银河证券研报称，商业航天产业方兴未艾，正迈入需求侧与供给侧双向发力的黄金时代。1）卫星发 射：民营火箭公司发展迅速，产业链处于国家航天向商业航天的转变阶段。建议关注结构件供应商。 2）卫星制造：当前低轨卫星主要集中在空间段以及地面段的基础设施建设，短期聚焦卫星制造领域。 上中游的分系统及材料端因直接支撑卫星量产，有望率先受益。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 300435 | 中泰股份 | 1 | 16.41 | 138亿 | 60.58 | | 920576 | 天力复合 | 1 | 16.10 | 117亿 | 52.35 | | 300775 | 三角防务 | 1 | 13.58 | 205亿 | 22.96 | | 920021 | 流金科技 | | 10.78 | 37.14亿 | 78.87 | | 601106 | 中国一重 | 1 | 10.10 | 374亿 | 36.59 | | 002471 | 中超控股 | 1 | 10.04 | 106亿 | -2.99 | ...

1月22日，沪深两市震荡上行，低空经济及商业航天板块再度表现。截至10点10分，通用航空ETF南方 (159283.SZ) 涨3.30%，航天电子涨7.84%。 (编辑：许楠楠)关键字： 《科创板日报》22日讯，1月23日至24日，第三届北京商业航天产业高质量发展推进会将在北京经开区 举办。本次大会以"聚力赋新 质向空天"为主题，将设置成果发布、主旨报告、专题座谈等多个环节， 邀请政府部门、航天院所、领军企业及金融机构等多方代表参与，共探技术变革新趋势、共绘产业发展 新图景。东方证券表示，"十五五"规划落地后，关注无人与反无人装备、深海科技、作战信息化等为代 表的新质生产力；中长期来看，关注军工企业在民用两机业务和商业航天的广阔发展空间，以及中式高 端装备出海提速下军贸市场的拓展，民用及军贸有望成为板块的第二增长极。此外在低空经济一侧，天 风证券观点显示，政策层面深圳"十五五"规划前瞻布局低空运营设施，国家能源局部署高质量充电基础 设施体系建设，为通用航空发展提供政策支撑与基础设施保障；板块层面，通用航空作为高端制造重要 细分领域，受益于低空经济政策红利及消费升级趋势，行业成长空间广阔。通用航空ETF南方 ( ...

Group 1 - The military industry sector experienced a significant rally, leading the entire market with a notable increase in the military ETF, Huabao (512810), which rose by 3.35% at one point [1] - Major stocks in the military sector saw substantial gains, with Triangle Defense hitting a 20% limit up and Gangyan Gaona increasing over 8% [1] - The net buying in the defense and military industry reached nearly 12 billion yuan within the first hour of trading, ranking first among 31 primary industries [2] Group 2 - The C919 aircraft, developed independently in China, has completed hundreds of thousands of passenger transports domestically, indicating sufficient market validation, and international certification is expected to accelerate China's global aviation layout [3] - The "14th Five-Year Plan" for Suzhou emphasizes deep integration into the Yangtze River Delta's large aircraft industry cluster, which is expected to boost the production rhythm of domestic commercial aircraft and self-controlled aviation engines [3] - The military ETF Huabao (512810) covers various popular themes such as commercial aerospace, low-altitude economy, large aircraft, satellite navigation, military informationization, and controllable nuclear fusion, serving as an efficient tool for investing in core military assets [3]

