Market Overview - The Shanghai Composite Index rose by 0.33% on January 23, with 23 out of the 28 sectors experiencing gains. The leading sectors were electric power equipment and non-ferrous metals, with increases of 3.50% and 2.73% respectively. The machinery equipment sector also saw a rise of 1.31% [1] - In terms of capital flow, the main funds in the two markets experienced a net outflow of 8.576 billion yuan. However, 12 sectors saw net inflows, with the electric power equipment sector leading at a net inflow of 12.323 billion yuan, followed by non-ferrous metals with a net inflow of 5.432 billion yuan [1] Machinery Equipment Sector - The machinery equipment sector increased by 1.31%, with a total net outflow of 4.154 billion yuan. Out of 531 stocks in this sector, 384 rose, 12 hit the daily limit, and 130 fell. There were 222 stocks with net inflows, with 11 stocks having inflows exceeding 100 million yuan. The top stock for net inflow was Zhongkong Technology, with an inflow of 348 million yuan, followed by Aerospace Engineering and SANY Heavy Industry with inflows of 260 million yuan and 224 million yuan respectively [2] - The top gainers in the machinery equipment sector included Zhongkong Technology (up 7.46%), Aerospace Engineering (up 4.44%), and SANY Heavy Industry (up 1.64%). Other notable gainers included Meichang Co. (up 20.02%) and Zhengtai Power (up 10.00%) [2] - The sector also had significant outflows, with 10 stocks experiencing outflows exceeding 100 million yuan. The largest outflow was from Lio Co. at 2.601 billion yuan, followed by Fenglong Co. at 673 million yuan and CRRC Corporation at 606 million yuan [4]

Core Viewpoint - The satellite industry chain is experiencing a strong performance, with significant gains in satellite ETFs and related stocks, driven by advancements in 6G technology and strategic initiatives from the China Aerospace Science and Technology Corporation [1] Group 1: Market Performance - The satellite ETF (563230) saw an intraday increase of 9.93%, while the aviation ETF (159392) rose by 4.06%, and the military industry leader ETF (512710) increased by 3.23% [1] - Notable stocks within the satellite ETF include Zhenlei Technology, which hit the daily limit, and several others like Xinke Mobile, Zhongke Xingtou, and Xinwei Communication, which all rose over 9% [1] Group 2: Technological Developments - The State Council's press conference on the 21st announced the completion of the first phase of 6G technology trials, with the second phase now underway, focusing on "integrated networks of air, space, land, and sea," which aligns closely with satellite internet development [1] - This shift is expected to transition satellite internet from "supplementary coverage" to a "comprehensive intelligent connection base," laying the groundwork for commercial use and large-scale deployment by around 2030 [1] Group 3: Strategic Initiatives - The China Aerospace Science and Technology Corporation held a meeting to discuss its 2026 work plan, emphasizing that 2026 marks the beginning of the 14th Five-Year Plan [1] - The meeting highlighted the need to coordinate major aerospace projects with industrial transformation, focusing on manned lunar missions, deep space exploration, and breakthroughs in reusable rocket technology to accelerate the construction of a strong aerospace nation [1] Group 4: Industry Composition - The satellite ETF (563230) closely tracks the satellite industry index, which encompasses sectors such as integrated circuit design, communication systems and terminal equipment, aerospace, general software development, and electronic components and automation machinery [1] - The index covers the entire satellite industry chain, ensuring high purity and investment efficiency [1]

航天工程1月22日大宗交易平台共发生8笔成交，合计成交量162.33万股，成交金额5098.71万元。成交价 格均为31.41元，相对今日收盘价折价12.92%。从参与大宗交易营业部来看，机构专用席位共出现在4笔 成交的买方或卖方营业部中，合计成交金额为2911.70万元，净买入2911.70万元。 进一步统计，近3个月内该股累计发生56笔大宗交易，合计成交金额为2.65亿元。 证券时报·数据宝统计显示，航天工程今日收盘价为36.07元，上涨3.35%，日换手率为5.60%，成交额为 10.85亿元，全天主力资金净流入1.08亿元，近5日该股累计下跌5.70%，近5日资金合计净流出5534.53万 元。 两融数据显示，该股最新融资余额为4.83亿元，近5日减少2.07亿元，降幅为30.03%。 1月22日航天工程大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 23.20 ...

