证券日报网讯2月24日，众合科技（000925）在互动平台回答投资者提问时表示，目前公司在商业航天 领域主要包含软件及硬件产品，其中MBSE建模仿真软件产品主要助力用户快速研发卫星产品，赋能卫 星星座建设，由子公司辰极数智运营。在硬件产品层面，公司研发规划智能太空计算机产品，该产品集 智能运算和高可靠控制于一体，能显著提升卫星在轨自主感知、决策、规划与控制能力。商业航天系公 司空间信息业务的重要组成部分，亦是公司未来重要的发展方向，公司将持续加大对该领域的投入。目 前公司相关业务处于发展初期，尚未形成规模，敬请关注公司定期报告，注意投资风险。 ...

Core Viewpoint - The A-share market is expected to focus on technology as the main theme for 2026, with attention also on consumer and dividend sectors as investment opportunities [1] Group 1: Investment Strategies and Themes - E Fund emphasizes the increasing value of dividend assets in a low-interest-rate environment, with dividend yields around 5% and a potential influx of funds into these assets in 2026 [1] - 华夏基金 suggests that concerns over tightening overseas liquidity may be overestimated, and long-term investors could find attractive entry points in sectors like AI, media, and lithium batteries [2] - 富国基金 predicts a "central oscillation upward" trend for the A-share market in 2026, driven by recovery opportunities in consumption and real estate [3] - 汇添富 identifies A-shares as the most promising asset for 2026, highlighting the clear trend in the AI industry and the potential for valuation increases [8] - 博时基金 recommends focusing on emerging industries, resource upgrades, and domestic demand recovery as key investment directions for 2026 [10] Group 2: Sector-Specific Insights - 国泰基金 notes a policy shift towards domestic demand, which is expected to enhance China's economic outlook and asset returns, suggesting a good time for mid-term adjustments in sectors like AI and power equipment [5] - 鹏华基金 highlights the wine sector's potential for valuation recovery in 2026, while also emphasizing the attractiveness of the tourism sector in Hong Kong stocks [6][7] - 景顺长城 focuses on the long-term structural benefits for the equity market, particularly in technology sectors like AI, semiconductors, and consumer electronics [9] - 银河基金 discusses the commercial viability of space solar power and the need for domestic companies to overcome challenges in reusable rocket technology [11] - 东方红 suggests that cyclical sectors have high potential but require supply-side adjustments, while advocating for a bottom-up approach to identify undervalued stocks [12]

Summary of Conference Call Records Industry Overview - The military industry has developed a comprehensive research framework, identifying three core directions: domestic equipment construction (内装), military trade (军贸), and military-to-civilian technology transfer (军转民) [1][1]. - The military-to-civilian technology transfer is highlighted as the main development line, with a focus on selecting stocks based on the second growth curve [1][1]. Key Themes and Investment Lines - The four main investment lines currently attracting market attention are commercial aerospace, commercial large aircraft, military trade, and the AI industry chain [2][2]. - In military trade, the focus is on key manufacturers within the industry chain, while commercial aerospace has established dual-chain layouts, with the overseas chain centered around SpaceX and the domestic chain driven by capital expenditure on space assets [2][2]. Commercial Aerospace Insights - Commercial aerospace is identified as a core line for military development by 2026, differing fundamentally from traditional state-led space activities, which rely on national security funding [3][3]. - The commercial aerospace sector has a self-sustaining advantage through market-driven resource allocation, enhancing its vitality [3][3]. Satellite Industry Dynamics - Satellites, particularly communication satellites, are central to the commercial aerospace industry, with a clear trend towards low Earth orbit (LEO) communication satellites [4][4]. - The rapid development of overseas LEO constellations, especially SpaceX's Starlink, poses significant national security challenges for domestic industries [4][4]. Military Applications of Commercial Aerospace - Commercial aerospace offers two core advantages for military applications: flexibility in meeting military technology needs and robustness of distributed LEO constellations [5][5]. - The U.S. military is transitioning national security assets to space, with plans to deploy thousands of small satellites for various military functions, highlighting the urgency for domestic commercial aerospace development [5][5]. Domestic Policy Support and Industry Progress - Domestic commercial aerospace development is supported by multi-dimensional policies, with significant milestones since 2014 indicating a shift towards private and social capital involvement [6][6]. - The industry has formed a near-complete closed loop, although previous technological bottlenecks have hindered operational effectiveness [7][7]. - Breakthroughs in key technologies are expected between 2023 and 2025, leading to a concentrated cost reduction phase in commercial aerospace by 2026-2028 [7][7]. Investment Opportunities and Recommendations - Current investment opportunities in domestic commercial aerospace are limited in downstream application services and terminal equipment, with significant demand expected to surge post-2027-2028 [8][8]. - It is recommended to focus on upstream infrastructure, particularly in satellite and rocket sectors, as the commercial aerospace industry matures [8][8]. - Key investment targets include leading companies in the satellite industry, such as Aerospace Electronics and promising private enterprises like Ruichuang Micro-Nano [8][8].

