（一）重要市场新闻 1、美股三大指数集体收涨，纳指涨0.43%，道指涨0.64%，标普500指数涨0.5%。科技股涨跌互现，苹 果、甲骨文、Meta涨超2%，英特尔跌超5%，AMD、特斯拉跌超3%。热门中概股多数下跌，纳斯达克 中国金龙指数收跌0.62%，百度跌超3%，小鹏汽车跌超2%，阿里巴巴跌超1%，理想汽车涨超1%。欧洲 主要股指收盘多数上涨，欧洲斯托克（Eurostoxx）50指数涨0.12%，英国富时100指数涨0.05%，法国 CAC40指数跌0.15%，德国DAX30指数涨0.30%，意大利富时MIB指数涨0.26%。恒指期货夜盘收涨 0.51%，报26923.88点，高水158.36点。 2、1月26日，纽约尾盘，ICE美元指数跌0.59%，报97.019点。在岸人民币兑美元夜盘收报6.9540，较上 一交易日夜盘收涨90个基点。北京时间1月27日凌晨，现货白银转跌，报约102.8美元/盎司，此前日内 涨幅一度高达14%，最高触及117美元/盎司。现货黄金向下跌破5000美元/盎司，日内上涨0.26%，此前 曾上涨2.5%，最高报约5110美元/盎司。 3、WTI 3月原油期货收跌0.44美元 ...

每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 1、美股三大指数集体收涨，道指涨1.21%，纳指涨1.18%，标普500指数涨1.16%。存储概念股走强，闪 迪涨超10%，2026年迄今累计涨幅超过111%；西部数据涨超8%，美光科技涨超6%。银行股走高， KBW地区银行指数上涨4.7%，录得8月以来最佳单日表现。热门中概股多数上涨，纳斯达克中国金龙指 数收涨2.21%。百度涨超8%，哔哩哔哩涨超5%，阿里巴巴涨超3%，理想汽车、京东、蔚来涨超2%。欧 洲斯托克600指数上涨0.01%；欧洲斯托克指数上涨0.03%；欧元区蓝筹股下跌0.06%。法国CAC 40指数 上涨0.13%，西班牙IBEX指数上涨0.13%，英国富时100指数上涨0.14%，德国DAX指数下跌0.51%。 2、国际油价21日微涨。截至当天收盘，纽约商品交易所3月交货的轻质原油期货价格上涨26美分，收于 每桶60.62美元，涨幅为0.43%；3月交货的伦敦布伦特原油期货价格上涨32美分，收于每桶65.24美元， 涨幅为0.49%。截至发稿，NYMEX天然气期货涨超30.00%，现报5.083美元/百万英热。1月21日，纽约 尾盘，I ...

每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 1、2026年1月23日至25日，北京国际商业航天展览会，将在北京北人亦创国际会展中心举行。作为北京 商业航天产业集群建设的重要展示窗口，本次展会规模空前——20000㎡超大面积展厅，预计约300+行 业展商齐聚，覆盖火箭与运载系统、卫星制造、航天应用、航天服务与配套四大核心领域。蓝箭航天、 亚太星通、中科星图等行业龙头企业将悉数亮相，更有众多航天企业齐聚现场，带来各自王牌技术与解 决方案。本届展会成功汇聚了来自防务科技、能源基建、航空航天等关键领域的 287家核心采购方，其 背后代表的年度采购与投资总规划超过1.2万亿元。 点评：随着太空资源竞争日益激烈，卫星互联网已成为全球科技竞争的新高地。未来太空经济将会成为 一个新的产业领域，涉及到卫星通信、卫星导航、卫星遥感、太空旅游等多个方面。星地通信产业预计 到2030年将突破2000亿元至4000亿元，年均复合增长率在10%-28%之间。星地通信产业正站在从"概念 验证"向"规模化应用"的关键转折点，随着技术成熟、成本下降和应用场景拓展，未来十年将形成"天地 一体、万物互联"的新型通信格局，成为推动数字经济 ...

