Core Viewpoint - Aerospace Engineering's stock price has shown volatility, with a year-to-date decline of 10.84% and a recent significant drop of 8.28% over the last five trading days, despite a notable increase of 76.28% over the past 60 days [1] Group 1: Company Overview - Aerospace Engineering Co., Ltd. was established on June 22, 2007, and listed on January 28, 2015. The company specializes in coal gasification technology and related equipment [2] - The main business revenue breakdown includes: Industrial gas operation (49.87%), clean and efficient coal utilization (46.17%), high-end equipment manufacturing (3.91%), and others (0.06%) [2] - The company is categorized under the machinery equipment sector, specifically in specialized equipment for energy and heavy equipment [2] Group 2: Financial Performance - For the period from January to September 2025, Aerospace Engineering achieved a revenue of 2.987 billion yuan, representing a year-on-year growth of 79.16%. The net profit attributable to shareholders was 134 million yuan, with a growth of 5.42% [2] - Cumulatively, the company has distributed 567 million yuan in dividends since its A-share listing, with 196 million yuan distributed over the last three years [3] Group 3: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders increased to 23,200, with an average of 23,135 circulating shares per person, a decrease of 1.36% from the previous period [2] - The stock has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on January 26, where it recorded a net buy of -48.6012 million yuan [1]

Investment Rating - The report maintains an "Overweight" rating for the commercial aerospace industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The commercial aerospace industry is expected to undergo a significant transformation by 2026, driven by advancements in launch capabilities and the successful deployment of domestic rockets, which will remove previous constraints on industry growth [8][9]. - The competition in commercial aerospace is fundamentally a "land grab" for space sovereignty and resource allocation, emphasizing the need for increased launch frequency to secure China's position in low Earth orbit [10]. - The report highlights the strategic importance of commercial aerospace in national defense and resource acquisition, particularly in the context of lunar resources like Helium-3, which could reshape global energy dynamics [12]. - Key catalysts for the industry include domestic policy support and capital market developments, with significant IPOs expected from leading aerospace companies in 2026 [13][15]. Summary by Sections 1. Why has the domestic commercial aerospace industry reached a qualitative change? - The industry has transitioned from a limited payload capacity to a robust launch capability, marked by the successful launch of the Zhuque-3 rocket, which signifies a shift from speculative themes to a narrative driven by operational capacity [8]. 2. How to understand the importance of commercial aerospace? - The scarcity of low Earth orbit resources has made the commercial aerospace race a critical national strategy, with the need to enhance launch frequency to secure space assets and maintain competitive advantages [10][11]. 3. What subsequent catalysts are worth paying attention to in commercial aerospace? 3.1. Domestic: Accelerated release of policy and capital dividends - The report anticipates significant policy support and capital market activity, with major aerospace companies expected to enter the IPO market in 2026, reflecting the strategic importance of the sector [13]. 3.2. International: Clear policy framework and tight planning timeline - The U.S. has shifted from a public to a private ownership model for space resources, establishing a legal framework that encourages commercial investment in space resource development [15][16]. 4. Investment Recommendations 4.1. SpaceX Concept - Companies that could potentially enter the SpaceX supply chain are highlighted, indicating a strong future in commercial aerospace [17]. 4.2. Rocket Sector: "Many Stars, Few Rockets" Expected to Breakthrough - The report suggests that advancements in large-capacity reusable rocket technology will lead to significant changes and valuation adjustments in the sector [19]. 4.3. Satellite Sector: Certainty in Implementation - The urgency to secure low Earth orbit resources is driving domestic satellite constellations from planning to large-scale deployment [20]. 4.4. Space Computing and Space Photovoltaics: Next-Generation Core Tracks - The report identifies space computing and space photovoltaics as critical future sectors, emphasizing their role in supporting lunar economies and global intelligence ecosystems [22].

（文章来源：证券日报） 证券日报网讯 1月28日，航天工程在互动平台回答投资者提问时表示，公司持有航天氢能有限公司 62.60%股权，是公司合并报表的控股子公司。 ...

