智通财经APP获悉，国联民生证券发布研报称，当前商业航天产业正处于验证到规模化的跨越关键期， 需要综合考虑效率、成本、可靠性等指标，完成降低成本、扩大市场的商业闭环。碳纤维、PEEK、 UHMWPE纤维、ePTFE膜、芳纶纸、陶瓷基材料、气凝胶、PI、LCP等具有优良性能的化工新材料，将 是商业航天降低成本、保障性能的重要支撑，受益于规模化应用需求。建议关注相关航天新材料领域细 分赛道领先、推进航天验证的企业。 轻量化在促进航天经济、实现大规模进入太空方面具有巨大的价值，可以满足发射运载的需求和花费较 低的费用，因此结构轻量化与高刚度已成为卫星、飞船及其他航天器设计与制造的核心要求，轻量化材 料将受益于商业航天发展带来的规模化应用需求，并有望提升应用比例。碳纤维是轻量化高强度的商业 航天结构材料，微光启航实现箭体90%结构的碳纤维化，较传统金属材料减重25%-30%;UHMWPE纤维 是目前世界上比强度和比模量最高的纤维，可用于绳缆与降落伞系统等的减重;PEEK最早在航空航天领 域实现工程化应用，用于取代铝和钛等传统金属材料;ePTFE膜在密度、耐温区间、耐老化与耐化学腐 蚀等关键性能指标上具备综合优势，可用 ...

截至1月9日，中简科技股东户数4.76万，较上期减少5.17%；人均流通股8899股，较上期增加5.45%。 2025年1月-9月，中简科技实现营业收入6.84亿元，同比增长28.46%；归母净利润2.90亿元，同比增长 25.45%。 分红方面，中简科技A股上市后累计派现3.65亿元。近三年，累计派现2.59亿元。 机构持仓方面，截止2025年9月30日，中简科技十大流通股东中，国泰中证军工ETF（512660）位居第 九大流通股东，持股342.14万股，相比上期减少66.00万股。香港中央结算有限公司位居第十大流通股 东，持股334.45万股，相比上期减少165.24万股。 1月13日，中简科技跌7.80%，成交额16.41亿元。两融数据显示，当日中简科技获融资买入额2.59亿 元，融资偿还2.15亿元，融资净买入4418.68万元。截至1月13日，中简科技融资融券余额合计12.28亿 元。 融资方面，中简科技当日融资买入2.59亿元。当前融资余额12.25亿元，占流通市值的6.77%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，中简科技1月13日融券偿还1.20万股，融券卖出4000.00 ...

（文章来源：证券日报） 证券日报网1月13日讯 ，统联精密在接受调研者提问时表示，在当前新型智能终端产品朝着更轻、更 薄、更高性能的方向升级，终端厂商对结构件、外观件的材料性能提出了更高要求，公司看好碳纤维的 发展前景，认为其作为新型智能终端轻量化、高性能升级的核心材料之一，将伴随行业迭代持续释放市 场需求。 ...

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Viewpoints - Focus on upstream materials for commercial aerospace, with a strong recommendation for UTG glass due to its significant market potential [6][2] - The cement market is experiencing seasonal declines in shipments, while glass inventory has decreased month-on-month [8] - For 2026, three main lines of opportunity are identified: stock chain, Africa chain, and AI chain [9] Summary by Relevant Sections Cement Market - After the New Year, domestic cement market demand continues to weaken due to factors like funding shortages and temperature drops, with key enterprises' shipment rates around 39%, down 1.5 percentage points month-on-month [8] - National cement prices have slightly declined, with price drops observed in regions like Zhejiang, Sichuan, Yunnan, and Xinjiang, ranging from 10 to 30 yuan per ton [23] - The national average cement price is 357.26 yuan per ton, a decrease of 0.32 yuan month-on-month [24] Glass Market - The domestic float glass market has seen a slight rebound in prices, driven by speculative demand, with a total inventory reduction of 183 million weight boxes, a decrease of 3.40% [8][36] - The average price of glass is 61.99 yuan per weight box, up 0.05 yuan month-on-month, but down 12.44 yuan year-on-year [36] - The production capacity of float glass has decreased, with 209 out of 262 production lines operational, resulting in a daily melting capacity of 149,535 tons [8] Investment Opportunities - UTG glass is projected to have a demand of approximately 1.2 million square meters based on the forecast of 6,000 satellites launched annually, translating to a market space of 6 billion yuan [6] - Carbon fiber demand is estimated at around 1,000 tons for satellite applications, with high profit elasticity due to the use of high-modulus series [7] - The report highlights three main investment themes for 2026: optimizing demand and supply in the stock chain, leveraging growth in the African market, and capitalizing on the upgrade trend in AI electronic fabrics [9]

