（来源：千龙网） 新华社长春2月27日电 题：与"巡天人"同守岁 新华社记者金津秀 正月的长春冰天雪地。踏着新春的热闹，记者来到长光卫星技术股份有限公司，在与外界喧嚣截然不同 的卫星运管技术研究室，感受"巡天人"与星辰做伴的值守。 长春是新中国光学事业的摇篮，2014年，长光卫星依托长春光机所科研基础成立，开启我国商业航天新 征程，目前已研制发射226颗卫星。 刚结束户外作业的"90后"工程师高巍推门而入，顾不上掸去身上凉意，目光立刻锁定控制台前屏幕 ——"吉林一号"144颗组网卫星正穿梭天际，它们"织"成了国内最大遥感卫星星座、全球最大亚米级商 业遥感卫星星座。 高巍入职5年，今年赶上了春节值班。工位上，父母寄来的特产拆了一半，他只匆忙尝了一口。眼前， 全国16座基站的数据跳动刷新，卫星每1.5小时绕地球一圈，"全球任意地点日均重访可达38至40次，节 奏环环相扣"。他一边说着，一边不停敲击键盘，次日待执行的上千条指令需逐条校对，看似枯燥，却 要处处应对变动，尤其节假日地面基站供电易有波动，容不得半点差错。 谈起航天梦，高巍眉头舒展。儿时自制"水火箭"的经历，在他心里种下飞天的种子。师父曾回忆，过去 卫星仅 ...

流动性方面，科创100ETF鹏华盘中换手4.05%，成交4.31亿元。拉长时间看，截至2月26日，科创 100ETF鹏华近1周日均成交6.03亿元，昨日单日净流入达4.44亿元。 科创100ETF鹏华紧密跟踪上证科创板100指数，上证科创板100指数从上海证券交易所科创板中选取市 值中等且流动性较好的100只证券作为样本。上证科创板100指数与上证科创板50成份指数共同构成上证 科创板规模指数系列，反映科创板市场不同市值规模上市公司证券的整体表现。 数据显示，截至2026年1月30日，上证科创板100指数(000698)前十大权重股分别为华虹公司、源杰科 技、东芯股份、睿创微纳、中科飞测、国盾量子、芯源微、百济神州、安集科技、复旦微电，前十大权 重股合计占比27.42%。 科创100ETF鹏华(588220)，场外联接(A：019861；C：019862；I：022845)。 消息面上，全球算力需求高涨，单纯依赖地面数据中心逐步显现瓶颈，太空算力已成为卫星新的应用场 景。据Starcloud白皮书，在太空部署40MW数据中心（10年运行）总成本约820万美元，相比地面数据 中心的1.67亿美元，降低95%。S ...

