Investment Rating - The report does not explicitly state an investment rating for the commercial aerospace industry Core Insights - The commercial aerospace sector is experiencing significant advancements, with successful launches and developments in various projects, indicating a robust growth trajectory for the industry [3][4][5][9][14][19] Industry Developments - The successful launch of the Lihong-1 suborbital vehicle on January 12, 2026, marked a significant milestone, demonstrating capabilities for microgravity scientific experiments and in-situ exploration [5][6] - The successful launch of the Vesta-1 rocket on January 16, 2026, which deployed four satellites into low Earth orbit, highlights the growing capabilities of China's commercial space sector [9][10] - The completion of the static fire test for the Long March 12B rocket on January 16, 2026, confirms the reliability and feasibility of this new generation reusable rocket [14] - The Beijing Rocket Street project, the first common testing and research production base for commercial aerospace in China, has been completed and is set to enhance the industry ecosystem [16][17] - Zhongke Aerospace has completed its IPO guidance work, indicating a positive trend for capital market participation in the commercial aerospace sector [19] Financing Progress - Sade Satellite completed a B-round financing on January 14, 2026, which will accelerate its development in the commercial satellite manufacturing sector [20][21] Capital Market Performance - The Wind Commercial Aerospace Index experienced a weekly decline of 4.39% during the week of January 12-16, 2026, with a trading volume decrease of 2.64% [25][28] - Among the listed companies in the commercial aerospace sector, 25.40% saw their stock prices increase during the same week, indicating some resilience in the market despite the overall decline [25][28] Industry Conference Preview - Upcoming conferences include the Third Beijing Commercial Aerospace Industry High-Quality Development Conference from January 23-25, 2026, and the Second Commercial Aerospace Industry Development Conference in March 2026 [32][33]

Investment Rating - The report indicates a strong enthusiasm for new stock offerings on the Beijing Stock Exchange (BSE), with a sufficient reserve of new stocks available for issuance [2][11]. Core Insights - In 2025, the BSE listed 26 new stocks, raising a total of 7.527 billion yuan, with a significant increase in issuance speed in the second half of the year. The amount of frozen funds for participating in new stock offerings nearly doubled from 451.8 billion yuan at the beginning of the year to 846.1 billion yuan by year-end [2][12]. - The average first-day price increase for newly listed stocks on the BSE remains high, sustaining investor enthusiasm for participating in new stock offerings. The report suggests that to stabilize allocation, investors should consider increasing their cash account size due to rising thresholds for stock acquisition [2][18]. - There are currently 210 new stocks awaiting approval on the BSE, with 28 already having passed the review process [19]. Summary by Sections New Stock Offerings on BSE - The BSE's new stock offerings have seen a significant increase in participation, with the total frozen funds rising dramatically throughout 2025. The report highlights that the minimum threshold for acquiring stocks has increased significantly, making it necessary for investors to allocate more funds to ensure stable allocations [2][12][19]. Recent New Stock Performance - The report tracks the performance of new stocks across various boards, indicating that the average first-day price increase for stocks on the Sci-Tech Innovation Board is 258.09%, while for the Growth Enterprise Market, it is 231.27% [31][38]. - The report also provides insights into the effective bidding account numbers for recent new stocks, showing a robust interest from investors [38]. Recent Market Trends - The report notes that the average return from participating in new stock offerings for A-class accounts with a scale of 200 million yuan is 3.82%, while for B-class accounts, it is 2.89% [25][32]. - The report emphasizes the importance of monitoring the performance of new stocks and suggests that investors should be aware of the potential for high returns, particularly in the current market environment [31][51].

