2026 年 02 月 01 日 北交所定期报告 本周北证指数震荡回调，我国将布局 更多"太空+"产业 本周市场回顾： 本周上证指数上涨 0.09%，北证 A 股指数下跌 3.54%，跑输上证综指 3.63pct，北证 50 指数下跌 4.29%,跑输上证综指 4.38pct，创业板指 数下跌 2.41%，科创板指数下跌 3.18%； 流动性方面，本周北证 A 股总成交额为 1436.6 亿元，北证 50 总成交 额 492.3 亿元，占北证 A 股总成交额的 34.3%，环比+1.87pct。北证 A 股日均成交额 287.31 亿元，环比+8.8%，区间日均换手率为 4.65%， 较上一区间提升 0.38pct； 估值方面，截至 2026 年 1 月 30 日，北证 A 股市盈率中位数为 45.52X； 同期科创板、创业板 PE 中位数分别为 36.28X、37.23X。 个股表现&新股上市情况： 截至 2026 年 1 月 30 日，北交所上市公司总数为 292 家，涨幅靠前的 分别为:科力股份、秋乐种业、连城数控、戈碧迦、美邦科技、蘅东 光、康农种业、铜冠矿建、志高机械、欧福蛋业；跌幅靠前的分别为: ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The humanoid robot sector has experienced significant fluctuations, with a notable decline of 8.73% in the core company index, underperforming the CSI 300 index which saw a slight increase of 0.08% [11][12] - Tesla's CEO Elon Musk emphasized the acceleration of humanoid robot production, aiming for a capacity of 1 million units at the Fremont factory by 2026, marking a pivotal shift towards mass production [12][18] - The report highlights the potential of the humanoid robot industry to enter a "golden decade" as production ramps up from 2025 to 2026, transitioning from initial development to mass deployment [12][18] Summary by Sections Section 1: Market Overview - The humanoid robot sector has faced a significant downturn, with individual stocks showing varied performance, including notable declines for companies like Longsheng Technology and Weichuang Electric [11][12] - The overall market sentiment is affected by short-term catalysts such as factory audits and Tesla's earnings call, alongside seasonal shifts in investment preferences as the Chinese New Year approaches [12] Section 2: Space Mining and Robotics - China is advancing its space resource development strategy, focusing on key technologies for asteroid resource exploration and intelligent autonomous mining [18][19] - The report identifies the challenges of space mining, including microgravity and high radiation environments, which necessitate advanced robotic technologies [20][26] - Humanoid robots and other multifunctional robots are expected to play a crucial role in space mining operations, capable of performing various tasks in extreme conditions [20][35] Section 3: Beneficiary Segments - The commercial space sector is poised for growth, driven by policy support and increasing demand for satellite launches and networks [41] - Key beneficiaries in the humanoid robot and commercial space sectors include companies involved in core components, structural parts, and specialized robotics [42] - The report lists specific companies that are expected to benefit from advancements in humanoid robotics and space mining technologies, including Blue Sky Technology and Junsheng Electronics [42]

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Kodali, and others [6][7]. Core Insights - The electric equipment and new energy sector experienced a decline of 5.10% in the past week, underperforming the Shanghai Composite Index. The lithium battery index saw the smallest drop at 1.03%, while the nuclear power index faced the largest decline at 8.96% [1]. - A significant development is the mass production of aviation-grade solid-state batteries by XWANDA, which includes two product lines with energy densities of 320Wh/kg and 380Wh/kg, aimed at various applications including eVTOLs [2][15]. - The National Development and Reform Commission and the National Energy Administration have announced a new capacity compensation mechanism for power generation, expanding the scope to include various energy sources and enhancing market-oriented reforms [3][37]. Summary by Sections New Energy Vehicles - XWANDA has achieved mass production of aviation-grade solid-state batteries, with Gen1 targeting lightweight drones and Gen2 designed for eVTOLs, featuring a 10-minute fast charge and a range of 320km [2][15]. - The company plans to introduce a Gen3 battery with over 400Wh/kg energy density by 2026 and a 500Wh/kg all-solid-state battery by 2027 [15][19]. New Energy Generation - The new capacity compensation mechanism aims to create a more market-oriented and unified system, allowing various energy sources to participate in capacity compensation [3][38]. - The mechanism will assess the "reliable capacity" based on actual peak output rather than installed capacity, enhancing the scientific evaluation of capacity value [38][39]. Electric Equipment and Automation - Hunan Province plans to invest 45.2 billion yuan in 2026 to accelerate the construction of 24 key energy projects, including the "Xinjiang Electricity into Hunan" project [4]. - The China Electric Power Research Institute has successfully scaled up the application of high-performance transformer protection technology in national grid projects [4]. Commercial Aerospace - SpaceX is seeking to deploy a constellation of up to 1 million satellites to create an orbital AI data center, supporting large-scale AI applications globally [5]. Company Earnings Forecasts - Key companies such as Ningde Times and Kodali are projected to have increasing earnings per share (EPS) from 2024 to 2026, with recommended ratings indicating strong future performance [6].