20260225复盘 宏观： 1. 韩国国会:通过旨在提升股票估值的商业法修订案。 人工智能： 1. 卖方：Cpo调整系市场误读花旗预测，实际上调了scale up的预测数量。 2. 卖方：GTC可能发布的新芯片为LPU芯片，主要用于推理，采用PCB板为高多层板，M9的Q布方案。 3. 欧盟知名云计算 20260225复盘 宏观： 1. 韩国国会:通过旨在提升股票估值的商业法修订案。 人工智能： 3. 传闻日本测试机进入国内大厂有一定限制。 1. 卖方：Cpo调整系市场误读花旗预测，实际上调了scale up的预测数量。 2. 卖方：GTC可能发布的新芯片为LPU芯片，主要用于推理，采用PCB板为高多层板，M9的Q布方案。 3. 欧盟知名云计算服务提供商 Hetzner从4月1日起云服务器涨价37%。 半导体： 1. 外媒报道：中国计划将先进芯片产量从目前不足2万片提升至1-2年后的10万片，到2030年再增加50万片产能的 更高目标。 2. 卖方：存储扩产预期上修，从10-12万上修到15万以上。 设备大订单即将落地。 4. 卖方：国内头部的光模块企业都在寻求封装厂合作或者并购机会，CPO工艺从精密制造转向 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The satellite launch industry is entering an accelerated phase, with significant growth expected in satellite deployment plans, including over 200,000 satellites submitted by China and 1 million by SpaceX, indicating a potential increase in the global satellite market from tens of MW to hundreds of MW and GW levels [15][21][22] - The space photovoltaic market is currently valued at 30 MW, representing only 2% of the terrestrial photovoltaic market, but could expand significantly under various scenarios, potentially reaching 100 GW and generating up to 9 times the value of the terrestrial market [3][18] - The competition for orbital resources is intensifying, with low Earth orbit (LEO) communication satellites becoming the primary focus, as they offer lower latency and broader applications compared to traditional satellites [16][35] Summary by Sections Section 1: Industry Growth and Satellite Launches - The global satellite launch volume is expected to reach a historical high in 2025, with a projected increase of 72.5% in new satellites launched, totaling approximately 4,330 satellites [22][21] - China's satellite deployment plans are ambitious, with a significant increase in the number of satellites expected to be launched by 2030, potentially exceeding 10,000 annually [21][27] Section 2: Space Photovoltaics Market Potential - The current space photovoltaic market is small, but three scenarios could lead to substantial growth: 1. A dense launch of communication satellites could push the market to 40% of the terrestrial photovoltaic market 2. Initial networking of computing constellations could create a demand for 10 GW of space photovoltaics, surpassing terrestrial values 3. Dominance of computing satellites could lead to a demand of 100 GW, increasing market value significantly [3][18] Section 3: Technological Developments and Supply Chain Opportunities - The report highlights the need for technological advancements in space photovoltaic systems, particularly in materials and efficiency, as traditional technologies face limitations in space environments [8][17] - The supply chain for space photovoltaics is expected to see increased demand for packaging materials, which are significantly more valuable in space applications compared to terrestrial uses [19][18] - The shift towards flexible solar wings is anticipated to replace rigid designs, creating new opportunities for materials such as UTG glass and CPI films [19][18]

Summary of Key Points from Conference Call Records Company and Industry Involved - The analysis focuses on **Junda Co., Ltd.** and its satellite business, particularly its stake in **Xuntian Qianxun** [1][2]. Core Insights and Arguments - Junda Co., Ltd. holds a **60% stake** in Xuntian Qianxun, which corresponds to a future valuation of **90 billion** yuan. When applying a **50% discount rate**, the current valuation is estimated at **40 billion** yuan for the year **2026** [1]. - The valuation methodology for satellite companies can be compared to early-stage **new energy vehicle (NEV)** companies, where: - In the early stages (H2 2020), the price-to-sales (PS) ratio was significantly high, ranging from **20X to 50X** [1]. - As growth begins to slow down, the PS ratio for NEVs decreased to around **5X** by 2022 [1]. - The current market valuation of Junda Co., Ltd. is **28 billion** yuan, which primarily reflects the value of its **perovskite** and **CPI film** businesses, indicating that the market is undervaluing its satellite business [2]. Additional Important Insights - By **2028**, it is projected that **10,000 satellites** will be launched domestically, with the cost per satellite decreasing to **15 million** yuan [3]. - Assuming a **20% market share**, Junda Co., Ltd. could achieve **30 billion** yuan in revenue from its satellite business [3]. - A conservative PS ratio of **5X**, similar to that of the NEV sector in 2022, would imply a future market valuation of **150 billion** yuan for Junda Co., Ltd.'s satellite business [3].

Core Viewpoint - Rocket Lab Corp (NASDAQ:RKLB) is preparing to announce its fourth-quarter results on February 26, with shares recently trading at $71.16, reflecting a 0.4% increase [1]. Group 1: Earnings Performance - The post-earnings history of Rocket Lab shows volatility, with the stock finishing higher the day after earnings in four out of the last eight reports [2]. - Over the past two years, shares have averaged a 7.8% movement following earnings announcements [2]. - Options markets are indicating a significantly larger expected price swing of 15.8% for the upcoming earnings report, which is higher than usual [2].

