国网星座的一代型卫星有哪些关键组件？ 国网星座的一代型或更早期实验型卫星设计寿命为 7 年，重量约 780 公斤，轨 道高度 1,100 多公里。其关键组件包括综合业务单元、精简计算机、双应答机、 供配电单元、锂电池组、太阳翼及驱动机构、太阳敏感器、激光终端、光纤陀 螺仪、动量轮、磁力矩器等。这些组件是未来观察卫星产业发展时需要重点关 注的核心部件。 商业航天的星辰大海：2026 产业节奏与核心赛道洞察 20260127 摘要 国网星座计划发射大量卫星，截至 2026 年初已发射 145 颗，目标是 2025 年实现 300 颗在轨卫星，并计划在 2029 年底达到 1,200 颗。但 可回收火箭的延误可能影响进度，主要供应商包括航天五院、中科院微 小卫星创新研究院和银河航天。 卫星构型从封闭式向平板式转变，推动卫星产业从工匠模式向流水线生 产转型，提高了电子产品集成度，对柔性太阳翼等技术提出新要求，并 促进了板式激光终端的体积缩小，提高了发射效率。 相控阵天线通过电子器件实现多目标跟踪扫描，无需机械旋转，对低轨 通信至关重要。发展重点在于超低成本 TR 组件的研发和散热问题解决， 需平衡低成本与质量。 激光 ...

证 券 研 究 报 告 行业周报 人形机器人+航空航天双轮驱动，旋转变压器迎广阔新兴市场 汽车行业周报 投资评级： （ ） 报告日期： 推荐 维持 2026年01月26日 ◼ 分析师：林子健 ◼ SAC编号：S1050523090001 投 资 要 点 ▌人形机器人+航空航天双轮驱动，旋转变压器迎来广阔新兴市场 依托极强的抗冲击抗振特性，旋转变压器有望适配人形机器人关节。旋变采用无接触式电磁感应原理，无 磨损部件仅轴承存在微量损耗，实现近乎无限的使用寿命，无需频繁维护更换，完美契合人形机器人对关 节部件高可靠性、长耐久性、抗复杂工况的严苛要求。人形机器人旋变市场规模有望远超传统旋变市场空 间。我们认为出于人形机器人的抗冲击性要求和寿命要求，人形机器人将会应用旋转变压器用来替代编码 器。我们预测到2030年人形机器人旋变市场规模有望达到61.5亿元，到2035年有望达到471.0亿元市场 规模，2026-2035年CAGR为85.9%。 卫星发射数量快速上升，带动航天领域旋变市场放量。从发射计划数据看，SpaceX将在2033年完成4.2万 颗发射，国网星座将在2035年前发射1.3万颗，千帆星座将在2030年 ...

美国IPO周报回顾：设备租赁市场上涨，加密货币公司IPO数量暴跌，上周仅有两家公司上市 数字资产基础设施提供商 BitGo（BTGO）的美国IPO定价高于预期区间，以22亿美元的市值筹集了2.13 亿美元。该公司为机构客户提供数字资产托管、借贷和基础设施平台。尽管定价高于预期，且开盘即上 涨近25%，但BitGo在二级市场大幅下跌，最终收盘价较发行价低19%。 快速增长的建筑设备租赁平台EquipmentShare.com（EQPT）以发行价中点筹集了7.47亿美元，市值达到 67亿美元。该公司通过其数字平台和300多家门店出租和销售建筑设备。上市首日，该公司股价飙升 33%。 其余IPO均为SPAC。Cormorant旗下的Helix Acquisition III(HLXC)扩大了发行规模，此次发行不包含认 股权证或权利，股价上涨2.5%；Archimedes Tech SPAC Partners III(ARCIU)也扩大了发行规模。其他新 上市的SPAC包括Legato Merger IV(LEGO.U)、Aldabra 4 Liquidity(ALOVU)、Praetorian Acquisitio ...

1、政府关系服务提供商——Public Policy Holding Company, Inc. 计划上市时间：2026年1月28日 EquipmentShare(EQPT)以每股24.5美元，发行了3050万股，募集了7.47亿美元。 SPAC X3 Acquisition(XCBEU)、Aldabra 4 Liquidity (ALOVU)、Legato Merger IV(LEGOU)、Praetorian Acquisition(PTORU)、Helix Acquisition Corp. III(HLXC)、Archimedes Tech SPAC Partners III(ARCIU)，分别募集了2亿美元、2.61亿美元、2亿美元、2.2亿美元、1.5亿美元、2.4亿美元。 此外，10家公司递交上市申请(不含撤表后重新递交的企业)，其中2家来自中国：云联(CDN)(IPO速递丨云联赴美IPO 拟纳斯达克上市)，另1家明日分享。 本周，暂有4家公司计划上市，具体如下： 回顾：上周8只新股上市，其中6只为SAPC，如下： BitGo (BTGO)以每股18美元，发行了1182万股，募集了2.23亿美元 ...

