[Table_Page] 行业专题研究|国防军工 2026 年 2 月 28 日 证券研究报告 [Table_Title] 国防军工行业 | | AIDC | 电源的"最后一公里"，板载电源的高密高集成化革命 | | | | --- | --- | --- | --- | --- | | 分析师： [Tabl | 孟祥杰 | 分析师： 陈昕 | 分析师： | 吴坤其 | | e_Author] | SAC 执证号：S0260521040002 | SAC 执证号：S0260522080008 | | SAC 执证号：S0260522120001 | | | SFC CE.no: BRF275 | SFC CE.no: BWV823 | | SFC CE.no: BRT139 | | | 010-59136693 | 010-59136699 | | 010-59133689 | | | mengxiangjie@gf.com.cn | gfchenxin@gf.com.cn | | wukunqi@gf.com.cn | [Table_Summary] 核心观点： 识别风险，发现价值 请务必阅读末页的免责声明 ...

（来源：淘金ETF） 1. 中国卫通（601698） 作为卫星通信运营国家队，手握稀缺轨位与频谱资源，是商业航天从上天到变现的关键枢纽。在低轨星 座加速组网、手机直连卫星需求爆发的背景下，卫星通信运营与数据服务成为核心增长极。凭借完整地 面站网络与高通量卫星资源，深度绑定国家星网工程，承接卫星互联网、应急通信、偏远地区覆盖等核 心订单，现金流稳定且可持续。随着商业航天规模化落地，卫星运维、数据分发、行业应用需求持续释 放，叠加政策对卫星互联网的战略支持，长期成长逻辑清晰。在空天地一体化建设浪潮中，凭借资源壁 垒与运营优势，成为商业航天运营端最具确定性的核心标的，业绩与估值具备向上空间。 2. 中国卫星（600118） 深耕卫星研制与应用全产业链，覆盖通信、导航、遥感等多领域卫星制造，是商业航天卫星制造端的核 心力量。随着低轨星座建设进入高峰期，微小卫星批量发射需求激增，卫星总装与核心部件配套迎来爆 发式增长。依托航天科技集团技术与资源优势，在卫星平台、载荷研发、总装测试等环节具备深厚积 累，深度参与国家重大航天工程与商业卫星项目。同时积极布局卫星应用服务，构建"制造+运营+数 据"闭环，拓展行业应用场景。在商 ...

商业航天迎来多重利好，国内方面，中国商业航天企业代表蓝箭航天宣布，我国重复使用火箭朱雀三号 计划今年第二季度再次开展回收试验。这一计划若顺利推进，将加速可重复使用火箭系统的成熟进程， 为中国商业航天领域树立新的里程碑。海外方面，SpaceX首席执行官马斯克设想从月球电磁弹射AI卫 星，以支持AI等高性能计算需求。 上个马年沪指涨近60%！新年新福利来了，炒股排面要拉满，新号启幸运>> 截至2026年2月25日 13:56，中证卫星产业指数(931594)强势上涨3.21%，成分股航天电子上涨6.65%，新 雷能上涨5.37%，航天环宇上涨4.91%，信科移动，铂力特（维权）等个股跟涨。卫星ETF鹏华(563790) 上涨2.87%，最新价报1.18元。 卫星ETF鹏华紧密跟踪中证卫星产业指数，中证卫星产业指数选取50只业务涉及卫星制造、卫星发射、 卫星通信、卫星导航、卫星遥感等领域的上市公司证券作为指数样本，反映卫星产业上市公司证券的整 体表现。 数据显示，截至2026年1月30日，中证卫星产业指数(931594)前十大权重股分别为航天电子、中国卫 星、臻镭科技（维权）、中国卫通、中科星图、国博电子、华测导航 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the AIDC (Artificial Intelligence Data Center) sector, highlighting recent developments in the industry driven by advancements in AI models, particularly the popularity of ByteDance's Seedance 2.0 [1]. Core Insights and Arguments - **Recent Developments**: The rapid iteration of AI models by major domestic internet companies is noted, indicating a competitive landscape in the AIDC sector [1]. - **New Focus**: Jiebang Technology has received bulk orders for cold plates from a major manufacturer, suggesting a significant increase in production capacity and potential for future catalysts [1]. - **Continued Recommendations**: The report maintains recommendations for several companies, including: - Magpow (麦格米特) - Ruiming Technology (锐明技术) - New Ray Energy (新雷能) - Keda (科士达) [1]. Additional Important Information - The report emphasizes that the insights provided do not constitute formal investment advice and encourages reference to publicly available reports for risk disclosures [1].

Group 1 - The commercial aerospace sector is experiencing a strong upward trend, with several companies showing significant gains [2] - Top performers include Dinggu Jichuang and Hangxiao Steel Structure, both reaching the daily limit increase [2] - Other companies such as Leike Defense, Hangyu Micro, Jiuding New Materials, Aerospace Hongtu, and Xinle Energy are also seeing positive movements in their stock prices [2]

Market Overview - The other power equipment sector experienced a decline of 0.43% on February 4, with Kehua Data leading the drop [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Stock Performance - Xizi Clean Energy (002534) saw a closing price of 18.70, with an increase of 4.59% and a trading volume of 277,800 shares, amounting to a transaction value of 514 million [1] - China Power (600482) closed at 27.77, up 1.28%, with a trading volume of 344,100 shares and a transaction value of 953 million [1] - Dongfang Electric (600875) closed at 25.99, up 1.09%, with a trading volume of 430,500 shares and a transaction value of 1.119 billion [1] - Kehua Data (002335) experienced a significant drop of 4.79%, closing at 58.86, with a trading volume of 295,600 shares [2] Capital Flow - The other power equipment sector saw a net outflow of 877 million from institutional investors, while retail investors had a net inflow of 589 million [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 - Dongfang Electric (600875) had a net inflow of 21.27 million from institutional investors, but a net outflow of 17.43 million from retail investors [3] - Keda Technology (300820) experienced a net inflow of 38.32 million from institutional investors, while retail investors saw a net outflow of 51.47 million [3] - The capital flow data suggests varying levels of confidence among different investor types within the sector [3]

Group 1 - The company, Xinle Energy (300593), stated that it will strictly adhere to legal regulations when disclosing significant information [1] - Investors are advised to monitor announcements published on designated media such as the Giant Tide Information Network [1]

Core Viewpoint - As of December 31, 2025, the number of shareholders for Xinle Energy is projected to reach 47,601 [2] Company Information - Xinle Energy has engaged with investors through an interactive platform, providing insights into its shareholder count [2] - The company is focused on maintaining transparency and communication with its investors [2]

Group 1 - The core point of the article is that the company Xinle Energy reported a total of 47,733 shareholders as of January 9, 2026 [2]

证券日报网讯2月2日，新雷能（300593）在互动平台回答投资者提问时表示，截至2026年1月30日，公 司股东人数38699户。 ...