Core Viewpoint - The construction of a modern industrial system in China is being accelerated, focusing on the integration of technological and industrial innovation to enhance international competitiveness [1] Group 1: Industrial Economic Development - The industrial economy in China is expected to maintain stability and growth, with a focus on four key areas: stability, expansion, innovation, and enhancement [2] - Stability involves supporting key industries and regions that account for 80% of industrial output, implementing growth plans, and ensuring policy support [2] - Expansion focuses on increasing effective demand through flexible manufacturing and promoting new technologies, while also initiating major engineering projects [2] - Innovation aims to enhance value creation by upgrading traditional industries and developing emerging sectors, such as integrated circuits and aerospace [3] - Enhancement emphasizes improving the vitality of enterprises, particularly small and medium-sized ones, by reducing burdens and ensuring timely payments [3] Group 2: Manufacturing Development - The focus during the "14th Five-Year Plan" period will be on intelligent, green, and integrated development of manufacturing, ensuring supply chain security and stability [4] - Traditional industries will undergo renewal through the implementation of targeted upgrade plans and the adoption of smart and green technologies [4] - Emerging industries will be promoted through the establishment of demonstration bases and large-scale application of new technologies [5] - Future industries will be strategically developed, focusing on areas like quantum technology and 6G, with an emphasis on innovation and ecosystem building [5] Group 3: Technological Innovation - The integration of technological and industrial innovation is prioritized to enhance productivity and secure a competitive edge in global markets [6] - High-quality technological supply will be increased through national projects and collaboration between enterprises and research institutions [6] - The role of enterprises in technological innovation will be strengthened, with policies to support R&D investments and enhance participation in major projects [7] Group 4: Digital Transformation - The promotion of digital transformation in manufacturing will be driven by the large-scale application of industrial internet and artificial intelligence [8] - A strong digital foundation will be established by focusing on high-quality data collection and usage, particularly in key manufacturing sectors [8] - The development of industrial internet platforms and smart solutions will be prioritized to enhance connectivity and application in various industries [9]

1月13日，三大指数集体走弱，商业航天板块早盘盘中回升，国证航天航空行业指数(CN5082.SZ)早盘一度跌近8%，盘中回升跌幅收窄至3%，现 跌约5%，该指数成分股中，洪都航空上涨超7%，中国卫星上涨近3%，航亚科技上涨0.25%，内蒙一机上涨0.05%，国博电子下跌1.49%。 航空航天ETF天弘（159241）紧密跟踪国证航天航空行业指数，该指数覆盖航空装备、航天装备、军工电子等细分领域，涉及卫星互联网、大 飞机、低空经济等前沿科技方向。跟踪指数行业布局在申万一级行业分类中，国防军工权重占比高达98.66%。 招商证券表示，我国商业航天景气度显著抬升，产业规模迅速扩张。据中投顾问，2025年，我国商业航天产业规模预计达2.8万亿元，年均复合 增长率超26%，较2020年增长180%。其中，上游卫星制造与火箭发射环节价值占比约10%，中游地面设备制造占比约45%，下游卫星应用服务 占比约45%。 相关ETF方面，航空航天ETF天弘（159241）盘中探底回升，成交额为1.93亿元。资金流向方面，该ETF上个交易日(1月12日)净流入额为1.57亿 元，截至上个交易日，已连续2个交易日获资金净流入，累计净流 ...