Summary of Key Points Core Viewpoint - The trading volume on the Beijing Stock Exchange (BSE) reached 975 million shares with a total transaction value of 24.042 billion yuan, reflecting a decrease of 6.397 billion yuan compared to the previous trading day. A total of 118 stocks closed higher, while 163 stocks closed lower [1]. Trading Performance - The number of stocks that closed higher was 118, accounting for 40.97% of the tradable stocks. The stocks with the highest closing gains included Can Energy (up 17.72%), Iron Expansion Machinery (up 13.10%), and Yuanhang Precision (up 10.18%) [1]. - Conversely, the stocks with the largest declines included Koma Materials (down 26.75%), Hengdong Light (down 6.48%), and Tianming Technology (down 5.97%) [1]. Transaction Details - A total of 68 stocks had transaction values exceeding 100 million yuan, with the highest transaction values recorded for Tianli Composite (768.09 million yuan), Hengdong Light (722.29 million yuan), and Xingtou Measurement Control (716.31 million yuan) [1]. - The trading activity showed that 23 stocks had a turnover rate exceeding 10%, with 8 stocks exceeding 20%. The stocks with the highest turnover rates included Koma Materials (62.05%), Yinen Power (36.06%), and Can Energy (32.93%) [1]. Stock Performance Table - The trading performance of notable stocks included: - Tianli Composite: Closing price 99.36 yuan, increase of 5.59%, turnover rate 7.28%, transaction value 768.09 million yuan [1]. - Hengdong Light: Closing price 313.42 yuan, decrease of 6.48%, turnover rate 11.22%, transaction value 722.29 million yuan [1]. - Yinen Power: Closing price 24.51 yuan, increase of 29.96%, turnover rate 36.06%, transaction value 496.77 million yuan [1]. - Koma Materials: Closing price 40.25 yuan, decrease of 26.75%, turnover rate 62.05%, transaction value 495.00 million yuan [1].

Summary of Key Points Core Viewpoint - A total of 39 stocks will have their lock-up periods lifted next week, releasing 3.447 billion shares with a total market value of approximately 46.499 billion yuan based on the latest closing prices [1] Group 1: Stock Unlocking Details - Among the 39 stocks, 5 have a market value exceeding 3 billion yuan upon unlocking [1] - The stock with the highest unlocking market value is Xingtou Measurement and Control, which will have 123 million shares released, accounting for 70.66% of the company's total share capital [1] - The tradable date for the shares of Xingtou Measurement and Control is set for January 19 [1]

Group 1 - The stock of Xingtum Control (920116) experienced a significant decline of 20.96% today, with a turnover rate of 27.14% and a total transaction amount of 1.352 billion yuan, showing a volatility of 25.45% [1] - Institutional investors net sold 29.7274 million yuan, while the total net selling by brokerage seats amounted to 1.4807 million yuan [1][2] - The stock has appeared on the龙虎榜 (Dragon and Tiger List) 11 times in the past six months, with an average price increase of 4.08% the day after being listed and an average increase of 1.37% over the following five days [3] Group 2 - The top five brokerage seats on the Dragon and Tiger List had a combined transaction amount of 248 million yuan, with a buying amount of 109 million yuan and a selling amount of 140 million yuan, resulting in a net selling of 31.2081 million yuan [2] - Among the brokerage seats, two institutional specialized seats were involved, with a total buying amount of 23.6421 million yuan and a selling amount of 53.3695 million yuan, leading to a net selling of 29.7274 million yuan [2][3]

Core Viewpoint - On January 15, 2026, the stock of Xingtum Measurement and Control (920116) experienced a significant decline, with a closing price drop of 20.96%, leading to its appearance on the trading leaderboard [1] Trading Activity Summary - The total trading volume for Xingtum Measurement and Control on that day was 11.01 million shares, with a total transaction value of 1.352 billion yuan [1] - The top buyer was Guosen Securities Co., Ltd. Shenzhen Internet Branch, purchasing shares worth approximately 32.19 million yuan, while the same entity was also the top seller, offloading shares worth about 30.13 million yuan [2] - Other notable trading activities included institutional investors and other securities firms, with significant buy and sell amounts recorded [2]

中科星图测控技术股份有限公司股票解除限售公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、本次股票解除限售数量总额为 112,894,220 股，占公司总股本 70.66%，可 交易时间为 2026 年 1 月 19 日。 二、本次股票解除限售的明细情况及原因 单位：股 证券代码：920116 证券简称：星图测控 公告编号：2026-002 三、本次股票解除限售后的股本情况 | | 股份性质 | 数量（股） | 百分比 | | --- | --- | --- | --- | | | 无限售条件的股份 | 153,475,000 | 96.06% | | 有限售条件的 | 1、高管股份 | 0 | 0% | | | 2、个人或基金 | 0 | 0% | | | 3、其他法人 | 6,300,000 | 3.94% | | 股份 | 4、限制性股票 | 0 | 0% | | | 5、其他 | 0 | 0% | | | 有限售条件股份合计 | 6,300,000 | 3.94% | | | 总股本 | ...