证券之星消息，1月26日专用设备板块较上一交易日下跌1.36%，航天工程领跌。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。专用设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300837 | 浙矿股份 | 66.00 | 15.36% | 12.69万 | | 8.35 乙 | | 603895 | 大永智能 | 34.39 | 10.01% | 4.93万 | | 1.67亿 | | 001288 | 运机集团 | 38.15 | 10.01% | 5.47万 | | 2.06亿 | | 001277 | 速达股份 | 46.31 | 10.00% | 2.70万 | | 1.22亿 | | 002667 | 威领股份 | 19.36 | 10.00% | 12.72万 | | 2.43亿 | | 002009 | 天奇股份 | 26.11 | 9.98% | 6.85万 | | 1.79亿 | ...

声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 2026年1月26日，航天工程（sh603698）触及跌停，跌停价33.9元，涨幅-10.01%，总市值181.70亿元， 流通市值181.70亿元，截止发稿，总成交额10.27亿元。 根据喜娜AI异动分析，航天工程跌停原因可能如下，股东减持+现金流恶化+大宗交易折价： 1、公司经 营层面存在风险：该公司整体呈现"业务扩张但现金流承压"特点。公司存在股东持续减持情况，国创基 金等股东合计减持 3%股份且减持计划未完成，2025 年 12 月大股东国创投资引导基金也有减持操作； 经营活动现金流净额为 - 7.33 亿元，同比恶化 63.02%；应收账款大幅增长 97.5%；一年内到期 ...

证券代码：603698 证券简称：航天工程公告编号：2026-003 航天长征化学工程股份有限公司关于股东减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： ● 股东持股的基本情况 本次减持计划实施前，航天长征化学工程股份有限公司（以下简称公司）股东国创基金管理有限公司- 国创投资引导基金（有限合伙）（以下简称国创基金）持有公司股份46,736,523股，约占公司总股本的 8.72%；股东国创（北京）新能源汽车投资基金管理有限公司－北京国创新能源汽车股权投资基金合伙 企业（有限合伙）（以下简称新车基金）持有公司股份19,223,800股，约占公司总股本的3.59%，以上 股东互为一致行动人。 ● 减持计划的实施结果情况 2025年10月18日，公司披露了《航天长征化学工程股份有限公司关于股东减持股份计划的公告》（公告 编号2025-034），国创基金与新车基金拟通过大宗交易、集中竞价交易方式合计减持公司无限售流通股 不超过16,079,700股，占公司总股本的3%。 2025年11月15 ...

证券日报网讯 1月23日，航天工程发布公告称，公司股东国创基金与新车基金合计减持16，079，700 股，占总股本3%，减持计划已于2026年1月23日实施完毕。 （文章来源：证券日报） ...

格隆汇1月23日丨航天工程(603698.SH)公布，2026年1月23日，公司收到国创基金与新车基金出具的 《关于股份减持计划实施情况的告知函》，2025年12月25日至1月23日，国创基金通过大宗交易的方式 减持公司无限售流通股共计13.6万股，约占公司总股本的0.025%；新车基金通过大宗交易的方式减持公 司无限售流通股共计358.24万股，约占公司总股本的 0.67%；双方合计减持公司股份371.84万股，约占 公司总股本的0.69%。截至本公告披露日，本次减持计划实施完毕。 ...

证券代码：603698 证券简称：航天工程 公告编号：2026-003 航天长征化学工程股份有限公司 关于股东减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 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法律责任。 重要内容提示： 股东持股的基本情况 本次减持计划实施前，航天长征化学工程股份有限公司（以下简称公司）股 东国创基金管理有限公司-国创投资引导基金（有限合伙）（以下简称国创基金） 持有公司股份 46,736,523 股，约占公司总股本的 8.72%；股东国创（北京）新 能源汽车投资基金管理有限公司－北京国创新能源汽车股权投资基金合伙企业 1 年 11 月 17 日至 12 月 10 日，国创基金通过集中竞价交易和大宗交易的方式减持 公司无限售流通股共计 4,639,500 股，约占公司总股本的 0.87%；新车基金通过 集中竞价交易和大宗交易的方式减持公司无限售流通股共计 2,651,000 股，约占 公司总股本的 0.49%；双方合计减持公司股份 7,290,500 股，约占公司总股本的 1.36%。 2025 年 12 月 20 日，公司披露 ...

Group 1 - The core transaction on January 23 involved Aerospace Engineering, with a total of 180,000 shares traded, amounting to 5.8428 million yuan, which represented 0.34% of the total trading volume for the day [1] - The transaction price was 32.46 yuan, reflecting a discount of 13.83% compared to the market closing price of 37.67 yuan [1] - The transaction was executed through institutional trading, indicating a significant interest from institutional investors [2]