Group 1 - The A-share market saw a rebound in commercial aerospace stocks, with notable increases in share prices for several companies, including Deen Precision Engineering up 18% and Ruichuang Micro-Nano up over 17% [1][2] - Beijing Chuanqiu Space Technology Co., Ltd. announced that actor Huang Jingyu will join the first batch of Chinese commercial space travelers, planning to fly on the domestic reusable manned spacecraft "Chuanqiu No. 1" in 2028, with a ticket price of 3 million yuan [1] Group 2 - The stock performance of various companies in the commercial aerospace sector includes: - Deen Precision Engineering (300780) with a market cap of 4.517 billion yuan and a year-to-date increase of 59.75% [2] - Ruichuang Micro-Nano (688002) with a market cap of 55.6 billion yuan and a year-to-date increase of 19.88% [2] - Feiwo Technology (301232) with a market cap of 16.4 billion yuan and a year-to-date increase of 29.45% [2] - Other companies like Liujin Technology, Ruihua Tai, and Tianhe Energy also showed significant gains, with increases ranging from 10% to over 12% [1][2]

Core Viewpoint - The commercial aerospace sector in the A-share market is experiencing a rebound, with significant stock price increases for various companies following the announcement of China's first commercial space tourism initiative [1] Group 1: Stock Performance - Deen Precision Engineering (德恩精工) saw an increase of 18.01%, with a total market capitalization of 4.517 billion [2] - Ruichuang Micro-Nano (睿创微纳) rose by 17.59%, reaching a market cap of 55.6 billion [2] - Feiwo Technology (飞沃科技) increased by 16.28%, with a market value of 1.64 billion [2] - Other notable performers include: - Liujin Technology (流金科技) up 12.61% with a market cap of 4.002 billion [2] - Ruihua Tai (瑞华泰) up 12.41% with a market cap of 4.369 billion [2] - Trina Solar (天合光能) up 11.01% with a market cap of 46.5 billion [2] - Taili Technology (太力科技) up 10.76% with a market cap of 6.643 billion [2] - Qian Zhao Optoelectronics (乾照光电) up 10.63% with a market cap of 33.2 billion [2] - Xuanji Information (旋极信息) up 10.25% with a market cap of 11.5 billion [2] - Zhongchao Holdings (中超控股) up 10.03% with a market cap of 11.7 billion [2] - Ju Li Sockets (巨力索具) up 9.99% with a market cap of 13 billion [2] - Chunhui Intelligent Control (春晖智控) up 9.55% with a market cap of 6.104 billion [2] - Shanghai Port Bay (上海港湾) up 8.44% with a market cap of 15.9 billion [2] - Xinke Mobile (信科移动) up 8.23% with a market cap of 68.3 billion [2] - Xinwei Communication (信维通信) up 7.53% with a market cap of 84.3 billion [2] - Goldwind Technology (金风科技) up 7.36% with a market cap of 122 billion [2] - Western Materials (西部材料) up 7.10% with a market cap of 20.7 billion [2] Group 2: Space Tourism Announcement - Beijing Chuanqiu Space Technology Co., Ltd. announced the inclusion of actor Huang Jingyu in China's first commercial space travel lineup, planning to fly in 2028 aboard the domestic reusable spacecraft "Chuanqiu No. 1" [1] - The flight will last approximately 2.5 hours, crossing the Kármán line at 100 kilometers, allowing for 12 minutes of weightlessness [1] - The ticket price is set at 3 million, requiring a 10% deposit and completion of professional training [1]

截至发稿，沈若雨累计任职时间5年12天，现任基金资产总规模85.48亿元，任职期间最佳基金回报 115.76%， 任职期间最差基金回报-2.57%。 夏正安累计任职时间3年99天，现任基金资产总规模17.89亿元，任职期间最佳基金回报46.8%， 任职期 间最差基金回报30.42%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，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。 数据显示，汇添富基金旗下1只基金重仓信科移动。汇添富创新活力混合A（002419）三季度持有股数 55.22万股，与上期相比持股数量不变，占基金净值比例为1.83%，位居第十大重仓股。根据测算，今日 浮盈赚取约48.59万元。 汇添富创新活力混合A（002419）成立日期2016年4月19日，最新规模1.31亿。今年以来收益7.9%，同 类排名2563/8843；近一年收益39.92%，同类排名2961/8096；成立以来收益140.97%。 汇添富创新活力混合A（002419）基金经理为沈若雨、夏正安。 1月22日，信科移动涨5.01%，截至 ...