·2026年核心投资主线：前期两个板块的股价经过一定回调，积蓄了2026年春节后的上涨势能，相关板块具备上涨 潜力。 ·美企光伏产能规划：特斯拉与SpaceX合计规划200GW光伏产能，二者布局场景存在明显差异：特斯拉的100GW产 能聚焦地面分布式电站、大型电站及储能配套，主要匹配地面电站与数据中心的供电需求；SpaceX的100GW产能 专供低轨卫星、太空AI数中心、轨道光伏电站等太空场景，形成地面与太空双轮驱动的格局。 ·商业航天近期行业事件：春节期间太空光伏及商业航天板块无重大事件，重要事件集中在春节前：2月10日电科 蓝天登陆科创板，是2025年底发布的商业火箭第五套上市标准化细则落地的经典案例，可加速相关火箭和卫星企 业的资本化通道；2月11日长征十号在海南文昌发射成功，完成低空演示验证，飞船海上安全降 ·2026年核心投资主线：前期两个板块的股价经过一定回调，积蓄了2026年春节后的上涨势能，相关板块具备上涨 潜力。 ·商业航天近期行业事件：春节期间太空光伏及商业航天板块无重大事件，重要事件集中在春节前：2月10日电科 蓝天登陆科创板，是2025年底发布的商业火箭第五套上市标准化细则落地的经典案 ...

【中泰策略】假日期间重大事项有哪些"预期差"与节后市场的演绎 1.结论：特朗普袭击伊朗风险被显著高估，贵金属、能化不能追高；最高法的判决不影响关税实际税率，特朗普 可轻易找其他理由再出新关税行政令；从资金流入和拥挤度及节日期间海外/港股科技股表现看，春节后至2月 底，市场依然将向上，科技—机器人、AI应用依然是主线，而非"利多兑现"，商业航天和半导体设备或活跃，但 需注意拥挤度过高问题。 1.节前市场整体反弹，且科技占优，但节前最后一天受 从信息面看，美国方面明确，谈判的重点是聚焦核问题的部分协议（而非伊朗不能接受的长程导弹等问题），周 四双方将进行新一轮谈判，这些基本是缓和局势的信号，实际上，周五和周一，全球油价已出现顶部回落信号。 3.特朗普关税：为何最高法判决实际影响有限？与社会普遍认为的"三权分立"不同，过去几十年来，白宫行政权逐 渐独大，在特朗普第一任期，尽管发起的"行政令"诉讼数以百起，实际上，能够起到作用的仅有1起。针对此次最 高法对依据ieepa征收的全球对等关税无效的判决，并不难阻拦特朗普寻找一个新的所谓法律理由继续加关税（实 际其也是这么做的，依据1974年《 查找图书 》第122条，立即 ...

1、半导体(A类) 1）SK海力士：今年无法满足所有客户的需求，涨价将贯穿全年(2.22)； 兆易创新、普冉股份、江波龙等； 2、人形机器人(N类) 1）马年春晚带动机器人卖爆：机器人搜索量环比增长超300%(2.16)； 2）官媒点评：春晚"机器人浓度超高"，具身智能未来已来(2.17)；中鼎股份、三花智控、拓普集团等； 3、无人驾驶(N类) 特斯拉宣布，首辆 Cybercab 在美国得州超级工厂正式下线( 春节假期热门题材汇总： 1、半导体(A类) 1）SK海力士：今年无法满足所有客户的需求，涨价将贯穿全年(2.22)； 兆易创新、普冉股份、江波龙等； 2、人形机器人(N类) 1）马年春晚带动机器人卖爆：机器人搜索量环比增长超300%(2.16)； 2）官媒点评：春晚"机器人浓度超高"，具身智能未来已来(2.17)；中鼎股份、三花智控、拓普集团等； 3、无人驾驶(N类) 特斯拉宣布，首辆 Cybercab 在美国得州超级工厂正式下线(2.18)； 浙江世宝、万集科技、联创电子等； 春节假期热门题材汇总： 4、商业航天(N类) 1）马斯克称星舰每年将发射超过1万颗卫星(2.20)； 2）巴西国家电信监管机构 ...

海南省人民政府办公厅印发《海南省推动" 人工智能+"行动方案（2026—2028年）》。其中提出，推动 人工智能技术在发射安全控制、卫星数据智能处理、航天制造智能 检测等环节的示范应用。优化发射 流程，提升卫星数据解译效率，保障航天产品质量，促进 商业航天产业集聚与创新发展。重点任务： 构建智慧发射场 数字孪生体，实现火箭发射全流程人工智能辅助决策；建立故障特征智能识别与失效 预警模型，实现发射前风险主动防控；解译"海南卫星星座"影像，打造智能虚拟星座，融合人工智能技 术，开发多源遥感数据融合分析平台、遥感数据智能处理应用平台、国际卫星 数据交易服务平台；构 建星箭产业集群"超级大脑"，实现星箭制造数字孪生全流程管控，构建星箭制造智慧供应链平台。 ...

