商业航天板块的平均市盈率已经冲到了186.94倍、这意味着投资者为了每1块钱的利润，愿意掏出186块钱的真金白银。 这个数字，比很多科技股还夸张。 但更夸张的是，就在市场为"太空梦"疯狂买单时，一些股价还趴在10块钱以下的公司，早已被社保基金、外资这些"聪明钱"悄悄盯上。 2026年开年，商业航天成了资本市场的"当红炸子鸡"。 政策、技术、资本三重共振，让这个曾经遥不可及的赛道，突然变得触手可及。 尤其是蓝箭航天科创板IPO的申请获受理，更是点燃了市场对商业航天全产业链的关注。 不过，那些正宗的航天公司估值动辄几百亿，普通投资者根本高攀 不起。 于是，市场开始挖掘那些"间接参股"商业航天核心公司的A股上市公司——尤其是股价还在10块钱以下的。 南钢股份，一家主业炼钢的公司，股价只有5块5。 看似和航天八竿子打不着，但它早在2018年就投了5000万给北京星际荣耀，占了2.64%的股份。 星际荣 耀是国内小型智能运载火箭的头部企业，和最近大火的蓝箭航天齐名。 更关键的是，社保基金一零三组合在三季度又加仓了南钢股份100万股，合计持有 1.04亿股，位列第五大股东。 钢铁股身上坐着社保基金，还绑着一家商业火箭公司 ...

日本外务大臣茂木敏充12月23日在记者会上公布了2026财年外务省预算草案。草案显示，2026财年，日本政府计划加速向他国提供武器装备。 2024财年，日本将该机制的预算金额提升至50亿日元，2025财年进一步上涨至81亿日元，支援对象国名单也从4个国家扩大至8个国家。 专家解读：日本欲通过隐蔽渐进政策组合推动军事扩张 0:00 根据预算草案，"政府安全保障能力强化支援"机制（OSA）的规模将被大幅扩充，预算金额将达到181亿日元（约合8.15亿元人民币），较2025财年的81亿 日元大幅上涨。 2023年4月，日本设立"政府安全保障能力强化支援"机制，以发展中国家为所谓支援对象，提供卫星通信系统、警戒监视雷达、巡逻艇以及帮助建设军民共 用港口等，"以稳定对日本至关重要的海上交通要道"。 2023年底，该机制正式启用。11月，日本政府向菲律宾海岸警卫队提供五套海岸监视雷达，向孟加拉国提供四艘用于警戒监视的警备艇；12月，又分别向马 来西亚和斐济提供资金，用于购买警备艇和救援艇。总金额约为20亿日元。 中国社科院日本研究所政治研究室助理研究员 孟明铭：日本政府的这种策略既规避了直接违反宪法第九条的政治风险，又实 ...

日本外务大臣茂木敏充12月23日在记者会上公布了2026财年外务省预算草案。草案显示，2026财年，日本政府计划加速向他国提供武器装备。 根据预算草案，"政府安全保障能力强化支援"机制（OSA）的规模将被大幅扩充，预算金额将达到181亿日元（约合8.15亿元人民币），较2025财年的81亿 日元大幅上涨。 2024财年，日本将该机制的预算金额提升至50亿日元，2025财年进一步上涨至81亿日元，支援对象国名单也从4个国家扩大至8个国家。 专家解读：日本欲通过隐蔽渐进政策组合推动军事扩张 根据现行"防卫装备转移三原则"运用指南，日本向其他国家出口的防卫装备原则上仅限于救援、运输等5种以后勤用途为主的装备类型。然而，在日本首相 高市早苗上台后，日本执政联盟大力推动取消对武器出口的5种类型限制。专家表示，日本政府正通过渐进、隐蔽但高度连贯的政策组合，意图推动全面放 开武器出口范围，推动军事扩张。 中国社科院日本研究所政治研究室助理研究员 孟明铭：日本不断扩大"政府安全保障能力强化支援"的规模，其选择具有高度的针对性。该机制名义上提供 非杀伤性装备，比如巡逻艇、雷达、通信系统等，但实质上是通过低敏感度的介入，逐渐构建 ...