Investment Rating - The communication industry is rated as "Cautiously Optimistic" with a focus on operators with sustained profit growth and enhanced network value, as well as companies benefiting from traffic growth and continuous technological innovation [5][37]. Core Insights - The communication sector showed a 0.77% increase from January 12 to January 16, 2026, outperforming the CSI 300 index by 1.34 percentage points, ranking 7th among 30 sectors [2][12]. - The report highlights the strategic significance of industrial internet platforms in reshaping the manufacturing system and enhancing supply chain resilience and security [3][33]. - The goal for industrial internet platforms by 2028 includes establishing over 450 high-quality platforms, connecting 120 million devices, and achieving a penetration rate exceeding 55% [4][34]. Summary by Sections Communication Industry Market Review - The communication sector's cumulative increase for 2026 is 2.39%, ranking 16th among the primary sectors [2][12]. - The sector includes 119 listed companies, with 54 experiencing price increases and 64 seeing declines during the review period [13]. - The TTM PE ratio for the communication sector is 26.95, positioned at the 37.25 percentile [14]. Industry News - A new satellite constellation plan has been submitted to the ITU, proposing nearly 200,000 satellites, significantly surpassing existing projects [17][18]. - The industrial internet platform development action plan aims to enhance the quality and application of platforms, marking a shift from merely building platforms to strengthening and utilizing them [3][34]. Investment Recommendations - The report suggests maintaining a cautiously optimistic stance, focusing on operators with ongoing profit growth, companies benefiting from traffic and computing network growth, and those with strong core competitiveness through continuous innovation [5][37].

Investment Rating - The report maintains an "Outperform" rating for the commercial aerospace industry [1] Core Insights - The aerospace sector is transitioning from being viewed as a "cost center" driven by national will to a "growth engine" driven by commercial demand, with significant investments and strategic planning from both the US and China [6][9] - The global aerospace economy is projected to reach $613 billion in 2024, with commercial aerospace contributing 78%, and is expected to exceed $1 trillion by 2032 [6][9] - The value chain of commercial aerospace is divided into five core levels: "space, ground, terminal, rocket, and application," each presenting unique market opportunities and technical challenges from 2026 to 2030 [10][29] Summary by Sections 1. Space: Satellite Manufacturing - The satellite manufacturing market in China is expected to grow from approximately 7.1 billion yuan in 2025 to about 39.4 billion yuan by 2030, reflecting a shift from sporadic research models to continuous, batch engineering deliveries [16][18] 2. Ground: Ground Systems - The ground systems market is projected to increase from around 1.2 billion yuan in 2025 to approximately 39.1 billion yuan by 2030, evolving from a supporting role to a core infrastructure essential for stable satellite constellation operations [21][22] 3. Terminal: Key Variable for Commercial Aerospace - The terminal market is anticipated to grow from 500 million yuan in 2025 to about 141.9 billion yuan by 2030, driven by multiple vertical industries and potential consumer scenarios [23][24] 4. Rocket: Core Constraint - The cost of rocket launches is a critical constraint, with reusable technology expected to reduce costs by 80%-90% compared to traditional expendable rockets. The market for rocket launch services is projected to grow from approximately 10.7 billion yuan in 2025 to about 34.3 billion yuan by 2030 [25][26] 5. Application: Final Value Realization - The application market is expected to expand from 200 million yuan in 2025 to 525 billion yuan by 2030, with the revenue share from applications projected to rise from single digits to over 67% by around 2030 [27][28] 6. Investment Opportunities - Investment opportunities in commercial aerospace can be categorized into three main tracks: 1. Launch and manufacturing segments, which are expected to benefit directly from increased orders and visibility 2. Core components and systems, characterized by high technical barriers and critical for long-term competitiveness 3. Downstream applications and operational services, which, while currently limited in scale, hold the greatest long-term potential for value realization [29][30]

