炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：策略李立峰与行业配置笔记 投资要点 市场回顾：2026年A股实现"开门红"，沪指16连阳刷新历史连续阳线记录，主要宽基指数普涨，市场风 险偏好持续回升，成长和小盘风格占优。资金层面，本周A股日成交额再度突破3万亿元，融资交易活 跃，融资余额突破2.6万亿元创历史新高；结构上，商业航天、卫星导航、脑机接口、核聚变等热点持 续涌现，涨价相关的有色金属也录得较佳收益。大宗商品价格多数上涨，本周贵金属、工业金属再度上 行，焦煤期货大涨7.2%。外汇方面，本周美元指数上行，离岸人民币对美元汇率在6.9附近震荡。 市场展望：把握做多窗口，牛市行情或将继续推进。伴随市场成交额突破3万亿元，A股震荡中枢再度 向上突破，A股春季做多窗口期有望延续：一是12月PMI和通胀数据好于预期，为春季行情提供基本面 支撑；二是场外资金入市意愿显著回升。年初至今融资资金、外资等增量资金加速流入，后续保险资 金、居民资金等多路场外增量资金入市值得期待；三是春节前后，科技产业事件催化预期有利于市场风 险偏好的维持。 以下几个方面是近期市场关注的重点： 一、市场量能放 ...

继控股股东否决公司临时股东大会三项核心治理议案后，有"卫星导航第一股"之称的振芯科技 （300101.SZ）控股股东成都国腾电子集团有限公司（简称"国腾电子集团"）再度"出手"。拟推动董事 会全面"换新"。 1月9日晚间，振芯科技突然发布公告，公司于1月7日收到控股股东成都国腾电子集团有限公司（以下简 称"国腾电子"）发来的《关于提请成都振芯科技股份有限公司董事会召集召开2026年第一次临时股东会 的函》，其中主要审议两个提案：一是《关于董事会提前换届并选举公司第七届董事会非独立董事的议 案》、二是《关于董事会提前换届并选举公司第七届董事会独立董事的议案》。 对此，记者致电国腾电子集团，国腾电子集团董事长高虹对智通财经表示，"近几年振芯科技深陷舆论 漩涡，内部管理混乱，业绩低迷，国腾电子集团作为控股股东依法加强对上市公司有效管理和控制，希 望通过提前换届解决目前纷争局面，通过引入业内优秀的技术和管理人才，将公司发展带入正轨。" 振芯科技相关人士回应智通财经称，对于实控人的指责的问题，要以证监局的现场检查结果为准，至于 其提起的临时股东大会，"只要符合法定程序，并且为了广大股东好，我们也积极支持"。 振芯科技原 ...

Core Insights - The smart satellite leveling system, centered on GNSS high-precision positioning, is experiencing steady growth supported by national satellite communication policies, with a projected market size of approximately 8.5 billion yuan in 2024, primarily driven by agricultural demand [1][8]. Industry Overview - The smart satellite leveling system integrates GNSS high-precision positioning with RTK real-time differential technology, enabling automated adjustments for ground leveling [2]. - The system can be categorized based on various dimensions, including core navigation systems (e.g., Beidou, GPS), positioning technologies (e.g., RTK, CORS), and application scenarios (e.g., agriculture, engineering, water conservancy) [2]. Policy Support - The Chinese government has implemented multiple policies to promote the satellite communication industry, encouraging the integration of satellite technology across various sectors, which provides a robust policy framework for the smart satellite leveling system [3][4]. Industry Chain Analysis - The industry chain consists of upstream core components, midstream system integration, and downstream application services, with a notable focus on high-precision positioning navigation components [4][5]. - The upstream market includes GNSS boards, RTK modules, and hydraulic components, with a domestic production rate exceeding 85% for Beidou multi-frequency chips [5]. Market Demand - The primary demand driver for the smart satellite leveling system is the construction of high-standard farmland, with significant government initiatives aimed at enhancing agricultural productivity [6][8]. - By 2024, over 80 million mu of new and upgraded high-standard farmland is expected to be developed, significantly boosting the market for smart satellite leveling systems [6]. Current Industry Status - The satellite navigation and positioning service industry is projected to reach a total output value of 575.8 billion yuan in 2024, reflecting a year-on-year growth of 7.39% [8]. - The smart satellite leveling system industry is entering a high-growth phase, characterized by accelerated technological iteration and increasing domestic production [8]. Competitive Landscape - The industry is dominated by domestic leaders such as Shanghai Lianshi Navigation and Huace Navigation, which are focusing on system integration and terminal manufacturing [9]. - The competition is shifting towards providing comprehensive solutions that integrate hardware, algorithms, and data services, with a notable trend of domestic brands replacing foreign ones in the market [9]. Future Development Trends - The industry is expected to see deepening technological integration, with advancements in AI and multi-sensor technologies enhancing operational efficiency [10][11]. - The focus will shift towards a complete industrial ecosystem, with an emphasis on standardization and modularization of products [11]. - Application scenarios are expanding beyond traditional sectors to include ecological restoration and renewable energy, with a transition towards integrated service models [12].