Group 1 - The top 20 stocks with significant capital inflow include Aerospace Electronics (8.98 billion), Tianfu Communication (7.17 billion), and Zhongji Xuchuang (6.63 billion) [1] - Aerospace Electronics experienced a price increase of 8.1%, while Tianfu Communication and Zhongji Xuchuang saw increases of 3.85% and 1.33% respectively [2] - Other notable stocks with substantial capital inflow include Woer Nuclear Materials (5.31 billion), Jiuding New Materials (4.75 billion), and China Nuclear Engineering (4.37 billion) [1][2] Group 2 - Jiuding New Materials had a significant price increase of 10%, while Zhejiang Wenlian and China Shipbuilding also saw increases of 10% and 1.96% respectively [2][3] - The energy sector is represented by China Petroleum with a capital inflow of 2.85 billion and a price increase of 2.85% [3] - Companies like Jushi Group and Goldwind Technology also showed strong performance with capital inflows of 2.78 billion and 2.73 billion, and price increases of 10.01% and 4.44% respectively [3]

责任编辑：栎树 银河证券研报称，商业航天产业方兴未艾，正迈入需求侧与供给侧双向发力的黄金时代。1）卫星发 射：民营火箭公司发展迅速，产业链处于国家航天向商业航天的转变阶段。建议关注结构件供应商。 2）卫星制造：当前低轨卫星主要集中在空间段以及地面段的基础设施建设，短期聚焦卫星制造领域。 上中游的分系统及材料端因直接支撑卫星量产，有望率先受益。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 300435 | 中泰股份 | 1 | 16.41 | 138亿 | 60.58 | | 920576 | 天力复合 | 4 | 16.10 | 117亿 | 52.35 | | 300775 | 三角防务 | 1 | 13.58 | 205亿 | 22.96 | | 920021 | 流金科技 | | 10.78 | 37.14亿 | 78.87 | | 601106 | 中国一重 | 1 | 10.10 | 374亿 | 36.59 | | 002471 | 中超控股 | 1 | 10.04 | 106亿 | ...

Core Viewpoint - The commercial aerospace sector is experiencing a rebound, with significant stock price increases for companies like航发动力 and 航天电子, indicating renewed investor interest in this industry [1]. Group 1: Commercial Aerospace Developments - The Shanghai government plans to open a "free flight zone" for drones covering 46% of the city by February 1, 2026, along with a digital management system [2][3]. - By 2028, the core industry scale of Shanghai's low-altitude economy is projected to reach approximately 80 billion CNY, aiming to establish a complete industrial chain for new low-altitude aircraft [3]. - Recent updates from commercial aerospace companies such as 星河动力 and 星际荣耀 indicate progress towards IPOs, with five core enterprises in the launch vehicle sector now actively pursuing public listings [3]. Group 2: Investment Opportunities - The General Aviation ETF Huabao (159231) covers 50 aerospace stocks, with over 88% exposure to low-altitude economy concepts and over 65% to commercial aerospace, making it a strategic tool for investors in China's aerospace industry [4]. - The ETF has shown a price increase of 1.67%, indicating positive market sentiment and potential for further growth [1][4].

Market Overview - The Shanghai Composite Index rose by 0.08% to close at 4116.94 points, with a daily high of 4135.96 points [1] - The Shenzhen Component Index increased by 0.7% to close at 14255.12 points, reaching a peak of 14320.94 points [1] - The ChiNext Index gained 0.54%, closing at 3295.52 points, with a maximum of 3329.5 points [1] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets reached 27119.75 billion yuan, with a financing balance of 26945.23 billion yuan and a securities lending balance of 174.52 billion yuan [2] - This represents an increase of 115.92 billion yuan compared to the previous trading day [2] - The Shanghai market's margin trading balance was 13746.08 billion yuan, up by 101.13 billion yuan, while the Shenzhen market's balance was 13373.67 billion yuan, increasing by 14.8 billion yuan [2] Fund Issuance - Seven new funds were launched yesterday, including: - E Fund Hong Kong Stock Connect Consumer Mixed A - E Fund Hong Kong Stock Connect Consumer Mixed C - Huitianfu Gain Return Bond A - Huaxia CSI 500 Free Cash Flow ETF Link C - Huitianfu Gain Return Bond C - Huaxia CSI 500 Free Cash Flow ETF Link A - E Fund Shanghai Composite ETF [4] Top Net Purchases on the Dragon and Tiger List - The top 10 net purchases on the Dragon and Tiger list included: - Zhongtung High-tech with a net purchase of 57664.7 million yuan - Longxin Technology with 26946.73 million yuan - Dazhu CNC with 25319.57 million yuan - Zhongrong Electric with 21762.39 million yuan - Tongfu Microelectronics with 20382.62 million yuan [6]

