Group 1 - The General Aviation ETF Penghua (563870) experienced a decline of 1.25%, closing at 0.951 yuan with a trading volume of 3.7077 million yuan [1] - Major holdings in the General Aviation ETF Penghua saw significant drops, including Aerospace Electronics down 3.98%, Haige Communication down 2.01%, and China Satellite Communications down 2.36% [1] - The fund's performance benchmark is the CSI General Aviation Theme Index return, with a return of -3.67% since its establishment on December 31, 2025, and a one-month return of -9.36% [1]

Group 1: Innovation in Medical Technology - Innovation Medical (002173) has established itself in the medical service sector, focusing on brain-computer interface (BCI) technology for clinical applications, particularly in neuro-rehabilitation and cardiovascular treatment [1][20] - The company's BCI-4000 product is in Phase III clinical trials, utilizing invasive electrodes to collect brain signals for device control, aiding rehabilitation for high-level paraplegics [1][20] - With the implementation of insurance reimbursement policies for BCI, the clinical transition process is expected to accelerate, potentially leading to significant growth in the neuro-rehabilitation business [1][20] Group 2: Digital Entertainment and AI Integration - Talking Tom (300459) leverages its popular IPs in digital entertainment and is actively exploring the integration of AI with brain-computer interfaces to create immersive interactive experiences [2][21] - The core business includes IP operation, mobile app development, and digital content creation, focusing on leisure and children's education [2][21] - The company aims to develop brain-controlled games and immersive entertainment applications, enhancing user engagement and monetization capabilities [2][21] Group 3: Precision Components in Medical Devices - Meihua Medical (301363) specializes in manufacturing precision medical components, providing essential support to global medical device companies, and has recently entered the brain-computer interface supply chain [3][22] - The company produces components for cardiovascular and neuro-interventional devices, including precision structural parts for BCI equipment [3][22] - As demand for BCI devices increases, the company anticipates a steady growth in orders for precision components, enhancing collaboration with BCI firms [3][22] Group 4: AI and Brain-Computer Interface Algorithms - Yanshan Technology (002195) focuses on brain-like intelligence and AI, with a strong emphasis on developing neural signal decoding algorithms for brain-computer interfaces [4][23] - The company aims to optimize brain signal decoding efficiency through AI algorithms, enhancing the precision control capabilities of BCI devices [4][23] - As the demand for algorithm precision in BCI increases, the company expects growth in algorithm licensing and system integration services [4][23] Group 5: Network Solutions for Brain-Computer Interfaces - StarNet Ruijie (002396) is a leading provider of network equipment and solutions, exploring network support solutions for brain-computer interface applications [5][25] - The company offers high-speed data transmission and processing solutions for BCI devices, facilitating real-time brain signal transmission and cloud analysis [5][25] - With the rising demand for data transmission efficiency in BCI, the company anticipates continued growth in high-speed network equipment demand [5][25] Group 6: Pain Management and Neuroregulation - Aipeng Medical (300753) specializes in pain management and neuroregulation, exploring the application of brain-computer interfaces in postoperative pain relief and neuro-rehabilitation [6][26] - The company focuses on developing devices for pain management and neuroregulation, aiming to enhance treatment efficiency through brain-computer technology [6][26] - As the demand for neuro-rehabilitation grows, the application of BCI in medical settings is expected to accelerate [6][26] Group 7: Security and Identity Verification - Entropy Technology (301330) leverages biometric recognition and identity verification technologies, applying brain-computer interfaces in security and identity authentication [7][27] - The company provides solutions for financial, governmental, and transportation sectors, focusing on the development of BCI applications for secure interactions [7][27] - As the demand for precision and security in identity verification increases, the potential for BCI applications in security will gradually be realized [7][27] Group 8: Smart Control Components and IoT Solutions - Yingqu Technology (002925) specializes in smart control components and IoT solutions, providing essential support for brain-computer interface devices [8][28] - The company serves consumer electronics and smart home sectors, offering smart control components that facilitate intelligent interaction and data collection for BCI devices [8][28] - With the rising demand for intelligent BCI devices, the company expects a continuous increase in orders for smart control components [8][28] Group 9: Precious Metal Materials for BCI Electrodes - Guiyan Platinum (600459) focuses on the research and production of precious metal materials, providing critical materials for brain-computer interface electrodes [9][29] - The company supplies platinum-based alloy materials that enhance the biocompatibility and signal stability of BCI electrodes [9][29] - As the demand for mass production of BCI electrodes increases, the company anticipates a steady growth in orders for precious metal materials [9][29] Group 