Investment Rating - The report maintains a "Positive" investment rating for the industry [4]. Core Insights - The report highlights optimism regarding the domestic large aircraft and military trade sectors, particularly focusing on the acceleration of the C919 aircraft's certification and delivery processes, as well as the increasing demand for military exports due to global security dynamics [6][43]. Summary by Sections Section 1: C919 Aircraft Development - COMAC is accelerating the C919's airworthiness certification, with expectations for faster deliveries starting in 2026 [6]. - The C919 has received key recognition from the European Union Aviation Safety Agency (EASA), marking a significant step towards entering the global aviation market [10]. - By 2025, the C919 is projected to have safely transported over 4 million passengers, with a total of 15 aircraft delivered to airlines [17]. - The C919 has already developed both a basic and an extended range model, with plans for additional variants to cover more market segments [34]. Section 2: Military Trade Demand - Multiple countries are lining up to purchase the JF-17 "Thunder" fighter jet, boosting Pakistan's defense exports amid fluctuating global security conditions [46]. - The report notes that military trade demand is closely linked to global security situations, with a significant increase in military trade orders observed from 2020 to 2024, reflecting a compound annual growth rate of 12.95% [65]. - Aircraft constitute the largest share of military trade orders, with fighter jets being the most significant category within that segment [66]. Section 3: Industry Growth and Opportunities - The report emphasizes the potential for increased domestic production rates as local suppliers mature, which could enhance revenue for related industries [38]. - The military trade sector is expected to benefit from improved supply capabilities, with new equipment ready for export, including advanced fighter jets and radar systems [84]. - The report identifies key players in the military aircraft sector, such as AVIC Chengfei and AVIC Shenyang, as primary beneficiaries of the growing military trade market [70].

据环球时报援引南非独立在线新闻网站（IOL）18日报道称，美国司法部已提起一项没收诉讼，要求扣 押两件在"从南非运往中国的途中被截获的军事训练设备"，并称其使用了美国技术。涉及此事的南非试 飞学院反驳说，设备并未整合所谓美国技术、数据或其他受出口管制的材料，用途仅为教学。 美方声称，MCT项目被用来培训中国飞行员定位并跟踪在太平洋海域活动的美国潜艇，这些设备能够 帮助中国军方提升追踪潜艇以及操控先进侦察飞机的能力。 中国政法大学国际法学院教授霍政欣18日对《环球时报》记者表示，美国在其出口管制领域的"长臂管 辖"延伸得非常广泛，除了管辖本土以外的技术和原产品，还包括外国的一些技术和产品——如果美方 认为这些产品和技术里使用了某些美国的技术，它都要进行管辖。美国以所谓国家安全为主要目的，限 制技术流向中国。"本质是通过技术封锁阻碍中国的技术和产业发展。"霍政欣表示。 美方声称，MCT项目被用来培训中国飞行员定位并跟踪在太平洋海域活动的美国潜艇，这些设备能够 帮助中国军方提升追踪潜艇以及操控先进侦察飞机的能力。 中国政法大学国际法学院教授霍政欣18日对《环球时报》记者表示，美国在其出口管制领域的"长臂管 辖"延伸 ...

Core Viewpoint - The U.S. President Trump threatens to impose a 10% tariff on several European allies to pressure Denmark into selling Greenland, which could negatively impact a range of luxury goods and specialty products [1][2]. Group 1: Impact on Consumer Goods - Popular consumer goods shipped across the Atlantic that may be affected include French wine and cheese, Norwegian salmon, and Bang & Olufsen speakers assembled in Denmark [1][2]. - Other notable brands potentially impacted by the tariffs include Leica, Louis Vuitton, Le Creuset, and Hermes, with most of their core production still based in Europe [1][2]. Group 2: High-Value Manufactured Goods - Europe is a major supplier of high-value manufactured goods, with Germany known for Volkswagen, Audi, and Porsche; Sweden for Volvo; and France for Airbus aircraft [1][2]. - Although many components are globally sourced, final assembly and precision engineering typically occur on the European continent [1][2]. Group 3: Pharmaceutical Industry - The U.S. imports a significant amount of pharmaceuticals from Europe, and the pharmaceutical industry has been preparing for tariffs since the U.S. government threatened to impose up to 100% tariffs on branded drugs last year [1][2]. - During the COVID-19 pandemic, the U.S. imported vaccines produced in Belgium and Germany [1][2]. Group 4: Tariff Implementation Timeline - Trump announced that starting February 1, goods from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland will be subject to a 10% tariff, which will increase to 25% on June 1 [1][2].

