丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] 2026 年第 9 周计算机行业周报： 国产模型调用量超美国，看好应用与基础资源 报告要点 [Table_Summary] 上周计算机板块回调后反弹，整体上涨 1.34%，在长江一级行业中排名第 20 位，两市成交额 占比为 7.62%，算力相关题材活跃。上周香港政府表示将于年内会提交数字资产政策条例草案； 蓝箭航天宣布朱雀三号重复使用运载火箭计划于今年第二季度再次开展回收试验；《人形机器 人与具身智能标准体系（2026 版）》正式发布。近期，OpenRouter 平台调用量首次超过美国， 建议关注（1）新入口&大模型商业化爆发；（2）国产芯片（CPU+GPU）&第三方云；（3）Agent 重构软件，聚焦"高价值+高壁垒+高兑现"场景。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 近期，中国 AI 的模型调用量爆发式增长，O ...

丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] 2026 年第 9 周计算机行业周报： 国产模型调用量超美国，看好应用与基础资源 报告要点 [Table_Summary] 上周计算机板块回调后反弹，整体上涨 1.34%，在长江一级行业中排名第 20 位，两市成交额 占比为 7.62%，算力相关题材活跃。上周香港政府表示将于年内会提交数字资产政策条例草案； 蓝箭航天宣布朱雀三号重复使用运载火箭计划于今年第二季度再次开展回收试验；《人形机器 人与具身智能标准体系（2026 版）》正式发布。近期，OpenRouter 平台调用量首次超过美国， 建议关注（1）新入口&大模型商业化爆发；（2）国产芯片（CPU+GPU）&第三方云；（3）Agent 重构软件，聚焦"高价值+高壁垒+高兑现"场景。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 上周大盘受春节假期影响仅四个交易日，整体震荡 ...

这则消息的背景是，去年底该型火箭首次开展一子级回收验证时，"最后一脚刹车没踩好"，遗憾折戟。 从一次功败垂成的探索，到迅速重整旗鼓、明确规划下一轮试验，这一过程为商业航天技术突破写下注脚：创新之路功在"恒进"而非速成。 每经编辑｜陈柯名 "朱雀"蓄势，将再冲云霄。2月25日，蓝箭航天宣布，其研制的朱雀三号重复使用运载火箭计划于今年第二季度再次开展回收试验，并根据回收试验情 况，争取于第四季度尝试首次回收复用飞行。 中国航天事业的发展史，本就是一部从零开始、自力更生、砥砺前行的奋斗史。今天，当商业航天接过部分探索的接力棒，这种精神内核与市场机制的活 力、资本的风险偏好相结合，孕育出了"一败再战"甚至"屡败屡战"的现代创新文化。这不仅是科研任务的刚性要求，更是企业在市场竞争中的生命力所 在。 随着第二次回收试验的筹备工作展开，社会对此应抱以理性期待，乐见其成亦能理解其艰，相信无论成败"坚持就是胜利"；业界则需保持战略定力，尊重 科学、敬畏工程、持续投入。比单次结果更为重要的，是持续投入、不断优化、长期坚持的研发过程本身。这一过程所积累的技术知识、工程经验和人才 团队，才是构筑未来太空产业基础最坚实的资产。 评论员 ...

Group 1 - The aerospace sector experienced a slight decline, with the Tianhong Aerospace ETF (159241) showing a decrease of 1.18% during trading, with a transaction volume of 88.76 million yuan and a turnover rate of 9.10% [1] - The Tianhong Aerospace ETF has seen a net inflow of 411 million yuan over the last 20 trading days, with a total fund size of 994 million yuan as of February 5, 2026 [1] - The ETF focuses on aerospace equipment, space photovoltaics, domestic large aircraft, low-altitude economy, and military information technology, with 99% of its index belonging to the defense and military industry, indicating a higher investment value compared to other military indices [1] Group 2 - The successful first flight of the reusable Zhuque-3 rocket has been recognized as a significant event, highlighting the progress of private aerospace in China, attributed to the country's strong industrial foundation and open development environment [2] - The Zhuque-3 rocket's launch on December 3, 2025, marked a breakthrough in reusable rocket technology, contributing to low-cost and frequent access to space [2] - The low-altitude economy and commercial aerospace have been identified as key emerging industries, with the integration of artificial intelligence accelerating innovation in the aerospace sector, aligning with the goals of the 14th Five-Year Plan [2]

