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]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Keda Manufacturing announced a major asset restructuring plan, intending to acquire minority stakes in its subsidiary, Tefu International, which could enhance its parent company's performance and strengthen long-term development interests [2][13] - Resonac plans to increase the price of its carrier boards by 30% due to rising costs in electronic fabrics and copper foil, indicating strong demand driven by AI chips and consumer electronics [3][14] - The report highlights the importance of UTG glass and TCO glass in the aerospace sector, emphasizing their advantages in terms of lightweight and flexibility, which are critical for space applications [4][15] Summary by Sections Weekly Discussion - Keda Manufacturing is planning to acquire minority stakes in Tefu International, which will consolidate its market position in overseas building materials, particularly in Africa [2][13] Industry Trends - Resonac's price increase for carrier boards reflects the competitive landscape driven by AI and consumer electronics, with significant implications for upstream materials like low-CTE electronic fabrics and carrier copper foil [3][14] - The aerospace industry is expected to increasingly rely on UTG glass due to its superior properties, with significant growth anticipated as commercial space ventures expand [4][15] Market Performance - The cement market shows a national average price of 348 RMB/ton, down 56 RMB/ton year-on-year, with an average shipment rate of 39.9% [5][16] - The float glass market has seen an average price of 1138.27 RMB/ton, with a slight increase of 1.46% week-on-week, indicating a mixed demand across regions [5][16] - The report notes a stable performance in the fiberglass market, with prices remaining steady and demand primarily driven by wind energy applications [18][20] Price Changes - The report details price fluctuations in various materials, including a decrease in cement prices and stable prices in the float glass market, reflecting regional demand variations [29][36] - The average price for 2.0mm coated panels remains stable at 10.5-11 RMB/square meter, indicating a steady market for photovoltaic glass [51][52]

Core Insights - The report highlights the promising outlook for the commercial aerospace sector and increased attention on large aircraft and military trade [2][3] - The construction of a space power is accelerating, with a focus on breakthroughs in reusable rocket technology and the development of new industries such as commercial aerospace and low-altitude economy [5][13] - Airbus has set a record for civil aircraft orders, with a total of 8,754 aircraft in backlog by the end of 2025, indicating strong market demand [5][13] - Military trade is expected to improve, with significant defense export growth reported in the UK, reaching over £20 billion in 2025 [5][14] Investment Strategy - The report recommends focusing on companies that align with the "S-curve" evolution, emphasizing supply chain reform and automation trends, with specific recommendations for companies like Aero Engine Corporation and AVIC [5][15] - It also suggests targeting companies involved in military trade, large aircraft, and low-altitude economy, highlighting firms such as Guorui Technology and China Power [5][15] - New emerging industries such as commercial aerospace, AI, and quantum computing are also identified as key areas for investment, with recommendations for companies like Ruichuang Micro-Nano and Ziguang Guowei [5][15] Company Valuation and Financial Analysis - The report provides detailed financial metrics for key companies in the defense and aerospace sector, including expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 and 2026 [6] - For instance, Aero Engine Corporation is projected to have an EPS of 0.22 CNY in 2025, with a PE ratio of 184.41x, indicating strong growth potential [6] - Other companies like AVIC Heavy Machinery and Guorui Technology are also highlighted for their expected profitability and market positioning [6][25][27]

- 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 defense and military sector, with a weight of 59.26%. The proportion of constituent stocks with R&D expenditure exceeding 20% is 38%, which is significantly higher than the overall market level and the CSI Commercial Satellite Communication Industry Index [31][37][64] - The index's revenue growth rate for 2024 is projected at 18.12%, with expected growth rates for 2025, 2026, and 2027 at 11.23%, 15.9%, and 20.76%, 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. Additionally, it demonstrated lower drawdown levels, showcasing better risk-return characteristics [50][51][64] - The index's compilation rules mandate that the combined weight of the "satellite manufacturing + launching" foundational sectors must not be less than 50%, aligning with the current development phase of the industry amidst continuous favorable news in rocket launches and satellite manufacturing [29][54][64]