截至2026年1月22日 09:59，通用航空ETF南方(159283)上涨2.90%，盘中换手4.26%，成交1427.32万元。 跟踪指数中证通用航空主题指数成分股三角防务上涨15.41%，钢研高纳上涨10.00%，航天电子上涨 7.58%，西部超导，华秦科技等个股跟涨。 通用航空ETF南方(159283)，场外联接(A类：025692；C类：025693)。 银河证券指出，商业航天产业方兴未艾，正迈入需求侧与供给侧双向发力的黄金时代。1）卫星发射： 民营火箭公司发展迅速，产业链处于国家航天向商业航天的转变阶段。建议关注结构件供应商。2）卫 星制造：当前低轨卫星主要集中在空间段以及地面段的基础设施建设，短期聚焦卫星制造领域。上中游 的分系统及材料端因直接支撑卫星量产，有望率先受益。 通用航空ETF南方(159283)紧密跟踪中证通用航空主题指数，中证通用航空主题指数选取50只业务涉及 航空材料及零部件、通航飞行器制造、通航基础设施、通航运营与保障、通航应用等通用航空相关领域 的上市公司证券作为指数样本，反映通用航空主题相关上市公司证券的整体表现。指数前十大权重股分 别为航天电子、海格通信、中国卫通、中科星 ...

个股方面，1月21日，有1852股获融资净买入，净买入金额在5000万元以上的有147股。其中，15股获融 资净买入额超2亿元。航天电子获融资净买入额居首，净买入8.3亿元；融资净买入金额居前的还有新易 盛、宁德时代、紫金矿业、贵州茅台、中微公司、海光信息、通富微电、中国平安等股。 （文章来源：证券时报网） Wind统计显示，1月21日，申万31个一级行业中有23个行业获融资净买入，其中，有色金属行业获融资 净买入额居首，当日净买入19.04亿元；获融资净买入居前的行业还有电子、化工、非银金融、银行、 食品饮料、建筑装饰等。 ...

Group 1 - Aerospace Electronic experienced a stock increase of 5.31%, reaching a price of 28.36 yuan per share, with a trading volume of 2.995 billion yuan and a turnover rate of 3.28%, resulting in a total market capitalization of 93.568 billion yuan [1] - Aerospace Electronic Technology Co., Ltd. specializes in the research, production, and sales of aerospace technology application products, including measurement and control communication, electromechanical components, integrated circuits, inertial navigation, and other related products [1] - The company's revenue composition is heavily weighted towards military products, accounting for 99.34%, while civilian products contribute only 0.39%, and other sources add 0.27% [1] Group 2 - The CITIC Prudential fund holds a significant position in Aerospace Electronic, with the CITIC Prudential CSI 500 Index (LOF) A (165511) owning 86,300 shares, representing 0.57% of the fund's net value, making it the fifth-largest holding [2] - The fund has achieved a year-to-date return of 10.99%, ranking 940 out of 5,542 in its category, and a one-year return of 45.44%, ranking 1,537 out of 4,256 [2] - Since its inception on January 1, 2021, the fund has generated a total return of 194.99% [2] Group 3 - The fund manager, Han Yiling, has been in position for 7 years and 290 days, with a total asset scale of 813 million yuan and a best return of 116.67% during his tenure [3] - Co-manager Huang Zhi has been in position for 7 years and 184 days, managing assets totaling 4.418 billion yuan, with a best return of 146.63% during his tenure [3]