【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 （责任编辑：刘畅 ） 1月27日，军工ETF（512660）收涨超1.4%，昨日资金净流入近1亿元，基本面利好行业前景。 华福证券指出，投资端关注SpaceX产业链及国内火箭产业链。SpaceX方面，Starship今年目标完成 复用，V3卫星定档2027年，且SpaceX与特斯拉目标将太阳能产能提升至每年100GW，一旦Starship与V3 开始商业化部署，其速度只有超预期一种可能。国内方面，火箭 ...

Investment Rating - The report maintains a strong investment rating for the military industry, particularly focusing on the SpaceX supply chain and domestic rocket industry as key investment areas [2][40]. Core Insights - The report highlights the recent decline of the Shenwan Military Industry Index by 4.92% from January 12 to January 16, 2026, while the CSI 300 Index fell by only 0.57%, indicating a relative underperformance of -4.35 percentage points [2][40]. - It emphasizes the importance of focusing on the SpaceX supply chain and domestic rocket industry, which are expected to be the fastest-growing and most inflation-resistant sectors [2][40]. - The report suggests that the SpaceX supply chain is progressing rapidly, with expectations for commercial deployment of Starship and V3 satellites by 2027, leading to significant revenue realization from 2027 to 2030 [3][42]. - The domestic rocket industry is also highlighted as a core area, with plans for breakthroughs in reusable rocket technology and future industry layouts [3][42]. Summary by Sections Market Review - The Shenwan Military Industry Index has seen an 8.04% increase since 2026, outperforming the CSI 300 Index, which increased by 2.20% [15]. - The report notes that various sub-sectors within the military industry have experienced declines, particularly the aerospace sector, which fell by 10.56% [20][14]. Investment Opportunities - Recommended companies in the SpaceX supply chain include Lens Technology, Yujing Co., and Maiwei Co. [3][42]. - Key domestic rocket industry companies to watch include Feiwo Technology, Western Materials, and Silver Bond Co. [3][42]. - Ground terminal companies such as Shengyang Technology and Haige Communication are also highlighted for their potential high revenue realization [3][42]. Financial Insights - The report indicates a net outflow of 2.629 billion yuan from military ETFs during the week, with a decrease in leveraged fund inflows, suggesting a temporary reduction in market volatility [27][32]. - As of January 16, 2026, the military industry index has a TTM price-to-earnings ratio of 85.05, placing it in the 99.61 percentile historically [45][36].