Summary of Key Points from the Conference Call Industry Overview - The commercial space market is currently experiencing rapid growth, supported by favorable policies, technological advancements, and significant market opportunities. The market is projected to reach trillions, with specific projects like satellite internet and lunar base construction having clear timelines for development [3][4]. Solar Wing Technology - Solar wings are critical for satellite energy supply, evolving from polycrystalline silicon to triple-junction gallium arsenide (GaAs), with conversion efficiencies increasing from approximately 20%-22% for polycrystalline silicon to 30%-33% for GaAs. New perovskite materials have emerged with efficiencies around 25%, but they require further validation in space environments [2][4]. - Flexible solar wings are becoming a trend due to their lightweight and foldable nature, which aids in satellite weight reduction. However, they currently have lower shock resistance and higher costs compared to rigid solar wings [2][5]. Material Comparisons - Perovskite materials weigh about 100 grams per square meter, significantly lighter than GaAs, which weighs around 600-700 grams per square meter. This weight advantage makes perovskite suitable for flexible solar wings, although its application is still limited and requires more testing [6][20]. - Rigid solar wings offer better shock resistance and lower costs but are bulkier, making them less suitable for multi-satellite launches. Flexible solar wings, while lighter and more adaptable, face challenges in durability and cost [7][21]. Satellite Power Requirements - Different satellite types have varying power requirements, influencing the size and efficiency of solar wings needed. For instance, remote sensing satellites have lower power needs, while communication satellites, like the first-generation Hope satellite, require around 7 kW and approximately 16-17 square meters of solar wing area. High-performance satellites demand even larger and more efficient solar wings [8][18]. Polyimide (PI) Material Usage - Polyimide films are widely used in flexible solar wings due to their lightweight, durability, and insulation properties. They play a crucial role in enhancing the overall performance of flexible solar wings [9][11]. Cost and Market Adoption - The current cost of flexible solar wings is approximately 400,000 to 500,000 yuan per square meter, which limits widespread adoption. However, ongoing advancements and cost-reduction efforts may lead to broader acceptance in the future [21][16]. Future Prospects - The flexible solar wing technology is still maturing but shows potential for cost reduction and efficiency improvements through optimized production processes and design innovations. The demand for flexible solar wings is expected to increase, especially for high-power satellites [23][17]. Conclusion - The transition from rigid to flexible solar wings is anticipated as the industry evolves, with perovskite materials potentially playing a significant role in the future, contingent on further validation and testing [20][22].

Core Viewpoint - The space photovoltaic concept has gained significant attention, leading to a surge in stock prices within the commercial aerospace sector, driven by ambitious goals set by companies like SpaceX and Tesla to develop solar power capacity [2][3]. Group 1: Market Dynamics - On January 23, several space photovoltaic stocks, including Maiwei Co., Jiejia Weichuang, and JinkoSolar, experienced a 20% limit up, contributing to a resurgence in the commercial aerospace sector [2]. - Elon Musk announced at the Davos Forum that SpaceX and Tesla aim to establish 100 GW of solar power capacity in the U.S. within three years, exceeding market expectations [2]. - The demand for solar power in satellites is expected to grow significantly, with East Wu Securities estimating that launching 10,000 satellites annually could create a nearly 200 billion yuan market for solar wings [2]. Group 2: Technology and Companies - Various photovoltaic technologies are being explored for space applications, with gallium arsenide being a leading choice due to its performance, despite high costs and material sourcing challenges [3]. - Heterojunction (HJT) technology is progressing rapidly and is expected to be applied first in computing satellites [3]. - Companies like Maiwei Co. are leading in HJT battery equipment, securing 57.46% of SpaceX orders for HJT equipment [5]. Group 3: Industry Players - Maiwei Co. is recognized as a leader in HJT battery equipment and has successfully delivered products to SpaceX, becoming a key supplier for its Starship launch base [5]. - Other companies in the sector are also making strides, with some focusing on various photovoltaic technologies, including TOPCon and perovskite [5]. - The overall photovoltaic market is projected to expand significantly, with estimates suggesting a tenfold increase in the space photovoltaic market by 2030, reaching approximately 29.5 billion yuan [2].