招商中证卫星产业ETF（159218）基金经理为许荣漫。 截至发稿，许荣漫累计任职时间4年292天，现任基金资产总规模326.89亿元，任职期间最佳基金回报 74.43%， 任职期间最差基金回报-64.67%。 1月9日，北斗星通涨5.01%，截至发稿，报62.68元/股，成交32.06亿元，换手率12.04%，总市值340.30 亿元。北斗星通股价已经连续5天上涨，区间累计涨幅44.53%。 资料显示，北京北斗星通导航技术股份有限公司位于北京市海淀区丰贤东路7号北斗星通大厦南二层， 成立日期2000年9月25日，上市日期2007年8月13日，公司主营业务涉及芯片及数据服务、导航产品、陶 瓷元器件、汽车电子。主营业务收入构成为：产品销售95.95%，服务收入4.04%，系统应用0.01%。 从基金十大重仓股角度 数据显示，招商基金旗下1只基金重仓北斗星通。招商中证卫星产业ETF（159218）三季度持有股数 59.05万股，占基金净值比例为4.57%，位居第七大重仓股。根据测算，今日浮盈赚取约176.56万元。连 续5天上涨期间浮盈赚取1085.93万元。 招商中证卫星产业ETF（159218）成立日期202 ...

1月9日，华测导航涨5.1%，截至发稿，报43.69元/股，成交5.89亿元，换手率2.17%，总市值343.59亿 元。 资料显示，上海华测导航技术股份有限公司位于上海市青浦区崧盈路577号华测时空智能产业园，成立 日期2003年9月12日，上市日期2017年3月21日，公司主营业务涉及从事北斗高精度卫星导航定位相关软 硬件技术产品的研发、生产和销售,并为行业客户提供数据应用及系统解决方案。主营业务收入构成 为：系统应用及解决方案50.42%，高精度定位装备49.58%。 刘树荣累计任职时间8年178天，现任基金资产总规模1399.16亿元，任职期间最佳基金回报194.12%， 任职期间最差基金回报-48.01%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 易方达创业板ETF（159915）成立日期2011年9月20日，最新规模1102亿。今年以来收益3.11%，同类排 名2798/5509；近一年收益66.93%，同类排名560/4198；成立以来收益276.7 ...