10: Automotive Applications of Brain-Computer Interfaces - Yachuang Electronics (301099) is exploring the application of brain-computer interfaces in smart driving, focusing on automotive-grade chips and power semiconductors [10][30] - The company aims to implement brain control technology for vehicle operation, opening new possibilities in automotive intelligence [10][30] - As the demand for human-machine interaction in smart driving increases, the potential for BCI applications in the automotive sector will gradually be realized [10][30] Group 11: Industrial Applications of Brain-Computer Interfaces - Zhongke Information (300678) focuses on intelligent monitoring and industrial detection, applying brain-computer interfaces in industrial settings [11][31] - The company aims to utilize brain signals for equipment status monitoring and fault prediction, enhancing industrial efficiency [11][31] - As the demand for monitoring precision in industrial automation increases, the application of BCI in industrial settings is expected to accelerate [11][31] Group 12: Third-Party Testing for BCI Compliance - Puni Testing (300887) is a leading third-party testing organization, providing compliance testing services for brain-computer interface devices [12][32] - The company offers testing for biocompatibility and electromagnetic compatibility, ensuring the safety and compliance of BCI products [12][32] - As the BCI industry matures, the demand for compliance testing services is expected to grow, supporting the healthy development of the industry [12][32] Group 13: Flexible Materials for BCI Devices - Pulit (002324) specializes in the research and production of polymer materials, providing essential flexible packaging materials for brain-computer interface devices [13][33] - The company enhances the durability and biocompatibility of BCI devices through its flexible packaging solutions [13][33] - As the demand for flexible materials in BCI devices increases, the company anticipates a steady growth in orders for packaging materials [13][33] Group 14: Intelligent Equipment and Robotics - Tianqi Co., Ltd. (002009) focuses on intelligent equipment manufacturing and industrial automation, exploring the application of brain-computer interfaces in industrial robotics [14][34] - The company aims to implement brain control technology for precise robotic operation, enhancing manufacturing efficiency [14][34] - As the demand for precision in industrial automation increases, the application of BCI in robotics is expected to accelerate [14][34] Group 15: Medical Rehabilitation and Training - Chengyitong (300430) specializes in pharmaceutical intelligent manufacturing and rehabilitation equipment, exploring the application of brain-computer interfaces in rehabilitation training [15][35] - The company focuses on optimizing rehabilitation plans through brain control technology, enhancing training efficiency [15][35] - As the demand for neuro-rehabilitation grows, the application of BCI in medical settings is expected to accelerate [15][35] Group 16: Military Communication and Navigation - Haige Communication (002465) is a core enterprise in military communication and navigation, providing specialized support for brain-computer interfaces [16][36] - The company offers military communication and data transmission solutions for BCI devices, enhancing interaction in specialized scenarios [16][36] - As the demand for BCI in military applications increases, the need for communication equipment is expected to grow [16][36] Group 17: Smart Terminals and Information Systems - Nanjing Panda (600775) leverages electronic manufacturing and communication technology, exploring the application of brain-computer interfaces in smart terminals [17][37] - The company aims to implement brain control technology for device operation, opening new possibilities in consumer electronics [17][37] - As the demand for interactive methods in smart terminals increases, the potential for BCI applications in consumer electronics will gradually be realized [17][37] Group 18: Biocompatible Coatings for BCI Devices - Taihe Technology (300801) specializes in fine chemicals and water treatment materials, providing essential biocompatible coating materials for brain-computer interface devices [18][38] - The company enhances the safety and durability of BCI devices through its biocompatible coatings [18][38] - As the demand for biocompatibility in BCI devices increases, the company anticipates a steady growth in orders for coating materials [18][38] Group 19: Cardiovascular and Neurointerventional Applications - Lepu Medical (300003) focuses on cardiovascular and neurointerventional fields, exploring the application of brain-computer interfaces in cardiac rehabilitation and neuroregulation [19][39] - The company aims to optimize treatment plans through brain control technology, enhancing rehabilitation efficiency [19][39] - As the demand for cardiovascular and neuro-rehabilitation grows, the application of BCI in medical settings is expected to accelerate [19][39] Group 20: Intelligent Nursing and Patient Monitoring - Yahua Electronics (301337) specializes in medical information systems and intelligent nursing devices, exploring the application of brain-computer interfaces in patient monitoring [20][40] - The company aims to utilize brain signals for real-time patient status monitoring, enhancing medical service efficiency [20][40] - As the demand for precise monitoring in medical services increases, the application of BCI in healthcare settings is expected to accelerate [20][40]

