转自募格学术 本文内容来源：证券时报、华南理工大学 据证券时报消息，1月22日，北京穿越者载人航天科技有限公司（以下简称"穿越者"）举行"太空旅游全 球发布会"。会上，首批太空游客亮相，包括中国工程院院士李立浧、智元机器人CMO邱恒、探路者品 牌创始人王静、啟赋资本董事长傅哲宽等，此外，首批太空游客还包括一名硅基生物，为众擎机器人 PM01。 国内首艘商业载人飞船"穿越者壹号（CYZ1）"全尺寸试验舱首次公开展示。"穿越者壹号（CYZ1）"技 术团队表示，目前已预订了超三艘船，合计20余位太空游客，预计2028年将实现载人首飞。此前1月18 日，穿越者宣布该载人飞船试验舱完成着陆缓冲系统的综合验证试验，各项指标均达到预期目标。这标 志着穿越者已成为全球第三家研发并验证了载人飞船着陆缓冲技术的商业航天企业。 李立浧简历 李立浧，1941年生，江苏盐城人，中国工程院院士，华南理工大学教授。国内外著名的电力专家、直流 输电专家，投身能源电力事业已经超过50年。在电力科技前沿领域做了开创性的工作，取得一系列重大 理论突破和技术创新，丰富了电力系统尤其是直流输电领域的学科内涵。主持我国重大电力工程建设， 为我国和世界电 ...

市场的火爆直观反映在资本市场。 2025年，商业航天指数（886078.TI）上涨73.13%。其中2025年底启动的行情更使其成为市场"最靓的崽"。自2025年11月24 日至2026年1月12日，该指数在短短34个交易日内上涨了51.88%。 国家队与航天央企的传统主导格局被打破，赛道商业化进程提速，不仅吸引大批VC加码布局，资本市场也迎来不少新的入 局者，产业资本密集入场。 根据投中嘉川CVSource数据，CVC投资商业航天企业事件数由2023年的19起增长至2025年的35起，近乎翻倍。 更值得关注的是，持续加码CVC的并非仅有航天产业背景，制造业、能源、自动化、汽车、AI等原本不在航天圈内的产业 资本，正在"跨界"砸钱入局商业航天。 南方财经记者王达毓广州报道 2025年以来，商业航天赛道火力全开。 根据国家航天局数据，2025年我国共完成50次商业航天发射，占全年宇航发射总数的54%。 伴随商业航天由技术突破迈向产业化落地，CVC正在加码商业航天赛道。 从时间维度看，根据投中嘉川CVSource数据，CVC投向商业航天的投资事件数量逐年增长，从2023年的19起，增长至2024 年的27起，而2 ...

今日早盘，A股延续横盘震荡，有色金属与新能源主线表现强势，半导体等科技题材则出现调整，带动主要股指走势分化。截至午间休 市，上证指数报4133.58点，涨0.27%；深证成指涨0.24%，创业板指跌0.17%，科创综指涨0.76%。 | 代码 | 名称 | 1 - 新 | 涨幅% ↑ | | --- | --- | --- | --- | | 688726 | 拉普拉斯 | ਦੇ ਦੇ ਦੇ ਹ | 20.01 | | 300751 | 迈为股份 | 324.36 | 20.00 | | 300724 | 捷佳伟创 | 134.10 | 20.00 | | 300118 | 东方日升 | 20.76 | 20.00 | | 688516 | 贸特维 | 90.01 | 20.00 | | 688223 | 晶科能源 | 6.79 | 18.09 | | 300345 | 表面临 | 7.75 | 16.19 | | ୧୫୫୧୦୦ | 天合光能 | 20.22 | 13.02 | | 300316 | 晶盛机电 | 48.84 | 12.95 | | ୧୫୫୧୧୧ | 高测股份 | 16.69 | 12.24 ...

