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 ...

（1）上周沪深新股次新板块出现休整；假设以 2025 年以来上市的沪深新股次新 板块比较来看，期间板块平均涨幅-4.0%，实现正收益占比约 13.8%。 （2）回顾元旦之后行情，可能上周休整早已埋下伏笔；可以观察到，元旦之后新 股活跃周期正式拉开，本次活跃周期前段拉升较为急剧、短线情绪出现过热迹象； 此后交易周，虽然新股次新板块依然延续震荡活跃走势，但资金对于性价比的重视 逐步提升；而上周前半周，伴随资金更为极致地转向以周期消费为首的偏低估值方 向，科创特征相对较强的新股次新板块波动加剧。但需要注意的，上周休整可能并 未改变新股次新板块活跃周期继续演绎，新股板块资金交投依然保持较高热度，做 多动能也尚未有衰竭迹象；上周新股次新休整或只是风格过于极致转向之后带来的 短暂冲击、而上周后半周也可以观察到活跃资金重新回流部分热点主题标的，短期 以相对性价比和热点主题为两端的轮动博弈向上活跃行情可能并未结束。同时，由 于极短线新股情绪遇冷，短端反弹动能或也将有所蓄势；综合来看，春节前我们依 然建议灵活积极择机，或可跟随热点事件、把握好主题轮动节奏或高低切轮动节奏。 （3）具体方向上，一方面，资金长期聚焦的科技方向或依然 ...

Group 1 - The "Walsh trade" is impacting risk preferences, with a notable focus on the potential reversal of the "weak dollar" trade, which could significantly affect global asset allocation and market styles [11][12] - The North Exchange 50 index experienced a decline of 3.59%, while daily trading volume saw a slight increase [11][17] - Key sectors that performed well this week include space photovoltaic, seed industry, non-ferrous metals, and optical communication, with notable stock performances from companies like Liancheng CNC and Gongbika [11][12] Group 2 - New stock issuances have accelerated, with five new stocks launched in January 2026, and over 120 companies releasing performance forecasts [13][27] - As of January 30, 2026, 123 companies on the North Exchange have issued performance forecasts, with a median net profit forecast exceeding 80 million yuan [13] - The report suggests that the North Exchange needs to expand its number of companies and improve the quality of new stock issuances in 2026 [13] Group 3 - The North Exchange's PE (TTM) average is 83.89 times, with a median of 41.26 times, indicating a decline in valuation metrics [23][24] - The trading volume for the North Exchange reached 5.961 billion shares, with a trading value of 143.655 billion yuan, reflecting an increase of 9.27% and 8.82% respectively [26][29] - The report highlights the performance of individual stocks, with 43 stocks rising and 249 falling, resulting in a rise-to-fall ratio of 0.17 [36]

证券代码：300263 证券简称：隆华科技 答：公司于近期发布 2025 年业绩预告，预计全年业绩同比增长 40%-80%， 这一数据充分反映出公司第四季度经营状况实现显著改善。过去公司业绩 出现波动，一定程度上受计提减值等因素影响，2025 年公司重点推进财务 结构优化调整，取得了明显成效：公司此前存续的 8 亿元规模可转债已全 部完成转股，有效化解了大额未来财务费用压力。该笔财务费用虽不影响 公司现金流，但对合并报表利润存在一定影响，此次可转债全部转股，显 著优化了公司财务表现。目前，公司资产负债率已降至较低水平，整体财 务结构趋于稳健，财务健康度得到大幅提升。 未来，公司将持续加强财务管理工作，努力使经营业绩更贴合市场预期， 着力减少业绩大幅波动情况。例如，针对计提减值相关事项，公司将进一 步强化过程管理，在发现相关减值迹象时，及时开展评估工作，并将减值 金额适度分摊至各报告期，确保业绩表现的平稳性，这也是公司财务工作 后续持续努力的核心方向。 隆华科技集团（洛阳）股份有限公司 投资者关系活动记录表 1 编号：2026－001 投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 ...