2、美股三大指数集体收涨，道指涨0.6%，标普500指数涨0.26%，纳指涨0.25%；台积电亮眼财报推动 下上涨，应用材料、阿斯麦涨超5%，台积电涨超4%，英伟达涨超2%；银行股走强，贝莱德、摩根士丹 利涨超5%，高盛、花旗涨超4%。中概股多数下跌，纳斯达克中国金龙指数跌0.6%，网易、携程、有道 跌超2%，京东跌1.4%，百度跌0.7%，哔哩哔哩跌0.6%，阿里巴巴涨0.6%，理想汽车、小鹏汽车、蔚来 涨超1%。 （一）重要市场新闻 1、1月15日，中国人民银行有关负责人介绍，人民银行将推出8项政策措施，进一步助力经济结构转型 优化。其中包括：下调各类结构性货币政策工具利率0.25个百分点；增加支农支小再贷款额度5000亿 元，单设1万亿元民营企业再贷款；增加科技创新和技术改造再贷款额度4000亿元并扩大支持范围；合 并设立科技创新与民营企业债券风险分担工具；将商业用房购房贷款最低首付比例下调至30%等。中国 人民银行副行长邹澜表示，从今年看，降准降息还有一定空间。中国人民银行决定：自1月19日起，下 调再贷款、再贴现利率0.25个百分点。 1、据中国航天科技集团官微，1月15日上午，中国航天科技集团有限 ...

Market News - The three major US stock indices closed lower, with the Dow Jones down 0.08%, Nasdaq down 1%, and S&P 500 down 0.53%. Tech stocks generally fell, with Oracle and Broadcom down over 4%, and Amazon, Microsoft, and Meta down over 2%. Intel rose over 3% [1] - International oil prices saw a significant drop, with WTI crude oil down 1.61% at $59.95 per barrel and Brent crude down 1.53% at $64.47 per barrel. Precious metals prices increased, with spot gold up 0.87% at $4626.55 per ounce and silver up 6.56% at $92.63 per ounce [1] - European stock indices had mixed results, with Germany's DAX down 0.53%, France's CAC40 down 0.19%, and the UK's FTSE 100 up 0.46% [1] Industry Insights - China successfully launched two satellites on January 13, marking the beginning of a high-density launch schedule for the year. The satellite industry is projected to target a market space worth trillions, with over 60 institutions applying for satellite data to the ITU [2] - The satellite internet sector is expected to grow significantly, with the satellite communication industry projected to exceed 200 billion to 400 billion yuan by 2030, with an annual compound growth rate of 10%-28% [3] - Shanghai's Economic and Information Technology Commission released a plan to promote high-level autonomous driving, aiming for large-scale application by 2027 and establishing a competitive smart connected vehicle industry cluster [4] - The "vehicle-road-cloud integration" is expected to generate an additional output value of 725.9 billion yuan by 2025 and 2.5825 trillion yuan by 2030, with a compound annual growth rate of 28.8% [4] - The policy aims to enhance data collaboration and trust among automotive, information communication, and transportation sectors, addressing issues of data silos and unstandardized data formats [5][6]

Market News - On January 3, 2026, the US stock market closed mixed, with the Nasdaq down 0.03%, the S&P 500 up 0.19%, and the Dow Jones up 0.66%. Notable tech stocks showed mixed performance, with Micron Technology rising over 10% and reaching a historical high, while Tesla and Microsoft fell over 2% [1] - Crude oil prices saw slight declines, with WTI at $57.33 per barrel and Brent at $60.80 per barrel. Gold prices increased slightly, with spot gold at $4,329.32 per ounce [1] Industry Insights - The commercial space sector in China is set for significant growth, with multiple rocket launches planned for 2025. The Shanghai Stock Exchange has issued guidelines for commercial rocket companies to list on the Sci-Tech Innovation Board, indicating a clear path for companies like Blue Arrow Aerospace and Star River Power [2] - The satellite communication industry is projected to reach between $200 billion and $400 billion by 2030, with an annual growth rate of 10%-28%. This sector is transitioning from concept validation to large-scale application, driven by technological advancements and cost reductions [2] - The EAST nuclear fusion experiment has confirmed the existence of a density-free zone, providing critical insights for high-density operation in magnetic confinement fusion devices. This research is pivotal for the future of clean energy generation [3] - The digital RMB app has been upgraded to version 2.0, enhancing user experience and consolidating wallet management for digital currency assets. Since its launch in January 2022, the app has undergone 54 updates [4] - The People's Bank of China is advancing the digital RMB for cross-border payments, potentially allowing 38% of global trade to bypass the SWIFT system. This initiative aims to establish a robust cross-border payment system connecting nearly 100 countries [5]