Market Overview - As of January 23, the A-share market showed mixed results with the Shanghai Composite Index rising by 0.27% to 4133.58, the Shenzhen Component Index increasing by 0.24% to 14360.98, while the ChiNext Index fell by 0.17% to 3322.96 [1][2]. Commercial Aerospace Sector - The commercial aerospace sector experienced significant gains, with stocks such as Ruihua Tai, Feiwo Technology, and others hitting the 20% daily limit up [3][4]. - The first batch of tourists for China's commercial spacecraft has been revealed, with tickets priced at 3 million yuan, and over 20 individuals, including notable figures, have already signed up [5][7]. Photovoltaic Industry - The photovoltaic industry saw a surge, with multiple stocks reaching the 20% daily limit up, including Dongfang Risheng and Maiwei Shares [9][10]. - The demand for photovoltaic cells is expected to increase significantly due to the planned launch of 200,000 satellites, which will drive both quantity and quality improvements in solar energy technology [10]. Gold Market - Gold stocks continued to rise, with Sichuan Gold increasing by over 8% and other companies like Chifeng Gold and Zhongjin Gold also seeing gains [11][12]. - The price of gold jewelry in China has surpassed 1500 yuan per gram, with major brands exceeding 1540 yuan per gram [13].

【导读】1月23日上午A股三大指数涨跌不一，商业航天、光伏集体大涨 大家好，又到周五了！一起关注上午的市场行情及资讯。 截至1月23日上午收盘，上证指数上涨0.27%，深证成指上涨0.24%，创业板指下跌0.17%。 沪深京三市半日成交额为19136亿元，较昨日放量1239亿元。全市场超3500只个股上涨。 板块题材上，光伏设备、贵金属、商业航天、医药商业、A应用等涨幅居前；保险、煤炭开采加工、半导体等跌幅居前。 商业航天集体大涨，中国飞船首批游客曝光 商业航天集体大涨，瑞华泰、飞沃科技（301232）、睿创微纳、德恩精工（300780）等20cm涨停。 消息面上，中国信息通信研究院拟于1月26日召开2026年"星算·智联"太空算力研讨会。会议将举行"算力星网"联合推进倡议暨《太空算力发展前瞻研究报 告（2026年）》启动仪式。 此外，1月22日，北京穿越者载人航天科技（000901）有限公司宣布，国内首艘商业载人飞船"穿越者壹号"计划于2028年首飞。太空船票预售单价300万 元，预付10%可锁定名额，目前已签约20余位跨领域付费游客，包括85岁中国工程院院士李立浧、啟赋资本董事长兼创始人傅哲宽、智元机器人 ...

Core Viewpoint - The A-share market is experiencing a mixed performance with over 3,500 stocks rising, while certain sectors are facing declines, indicating a potential short-term consolidation phase before further upward movement [1]. Market Performance - As of the midday close, the Shanghai Composite Index rose by 0.27% to 4,133.58 points, the Shenzhen Component Index increased by 0.24%, while the ChiNext Index fell by 0.17%. The North Star 50 Index saw a significant rise of 3.36% [1]. - The total trading volume across the Shanghai, Shenzhen, and North exchanges reached approximately 1.91 trillion yuan [1]. Sector Analysis - Sectors such as insurance, coal, and gas are experiencing declines, while sectors including non-ferrous metals, retail, pharmaceuticals, chemicals, and electricity are showing upward trends [1]. - The photovoltaic industry chain, commercial aerospace, and gold concepts are particularly active in the market [1]. Future Outlook - Dongguan Securities suggests that after a period of increased trading volume, the A-share market may enter a necessary consolidation phase before continuing its upward trajectory [1]. - The market is expected to receive support from multiple favorable factors, including the "14th Five-Year" industrial guidance, overseas liquidity easing, and domestic policy support [1]. - The anticipated introduction of incremental economic stabilization policies is likely to drive a recovery in market risk appetite, paving the way for a potential spring rally [1]. - Recommended sectors for attention include non-ferrous metals, commercial aerospace, AI, dividends, and semiconductors [1].

Core Viewpoint - The construction of the headquarters for the reusable liquid rocket production base by Star Glory in Chengdu's Shuangliu District is expected to be completed by December 2026, with a design capacity of producing 20 Hyperbola-3 rockets annually [1] Group 1: Strategic Location and Industrial Support - Sichuan was chosen for the rocket engine production and assembly due to its strong industrial and aerospace foundation, rich supply chain resources, and significant government support for commercial aerospace [2] - The strategic decision aligns with national goals to develop the southwestern region, leveraging Sichuan's industrial base, policy support, and geographical advantages [2] Group 2: Future Launch Capabilities - Currently, Star Glory relies on the Wenchang base in Hainan for launch tasks, but there is potential for future commercial launches from the Xichang Satellite Launch Center, which would enhance efficiency and reduce costs [3] Group 3: Cost Reduction and Technological Advancements - Reusable rockets are seen as a key to revolutionizing commercial aerospace by significantly lowering the cost of access to space, with the potential for substantial cost reductions through the reuse of high-value components [4] - Successful tests in 2023 demonstrated the feasibility of reusing rockets, with plans for the first orbital launch and sea recovery of the Hyperbola-3 rocket scheduled for mid-2023 [4] Group 4: Challenges in Technology and Safety - The vertical recovery of rockets presents significant technical challenges, including reliable engine ignition, thrust control, and precise navigation, which have been problematic for both domestic and international peers [4][5] - The emergence of reusable rockets introduces new safety management challenges, necessitating a comprehensive approach to ensure safety during recovery operations [5] Group 5: Competitive Landscape and Market Potential - While acknowledging the gap with leading commercial aerospace nations, the rapid development of China's commercial aerospace sector is supported by a robust industrial system and supply chain [6] - The market potential for commercial aerospace is vast, with significant opportunities in communication, navigation, and remote sensing, as well as future ambitions in asteroid mining and lunar exploration [7]

