Investment Rating - The report does not explicitly state an investment rating for the commercial aerospace industry Core Insights - The commercial aerospace sector is experiencing significant advancements, with successful launches and developments in various projects, indicating a robust growth trajectory for the industry [3][4][5][9][14][19] Industry Developments - The successful launch of the Lihong-1 suborbital vehicle on January 12, 2026, marked a significant milestone, demonstrating capabilities for microgravity scientific experiments and in-situ exploration [5][6] - The successful launch of the Vesta-1 rocket on January 16, 2026, which deployed four satellites into low Earth orbit, highlights the growing capabilities of China's commercial space sector [9][10] - The completion of the static fire test for the Long March 12B rocket on January 16, 2026, confirms the reliability and feasibility of this new generation reusable rocket [14] - The Beijing Rocket Street project, the first common testing and research production base for commercial aerospace in China, has been completed and is set to enhance the industry ecosystem [16][17] - Zhongke Aerospace has completed its IPO guidance work, indicating a positive trend for capital market participation in the commercial aerospace sector [19] Financing Progress - Sade Satellite completed a B-round financing on January 14, 2026, which will accelerate its development in the commercial satellite manufacturing sector [20][21] Capital Market Performance - The Wind Commercial Aerospace Index experienced a weekly decline of 4.39% during the week of January 12-16, 2026, with a trading volume decrease of 2.64% [25][28] - Among the listed companies in the commercial aerospace sector, 25.40% saw their stock prices increase during the same week, indicating some resilience in the market despite the overall decline [25][28] Industry Conference Preview - Upcoming conferences include the Third Beijing Commercial Aerospace Industry High-Quality Development Conference from January 23-25, 2026, and the Second Commercial Aerospace Industry Development Conference in March 2026 [32][33]

Market Overview - The A-share market experienced a collective decline on January 20, with the Shanghai Composite Index down 0.01% to 4113 points, the Shenzhen Component Index down 0.97%, and the ChiNext Index down 1.79% [1][2] - The total market turnover reached 2.8 trillion yuan, an increase of 72 billion yuan compared to the previous trading day, with over 3100 stocks declining [1] Sector Performance - The commercial aerospace and satellite internet sectors saw significant declines, with multiple stocks hitting the daily limit down, including Tongyu Communication and Sanwei Communication [4] - The photovoltaic equipment sector also fell, with Guosheng Technology hitting the limit down, and several other stocks following suit [6] - The military industry sector weakened, with Shenjian Co. and others hitting the limit down [8] - Conversely, the epoxy propylene and chemical raw materials sectors performed well, with China Chemical and Hongbaoli hitting the limit up [12] - The precious metals sector continued to rise, with Hunan Silver and Zhaojin Gold both hitting the limit up [10] Notable Stocks - Aerospace Macro's stock price dropped over 11%, while Tongyu Communication and Sanwei Communication fell by approximately 10% [6][4] - In the photovoltaic sector, leading companies are expected to report losses for the 2025 fiscal year, with a total estimated loss of 41.5 to 47 billion yuan [7] - The military sector saw significant drops, with Xice Testing down over 12% and other stocks following suit [9] Economic Indicators - The price of spot gold surpassed $4700 per ounce, marking a historical high, with an increase of 8.8% in January alone [11] - Global chemical giants like BASF and Dow have announced price increases across various regions, indicating a potential upward trend in chemical product prices [13] Future Outlook - The overall valuation of the A-share market remains within a reasonable range, with investor risk appetite still high. Factors such as macro policy support, medium to long-term capital inflows, and moderate corporate profit recovery are expected to sustain the bullish market trend [19]

1月20日，三大指数集体收跌，创业板指一度跌超2%。截至收盘，沪指跌0.01%，深成指跌0.97%，创业板指跌 1.79%。 板块来看，化工板块逆势爆发，贵金属概念延续强势，房地产板块表现活跃。下跌方面，算力硬件、商业航天等板块 跌幅居前。 全市场超3100只个股下跌。沪深两市成交额2.78万亿元，较上一个交易日放量694亿。 昨日稍稍修复的A股市场，今天再度陷入调整。 三大指数中，沪指早盘一度跌破4100点，随后震荡回升，继续险守关口；日K来看，5日线久违地下穿了10日线。深 指、创业板指则纷纷收出更为明显的阴线。 | F9 不复权 超级叠加 画线 工具 안 | 上训 信誉 | 000001 | | | --- | --- | --- | --- | | | | | ਕੇ | | 2025/10/10-2026/01/20(71日)▼ | | -0.35 -0.01% | | | | 15:00:09 交易F | 沪深市场核心指数 / ■ + | | | 4190.87 | 全额 | | 1.22万亿 | | | 成交量 | | 734.36亿 | | | | | 4116.37 ( 0.06%) | | ...

