Fixed Income - The secondary market for credit bonds has seen significant activity due to structural interest rate cuts and excess MLF renewals, leading to a notable increase in trading volume [2][9] - The average issuance rate for AA city investment bonds, AA+ industrial bonds, and financial bonds has increased significantly, while the issuance rates for other credit bonds have fluctuated within 10 basis points [10] - The yield on credit bonds has continued to decline, with various types of credit bonds experiencing a reduction in spreads, making coupon-bearing assets increasingly scarce [12] Construction and Building Materials - Infrastructure investment has turned negative for the first time since 2004, with narrow and broad infrastructure completing 18.08 trillion yuan and 24.50 trillion yuan respectively in 2025, showing declines of -2.20% and -1.48% year-on-year [14][15] - New orders in the construction sector are characterized by stability among central enterprises, regional differentiation, and strong overseas demand, with major state-owned enterprises maintaining high order volumes [15][16] - The outlook for infrastructure investment is expected to stabilize and recover gradually, supported by major strategic projects and policy measures [14] Aerospace Industry - SpaceX plans to launch its second-generation Starlink satellite communication system in 2027, which will significantly enhance capacity and data throughput compared to the first generation [21][22] - The global rocket launch service market is projected to exceed $50 billion by 2032, with a compound annual growth rate of 13% from 2023 to 2032 [21] - Six companies in the North Exchange's rocket industry chain have been identified, indicating a growing interest in this sector [21] Pharmaceutical Industry - The introduction of service price guidelines for surgical robots is expected to accelerate the development of the surgical robot industry in China [27][28] - The pharmaceutical market has shown mixed performance, with a focus on innovative drugs and medical technologies such as AI and brain-computer interfaces [25][29] - Key companies to watch include China Biologic Products, Shanghai Yizhong, and Fuyuan Pharmaceutical, among others, as they are expected to benefit from industry trends [30] Media and Internet - Kuaishou's AI video generation model has surpassed 12 million monthly active users, highlighting the growing importance of AI in the media sector [32][37] - The AI sector remains a critical narrative in the global industry, with significant investments in AI marketing, content generation, and e-commerce applications [32] - Companies such as Tencent, Alibaba, and ByteDance are expected to lead in AI product development and commercialization [32]

证券研究报告 联系人 蓝箭航天 IPO 审核状态变更为"已问询"，中科宇航已完成 IPO 辅导。近期，我国多家火箭产业链企业 IPO 进程出现新的进展。2026 年 1 月 22 日晚间，蓝箭航天空间科技股份有限公司科创板 IPO 审核状态 变更为"已问询"；商业航天公司中科宇航近日已完成 IPO 辅导，该公司于 1 月 16 日进入辅导验收流程。 根据券商中国公众号，马斯克旗下 SpaceX（太空探索技术公司）计划在 2027 年推出第二代蜂窝式"星 链"卫星通信系统，新一代系统的整体容量将较第一代卫星网络提升超 100 倍，数据吞吐能力提高 20 倍 以上。根据航天情报局公众号和你好太空公众号信息，火箭产业链上游原材料与核心部件占火箭总成本 的 85%-90%，可以分为发动机系统制造、箭体结构制造、电气系统及软件、地面试验和燃料等。根据 Precedence Research 和蓝箭航天招股书信息，2023 年全球火箭发射服务市场规模已达 164.5 亿美元。 基于星链、一网、中国星网等大型星座组网建设的市场发展趋势，到 2032 年该市场规模或将突破 500 亿 美元，预计 2023-2032 年复合年 ...