2026 年 03 月 01 日 北交所定期报告 市场缩量震荡，首个人形机器人与 具身智能标准体系发布 本周市场回顾： 本周上证指数上涨 1.67%，北证 A 股指数上涨 1.17%，跑输上证综指 0.5pct，北证 50 指数上涨 0.62%,跑输上证综指 1.06pct，创业板指 数上涨 2.39%，科创板指数上涨 1.88%。 （2）《现代化首都都市圈空间协同规划（2023—2035 年）》公布。《规 划》将首都都市圈建设放在京津冀协同发展战略的背景下加以考量， 从空间格局、创新和产业协同等方面分阶段提出了到 2030 年、2035 年、2050 年的建设目标。《规划》立足通勤圈、功能圈、产业协同圈， 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1 北交所定期报告 流动性方面，本周北证 A 股总成交额为 718.25 亿元，北证 50 总成交 额 258.88 亿元，占北证 A 股总成交额的 36.04%。北证 A 股日均成交 额 179.56 亿元，较 2 月 9 日-13 日区间下降 3.3%，区间日均换手率 为 2.83%，较 2 月 9 日-13 日区间上涨 0.05pct。 ...

朱雀三号火箭即将再次起飞！这款由我国自主研制的不锈钢火箭，不仅具备重复使用能力，还承载着我们航天技术的一次大胆突破。2025年12月3日，朱雀 三号火箭完成了首次发射任务，这也是我国首次尝试对入轨级运载火箭进行子级回收技术验证。 尽管首飞任务没有完全成功，朱雀三号依然取得了不少突破。在首次发射中，火箭的回收过程出现了一些意外情况，尤其是在火箭再入点火和气动滑行的阶 段，虽然火箭成功实现了高精度的着陆场坪回收点引导控制，但在距离地面接近时，火箭发生了异常，未能顺利完成软着陆。尽管如此，火箭依旧完成了入 轨任务，并且二级火箭完成了1400秒的滑行任务，这为火箭后续的运力提升奠定了基础。许多网友一度认为这次发射是失败的，但实际上，首飞任务仍然在 多个方面取得了令人瞩目的进展。 事实上，解决朱雀三号火箭回收着陆阶段的问题并非难事。尽管首飞没有完全达到预期，但火箭的整体表现可谓相当理想，只是在回收阶段出现了小小的失 误。事实上，刚刚过去的月初，我国成功进行了长征十号火箭和梦舟载人飞船的发射试验。长征十号火箭成功飞至110公里的近地轨道后平稳返回，最终稳 稳降落在预定海域，这无疑证明了我国在火箭技术和发动机领域的扎实基础 ...

Group 1 - The Supreme People's Court ruled in favor of Yuzhu Technology in a patent infringement case against Luweimei, allowing Yuzhu to proceed with its IPO plans [2] - Tencent's Yuanbao team apologized for generating inappropriate content in user-created New Year greeting cards, addressing the issue and optimizing the model [2] - Hillhouse Capital plans to reduce its stake in Gree Electric Appliances by up to 112 million shares, with proceeds used to repay bank loans, marking its first reduction since becoming the largest shareholder [3] Group 2 - WeChat introduced new features for users to quickly locate images in chats and to receive photos and files face-to-face, enhancing user experience [4] - Yonyou Network clarified that its AI products are not intended to fully replace existing software but to enhance enterprise operations, focusing on knowledge workers [5] - Blue Arrow Aerospace announced plans to conduct recovery tests for its reusable rocket, Zhuque-3, in the second quarter of this year [6][7] Group 3 - Meizu's mobile business is reportedly ceasing operations, with plans to delist by March 2026, while its FlymeAuto division will operate independently [8] - Shunhao Co. announced that its subsidiary, Treadlight, plans to mass-produce satellites and establish a large-scale space data center between 2031 and 2035 [8] - The International Star Alliance updated its organizational structure to enhance technology implementation and scene promotion in smart home and terminal industries [9] Group 4 - Wingtech Technology is actively addressing the control rights issue of Anshi Semiconductor, focusing on maintaining business stability and communication with clients [10] - NVIDIA reported a revenue of $68.127 billion for Q4 of fiscal year 2026, a 73% year-over-year increase, with a net profit of $42.96 billion, reflecting a 94% growth [11] - Jiangsu Hongwei Technology announced a price increase for IGBT and MOSFET products due to rising manufacturing costs driven by fluctuations in core metal material prices [12][13] Group 5 - TrendForce predicts that the combined capital expenditure of eight major cloud service providers will exceed $710 billion by 2026, driven by AI server investments [14] - Manycore Tech Inc. updated its prospectus, reporting a revenue of 820 million yuan in 2025, with a gross margin of 82.2% [15] - Canaan Inc. completed the acquisition of several mining assets from Cipher Mining Technologies, shifting its strategy towards systematic upstream development in the U.S. power assets [16] Group 6 - Zhiyang Innovation plans to invest 300 million yuan in Lingming Photon Technology, acquiring a stake of approximately 9.09% to 10% [17]