Group 1 - Elon Musk plans to schedule SpaceX's IPO for mid-June, coinciding with a rare planetary alignment and his birthday, aiming to raise $50 billion with a valuation of approximately $1.5 trillion, potentially making it the largest IPO in history [1][2][5] - The IPO is expected to generate significant demand from both institutional and retail investors, surpassing the previous record set by Saudi Aramco's $29 billion IPO in 2019 [2][3] - SpaceX has appointed major banks including Bank of America, Goldman Sachs, JPMorgan, and Morgan Stanley as lead underwriters for this significant transaction [3] Group 2 - The motivation behind Musk's push for the IPO is to secure funding for the development of the Starship rocket system aimed at reaching Mars, as well as to enhance SpaceX's competitive position in the AI sector [4] - SpaceX is also working on technology to deploy data centers in space, leveraging its Starlink satellite network, which consists of 9,400 satellites [4] - The IPO date in June reflects Musk's personal influence on corporate decisions, with some analysts suggesting that the timing is also linked to the upcoming planetary alignment [6] Group 3 - The Chinese commercial space sector is also making significant strides, with the China Aerospace Science and Technology Corporation emphasizing the importance of reusable rocket technology and planning to enhance its capabilities in commercial launches [7] - In 2025, China's commercial space industry is projected to maintain rapid growth, completing 50 launches, which accounts for 54% of the country's total space launches, with a significant number of commercial satellites being deployed [8] - The advancement of reusable rocket technology is expected to drastically reduce launch costs and stimulate demand for satellite deployment in various sectors, indicating a potential boom in China's commercial space industry [8]

