国防ETF紧密跟踪中证国防指数，中证国防指数选取隶属于十大军工集团公司旗下的上市公司证券，以 及为国家武装力量提供武器装备，或与军方有实际装备承制销售金额或签订合同的相关上市公司证券作 为指数样本，以反映国防产业上市公司证券的整体表现。 数据显示，截至2026年1月30日，中证国防指数(399973)前十大权重股分别为航天电子、航发动力、中 航沈飞、中航光电、睿创微纳、菲利华、中航西飞、西部超导、中航机载、臻镭科技（维权），前十大 权重股合计占比42.4%。 国金证券指出，抢占太空资源属于当前我国的重要战略，而目前的核心卡点在于火箭端的运力不足，看 好26年成为商业火箭公司的可回收发射元年，重视国内空天链的"寒武纪"：火箭核心零部件。 截至2026年2月3日 15:00，中证国防指数(399973)强势上涨4.56%，成分股三角防务上涨17.99%，航发控 制上涨10.00%，西部材料上涨8.63%，图南股份，航发动力等个股跟涨。国防ETF(512670)上涨4.47%， 最新价报1.01元。 商业航天卷土重来，消息面上，SpaceX官宣，已完成对人工智能初创企业xAI的收购，两家公司合并后 的估值约为1.2 ...

Market Overview - The three major A-share indices opened lower on January 27, with the Shanghai Composite Index closing at 4139.9 points, up 0.18% [2] - The ChiNext Index rose by 0.71% to 3342.6 points, while the Sci-Tech 50 Index increased by 1.51% to 1555.98 points [2] Trading Activity - A total of 1928 stocks rose, while 3450 stocks fell, with 91 stocks remaining flat [3] - The total trading volume was 28.949 billion yuan, a decrease of 3.533 billion yuan from the previous trading day [3] Sector Performance - Semiconductor stocks saw significant gains, with over 20 stocks hitting the daily limit or rising more than 10% [5] - Gold stocks also performed well, with several stocks reaching the daily limit or increasing by over 10% [5] - Coal and basic metal sectors experienced notable declines, with major coal stocks dropping over 4% [6] Market Sentiment and Predictions - Financial analysts suggest that the A-share market may continue to experience fluctuations in the short term due to increased overseas uncertainties and pressure at previous high levels [7] - The current market is viewed as a short-term adjustment risk, with expectations for continued upward movement in the medium term [7] - Long-term perspectives indicate that the current market trend is still in its mid-stage, with potential for a "slow bull" market to continue [8][9] Investment Recommendations - Analysts recommend focusing on sectors such as technology, particularly AI and robotics, as well as industries benefiting from price increases like chemicals and non-ferrous metals [8][9] - Short-term investment opportunities are suggested in power equipment and photovoltaic sectors, which are supported by market demand and policies [10]

Core Viewpoint - The A-share space concept stocks have shown strong performance, with several companies experiencing significant gains on January 27, indicating a positive market sentiment towards the space industry [1]. Group 1: Stock Performance - Aerospace Microelectronics (航宇微) saw a rise of 10.80%, with a total market capitalization of 17.1 billion [2]. - Triangle Defense (三角防务) increased by 10.25%, bringing its market value to 21.3 billion [2]. - Western Materials (西部材料) rose by 8.66%, with a market cap of 23.1 billion [2]. - Aerospace Technology (航发科技) experienced a 6.65% increase, with a market capitalization of 17 billion [2]. - Aerospace Control (航发控制) grew by 5.56%, reaching a market value of 33.2 billion [2]. - Raytheon Defense (雷科防务) increased by 5.55%, with a market cap of 18.8 billion [2]. - Aerospace Power (航发动力) rose by 4.50%, with a total market capitalization of 128.1 billion [2]. - Hongyuan Electronics (鸿远电子) saw a 4.04% increase, with a market value of 13.8 billion [2]. Group 2: Year-to-Date Performance - Aerospace Microelectronics (航宇微) has a year-to-date increase of 28.92% [2]. - Triangle Defense (三角防务) has risen 28.13% since the beginning of the year [2]. - Western Materials (西部材料) has a year-to-date increase of 3.98% [2]. - Aerospace Technology (航发科技) has increased by 38.81% year-to-date [2]. - Aerospace Control (航发控制) has a year-to-date increase of 18.58% [2]. - Raytheon Defense (雷科防务) has risen 13.71% since the start of the year [2]. - Aerospace Power (航发动力) has a year-to-date increase of 20.06% [2]. - Hongyuan Electronics (鸿远电子) has increased by 9.74% year-to-date [2].

写在文章前的声明：在本文之前的说明：本文中所列的投资信息，只是一个对基金资产净值进行排行的客观描述，并无主观倾向性，也不是投资建议，纯属 娱乐性质。 一顿操作猛如虎，基金净值已更新，谁是基金中的王者，谁又垫底，请看数据： | 基金简称 PK | | | YEINDERS FREATHER | | | --- | --- | --- | --- | --- | | 1 | 国投瑞银白... A | 2.9694 | 9.28% | | | | 161226 | 2026-1-26 | | | | 2 | 前海开源金 ... A | 3.6140 | 8.76% | 8 | | | 001302 | 2026-1-26 | | | | 3 | 前海开源金 ... C | 3.5310 | 8.75% | | | | 002207 | 2026-1-26 | | | | 4 | 西部利得新 ... A | 2.5821 | 8.26% | | | | 673071 | 2026-1-26 | | | | 5 | 西部利得新 ... C | 2.5258 | 8.26% | 7 | | | 673073 | 2026 ...