Market Overview - On January 12, the A-share market continued its strong performance since the beginning of the year, with the Shanghai Composite Index surpassing 4165 points, an increase of 1.09%. The total trading volume exceeded 3.64 trillion yuan, setting a historical high [1] - The ETF market also showed a strong upward trend, with non-currency ETFs totaling 400.24 billion yuan in trading volume [1] - Sectors such as media, computer, and defense industries saw significant gains, while oil, coal, and real estate sectors experienced declines [1] Performance Review - The Shanghai Composite Index has accumulated an increase of 8.9% during the 17 consecutive days of gains, indicating significant market differentiation [2] - Notable sector performances include military industry, media, and non-ferrous metals, which rose by 33.95%, 29.25%, and 23.37% respectively. The banking sector was the only one to decline, with a decrease of 0.02% [4][5] Expert Insights - A leading analyst, J, expressed skepticism about the market's ability to sustain a bull run, citing that many company earnings reports are not favorable. The market may not remain optimistic after the first quarter earnings announcements [8] - There has been a noticeable shift in focus from performance-based stocks to concept-driven and speculative investments, with stocks that have strong earnings not seeing significant price increases [9] - The analyst has gradually shifted to a defensive stance, anticipating increased pressure on indices following the release of annual reports [10] ETF Performance - As of January 12, among 90 ETFs, 80 have achieved positive returns, with the aerospace ETF (159227) leading at a 48.98% increase, followed by the military industry ETF (512660) at 43.52% [12] - Other top-performing ETFs include general aviation (159230) at 41.29% and semiconductor equipment (159516) at 29.02% [12]

【印尼防长与巴基斯坦空军参谋长会谈 求购超40架"枭龙"战机】智通财经1月13日电，据环球网援引路 透社报道，三名知情的安全部门官员透露，印度尼西亚国防部长沙夫里与巴基斯坦空军参谋长巴伯尔当 地时间12日在巴首都伊斯兰堡举行会谈，讨论一项向印尼出售战斗机和无人机的潜在协议。报道援引一 名消息人士的话称，双方会谈主要围绕出售JF-17"雷电"战斗机（中国称"枭龙"）展开，同时涉及用于 侦察和打击目标的无人机。另外两名消息人士称，会谈已进入后期阶段，涉及出售超过40架JF-17战斗 机。其中一名消息人士透露，印尼还对巴基斯坦的"沙赫帕尔"无人机感兴趣。消息人士未透露关于交付 时间表和拟议协议期限的讨论内容。 转自：智通财经 ...

Group 1 - The commercial aerospace, large aircraft, and low-altitude economy sectors experienced a pullback, with the General Aviation ETF Huaxia (159230) dropping by 5.1% and a trading volume of 1.26 billion yuan, marking it as the leading sector ETF [1] - The General Aviation ETF Huaxia (159230) has seen continuous net inflows over the past 10 days, accumulating over 449 million yuan, with the latest fund size reaching 566 million yuan, both hitting record highs since inception [1] - Shenwan Hongyuan Securities highlighted that the general aviation industry is entering a golden development period due to a triple resonance of policy, technology, and market demand, with the low-altitude economy receiving legal support from the newly revised Civil Aviation Law [1] Group 2 - The General Aviation ETF Huaxia (159230) tracks the National General Aviation Industry Index, focusing on low-altitude economy sectors, covering materials and infrastructure, aircraft manufacturing, operational services, and application scenarios, with a low-altitude economy content of 88.26% and commercial aerospace content of 65.32% [2] - The Aerospace ETF (159227) closely follows the National Aerospace Index, with a high proportion of 98.66% in the primary military industry, covering key industry chain segments such as aerospace equipment, satellite navigation, and new materials, with commercial aerospace concept weight at 70.19% [2]

国家知识产权局信息显示，波音公司取得一项名为"地板组件及其安装方法"的专利，授权公告号 CN113830281B，申请日期为2021年6月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：情报员 ...

1月13日早盘，航空航天+卫星导航在连续暴涨后迎来回调，广联航空、航天环宇、航天宏图、华测导航等多股暴跌超10%。一键布局商业航天+卫星导航 +低空经济+大飞机的通用航空ETF华宝（159231）场内价格现跌6.17%，资金无惧调整，实时净申购400万份！此前5日连续获资金净流入超7000万元。 | 周 月 = | 综合屏 F9 前复权 超级叠加 画线 工具 ♡ (2 » | | | | | --- | --- | --- | --- | --- | | 收0.588 幅2.62%(0.015) 开0.574 高0.589 低0.569 均0.581 量5.42万型 | | | 0 7 -0.050 -6.17% | | | 0.557 | 2025/09/09-2026/01/13(83日)▼ | | | | | | | | SZSE CNY 10:02:33 交易中 查看L2全景 | | | | 0.849 | 净值走势 | | 华宝国证通用航空产业E | | | 0.830 | 委比 | -28.76% 委差 | -107 | | | | 工 | 0.766 | 1 | | | | 英国 | 0.765 ...

