Space X 再申请百万颗卫星，商业航天关注度持续提升 国防军工 证券研究报告/行业定期报告 2026 年 02 月 02 日 Email：mamz@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 143 | | 行业总市值(亿元) | 35,234.26 | 2026-01-25 2、《国产大飞机航司交付及国产化 率双提升，C919 产业链景气上行》 2026-01-18 3、《商业航天高景气上行，国产大 飞机迎双提升机遇》2026-01-11 分析师：陈鼎如 执业证书编号：S0740521080001 Email：chendr01@zts.com.cn 执业证书编号：S0740523060003 | 增持（维持） 评级： | | | 重点公司基本状况 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | | 分析师： ...

Market Overview - The aviation equipment sector experienced a decline of 2.09% on February 2, with Hangfa Technology leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Notable gainers in the aviation equipment sector included: - Parker New Material (605123) with a closing price of 113.92, up 4.46% and a trading volume of 107,200 shares, totaling 1.258 billion yuan [1] - ST Lihang (603261) closed at 30.25, up 4.42% with a trading volume of 23,100 shares, totaling 69.8655 million yuan [1] - Beimo Gaoke (002985) closed at 41.74, up 3.88% with a trading volume of 330,400 shares, totaling 1.387 billion yuan [1] - Major decliners included: - Hangfa Technology (600391) closed at 48.99, down 5.61% with a trading volume of 229,800 shares, totaling 1.156 billion yuan [2] - Hangya Technology (688510) closed at 34.93, down 4.28% with a trading volume of 65,500 shares, totaling 234 million yuan [2] - Feilihua (300395) closed at 92.00, down 4.23% with a trading volume of 197,700 shares, totaling 1.875 billion yuan [2] Capital Flow - The aviation equipment sector saw a net outflow of 712 million yuan from institutional investors, while retail investors contributed a net inflow of 348 million yuan [2] - The capital flow for specific stocks showed: - Hangfa Power (600893) had a net inflow of 1.21 billion yuan from institutional investors, but a net outflow of 1.40 billion yuan from retail investors [3] - Parker New Material (605123) experienced a net inflow of 87.0047 million yuan from institutional investors, but a net outflow of 82.5030 million yuan from retail investors [3] - Hongdu Aviation (600316) had a net inflow of 64.4350 million yuan from institutional investors, while retail investors saw a net outflow of 78.6892 million yuan [3]

Group 1 - The company AVIC Aircraft announced on February 2 that as of January 31, 2026, it has repurchased approximately 16.02 million shares through centralized bidding, representing 0.33% of the company's total share capital [1] - The highest repurchase price was RMB 13.56 per share, while the lowest was RMB 11.7 per share, with a total expenditure of approximately RMB 200 million [1] Group 2 - The automotive sales giant Baolide, known for selling luxury cars such as Rolls-Royce and Porsche, is now undergoing bankruptcy liquidation, with its headquarters in Hangzhou reportedly vacant and its subsidiary in Yiwu sealed [1]

Investment Rating - The report maintains an "Overweight" rating for the aerospace and defense sector [8] Core Insights - The aerospace and defense industry is expected to experience significant recovery and growth in 2025, with 30 out of 75 listed companies forecasting positive earnings growth compared to the previous year [11][12] - The report highlights structural opportunities in military equipment demand during the "14th Five-Year Plan" period, focusing on new domains, unmanned systems, advanced weaponry, and low-cost equipment [14][16] Summary by Sections Industry Performance - As of January 31, 2025, 75 out of 120 listed companies in the defense sector have disclosed earnings forecasts, with 30 companies expecting positive growth, 7 expecting positive but declining growth, 17 expecting losses but reduced compared to the previous year, and 21 expecting increased losses [11][12] Key Companies to Watch - Recommended companies include: - AVIC Shenyang Aircraft Corporation (600760 CH) - Guorui Technology (600562 CH) - Steel Research (300797 CH) - Guotai Group (603977 CH) - West Superconductor (688122 CH) - Ruichuang Micro-Nano (688002 CH) - Beifang Navigation (600435 CH) - Gaode Infrared (002414 CH) - Aerospace Intelligence (300446 CH) - Aerospace Rainbow (002389 CH) [3][8][9] Earnings Forecasts - Notable companies with significant earnings growth forecasts include: - Beimo High-Tech: 1169% growth due to product delivery and cost reduction [12] - Hailanxin: 509% growth from increased self-produced products [12] - *ST Chengchang: 452% growth driven by industry recovery [12] - Zhimin Da: 414% growth from increased demand in previously established product lines [12] - Aileda: 351% growth from increased military and civilian product demand [12] Long-term Outlook - The report emphasizes the importance of new equipment construction cycles and suggests focusing on new products and markets during the "14th Five-Year Plan" [14][16] - The military trade market is expected to grow, with China aiming to increase its market share in global military trade [17] Market Trends - The report notes a decline in the defense sector index by 7.69% over the past week, underperforming the broader market [28] - The current PE (TTM) for the defense sector is 95.23, indicating a high valuation compared to historical levels [36] Investment Opportunities - The report suggests that companies involved in unmanned systems, low-cost munitions, and military AI are likely to see significant growth opportunities [16][18] - The commercial aerospace sector is also highlighted as a growing area, with advancements in satellite internet and low-altitude economy [18][25]