今日早参 2026 年 1 月 23 日 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 仇文竹 固定收益：三个角度尝试增厚收益 随着基金销售新规落地，近期二永债明显修复。往后看，需求端超调压力缓 解，但股市、通胀、利率供给扰动仍存，一季度债市或延续震荡，但也不乏 交易机会。机构行为存在分化，保险开门红分红险销售亮眼，中小保险有拉 久期需求，银行配置摊余成本法信用债专户或带来中长久期信用债配置需 求。理财面临净值化挑战和分红险分流，春节前谨防取现需求规模回落。债 基短期压力缓解，中期仍面临"收益增厚和持有体验"等挑战。信用债 ETF 是机构发展重点，但年前冲量后近期明显回落，成分券超跌。综上，近期建 议继续票息打底，通过波段、品种、杠杆等增厚收益。基金、理财可继续下 沉挖掘 2 年期以内城投债，关注 5 年期二永债波段机会、4 年中高等级骑乘 机会，保险等可逢调整增配 5 年及以上中高等级信用债。 风险提示：股市走强超预期，刺激经济政策超预期。 研报发布日期：2026-01-22 研究员 张继强 SAC:S0570518110002 SFC: ...

Group 1 - The aerospace and military sectors are experiencing significant upward movement, with key concepts such as aircraft carriers, large aircraft, general aviation, space stations, and military-civilian integration showing notable gains. The military ETF (512710) has risen by 3.8%, the satellite ETF (563230) by 3.53%, and the aviation ETF (159392) by 2.53% [1] - The successful launch of the Long March 6 modified rocket carrying the Remote Sensing Satellite No. 50 and the Long March 8A rocket deploying 18 low-orbit satellites for satellite internet indicates a robust start for 2026 in terms of rocket launches. The launch process has been optimized, with the Long March 8A testing process reduced to 18 days, supporting high-density network demands [1] - China's commercial space industry has developed a complete chain covering "upstream manufacturing - midstream launching - downstream application." State-owned aerospace companies have established platform capabilities for launching, and the Wenchang commercial launch site has officially commenced operations, enhancing infrastructure capabilities. Private enterprises are rapidly emerging in areas such as rockets, satellites, and remote sensing terminals, leading to increased synergy [1] Group 2 - The military ETF (512710) closely tracks the CSI Military Leaders Index (931066), which selects 30 listed companies involved in military products and services to reflect the overall performance of leading companies in the military sector [2]

一边是坚信"得算力者得未来"的产业老将，一边是高呼"应用为王、场景至上"的科技新锐，科技投资圈 正在悄然掀起一场关于人工智能（AI）发展路径的主线之争。在二级市场上，这种理念分化已映射为 股价表现和基金净值上的差异。公开数据显示，2026年以来，AI应用、航天、卫星等更具想象空间的 概念走强，而去年涨幅明显的算力板块却陷入调整。 有机构分析，科技股"老登""小登"之争本质是增量资金在"共识增长"与"非共识增长"间寻找估值弹性的 再平衡。被机构重仓的"老登"品种已进入业绩消化估值阶段，而"小登"主题则受到了短线增量资金的青 睐。 放眼望去整个市场，"投科技"几乎等同于"买AI"。在不少投资者看来，算力公司作为AI基础设施建设的 重要参与者，堪称AI行情的"旗手"。在2025年，这些公司的股价持续攀升，且被多家机构重仓。在2025 年的几轮科技成长行情启动时，这些股票都是重要的风向标，最先上涨。但如今，尽管算力板块的价值 仍被市场所重视，但中国证券报记者在近期的采访中发现，不少基金经理对算力板块的态度已经悄然发 生变化。 ● 本报记者 魏昭宇 同为科技基 奈何"不同命" "都说2026年科技'开门红'，我也买了科 ...

证券日报网讯 1月20日，航天电子在互动平台回答投资者提问时表示，二级市场股票价格受市场环境、 宏观政策等多种因素影响。关于公司发展战略，请参阅公司2024年度报告，关于2025年度科研成果情 况，公司将在2025年度报告中披露。 （编辑 楚丽君） ...

证券日报网讯 1月20日，航天电子发布公告称，中证天通会计师事务所（特殊普通合伙）变更公司2025 年度审计项目质量控制复核人，由鞠录波接替邵富霞，交接已完成，不影响年报及内控审计。 （文章来源：证券日报） ...

Market Performance - The three major A-share indices collectively declined, 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] - 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 experienced significant declines, with multiple stocks such as Tongyu Communication and Sanwei Communication hitting the daily limit down [1] - The CPO concept and optical communication module sectors also fell, with Tiantong Co. hitting the daily limit down [1] - The photovoltaic equipment sector declined, with Guosheng Technology hitting the daily limit down [1] - The military industry sector weakened, with stocks like Shenjian Co. hitting the daily limit down [1] - Other sectors that saw notable declines included Hainan, 6G concept, PCB, and battery sectors [1] Rising Sectors - The epoxy propane and chemical raw materials sectors saw gains, with stocks like China Chemical and Hongbaoli hitting the daily limit up [1] - Spot gold prices surpassed 4700 USD for the first time, leading to a continued rise in the precious metals sector, with Hunan Silver and Zhaojin Gold both hitting the daily limit up [1] - The cultivated diamond sector also saw a rise, with Hengsheng Energy hitting the daily limit up [1] - Other sectors with notable gains included glyphosate and longevity drugs [1]