2026-02-09 行业周报 看好/维持 航空航天与国防Ⅲ 工业资本货物 军工行业周报(2026.02.02-2026.02.08)：我国成功发射一型可重复使用试验航天 器 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Feb/25 Mar/25 Apr/25 May/25 Jun/25 Jul/25 Aug/25 Sep/25 Oct/25 Nov/25 Dec/25 Jan/26 航空航天与国防 沪深300 推荐公司及评级 相关研究报告 报告摘要 本周要闻： 我国成功发射一型可重复使用试验航天器 2 月 7 日，我国在酒泉卫星发射中心使用长征二号 F 运载火箭， 成功发射一型可重复使用试验航天器。试验航天器将按计划开展可重 复使用试验航天器技术验证，为和平利用太空提供技术支撑。据公开 资料显示，长征二号 F 是中国航天科技集团公司所属中国运载火箭技 术研究院抓总研制的一款大型两级捆绑助推器运载火箭，是中国主要 用于发射神舟系列载人飞船和大型目标飞行器到近地轨道的一型火 箭。可重复使用航天器包括载人飞船、货运飞船、推进飞行器、行星 着陆器、航天 ...

Group 1 - The US and Japanese stock markets have surged, with the Dow Jones reaching a historic high, and commodities rebounding while the US dollar index has depreciated for two consecutive days [2] - US Treasury Secretary Mnuchin indicated that the Federal Reserve may not quickly reduce its balance sheet, and White House economic advisor Hassett noted that job growth is below expectations, suggesting continued monetary easing which is favorable for the stock market and commodities [2] - The Chinese State Council emphasized the need to plan for major projects and engineering initiatives, indicating that monetary easing and fiscal stimulus are expected in China by 2026, along with relaxed housing market restrictions [2] Group 2 - The successful launch of the Long March 2F rocket carrying a reusable experimental spacecraft marks a milestone for China's commercial space and satellite communication sectors [2] - The A-share market is experiencing a significant rebound, driven by AI and commodities, with the "confidence bull" market since September 2024 being characterized by a combination of policy, technology, and monetary factors [2]

风险提示：基金有风险，投资需谨慎。 商业航天领域近日再度迎来催化。2026年2月7日，我国在酒泉卫星发射中心成功发射一型可重复使用试 验航天器。此次任务不仅是关键技术的一次重要验证，也为未来实现高频次、常态化的商业发射奠定了 扎实的技术基础。与此同时，国际商业航天巨头SpaceX被报道正调整其深空探索战略节奏，将优先资 源聚焦于登月计划。海内外在关键技术验证与战略方向上的同步推进，共同强化了商业航天产业迈向规 模化、商业化新阶段的预期。 因此相关产品获得市场资金的密集关注，其中目前全市场仅有的跟踪中证全指航空航天指数的ETF，航 空航天ETF（563380）在今年以来的26个交易日中有18日获资金净流入，累计"吸金"7.13亿元；同期日 均成交额升至1.65亿元，较2025年日均成交水平显著走阔，推动基金规模、份额分别攀升至8.84亿元、 6.97亿份。 据悉，航空航天ETF（563380）标的指数聚焦于军工板块中的空天力量，根据申万二级行业分类，其在 航空装备（61.4%）、航天装备（17.8%）和军工电子（17.4%）领域占比较高，较为全面地覆盖航空航 天产业链。 中泰证券指出，近期商业航天板块短期波动， ...

Overall Viewpoint - Focus on space photovoltaic, hydrogen ammonia, and rebound of heavyweight stocks as key investment directions [4] - Space photovoltaic remains a high-interest area, with significant developments in reusable spacecraft and predictions of AI computing power in space [4] - Hydrogen ammonia sector shows positive performance, driven by carbon policies and future industrial policies [4] - Heavyweight stocks have become more attractive after recent adjustments, potentially stabilizing the market [4] Sustainable Segment Operations - Attention on the electricity grid, with developments in North America and zero-carbon park construction [5] - Household storage initiatives in the UK and Australia may enhance efficiency and cost-effectiveness in energy deployment [5] - AIDC power opportunities are emerging in domestic computing power construction, with potential for AI applications [6] - Solid-state battery developments are being closely monitored, particularly for leading companies like BYD and CATL [7] - European offshore wind industry shows high market sentiment, with order catalysts expected to continue through 2026 [8]

