1.【Counterpoint：博通与台积电或成定制芯片大赢家】Counterpoint预计，博通明年在定制芯片 （ASIC）的市场份额扩大至60%。与此同时，作为定制芯片的主要代工选择，该公司几乎完全吃下 全球前十大数据中心及ASIC客户的晶圆制造订单，市场份额接近99%。Counterpoint由此预测，在 英伟达通用型GPU独占鳌头的阶段之后，人工智能芯片热潮的第二阶段将变成ASIC与GPU的激烈竞 争，且博通和台积电有望成为最大赢家。（新浪财经） 2.【越疆开启第三批全尺寸工业人形机器人ATOM的2026年量产交付】2月4日，记者获悉，越疆 ATOM人形机器人已于近日开启2026年的大规模交付进程，并分批投入产业一线应用。ATOM也是 越疆第三批全尺寸工业人形机器人。目前，越疆也是少数能够跑通批量"生产交付应用"完整闭环的企 业之一。（ 界面新闻） 3.【LG新能源将为韩华美国子公司供应储能系统电池】2月4日消息，LG新能源公司周三表示，已与 韩华解决方案公司美国子公司达成协议，为其能源存储系统（ESS）项目供应电池。两家公司均计划 在当地生产，以规避关税方面的不确定性。LG新能源表示，其全资子公司L ...

【头条要闻】 详讯 | 习近平同美国总统特朗普通电话 习近平指出，过去一年，我们保持着良好沟通，在釜山成功会晤，为中美关系领航把舵，受到两国人民 和国际社会欢迎。我高度重视中美关系。新的一年，我愿同你继续引领中美关系这艘大船穿越风浪、平 稳前行，多办一些大事、好事。美方有美方的关切，中方有中方的关切。中方言必信，行必果，说到做 到。只要双方秉持平等、尊重、互惠的态度相向而行，就可以找到解决彼此关切的办法。今年中美两国 各自都有不少重要议程，中国"十五五"开局起步，美国将迎来建国250周年，两国将分别主办亚太经合 组织领导人非正式会议、二十国集团领导人峰会。双方要按照我们达成的共识，加强对话沟通，妥善管 控分歧，拓展务实合作，不以善小而不为，不以恶小而为之，一件事一件事去做，不断积累互信，走出 一条正确相处之道，让2026年成为中美两个大国迈向相互尊重、和平共处、合作共赢的一年。 习近平强调，台湾问题是中美关系中最重要的问题。台湾是中国的领土，中方必须捍卫国家主权和领土 完整，永远不可能让台湾分裂出去。美方务必慎重处理对台军售问题。 2026年信贷资源重点流向哪里？央行这场重磅会议明确 近日，中国人民银行召开2 ...

｜2026年2月5日星期四｜ NO.1 商业航天首个卫星测发技术厂房诞生，未来可将单箭发射效率提升100% 2月 4 日，星际荣耀航天科技集团宣布，星际荣耀在海南商业航天发射场完成地面系统联调第二阶段工 作，为双曲线三号运载火箭（SQX-3）首飞任务再添关键保障。据介绍，作为双曲线三号运载火箭地面 系统与发射场联调试验的关键环节，此次联调全面检验了火箭地面发射支持系统设备间的协同运行能 力、火箭地面系统与发射场地面系统间的协调匹配能力。星际荣耀目前已在文昌同步布局总装总测复用 工厂、动力系统试车台、海上回收平台等三大项目，正逐步构建"测试-发射-回收-复用"的完整闭环产业 链。 NO.3 央行：做好2026年信贷市场工作，着力支持科技创新等重点领域 2月4日，中国人民银行召开2026年信贷市场工作会议。会议要求，做好2026年信贷市场工作要准确把 握"十五五"时期经济金融形势变化，统筹发展和安全，不断加强对重大战略、重点领域和薄弱环节的优 质金融服务。进一步完善金融"五篇大文章"各项机制，落实好结构性货币政策工具增量政策。建设多层 次金融服务体系，着力支持扩大内需、科技创新、中小微企业等重点领域。继续做好金融 ...