证券研究报告 工业/基础材料 传统顺周期与电子卫星新材料共振期 华泰研究 2026 年 1 月 12 日│中国内地 行业周报（第二周） 本周观点：施工实物量指标开年改善，商业航天催化不断 2026 年开年以来，水泥磨机开工率、混凝土搅拌站运转率和建筑钢材成交 等多项施工实物量同比改善明显，叠加 12 月建筑业 PMI 环比改善和 26 年 投资靠前发力，且上周国常会部署实施财政金融协同促内需一揽子政策，我 们看好传统顺周期板块中的钢结构、玻纤等细分品类表现。我国 2025 年 12 月向 ITU 申请了超 20 万颗卫星的频轨资源，而美国联邦通信委员会（FCC） 批准太空探索技术公司（SpaceX）新增部署 7500 颗第二代"星链"卫星 的申请，商业航天中耐高温材料、太阳翼能源系统中的钙钛矿材料和 UTG 玻璃等需求有望迎来放量期。建议 26Q1 均衡布局新兴产业成长与传统板块 红利，重点推荐精工钢构、四川路桥、中材国际、中国核建、鸿路钢构、中 国巨石、华新建材、上峰水泥、东方雨虹、凯盛科技。 上周细分行业回顾 截至 01 月 09 日，全国水泥价格环比-0.1%；水泥出货率 38.7%，周环比/ 同比-1 ...

证券研究报告 | 行业周报 gszqdatemark 2026 01 11 年 月 日 建筑材料 反内卷预期再起，关注后续供给侧积极变化 2026 年 1 月 5 日至 1 月 9 日建筑材料板块（ SW）上涨 1.89%，其中水泥 （SW）上涨 1.62%，玻璃制造（SW）上涨 3.10%，玻纤制造（SW）上 涨 0.75%，装修建材（SW）上涨 2.57%，本周建材板块相对沪深 300 超 额收益 1.01%。本期建筑材料板块（SW）资金净流入额为-9.53 亿元。 【周数据总结和观点】 2026 年中国人民银行工作会议召开，明确把促进经济高质量发展、物价 合理回升作为货币政策的重要考量。根据 wind 统计，2025 年 12 月地方 政府债总发行量 2837.47 亿元，发行金额环比 2025 年 11 月下降 68.9%， 同比 2024 年 12 月下降 74.0%。化债政策加码下政府财政压力有望减轻， 企业资产负债表也存在修复的空间，市政工程类项目有望加快推进，市政 管网及减隔震实物工作量有望加快落地，关注龙泉股份、青龙管业、中国 联塑、震安科技。浮法玻璃供需仍有矛盾，光伏玻璃开启自律减产，供需 ...

编辑：[太阳] 中日第二轮较量已经打响，但这次不是靠喊话，而是直接动到"命门"。中国一出手，日本军工和制造业 立刻承压，股价下跌、人心发慌。 这不仅仅是少了一两样原材料的问题，而是整个日本引以为傲的工业体系，正面临被连根拔起还是即使 休克的艰难选择。 这次出招的逻辑非常有意思，不再是简单的"我不卖给你"，而是基于规则的"体系化封锁"。 首先就是针对军民两用物项的出口管制。商务部在1月6日发布的消息，字数不多，信息量爆炸。稀土、 碳纤维、航空发动机关键材料，这些东西原本就是日本军工企业"寓军于民"策略下的刚需。 以往日本三菱、川崎这类巨头，总是披着民用的外衣采购，转身就将技术用于武器研发。但这一次，这 条路被堵死了。 更绝的是中国这次实施的是"穿透式管制"。什么意思？就是哪怕日本想通过第三方国家转手购买，也不 行。这种禁止转售的规定，相当于给日本为了规避制裁而精心设计的那些"后门"，加上了一把焊死的铁 锁。 哪怕日本的决策层此时再怎么试图表现得云淡风轻，市场是不会撒谎的。三菱重工与川崎重工的股价在 第一时间跳水，这种恐慌并非空穴来风，而是资本市场敏锐地嗅到了"断供"背后的毁灭性气息。 高市政府急着派人赴美求援， ...