Core Viewpoint - Germany plans to invest €35 billion to enhance its space security capabilities by 2030, recognizing the increasing importance of space in economic and social development, as well as the complex security threats it faces [1][1][1] Investment and Strategy - The investment will focus on developing early warning and monitoring systems, building a multi-layered satellite network, and strengthening anti-jamming capabilities [1][1][1] - A national coordinated strategy will be implemented to accelerate innovation and deepen international cooperation in the space sector [1][1][1] Security Concerns - The German Defense Minister emphasized that future conflicts will not only occur on Earth but also in orbital space, highlighting the need for a collaborative approach involving politics, industry, research, and military [1][1][1] - The integration of satellite communication and navigation systems into modern society makes them critical infrastructure, and attacks on these systems could lead to significant disruptions [1][1][1] International Cooperation - There is a call to enhance cooperation within the frameworks of the European Union and NATO to build a reliable security architecture in space [1][1][1] - The German industrial sector is encouraged to actively participate in related projects to bolster the country's space security initiatives [1][1][1]

Core Viewpoint - The company, Xingwang Yuda, is transitioning its focus from traditional military sectors to civilian applications, emphasizing low-altitude economy, low-orbit connectivity, autonomous driving, AI, and robotics, which has led to a revenue increase in various business segments [1][2][3] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 148.14 million yuan, representing a year-on-year growth of 6.41% [1] - The unmanned systems business became a significant growth driver, generating revenue of 67.27 million yuan, a year-on-year increase of 52.71% [1] - The information perception business reported revenue of 52.12 million yuan, up 14.32% year-on-year, while the satellite communication business generated 25.06 million yuan [1] Group 2: Research and Development - The company invested a total of 27.45 million yuan in R&D during the reporting period, resulting in over 20 authorized patents, including innovations in aircraft folding wings and drone symmetry inspection systems [1] - New products developed include a next-generation tactical-grade inertial measurement unit and a calibration robot, which effectively reduced product costs while maintaining precision [1] Group 3: Business Operations and Strategic Initiatives - The company successfully completed test flights for various models, including subsonic cruise target missiles and emergency rescue drones, showcasing their performance in disaster relief operations [2] - A low-altitude economy task force was established to integrate technical resources and deepen application scenarios in the low-altitude economy [2] - The company completed a share buyback of 1.22 million shares and acquired 30% equity of its subsidiary, Xingwang Zhikong, for 7.25 million yuan, enhancing business synergy [2] Group 4: Future Outlook - The company is committed to an innovation-driven development strategy, focusing on continuous business transformation and upgrading to enhance core market competitiveness [3]

Economic Overview - Nanjing's GDP for the first half of the year reached 917.18 billion yuan, with a year-on-year growth of 5.3% [1] - The industrial added value above designated size grew by 6.2% year-on-year, with 30 out of 37 major industrial sectors showing growth, resulting in a growth coverage of 81.1% [2] Industrial Growth - The production of green and smart products saw significant increases, with new energy vehicles, integrated circuits, and industrial robots growing by 45.0%, 22.1%, and 44.2% respectively [2] - The industrial robot market in China experienced an overall sales growth of 11.6% year-on-year, with domestic robots' market penetration increasing by 2 percentage points [3] Service Sector Performance - The revenue of service enterprises above designated size reached 351.22 billion yuan from January to May, marking a year-on-year increase of 3.1% [4] - The information transmission, software, and IT service sectors saw a revenue growth of 10.3%, with emerging industries like internet information services growing by 17.4% [4] High-tech Industry Development - High-tech industries accounted for 55.8% of the total industrial output value, with high-tech manufacturing increasing by 6.8% year-on-year [8] - Specific sectors such as pharmaceutical manufacturing and aerospace equipment manufacturing reported growth rates of 11.6% and 18.5% respectively [8] International Expansion - Nanjing's biopharmaceutical companies are increasingly focusing on international markets, with significant orders and collaborations established globally [10][11] - Companies like Tuokang Robotics reported a 40% revenue growth in the first half of the year, driven by logistics and overseas market expansion [12] Innovation and Technology - Nanjing's innovation landscape is highlighted by advancements in satellite communication systems and autonomous robots, contributing to the region's technological prowess [13] - The collaboration between local companies and international partners is enhancing the competitiveness and brand influence of Nanjing's products [10][11]

Group 1 - China successfully launched the Tianzhou-9 cargo spacecraft on July 15, 2023, from the Wenchang Space Launch Site in Hainan [1] - China Electronics Technology Group Corporation (CETC) developed a highly autonomous and stable measurement and control communication network to ensure the successful delivery of cargo to space [1] - The new generation of land-sea-air measurement and control communication system developed by CETC is crucial for tracking the spacecraft's trajectory and providing real-time data [1][2] Group 2 - CETC's radar measurement system enhances safety and reliability by providing accurate tracking of the rocket's ascent, regardless of weather conditions [2] - The semi-rigid solar cell array developed by CETC's Blue Sky division is a high-voltage, megawatt-level product that reduces operational temperature, enabling efficient cargo transport to space [2] - The satellite communication system created by CETC ensures seamless data transfer between Tianzhou-9 and ground control, facilitating real-time command and data transmission [2] Group 3 - CETC's 23rd Institute developed lightweight, compact, and highly reliable aerospace cables that can withstand extreme conditions in space, ensuring effective signal transmission [3] - The 55th Institute of CETC produced various core chips and power amplifier modules to establish a reliable information transmission link between the spacecraft and ground terminals [3]