智通财经APP获悉，华龙证券发布研报称，商业航天加速发展，市场规模持续提升，维持行业"推荐"评 级。全球各国加速卫星频率和轨道资源申请，行业格局目前依然呈现"头部集中"特征，美国、俄罗斯、 中国组成的第一梯队地位稳固。我国商业航天市场规模2025年已突破2.5万亿元，从投资端来看，火箭 和卫星制造为主要投资领域。2025年末，中国多型可回收火箭密集进入回收验证阶段，为后续降本和高 频发射奠定基础。 华龙证券主要观点如下： 频轨资源竞争激烈，全球太空资源竞争愈演愈烈 建议关注以下标的 (1)火箭发射：超捷股份(301005.SZ)、斯瑞新材(688102.SH)、铂力特(688333.SH)、中天火箭(003009.SZ); (2)卫星制造：中国卫星(600118.SH)、臻镭科技(688270.SH)、航天电子(600879.SH);(3)卫星应用：中科 星图(688568.SH)、华测导航(300627.SZ) 风险提示：宏观环境出现不利变化;所引用数据来源发布错误数据;商业航天发展进度不及预期;相关政策 支持或落地不及预期;技术更新迭代速度不及预期。 地球近地轨道，仅可安全容纳大约6万到10万颗卫星，而国 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The communication sector saw a 2.35% increase in the 6th-7th week of 2026, ranking 6th among primary industries in the Yangtze River region; since the beginning of 2026, it has risen by 0.44%, ranking 27th [2][6] - Tower's silicon photonics revenue doubled, with a high demand for 1.6T, and capacity expansion plans have been adjusted with prepayments secured; silicon photonics modules continue to penetrate the market [2][10] - Vertiv's orders and backlog reached new highs, with a shipment-to-order ratio rising to 2.9 times [2][10] - ByteDance's Seedance 2.0 has industry-leading generation availability, while Google's Gemini 3.1 Pro tops the charts, and Anthropic's annual revenue is growing rapidly at $14 billion [2][10] - OpenAI's cumulative computing expenditure is expected to exceed $600 billion by 2030, with an upward revision of revenue forecasts [2][10] Summary by Sections Market Performance - In the 6th-7th week of 2026, the communication sector increased by 2.35%, ranking 6th among primary industries; since the start of 2026, it has risen by 0.44%, ranking 27th [2][6] - Among companies with a market capitalization above 8 billion, the top three gainers this week were Dawei Technology (+39.4%), Shengke Communication (+31.7%), and Shenling Environment (+29.6%); the top three decliners were Tongyu Communication (-11.7%), Dingtong Technology (-9.7%), and Xinke Mobile (-9.3%) [6] Company Highlights - **Tower**: In Q4 2025, revenue reached $440 million, a year-on-year increase of 13.7%, with GAAP net profit of $80 million, up 45.3%. The company expects silicon photonics revenue to reach $228 million in 2025, doubling from 2024, and has raised its capacity target from 3 times to over 5 times the Q4 2025 shipment [7] - **Vertiv**: In Q4 2025, revenue was $2.88 billion, a year-on-year increase of 22.7%, with GAAP net profit of $450 million, up 203.1%. The company reported a significant increase in organic orders, with a year-on-year growth of 252% [7] AI Model Developments - On February 12, ByteDance launched Seedance 2.0, achieving industry-leading performance in complex scenarios with a high generation availability rate [8] - Anthropic completed a $30 billion Series G financing round with a post-money valuation of $380 billion, reporting an annual revenue of approximately $14 billion [8] - On February 19, Google released Gemini 3.1 Pro, which ranked first in AI analysis, showing significant improvements in reasoning capabilities [8] Future Projections - OpenAI updated its financial outlook, projecting cumulative computing-related expenditures to exceed $600 billion by 2030, with training costs expected to rise significantly in 2025 and 2026 [9]

证券日报网讯 2月26日，华测导航在互动平台回答投资者提问时表示，截至2026年2月13日，公司股东 户数为64531户。 （文章来源：证券日报） ...

证券日报网讯2月26日，华测导航（300627）在互动平台回答投资者提问时表示，截至2026年1月30日 (2026年1月31日为非交易日)，公司股东户数为65789户。 ...

