（来源：千龙网） 新华社长春2月27日电 题：与"巡天人"同守岁 新华社记者金津秀 正月的长春冰天雪地。踏着新春的热闹，记者来到长光卫星技术股份有限公司，在与外界喧嚣截然不同 的卫星运管技术研究室，感受"巡天人"与星辰做伴的值守。 长春是新中国光学事业的摇篮，2014年，长光卫星依托长春光机所科研基础成立，开启我国商业航天新 征程，目前已研制发射226颗卫星。 刚结束户外作业的"90后"工程师高巍推门而入，顾不上掸去身上凉意，目光立刻锁定控制台前屏幕 ——"吉林一号"144颗组网卫星正穿梭天际，它们"织"成了国内最大遥感卫星星座、全球最大亚米级商 业遥感卫星星座。 高巍入职5年，今年赶上了春节值班。工位上，父母寄来的特产拆了一半，他只匆忙尝了一口。眼前， 全国16座基站的数据跳动刷新，卫星每1.5小时绕地球一圈，"全球任意地点日均重访可达38至40次，节 奏环环相扣"。他一边说着，一边不停敲击键盘，次日待执行的上千条指令需逐条校对，看似枯燥，却 要处处应对变动，尤其节假日地面基站供电易有波动，容不得半点差错。 谈起航天梦，高巍眉头舒展。儿时自制"水火箭"的经历，在他心里种下飞天的种子。师父曾回忆，过去 卫星仅 ...

流动性方面，科创100ETF鹏华盘中换手4.05%，成交4.31亿元。拉长时间看，截至2月26日，科创 100ETF鹏华近1周日均成交6.03亿元，昨日单日净流入达4.44亿元。 科创100ETF鹏华紧密跟踪上证科创板100指数，上证科创板100指数从上海证券交易所科创板中选取市 值中等且流动性较好的100只证券作为样本。上证科创板100指数与上证科创板50成份指数共同构成上证 科创板规模指数系列，反映科创板市场不同市值规模上市公司证券的整体表现。 数据显示，截至2026年1月30日，上证科创板100指数(000698)前十大权重股分别为华虹公司、源杰科 技、东芯股份、睿创微纳、中科飞测、国盾量子、芯源微、百济神州、安集科技、复旦微电，前十大权 重股合计占比27.42%。 科创100ETF鹏华(588220)，场外联接(A：019861；C：019862；I：022845)。 消息面上，全球算力需求高涨，单纯依赖地面数据中心逐步显现瓶颈，太空算力已成为卫星新的应用场 景。据Starcloud白皮书，在太空部署40MW数据中心（10年运行）总成本约820万美元，相比地面数据 中心的1.67亿美元，降低95%。S ...

