一、当日行情分析 1、市场观察——推动各类中长期资金进一步提高入市规模比例 上周五三大指数震荡走高，沪指突破4100点，两市成交额再度放大，历史第五次突破3万亿，整体依旧维持着价量齐升的强势上涨结构，后市或仍具进一步 冲高动能。所以下周的成交额仍是关键，若能维持温和放大节奏，市场有望延续强势上涨结构。 1月11日，证监会副主席陈华平在参加第30届中国资本市场论坛时表示，将持续完善长钱长投的制度环境，合力推动各类中长期资金进一步提高入市规模比 例；将进一步提升监管执法有效性，持续健全投资者教育服务和保护体系，坚持依法从严监管，突出打大、打恶、打重点，从严惩治各类恶性违法行为。 陈华平发言表示，将持续完善长钱长投的制度环境，合力推动各类中长期资金进一步提高入市规模比例，优化合格境外投资者等制度安排，让各类资金愿意 来，留得住，发展得好。截至去年末，各类中长期资金合计持有A股流通市值约为23万亿元，较年初增长36%；权益类基金规模由去年初的8.4万亿元增长到 11万亿元左右。 2、格陵兰岛争端将如何演绎？ 当地时间2026年1月6日，白宫表示特朗普正在讨论获取格陵兰岛的各种方案，包括可能动用军事手段，其或有推进地缘 ...

格隆汇12月24日丨*ST铖昌(001270.SZ)在互动平台表示，当前国内具备T/R芯片研发与量产能力的主体 以科研院所为主，公司是国内从事T/R芯片研制的主要企业之一。随着下游需求规模化增长及产品应用 渗透率的大幅提升对公司长期向好发展创造了良好的机遇。公司2025年前三季度毛利率为69.72%，公 司将持续全力扩大经营规模提高盈利能力。 ...

格隆汇12月24日丨*ST铖昌(001270.SZ)在互动平台表示，公司产品T/R芯片在产业链中较为前端，下游 直接客户以天线、雷达院所企业等居多。公司已针对下一代低轨通信卫星以及地面配套设备新研发出多 款产品，公司将结合自身实际情况，积极拓展符合公司发展规划的业务。 ...

Group 1 - The commercial aerospace sector is gaining attention, with the 2025 Satellite Internet Industry Ecosystem Conference held in Shanghai on December 4-5, and SpaceX initiating a new round of stock sales with a target valuation of $800 billion [1] - The acceleration of national initiatives in commercial aerospace is expected to promote applications such as mobile direct satellite connections and Beidou messaging, enhancing industry collaboration among operators, satellites, modules, and chip manufacturers [1] - The company *ST Chengchang (001270) is gaining institutional attention as a key player in the chip and T/R component supply chain, particularly in the low Earth orbit satellite communication sector [1] Group 2 - The company has established advantages in low Earth orbit satellite communication, being the first in China to provide a complete solution, with its T/R chips demonstrating leading performance [1] - The company has maintained stable product delivery and has completed the development of several next-generation low Earth orbit communication satellites and ground equipment, with plans for mass delivery based on customer orders [1] - The dense launch and networking applications of satellites are expected to become a new revenue growth point for the company [1] Group 3 - CITIC Securities recently commented on the company's business, noting its continuous efforts in the satellite field, expanding the range of satellite models covered, with several large-scale remote sensing satellite projects entering regular mass delivery [2] - In the low Earth orbit satellite sector, the company maintains its advantages and closely collaborates with key downstream institutions, preparing inventory based on customer needs and delivering as planned [2] - In the airborne sector, the company is experiencing rapid revenue growth due to projects entering mass supply phases, with new demand orders and contracts continuing to be issued [2]

Group 1 - The National Space Administration of China issued the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)", which includes 22 key measures across five areas: enhancing innovation, efficient resource utilization, promoting industry growth, improving industry management, and strengthening safety regulation [1] - The Action Plan aims to significantly reduce fixed asset investments for private enterprises while establishing a comprehensive safety review mechanism to manage technology validation and operational risks throughout the process [1] - The plan emphasizes the optimization of industrial structure, supporting commercial space entities in developing new technologies and products, and exploring new application scenarios [1] Group 2 - With continuous policy support, many listed companies are optimizing their business structures and targeting important niche markets in the commercial space industry [2] - Companies like Zhejiang Zhenlei Technology Co., Ltd. have strategically positioned themselves in the satellite internet core chip and component supply sector, developing a product matrix that includes power management chips and integrated RF transceiver chips [2] - Zhejiang Chengchang Technology Co., Ltd. has developed T/R chips with leading performance in the low Earth orbit satellite sector, collaborating closely with core downstream customers to create new products for next-generation low Earth orbit communication satellites [2] Group 3 - The commercial space industry is entering a golden development period, with expanding market size driven by breakthroughs in key technologies, particularly in emerging fields like low Earth orbit communication constellations and deep space exploration [3] - Companies are advised to focus on technology route selection, emphasizing reusable rockets, integrated remote sensing, and space manufacturing while adhering to regulations on space debris mitigation and data security [3] - Establishing a comprehensive risk management system throughout the lifecycle of space projects is essential for companies in the industry [3]