文章来源：用益研究 上海金融监管局：支持信托公司开展定制化家族信托、家庭服务信托、保险金信托等服务 近日，上海金融监管局印发《上海银行业保险业养老金融高质量发展行动方案》，围绕建设养老保障体 系、强化养老产业支持、满足老年群体金融需求、健全金融机构内部治理架构、加强业务监管和构建协 作机制等六大方面提出20条举措。信托作为助力养老金融高质量发展的重要力量，在《行动方案》中被 多次提及。 主要内容： 1、在高质量服务多层次养老保障体系建设方面，《行动方案》支持符合条件的商业银行、保险机构、 理财公司、信托公司等参与基本养老保险基金综合管理服务，以及参与提供企业年金、职业年金基金管 理服务。 2、在高质量服务养老产业融资和风险保障需求方面，《行动方案》支持保险机构、信托机构积极开展 符合养老科技创新、新质生产力发展要求的银发经济项目投资，支持高水平银发经济产业园区建设。 3、《行动方案》还支持信托公司开展定制化的家族信托、家庭服务信托、保险金信托等服务，整合家 庭多元化财产，满足老年群体综合养老需求；开展不动产信托盘活存量地产，丰富养老资金来源，继续 探索新型养老服务信托、特殊需要服务信托等在养老、助老领域的应用 ...

（来源：经济参考报） 近日，我国成功发射卫星互联网低轨19组卫星。此前，我国已向国际电信联盟（ITU）集中提交了20.3 万颗卫星的频轨资源申请，创下我国单次频轨申报规模新纪录。业内人士认为，我国近期在低轨卫星领 域密集布局，这既是太空信息基础设施建设加速推进的鲜明信号，更蕴含着6G时代全球战略资源卡位 的深远考量，彰显我国在空天通信领域的系统性布局能力。 低轨轨道与频谱属于不可再生的稀缺战略资源，堪称全球航天竞争的核心。据行业权威测算，近地轨道 （距地球表面200公里至2000公里）最多容纳约17.5万颗卫星，而目前全球各国向ITU申报的卫星总量已 远超这一上限。在ITU"先到先得"的规则下，频轨资源的争夺已然进入白热化阶段。 "我国这次大规模提交卫星频轨资源申请，是在国际规则范围内开展的战略性布局，核心目标就是抢占 稀缺太空资源、搭建自主可控的天基信息网络。"中科天智运控（深圳）科技有限公司副总经理王韧表 示，这一举措将推动我国航天产业从单点技术突破迈向规模化落地，为6G通信等多个领域开辟全新发 展空间。 王韧进一步补充称，尽管此次申报以通信星座为核心，但6G空天地一体化的关键在于多技术融合，这 必然会带 ...

南财智讯1月21日电，隆盛科技在投资者关系活动中表示，公司控股子公司微研中佳产品覆盖卫星能源 模块与控制模块的关键核心部件，主要配套供应卫星公司及载荷公司，并通过客户间接服务GW星座等 星座运营商。公司已完成三期航空航天扩产项目建设，正快速推进产能扩充，为商业航天规模化发展筑 牢基础。 ...

Core Insights - The demand for satellite internet construction is urgent, driven by the rigid application needs in communication, navigation, and remote sensing, with a low completion rate of satellite constellations in China [1] - Space computing is leading to new growth opportunities in satellite demand, with significant advancements in satellite-based computing systems [2] - Solar wings are the only efficient and long-term energy supply solution for near-Earth commercial space, constituting about 12%-24% of satellite value [3] Group 1: Satellite Internet Demand - There is a strong subjective and objective demand for satellite internet construction, with advantages such as wide coverage, strong disaster resistance, and rapid deployment [1] - The International Telecommunication Union (ITU) has established principles for satellite frequency and orbit usage, emphasizing the urgency of satellite internet development in China due to limited low-Earth orbit resources [1] Group 2: Space Computing Advancements - The traditional "ground computing" model is evolving to a "space computing" model to address issues of data latency and processing cycles, with significant projects like Starcloud-1 and SpaceX's Starlink V3 planned for future deployment [2] Group 3: Solar Wing Technology - Solar wings are critical components of satellite energy systems, with increasing surface areas leading to enhanced power supply capabilities [3] - The transition from rigid to flexible solar wings allows for larger deployment areas and improved power output, making them suitable for high-power and multi-satellite launch scenarios [4] Group 4: Technological Differences Between China and the US - The US favors low-cost silicon solutions due to its rocket capabilities, while China is exploring perovskite batteries for higher power-to-weight ratios, aiming to maximize payload space in single launches [5] - Perovskite batteries are expected to become the next mainstream technology for solar wings in China, offering lower costs and higher efficiency [5]