Core Viewpoint - The article emphasizes the importance of high-level technological self-reliance and the development of new productive forces as a strategic support system for economic growth and national strength [1][2]. Group 1: High-Level Technological Self-Reliance - High-level technological self-reliance is fundamental for the development of new productive forces and is increasingly becoming a core strategic point in global competition [1]. - Original innovation and key core technologies are essential for achieving self-reliance, which in turn supports the development of new productive forces [1][2]. Group 2: Foundation of Core Elements - The accumulation of core elements is crucial for generating new productive forces, and high-level technological self-reliance acts as a catalyst for transforming these elements into a solid industrial foundation [3]. - The integration of digital innovation and process innovation is necessary for upgrading traditional industries, enhancing overall productivity, and transitioning from "labor-intensive" to "intelligent" production [3]. Group 3: Innovation and Industry Integration - A precise connection between the innovation chain and the industrial chain is vital for the growth of emerging industrial clusters, focusing on autonomous supply of key technological elements [4]. - The article advocates for the development of new industries such as satellite internet and low-altitude economy, aiming to create billion-level industrial clusters [4]. Group 4: Internal Motivation and Talent Development - The evolution of new productive forces relies on continuous internal motivation, which can be achieved through a comprehensive approach to education, technology, and talent development [6]. - The establishment of a new production relationship that supports innovation and talent cultivation is essential for aligning educational outcomes with industry needs [6]. Group 5: Digital Transformation - Digital transformation is identified as a key variable for maximizing development potential, enabling the integration of data elements into innovation and industrial processes [7]. - The construction of a robust digital infrastructure is necessary to unlock the potential value of data, driving fundamental changes in production methods [7][8].

Group 1 - Fengtai District aims to establish a trillion-level industrial scale during the "14th Five-Year Plan" period, focusing on the integration of technological and industrial innovation [3][4] - The district's main industries, including rail transit and aerospace, have surpassed a combined output value of 400 billion yuan, contributing approximately 80% to economic growth [3] - The number of national high-tech enterprises in Fengtai has reached 3,605, doubling over five years, while specialized and innovative small and medium-sized enterprises have increased by 6.4 times [3] Group 2 - The "4+5+X" modern industrial system is set to exceed one trillion yuan by 2030, with four main industries and five emerging industries identified for growth [4] - Fengtai District plans to enhance consumer experiences through the development of key commercial areas, including the "Lize × Capital Business New Area" [4][5] - The district will implement significant projects with a total investment of nearly 300 billion yuan, aiming for a 5% increase in total market consumption [5]

在成交额方面，1月12日至16日，宽基ETF成交活跃，跟踪中证A500指数和沪深300指数的ETF成交额领 先，跟踪科创板50指数、中证500指数、创业板指、中证1000指数的宽基ETF也有较大成交额。 在具体的产品方面，股票型ETF中，沪深300ETF华泰柏瑞上周成交额达745.58亿元，中证500ETF □本报记者 万宇 1月12日至16日，半导体相关ETF领涨，科创半导体ETF鹏华和科创半导体ETF的一周涨幅超过10%，科 创100增强ETF、半导体设备ETF广发等周涨幅超8%。航空航天相关ETF跌幅居前，航天航空ETF、航空 航天ETF天弘等跌超6%，多只航空航天相关ETF周换手率超100%。 在资金净流入方面，1月12日至16日，在净流入额最多的10只ETF中，多为行业ETF，包括软件、有色 金属、传媒、卫星等行业的相关产品。与此同时，宽基ETF成交活跃，跟踪中证A500指数和沪深300指 数的ETF成交额领先。 航空航天相关ETF回调 1月12日至16日，半导体相关ETF领涨，在周涨幅排名前十的ETF中，多数是这类产品。其中，科创半 导体ETF鹏华和科创半导体ETF周涨幅超过10%，排名前二，科创 ...

Group 1 - The core theme of the event in Chengdu is the integration of advanced optoelectronic technology with the aerospace industry, highlighting new development strategies for the aerospace sector [1][2] - Advanced optoelectronic technology is identified as the "core perception hub" of the aerospace industry, driving technological transformation through key optoelectronic components like sensors [1][2] - Chengdu's Jin Niu District is positioned as a potential leader in the aerospace revolution due to its existing industrial foundation in both aerospace and optoelectronics [1][3] Group 2 - The optoelectronic industry is entering a new development cycle, with a total market capitalization of related companies exceeding 1.3 trillion yuan, driven by advancements in artificial intelligence and new applications [2] - The low-altitude economy and aerospace sectors are highlighted as significant growth areas, with air taxis and the need for onboard and satellite communications being key focus points [2] - Jin Niu District has over 120 satellite application and optoelectronic companies, creating a space information industry worth over 40 billion yuan, and has been recognized as a distinctive industrial cluster in Sichuan Province [3] Group 3 - Multiple optoelectronic industrial projects were signed during the conference, indicating strong market interest and the establishment of a comprehensive ecosystem from upstream to downstream [5] - The Jin Niu District has launched a "financial empowerment matrix" with a total scale of 5 billion yuan, aimed at creating a fund ecosystem to support the entire lifecycle of technology development [6] - The establishment of a public service platform for semiconductor packaging and testing is set to provide comprehensive technical services, enhancing innovation and cost efficiency for companies [7]