Core Viewpoint - The A-share market continues to rise, with the commercial aerospace sector showing significant gains, particularly the Aviation ETF Huatai (159257), which has achieved a four-day consecutive increase [1]. Group 1: Market Performance - The A-share market has seen over 3,700 stocks closing in the green, indicating a strong market sentiment [1]. - The Aviation ETF Huatai (159257) closed at 1.228, up 0.82% from the previous day, marking a notable performance in the commercial aerospace sector [1]. Group 2: Commercial Aerospace Developments - Blue Arrow Aerospace announced plans for the second quarter recovery test of the reusable rocket Zhuque-3, aiming for its first recovery flight by the end of this year [3]. - The urgency to deploy satellites is emphasized due to the competitive landscape, with the U.S. leading in satellite launches and China planning significant satellite constellation projects [3][4]. Group 3: Industry Trends - The global demand for space computing is rising, with many tech companies announcing plans for space computing deployments by the end of 2025, which could significantly enhance satellite capabilities [4]. - The commercial aerospace sector is entering a new development phase, driven by policy support and technological advancements, with a notable increase in launch activities expected in 2025 [5]. Group 4: ETF Composition and Industry Weighting - The Aviation ETF Huatai (159257) has a significant focus on the defense and military industry, which constitutes 61.2% of its index, along with notable weights in the computer and automotive sectors [10]. - The low-altitude economy concept stocks account for 52% of the ETF's index, indicating a strong alignment with emerging market trends [8].

消息面上，据央视新闻报道，近日，在联合国外空委科技小组委员会第63届会议期间，中国商业航天企 业代表蓝箭航天宣布，我国重复使用火箭朱雀三号计划今年第二季度再次开展回收试验，并根据回收试 验情况争取于今年第四季度尝试首次回收复用飞行。 值得注意的是，1月22日晚间，上交所官网显示，蓝箭航天科创板IPO的审核状态变更为"已问询"。此次 IPO，蓝箭航天拟募资75亿元，市场推算其估值或达750亿元。金风科技通过旗下平台参与持股蓝箭航 天，持股比例约为4.14%。 智通财经APP获悉，金风科技(02208)高开近3%，截至发稿，涨2.97%，报14.89港元，成交额477.42万港 元。 ...

2月11日，长征十号运载火箭系统低空演示验证与"梦舟"载人飞船最大动压逃逸飞行试验取得成功。梦 舟载人飞船返回舱安全溅落于预定海域，长征十号运载火箭一级箭体亦按程序受控安全溅落于预定海 域。这标志着我国载人月球探测工程研制工作取得重要阶段性突破。 溅落瞬间 长征十号运载火箭一级箭体按程序受控安全溅落于预定海域海上溅落。落点精准，姿态正常，海上回收 关键流程跑通了一遍 此时此刻，地球上三条载人航天路径，正以不同方式推进。 中国的新一代载人飞船"梦舟"，已在最大动压条件下成功实施分离逃逸；长征十号甲以初样状态完成首 次点火飞行。飞船返回舱与火箭一级箭体按程序受控溅落预定海域，关键风险段经实飞验证，为后续载 人月球探测打下数据基础。 美国商业航天体系中的"龙"飞船，仍在既定轨道上往返国际空间站，维持着常态化的近地轨道载人运输 节奏；而搭载在SLS大火箭上的"猎户座"，则仍在工程、政治与预算的多重变量中等待下一次奔向月球 的窗口，充满了不确定性。 【文/观察者网专栏作者 白玉京】 网友绘制的长十结构图 长十的第三次冲击 从某种意义上说，长征十号相关的低空演示验证与海上溅落试验，是中国围绕可重复使用火箭能力发起 的第三 ...

Core Viewpoint - The successful launch of the Zhuque-3 rocket by the end of 2025 will mark a significant milestone for China's commercial rocket capabilities, indicating reliable launch capacity for the industry [1] Group 1: Industry Developments - The upcoming rocket recovery operations in the South China Sea from February 10 to February 12, 2026, highlight the increasing activity in the commercial space sector [1] - A series of new high-capacity rockets are expected to drive rapid growth in commercial rocket production and satellite launches in 2026, facilitating advancements in satellite internet, lunar economy, and space tourism [1] Group 2: Policy Support - The release of the "Action Plan for Promoting High-Quality and Safe Development of Commercial Aerospace (2025-2027)" by the National Space Administration demonstrates strong governmental support for the commercial aerospace sector [1] - The establishment of a dedicated Commercial Aerospace Department and the introduction of customized listing guidelines for commercial rocket companies on the Sci-Tech Innovation Board have accelerated the IPO processes for companies like Blue Arrow Aerospace and China Aerospace Science and Technology Corporation [1] - The global trend of large-scale satellite applications and deployments presents significant growth opportunities for the commercial aerospace industry [1]