Group 1 - The core viewpoint of the news is that 信科移动 (China Communications Technology Co., Ltd.) has seen a stock price increase of 5.61%, reaching 18.45 CNY per share, with a total market capitalization of 63.076 billion CNY as of January 21 [1] - The company, established on December 29, 1998, and listed on September 26, 2022, is a state-owned high-tech enterprise engaged in mobile communication international standard formulation, core technology research and development, and industrialization [1] - The revenue composition of the company includes: integrated mobile communication services (35.01%), system equipment (21.44%), industry-specific network equipment and others (16.24%), antenna feeder equipment (14.09%), indoor distribution equipment (6.58%), mobile communication network operation and maintenance services (5.84%), and other supplementary services (0.80%) [1] Group 2 - From the perspective of fund holdings, one fund under 广发基金 (Guotai Junan Fund) has 信科移动 as its top holding, with 49,100 shares representing 0.88% of the fund's net value [2] - The fund, 广发智选启航混合A (023761), has a total scale of 22.3787 million CNY and has achieved a year-to-date return of 7.77%, ranking 1834 out of 8844 in its category [2] - The fund manager, 李育鑫 (Li Yuxin), has been in position for 2 years and 92 days, with the fund's total asset scale at 3.793 billion CNY, achieving a best return of 127.94% and a worst return of 11.59% during his tenure [3]

Market Overview - The communication equipment sector experienced a decline of 3.62% on January 20, with Tongyu Communication leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Notable gainers included: - Dingxin Communication (603421) with a closing price of 7.92, up 10.00% on a trading volume of 367,100 shares and a turnover of 287 million [1] - Weisheng Information (688100) closed at 46.16, up 7.15% with a trading volume of 128,400 shares and a turnover of 598 million [1] - Major decliners included: - Tongyu Communication (002792) closed at 46.14, down 10.01% with a trading volume of 656,100 shares and a turnover of 3.158 billion [2] - Datang Telecom (600198) closed at 10.64, down 9.98% with a trading volume of 898,800 shares and a turnover of 971 million [2] Capital Flow - The communication equipment sector saw a net outflow of 12.802 billion from institutional investors, while retail investors experienced a net inflow of 8.096 billion [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Hengtong Optic (600487) had a net inflow of 338 million from institutional investors, while retail investors saw a net outflow of 304 million [3] - Longfly Fiber (601869) experienced a net inflow of 132 million from institutional investors, but a net outflow of 161 million from retail investors [3] - Dingxin Communication (603421) had a significant net inflow of 106 million from institutional investors, while retail investors faced a net outflow of 568 million [3]

Investment Rating - The report initiates coverage on Xinke Mobile (688387) with an "Outperform" rating and a target price of 22.61 CNY, based on a Sum-of-the-Parts (SOTP) valuation, indicating a potential upside of 18.9% [4]. Core Insights - Xinke Mobile is a leading player in the autonomous communication standard and system construction, with a strong technical foundation, having accumulated 17,170 patents by the end of 2024 and ranking tenth globally in effective 5G standard patents [4]. - The company is a core participant in satellite internet communication systems, leading the development of 21 5G NTN (Non-Terrestrial Network) standards, which account for about one-third of global initiatives [4]. - Xinke Mobile's satellite internet strategy includes a full-stack layout across the entire industry chain, enhancing its growth logic through advancements in phased array technology and payload value expansion [4]. - The company has established key patent licensing agreements with major overseas terminal manufacturers, including a $95 million patent licensing fee from Apple, showcasing its strong patent operation capabilities [4]. - The report highlights a significant difference in market perception, asserting that Xinke Mobile is a key payload supplier for satellite internet, poised to benefit from industry trends [4]. Revenue and Profit Forecast - The report forecasts revenues of 6.136 billion CNY, 6.227 billion CNY, and 8.012 billion CNY for the years 2025, 2026, and 2027, respectively, with net profits of -192 million CNY, 58 million CNY, and 330 million CNY for the same years [4]. - The expected EPS for 2025, 2026, and 2027 is -0.06 CNY, 0.02 CNY, and 0.10 CNY, respectively, with a CAGR of 289% from 2026 to 2027 [4]. Industry Overview - The global mobile communication industry is currently in the 5G phase, with significant advancements in standards and technology, including the establishment of the IMT-2020 (5G) promotion group in China [32]. - The integration of satellite and terrestrial networks is a key feature of the upcoming 6G era, with the report emphasizing the importance of satellite technology in enhancing communication coverage [37]. - The demand for low Earth orbit (LEO) satellite constellations is increasing, with significant improvements in download speeds and latency compared to traditional geostationary satellites [41]. - The report notes that the global satellite internet construction is entering a peak phase, driven by companies like SpaceX, which has significantly increased its satellite launch numbers [45]. - The Chinese government is actively supporting the commercial space sector, with policies aimed at fostering the development of satellite internet and related technologies [54].