Group 1 - The government has issued a systematic regulation for the layout and investment direction of government investment funds at the national level, which is expected to enhance the aggregation effect of new productive forces in Sichuan [1] - The construction of the 3 billion yuan reusable liquid rocket production headquarters by Galactic Glory is underway in the Shuangliu Economic Development Zone, expected to be completed by the end of the year and commence production in 2027, with an annual output of 20 rockets and a 50% reduction in launch costs [3][5] - Sichuan's industrial funds have invested 270 million yuan, attracting nearly 1.4 billion yuan from various levels of government to support Galactic Glory's establishment in Sichuan, highlighting the strategic significance and commercial potential of the commercial aerospace industry in the region [7] Group 2 - The investment in Sichuan's commercial aerospace industry is seen as a crucial step in completing the "star-arrow-field-use" chain, with plans to develop the entire industry around the Xichang and Chengdu metropolitan areas [9] - The company Koyun Laser, focused on laser equipment production, is establishing a base in Danling, Sichuan, after breaking the overseas monopoly in the industry, with a market share exceeding 60% [11] - The Sichuan Manufacturing Collaborative Development Fund has invested 200 million yuan in Koyun Laser, facilitating the relocation of its headquarters from Suzhou to Danling, thus enhancing the new display industry chain in Sichuan [13][15] Group 3 - The collaboration model between the Sichuan Industrial Fund and Danling County is expected to open new avenues for high-quality development, focusing on "fund + resources," "fund + industry," and "fund + park" strategies [15][17] - A number of outstanding companies from various provinces, representing new materials, smart displays, and low-altitude economy, have been attracted to Sichuan through the capital link of the Sichuan Industrial Fund, achieving a clustering effect [18]

【 导读 】 1月23日上午A股三大指数涨跌不一，商业航天、光伏集体大涨 中国基金报记者 忆山 大家好，又到 周五了！一起关注上午的市场行情及资讯。 截至 1月23日上午收盘，上证指数上涨0.27%，深证成指上涨0.24%，创业板指下跌0.17%。 | 内地股票 △ ⊙ | | | | --- | --- | --- | | 行情 | 负五间流人 | 冻跌分巾 | | 上证指数 | 深证成指 | 科创综指 | | 4133.58 | 14360.98 | 1879.53 | | +11.00 +0.27% | +33.94 +0.24% | +14.18 +0.76% | | 万得全A | 创业板指 | 北证50 | | 6870.71 | 3322.96 | 1581.62 | | +43.66 +0.64% | -5.69 -0.17% | +51.38 +3.36% | 沪深京三市半日成交额 为 19136亿元，较 昨 日放量1239亿元。全市场超3500只个股上涨。 板块题材上，光伏设备、贵金属、商业航天、医药商业、A应用 等 涨幅居前；保险、煤炭开采加工、半导体 等 跌幅居前。 | | | Wind ...

Core Viewpoint - The article emphasizes the importance of timely and professional information interpretation in the investment landscape, focusing on the investment value of significant events, analysis of industry chain companies, and key points of major policies [1] Group 1: Industry Insights - The commercial aerospace sector is highlighted, particularly its advancements in advanced packaging technologies [1] - The application of products in satellite solar wing protective films has been successfully implemented in orbit [1] - Collaboration with China Electronics Technology Group's affiliated institutions has led to the development of prototype glass-based radar RF device TR components [1] Group 2: Company Developments - A subsidiary of the company possesses the capability for TGV glass substrate processing and has achieved mass production of TGV glass carriers [1]