Core Insights - The report highlights the performance of various sectors and companies, indicating potential investment opportunities in the market. [2][5] Economic News - The People's Bank of China conducted a 7-day reverse repurchase operation of 320.5 billion yuan at an interest rate of 1.4%, resulting in a net withdrawal of 79.5 billion yuan from the market. [3] - The overnight SHIBOR rate reported at 1.3680%, down by 1 basis point, while the 7-day SHIBOR rate decreased by 4 basis points to 1.4570%. [3] - The Supreme People's Court reported over 27,000 cases related to cross-border fraud, with significant sentences handed down to key criminal groups. [3] - The Ministry of Industry and Information Technology discussed the feasibility of new frequency bands for IMT and future 6G technology at a recent international meeting. [3] - Heilongjiang Province's government report emphasized the reform of state-owned enterprises and support for private sector development. [3] - The establishment of a national quality inspection center for rare earth permanent magnet motors in Liaoning Province aims to enhance quality assurance in high-end manufacturing. [4] Company News - Wens Foodstuff Group announced a share buyback plan of 800 million to 1.2 billion yuan at a maximum price of 24.00 yuan per share. [5] - Jiangxi Tungsten Holdings is planning to issue A-shares to specific investors to enhance its core competitiveness and fund acquisitions totaling up to 1.882 billion yuan. [5] - Huylon New Materials is undergoing a significant change that may affect its control, leading to a temporary suspension of its stock. [5] - Fangzheng Valve reported a revenue of 733 million yuan for 2025, a decrease of 2.98%, with net profit down by 6.34%. [5] - Nanya New Materials achieved a revenue of 5.228 billion yuan, a year-on-year increase of 55.52%, with net profit rising by 378.65% due to market demand recovery. [5] Transportation Industry Insights - In January 2026, domestic airline capacity decreased by approximately 4.3% year-on-year, but increased by 5.8% compared to December 2025, as airlines prepared for the Spring Festival. [7] - The overall passenger load factor for airlines improved by about 1.6 percentage points year-on-year, although it decreased by 0.4 percentage points compared to December. [7] - During the Spring Festival holiday, national civil aviation transported 22.05 million passengers, with a flight completion rate of 95.8%, indicating growth compared to the previous year. [8] - International flight capacity increased by 2.6% year-on-year in January, with a slight improvement in load factors, although some airlines faced challenges due to changes in the Japanese route. [9] - Baiyun Airport reported a significant increase in passenger throughput, while Shanghai Airport experienced a decline, attributed to shifts in travel demand. [10] - The report suggests focusing on large airlines for their earnings elasticity, as the industry moves towards a more balanced supply-demand dynamic. [11]

商业航天快速发展，火箭及卫星制造率先受益 投资评级：推荐（维持） ---通信行业专题报告 华龙证券研究所 通信行业 分析师：彭棋 SAC执业证书编号：S0230523080002 邮箱：pengq@hlzq.com 2026年02月25日 证券研究报告 请认真阅读文后免责条款 最近市场走势 相关报告 | 沪深300表现（2026.2.24) | | | （单位：%） | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 通信 | 4.4 | 23.3 | 89.3 | | 沪深300 | 0.1 | 1.4 | 21.0 | 《可重复使用试验航天器成功发射，我国商业航天有望加速发展—通信行业周 报》2026.02.10 《太空算力概念兴起，关注相关产业链投资机会—通信行业周报》2026.02.02 《酒泉商业航天产业规划发布，我国商业航天发展再加速—通信行业专题研究 点评》2026.01.26 请认真阅读文后免责条款 2 报告摘要 请认真阅读文后免责条款 3 n 频轨资源竞争激烈，全球太空资源竞争愈演愈烈。地球近地轨道，仅可安全容纳大约6万到10万颗卫星，而 ...