每经记者｜杨建 每经编辑｜肖芮冬 ｜2026年2月5日 星期四｜ NO.6 长江存储三期项目计划今年建成投产 NO.1 商业航天首个卫星测发技术厂房诞生，未来可将单箭发射效率提升100% 天兵科技官微2月4日宣布，其酒泉卫星测发技术厂房于近日通过预验收评审。这是国内商业航天首个卫 星测发技术厂房。据天兵科技介绍，酒泉卫星测发技术厂房投用后，将与张家港智能制造基地形成"南 北联动"。张家港基地承担天龙三号火箭年产50发的量产任务，酒泉技术厂房则负责卫星批量测试与发 射筹备，全力保障天龙三号首飞及后续商业化发射。天兵科技表示，酒泉卫星厂房的落地，标志着天兵 科技从火箭自研、规模智造到测试发射的全链路闭环，正式走向工程化应用。未来可将单箭发射效率提 升100%，组网成本降低30%以上，保障每年60次以上的高频发射能力。 NO.2 星际荣耀可回收火箭双曲线三号迎来多项新进展！ 2月 4 日，星际荣耀航天科技集团宣布，星际荣耀在海南商业航天发射场完成地面系统联调第二阶段工 作，为双曲线三号运载火箭（SQX-3）首飞任务再添关键保障。据介绍，作为双曲线三号运载火箭地面 系统与发射场联调试验的关键环节，此次联调全面检验了火 ...

每经AI快讯，天兵科技官微2月4日宣布，其酒泉卫星测发技术厂房于近日通过预验收评审。这是国内 商业航天首个卫星测发技术厂房。据天兵科技介绍，酒泉卫星技术厂房投用后，将与张家港智能制造基 地形成"南北联动"。张家港基地承担天龙三号火箭年产50发的量产任务，酒泉技术厂房则负责卫星批量 测试与发射筹备，全力保障天龙三号首飞及后续商业化发射。天兵科技表示，酒泉卫星厂房的落地，标 志着天兵科技从火箭自研、规模智造到测试发射的全链路闭环，正式走向工程化应用。未来可将单箭发 射效率提升100%，组网成本降低30%以上，保障每年60次以上的高频发射能力。 ...

面对全球竞争，中国商业航天并未缺席，且在核心环节取得扎实进展。航天科技集团六院成功完成240吨级 商业可重复使用液氧煤油发动机的200秒长程试车，为未来低成本、高频次发射提供了"心脏"保障。同时， 天兵科技的天龙三号火箭已进入首飞倒计时。这些进展表明，我国商业航天正朝着"低成本、规模化"发射 的目标稳步迈进，为未来大规模星座部署扫除关键障碍。 当前，卫星产业的投资逻辑已从主题展望，全面进入 "全球资源争夺白热化"与"国内技术产业化提速" 双轮 驱动的基本面投资阶段。SpaceX的激进计划犹如一剂强心针，极大提升了行业天花板和战略紧迫性。国内 产业链在政策扶持与技术突破下，正迎来历史性发展机遇。卫星产业ETF(159218)作为一键布局全产业链的 高效工具，其持续的资金净流入，反映了市场对这场关乎未来战略空间与科技制高点的竞争，正投下坚定 的信任票。后续需密切关注国内星网招标进展、可回收火箭首飞等重要产业节点的兑现。 风险提示：基金有风险，投资需谨慎。 市场资金正以前所未有的力度聚焦卫星产业。数据显示，截至1月30日，两融标的卫星产业ETF(159218)在 短短一个月内累计净流入约25.1亿元，并已实现连续6 ...