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - The continuous improvement of the stock market since 2026 is the result of the joint action of four factors: the resonance of the technology cycle, the release of policy dividends, the improvement of economic recovery, and the return of overseas funds. The market has gradually shifted from being dominated by valuation expansion to a new stage driven by earnings. It is expected that in 2026, supply - side reforms will continue, pushing up the prices of commodities and driving up resource - based stocks. With the continuous release of policy effects, the further enhancement of economic recovery momentum, and the continuous progress of overseas funds allocating Chinese assets, the stock market is expected to continue its volatile upward trend [2] 3. Summary According to Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous two - day closing prices of IF contracts (IF当月, IF下月, IF下季, IF隔季) were 4722.00, 4719.40, 4683.00, 4626.00 respectively, and the previous day's closing prices were 4704.00, 4709.20, 4687.60, 4647.00. The price changes were - 16.20, - 7.20, 6.80, 23.60, and the corresponding price change rates of the CSI 300 were - 0.34, - 0.15, 0.15, 0.51. The trading volumes were 28815.00, 84474.00, 20706.00, 6487.00, and the positions were 42005.00, 173887.00, 72508.00, 11330.00. The changes in positions were 3960.00, - 417.00, 4100.00, 2530.00 [1] - **IH Contracts**: The previous two - day closing prices of IH contracts (IH当月, IH下月, IH下季, IH隔季) were 3057.00, 3061.20, 3057.60, 3025.80 respectively, and the previous day's closing prices were 3032.40, 3037.80, 3036.00, 3006.00. The price changes were - 22.20, - 20.20, - 19.60, - 15.60, and the corresponding price change rates of the SSE 50 were - 0.73, - 0.66, - 0.64, - 0.52. The trading volumes were 11094.00, 38693.00, 8525.00, 3725.00, and the positions were 16044.00, 63802.00, 23537.00, 5388.00. The changes in positions were 2026.00, 4793.00, 2711.00, 1709.00 [1] - **IC Contracts**: The previous two - day closing prices of IC contracts (IC当月, IC下月, IC下季, IC隔季) were 8404.00, 8400.00, 8309.60, 8195.20 respectively, and the previous day's closing prices were 8656.20, 8658.20, 8578.80, 8491.00. The price changes were 277.00, 281.20, 297.00, 320.60, and the corresponding price change rates of the CSI 500 were 3.31, 3.36, 3.59, 3.92. The trading volumes were 29259.00, 103171.00, 32896.00, 10967.00, and the positions were 51809.00, 179892.00, 88549.00, 20975.00. The changes in positions were - 995.00, 5740.00, 3581.00, 3280.00 [1] - **IM Contracts**: The previous two - day closing prices of IM contracts (IM当月, IM下月, IM下季, IM隔季) were 8318.00, 8292.60, 8119.20, 7952.00 respectively, and the previous day's closing prices were 8531.80, 8516.60, 8366.20, 8219.00. The price changes were 239.80, 252.80, 275.60, 295.00, and the corresponding price change rates of the CSI 1000 were 2.89, 3.06, 3.41, 3.72. The trading volumes were 39087.00, 128628.00, 39676.00, 15595.00, and the positions were 66131.00, 195577.00, 107740.00, 26555.00. The changes in positions were 3449.00, 8990.00, 4814.00, 6473.00 [1] - **Inter - month Spreads**: The current inter - month spreads of IF下月 - IF当月, IH下月 - IH当月, IC下月 - IC当月, IM下月 - IM当月 were 5.20, 5.40, 2.00, - 15.20 respectively, and the previous values were - 2.60, 4.20, - 4.00, - 25.40 [1] 3.2 Stock Index Spot Market - **CSI 300 Index**: The previous value of the CSI 300 index was 4702.50, with a trading volume of 314.64 billion lots and a total trading amount of 7556.18 billion yuan. The previous two - day value was 4723.71, with a trading volume of 274.20 billion lots and a total trading amount of 6902.35 billion yuan. The price change rate was - 0.45 [1] - **SSE 50 Index**: The previous value of the SSE 50 index was 3032.19, with a trading volume of 69.02 billion lots and a total trading amount of 2004.56 billion yuan. The previous two - day value was 3053.13, with a trading volume of 62.92 billion lots and a total trading amount of 1934.11 billion yuan. The price change rate was - 0.69 [1] - **CSI 500 Index**: The previous value of the CSI 500 index was 8590.17, with a trading volume of 319.69 billion lots and a total trading amount of 6394.21 billion yuan. The previous two - day value was 8387.60, with a trading volume of 268.81 billion lots and a total trading amount of 5461.38 billion yuan. The price change rate was 2.42 [1] - **CSI 1000 Index**: The previous value of the CSI 1000 index was 8470.74, with a trading volume of 393.04 billion lots and a total trading amount of 6819.48 billion yuan. The previous two - day value was 8309.35, with a trading volume of 328.56 billion lots and a total trading amount of 5718.06 billion yuan. The price change rate was 1.94 [1] - **Industry Indexes**: The price change rates of different industries in the CSI 300 industry index were as follows: energy - 1.82%, raw materials 0.99%, industry 0.72%, optional consumption - 0.70%, major consumption - 0.23%, medical and health 0.10%, real estate and finance - 0.89%, information technology - 0.70%, telecommunications business - 3.13%, public utilities - 0.91 [1] 3.3 Futures - Spot Basis - **IF Contracts and CSI 300**: The previous values of IF当月 - CSI 300, IF下月 - CSI 300, IF下季 - CSI 300, IF隔季 - CSI 300 were 1.50, 6.70, - 14.90, - 55.50 respectively, and the previous two - day values were - 1.71, - 4.31, - 40.71, - 97.71 [1] - **IH Contracts and SSE 50**: The previous values of IH当月 - SSE 50, IH下月 - SSE 50, IH下季 - SSE 50, IH隔季 - SSE 50 were 0.21, 5.61, 3.81, - 26.19 respectively, and the previous two - day values were 3.87, 8.07, 4.47, - 27.33 [1] - **IC Contracts and CSI 500**: The previous values of IC当月 - CSI 500, IC下月 - CSI 500, IC下季 - CSI 500, IC隔季 - CSI 500 were 66.03, 68.03, - 11.37, - 99.17 respectively, and the previous two - day values were 16.41, 12.41, - 78.00, - 192.40 [1] - **IM Contracts and CSI 1000**: The previous values of IM当月 - CSI 1000, IM下月 - CSI 1000, IM下季 - CSI 1000, IM隔季 - CSI 1000 were 61.06, 45.86, - 104.54, - 251.74 respectively, and the previous two - day values were 8.65, - 16.75, - 190.15, - 357.35 [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 4136.16, 14439.66, 8883.33, 3349.50 respectively, and the previous two - day values were 4122.58, 14327.05, 8822.34, 3328.65. The price change rates were 0.33%, 0.79%, 0.69%, 0.63% respectively [1] - **Overseas Indexes**: The previous values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 26749.51, 53846.87, 6915.61, 24900.71 respectively, and the previous two - day values were 26629.96, 53688.89, 6913.35, 24856.47. The price change rates were 0.45%, 0.29%, 0.03%, 0.18% respectively [1] 3.5 Macro Information - The "Several Measures of Beijing Municipality on Promoting the Development and Utilization of Commercial Satellite Remote - Sensing Data Resources (2026 - 2030)" encourages capable enterprises to conduct mergers and acquisitions of upstream and downstream satellite data enterprises, integrate and improve the ground station network and data application service industrial chain, and build leading enterprises with global competitiveness. It also supports enterprises in planning and building commercial satellite constellations with differentiated advantages, clear commercial value, and clear application prospects [2] - According to the National Bureau of Statistics' monitoring of the market prices of 50 important production materials in 9 major categories in the national circulation field, from mid - January to early January 2026, the prices of 29 products increased, 13 decreased, and 8 remained unchanged. The price of live pigs (external ternary) increased by 0.4 yuan/kg, a 3.2% increase [2] - During the Spring Festival, Sichuan Province will hold more than 2400 cultural, tourism, business, and sports activities and launch ten major boutique activities. The province's consumption discounts will exceed 40 million yuan, including 20 million yuan in cultural and tourism consumption vouchers, 16 million yuan in movie consumption vouchers, and 100,000 free scenic - spot tickets [2] - As of now, 8 banks in the A - share market have successively disclosed their 2025 performance reports, and all of these institutions achieved positive growth in net profit attributable to shareholders. The performance reports have three notable features: the asset scales of the 8 listed banks all expanded steadily, with small and medium - sized banks leading in growth; the non - performing loan ratio remained favorable, and no bank had an obvious rebound in the non - performing ratio; most banks increased their provision for bad debts, but the provision coverage ratio was still declining [2] - After the disclosure of the Q4 2025 fund reports, the latest positions of public FOFs, the "professional buyers", emerged. In Q4 last year, FOFs continued to favor low - risk products, and short - term financing ETFs became their top - held variety. Amid the record - high international gold prices, FOFs generally reduced their holdings of gold ETFs and instead significantly increased their holdings of gold - stock ETFs, showing a unique "gold - hunting" strategy [2] 3.6 Industry Information - The 2026 Beijing International Commercial Space Exhibition was held from January 23rd to 25th, and a number of star products and solutions representing the forefront of China's commercial space technology were on display. In the field of launch vehicles, LandSpace Technology exhibited models of the improved Zhuque - 2 liquid - oxygen methane launch vehicle and the reusable Zhuque - 3 launch vehicle [2] - The National Development and Reform Commission recently issued the "Opinions on Promoting the Healthy and Sustainable Development of Inter - city Railways", proposing to give priority to supporting the planning and construction of inter - city railways in key urban agglomerations with active economies and high population density, such as the Beijing - Tianjin - Hebei region, the Yangtze River Delta, the Guangdong - Hong Kong - Macao Greater Bay Area, and the Chengdu - Chongqing economic circle. It is strictly prohibited to build high - speed railways and urban rail transit projects in the name of inter - city railways. Projects with illegal debt - raising or without clear sources of debt repayment and operation subsidy funds will not be approved. Debt - high - risk regions are not allowed to increase local government debt for new inter - city railway projects [2] - As the Spring Festival approaches, the enthusiasm for "traveling south to avoid the cold" and duty - free shopping on Hainan Island continues to heat up, and ticket bookings have entered a peak period. Data from multiple online travel platforms show that Haikou and Sanya are among the top domestic destinations. Hainan Airport's passenger throughput during the 2026 Spring Festival travel season is expected to reach 8.175 million person - times, setting a new record for the same period [2] 3.7 Stock Index Views - U.S. stocks were mixed. In the previous trading day, stock indexes continued to diverge, with the power equipment sector leading the gains and the communication sector leading the losses. The market turnover was 3.12 trillion yuan. In terms of funds, on January 22nd, the margin trading balance increased by 3.972 billion yuan to 2.707543 trillion yuan [2]