Economic Information - Several smartphone manufacturers, including Xiaomi, OPPO, vivo, and Transsion, have lowered their annual shipment forecasts, with Xiaomi and OPPO reducing by over 20%, vivo by nearly 15%, and Transsion to below 70 million units [2] - Silver prices have surged over 50% in one month and over 150% in six months, impacting the photovoltaic industry, which consumes a significant amount of silver. The cost of raw materials for solar cells has increased by nearly 20% due to rising silver prices [2] - The company Xibei is expected to incur cumulative losses exceeding 600 million yuan from September 2025 to March 2026, leading to the closure of 102 stores, accounting for 30% of its total outlets [2] Company Alerts - Shenghong Technology anticipates a net profit increase of 260%-295% year-on-year for 2025, although Q4 performance fell short of expectations [4] - Cambridge Technology expects a net profit increase of 51%-67% year-on-year for 2025, with Q4 results also below expectations [4] - Multiple companies, including Weimait and Youyan Silicon, have announced plans to reduce their shareholdings by up to 4.98% and 3% respectively [4][11] Overseas Alerts - The three major U.S. stock indices collectively declined last Friday, with the Nasdaq China Golden Dragon Index dropping by 1.15%. Notable declines were seen in Chinese stocks such as Alibaba and JD.com [5] - The European Union is considering imposing tariffs on U.S. goods worth 93 billion euros in response to U.S. tariffs on eight European countries, which could take effect on February 6 if no agreement is reached [5]

Market Overview - On January 16, the communication equipment sector rose by 0.03% compared to the previous trading day, with Xinke Mobile leading the gains [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Top Gainers in Communication Equipment - Xinke Mobile (688387) closed at 19.81, up 11.54% with a trading volume of 2.1261 million shares and a transaction value of 4.12 billion [1] - Sega Technology (002796) closed at 43.45, up 10.00% with a trading volume of 240,300 shares and a transaction value of 1.017 billion [1] - Datang Telecom (600198) closed at 12.13, up 9.97% with a trading volume of 1.2219 million shares [1] - Meilixin (301307) closed at 37.49, up 9.75% with a trading volume of 175,200 shares [1] Top Losers in Communication Equipment - Dongfang Communication (600776) closed at 21.14, down 10.00% with a trading volume of 68,500 shares and a transaction value of 145 million [2] - Shida Group (600734) closed at 5.01, down 9.73% with a trading volume of 4.1558 million shares and a transaction value of 2.124 billion [2] - Fenghuo Communication (600498) closed at 39.02, down 9.40% with a trading volume of 2.5667 million shares and a transaction value of 10.184 billion [2] Capital Flow Analysis - The communication equipment sector experienced a net outflow of 810 million from institutional investors, while retail investors saw a net inflow of 358 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Tianfu Communication (300394) had a net inflow of 72 million from institutional investors, while retail investors experienced a net outflow of 43 million [3] - Changfei Fiber (601869) saw a net inflow of 41 million from institutional investors, with a net outflow of 10.3 million from retail investors [3] - Longxin Bochuang (300548) had a net inflow of 354 million from institutional investors, while retail investors faced a net outflow of 156 million [3]