1月21日，航天工程大宗交易成交40万股，成交额1303.2万元，占当日总成交额的1.55%，成交价32.58 元，较市场收盘价34.9元折价6.65%。 | 交易日期 | 证券简称 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 类出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-01-21 | 航天工程 | 603698 | 32.58 | 325.8 | 10 | 机构专用 | 菜酒店 - 品牌酒 | 彩 | | 2026-01-21 | 航天工程 | 603698 | 32.58 | 325.8 | 10 | 机构专用 | 容量能發量完成整 | Ka | | 2026-01-21 | 航天工程 | 603698 | 32.58 | 325.8 | 10 | 机构专用 | 菜酒店餐饮酒店 | 188 | | 2026-01-21 | 航天工程 | 603698 | 32.58 | 325.8 | 10 | 机构专用 | 委曾是秦書總裁暨 | Ka | ...

Group 1 - The core viewpoint is that China's commercial space industry is experiencing rapid development, with projections for 2025 indicating 50 launches, accounting for 54% of the total national space launches [1] - In 2025, commercial rockets are expected to complete 25 launches, and the Hainan commercial space launch site will have conducted 9 launches, totaling 10 since its establishment [1] - A total of 311 commercial satellites are projected to be placed into orbit, representing 84% of the total satellites launched in China [1] Group 2 - The commercial space industry is entering a golden era driven by both demand and supply, with recommendations to focus on structural component suppliers such as Aerospace Power, Srey New Materials, and others [1] - In satellite manufacturing, the focus is on low Earth orbit satellites and related infrastructure, with suggested companies including China Satellite and Aerospace Electronics [1] - The upstream and midstream sectors, particularly subsystems and materials supporting satellite mass production, are expected to benefit first, with companies like Zhenlei Technology and Guangwei Composites highlighted [1] Group 3 - In 2026, the domestic commercial space sector is anticipated to experience a "triple resonance" of policy, technology, and capital, making it highly promising [2] - Beneficiary companies in the rocket industry chain include Aerospace Power, Western Materials, and others [2] - In the satellite industry and space computing, recommended companies include Zhongke Xingtou, Aerospace Hongtu, and several others [2]

Group 1 - The stock price of Aerospace Engineering has decreased by 8.49% year-to-date and 9.54% over the last five trading days, while it has increased by 26.10% over the last 20 days and 84.69% over the last 60 days [2] - As of January 21, the stock was trading at 35.46 CNY per share with a market capitalization of 19.006 billion CNY [1] - The company has been listed on the "Dragon and Tiger List" twice this year, with the most recent net purchase of 94.9863 million CNY on January 14 [2] Group 2 - For the period from January to September 2025, Aerospace Engineering achieved a revenue of 2.987 billion CNY, representing a year-on-year growth of 79.16%, and a net profit attributable to shareholders of 134 million CNY, up 5.42% year-on-year [3] - The company has distributed a total of 567 million CNY in dividends since its A-share listing, with 196 million CNY distributed over the last three years [4] - As of September 30, 2025, the number of shareholders increased to 23,200, while the average circulating shares per person decreased by 1.36% to 23,135 shares [3]

Core Viewpoint - Aopu Optoelectronics (002338.SZ) has indicated that its products are utilized in China's manned space program and major national engineering projects, with further details available in the company's annual report [1]. Group 1 - The company and its subsidiaries have multiple products applied in significant national projects, including the manned space program and the Chinese space station [1].