Core Viewpoint - The report from Guohai Securities highlights that Hongdu Aviation successfully completed its first flight of multiple aircraft on January 6, 2026, marking the beginning of the year's research and production test flights, which injects strong momentum for the "14th Five-Year Plan" [1] Company Summary - Hongdu Aviation is recognized as an important integrated platform for manufacturing and listing in China, with a dual-driven development model focusing on trainer aircraft and defense products [1] - The company is expected to benefit from a significant opportunity for leapfrog development during the "14th Five-Year Plan" due to its unique asset attributes of being an integrated manufacturer and developer of aircraft and munitions [1] - The anticipated recovery and enhancement of domestic equipment demand, along with substantial growth potential in the military trade market, suggest that the company's performance may exhibit considerable elasticity in the coming years [1] Investment Rating - Given the scarcity of the company's assets and the high demand in downstream markets, Guohai Securities initiates coverage with a "Buy" rating [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600862 证券简称：中航高科 公告编号：临2026-003号 中航航空高科技股份有限公司关于股份回购进展公告 ■ 一、回购股份的基本情况 中航航空高科技股份有限公司（以下简称"公司"）于2025年4月25日召开第十一届董事会2025年第二次 会议，审议通过了《公司关于以集中竞价方式回购公司股份的方案》，公司拟使用自有资金10,000.00万 元（含）-20,000.00万元（含），通过上海证券交易所交易系统以集中竞价交易方式进行股份回购，本 次回购股份的价格不超过36.00元/股（含），本次回购的股份将全部用于股权激励计划。具体内容详见 公司于2025年4月26日披露的2025-011号公告。 因实施2024年年度权益分派，公司本次回购股份价格上限自2025年6月27日起由不超过人民币36元/股 （含）调整为不超过人民币35.75元/股（含）。具体内容详见公司于2025年6月28日披露的2025-023号公 告。 二、回购股份的进展情况 （一）2025年7月1日，公司通过集中竞价交易方式首次实施回购公司股份，具体内容详见公司于2025年 7月2日 ...

这种体系化的试飞正在锻造一个全新的作战体系，甚至探索一个全新的作战方式。成飞在新型飞机的研 制上正迈向全新的水平，达到全新的阶段。 来源 | 央视军事 00:56 军事评论员宋心之介绍：这说明现在成飞不仅在测试战机性能是否达标，还要测试整个空中作战体系化 作战能力。包含了有人无人协同，同时要进行理论计算和实际试飞的验证。涉及多个机种、多个基地空 地协作指挥，覆盖了作战全流程。歼-20很可能是空战体系中的一个重要节点，既是战斗节点也是指挥 节点。 近日，航空工业成飞罕见公开展示了多架"黄皮"歼-20战机试飞的画面，并在报道中提到，已成功完成 有人、无人，内场、外场，科研、验收在内的5地10型体系化试飞组训。 ...

转自：看台海 近日，航空工业成飞 罕见公开展示了 多架"黄皮"歼-20战机试飞的画面 并在报道中提到 已成功完成有人、无人 内场、外场 在战机测试性能是否达标 还要测试整个空中作战体系化作战能力 包含了有人无人协同 同时要进行理论计算 和实际试飞的验证 它涉及了多个机种、多个基地 科研、验收在内的 5地10型体系化试飞组训 5地10型体系化试飞组训是什么意思 一起来看专家解析 军事评论员宋心之表示 这说明现在成飞已经不仅是 进行出厂飞机的性能检测 正在锻造一个全新的作战体系 甚至探索一个全新的作战方式 成飞在新型飞机的研制上 空地协作指挥 覆盖了作战全流程 歼-20很可能是 空战体系中的一个重要节点 既是战斗节点也是指挥节点 这种体系化的试飞彻底改变了 航空工业仅仅生产某型飞机 正迈向全新的水平 达到全新的阶段 来源：中央广播电视总台央视新闻 ...

据央视军事微信公众号，近日， 航空工业成飞罕见公开展示了多架"黄皮"歼-20战机试飞的画面 ，并在报道中提到，已成功完成有人、无人，内场、 外场，科研、验收在内的5地10型体系化试飞组训。 7x24h电报 头条新闻 VIP资讯 实时盯盘 图片来源：央视军事 这种体系化的试飞正在锻造一个全新的作战体系，甚至探索一个全新的作战方式。成飞在新型飞机的研制上正迈向全新的水平，达到全新的 阶段。 下载财联社APP获取更多资讯 准确 快速 权威 专业 5地10型体系化试飞组训有何意义？ 军事评论员宋心之介绍：这说明现在成飞不仅在测试战机性能是否达标，还要测试整个空中作战体系化作战能力。 包含了有人无人协同， 同时要进行理论计算和实际试飞的验证。涉及多个机种、多个基地空地协作指挥，覆盖了作战全流程。 歼-20很可能是空战体系中的一个重 要节点，既是战斗节点也是指挥节点。 ...

（来源：环球时报） #歼20或成空战体系核心节点#【歼20罕见画面公开！军事专家：歼-20已成空战体系核心节点，成飞试 飞模式正锻造全新作战体系】近日，航空工业成飞罕见公开展示了多架"黄皮"歼-20战机试飞的画面， 并在报道中提到，已成功完成有人、无人，内场、外场，科研、验收在内的5地10型体系化试飞组训。 军事评论员 宋心之：这说明现在成飞已经不仅是在战机测试性能是否达标，还要测试整个空中作战体 系化作战能力。包含了有人无人协同，同时要进行理论计算和实际试飞的验证。它涉及了多个机种、多 个基地空地协作指挥，覆盖了作战全流程。歼-20很可能是空战体系中的一个重要节点，既是战斗节点 也是指挥节点。这种体系化的试飞彻底改变了航空工业仅仅生产某型飞机，进行出厂飞机的性能检测， 正在锻造一个全新的作战体系，甚至探索一个全新的作战方式。成飞在新型飞机的研制上正迈向全新的 水平，达到全新的阶段。（央视） 转自：环球时报 ...