Market Performance - The A-share market showed mixed performance with the Shanghai Composite Index closing at 4113.65 points, down 0.01%, after testing the 4100-point support level multiple times [1] - The Shenzhen Component Index fell by 0.97% to 14155.63 points, while the ChiNext Index experienced a decline of 1.79%, closing at 3277.98 points [1] Sector Performance - Most industry sectors saw declines, with notable gains in precious metals, chemical raw materials, cement and building materials, and chemical fiber industries [3] - The communication equipment, photovoltaic equipment, aerospace, power equipment, batteries, computer equipment, and electronic components sectors faced significant declines [3] Individual Stocks - The real estate sector was active, with stocks like Daxin City and Urban Investment Holdings hitting the daily limit [3] - In the AI application sector, stocks such as Jiayun Technology, Yue Media, and Zhejiang Wenlian also reached the daily limit [3] - A total of 2233 stocks rose while 3102 stocks fell, with over 60 stocks hitting the daily limit [3] - The precious metals sector saw significant gains, with Hunan Baiyin and Zhaojin Gold reaching the daily limit [3] Declining Stocks - The computing hardware and commercial aerospace sectors experienced the largest declines, with commercial aerospace concept stocks collectively dropping, including Shenjian Co. facing four consecutive daily limits and Aerospace Power facing two consecutive daily limits [3]

Group 1: Report's Investment Rating - No information about the industry investment rating is provided in the report. Group 2: Core Viewpoints - In early 2026, the market sentiment has significantly warmed up, and the market has risen strongly. However, the risk - return ratio of chasing the rising market may not be high. Thematic investment remains popular, and funds from previously over - heated themes are expected to shift to other thematic sectors [1][7]. - The technology main line is still the market consensus. Funds are likely to flow into sectors such as semiconductor computing power and robotics within the technology sector, while lithium battery, non - ferrous metals, power grid, chemical, and innovative drugs are important supplementary sectors for the market [2][22]. Group 3: Summary by Directory 1. Which theme ETFs are expected to be the direction of capital return? - **Market situation**: In early 2026, the market has risen strongly, with commercial aerospace, AI applications, and non - ferrous metals becoming the focus. But there are signs of the market correcting irrational behaviors under regulatory guidance, and the risk - return ratio of chasing the rising market may be low. Thematic investment is still very popular. As of January 19, 2026, the cumulative net capital inflow of thematic index ETFs in the past five days exceeded 42.254 billion yuan, while industry index ETFs only had a net inflow of 9.763 billion yuan, and broad - based index ETFs showed a large net outflow [1][7]. - **Analysis from the perspective of rise and valuation**: Technological industries generally have high rises, while traditional cyclical industries such as liquor, coal, and breeding have relatively low rises. New energy sectors like lithium battery, photovoltaic, and new - energy vehicles, as well as the chemical industry, have risen but still have room to reach previous highs. From the valuation dimension, the current valuations of the game, intelligent driving, lithium battery, and breeding sectors are low [8]. - **Analysis using the quadrant chart**: - **First quadrant (high rise and high congestion)**: Mainly includes commercial aerospace, communication, AI, and non - ferrous metals. Non - ferrous metals (such as copper) and AI have relatively moderate congestion, and relevant sectors are still worthy of attention [2][17]. - **Second quadrant (high rise and low congestion)**: There are relatively few relevant industries, mainly semiconductor equipment (including related industrial chains such as storage) and lithium battery. The sector sentiment is not over - heated, and the industrial supply - demand pattern is optimized, so they are still worthy of attention [2][17]. - **Third quadrant (low rise and low congestion)**: Sectors such as innovative drugs, chemicals, and games have both industrial logic and market capacity, with large potential for a supplementary rise. For example, since 2026, the chemical ETF has re - entered the state of net inflow [2][17]. - **Fourth quadrant (low rise and high congestion)**: Includes robotics, power grid equipment, consumer electronics, and software. Power grid equipment has received renewed attention due to the unexpected increase in the 14th Five - Year Plan expenditure, and robotics has also been favored by the market because Tesla's third - generation robot has entered the scheme confirmation stage [2][21]. - **Specific ETF selection**: For ETFs tracking the same index, products with larger scale, relatively lower fees, and smaller tracking errors are selected. Specific ETF lists are provided in the report [22].

Investment Rating - The industry investment rating is "In line with the market" and the rating has been maintained [2][8]. Core Insights - The report highlights that the profitability pressure in the photovoltaic equipment sector remains significant, but there are signs of operational improvement [3][8]. - The commercial aerospace industry is experiencing a trend that is expected to benefit space photovoltaic technologies, driven by increased satellite launches and technological advancements [5][7]. - The report emphasizes the potential for new photovoltaic technologies, such as HJT and perovskite solar cells, to gain traction in the commercial aerospace sector [8]. Summary by Sections - **Industry Performance**: The photovoltaic equipment sector has shown a 12.22% increase over 1 month, 14.66% over 3 months, and 44.01% over 12 months, outperforming the CSI 300 index [6]. - **Commercial Aerospace Developments**: China has submitted applications for 203,000 satellites, marking the largest frequency and orbital resource application to date, which is expected to activate the entire satellite manufacturing, launching, and operation industry chain [7]. - **Investment Recommendations**: The report suggests focusing on equipment manufacturers, material suppliers, and producers with strong technological reserves in the context of accelerating commercialization in the aerospace industry [8].