Group 1: Economic Trends and Currency Dynamics - The Federal Reserve is expected to continue its interest rate cut cycle into 2026, potentially lowering rates by at least two times, which may lead to a further decline in the US dollar index from around 110 to 97 [1] - The trend of "de-dollarization" is gaining momentum as more countries diversify their reserves away from the US dollar, influenced by the US's use of its currency for sanctions and its high national debt of $38 trillion [2] - The US 10-year Treasury yield has risen to 4.5%, reflecting increased risk premiums, while China's 10-year Treasury yield stands at approximately 1.6% [2] Group 2: Commodity Markets and Resource Management - The US has been stockpiling copper, reaching 400,000 tons, which has contributed to rising copper prices, impacting manufacturing sectors in China [3] - The US's actions in Venezuela, particularly regarding oil resources, highlight its aggressive resource acquisition strategy, which may further destabilize international relations [3] Group 3: Domestic Economic Policies and Growth - China's GDP growth reached 5% last year, but retail sales growth has slowed, indicating a need to boost domestic demand through increased income and investment [3] - The focus of China's economic policy is shifting towards enhancing domestic consumption and reducing overcapacity in traditional industries [3] Group 4: Investment Opportunities in Technology - The 14th Five-Year Plan emphasizes support for technology innovation sectors such as robotics, semiconductors, and quantum technology, which are expected to perform well in 2026 [4] - The capital market is witnessing a shift as residents are moving savings towards the stock market, with a significant amount of deposits maturing and seeking higher returns [5] Group 5: Market Dynamics and Consumer Behavior - The current bull market is expected to positively impact consumer spending, stabilize the housing market, and support the growth of technology firms, potentially leading to the emergence of new industry leaders [6] - The number of new stock accounts opened exceeded 27 million last year, indicating a growing participation in the capital market, which may help offset wealth losses from declining property prices [6]

压中国五头？马斯克宣布：将发射100万颗卫星！他要这么多卫星干什么？Space X公司要如何做到？ 最近几个月，商业航天的势头发展迅猛，我国已经多次表明，十五五期间要将商业航天作为重点发展领域之一。近日更有消息称，我国在12月底一口气申请 了20万颗卫星宏伟发射计划。种种迹象表明，我国已经决心在这个领域发力。 不过，20万颗卫星的数量，确实有点惊人了。至少按照目前的发射能力，和迄今为止人类发射过的卫星数量看，短期之内我国想要完成这个计划，确实有点 难度。 不过，隔壁的马斯克，最近喊出了更牛的口号。据报道，他手下的Space X公司，一口气申请了整整100万颗卫星！这么个数量，那不是压我国一头，简直是 要压我们五头啊。 这条信息，来自美国联邦通信委员会（FCC）的一份新文件。该委员会负责管理美国的航天发射任务，所以Space X发射卫星需要先向其发起申请。这份文 件显示，Space X近日申请发射并运营一个由最多可达100万颗卫星组成的庞大卫星星座。 这条消息发布之后，得到了马斯克的转发，证明他承认了这件事。甚至评论了一句：我们这也是先完成一个"小目标"。 发射这么多卫星，到底要干什么？ 据悉，Space X向 ...

江苏省宜兴新动能母基金招GP 近日，为推动宜兴市产业转型升级，加快构建高质量发展格局，宜兴新动能产业基金合伙企业（有限合伙）（以下简称"新动能母基金"）公开遴选 产业子基金管理机构。 新动能母基金成立于2021年，为私募股权投资类FOF基金，总规模50亿元，合伙期限为40年，由宜兴市级国有企业联合出资组建，管理人为宜兴市 宜财私募基金管理有限公司。新动能母基金围绕宜兴市创新驱动与产业强市战略，通过与国家级母基金、国内外头部投资机构深化合作，投资私募股 权、创业投资子基金，促进宜兴产业的转型升级和高质量发展。 东 莞滨 海湾母基金招GP 近日，东莞滨海湾人工智能 产业创业投资母基金合伙企业（有限合伙）（以下简称"滨海湾母基金"）开展市场化子基金管理机构遴选工作，筛选优 质管理机构共同设立子基金，聚焦人工智能核心赛道，撬动社会资本赋能滨海湾新区人工智能产业高质量发展。 据悉， 滨海湾母基金 首期认缴规模为3亿元，存续期限为10年。基金聚焦"人工智能+"领域，包括人工智能核心技术研发，人工智能在制造业、智 慧城市、智慧交通、智慧医疗、智慧生活服务等领域应用，与人工智能相关硬件制造。 导读 本周， 江苏、广东、杭州 ...