Summary of Key Points from Conference Call Records Industry Overview - The commercial space industry is experiencing accelerated growth driven by increasing AI demand and the rising energy costs for data centers. Low Earth orbit (LEO) satellite internet is gaining attention from data centers and large enterprises, with North American companies spending approximately $40-50 billion annually on ground communications [6][8]. Company Insights SpaceX - SpaceX plans to deploy 1 million satellites, with the Falcon 9 rocket executing 165 launches in 2025, transporting approximately 2,500 tons of payload. By the end of 2025, there will be 9,000 Starlink satellites in orbit, with two-thirds being second-generation satellites equipped with laser payloads [4][5]. - The success of SpaceX has encouraged other companies, such as Blue Origin and domestic firms like Landspace, to enter the commercial space sector [5]. Multi Book and Tencent's Yuanbao - Multi Book, an AI social platform derived from Cloud Bot, has around 1.5 million AI users. It allows AI to interact and browse the web, supporting a business model through user engagement [3]. - Tencent's Yuanbao is an AI social tool that facilitates group activities without personal friend connections, focusing on collective interactions like ordering food together [3]. Market Trends and Opportunities - The satellite internet market is expected to see significant growth, particularly in navigation and communication sectors. The on-board payloads are identified as having the highest revenue elasticity, with new payloads accounting for nearly 50% of total costs [6][7]. - Domestic suppliers are positioned to benefit from advancements in navigation and communication technologies during the next wave of satellite internet development [8]. CDN Demand in the AI Era - The demand for Content Delivery Networks (CDN) is anticipated to increase significantly due to the rise in the number and usage of agents, leading to higher data transmission requirements. Companies like Wangsu Science & Technology are expected to benefit from this trend [11]. Key Takeaways - The commercial space industry is poised for growth, with LEO satellite internet as a promising alternative for ground communications. - SpaceX's advancements are setting a precedent for other companies in the sector. - Innovations in AI social platforms are creating new user engagement models. - The demand for CDN services is expected to rise sharply, driven by increased data interaction needs in the AI landscape [2][11].

Core Viewpoint - The development of China's commercial space industry is at a critical juncture, with significant opportunities and challenges ahead, particularly in achieving reusable rocket technology and scaling up production efficiency to meet the demand for satellite launches [1][8]. Group 1: Technological Innovation - Technological innovation is the foundation for development, with a focus on improving the cost-effectiveness of rocket launches and developing reusable rocket technology [3]. - The successful launch of the Zhuque-2 rocket by Blue Arrow Aerospace marked a significant milestone as the world's first liquid oxygen-methane rocket to reach orbit, showcasing advancements in key technologies [3]. - Companies like Tianbing Technology and Galaxy Aerospace are leading in various technological advancements, including multi-satellite launches and high-performance engines [3][6]. Group 2: Efficiency Improvement - Experts estimate that over the next nine years, China needs to launch more than 25,000 satellites, with a total of over 120,000 satellites in the next twelve years to meet the demand [4]. - The industry consensus is to produce satellites in bulk, akin to automobile manufacturing, to enhance efficiency [5]. - Innovations in production lines have significantly reduced the assembly time for satellites, with some companies achieving a turnaround of 20-25 days for satellite assembly [5]. Group 3: Ecological Support - The establishment of a comprehensive commercial space industry chain at the Dongfang Spaceport in Shandong is crucial, integrating satellite manufacturing, rocket launching, and control services [7]. - Beijing has emerged as a hub for commercial space enterprises, housing over 70% of the country's commercial rocket companies, facilitating a closed-loop from rocket manufacturing to satellite utilization [7]. Group 4: Development Challenges - The commercial space industry is facing challenges in profitability, with many companies relying heavily on financing and struggling to generate revenue from launch tasks [8]. - The high cost of rocket launches remains a core constraint, with the engine and rocket body costs accounting for over 70% of total expenses [9]. - Limited launch opportunities due to a shortage of launch sites and resources are hindering the frequency of commercial launches [11]. Group 5: Policy and Market Dynamics - The Chinese government is actively promoting the development of commercial space through supportive policies, including the encouragement of satellite service applications and the establishment of a market-driven procurement model [13][15]. - The upcoming launches of several commercial rockets in 2026 are expected to further bridge the technological gap with international counterparts [15].

（ITU）对于卫星轨道和频段资源的申请使用有着严格的时间表，而当前我国两大星座卫星部署数量的 完成度仅约1%。未来几年我国将逐步掌握火箭回收+多次复飞技术，国内商业卫星发射有望迎来高速增 长。 通用航空ETF基金紧密跟踪中证通用航空主题指数，中证通用航空主题指数选取50只业务涉及航空材料 及零部件、通航飞行器制造、通航基础设施、通航运营与保障、通航应用等通用航空相关领域的上市公 司证券作为指数样本，反映通用航空主题相关上市公司证券的整体表现。 数据显示，截至2025年12月31日，中证通用航空主题指数(931855)前十大权重股分别为航天电子、海格 通信、中国卫通、中科星图、北斗星通、华测导航、航天彩虹、雷科防务、华力创通、西部超导，前十 大权重股合计占比43.4%。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业 ...