20260225复盘 宏观： 1. 韩国国会:通过旨在提升股票估值的商业法修订案。 人工智能： 1. 卖方：Cpo调整系市场误读花旗预测，实际上调了scale up的预测数量。 2. 卖方：GTC可能发布的新芯片为LPU芯片，主要用于推理，采用PCB板为高多层板，M9的Q布方案。 3. 欧盟知名云计算 20260225复盘 宏观： 1. 韩国国会:通过旨在提升股票估值的商业法修订案。 人工智能： 3. 传闻日本测试机进入国内大厂有一定限制。 1. 卖方：Cpo调整系市场误读花旗预测，实际上调了scale up的预测数量。 2. 卖方：GTC可能发布的新芯片为LPU芯片，主要用于推理，采用PCB板为高多层板，M9的Q布方案。 3. 欧盟知名云计算服务提供商 Hetzner从4月1日起云服务器涨价37%。 半导体： 1. 外媒报道：中国计划将先进芯片产量从目前不足2万片提升至1-2年后的10万片，到2030年再增加50万片产能的 更高目标。 2. 卖方：存储扩产预期上修，从10-12万上修到15万以上。 设备大订单即将落地。 4. 卖方：国内头部的光模块企业都在寻求封装厂合作或者并购机会，CPO工艺从精密制造转向 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The satellite launch industry is entering an accelerated phase, with significant growth expected in satellite deployment plans, including over 200,000 satellites submitted by China and 1 million by SpaceX, indicating a potential increase in the global satellite market from tens of MW to hundreds of MW and GW levels [15][21][22] - The space photovoltaic market is currently valued at 30 MW, representing only 2% of the terrestrial photovoltaic market, but could expand significantly under various scenarios, potentially reaching 100 GW and generating up to 9 times the value of the terrestrial market [3][18] - The competition for orbital resources is intensifying, with low Earth orbit (LEO) communication satellites becoming the primary focus, as they offer lower latency and broader applications compared to traditional satellites [16][35] Summary by Sections Section 1: Industry Growth and Satellite Launches - The global satellite launch volume is expected to reach a historical high in 2025, with a projected increase of 72.5% in new satellites launched, totaling approximately 4,330 satellites [22][21] - China's satellite deployment plans are ambitious, with a significant increase in the number of satellites expected to be launched by 2030, potentially exceeding 10,000 annually [21][27] Section 2: Space Photovoltaics Market Potential - The current space photovoltaic market is small, but three scenarios could lead to substantial growth: 1. A dense launch of communication satellites could push the market to 40% of the terrestrial photovoltaic market 2. Initial networking of computing constellations could create a demand for 10 GW of space photovoltaics, surpassing terrestrial values 3. Dominance of computing satellites could lead to a demand of 100 GW, increasing market value significantly [3][18] Section 3: Technological Developments and Supply Chain Opportunities - The report highlights the need for technological advancements in space photovoltaic systems, particularly in materials and efficiency, as traditional technologies face limitations in space environments [8][17] - The supply chain for space photovoltaics is expected to see increased demand for packaging materials, which are significantly more valuable in space applications compared to terrestrial uses [19][18] - The shift towards flexible solar wings is anticipated to replace rigid designs, creating new opportunities for materials such as UTG glass and CPI films [19][18]

【天风电新】如何对钧达股份的卫星业务定价-0223 结论：钧达股份持有巡天千寻60%股权对应远期900亿，若按50%贴现率折现， 整车在早期不盈利时，一般参照PS估值，复盘新能源整车企业估值我们发现： 1、 新能源车产业趋势刚刚启动时（20H2），PS弹性巨大，平均可以给到20~50X； 2、 当高成长开 【天风电新】如何对钧达股份的卫星业务定价-0223 结论：钧达股份持有巡天千寻60%股权对应远期900亿，若按50%贴现率折现， 对于卫星企业的估值，可以参考早期的新能源整车。 整车在早期不盈利时，一般参照PS估值，复盘新能源整车企业估值我们发现： 在收入100%+高速成长期（2021A），仍能给到10XPS；而当收入增速开始放缓（2022A），行业估值中枢逐步下 降到5XPS附近。 套用新能源整车的估值范式，对卫星企业定价，以钧达股份控股的巡天千河为例，核心假设： 对于卫星企业的估值，可以参考早期的新能源整车。 钧达股份持有巡天千河60%股权，对应900亿（28年）。 若按50%贴现率折现，对应当前（26年）400亿市值。 目前钧达股份A股估值280亿，仅反映了钙钛矿和CPI膜业务的价值，#市场仍低估了其 ...

Rocket Lab Corp (NASDAQ:RKLB) was last seen up 0.4% to trade at $71.16 at last glance. The company is gearing up to announce fourth-quarter results after the close Thursday, Feb. 26.RKLB's post-earnings history is all over the place, considering the satellite giant finished higher the day after earnings four times in the last eight reports. The shares averaged a 7.8% move in the last two years, but the options pits are pricing in a much larger-than-usual 15.8% swing this time around, regardless of direction ...

进入2026年以来，资金流向呈现分化态势。在宽基ETF遭遇流出的同时，行业ETF和跨境ETF逆势"吸 金"，年内跨境ETF净流入630亿元，化工、有色金属、卫星等行业ETF受青睐。多位受访基金经理表 示，科技成长板块依然是2026年的核心投资主线。 ◎记者 赵明超 与上述投资于A股市场的ETF相对应的是，跨境ETF年内强势"吸金"。Wind资讯显示，截至2月13日，跨 境ETF年内净流入630亿元。 机构看好科技板块 在开年以来的震荡行情之后，接下来市场如何演绎？从机构观点看，科技板块依然是不少基金经理最为 关注的投资领域。 跨境和行业ETF逆势"吸金" 2026年以来，A股市场高位震荡，从ETF资金流向看，多只宽基ETF遭遇大幅流出，跨境ETF大幅流 入，化工、有色金属、卫星等行业ETF吸引大量资金买入。 Wind资讯显示，自1月14日开始，投资于A股市场的权益类ETF遭遇大幅流出，截至2月2日，短短14个 交易日，净流出额高达8312.32亿元。从资金流向看，截至2月13日，年内ETF净流出额为8464.61亿元。 从资金净流出较多的ETF看，主要是规模较大的宽基ETF。2026年以来，截至2月13日，4 ...