Core Viewpoint - The trading volume on the Beijing Stock Exchange (BSE) reached 1.846 billion shares with a total transaction value of 45.769 billion yuan, reflecting a decrease of 2.280 billion yuan compared to the previous trading day. A total of 185 stocks closed higher, indicating a positive market sentiment [1]. Trading Performance - The number of stocks that closed higher was 185, accounting for 64.46% of the tradable stocks. Notable gainers included Keli Co., Ltd. (up 14.56%), Lian Di Information (up 13.48%), and Minshida (up 13.17%) [1]. - Conversely, 98 stocks closed lower, with significant declines seen in Xinganjiang (down 8.35%), Zhongcheng Technology (down 6.77%), and Kangle Health (down 6.42%) [1]. Transaction Details - A total of 139 stocks had transaction values exceeding 10 million yuan, with the highest transaction values recorded for Xingtou Measurement and Control (2.094 billion yuan), Liujin Technology (1.558 billion yuan), and Binhang Technology (1.228 billion yuan) [1]. - The trading activity showed that 78 stocks had a turnover rate exceeding 10%, with 18 stocks exceeding 20%. The highest turnover rates were observed in Liujin Technology (54.37%), Qifeng Precision (41.10%), and Zhongcheng Technology (41.00%) [1]. Stock Performance Summary - Key stocks with notable performance included: - Xingtou Measurement and Control: Closing price of 146.00 yuan, up 5.00%, turnover rate of 36.34%, transaction value of 2.094 billion yuan [1]. - Liujin Technology: Closing price of 13.57 yuan, up 29.98%, turnover rate of 54.37%, transaction value of 1.558 billion yuan [1]. - Binhang Technology: Closing price of 169.07 yuan, up 2.48%, turnover rate of 17.25%, transaction value of 1.228 billion yuan [1].

Core Viewpoint - The stock of Xingtou Measurement and Control has experienced an abnormal fluctuation, with a cumulative increase of 45.92% in closing prices over the last three trading days [2] Group 1: Stock Performance - The stock price deviation occurred over three trading days: January 9, January 12, and January 13, 2026 [2] - The cumulative increase in closing price is reported to be 45.92%, indicating significant volatility [2] Group 2: Company Status - The company confirmed that there are no corrections or supplements needed for previously announced matters [2] - No media reports or market rumors have been found that could significantly impact the stock price [2] - The company's operational situation and external business environment have not undergone any major changes recently [2] - There are no undisclosed significant matters related to the company, its controlling shareholders, or actual controllers [2]

Market Overview - On January 12, the North Exchange A-shares trading volume reached 43.52 billion yuan, an increase of 13.69 billion yuan from the previous trading day[1] - The North Exchange 50 Index closed at 1605.77, up 5.35%, with a PE_TTM of 67.48 times[1] - The North Exchange Specialized and Innovative Index closed at 2782.05, rising by 6.92%[1] Stock Performance - Out of 287 companies on the North Exchange, 272 rose, 0 remained flat, and 15 declined[1] - The top five gainers were: - Zhongcheng Technology (30.0%) - Tianrun Technology (30.0%) - Xingtum Control (30.0%) - Tonghui Information (30.0%) - Liujin Technology (29.9%)[1] - The top five decliners were: - Hongxi Technology (-6.2%) - Henghe Co., Ltd. (-3.0%) - Hengdong Light (-2.5%) - Haixi Communication (-2.3%) - Jiahua Technology (-2.2%)[1] Investment Insights - The overall trading activity on the North Exchange was robust, benefiting from the overall heat in the A-share market, which saw a record trading volume of 3.64 trillion yuan[3] - The technology growth sector, including AI applications, commercial aerospace, and controlled nuclear fusion, experienced significant gains, driving related companies on the North Exchange[3] - The North Exchange's focus on innovative small and medium enterprises aligns well with current policy support for "new quality productivity," suggesting continued benefits from the deepening technology growth trend[3] Risks - Potential risks include policy regulatory risks, unexpected policy changes for the North Exchange, and intensified industry competition[4]