Group 1: Space Launch and Technology Development - China successfully launched a reusable experimental spacecraft on February 7, 2026, using the Long March 2F rocket, aiming to lay the foundation for low-cost space transportation [2] - The average launch cost of expendable rockets is currently between $110 million and $180 million, while fully reusable technology could reduce costs to between $2 million and $5 million, significantly promoting the commercialization of space [2] - The successful testing of the LOX-RP1 engine at the Fengzhou test site marks a significant advancement in testing capabilities, providing strong support for major space projects in China [3][5] Group 2: SpaceX Strategic Shift - Elon Musk announced a strategic shift for SpaceX, focusing on building a self-sustaining city on the Moon within 10 years, while delaying Mars city plans to over 20 years due to the logistical challenges of interplanetary travel [13][15] - The Moon city concept emphasizes self-sufficiency through robotics and automation, aligning with SpaceX's mission to extend human consciousness and life beyond Earth [15] - SpaceX has completed concept validations for using lunar regolith for construction materials and extracting oxygen and water, which are crucial for the Moon city project [15] Group 3: Satellite Communication Developments - The FCC approved Logos' deployment of 4,178 low Earth orbit satellites, expanding from an initial request of 3,960, indicating increasing competition in the satellite internet sector [18][20] - Logos' satellite constellation is designed for enterprise and government users, focusing on anti-jamming and secure communication capabilities, differentiating it from consumer-focused networks like Starlink [20][21] - Viasat reported a net profit of $25 million for Q3 2026, reversing a loss from the previous year, driven by growth in its defense and advanced technology sectors, while its communication services segment showed mixed results [22][24] Group 4: Robotics and AI Innovations - Boston Dynamics' Atlas humanoid robot has made significant advancements, now capable of performing continuous backflips, showcasing enhanced dynamic balance and agility [28]

Group 1: AI and Media Industry - ByteDance launched the Seedance 2.0 video generation model on its Dream platform, receiving widespread acclaim in the AI industry [6] - The short drama and comic drama sectors are transitioning towards "premium and industrialization," with Haikan Co. actively investing in micro-short dramas, achieving commercialization in its AI comic drama business [9] - Xiaohongshu is developing AI video editing products, aiming to enhance e-commerce monetization through AI, benefiting small and medium-sized businesses [12] Group 2: Chemical Industry - Zhejiang Longsheng announced a price increase for disperse dyes by 2000 yuan per ton starting February 8, 2026, marking the first price rise since October 2025 [15][17] - The dye industry in China is experiencing consolidation due to high pollution, leading to the exit of small and medium enterprises, which may benefit leading companies [15] - Companies like Runtu Co., Zhejiang Longsheng, and Jinjis Co. have seen significant stock price increases, with gains of 18.52%, 15.03%, and 20.07% respectively over three trading days [15] Group 3: Solar Energy Industry - Tesla is evaluating multiple sites in the U.S. to expand its solar cell manufacturing capacity, targeting 100 GW annually within three years [20] - GCL-Poly announced a breakthrough in perovskite tandem solar cell technology, achieving a conversion efficiency of 33.31% [20] - TuoRi New Energy successfully completed a MW-level thin-film silicon/crystalline silicon heterojunction solar cell R&D project, leading to a stock price surge [22] Group 4: Commercial Aerospace - China successfully launched a reusable experimental spacecraft on February 7, 2026, to support peaceful space utilization [31] - Zhongchao Holdings is expanding its business in commercial aerospace and plans to raise funds for high-end components in aerospace and gas turbines [31] - The global commercial aerospace market is projected to reach $800 billion by 2030 [31] Group 5: Computing Power Industry - Tower Semiconductor announced a partnership with NVIDIA to develop advanced silicon photonics technology for AI data centers [34] - Google is significantly increasing its capital expenditure for AI infrastructure, with over 60% allocated for server procurement [35] - Companies like Light Library Technology have seen stock price increases due to their involvement in OCS technology, which is expected to have a broad application in data centers [37]

全球市场综述 上周五，美国消费者信心创六个月新高，逢低买入推动美股周五反弹，标普涨近2%，创去年5月以来最 佳单日涨幅。美债收益率全线走高，10年期上行近3基点，2年期收益率涨5.54基点。美元日内跌0.3%， 但全周收涨0.56%、两周连涨。 贵金属再度上演V型反转。芝商所第六次对金银期货上调保证金后， 现货黄金开盘走低，最低触及 4655.57美元/盎司，随后持续上攻。周一亚市盘初，现货黄金重返5000美元上方，并在此后快速走高， 报5016.14美元/盎司，日内涨超1.1%。日经225指数CME期货走高，涨2.2%。 由于伊朗和美国在阿曼举行的间接谈判未能显著抑制投资者对两国爆发军事冲突的担忧，国际原油维持 区间震荡。WTI原油盘中曾两度站上64美元关口，但随后都有所回落，最终收涨0.59%，报63.53美元/ 桶；布伦特原油收涨0.74%，报67.54美元/桶。 在2月8日举行的日本众议院选举中，由自民党和日本维新会组成的执政联盟获得过半数议席。日本广播 协会发布的开票数据显示，自民党获得316个议席，日本维新会获得36个议席。在野党方面，由立宪民 主党和公明党共同组建的新党"中道改革联合"获得49个 ...