长光卫星航天科普教育基地开放公告 为弘扬科学精神，普及航天知识，满足广大群众近期科普参观需求，长光卫星航天科普教育基地开放时 间安排如下： 开放时间： 2月24日、2月25日，免费对外开放。 请参观人员提前在长光卫星航天科普教育基地微信公众号或者长春市民卡APP进行线上预约，并按预约 时段扫码有序入场，每场科普基地将安排专业讲师进行科普讲解，感谢您的理解与配合。 其他未尽事宜请阅读公众号内参观预约常见问题解答。 欢迎扫码预约 长光卫星航天科普教育基地 2026年2月21日 参观指南 地址： 开放场次： 场次开放时间请在预约系统查询。 温馨提示： 私家车：不支持外部车辆进入公司，请提前在公司附近寻找停车位。 预约方式：个人在微信公众号或长春市民卡APP预约均可。 (1)打开微信，搜索并关注"长光卫星航天科普教育基地"微信公众号。依次点击"预约参观""预约入口"， 选择预约时间，添加同行人后点击提交，预约结果可在"预约查询"入口进行查询。 长光卫星航天科普教育基地 吉林省长春市北湖科技开发区明溪路1299号长光卫星技术股份有限公司南门。 长光卫星技术股份有限公司 吉林省长春市宽城区明溪路1299号 交通： 公共交 ...

Group 1 - Musk's SpaceX has applied to the FCC for a plan to launch 1 million satellites, which is seen as a move to compete with China's satellite spectrum application [1][2] - The FCC has begun processing SpaceX's application, with public comments due by March 6, indicating regulatory support for Musk's ambitious project [2] - The plan aims to advance humanity towards a "Type II Kardashev civilization," which involves harnessing energy from entire star systems [4] Group 2 - The satellites are not ordinary communication satellites but are designed as powerful space servers, providing significant computational capabilities for AI models [6] - Once operational, the satellite network could deliver computational power equivalent to over 80 million top-tier servers, far exceeding current terrestrial capabilities [6] - Musk's vision transcends national competition, aiming to elevate human civilization as a whole, positioning SpaceX as a leader in this technological frontier [6] Group 3 - China has lost the lead in developing a satellite network, with Musk's plans dominating low Earth orbit spectrum, while China's recent application for 200,000 satellites is seen as a response to this disadvantage [8] - Despite missing the initial opportunity, China is rapidly advancing its own space computing capabilities, having launched its first batch of 12 computing satellites in May 2025 [9] - China's satellite system has demonstrated significant computational power, achieving capabilities equivalent to at least 5 million high-performance servers [9][10]

Group 1 - The Shanghai Composite Index experienced a seven-day rise, but trading volume continued to shrink, leading to a significant "seesaw" effect in capital allocation and accelerated sector rotation [1] - Ahead of the Spring Festival holiday, funds are divided into two camps: one showing cautious sentiment favoring dividend and free cash flow ETFs, while the other is positioning for a rebound after the holiday [1] - Major ETFs that received significant net subscriptions from external funds include the ChiNext ETF and the CSI 1000 ETF, with industry-specific ETFs like satellite, robotics, AI, semiconductor equipment, and chemical ETFs also seeing strong inflows [1] Group 2 - According to Wang Bo from Huaxia Fund, the reduction in trading volume before the holiday is normal, and there is a general optimistic expectation for the February market, although a short-term recovery in market sentiment will take time [2] - The investment strategy suggested includes maintaining a balanced allocation across technology, cyclical, and consumer sectors through broad-based ETFs like the Hu-Shen 300 ETF [2] - The recent increase in January PPI by 0.4% month-on-month has catalyzed price increases in the chemical sector, while positive developments in robotics and AI models are also emerging [1][2]