Group 1: Energy Storage - The National Development and Reform Commission and the National Energy Administration have issued a notice to improve the capacity pricing mechanism for power generation, including coal, gas, pumped storage, and new energy storage [1] - Experts indicate that energy storage is a bottleneck in the current power system, and independent energy storage construction can effectively address this issue [1] - Dongguan Securities believes that the flexible adjustment capabilities of new energy storage in China are increasingly prominent, enhancing the development of renewable energy and improving the stability of the power system [1] Group 2: Transformers - Research in Guangdong and Jiangsu shows that many transformer factories are operating at full capacity, with some orders for data center-related transformers extending to 2027 [2] - The global demand for AI computing power is driving the transformer industry, with delivery times in the U.S. increasing from 50 weeks to 127 weeks [2] - By 2025, China's transformer export value is expected to reach 64.6 billion yuan, a nearly 36% increase from 2024 [2] Group 3: AI Applications - Tencent's AI assistant product, Yuanbao, has topped the free app rankings in the Apple Store, indicating strong competition in the AI social networking space [3] - Open-source securities suggest that domestic large model manufacturers are enhancing user and revenue scales through frequent model iterations and leveraging social effects from the Spring Festival [3] Group 4: Space Computing - SpaceX is applying to launch and operate a constellation of up to 1 million satellites with unprecedented computing capabilities to support advanced AI [4] - The satellite deployment aims to operate in narrow orbital shells and will utilize solar power and optical links to connect with existing networks [4] Group 5: Quantum Computing - A team from Germany has successfully demonstrated a high-quality single-photon source operating in the communication C-band, achieving a nearly 92% visibility in two-photon interference [5] - The global quantum technology financing is projected to reach approximately 34.9 billion yuan by Q3 2025, surpassing the total of the previous two years [5] - The quantum computing market is expected to grow from $5 billion in 2024 to over $800 billion by 2035, with a compound annual growth rate exceeding 55% [5] Group 6: Macro and Industry News - The manufacturing purchasing managers' index in China for January 2026 is reported at 49.3%, a decrease of 0.8 percentage points from the previous month [6] - The Beijing Economic and Technological Development Zone has issued a plan to accelerate the construction of an AI city from 2026 to 2027 [6] - The National Health Commission has approved a pilot program for internet diagnosis and treatment in Beijing [6] Group 7: Market Performance - Several companies have reached historical highs, including Zhishang Technology (20% increase), Sikan Technology (20% increase), and Kexin Technology (19.99% increase) [10][11] - The performance of companies in sectors such as optical communication, 3D printing, and storage has shown significant growth, indicating strong market interest [10][11]

1月22日，蓝箭航天科创板IPO进入"已问询"状态。几天前，中科宇航IPO辅导已验收，星河动力、天兵 科技、星际荣耀密集更新IPO辅导进展。至此，"中国版SpaceX"阵营开启"第一股"争夺战。 最新消息显示，SpaceX目标是在今年7月前完成IPO，公司正在物色投资银行。一场贯穿技术、资本与 战略资源的太空竞赛，已悄然升温。 上市进程：五企竞速，蓝箭先一步被问询 目前，五家中国商业航天企业虽同处IPO赛道，但竞跑节奏已明显分化。其中，蓝箭航天凭借最快的推 进速度，暂时领跑这场"商业航天第一股"的争夺战。 值得一提的是，在蓝箭航天递交招股书前，发生多次股份转让和增资，亦有股东清仓撤退。 比如，招股书显示，2025年12月8日，上海科慧分别与诺瓦星云、吴玉培、简江签署《股份转让协议》 约定，将其所持蓝箭航天股份全部转让给后者，共计套现2.61亿元。 其冲刺背后，直接受益于科创板的制度创新。2025年6月，科创板"第五套上市标准"适用范围拓宽至商 业航天等前沿科技领域，为尚未盈利但技术领先的企业打开了资本市场大门。 政策东风之下，蓝箭航天迅速响应，于次月启动辅导备案，仅用5个月便完成验收，速度甚至超过了此 前备受 ...