Core Viewpoint - The satellite ETF (159206) has seen a significant increase, rising 1.36% and achieving a six-day consecutive gain, driven by strong performances from constituent stocks like China Satellite (600118) and others [3][4]. Group 1: ETF Performance - The satellite ETF's latest scale reached 2.536 billion yuan, marking a new high since its inception [4]. - The ETF's shares have also reached 1.921 billion, setting a record since its establishment [5]. - Over the past nine days, the ETF has experienced continuous net inflows, totaling 793 million yuan, with a peak single-day net inflow of 294 million yuan [5]. Group 2: Industry Outlook - According to the Satellite Industry Association, the global commercial satellite industry is expected to dominate the aerospace sector, accounting for 71% of global aerospace business in 2024 [7]. - The Chinese commercial aerospace market is projected to exceed 2.8 trillion yuan by 2025, indicating a robust growth outlook for the satellite industry [7]. - The satellite communication industry is anticipated to reach a market size of 200 to 400 billion yuan by 2030, with an annual compound growth rate between 10% and 28% [7]. - The satellite ETF (159206) focuses on commercial aerospace and satellite communication, positioning it for potential growth under the "strong aerospace nation" backdrop [7].

Important Market News - The Federal Reserve announced a 25 basis point interest rate cut, lowering the target range for the federal funds rate to 3.5%-3.75%. This marks the third consecutive rate cut since September 2023 and the sixth since the current easing cycle began in September 2024. Fed Chairman Powell stated that the monetary policy actions are guided by the dual mandate of promoting full employment and price stability. The committee noted that inflation risks are tilted upward while employment risks are tilted downward, indicating a challenging situation [1] - U.S. stock indices closed higher, with the Dow Jones up 1.05%, Nasdaq up 0.33%, and S&P 500 up 0.68%. Major tech stocks mostly rose, with Tesla, Amazon, Broadcom, and Google gaining over 1%. However, Meta fell over 1% and Microsoft dropped over 2%. Storage, energy storage, and infrastructure stocks led the gains, with GE Vernova rising over 15% and Sandisk up over 6%. The Nasdaq Golden Dragon China Index rose 0.65%, with most Chinese concept stocks increasing [1] Industry Insights - SpaceX is advancing its IPO plans, aiming for a valuation of $1.5 trillion and plans to raise over $30 billion. The IPO is expected to occur in mid to late 2026, with part of the funds allocated for developing space data centers. SpaceX currently monopolizes nearly 90% of the orbital launch market and is expanding into space data services, creating a business model independent of Earth's resource limitations. If successful, this IPO could surpass Saudi Aramco's record $29 billion fundraising in 2019, marking the largest IPO in history [3] - The satellite communication industry is projected to grow significantly, with estimates suggesting it could reach between 200 billion to 400 billion yuan by 2030, with an annual growth rate of 10%-28%. The industry is at a critical turning point from "concept validation" to "scale application," driven by technological maturity, cost reductions, and expanded application scenarios [4] - NAND flash memory prices have surged nearly 50% in a month, with shortages expected to become widespread after Q2 2024. Reports indicate that many manufacturers have inventory only until Q1 2026, and some will have no stock available from March 2024. The price increase is driven by a shift in production capacity towards high-profit enterprise and AI applications, alongside a rapid exit of older process capacities [5] - The low-altitude economy is becoming a strategic emerging industry, with Meituan set to launch an integrated low-altitude logistics network. This network aims to achieve delivery efficiency within a 3-kilometer radius in 15 minutes. The market for low-altitude economy is expected to reach 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, presenting significant growth opportunities for related companies [7]

Market Overview - The U.S. stock market showed mixed results with the Dow Jones down 0.37%, the Nasdaq up 0.13%, and the S&P 500 down 0.09%. Notable gainers included Google, Broadcom, and Tesla, each rising over 1%, while Meta fell over 1% [1] - International oil prices decreased, with WTI crude oil down 0.87% at $58.37 per barrel and Brent crude down 0.66% at $62.08 per barrel. Silver prices reached a historical high, surpassing $60 per ounce, while gold prices saw a slight increase [2] Industry Insights - The successful launch of 15 low-orbit satellites by the Long March 6 rocket marks a significant achievement for China's satellite internet capabilities, demonstrating rapid advancements in technology and engineering efficiency [3] - The satellite communication industry is projected to grow significantly, with estimates suggesting a market size of 200 to 400 billion yuan by 2030, driven by technological maturity and cost reductions [4] - The CFM flash memory market report indicates a substantial supply shortage for server eSSD and DDR5 RDIMM, with prices expected to rise by over 40% and 20-30% respectively by Q1 2026 [5] - The IDC report forecasts that user spending on embodied intelligent robots in China will exceed $1.4 billion by 2025 and reach $77 billion by 2030, reflecting a compound annual growth rate of 94% [6] - The humanoid robot industry is anticipated to experience significant growth, particularly in 2025, as leading companies enhance component performance and reduce costs [7][8]