Group 1 - The core viewpoint emphasizes the importance of technological innovation and industrial integration in driving China's economic growth, with a strong focus on artificial intelligence and its applications [1][11][13] - The Ministry of Industry and Information Technology (MIIT) plans to enhance the quality of technological supply and elevate the role of enterprises in innovation, aiming for a transformation of technological achievements [7][9] - Key sectors identified for growth include integrated circuits, new materials, aerospace, biomanufacturing, embodied intelligence, and 6G technology [7][9] Group 2 - The MIIT is implementing a new round of central financial support policies for specialized and innovative small and medium-sized enterprises (SMEs) to boost R&D investment and enhance their vitality [11] - The ministry aims to create a national pilot service network for manufacturing to bridge the gap between laboratories and production lines, promoting seamless integration of innovation and industry [9] - The focus on artificial intelligence is highlighted as a competitive edge for China, with expectations for significant advancements and surprises in the future [11][13]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For stocks, with the entry of incremental funds at the beginning of the year, the financing scale has increased significantly, and the market trading volume has rapidly expanded. In the long - term, the policy support for the capital market remains unchanged. Strategically, the idea of buying on dips is recommended [4]. - For bonds, the improvement of economic expectations may put pressure on the bond market, but the sustainability of economic recovery momentum needs to be observed. The central bank's attitude of caring for funds remains, and the bond market is expected to be volatile and weak [8]. - For precious metals, if the silver price stabilizes, it will continue a new upward trend, and the driving force for the gold price remains strong. It is recommended to pay attention to the support of gold and silver prices around the BCOM and tariff adjustment nodes and buy on dips after short - term negative factors end [10]. - For non - ferrous metals, most metal prices are expected to be volatile. For example, copper prices are expected to fluctuate and consolidate in the short term; aluminum prices are expected to remain high; zinc and lead prices are expected to fluctuate widely following the sentiment of the non - ferrous sector [13][15][18]. - For black building materials, steel prices are expected to continue to fluctuate at the bottom; iron ore prices are expected to fluctuate at a relatively high level; glass and soda ash markets are generally weak; coking coal and coke prices are expected to fluctuate in a range [32][34][37]. - For energy and chemicals, different products have different trends. For example, rubber is recommended to be treated neutrally; the valuation of heavy - quality oil products is raised; methanol has the feasibility of buying on dips; urea is recommended to take profits on rallies [55][57][59]. - For agricultural products, the short - term trend of hog prices is expected to be stable or slightly rising, and different trading strategies are recommended for different contract periods; egg prices are expected to be stable or rising, and different strategies are also recommended for different contract periods [79][80][81]. 3. Summary by Relevant Catalogs 3.1 Macro - financial 3.1.1 Stock Index - **Market Information**: China Chamber of Commerce for Import and Export of Machinery and Electronic Products promoted a "soft landing" of the EU's anti - subsidy case on electric vehicles; Lihong No.1 completed its first sub - orbital flight test; Brain - Machine Haihe Laboratory completed the first "space brain - machine interface experiment"; prices of multiple non - ferrous and precious metal futures reached new highs [2]. - **Basis Ratio of Stock Index Futures**: Different ratios are provided for IF, IC, IM, and IH contracts in different periods [3]. - **Strategy Viewpoint**: With incremental funds entering at the beginning of the year, the financing scale has increased significantly, and the market trading volume has rapidly expanded. In the long - term, the policy support for the capital market remains unchanged. Strategically, the idea of buying on dips is recommended [4]. 