风险提示 宏观经济变化风险；原材料价格波动风险；政策变化的风险。 敬请参阅最后一页特别声明 1 行情回顾 本周板块表现：上周（2026/2/24-2026/2/27）4 个交易日，SW 机械设备指数上涨 4.07%，在申万 31 个一级行业 分类中排名第 12；同期沪深 300 指数上涨 1.08%。2026 年至今表现：SW 机械设备指数上涨 14.04%，在申万 31 个一级行业分类中排名第 9；同期沪深 300 指数上涨 1.74%。 核心观点 投资建议 见"股票组合"。 约翰迪尔 26Q1 财报超预期，看好农机出口和周期反转。全球农机龙头约翰迪尔 2026 年一季报超预期，小型农 业与草皮业务（SA&T）实现收入 21.7 亿美元，同比增长 24%（26 年全年公司指引增长 15%）；生产与精准农业 业务（PP&A）实现收入 31.6 亿美元，同比增长 3%（26 年全年公司指引同比变动-5~-10%）；公司同时上调全年 利润指引，从 40-47.5 亿美元提升到 45-50 亿美元。全球中小型农机市场的复苏态势仍然蓬勃，主因是在全球 大宗商品价格上涨、农产品价格底部企稳的背景下，畜牧业、林果业显著反 ...

2月25日，军工ETF（512660）收涨近2%，市场聚焦商业航天与装备升级 华泰证券指出，展望"十五五"，国防和军队现代化将实现高质量推进，实现由"量"的增值转向"质"的提 升。我军装备需求有望在总量稳中有增的情况下出现显著的结构性机会，新增量或将出现在"十五五"规 划建议中提到的新域新质、无人智能与反制、先进武器以及低成本装备等方面。在商业航天领域，可回 收火箭的进展是重要催化，随着我国可回收火箭逐渐成熟，发射运力提升将带来发射成本持续下降，有 利于卫星公司提升产能进而加速组网进度，缩短卫星的发射入轨周期，卫星产业链和运载火箭制造产业 链有望受益。 军工ETF（512660）跟踪的是中证军工指数（399967），该指数从沪深市场中选取十大军工集团控股且 主营业务与军工行业相关的上市公司，以及其他代表性军工企业作为指数样本，以反映军工行业整体表 现。指数成分股覆盖航空、航天、船舶、兵器等军工核心领域，行业分布主要集中于工业、原材料、信 息技术等板块，整体呈现中小盘风格。 （文章来源：每日经济新闻） ...

"自去年年末起，商业航天项目便开启了额度争抢模式。"一位商业航天领域的一级市场投资人告诉《证 券日报》记者。 近期，商业航天领域的投融资热度显著提升，单笔融资金额持续走高。今年2月份以来，商业航天领域 已完成多笔融资。 记者在采访中了解到，商业航天产业投融资热度提升，一方面是由于行业发展空间广阔，多款国产可回 收火箭即将首飞，持续推高市场关注度；另一方面是二级市场板块热度传导，带动一级市场投资情绪； 同时，政策对商业航天企业IPO的支持，对资金加速涌入该赛道起到了关键作用。 头部企业受资本追捧 政策支持力度的加大是推升商业航天产业投融资市场热度的关键因素。 2025年12月26日，上交所公布《上海证券交易所发行上市审核规则适用指引第9号——商业火箭企业适 用科创板第五套上市标准》（以下简称《指引》），支持正处于大规模商业化关键时期的商业火箭企 业，适用第五套上市标准登陆科创板。 2月12日，星际荣耀航天科技（000901）集团股份有限公司（以下简称"星际荣耀"）在其官方微信平台 宣布，公司完成D++轮融资，金额达50.37亿元，此次所募资金将主要用于进一步加快星际荣耀可重复 使用液氧甲烷运载火箭型号研制及商业 ...

Group 1 - SpaceX is set to officially initiate its listing process, opening a stock sale channel for a large number of individual investors, allowing ordinary investors to participate in the commercial space industry [1] - Following the merger with xAI, SpaceX's valuation has reached $1.25 trillion, with operations spanning reusable rocket launches, Starlink satellite internet, artificial intelligence research, and orbital data center systems [1] - SpaceX has submitted an application to the U.S. Federal Communications Commission for an orbital data center system, planning to deploy over 1 million satellites to build the world's first space AI computing infrastructure [1] Group 2 - The Starlink business of SpaceX has expanded its coverage to over 150 countries and regions, with a user base growing to 8 million, demonstrating a validated commercial operating model [1] - The opening of stock sales to individual investors will break the previous investment threshold of private equity stages, enabling more ordinary investors to share in the benefits of the commercial space industry's growth [1] - The global commercial space sector is in a rapid development cycle, driven by policy support, technological breakthroughs, and capital investment, with the listing process of leading companies marking significant milestones in the industry's evolution [1]