Core Viewpoint - The article discusses the downfall of prominent investor Chen Xiaoqun, who has faced increasing scrutiny and allegations of manipulating the market through "internet trading strategies" after a significant sell-off in mid-January 2026 [1][28]. Group 1: Chen Xiaoqun's Trading Activities - Chen Xiaoqun's trading seat at China Galaxy Securities in Dalian has been frequently involved in selling large amounts of popular stocks, including Jin Feng Technology and Hua Sheng Tian Cheng, leading to significant price drops [1][28]. - In January 2026, the Dalian Huanghe Road seat recorded a cumulative transaction amount of 77.18 billion yuan, with major stocks like Jin Feng Technology and Lei Ke Defense contributing significantly to this figure [44][17]. - The trading patterns of the Dalian Huanghe Road seat and Guotai Junan Securities in Chongqing have raised suspicions of coordinated actions to profit from retail investors [31][30]. Group 2: Market Reactions and Speculations - Following a wave of concentrated selling, many investors began questioning Chen Xiaoqun's credibility and the legitimacy of his trading strategies, leading to a surge in negative sentiment [1][28]. - The article highlights the emergence of various rumors regarding Chen Xiaoqun, including allegations of market manipulation and his response to these claims through social media [9][39]. - The trading activities of the Dalian Huanghe Road seat have been linked to a broader trend of "internet trading strategies," which are criticized for creating volatility and misleading retail investors [21][24]. Group 3: Historical Context and Performance - Chen Xiaoqun's rise to prominence is attributed to his association with the Dalian Huanghe Road seat, which has seen a dramatic increase in trading activity, surpassing previous years in both the number of stocks traded and total transaction amounts [43][16]. - In 2024, the Dalian Huanghe Road seat recorded a total transaction amount of 92.97 billion yuan, indicating a significant shift in trading dynamics within the market [43][16]. - The article notes that the Dalian Huanghe Road seat has become synonymous with Chen Xiaoqun, further amplifying his influence in the market [45][47].

Core Viewpoint - The low-altitude economy sector is showing mixed results for 2025, with 22 companies expected to be profitable while another 22 are projected to incur losses, indicating a significant divergence in performance within the industry [3]. Performance Forecast Summary Profit Growth - 11 companies are expected to report profit increases, with notable projections including: - Xinzhi Group (002664.SZ) and Shangluo Electronics (300975.SZ) anticipating several-fold increases in net profit [4]. - Weihai Guangtai (002111.SZ), Tongyu Heavy Industry (300185.SZ), and Guangyang Co. (002708.SZ) expecting over 50% growth in net profit [4]. - Wan Feng Aowei (002085.SZ) and Zongshen Power (001696.SZ) also forecasted net profit growth [4]. Losses - 22 companies are projected to incur losses, with several notable cases: - Zhongtian Rocket (003009.SZ) and Andavil (300719.SZ) have shifted from profit to loss [7]. - Haige Communication (002465.SZ) is investing heavily in R&D, leading to increased costs and a projected loss [7]. - Companies like Aerospace Power (600343.SH) and Sihua Electronics (600990.SH) are also expected to continue reporting losses [8]. Industry Insights - The low-altitude economy's contribution to overall profits remains limited, with most revenue still coming from aircraft manufacturing and infrastructure construction [3]. - Companies like Wan Feng Aowei are leveraging their low-altitude business to drive profit growth, supported by strong orders in general aviation aircraft manufacturing and strategic acquisitions [5]. - The industry is witnessing a shift towards commercial applications of low-altitude technologies, with companies preparing for a significant commercialization phase in 2026 [9][10]. Strategic Developments - Companies are increasingly focusing on integrating low-altitude infrastructure and management platforms, as seen with Suzhou Keda's strategic investments in civil aviation infrastructure [11]. - The emphasis on R&D and market expansion in emerging fields like low-altitude economy is evident, with companies aiming to enhance their competitive edge through innovative solutions [7][11].