Group 1 - The core point of the news is that Sinar Navigation has seen a significant increase in its stock price, rising 5.04% to 50.41 CNY per share, with a total market capitalization of 4.056 billion CNY and a cumulative increase of 17.22% over the past five days [1] - Sinar Navigation specializes in high-precision satellite navigation technology, focusing on the research and development of dedicated chips and RTK technology, providing centimeter and millimeter-level real-time positioning solutions based on the BeiDou and other GNSS systems [1] - The company's revenue composition includes data acquisition equipment (42.84%), high-precision GNSS boards/modules (20.70%), data applications and system solutions (20.32%), agricultural machinery automatic driving systems (12.13%), and others (4.00%) [1] Group 2 - From the perspective of major fund holdings, one fund under CITIC Jiantou has heavily invested in Sinar Navigation, with the CITIC Jiantou Smart Life A fund increasing its holdings by 21,000 shares, making Sinar Navigation its largest holding [2] - The CITIC Jiantou Smart Life A fund has a total scale of 33.9388 million CNY and has achieved a year-to-date return of 5.17%, ranking 1478 out of 8827 in its category [2] - The fund manager, Zhou Ziguang, has been in position for 8 years and 230 days, with the best return during his tenure being 23.53% and the worst being -47.51% [3]

上市企业：华测导航[300627]、北斗星通[002151]、中国卫星[600118]、海格通信[002465]、华力创通 [300045]、振芯科技[300101]、中海达[300177]、天奥电子[002935]、合众思壮[002383]、盟升电子 [688311]、国科微[300672]、司南导航[688592]、航天宏图[688066]、航天科技[000901] 相关企业：河南省中天北斗卫星应用产业发展有限公司、山西长娥北斗导航数据服务有限公司、长沙北 斗产业安全技术研究院集团股份有限公司、深圳首戎北斗云投资有限公司、湖南矩阵装备科技有限公 司、湖南跨线桥航天科技有限公司、长沙金维集成电路股份有限公司、湖南北斗微芯数据科技有限公 司、大连畅泰北斗卫星科技发展有限公司、湖南精睿北斗产业发展有限公司、深圳市中康北斗科技有限 公司、港联北斗（大连）科技开发有限公司等 内容概要：北斗卫星导航系统（BDS）是中国自主研发的全球卫星导航系统，为联合国认定的四大 GNSS之一，定位为国家重要时空基础设施，提供高精度PNT服务及特色短报文通信服务。其历经从 1983年理论提出到2020年北斗三号全球组网开通的跨越式发 ...

Core Viewpoint - The company emphasizes the potential of high-precision satellite positioning technology in the commercial aerospace sector, particularly for satellite launch, orbit, control, and recovery, but currently lacks specific collaborations or orders [1] Group 1: Company Insights - The company has stated that its products have not yet engaged in specific collaborations within the commercial aerospace field [1] - There are currently no existing orders or intention orders for the company's products [1] - The company will closely monitor the development and business opportunities of satellite navigation and positioning technology in the aerospace sector [1]

近半年该股累计上榜龙虎榜5次，上榜次日股价平均涨5.97%，上榜后5日平均涨22.45%。 资金流向方面，今日该股主力资金净流出1.79亿元，其中，特大单净流出8925.40万元，大单资金净流出 8953.48万元。近5日主力资金净流出1.02亿元。 融资融券数据显示，该股最新（1月7日）两融余额为14.54亿元，其中，融资余额为14.40亿元，融券余 额为1391.15万元。近5日融资余额合计增加4.18亿元，增幅为40.96%，融券余额合计增加455.37万元， 增幅48.66%。（数据宝） 北斗星通1月8日交易公开信息 北斗星通今日上涨3.45%，全天换手率30.91%，成交额78.69亿元，振幅15.85%。龙虎榜数据显示，机构 净买入4007.72万元，深股通净卖出3025.34万元，营业部席位合计净买入936.18万元。 深交所公开信息显示，当日该股因日振幅值达15.85%上榜，机构专用席位净买入4007.72万元，深股通 净卖出3025.34万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交15.76亿元，其中，买入成交额为7.98亿 元，卖出成交额为7.78亿元，合计净买入191 ...

Core Viewpoint - The company emphasizes the potential of high-precision satellite positioning technology in the commercial aerospace sector, particularly for satellite launch, orbit, control, and recovery services [1] Group 1: Company Insights - The company has not yet engaged in specific collaborations or secured any existing or intended orders related to its products in the aerospace sector [1] - The company will closely monitor the development and business opportunities of satellite navigation and positioning technology in the aerospace field [1]