江苏省宜兴新动能母基金招GP 近日，为推动宜兴市产业转型升级，加快构建高质量发展格局，宜兴新动能产业基金合伙企业（有限合伙）（以下简称"新动能母基金"）公开遴选 产业子基金管理机构。 新动能母基金成立于2021年，为私募股权投资类FOF基金，总规模50亿元，合伙期限为40年，由宜兴市级国有企业联合出资组建，管理人为宜兴市 宜财私募基金管理有限公司。新动能母基金围绕宜兴市创新驱动与产业强市战略，通过与国家级母基金、国内外头部投资机构深化合作，投资私募股 权、创业投资子基金，促进宜兴产业的转型升级和高质量发展。 东 莞滨 海湾母基金招GP 近日，东莞滨海湾人工智能 产业创业投资母基金合伙企业（有限合伙）（以下简称"滨海湾母基金"）开展市场化子基金管理机构遴选工作，筛选优 质管理机构共同设立子基金，聚焦人工智能核心赛道，撬动社会资本赋能滨海湾新区人工智能产业高质量发展。 据悉， 滨海湾母基金 首期认缴规模为3亿元，存续期限为10年。基金聚焦"人工智能+"领域，包括人工智能核心技术研发，人工智能在制造业、智 慧城市、智慧交通、智慧医疗、智慧生活服务等领域应用，与人工智能相关硬件制造。 导读 本周， 江苏、广东、杭州 ...

Group 1 - The international precious metals market experienced a significant decline, with silver prices dropping by 35% and gold prices falling below key support levels, which will put pressure on the A-share precious metals sector [1] - Bitcoin prices also saw a substantial crash, further affecting market risk appetite, while over 500 listed companies have issued profit warnings, including major firms like China Overseas Land & Investment and Wingtech Technology, which are expected to report losses exceeding 10 billion [1] - The commercial aerospace sector is gaining momentum, with SpaceX submitting an application to launch 1 million AI satellites to create the world's first space data center, and China is accelerating its own satellite and rocket launch initiatives, indicating a strong investment opportunity in this sector [1] Group 2 - The China Securities Regulatory Commission has expressed support for the development of new productivity sectors such as AI and semiconductors, while storage chip prices are set to rise, benefiting leading companies in the optical module industry [2] - Shanghai has introduced a subsidy policy for replacing old home appliances with new energy appliances, with a maximum subsidy of 20,000, which will drive consumption and support the recovery of the new energy sector [2] - Upcoming industry events, such as the brain-computer interface developer conference and photovoltaic industry seminar, are expected to catalyze opportunities in related sectors [2]

半导体 2026 年 02 月 01 日 行 业 定 期 报 告 我们在此前周报第 1 期 20260110 中明确提出"看好商业航天产业 趋势，预计未来我国可回收火箭的成功回收将降低单次发射成本，有 望成为行业加速发展的拐点"，我们观察到国内和海外产业进展迅速， 可回收火箭核心公司蓝箭航天的 IPO 进程在 25 年 12 月 31 日被上交所 受理后，不到一个月的时间，在 26 年 1 月 22 日就达到"已问询"， 上市进程大超预期，凸显国内政策对产业发展的支持，我们坚定看好 商业航天产业链在 2026 年的加速发展机遇。 SpaceX 申请部署百万颗卫星，太空"军备竞赛"持续：1 月 31 日据 C114 报道，SpaceX 向美国联邦通信委员会（FCC）申请发射并 运营一个至多 100 万颗卫星组成的星座，相关文件显示其正在规划"轨 道数据中心系统（Orbital Data Center system）"，这些卫星拟运行在 500 公里至 2000 公里的不同轨道壳层中，相关文件显示其目的在于满 足日益增长的 AI/机器学习/边缘计算等需求。 持续看好星间激光通信和手机直连卫星环节：我们认为 6G= ...