Group 1 - Several listed companies categorized under the commercial aerospace concept have recently issued announcements or statements clarifying their low association with commercial aerospace business and indicating that their stock prices have significantly deviated from fundamentals [2] - Since December 2025, some companies in the commercial aerospace sector have seen astonishing stock price increases, with Aerospace Development's stock rising over 200% in 30 consecutive trading days, triggering severe abnormal fluctuation standards [2] - Aerospace Development announced that its subsidiary engaged in low-orbit satellite operations generated less than 1% of the company's total revenue in the first three quarters of 2025, indicating minimal impact on overall performance [2] Group 2 - Companies such as Shaoyang Hydraulic clarified that their products do not directly serve commercial aerospace clients, with related orders being sporadic and amounting to less than 500,000 yuan, accounting for less than 0.2% of annual revenue [2] - Multiple companies, including Aerospace Power, North Navigation, Aerospace Engineering, Star Ring Technology, and Aerospace Changfeng, publicly stated that their main businesses do not involve commercial aerospace [2] - In response to investor inquiries, companies like Xingxing Technology and Jindi Co. expressed that they do not have current development plans in the commercial aerospace sector, while Keli Sensor and Bomin Electronics acknowledged their awareness of the commercial aerospace trend but have not established substantial commercial cooperation [3] Group 3 - The clarifications and risk warnings highlight a significant divergence between soaring stock prices and company fundamentals, with industry leader China Satellite reporting a rolling P/E ratio exceeding 2400 and a more than 96% year-on-year decline in net profit for 2024 after excluding non-recurring gains [5] - Companies like Aerospace Electronics and China Satcom also announced that their stock prices exhibit a "hot potato effect" and have severely detached from fundamentals, indicating a potential for significant short-term declines [5] - Market analysis suggests that while the long-term growth logic of the commercial aerospace industry is clear, short-term irrational speculation has inflated valuations of many stocks lacking substantial business support [5]

Core Viewpoint - The Shanghai Composite Index fell by 0.26% on January 16, with the electronic and automotive sectors leading the gains, increasing by 2.64% and 1.69% respectively, while the media and computer sectors experienced the largest declines of 4.84% and 2.23% respectively [1]. Industry Summary Mechanical Equipment Industry - The mechanical equipment sector rose by 1.23% today, with a net inflow of 3.587 billion yuan in main funds. Out of 531 stocks in this sector, 356 stocks increased, 7 stocks hit the daily limit up, while 164 stocks decreased, and 7 stocks hit the daily limit down [1]. - Among the stocks with net inflows, 279 stocks saw capital inflows, with 19 stocks receiving over 100 million yuan. The top three stocks by net inflow were Wuzhou Xinchun (8.01 billion yuan), Aerospace Engineering (3.45 billion yuan), and Saiteng Co. (2.83 billion yuan) [1]. - The stocks with the largest net outflows included Xue Ren Group (-5.67 billion yuan), Hezhuan Intelligent (-3.06 billion yuan), and Guoji Heavy Industry (-2.03 billion yuan) [1][2]. Mechanical Equipment Industry Fund Inflow Ranking - Wuzhou Xinchun: +10.00%, turnover rate 16.15%, main fund flow 800.89 million yuan - Aerospace Engineering: +4.92%, turnover rate 11.55%, main fund flow 344.79 million yuan - Saiteng Co.: +10.01%, turnover rate 12.64%, main fund flow 282.96 million yuan [1]. Mechanical Equipment Industry Fund Outflow Ranking - Xue Ren Group: -9.99%, turnover rate 30.52%, main fund flow -567.33 million yuan - Hezhuan Intelligent: -10.00%, turnover rate 21.00%, main fund flow -306.09 million yuan - Guoji Heavy Industry: -2.59%, turnover rate 3.11%, main fund flow -202.74 million yuan [2].

1月16日，航天工程大宗交易成交100.61万股，成交额3464.01万元，占当日总成交额的1.36%，成交价 34.43元，较市场收盘价40.13元折价14.2%。 | 交易日期 | 证券简称 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-01-16 | 航天工程 | 603698 | 34.43 | 1897.44 | 55.11 | 机构专用 | 香港最高清單位 | 服 | | 2026-01-16 | 航天工程 | 603698 | 34.43 | 895.18 | 26 | 是最新发展 | 不是有意言意識 | 香 | | 2026-01-16 | 航天工程 | 603698 | 34.43 | 671.39 | 19.5 | 公益产品 201 | 去筒是多些臭氛 | 중 | ...