Core Viewpoint - The commercial aerospace sector in China is experiencing rapid growth, with significant advancements in launch frequency and technology [1] Group 1: Launch Statistics - In 2025, China completed a total of 50 commercial launches, accounting for 54% of the country's total space launches for the year [1] - Among these, 25 were commercial rocket launches, while 16 were other commercial satellite launches [1] - The Hainan commercial launch site was operational, conducting 9 launches, contributing to a cumulative total of 10 launches since its establishment [1] Group 2: Satellite Deployment - A total of 311 commercial satellites were successfully placed into orbit, representing 84% of all satellites launched by China in the same year [1] Group 3: Technological Advancements - The technology for reusable launch vehicles is advancing rapidly, with the successful maiden flight of the Zhuque-3 reusable rocket, which achieved successful orbit insertion of its second stage [1] - Core technology validations, including the re-entry and return of the first stage, are underway [1]

Market Overview - The three major indices collectively declined, with the ChiNext Index dropping by 1.79% and briefly falling over 2% during the trading session [1][2] - The Shanghai Composite Index fell by 0.01%, and the Shenzhen Component Index decreased by 0.97% [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 2.78 trillion yuan, an increase of 694 billion yuan compared to the previous trading day [1][2] - Over 3,100 stocks in the market experienced declines [1][2] Sector Performance - The chemical sector showed strong performance, with over ten constituent stocks hitting the daily limit, including Hongbaoli, Shandong Heda, Weiyuan Co., and Hongqiang Co. [1][2] - Precious metals continued to perform well, with Zhaojin Gold achieving two consecutive limit-ups and Hunan Silver also hitting the limit [1][2] - The real estate sector was active, with Dayue City and Urban Investment Holdings reaching the daily limit [1][2] - AI application stocks saw localized gains, with Jiayun Technology, Yue Media, and Zhejiang Wenhu Interconnect hitting the limit [1][2] Declining Sectors - The computing hardware and commercial aerospace sectors experienced significant declines [1][2] - Stocks in the commercial aerospace sector collectively fell, with Shenjian Co. facing four consecutive limit-downs and Aerospace Power experiencing two consecutive limit-downs [1][2]

Market Performance - The A-share market opened high but experienced fluctuations, with the Shanghai Composite Index slightly down by 0.01% at the close, while the Shenzhen Component Index fell by 0.97% and the ChiNext Index dropped by 1.79% [1][2] - The total trading volume in the market reached 2.80 trillion yuan, with over 3,100 stocks declining [3] Sector Performance - The real estate and petrochemical sectors showed strong performance, with significant gains [3] - Precious metals saw an afternoon rally, with spot gold surpassing the 4,700 USD mark, leading to stocks like Zhaojin Mining hitting consecutive trading limits and Hunan Silver reaching a trading limit during the day [3] - The chemical sector continued to strengthen in the afternoon, with multiple stocks such as Xilong Science and Meibang Technology hitting trading limits [3] - Power grid equipment stocks surged again, with China XD Electric achieving consecutive trading limits and Tebian Electric rising over 4%, both reaching historical highs [3] - The commercial aerospace sector weakened, with several popular stocks hitting trading limits, while sectors like communication equipment, satellite navigation, optical modules, and lithium batteries faced significant declines [3]

Market Overview - The three major indices collectively declined, with the ChiNext Index dropping over 2% at one point. The Shanghai Composite Index closed down 0.01%, the Shenzhen Component Index down 0.97%, and the ChiNext Index down 1.79% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.78 trillion yuan, an increase of 69.4 billion yuan compared to the previous trading day [5][6] Index Performance - Shanghai Composite Index: 4113.65, down 0.01% [2] - Shenzhen Component Index: 14155.63, down 0.97% [2] - ChiNext Index: 3277.98, down 1.79% [2] - The market saw over 3100 stocks decline, with a significant number of stocks in the chemical sector hitting the daily limit up [2] Sector Performance - The chemical sector showed strong performance, with several stocks such as Hongbaoli and Shandong Heda hitting the daily limit up [2] - Precious metals continued to perform well, with stocks like Zhaojin Gold and Hunan Silver reaching the daily limit up [2] - The real estate sector was active, with stocks like Dayuecheng and City Investment Holdings also hitting the daily limit up [2] Stock Movements - AI application stocks saw partial gains, with companies like Jiayun Technology and Yue Media hitting the daily limit up [3] - Conversely, sectors such as computing hardware and commercial aerospace experienced significant declines, with stocks like Shenjian Co. and Aerospace Power facing consecutive limit downs [3]