Core Insights - The 2026 Beijing International Commercial Aerospace Exhibition is showcasing over 300 commercial aerospace companies and related institutions, highlighting advancements in rocket launch, satellite manufacturing, aerospace applications, and financial services [1][3][6] - Chinese commercial aerospace is transitioning from a supplementary force to a strategic pillar, with significant potential to play a crucial role in global space infrastructure development [3][6] Group 1: Industry Developments - The exhibition features cutting-edge products such as the Zhuque-2 and Zhuque-3 rockets from Blue Arrow Aerospace, and various models from Star River Dynamics, including the "Zhishenxing" and "Gushenxing" rockets [1][3] - Innovations in satellite technology are represented by Galaxy Aerospace's "Lingxi 03" satellite and Zhongke Xingtou's digital earth products, integrating AI and big data for enhanced space information services [3][5] Group 2: Market Trends - The commercial aerospace sector is viewed as a "new blue ocean," with companies encouraged to identify clear commercial value and application prospects in niche markets for successful development [5][6] - Key industry terms such as "cost," "iteration," and "batch" are frequently mentioned, indicating a focus on low-cost, high-frequency, and mass delivery as critical goals for the sector [5][6] Group 3: Company Insights - Companies like Shanghai Yunzu 3D Technology are enhancing manufacturing efficiency through advanced 3D printing technologies, which allow for complex structures while reducing weight [5] - The growth of the commercial aerospace sector is supported by national and local policies, leading to a surge in orders and a commitment to ramping up research and production capabilities [6]