Group 1 - The international precious metals market experienced a significant decline, with silver prices dropping by 35% and gold prices falling below key support levels, which will put pressure on the A-share precious metals sector [1] - Bitcoin prices also saw a substantial crash, further affecting market risk appetite, while over 500 listed companies have issued profit warnings, including major firms like China Overseas Land & Investment and Wingtech Technology, which are expected to report losses exceeding 10 billion [1] - The commercial aerospace sector is gaining momentum, with SpaceX submitting an application to launch 1 million AI satellites to create the world's first space data center, and China is accelerating its own satellite and rocket launch initiatives, indicating a strong investment opportunity in this sector [1] Group 2 - The China Securities Regulatory Commission has expressed support for the development of new productivity sectors such as AI and semiconductors, while storage chip prices are set to rise, benefiting leading companies in the optical module industry [2] - Shanghai has introduced a subsidy policy for replacing old home appliances with new energy appliances, with a maximum subsidy of 20,000, which will drive consumption and support the recovery of the new energy sector [2] - Upcoming industry events, such as the brain-computer interface developer conference and photovoltaic industry seminar, are expected to catalyze opportunities in related sectors [2]

半导体 2026 年 02 月 01 日 行 业 定 期 报 告 我们在此前周报第 1 期 20260110 中明确提出"看好商业航天产业 趋势，预计未来我国可回收火箭的成功回收将降低单次发射成本，有 望成为行业加速发展的拐点"，我们观察到国内和海外产业进展迅速， 可回收火箭核心公司蓝箭航天的 IPO 进程在 25 年 12 月 31 日被上交所 受理后，不到一个月的时间，在 26 年 1 月 22 日就达到"已问询"， 上市进程大超预期，凸显国内政策对产业发展的支持，我们坚定看好 商业航天产业链在 2026 年的加速发展机遇。 SpaceX 申请部署百万颗卫星，太空"军备竞赛"持续：1 月 31 日据 C114 报道，SpaceX 向美国联邦通信委员会（FCC）申请发射并 运营一个至多 100 万颗卫星组成的星座，相关文件显示其正在规划"轨 道数据中心系统（Orbital Data Center system）"，这些卫星拟运行在 500 公里至 2000 公里的不同轨道壳层中，相关文件显示其目的在于满 足日益增长的 AI/机器学习/边缘计算等需求。 持续看好星间激光通信和手机直连卫星环节：我们认为 6G= ...

Group 1 - The "Space+" industry is becoming a key focus for investment, with plans to develop space digital infrastructure, resource development, traffic management, and tourism [4][17][21] - There are currently 15 companies related to commercial space and space photovoltaics on the Beijing Stock Exchange, with a total market capitalization of 105.715 billion yuan as of January 30, 2026 [4][21] - Notable companies include Fujida (920640.BJ), which specializes in RF coaxial connectors and cables for communication and defense markets, and Starry Technology (920885.BJ), which provides ground equipment for rocket launches [4][21] Group 2 - The average weekly change for the consumption services sector was -2.02%, with the median P/E ratio dropping to 47.8X [5][40] - The high-end equipment sector saw a median P/E ratio decrease to 36.6X, while the information technology sector's median P/E ratio fell to 79.3X [5][43] - The chemical new materials sector's median P/E ratio decreased to 41.3X, and the pharmaceutical and biological sector's median P/E ratio dropped to 29.5X [5][52] Group 3 - In the technology new industries, the median P/E ratio for 159 companies decreased from 44.7X to 41.5X, with a total market capitalization decline from 560.692 billion to 531.795 billion yuan [6][59][60] - The average weekly change for the technology new industries was -6.53%, with only 14 out of 159 companies experiencing an increase [6][58] - Leading companies in terms of growth included Liancheng CNC (920368.BJ), which saw a 21.73% increase, and Hengtong Light (920045.BJ), which increased by 14.83% [6][63] Group 4 - Companies with high growth expectations for 2025 include Hengtong Light, with a projected net profit increase of 82.95% to 110.05%, and Fujida, expecting a net profit increase of 50.41% to 65.86% [7][27] - Starry Technology anticipates a net profit increase of 105.30% to 117.74%, while Tian Gong Co. (920068.BJ) is expected to deliver its first aerospace-grade titanium alloy wire order by March 2025 [7][29][30] - Liancheng CNC is projected to have a significant decline in net profit, with estimates ranging from a decrease of 72.39% to 81.50% [7][36]

（一）重磅消息 1月31日，SpaceX已向美国联邦通信委员会(FCC)提交申请，计划发射高达100万颗卫星，以构建一个环 绕地球的轨道数据中心网络。该公司在周五晚提交的文件中，将该项目描述为一个具有空前计算能力的 卫星星座，旨在为先进AI模型及其应用提供算力支持。SpaceX在一份8页文件中阐述了其"轨道数据中 心系统"的构想，称为了向全球数十亿用户提供大规模AI推理和数据处理所需的能力，公司目标部署多 达100万颗卫星，这些卫星将在厚度不超过50公里的多个狭窄轨道层中运行。 2、在2017年至2025年的2月份涨幅前10的二级行业合计有56个，相对分散，但出现3次以上的二级行业 只有通信设备、小金属、软件开发、能源金属等四个行业。这与2026年1月份有过不错表现的科技和有 色金属板块重叠度较高。且由于2026年春节在2月中旬，我们预期2月市场热点较难出现快速切换，科 技、有色这些1月强势的板块2月依旧有继续走强的可能。对于消费板块而言，虽然我国在继续推进"两 新"政策，但消费领域的传导链条较长，短期内依然无法刺激消费领域的全面爆发；且随着人工智能的 发展，就业问题也将越来越困难，一定程度上拖累了消费。 3 ...