当前，我国正加快培育战略性新兴产业，商业航天、低空经济作为新质生产力的重要增长极，正迎来前 所未有的发展机遇。自2010年上市以来，海格通信坚持守正创新，寻求转型升级，逐步形成了覆盖无线 通信、北斗导航、航空航天、数智生态四大板块的业务格局。 "在'十五五'期间，公司一定会上一个新的台阶。"近日，海格通信董事长余青松在接受上海证券报记者 采访时表示，公司将聚焦高科技制造业与高端信息服务业两个方向，推进通导信息融合创新赋能商业航 天与低空经济等战略性新兴产业发展，努力成为通导信息融合创新产业的最优秀现代企业之一。 如何理解"最优秀"？余青松说，"最优秀"实际上是一个相对概念，表达公司不断寻求创新突破的愿景， 希望在波峰时不要夜郎自大，在波谷遇到困难时也不要妄自菲薄，永远荣辱不惊，勇往直前，追求永续 经营，这也是海格一直强调的"基业长青"。 从产品芯片化到芯片产业化 步入海格通信展厅，从智能手表、智能物联网关到北斗短报文手持终端，各类终端产品应接不暇，这些 终端背后都有一个共同的元素——芯片。经过多年发展，海格通信拥有适配多个行业的芯片产品。 北斗应用领域，海格通信实现了全产业链布局，其中自研的北斗芯片国内市占率 ...

（编辑 姚尧） 证券日报网讯 2月1日，海格通信在互动平台回答投资者提问时表示，在卫星通信领域，公司深度参与 天通卫星通信系统，新一代卫星通信系统与国家卫星互联网重大工程。是特殊机构市场地面终端的主流 供应商和优势企业，已实现了全产业链的布局，包括芯片、终端、信关站和系统运营。公司近年来持续 加大芯片领域研发投入，自主研制的射频、基带芯片已通过用户验证，成为卫星互联网关键芯片供应 商；低轨窄带通信芯片完成流片；低轨宽带芯片联合中标首个该领域国家科技重大专项，巩固低轨宽带 卫星互联网优势资源。 ...

（编辑 姚尧） 证券日报网讯 2月1日，海格通信在互动平台回答投资者提问时表示，公司暂不涉及遥感业务领域。公 司自主研发通导一体化芯片，该芯片的核心是将原本单独的通信、导航定位功能集成于单一芯片。该芯 片能广泛应用于需要同时进行数据回传、精确定位的智能终端。相比传统的多芯片方案，一体化设计在 物理层面带来了体积、功耗和成本的系统性降低，以及性能的提升。这一突破不仅提升了技术壁垒和产 品附加值，更通过提供高性能、高集成度的关键元器件，赋能下游终端创新，从而强化了公司在整个产 业生态中的核心竞争力。 ...

Core Viewpoint - The company, Haige Communication, has established a comprehensive layout in the Beidou navigation field, positioning itself as a leader in the "Beidou + 5G" applications and showcasing its core technological advantages in the satellite navigation industry [1] Group 1: Industry Positioning - The company is one of the earliest entities engaged in the research and manufacturing of radio navigation in China, aligning closely with the national satellite navigation industry [1] - It has achieved a full industry chain layout encompassing "chips, modules, antennas, terminals, systems, and operations" [1] Group 2: Technological Advancements - The company has made breakthroughs in the core technologies of Beidou-3, establishing a competitive advantage in chip technology [1] - It possesses independent intellectual property rights for key technologies, including high precision, high dynamics, anti-jamming, and integrated navigation and communication capabilities [1] Group 3: Market Presence - The company holds the most diverse and comprehensive range of Beidou-3 chip models in the special institution market [1] - It has achieved a comprehensive layout of Beidou-3 terminals in both special institution and civilian markets [1]

（编辑 姚尧） 证券日报网讯 2月1日，海格通信在互动平台回答投资者提问时表示，公司重视与投资者的互动交流， 认真对待互动易投资者提问，本着审慎、公平原则，严格履行内部程序后予以回复。欢迎投资者通过热 线电话（号码：020-82085571）与公司开展即时沟通。 ...

Core Viewpoint - The company emphasizes the importance of anti-jamming technology in satellite navigation applications across various critical industries, highlighting its proprietary technology and future development plans [1] Group 1: Company Technology - The company possesses a complete set of anti-jamming technologies, including various algorithms and hardware solutions [1] - It has designed anti-jamming RF and baseband chips, providing a competitive edge in performance and cost [1] Group 2: Future Development - The company plans to develop higher-performance anti-jamming solutions targeting new signal systems [1] - It aims to create lower-cost solutions for industry and civilian users, promoting the widespread adoption of anti-jamming technology across different sectors [1]