太空算力加速发展，光伏、航天成热点 20260205 摘要 贵金属市场在经历大幅波动后出现反弹，白银反弹幅度超过 20%，缓解 了市场避险情绪，推动全球股市上涨。投资者应关注长期市场转变，警 惕成交量萎缩可能导致类似 2011-2012 年熊市重演。 春节效应通常在春节前一周开始显现，假期后两三周内出现强势行情。 沪指在 1 月下旬从 4,170 点回落至 3,190.90 点后，出现企稳迹象， 4,000 点上方构成技术面重要支撑，预计中期回落状态将结束。 光伏和商业航天领域近期表现强劲，受 SPAC 合并消息推动，估值预期 达 1.25 万亿美元，有望提升至 2 万亿美元。太空光伏融合 AI 硬件及其 他产业链环节，是未来产业发展的重要趋势。 2026 年 1 月中旬，融资保证金比例上调至 100%引发市场快速上涨， 成交额逼近 4 万亿元。短时间内的急剧放量通常预示着市场震荡和分化， 投资者应谨慎对待。 当前牛市已持续近两年，投资者应关注低位且基本面有向好变化的细分 领域，如太空光伏技术的发展，以及中国光伏巨头在太空光伏生产基地 建设中的作用。 Q&A 近期贵金属市场出现了剧烈波动，白银和黄金价格分别经 ...

Core Viewpoint - The article discusses the valuation of the asteroid "Ling Shen Xing" at $10 trillion, highlighting China's commitment to space resource development through its "Tian Gong Kai Wu" plan, indicating a shift from private ventures to state-backed initiatives in space mining [2]. Group 1: Space Mining Initiatives - China's space agency, China Aerospace Science and Technology Corporation, announced plans for space resource development during the 14th Five-Year Plan, emphasizing the significance of the "Tian Gong Kai Wu" initiative [2]. - The concept of In-Situ Resource Utilization (ISRU) is introduced, focusing on utilizing resources found in space rather than transporting all supplies from Earth, which is crucial for future deep space missions [5][6]. Group 2: Technological Developments - The upcoming Chang'e missions aim to gather valuable resources from the Moon, such as carbon nanotubes and water ice, which could be essential for establishing lunar bases and fuel stations [7]. - The need for AI mining robots is highlighted, as they would need to operate autonomously in remote locations, driving advancements in robotics and artificial intelligence [10]. Group 3: Industry Challenges and Opportunities - The article emphasizes the importance of reducing transportation costs for space mining to make it economically viable, with reusable rocket technology being a critical factor [12]. - The development of a comprehensive space mining industry chain is discussed, encompassing AI, robotics, new materials, and commercial space ventures, presenting numerous investment opportunities [13]. Group 4: Geopolitical Context - The article contrasts the U.S. approach to space mining, which includes the Artemis Accords, with China's stance on peaceful utilization of space resources, asserting that space should be accessible to all humanity [13][14]. - China's advancements in space exploration, including successful lunar missions and the establishment of educational institutions focused on space technology, are framed as efforts to secure a strategic position in the global space race [14][16].

Core Viewpoint - The commercial aerospace sector in the A-share market is experiencing positive developments, with 68 concept stocks analyzed, of which 52 have disclosed performance forecasts indicating a mix of profitability improvements and growth in net profits [1] Group 1: Performance Forecasts - Five companies are expected to turn losses into profits, while nine companies are projected to reduce losses, and eleven companies anticipate year-on-year growth in net profit [1] - Notable companies with significant expected profit growth include: - Beimo High-tech: Expected net profit of 190 million to 220 million yuan, a year-on-year increase of 1076.16% to 1261.87% [1] - Zhimingda: Expected net profit of around 100 million yuan, a year-on-year increase of approximately 414% [1] - Aerospace Science and Technology: Expected net profit of 60 million to 90 million yuan, a year-on-year increase of 388.74% to 633.11% [1] Group 2: Market Trends - The commercial aerospace sector has shown a trend of rising and then falling stock prices this year, with some individual stocks experiencing significant pullbacks [4] - The largest pullback was observed in Aerospace Hongtu, which declined by 48.8%, while 12 other stocks, including Shaanxi Huada and Aerospace Huanyu, saw pullbacks exceeding 30% [4] Group 3: Institutional Attention - Since January, 14 commercial aerospace concept companies have received at least two rounds of institutional research, indicating heightened interest [4] - Notable companies include Chaojie Co., which has been researched seven times, and Taili Technology, which has been researched four times [4] Group 4: Investment Focus - According to CITIC Securities, the current hot investment areas include reusable rockets, the SpaceX chain, and space computing power, with low-orbit communication satellite chains being the first segment supported by fundamental logic and orders [5] - The focus should be on core assets and identifying "inflation links" and "marginal new additions," with a positive outlook on related sectors such as rocket 3D printing, satellite RF antennas, satellite carbon fiber composites, solar wings, and inter-satellite laser communication [5]