证券研究报告 | 2026年01月18日 基金投资价值分析 一键精准布局卫星全产业链——招商中证卫星产业 ETF 投资 价值分析 一键精准布局卫星全产业链 当前全球各国积极加快布局、抢占先机：卫星频率和轨道资源是全球稀缺战 略资源。依据 ITU"先到先得"规则，率先完成部署的主体可优先锁定轨道与 频段使用权，这一规则重塑了全球太空资源竞争格局。在此背景下中国推进 "GW 星座""千帆星座"等国家级星座计划，拟在未来十年内完成上万颗部署。 政策大力支持，国家战略持续加码：我国政府有关部门连续颁布一系列法规 及政策文件，大力支持商业航天领域发展，强调加快布局卫星网络的紧迫性。 目前国家队和民营企业"双线并进"的技术研发模式形成了良好的互补效应。 中证卫星产业指数投资价值分析 中证卫星产业指数（931594.CSI）选取不超过 50 只业务涉及卫星制造 与发射、卫星地面设备制造、卫星导航、卫星通信以及其它技术研发与 应用环节的上市公司证券，以反映卫星产业上市公司证券的整体表现。 指数行业分布主要集中在国防军工行业，占比 59.26%，成分股研发支出占 比普遍较高，高于全市场水平和国证商用卫星通信产业指数。中证卫星产 ...

Group 1 - The core viewpoint emphasizes the importance of developing new quality productivity as an intrinsic requirement and key focus for promoting high-quality development in Beijing [1] - The Daxing District is encouraged to leverage its resource endowment, select appropriate sectors, and develop characteristic industries to enhance its practical capabilities in new quality productivity [1] - The Daxing International Airport Economic Zone is highlighted for its unique advantages, being the only cross-provincial airport economic zone in the country, which is crucial for international exchanges and regional collaboration [2] Group 2 - The Daxing International Hydrogen Energy Demonstration Zone is identified as a key node in the Beijing-Tianjin-Hebei hydrogen energy industry chain, with over 190 hydrogen energy enterprises established [3] - There is a focus on advancing technology in key areas such as vehicle research and development, system integration, and green hydrogen supply to enhance product competitiveness in the hydrogen energy sector [3] - The need for deep integration of technological innovation and industrial innovation is emphasized, along with the establishment of a robust service system for technology transfer and talent development [3][4] Group 3 - The initiative to accelerate the green transformation of production and lifestyle is underscored, with a focus on developing a green economy and implementing dual control of carbon emissions [4] - Coordination of regional development and high-level opening-up is prioritized, with an emphasis on collaboration with Tianjin and Hebei in innovation and industrial cooperation [4] - The importance of strengthening institutional innovation and policy support is highlighted, including improving the market for capital, technology, and data to facilitate efficient resource allocation [4]

Investment Trends - The "14th Five-Year Plan" period emphasizes investment in traditional industries focusing on high-end, intelligent, green, and integrated development, with a strong push for technological innovation and transformation[7] - Manufacturing investment growth rates from 2021 to 2024 are projected at 13.5%, 9.1%, 6.5%, and 9.2% respectively, indicating a robust investment environment despite external pressures[17] - In 2025, manufacturing investment growth slowed to 1.9%, a decline of 7.3 percentage points from 2024, highlighting a potential downturn in investment momentum[26] Structural Challenges - Investment efficiency has declined, with the incremental capital output ratio (ICOR) rising to approximately 14.9 from 13.1, indicating increased investment required for each unit of output[32] - The capacity utilization rate for major industrial enterprises was 74.6% in Q3 2025, reflecting a 0.5 percentage point decrease year-on-year, suggesting underutilization of resources[30] - Investment in high-tech manufacturing has significantly slowed, with growth rates dropping below overall manufacturing investment in 2024, indicating structural weaknesses in emerging sectors[32] Strategic Recommendations - Establish a dynamic identification system for investment directions aligned with the "14th Five-Year Plan" to enhance investment effectiveness and adaptability[9] - Focus on four key investment areas: upgrading traditional industries, fostering emerging industries, planning for future industries, and optimizing supply in weak links[44] - Emphasize the importance of human capital alongside material capital in investment strategies to enhance overall economic returns[41]