3.1.2 Treasury Bonds - **Market Information**: On Monday, the closing prices of TL, T, TF, and TS main contracts changed by 0.30%, 0.07%, 0.05%, and 0.00% respectively. The Canadian Prime Minister will visit China, and the National Development and Reform Commission and other departments issued relevant policies on government investment funds [5]. - **Liquidity**: The central bank conducted 861 billion yuan of 7 - day reverse repurchase operations on Monday, with a net investment of 361 billion yuan [6][7]. - **Strategy Viewpoint**: The improvement of economic expectations may put pressure on the bond market, but the sustainability of economic recovery momentum needs to be observed. The central bank's attitude of caring for funds remains, and the bond market is expected to be volatile and weak [8]. 3.1.3 Precious Metals - **Market Information**: Shanghai gold rose 1.31%, and Shanghai silver rose 7.23%. The US federal prosecutor launched a criminal investigation into Fed Chairman Powell, which impacted the Fed's independence [9]. - **Strategy Viewpoint**: If the silver price stabilizes, it will continue a new upward trend, and the driving force for the gold price remains strong. It is recommended to pay attention to the support of gold and silver prices around the BCOM and tariff adjustment nodes and buy on dips after short - term negative factors end [10]. 3.2 Non - ferrous Metals 3.2.1 Copper - **Market Information**: Silver prices were strong, and the domestic equity market strengthened, driving copper prices to rise. LME copper inventory decreased, and domestic electrolytic copper social inventory increased [12]. - **Strategy Viewpoint**: The Fed's interest - rate cut expectation has weakened, and short - term sentiment may cool down. The copper mine supply is in a tight pattern, and copper prices are expected to fluctuate and consolidate in the short term [13]. 3.2.2 Aluminum - **Market Information**: The general atmosphere of bulk commodities was strong, and aluminum prices fluctuated and rose. LME aluminum inventory decreased, and domestic aluminum ingot and aluminum rod social inventories increased [14]. - **Strategy Viewpoint**: The high - level fluctuations of precious metals and non - ferrous metals have increased, and short - term sentiment may cool down. Aluminum prices are expected to remain high [15]. 3.2.3 Zinc - **Market Information**: The Shanghai zinc index rose, and LME zinc also increased. Zinc ingot social inventory decreased slightly [16][17]. - **Strategy Viewpoint**: The zinc price has a large room for catch - up compared with copper and aluminum. It is expected to fluctuate widely following the sentiment of the non - ferrous sector [18]. 3.2.4 Lead - **Market Information**: The Shanghai lead index rose, and LME lead also increased. Lead ingot social inventory increased [19]. - **Strategy Viewpoint**: The lead price is approaching the upper edge of the long - term oscillation range, and it is expected to fluctuate widely following the sentiment of the non - ferrous sector [19]. 3.2.5 Nickel - **Market Information**: Nickel prices rebounded, and the prices of nickel ore and nickel iron also changed accordingly [20]. - **Strategy Viewpoint**: The oversupply pressure of nickel is still large, and it is expected to fluctuate widely in the short term. It is recommended to wait and see in the short term [20][21]. 3.2.6 Tin - **Market Information**: Tin prices rose significantly. The supply in Myanmar is gradually recovering, and the demand is mainly for rigid needs [22]. - **Strategy Viewpoint**: The tin market demand is weak, and the supply is expected to improve. It is recommended to wait and see. The price is expected to fluctuate following the market risk preference [22]. 3.2.7 Carbonate Lithium - **Market Information**: The spot index of carbonate lithium rose, and the futures price also increased [23]. - **Strategy Viewpoint**: The "rush to export" effect has increased the demand expectation, but the rapid rise may increase the callback risk. It is recommended to wait and see or try with a light position [23]. 3.2.8 Alumina - **Market Information**: The alumina index rose, and the inventory continued to accumulate [24]. - **Strategy Viewpoint**: The mine price is expected to decline, and the alumina market continues to face over - capacity. It is recommended to wait and see and consider shorting on rallies [25]. 3.2.9 Stainless Steel - **Market Information**: The stainless steel main contract price was stable, and the social inventory decreased [26]. - **Strategy Viewpoint**: The optimistic expectation of Indonesia's RKAB supports the price. The price is expected to remain high and volatile in the short term [27]. 3.2.10 Casting Aluminum Alloy - **Market Information**: The price of casting aluminum alloy rose, and the inventory increased slightly [28]. - **Strategy Viewpoint**: The cost is strong, and the supply is disturbed. The price is expected to remain high in the short term [29]. 