Win.d 马斯克十倍目标 如何激发团队 突破上限 你敢试吗? 第一性原理驱动变革,十倍目标催化跃迁 为什么"合理KPI" 正在谋杀销售潜力? 肪脚够得到的指标 惯用方法推进 月底挣 扎达标 安全,却难见突破。 马斯克铁律: "目标高十倍,解题方式必须颠覆!" 当马斯克要求SpaceX将火箭成本降90%时 团队惊呼不可能! 结果 ? 可回收火箭改写航天史 -- 突破性目标激发颠覆创新! 方式一(官网直通车) 速递简历至万得招聘官网 https://www.wind.com.cn Q 方式二 (扫码闪电投) 长按识别二维码,一键抢占席位 十倍目标如何激发超常战力? × 传统 十倍 日成交X单 ← 日打X电话 推动探索社群运营 ← KOL合作 成交1.5单 AI获客 ... 撕碎路径依赖 当旧方法失效,创新方案自然浮现 激活专注力 放弃无效社交,话术/客户分层极致优化 在万得 正是那些敢于设定非凡目标的突破者 正在重塑增长边界 他们坚信: 取法乎上,得乎其中 -- 即使未能完 全实现远大目标,仍然碾压'合理'目标! 突破者 加入万得, 置身专属成长加速体系, 锚定非凡目标, 让潜力十倍释放。 - 即刻行动 - ...

1月29日午后，军工板块加速走低，军工ETF华宝（512810）一度下探逾1.7%失守20日线，场内高频溢 价，或有资金逢跌吸筹。 成份股跌多涨少，显著分化，航天科技逆势涨停，火炬电子触及跌停。大权重普跌，航天电子、航发动 力跌逾2%。 消息面并无利空，军工行情波动或受市场风偏短线变化影响。相反，商业航天等军工新质生产力领域利 好不断。 1月28日，中国航天科技集团商业火箭公司召开年度工作会议，明确2026年将全力突破可重复使用技 术，坚决打赢主力箭首飞及回收攻坚战。公司强调将高效履行商业发射使命，提升我国规模化进入空间 的能力，标志着中国版"可回收火箭"进入关键冲刺阶段。 C919也有催化。据市场消息，中国商飞今年将加快国产大飞机C919的生产与交付节奏，交付目标定为 28架或以上。年初以来已有两架 C919下线并进入交付流程，如若维持这一节奏，商飞今年有望实现每 10至15天生产一架 C919。 数据来源： iFinD ，截至 2026.1.18 。上述含量占比指数分别为商业航天指数（ 886078 ）、低空经济指数 （ 886067 ）、大飞机指数（ 885566 ）、卫星导航指数（ 885574 ）、 ...

Core Viewpoint - The commercial aerospace sector has become a focal point in the capital market due to breakthroughs in reusable rocket technology, accelerated low-orbit satellite networking, and favorable national policies. Despite recent market fluctuations, the long-term growth logic of the industry remains intact, with multiple catalysts expected in 2026 [1][2]. Market Dynamics - The A-share commercial aerospace sector has shown significant volatility, with a cumulative increase of over 55% from December 2025 to January 12, 2026, followed by a decline of over 4% by January 20, indicating a struggle between valuation and performance [2][3]. - The recent strong performance is attributed to a key breakthrough in large reusable liquid rocket technology and supportive policies, including the National Space Administration's action plan for high-quality development in commercial aerospace [2][3]. Investment Opportunities - Despite short-term fluctuations, industry experts remain optimistic about the long-term growth of the commercial aerospace sector, expecting it to benefit from policy, technology, and capital catalysts in 2026. Key investment opportunities are identified in specific sub-sectors [4][5]. - Four main areas of focus include: 1. Rocket technology, where cost reductions are expected to drive demand [5] 2. Core materials, particularly titanium, which is essential for aerospace applications [5] 3. 3D printing technology, which is anticipated to see increased usage as aerospace models evolve [5] 4. Companies in the SpaceX supply chain, which may experience earlier performance releases compared to domestic counterparts [5] Future Trends - The commercial aerospace industry is still in its early stages, with significant potential for growth. Key areas of interest include core components with technological barriers and potential asset consolidation opportunities [6]. - The deployment of low-orbit satellite constellations is expected to create market demand in communication, navigation, and IoT applications, although the commercialization of new models like space computing is still in exploratory phases [6].