Core Viewpoint - The delivery cycle for T/R chips has been extended to 12-18 months, reflecting overall industry demand growth and current supply chain conditions [1] Group 1: Company Updates - The company has six products that can be applied to T/R components, with some already starting small batch orders [1] - The company will continue to optimize capacity layout and supply chain management to ensure order delivery [1]

Core Viewpoint - The company has achieved mass production of T/R chips and received pre-orders from 12 military units, indicating strong demand in the industry and a positive outlook for future orders [1] Group 1: Production and Delivery - The delivery cycle for T/R chips has been extended to 12-18 months, reflecting overall industry demand growth and current supply chain conditions [1] - The company has six products applicable to T/R components, with some already starting small batch orders [1] Group 2: Capacity and Supply Chain Management - The company plans to continuously optimize its capacity layout and supply chain management to ensure order delivery [1]

Core Viewpoint - Heertai (002402.SZ) reported significant growth in its subsidiary Chengchang Technology, which specializes in T/R chips for phased array radar and satellite communication, indicating a strong recovery in downstream user demand and an increase in orders and projects [1] Company Summary - Chengchang Technology's T/R chips are now being mass-produced and applied in various fields including spaceborne, ground, and airborne phased array radar and satellite communication [1] - The company achieved a revenue of 306 million yuan and a net profit of 90.36 million yuan in the first three quarters of 2025 [1] - Chengchang Technology maintains a leading position in the domestic market for phased array T/R chip research and production, collaborating closely with downstream users [1] Industry Summary - The T/R chip is a critical component of phased array systems, characterized by high integration, complex structure, and stringent performance parameters [1] - In China, the main entities capable of R&D and mass production of phased array T/R chips are research institutes and a few private enterprises with tier-three and tier-four supporting capabilities [1] - The company has developed several new products targeting the next generation of low-orbit communication satellites and ground support equipment [1]

Core Viewpoint - Heertai (002402) has reported significant growth in its subsidiary Chengchang Technology, which specializes in T/R chips used in phased array radar and satellite communication systems, indicating a recovery in downstream user demand and an increase in orders and projects [1] Company Summary - Chengchang Technology's T/R chips are now being mass-produced and applied in various fields including spaceborne, ground, and airborne phased array radar and satellite communications [1] - The company achieved a revenue of 306 million yuan and a net profit of 90.36 million yuan in the first three quarters of 2025, reflecting strong operational performance [1] - Chengchang Technology maintains a leading position in the domestic market for phased array T/R chip development and production, collaborating closely with downstream users [1] Industry Summary - The T/R chip is a critical component of phased array systems, characterized by high integration, complex structure, and stringent performance parameters [1] - In China, the primary entities capable of developing and mass-producing phased array T/R chips are research institutes and a few private enterprises with tier-three and tier-four supporting capabilities [1] - Chengchang Technology has developed multiple new products targeting next-generation low-orbit communication satellites and ground support equipment [1]

Core Insights - The market experienced a rebound with the Shanghai Composite Index reaching a new high for the year, driven by strong performances in sectors like storage chips and semiconductors [3][5]. Group 1: Market Performance - The Shanghai Composite Index closed at 3950.31, up 2.02%, while the Shenzhen Component and ChiNext Index rose by 0.71% and 3.57%, respectively [2]. - The total trading volume in the Shanghai and Shenzhen markets was 1.97 trillion, an increase of 330.3 billion from the previous trading day [3]. Group 2: Computing Hardware - The Ministry of Science and Technology emphasized the need for continued development in artificial intelligence (AI) and high-performance computing chips, indicating a strong focus on new model algorithms and chip design [5]. - Companies like Nvidia are ramping up production of their Blackwell chips, with significant demand expected for AI-related printed circuit boards (PCBs), leading to strong order volumes and potential high growth for companies in this sector [6][8]. Group 3: Storage Chips - Major memory suppliers, including Samsung and SK Hynix, are set to increase DRAM and NAND flash prices by up to 30% in Q4 to meet surging AI-driven demand [10]. - Micron Technology has indicated that the supply-demand imbalance for DRAM will worsen by 2026, with AI driving exponential growth in storage needs [10][13]. Group 4: Commercial Aerospace - The recent Fourth Plenary Session highlighted the importance of strengthening the real economy and advancing the manufacturing sector, which includes commercial aerospace [19]. - Companies in the commercial aerospace sector, such as Shanghai Huguang, saw stock price increases following positive analyst reports on policy support and innovation potential [19]. Group 5: Quantum Technology - Google's quantum AI lab announced a breakthrough in quantum computing with its "Willow" chip, achieving the first verifiable quantum advantage [24][27]. - The advancements in quantum computing technology are expected to accelerate the commercialization of the quantum computing industry, benefiting companies like Keda Technology and Geer Software, which have seen significant stock price increases [27][29].