Investment Rating - The report maintains a strong investment rating for the military industry, particularly focusing on the SpaceX supply chain and domestic rocket industry as key investment areas [2][40]. Core Insights - The report highlights the recent decline of the Shenwan Military Industry Index by 4.92% from January 12 to January 16, 2026, while the CSI 300 Index fell by only 0.57%, indicating a relative underperformance of -4.35 percentage points [2][40]. - It emphasizes the importance of focusing on the SpaceX supply chain and domestic rocket industry, which are expected to be the fastest-growing and most inflation-resistant sectors [2][40]. - The report suggests that the SpaceX supply chain is progressing rapidly, with expectations for commercial deployment of Starship and V3 satellites by 2027, leading to significant revenue realization from 2027 to 2030 [3][42]. - The domestic rocket industry is also highlighted as a core area, with plans for breakthroughs in reusable rocket technology and future industry layouts [3][42]. Summary by Sections Market Review - The Shenwan Military Industry Index has seen an 8.04% increase since 2026, outperforming the CSI 300 Index, which increased by 2.20% [15]. - The report notes that various sub-sectors within the military industry have experienced declines, particularly the aerospace sector, which fell by 10.56% [20][14]. Investment Opportunities - Recommended companies in the SpaceX supply chain include Lens Technology, Yujing Co., and Maiwei Co. [3][42]. - Key domestic rocket industry companies to watch include Feiwo Technology, Western Materials, and Silver Bond Co. [3][42]. - Ground terminal companies such as Shengyang Technology and Haige Communication are also highlighted for their potential high revenue realization [3][42]. Financial Insights - The report indicates a net outflow of 2.629 billion yuan from military ETFs during the week, with a decrease in leveraged fund inflows, suggesting a temporary reduction in market volatility [27][32]. - As of January 16, 2026, the military industry index has a TTM price-to-earnings ratio of 85.05, placing it in the 99.61 percentile historically [45][36].

- The CSI Satellite Industry Index (931594.CSI) selects up to 50 listed companies involved in satellite manufacturing and launching, ground equipment manufacturing, satellite navigation, satellite communication, and other related technological R&D and applications to reflect the overall performance of the satellite industry securities market [29][64] - The index's industry distribution is highly concentrated in the national defense and military industry, with a weight of 59.26%, followed by electronics (11.94%) and computers (11.49%) [31][64] - The index's R&D expenditure ratio is significantly higher than the overall market and the CSI Commercial Satellite Communication Industry Index, with 38% of its constituent stocks having an R&D expenditure ratio exceeding 20% [37][64] - The CSI Satellite Industry Index's 2024 revenue growth rate is projected at 18.12%, with expected growth rates of 11.23%, 15.9%, and 20.76% for 2025, 2026, and 2027, respectively. Net profit growth rates for 2025, 2026, and 2027 are estimated at 222.01%, 48.86%, and 32.34%, respectively [41][64] - Over the past year, the index achieved a return of 121%, with a one-month return of 53%, outperforming the CSI Commercial Satellite Communication Industry Index. It also demonstrated lower drawdown levels, showcasing better risk-return characteristics [50][64] - The index's compilation rules mandate that the combined weight of the satellite manufacturing and launching sectors must not fall below 50%, aligning with the current development phase of the industry, especially amid favorable conditions for rocket launches and satellite manufacturing [29][54][64]

Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1] Core Insights - The new materials sector is positioned as a crucial direction for the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate into a long-term growth phase. The report emphasizes that "one generation of materials leads to one generation of industry," highlighting the foundational nature of the new materials industry as the material basis for other sectors [3][4]. Summary by Sections 1. Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials. Samsung Display has officially launched mass production of the 8.6 generation OLED panels, which will be used in new laptops this year [5][20]. 2. Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fibers. The successful suborbital flight test of the Lihong No. 1 vehicle demonstrates advancements in low-cost and flexible launch capabilities [7]. 3. New Energy Sector - Focus on photovoltaic materials, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials. India is projected to become the second-largest solar market globally by 2026, driven by steady installation growth [9]. 4. Biotechnology Sector - Key areas include synthetic biology and scientific services. A team from Tsinghua University in Shenzhen has developed a 3D-printed "mini heart" that mimics the rhythmic beating of a real heart, with future applications in organ printing anticipated [11]. 5. Energy Conservation and Environmental Protection Sector - Focus on adsorbent resins, membrane materials, and biodegradable plastics. The Ministry of Industry and Information Technology has launched an action plan to promote high-quality development of industrial internet platforms, aiming for over 450 influential platforms by 2028 [13]. 6. Key Companies and Earnings Forecast - The report highlights several companies with their respective stock prices and earnings per share (EPS) forecasts for 2024A, 2025E, and 2026E, along with their price-to-earnings (PE) ratios and investment ratings. Notable companies include: - Ruihua Tai (688323.SH): EPS forecast of 0.26 for 2026E, rated as "Increase" [14] - Guangwei Composite (300699.SZ): EPS forecast of 0.97 for 2026E, rated as "Buy" [14] - Zhongfu Shenying (688295.SH): EPS forecast of 0.23 for 2026E, rated as "Buy" [14] - Wanrun Co., Ltd. (002643.SZ): EPS forecast of 0.53 for 2026E, rated as "Buy" [14] - Dinglong Co., Ltd. (300054.SZ): EPS forecast of 0.96 for 2026E, rated as "Buy" [14]