 主板。从上周网上申购的新股情况来看，平均发行市盈率为 37.7X。 （2）上周上市新股表现：假设将上周上市的沪深新股收益表现拆解为打新收益和 二级市场开板后的上涨收益，1）首先，打新收益来看，上周沪深新股上市首日平 均涨幅约 212.2%，比较本月此前交易周沪深新股首日涨幅，总体基本维持在 200% 左右相对活跃区间，可能新股首日交投情绪较为稳定。具体来看，科创板上市公司 恒运昌首日涨幅超过 300%，首日表现明显更为活跃；预计或与其发行市值相对较 低且所属行业主题为人气热度更高的半导体设备有关。2）其次，从二级市场投资 ...

出席签约仪式的人员有北航校长王云鹏，张家港市委书记韩卫，张家港市委常委、副市长李炳龙，张家 港市委常委、经开区党工委书记、管委会主任常征，以及天兵科技董事长康永来。协议由天兵科技技术 发展部总经理杨守良与北航宇航学院院长王伟宗代表双方签署。 共建联合实验室 攻关火箭精准回收与发动机复用等技术 此次合作聚焦于可重复使用火箭的工程化与产业化，围绕技术攻坚、人才共育以及产学研融合这三大方 向有序展开。双方将凭借天兵科技在工程实践、试验验证以及产业链布局等方面的体系化能力，还有北 航在基础研究、关键技术攻关和人才培养等领域的深厚底蕴，携手打造校企协同创新的典范，推动我国 商业航天事业从"单点突破"迈向"系统构建"。 当前，中国商业航天正迎来规模化、商业化发展的关键阶段。天兵科技此前已启动从研发中心、智能制 造基地到专属发射工位的体系化布局，旨在进一步强化其"研发—制造—发射"全链路闭环能力，支撑未 来高频发射任务。在此背景下，与北航的合作被视为其夯实技术底座、贯通创新链与产业链的重要举 措。 王云鹏在签约仪式上表示："商业航天是极具潜力的新赛道，北航与天兵科技的合作，既是优势互补的 必然选择，更是责任担当的生动体现。 ...

Group 1 - The A-share market is experiencing a strange atmosphere where individual stock performance diverges significantly from the overall index, particularly since late January [1][10][27] - There is a noticeable decline in the previously hot small and mid-cap stocks, with rapid rotation of market hotspots leading to a lack of sustained interest [3][4][11] - The only sector that has managed to hold up recently is precious metals, but even this sector is showing signs of fatigue and high volatility [5][21][31] Group 2 - The market seems to have lost direction, with no consensus or compelling narrative to drive investor interest [6][24] - Despite maintaining a high overall trading volume of around 3 trillion yuan daily, funds are becoming selective, favoring a few sectors while avoiding most small and mid-cap stocks [10][11][30] - Regulatory measures aimed at curbing speculative trading in small and poorly performing stocks are impacting market dynamics, leading to a significant price resistance for many mid-cap stocks [11][12][30] Group 3 - Historical patterns suggest that the current market environment may mirror the events of early 2021, where a shift occurred from small-cap stocks to large-cap indices before the Spring Festival [15][19][30] - Analysts predict that the market may continue to see a divergence where large-cap indices like the Shanghai Composite and CSI 300 could rise while small-cap stocks face ongoing pressure [19][20][30] - The lack of new compelling narratives in sectors like commercial aerospace and AI applications has contributed to the current market fragmentation [23][24][30]

Investment Rating - The report recommends an "Overweight" rating for solid-state batteries, innovative drugs, and new consumption sectors, while suggesting a "Neutral+" rating for humanoid robots and AI applications [5][10][21]. Core Insights - The report highlights a focus on solid-state batteries, innovative drugs, and new consumption as key investment themes, indicating a positive outlook for these sectors [5][10]. - The report notes that the overall emerging industry is showing a strong fundamental outlook with a neutral technical perspective, suggesting potential for growth despite recent fluctuations [16]. Summary by Relevant Sections Investment Themes - **Solid-State Batteries**: Rated "Overweight" with a strong technical outlook, indicating a recovery from a low position. The industry is moving towards commercialization with significant developments from companies like Geely [5][10]. - **Innovative Drugs**: Also rated "Overweight", with a stable outlook as the National Medical Products Administration has approved multiple innovative drugs, enhancing market confidence [5][10]. - **New Consumption**: Rated "Overweight", with initiatives in Beijing to promote new consumption landmarks, indicating a supportive environment for growth [5][10]. - **Humanoid Robots**: Rated "Neutral+", with a moderate technical outlook. The sector is experiencing a transition from prototypes to mass production, which could enhance market opportunities [5][10]. - **AI Applications**: Rated "Neutral+", with signs of recovery. The commercialization of AI applications is seen as a turning point, with significant investments from major companies [5][10]. Market Trends - The report indicates that the overall emerging industry has returned to below the mean plus two standard deviations, with moderate rotation intensity and average crowding levels, suggesting a potential for rebound in profitability expectations [16][18]. - Recent events, such as the launch of new products and approvals in the innovative drug sector, are expected to drive growth and investor interest [10][11].

行 业 研 华福证券 国防军工 2026 年 02 月 01 日 1 月 28 日，中国商火强调，坚决打赢主力箭首飞及回收攻坚战，全力 突破可重复使用技术。 1 月 29 日，航天科技集团召开商业航天器及应用产业链共链行动大会， 会上于国斌表示，国家航天局深入学习贯彻习近平总书记关于商业航天高 质量发展的重要指示批示精神，将商业航天纳入国家航天发展总体布局； 华福证券 证 1 月 29 日，中国航天科技集团表示，"十五五"时期将开展"天工开 物"重大专项论证，建设太空资源开发综合实验和地面支持系统，重点突 破小天体资源勘查、智能自主开采、低成本转移运输、在轨处理等关键技 术。 券 研 究 报 1 月 29 日，航天科技集团表示：未来十年，是我国加快建设航天强国 的"关键十年"，"十五五"更是关键时期，中国商业航天明确"五个一 流"新目标。 国防军工 究 行 业 定 期 报 告 军工本周观点：火箭融资元年——供应链扩产时 刻 投资要点： 本周核心观点： 本周（1.26-1.30）申万军工指数（801740）下降 7.69%，同期沪深 300 指数上升 0.08%，相对超额-7.77pct。 我们认为，投资端应持 ...