Group 1 - The core viewpoint of the news is the successful launch of a reusable experimental spacecraft by China on February 7, which aims to provide technical support for the peaceful use of space [1] - The low Earth orbit satellite network is expected to upgrade to a "space information infrastructure platform," positively impacting satellite manufacturing, rocket launches, and ground systems in the medium to long term [1] - SpaceX has applied to launch up to 1 million satellites to create an "orbital data center system" to support advanced AI models and related applications [1] Group 2 - China's satellite internet is anticipated to achieve large-scale implementation in specialized scenarios such as government affairs, energy, emergency communication, and transportation, forming a stable business model and technological iteration foundation [1] - As of February 9, 2026, the Zhongzheng Satellite Industry Index (931594) rose by 1.92%, with component stocks like Chip Origin rising by 8.86%, Platinum Tech by 3.53%, and Hailanxin by 3.40% [1] - The Satellite ETF Penghua (563790) opened high and increased by 1.71%, with the latest price reported at 1.19 yuan [1] Group 3 - The Zhongzheng Satellite Industry Index closely tracks the performance of 50 listed companies involved in satellite manufacturing, launching, communication, navigation, and remote sensing [2] - As of January 30, 2026, the top ten weighted stocks in the Zhongzheng Satellite Industry Index include Aerospace Electronics, China Satellite, and others, accounting for a total of 64.36% of the index [2]

宏观要闻： 2月7日，我国在酒泉卫星发射中心使用长征二号F运载火箭，成功发射一型可重复使用试验航天器。有 分析指出，随着2026年我国可重复使用试验航天器技术验证的成功，商业航天有望步入高频发射常态化 阶段。 国家卫生健康委6日发布《食品安全国家标准预制菜》(征求意见稿)(以下简称"标准")，面向社会公开征 求意见。标准提到，预制菜不得使用防腐剂、保质期不应超一年。此外标准规定了预制菜不包括：主食 类食品、净菜类食品、即食食品和中央厨房制作的菜肴，上述食品均有其他相应的食品安全国家标准予 以管理。 海外要闻： 美东时间周五，美股三大指数集体上涨。截至收盘，标普500指数涨1.97%，报6932.3点；纳斯达克综合 指数涨2.18%，报23031.21点；道琼斯工业平均指数涨2.47%，报50115.67点。热门科技股涨跌不一，截 至收盘，英伟达涨7.87%、苹果涨0.8%、谷歌-A跌2.53%、微软涨1.9%、亚马逊跌5.55%。 特斯拉正在评估扩产光伏产能的多个选项，包括扩大纽约州布法罗工厂的产能至10吉瓦，以及在纽约 州、亚利桑那或爱达荷州建设额外的工厂。在本周上线的播客节目中，马斯克曾表示SpaceX和 ...

Group 1 - The State Council meeting on February 6 emphasized the need to innovate and improve policy measures to promote effective investment, focusing on major projects in infrastructure, urban renewal, public services, and emerging industries [8] - Eight departments, including the People's Bank of China, reiterated the prohibition of virtual currencies, emphasizing that they do not have the same legal status as fiat currencies and outlining clear policy requirements for stablecoins and tokenization of real-world assets [8] - On February 7, China successfully launched a reusable experimental spacecraft using the Long March 2F rocket, aimed at validating reusable spacecraft technology for peaceful space utilization [8] Group 2 - The People's Bank of China reported that as of January 2026, the country's gold reserves stood at 74.19 million ounces, marking a continuous increase for the 15th month [9] - The China Securities Regulatory Commission released a notice on February 6 regarding the selection direction for provincial-level research topics, focusing on enhancing the inclusiveness and adaptability of the capital market during the 14th Five-Year Plan period [9] - The Shanghai and Shenzhen Stock Exchanges revised and published regulatory guidelines for underwriting violations, aiming to enhance regulatory practices and ensure effective supervision [10] Group 3 - Longyun Co. will resume trading on February 9, planning to acquire 58% of Yuheng Film Industry [12] - Jihua Group will also resume trading on February 9, with plans for changes in its controlling shareholder and actual controller [12] - Xinwangda reached a settlement in a lawsuit involving over 2.3 billion yuan, while other companies like ST Pava and Aihua Long are facing legal challenges and investigations [12][12]