Investment Rating - The report suggests an "Overweight" rating for humanoid robots, AI applications, innovative drugs, and new consumption sectors [5][19]. Core Insights - The report highlights a strong growth potential in humanoid robots, with a projected shipment of nearly 18,000 units globally by 2025, representing a year-on-year increase of 508% [5]. - AI applications are expected to maintain steady growth, supported by the Ministry of Industry and Information Technology's initiative to build a national computing network [5]. - The innovative drug sector is experiencing a shift towards platform capabilities, as evidenced by a significant partnership between Innovent Biologics and Eli Lilly, valued at over $8 billion [9]. - New consumption trends are emerging, with adjustments in CPI statistics reflecting the inclusion of new categories such as dishwashers and medical beauty services [5]. Summary by Category Humanoid Robots - Rating: Overweight - Technical Indicators: Strong - Growth Expectation: Medium, stable growth anticipated - Key Data: IDC forecasts a shipment of nearly 18,000 humanoid robots by 2025, a 508% increase year-on-year [5]. AI Applications - Rating: Neutral + Overweight - Technical Indicators: Weak, but stabilizing - Growth Expectation: Medium, slight downward adjustment expected - Key Data: The Ministry of Industry and Information Technology has initiated the construction of a national computing network [5]. Innovative Drugs - Rating: Overweight - Technical Indicators: Strong - Growth Expectation: Low, upward revision expected - Key Data: Significant partnership between Innovent Biologics and Eli Lilly, valued at over $8 billion, marks a new phase in China's innovative drug export strategy [9]. New Consumption - Rating: Overweight - Technical Indicators: Strong - Growth Expectation: Low, stable growth anticipated - Key Data: CPI adjustments include new consumption categories, indicating a shift in consumer behavior [5].

证券研究报告 商业航天规模化在即， 太空光伏打开成长空间 ——商业航天&太空光伏系列深度（一） 行业投资评级：强于大市|维持 中邮证券研究所 电新团队 中邮证券 1 1 发布时间：2026-02-24 投资要点 请参阅附注免责声明 2 卫星需求拉动太空光伏市场空间：卫星互联网应用场景打开+战略布局+太空算力，低轨卫星需求将 快速提升。太空光伏是卫星能源供应唯一供给方案，受益于卫星数量+单星功率提升。 太阳翼向柔性演进：单星功率提升要求太阳翼向轻量化、柔性化发展。 技术路线迭代带来新机遇：砷化镓-HJT-钙钛矿叠层演进。（1）砷化镓为目前主流技术路线，可靠性 高但成本高昂。（2）p-HJT方案依托于成熟的晶硅产业，较砷化镓方案大幅降本，且异质结作为向钙钛 矿叠层方案发展的基础，预计在短中期有较大发展空间。（3）钙钛矿叠层方案目前仍处于起步研究阶段， 存在光照或高温环境下稳定性不足、寿命短等问题亟待突破，随技术成熟产能增加叠加降本，预计中长期 将有较大发展空间。 投资建议：建议关注迈为股份、东方日升、钧达股份。 风险提示：商业火箭发射降本、卫星发射频次不及预期，技术迭代、产业落地不及预期，国际技术标准 与规则竞争 ...

2026年开年以来，国内商业航天领域投融资热度持续攀升，单笔融资金额不断刷新纪录，头部企业成为 资本竞逐的焦点。 融资热度走高的背后，政策端的推动是关键因素。2025年6月，证监会发布意见，明确支持商业航天等 前沿科技领域企业适用科创板第五套上市标准。同年12月26日，上交所进一步公布《商业火箭企业适用 科创板第五套上市标准》指引，为商业火箭企业登陆资本市场打通了制度通道。 上市通道的明确，直接激活了一级市场的投资热情。目前，蓝箭航天科创板IPO申请已获受理，中科宇 航已完成IPO辅导，星际荣耀、星河动力、微纳星空等企业也在推进IPO进程。华泰证券通信行业首席 分析师王兴表示："伴随资本市场对硬科技支持力度持续加大，尤其是《指引》的发布，明确支持优质 商业火箭等企业登陆科创板，行业退出预期显著明朗化。在此背景下，一级市场资金快速转向，头部商 业航天企业成为机构重点布局方向，融资额度呈现争抢态势。" 2月12日，星际荣耀宣布完成D++轮融资，金额达50.37亿元，刷新我国商业火箭企业单笔融资最高纪 录，所募资金将主要用于可重复使用液氧甲烷运载火箭型号研制及商业化推进。同日，箭元科技完成由 多家头部机构参与的B轮 ...