Core Viewpoint - The commercial aerospace industry in Beijing plays a crucial role in advancing China's overall commercial aerospace sector, with significant achievements and a strong policy framework supporting its growth [1][2]. Group 1: Industry Development - As of now, 70% of China's commercial aerospace achievements originate from Beijing, which is home to over 300 commercial aerospace companies [1]. - The scale of Beijing's commercial aerospace industry has surpassed 100 billion yuan [1]. - The city has transitioned from supporting small and medium enterprises to implementing targeted policies that provide substantial financial support, such as insurance subsidies, to reduce operational costs for companies [1]. Group 2: Technological Advancements - Significant technological milestones have been achieved, including the successful first flight of the Zhuque-3 reusable rocket and the successful connection of mobile phones to satellites, laying a solid foundation for future developments in low Earth orbit infrastructure [2]. - The establishment of a reusable rocket laboratory and action plans for rapid development in commercial aerospace reflect the top-level institutional design in Beijing [2]. Group 3: Future Outlook - The commercial aerospace industry in Beijing is well-prepared for the upcoming "15th Five-Year Plan," with expectations for new achievements driven by innovation and contributions to national rejuvenation through aerospace advancements [2]. - There is a strong commitment from industry leaders to continue contributing to the development of China's aerospace sector, emphasizing a lifelong dedication to the field [2].

Core Insights - China's commercial aerospace sector is experiencing rapid advancements, supported by government policies, talent availability, and market potential [1][3] - The government has integrated commercial aerospace into its strategic plans, emphasizing its importance in national development and security [3][6] Government Support - The Chinese government has included commercial aerospace in its work reports for 2024 and 2025, with the "14th Five-Year Plan" highlighting the goal of building a "strong aerospace nation" [3] - Policies have been released to promote high-quality and safe development in commercial aerospace, including the establishment of a dedicated Commercial Aerospace Department within the National Space Administration [3][6] - Local governments are also implementing supportive policies tailored to their industrial bases, enhancing the ecosystem for commercial aerospace [3] Industry Growth Metrics - By 2025, China is projected to conduct 50 commercial launches, accounting for 54% of the total annual space launches, and will place 311 commercial satellites into orbit, representing 84% of the total satellites launched that year [4] - The industry is expected to see a financing total of 18.6 billion yuan in 2025, marking a 32% year-on-year increase [6] Strategic Importance - The rise of commercial aerospace is viewed as a means to enhance China's capabilities in space resource utilization and to secure national interests [6][9] - The application for over 200,000 satellite frequency resources from the International Telecommunication Union (ITU) underscores the strategic push for future competitiveness [6] Economic Impact - Commercial aerospace is seen as a new engine for economic development, with potential to drive advancements in high-end manufacturing, new materials, and information technology [7][8] - The sector is expected to foster regional economic transformation and create specialized industrial clusters, injecting new momentum into local economies [8] Technological Integration - Commercial aerospace technologies are increasingly being integrated into everyday life, providing services such as satellite internet and remote sensing data that benefit various sectors including agriculture and transportation [9] Challenges Ahead - Despite rapid growth, the commercial aerospace sector faces challenges such as limited application scenarios and difficulties in cost control, which need to be addressed for high-quality development [10]

Group 1 - The A-share market saw a collective rebound on January 22, with the aerospace sector showing signs of recovery, as evidenced by the Aerospace ETF (159227) rising by 3.14% and achieving a transaction volume of 249 million yuan, making it the largest in its category [1] - By 2025, China's commercial aerospace sector is expected to maintain rapid growth, completing 50 launches in total, which accounts for 54% of the country's total space launches for the year. Among these, 25 will be commercial rocket launches, and 311 commercial satellites will be placed into orbit, representing 84% of the total satellites launched [1] - The successful first flight of the reusable Zhuque-3 rocket marks a significant technological breakthrough, validating core technologies such as the return of the first stage [1] Group 2 - Zhongyin Securities believes that the commercial aerospace theme is entering a "warming" phase, supported by improved top-level design and new policies that clarify the development blueprint for the industry, enhancing market confidence in the long-term growth of commercial aerospace [1] - The Aerospace ETF (159227) closely tracks the National Aerospace Index, covering leading companies across the entire industry chain, including fighter jets, aircraft engines, rockets, missiles, satellites, and radars, with a high commercial aerospace content of 70.19% [2]