Core Insights - The Chinese commercial space industry is entering a critical development phase, with 2026-2027 identified as a key validation window for medium to large liquid rocket companies, marking the first flights of several rockets and the practical testing of reusable technology [1][3] - The demand for satellite internet and the need for cost-effective launch capabilities are becoming core competitive advantages, with companies needing to achieve a payload capacity of at least 2.8 tons for profitability in near-polar orbits [1][4] - Engine technology advancements, particularly full-flow staged combustion and 3D printing, are seen as the most certain investment logic within the industry [1][5] Group 1: Market Dynamics - The transition from small solid rockets to medium and large liquid reusable rockets is causing profound changes in the supply chain, with core components like 3D printing and large tanks gaining market attention due to their reliability and cost-effectiveness [2] - The success record and payload capacity of commercial rockets are fundamental standards for assessing their commercial value, with a shift towards liquid rockets and reusable technology driven by large-scale satellite networking demands [3][4] Group 2: Technical Developments - The engine evolution is trending towards higher thrust and full-flow staged combustion, with current engines primarily using gas generator cycles, while future designs are expected to adopt more efficient technologies [5][8] - The demand for increased payload capacity is pushing the need for engines with thrust levels reaching 120 tons, and companies are exploring innovative recovery methods to reduce costs [4][5] Group 3: 3D Printing Impact - 3D printing has become a core production capability in commercial aerospace, significantly reducing production cycles and weight, with over 60% of parts in new rocket engines being produced through this technology [9][10] - The Chinese 3D printing market is projected to reach approximately 41.5 billion yuan in 2024, with the aerospace sector accounting for about 16.7% of this market [9][10] Group 4: Structural and Control System Innovations - Rocket structural components are evolving towards larger sizes to meet increased payload demands, with materials like stainless steel and carbon fiber composites being adopted to reduce weight and costs [12] - The control systems are also being upgraded to meet the high-frequency launch requirements of commercial space, with a shift from traditional electric servos to electromechanical hydraulic systems [12]

Core Viewpoint - The Chinese commercial space industry is entering a new phase focused on large-scale launches and commercial closure, with significant breakthroughs expected in rocket capacity over the next 3 to 5 years [1] Group 1: Industry Developments - By 2025, China's commercial space sector is projected to complete 50 launches, accounting for 54% of total space launches, with 25 of those being commercial rocket launches and 311 commercial satellites entering orbit, representing 84% of all satellites [1] - The rapid acceleration of capitalization in commercial space enterprises is evident, with Blue Arrow Aerospace's IPO application accepted by the end of 2025 and Zhongke Aerospace completing its listing guidance in January 2026 [1][2] - The launch of the Long March 12 rocket on January 19, 2026, marks a significant step in commercial rocket testing, with major models expected to undergo critical tests or first flights in 2026 [1] Group 2: Technological Advancements - Star River Dynamics plans to conduct recovery tests for its reusable rocket "Zhishen-1" in 2026, while other companies like Eastern Space and Tianbing Technology are also targeting 2026 for key flight tests [2] - The shift from customized to industrialized satellite manufacturing is highlighted by Galaxy Aerospace, which has reduced satellite production cycles by 80% and aims for an annual output of 100 satellites weighing 1000 kg each [3] - The successful suborbital flight test of Zhongke Aerospace's "Lihong-1" on January 12, 2026, demonstrates the potential for microgravity research applications in fields like biomedicine [3] Group 3: Market Dynamics - The increasing frequency of rocket launches and reusable rocket tests is expected to alleviate the "many satellites, few rockets" bottleneck in the industry [2] - The Shanghai Stock Exchange's guidelines for commercial rocket companies have clarified the path for IPOs, directly influencing the progress of leading enterprises [2] - The industry is anticipated to undergo a reshuffle in the coming years, with a greater emphasis on the performance and delivery capabilities of rocket companies [4] Group 4: Future Outlook - Significant advancements in reusable rocket technology and launch efficiency are expected by 2026, with ongoing improvements in commercial launch facilities and processes [4] - The industry is calling for more refined regulatory frameworks to address the challenges posed by large-scale and high-frequency operations [4] - Capital plays a crucial role in the high-risk, high-investment commercial space sector, with early-stage funding being essential for industry development [5]