Group 1 - February macro outlook indicates a favorable macro environment for equity markets, with expectations of strong economic and credit data at the beginning of the year [7][9] - The strategy outlook suggests a transition in market styles, with a focus on growth "rest" and a continued bullish stance while adjusting portfolio structures [9][10] - The quantitative strategy emphasizes investing in small-cap stocks and taking long positions before the Spring Festival [10] Group 2 - The February gold stock selection includes companies from various sectors: - Electronics: Shiyun Circuit, Shengkong Co. - Consumer Electronics: Baiwei Storage - Computing: Yunsai Zhiliang - Communication: Kexin Innovation Source - Non-ferrous Metals: Shengtun Mining, Luoyang Molybdenum - Machinery: Zhonglian Heavy Industry - Coal: Huaibei Mining - Non-bank Financials: Dongfang Securities [12][14] - The rationale for selected stocks includes: - Shiyun Circuit is expected to benefit from emerging fields such as commercial aerospace and intelligent driving, potentially leading to significant growth [13] - Shengkong Co. is positioned to gain from the semiconductor cycle, with demand driven by AI and storage needs [17] - Baiwei Storage is set to capitalize on the AI infrastructure boom, with a focus on domestic market share growth [20] - Yunsai Zhiliang is anticipated to see increased demand for cloud services and IDC, driven by AI advancements [22] - Kexin Innovation Source is expected to achieve breakthroughs in the AI liquid cooling market, enhancing revenue and profitability [26] - Shengtun Mining is projected to improve profitability through copper price increases and strategic acquisitions [31] - Luoyang Molybdenum is expected to benefit from increased copper and cobalt production, alongside new gold mining projects [35] - Zhonglian Heavy Industry is positioned for growth through diversification in machinery sectors and global expansion [40] - Huaibei Mining is highlighted for its high elasticity in coking coal, with price improvements expected in 2026 [46] - Dongfang Securities is set to benefit from regulatory support and potential mergers, enhancing its market position [49]

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry [4]. Core Insights - The report emphasizes the acceleration of the large aircraft sector and commercial aerospace, driven by the strategic goals set by the Aviation Industry Corporation of China (AVIC) during its 2026 work conference [9][12]. - The competition for low Earth orbit satellite resources is intensifying, with countries like Germany and Japan advancing their satellite communication systems, which is expected to boost China's satellite networking progress [15][16]. - The "14th Five-Year Plan" is set to enhance military equipment construction, highlighting the potential for growth in both domestic and international military markets, particularly in unmanned systems and commercial aerospace [16]. Summary by Sections 1.1 AVIC's 2026 Work Conference - The conference outlined three strategic tasks: accelerating the independent development of aviation engines, achieving high-level technological self-reliance, and building a strong aviation nation [12]. - The focus is on developing five pillar industries: commercial power, general aviation power, civil gas turbines, system onboard, and advanced materials manufacturing services [12][14]. 1.2 Competition in Space Resources - Germany is deploying a domestic "Starlink" system to ensure national security and communication sovereignty, with potential contracts worth billions of euros [15]. - The report notes that China's satellite internet development is entering a rapid networking phase, with over 100 satellites already in orbit [15][16]. 1.3 Continued Optimism for Various Sectors - The report highlights the importance of the military sector's internal and external demand, focusing on new combat capabilities and the expansion of military trade markets [16]. - Key investment targets include companies involved in large aircraft, commercial aerospace, and military electronics, with specific recommendations for stocks such as AVIC Power (600893), AVIC Aircraft (600372), and Aerospace Electronics (600879) [16].

2026年1月30日，证监会召开了一场关乎资本市场未来五年发展方向的座谈会。 证监会主席吴清亲自出席并明确表示要"全力巩固资本市场稳中向好势头"， 这相当于给市场的"慢牛"格局提供了官方背书。 座谈会还特别强调了创业板和科创板改革的重要性，明确指出"科技牛"将是未来发展的核心方向。 两融方面，尽管受监管层提高融资保证金比例影响，前半周出现一定融资资金撤出，但后半周融资资金再度增加。 全周总体小幅净卖出68.9亿元，融资余额 仍维持在2.7万亿元以上的高位。 就在同一天，国际贵金属市场出现了戏剧性下跌。 现货黄金价格一度暴跌近8%，从前期高点5600元快速回落至5000元下方。 现货白银跌幅更为惨烈，重挫 17%。 这种剧烈波动直接影响了A股有色板块的表现。 1月份A股市场交出了一份令人瞩目的成绩单。 上证指数走出了罕见的17连阳，刷新了A股历史纪录。 1月全市场总成交额突破60万亿元，创下月度成交的历 史新高。 然而，市场内部却呈现出明显的分化格局。 截至1月底，科创50指数上涨12.29%，中证500指数上涨12.12%，而代表权重股的沪深300指数仅上涨1.65%，上 证50指数涨幅更是只有1.17%。 ...