在绵阳高新区检察院知识产权检察办公室里，"绵州·吾为之"知识产权检察团队负责人姜蕾正在起草一 份审查报告，案件涉及某设备公司流失的商业秘密，为了准确定性，案卷中长达百页的专家论证会议记 录逐一论证了工艺流程、性能参数等技术细节。 "两弹一星"诞生地四川绵阳，是党中央、国务院批准建设的中国唯一科技城。在这里，人工智能、机器 人、航空航天等前沿产业熟化落地，创新驱动成为最鲜明的增长引擎。 创新是引领发展的第一动力，保护知识产权就是保护创新。习近平总书记强调，科技创新和产业创新， 是发展新质生产力的基本路径。 2025年12月17日，最高人民检察院党组书记、检察长应勇率调研组走进绵阳这片创新热土，深入知识产 权检察工作一线，调研检察服务科技创新、助力新质生产力发展有关情况。 在绵阳，检察履职如何护航科技城创新发展？知识产权检察工作取得了哪些亮眼成效？近日，记者沿着 最高检调研组的足迹，来到绵阳高新技术产业开发区检察院（下称"绵阳高新区检察院"）采访。 专业化提升办案"生产力" 知识产权涵盖专利、版权、商业秘密等创新成果。随着数字经济发展，新技术、新产业、新业态等领域 的知识产权案件不断涌现，检察工作更加需要知识型、 ...

Core Insights - The 2026 Nuclear Fusion Energy Technology and Industry Conference was held in Hefei, showcasing commercializable technologies derived from nuclear fusion research, which has garnered significant attention in the industry [1][3] Group 1: Technological Developments - Nuclear fusion energy simulates the fusion reactions of the sun, releasing energy and is regarded as humanity's "ultimate energy" [1] - Superconducting technology used for plasma confinement has been applied to develop more efficient medical magnetic resonance devices [1] - Technologies developed for creating extreme vacuum environments are aiding in the upgrade of semiconductor manufacturing equipment [1] - New materials that can withstand extreme conditions are finding applications in aerospace and other fields [1] Group 2: Industry Ecosystem - Hefei has established a complete innovation ecosystem with major scientific infrastructures, including the EAST, BEST, and CRAFT, and has gathered over 60 companies related to the nuclear fusion industry chain [3] - The local government and research institutions have identified dozens of fusion-derived technologies with commercialization potential and have created a project database for precise matching [3][5] - Companies are collaborating with research units to establish joint laboratories, facilitating early involvement in R&D and rapid application of results to high-end industrial uses [3] Group 3: Financial Initiatives - The "Fusion Financial Institutions Alliance" was established to provide services covering the entire lifecycle of fusion technology [4] - The Hefei Future Fusion Energy Venture Capital Fund was launched, targeting long-term capital for key technologies and core aspects of fusion energy [4] Group 4: Policy Support - During the 14th Five-Year Plan period, Anhui Province has created a list of derived technologies from large scientific devices to support secondary development and establish a comprehensive application system [5] - The province has incubated and introduced over 100 technology-based enterprises in fields such as superconducting materials, plasma diagnostics, low-temperature technology, and terahertz lasers [5]

Group 1 - The core viewpoint emphasizes the importance of technological innovation as a foundation for national strength and corporate success, highlighting recent breakthroughs in various technological fields in China [1] - The article outlines significant achievements in China's technological advancements during the "14th Five-Year Plan" period, including the operation of the "Tianhe" space station and the success of the "Chang'e 6" lunar mission [1] - It stresses the need for continuous reform in the technology system and the importance of integrating innovation with industry to enhance productivity and address existing challenges [2] Group 2 - The article discusses China's global technological cooperation, mentioning partnerships with over 160 countries and initiatives aimed at promoting international scientific collaboration [3] - It highlights the role of Chinese technology in improving infrastructure and operational efficiency in various regions, such as Brazil, South Africa, and Singapore [3] - The future outlook suggests that with the implementation of innovation policies and an optimized environment, China's path in technological innovation will lead to significant contributions to high-quality development [4]