Core Insights - The report highlights the strategic initiatives of the company to expand its product lines in the refractory materials sector and emerging technologies, particularly through a planned capital increase of up to 1.034 billion RMB for new projects and overseas expansion [6][11]. Company Developments - Changxin Bochuang signed a letter of intent to acquire 93.81% of Shanghai Honghui Light Communication Technology Co., Ltd. for approximately 375 million RMB, aiming to enhance its product line in the optical communication field [5]. - Tongwei Co., Ltd. is planning to acquire 100% of Qinghai Lihua Qingneng Co., Ltd. through a combination of share issuance and cash payment, with the transaction expected to not alter the control of the company [5]. - Yutong Optical received acceptance from the Shenzhen Stock Exchange for its application to issue shares to specific investors, pending further approvals [5]. - Maoyan Entertainment forecasts a revenue of up to 4.7 billion RMB for the fiscal year 2025, representing a growth of approximately 15.1% compared to 2024 [5]. - Conch Cement's major shareholder plans to increase its stake in the company by investing between 700 million and 1.4 billion RMB within six months [5]. Industry Insights - The report emphasizes the resilience of small and medium-sized enterprises (SMEs) in China's industrial economy, with a 6.9% year-on-year increase in value added for SMEs in 2025, outperforming the overall industrial growth rate by 1.0 percentage points [2]. - The construction of a new production line for zirconia and zircon-based materials is expected to yield a post-tax internal rate of return of 29.35% and a payback period of 4.89 years, indicating strong potential for profitability [7][8]. - The establishment of a production base in Vietnam is part of the company's strategy to enhance its overseas operations, targeting the growing demand in Southeast Asia, particularly in Vietnam [9].

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 ...

Core Insights - The report highlights the structural expansion of the rubidium and cesium market driven by the increasing penetration of perovskite solar cells and the development of space photovoltaics [7][12][13] Industry Overview - Perovskite solar cells (PSCs) are identified as a new type of solar cell with advantages such as low cost, high efficiency, lightweight, and flexibility compared to traditional silicon cells [7] - The report predicts that the penetration rate of perovskite solar cells in the photovoltaic market will rise significantly, from 1.3% in 2025 to 30% by 2030, driven by their cost-effectiveness and efficiency [9][12] Market Dynamics - The demand for rubidium and cesium is expected to grow substantially, with a projected CAGR of 115% from 2025 to 2030, as the perovskite battery market expands [12][16] - The report estimates that global demand for rubidium will increase from 37 tons in 2025 to 1696 tons by 2030, correlating with the anticipated growth in perovskite solar cell production [12][16] Technological Advancements - The stability of perovskite solar cells is a key challenge, but the addition of rubidium and cesium is expected to enhance their performance and longevity [8] - Flexible perovskite solar cells are anticipated to find applications in various fields, including building-integrated photovoltaics (BIPV), wearable devices, and automotive power generation [10][11] Future Outlook - The report suggests that the period from 2026 to 2027 will be crucial for the industrialization and validation of perovskite solar cells, with significant advancements expected in their application in space photovoltaics [13][14] - The integration of perovskite solar cells in space applications is projected to drive demand for rubidium significantly, with estimates indicating a potential need for 220 tons by 2030 due to space solar power initiatives [15][16]

Core Insights - CHC Navigation (CHCNAV) has launched the RS7, a handheld SLAM scanning solution aimed at enhancing BIM documentation, indoor surveying, renovation planning, and complex spatial analysis [1][9] Group 1: Product Features - The RS7 integrates a next-generation LiDAR scanner that can measure up to 1.15 million points per second, with a wide field of view of 360° x 189°, allowing for comprehensive coverage and reducing the need for repeated passes in complex environments [2] - It includes a high precision inertial measurement unit with bias stability better than 0.5°/h, ensuring stable motion estimation and consistent point cloud quality in challenging mobile workflows [2] - The RS7 supports high fidelity visualization with dual 12-megapixel cameras optimized for low light, utilizing the CHCNAV HPGS 2.0 engine for photorealistic scene rendering through 3D Gaussian Splatting outputs [4] Group 2: Workflow Integration - The RS7 is supported by CHCNAV's software ecosystem, facilitating an integrated workflow from scan setup to data review and post-processing, which can reduce turnaround time and lower technical barriers for users [3] - The "Cloud + Terminal" workflow allows for centralized project and data management, enabling automated processing of field datasets to generate deliverables like registered point clouds and mesh models [3] Group 3: Company Overview - CHC Navigation specializes in mapping, navigation, and positioning technologies, serving industries such as geospatial, agriculture, construction, and autonomy [5] - The company operates in over 140 countries and employs more than 2,200 professionals globally, focusing on integrated solutions that enhance productivity and efficiency in spatial data management [5]