3.3 Black Building Materials 3.3.1 Steel - **Market Information**: The prices of rebar and hot - rolled coil increased, and the inventory of rebar increased slightly while that of hot - rolled coil decreased slightly [31]. - **Strategy Viewpoint**: The steel price is expected to continue to fluctuate at the bottom. It is necessary to pay attention to the de - stocking of hot - rolled coil and relevant policies [32]. 3.3.2 Iron Ore - **Market Information**: The iron ore main contract price rose, and the port inventory continued to accumulate [33]. - **Strategy Viewpoint**: The overseas iron ore shipment is in the off - season, and the iron ore price is expected to fluctuate at a relatively high level. It is necessary to pay attention to the steel mill's replenishment and iron - making rhythm [34]. 3.3.3 Glass and Soda Ash - **Market Information**: The glass main contract price decreased slightly, and the inventory decreased. The soda ash main contract price increased, and the inventory increased [35][37]. - **Strategy Viewpoint**: The glass price is expected to fluctuate, and it is recommended to wait and see. The soda ash market is generally weak [36][37]. 3.3.4 Coking Coal and Coke - **Market Information**: The prices of coking coal and coke rose. The spot prices of coking coal and coke also changed [38]. - **Strategy Viewpoint**: The commodity market sentiment is positive, but the fundamental support for the price is limited. The price is expected to fluctuate in a range [40][41]. 3.3.5 Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese silicon and ferrosilicon rose. The spot prices also changed [42]. - **Strategy Viewpoint**: The future market trend is mainly affected by the overall market sentiment and cost factors. It is recommended to pay attention to manganese ore and "dual - carbon" policies [45]. 3.3.6 Industrial Silicon and Polysilicon - **Market Information**: The price of industrial silicon rose slightly, and the price of polysilicon decreased. The inventory of industrial silicon may increase, and the supply of polysilicon may be adjusted [46][48]. - **Strategy Viewpoint**: Industrial silicon is expected to face inventory pressure, and polysilicon is expected to be weak and volatile. It is necessary to pay attention to relevant policies and production plans [47][49]. 3.4 Energy and Chemicals 3.4.1 Rubber - **Market Information**: The rubber price fluctuated and rebounded. The tire start - up rate had marginal fluctuations, and the inventory increased [51][53]. - **Strategy Viewpoint**: The overall commodity atmosphere is positive, but the rubber seasonality is weak. A neutral strategy is recommended, and short - selling can be considered if the price falls below a certain level [55]. 3.4.2 Crude Oil - **Market Information**: The main contract price of INE crude oil rose, and the inventories of refined oil products changed [56]. - **Strategy Viewpoint**: The Latin American geopolitical situation does not have enough positive impact on the overall oil price, but the valuation of heavy - quality oil products is raised [57]. 3.4.3 Methanol - **Market Information**: The regional spot prices of methanol changed, and the main contract price decreased [58]. - **Strategy Viewpoint**: The current valuation of methanol is low, and it has the feasibility of buying on dips [59]. 3.4.4 Urea - **Market Information**: The regional spot prices of urea changed slightly, and the main contract price increased [60]. - **Strategy Viewpoint**: The import window has opened, and it is recommended to take profits on rallies [62]. 3.4.5 Pure Benzene and Styrene - **Market Information**: The prices of pure benzene and styrene rose. The inventory of pure benzene increased, and the inventory of styrene decreased [63]. - **Strategy Viewpoint**: The non - integrated profit of styrene can be long - bought before the first quarter [64]. 3.4.6 PVC - **Market Information**: The PVC main contract price rose, and the inventory increased [65]. - **Strategy Viewpoint**: The domestic PVC market has a pattern of strong supply and weak demand. It is recommended to short on rallies [66]. 3.4.7 Ethylene Glycol - **Market Information**: The ethylene glycol main contract price rose, and the inventory increased [67]. - **Strategy Viewpoint**: The ethylene glycol market needs to increase production cuts to improve the supply - demand pattern. It is necessary to beware of rebound risks [68]. 3.4.8 PTA - **Market Information**: The PTA main contract price rose, and the inventory decreased [69]. - **Strategy Viewpoint**: The PTA is expected to enter the Spring Festival inventory - accumulation stage. It is recommended to pay attention to long - buying opportunities on dips [70]. 