进入2026年以来，资金流向呈现分化态势。在宽基ETF遭遇流出的同时，行业ETF和跨境ETF逆势"吸 金"，年内跨境ETF净流入630亿元，化工、有色金属、卫星等行业ETF受青睐。多位受访基金经理表 示，科技成长板块依然是2026年的核心投资主线。 ◎记者 赵明超 与上述投资于A股市场的ETF相对应的是，跨境ETF年内强势"吸金"。Wind资讯显示，截至2月13日，跨 境ETF年内净流入630亿元。 机构看好科技板块 在开年以来的震荡行情之后，接下来市场如何演绎？从机构观点看，科技板块依然是不少基金经理最为 关注的投资领域。 跨境和行业ETF逆势"吸金" 2026年以来，A股市场高位震荡，从ETF资金流向看，多只宽基ETF遭遇大幅流出，跨境ETF大幅流 入，化工、有色金属、卫星等行业ETF吸引大量资金买入。 Wind资讯显示，自1月14日开始，投资于A股市场的权益类ETF遭遇大幅流出，截至2月2日，短短14个 交易日，净流出额高达8312.32亿元。从资金流向看，截至2月13日，年内ETF净流出额为8464.61亿元。 从资金净流出较多的ETF看，主要是规模较大的宽基ETF。2026年以来，截至2月13日，4 ...

Group 1 - The Changguang Satellite Aerospace Science Education Base will be open to the public for free on February 24 and 25 [1] - Visitors are required to make online reservations through the Changguang Satellite Aerospace Science Education Base WeChat official account or the Changchun Citizen Card APP [2][5] - Each session will be guided by professional instructors who will provide science education lectures, with each session lasting approximately one hour [6] Group 2 - The base is located at 1299 Mingxi Road, Beihu Science and Technology Development Zone, Changchun City, Jilin Province [3][4] - Public transportation options include the nearby subway line 8 and bus route T23, while private vehicles are not allowed to enter the company premises [4] - For inquiries, a contact number is provided: 0431-86000779 [6]

Group 1 - Musk's SpaceX has applied to the FCC for a plan to launch 1 million satellites, which is seen as a move to compete with China's satellite spectrum application [1][2] - The FCC has begun processing SpaceX's application, with public comments due by March 6, indicating regulatory support for Musk's ambitious project [2] - The plan aims to advance humanity towards a "Type II Kardashev civilization," which involves harnessing energy from entire star systems [4] Group 2 - The satellites are not ordinary communication satellites but are designed as powerful space servers, providing significant computational capabilities for AI models [6] - Once operational, the satellite network could deliver computational power equivalent to over 80 million top-tier servers, far exceeding current terrestrial capabilities [6] - Musk's vision transcends national competition, aiming to elevate human civilization as a whole, positioning SpaceX as a leader in this technological frontier [6] Group 3 - China has lost the lead in developing a satellite network, with Musk's plans dominating low Earth orbit spectrum, while China's recent application for 200,000 satellites is seen as a response to this disadvantage [8] - Despite missing the initial opportunity, China is rapidly advancing its own space computing capabilities, having launched its first batch of 12 computing satellites in May 2025 [9] - China's satellite system has demonstrated significant computational power, achieving capabilities equivalent to at least 5 million high-performance servers [9][10]

Group 1 - The Shanghai Composite Index experienced a seven-day rise, but trading volume continued to shrink, leading to a significant "seesaw" effect in capital allocation and accelerated sector rotation [1] - Ahead of the Spring Festival holiday, funds are divided into two camps: one showing cautious sentiment favoring dividend and free cash flow ETFs, while the other is positioning for a rebound after the holiday [1] - Major ETFs that received significant net subscriptions from external funds include the ChiNext ETF and the CSI 1000 ETF, with industry-specific ETFs like satellite, robotics, AI, semiconductor equipment, and chemical ETFs also seeing strong inflows [1] Group 2 - According to Wang Bo from Huaxia Fund, the reduction in trading volume before the holiday is normal, and there is a general optimistic expectation for the February market, although a short-term recovery in market sentiment will take time [2] - The investment strategy suggested includes maintaining a balanced allocation across technology, cyclical, and consumer sectors through broad-based ETFs like the Hu-Shen 300 ETF [2] - The recent increase in January PPI by 0.4% month-on-month has catalyzed price increases in the chemical sector, while positive developments in robotics and AI models are also emerging [1][2]