Core Insights - The construction of the Shanghai-Hangzhou high-speed railway is set to transform Jinshan and Fengxian from the outskirts of Shanghai into key nodes in the Yangtze River Delta region, enhancing their attractiveness and competitiveness [2][3] - The high-speed railway will significantly reduce travel time, making Jinshan a central node in a one-hour urban circle, facilitating easier access to both Shanghai and Hangzhou [7][12] Group 1: Infrastructure Development - The Shanghai-Hangzhou high-speed railway, with a planned speed of 350 km/h, will connect Shanghai East Station to Hangzhou West Station in approximately 40 minutes, with completion expected by the end of 2029 [4] - The railway's route has been optimized to include key areas such as Shanghai East Station, Fengxian, Jinshan, and Jiaxing, ultimately linking the northern shore of Hangzhou Bay [4][10] Group 2: Economic Opportunities - The high-speed railway is anticipated to stimulate the potential value of suburban areas in South Shanghai, particularly in Jinshan and Fengxian, by enhancing talent mobility, resource flow, and industrial collaboration [8] - Jinshan's chemical industry is transitioning towards becoming a hub for energy and new materials, with the high-speed railway expected to improve logistics efficiency and reduce costs for special chemical products [8][9] Group 3: Industry Collaboration - The biopharmaceutical sector in Jinshan aims to establish a collaborative development corridor, leveraging the high-speed railway for efficient transportation of samples and clinical communication with Shanghai and Hangzhou [9] - The arrival of major companies and projects in Jinshan, such as Lexus and Lego Land, indicates a growing interest from investors in the region's potential, driven by improved connectivity [9] Group 4: Urban Integration - The development of the high-speed railway is part of a broader strategy to integrate urban and rural areas, blurring the lines between them and fostering a more cohesive economic environment in South Shanghai [12] - The transformation of Jinshan and Fengxian into nodes within the "Greater Bay Area" will enhance their individual functions and values, contributing to a more dynamic economic landscape [12]

Core Viewpoint - The carbon fiber industry is transitioning from "incremental expansion" to "high-end transformation" due to slowing demand in downstream sectors like wind power and electric vehicles, leading to a potential oversupply crisis [1][3]. Group 1: Industry Demand and Supply - Carbon fiber, known for its low weight, high strength, and corrosion resistance, is increasingly used across various industries, including automotive and aerospace [3]. - China's carbon fiber demand reached 84,000 tons last year, a year-on-year increase of 21.7%, with expectations that domestic supply will account for 80.1% of total demand by 2024, up 27.6% [6]. - The global demand for carbon fiber in the wind power sector is projected to exceed 100,000 tons by 2025, representing over 60% of total demand [5]. Group 2: Production and Technology - The production of high-performance carbon fiber is complex, requiring precise control over multiple steps in the manufacturing process, with significant technical barriers [8]. - The cost of producing higher-grade carbon fibers increases exponentially, with T1000 potentially costing 10 to 20 times more than T300 [8]. - Current production capabilities in China have advanced to stable mass production of T800 and experimental production of T1000, but high-grade carbon fiber still lacks a systematic approach [10]. Group 3: Market Opportunities and Future Trends - The industry is at a critical juncture where transitioning to high-end, high-performance products is essential for overcoming homogenization and driving energy security [10]. - The C919 aircraft, China's first domestically produced large passenger aircraft, utilizes 11.5% carbon fiber, with future models expected to increase this to 50%, indicating a rapid growth in demand for high-end carbon fiber [10]. - The carbon fiber sector is encouraged to explore new markets and applications, particularly in areas like energy safety, vehicle lightweighting, and hydrogen energy [10].

Core Viewpoint - The recent export ban by China on dual-use items to Japan marks a significant shift in Sino-Japanese trade relations, indicating China's serious stance on the matter [1][20]. Group 1: Impact on Japanese Manufacturing - Japanese manufacturers are facing a crisis as they can no longer source over 1,000 dual-use items from China, which includes essential materials and components critical for various industries [10][12]. - The ban affects a wide range of products, from basic materials like steel and aluminum to advanced technologies such as industrial robots and integrated circuit chips [10][12]. - Japan's reliance on China is highlighted by the fact that over half of the import value for 1,406 categories comes from China, significantly higher than the U.S. dependency [12]. Group 2: Immediate Consequences - The ban's immediate effects are already visible, with Japan's aerospace agency postponing a rocket launch due to the lack of necessary components [14]. - The automotive industry may face severe disruptions, particularly in high-performance electric motor production, which could lead to production line shutdowns [16]. - The semiconductor industry is also at risk, as the shortage of chip materials could result in gradual factory closures [16]. Group 3: Long-term Implications - In the long term, Japan may need to diversify its supply chains, but this process will require significant time and investment, with no immediate alternatives available [18]. - The structural challenges Japan faces, such as labor shortages and high production costs, raise doubts about its ability to rebuild a comprehensive industrial system comparable to China's [18]. - The export ban serves as a demonstration of China's growing influence in key manufacturing sectors, potentially redefining the economic positions of both countries in the coming decades [20].