3.4.9 p - Xylene - **Market Information**: The p - xylene main contract price rose, and the inventory decreased [71][72]. - **Strategy Viewpoint**: The p - xylene load is high, and it is recommended to pay attention to long - buying opportunities following the crude oil price [73]. 3.4.10 Polyethylene (PE) - **Market Information**: The PE main contract price rose, and the inventory increased [74]. - **Strategy Viewpoint**: The PE price may be supported, and it is recommended to long - buy the LL5 - 9 spread on dips [75]. 3.4.11 Polypropylene (PP) - **Market Information**: The PP main contract price rose, and the inventory situation was complex [76]. - **Strategy Viewpoint**: The PP price may bottom out in the first quarter of next year [77]. 3.5 Agricultural Products 3.5.1 Hogs - **Market Information**: The domestic hog price was mixed, and the price may stabilize or rise slightly [79]. - **Strategy Viewpoint**: The short - term hog price may support the futures price, but in the medium - term, supply pressure exists. Different trading strategies are recommended for different contract periods [80]. 3.5.2 Eggs - **Market Information**: The national egg price mostly rose, and the price is expected to be stable or rise [81]. - **Strategy Viewpoint**: The short - term egg price may support the futures price, but in the medium - term, supply pressure exists. Different trading strategies are recommended for different contract periods [82]. 3.5.3 Soybean and Rapeseed Meal - **Market Information**: The protein meal futures price fluctuated. The import cost of soybeans may have a bottom, but the fundamental situation is weak [83][84]. - **Strategy Viewpoint**: It is recommended to wait and see in the short term due to the combination of long - and short - term factors [84]. 3.5.4 Oils and Fats - **Market Information**: The oil futures price fluctuated. The palm oil inventory in Malaysia increased, and the domestic three - major oil inventories were at a relatively high level [85][86]. - **Strategy Viewpoint**: The current fundamental situation is weak, but the long - term expectation is optimistic. The oil price may be close to the bottom [86]. 3.5.5 Sugar - **Market Information**: The Zhengzhou sugar futures price fluctuated. The spot price of sugar decreased slightly [87]. - **Strategy Viewpoint**: The international sugar price may rebound after February, and it is recommended to wait and see in the short term [89]. 3.5.6 Cotton - **Market Information**: The Zhengzhou cotton futures price decreased. The cotton supply and demand situation changed [90]. - **Strategy Viewpoint**: The cotton price may fluctuate after rising. It is recommended to wait for a callback to buy [91].

Group 1 - The "Nantianmen Plan" features a 100,000-ton space mother ship "Luanniao," measuring 242 meters in length and 684 meters in wingspan, with a maximum takeoff weight of 120,000 tons, capable of carrying 88 "Xuannü" unmanned aerial vehicles [1] - The plan serves as a futuristic framework for China's aerospace defense system, enhancing market recognition of the strategic value of the aerospace industry [1] - The core technologies reflected in the plan, such as hypersonic flight, dual-mode propulsion, metamaterials for stealth, and intelligent swarm control, align closely with China's actual advancements in aerospace information technology [1] Group 2 - The U.S.-China space race is intensifying, with SpaceX deploying 15,000 Starlink satellites and aiming to significantly reduce launch costs through its Starship program [2] - In response, China has applied to the International Telecommunication Union (ITU) for 203,000 low-orbit satellites, indicating a potential market worth trillions of dollars and marking the beginning of a super cycle in space infrastructure [2] - The geopolitical climate has heightened the urgency of the space arms race, with major powers viewing space as a critical infrastructure for national survival [2] Group 3 - The "Nantianmen Plan" encompasses multiple sectors, including aerospace, artificial intelligence, new materials, and energy, likely driving upgrades in strategic emerging industries [2] - The development of space mother ships and unmanned aerial vehicles involves key areas such as high-temperature alloys, composite materials, advanced propulsion systems, and satellite communications [2] - Attention is drawn to leading companies in the aerospace industry chain as 2026 is projected to be a year of accelerated growth in the global aerospace sector [2]