In-Depth Analysis Report on Thematic Investment in Commercial Aerospace and Brain-Computer Interfaces

Based on the above in-depth research, I will provide you with a comprehensive analysis report on commercial aerospace and brain-computer interfaces as the main line of thematic investment for the spring market.

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, commercial aerospace has been explicitly included in the 15th Five-Year Plan Proposal, becoming a national strategic goal. In November 2025, the Action Plan for the National Space Administration to Promote the High-Quality and Safe Development of Commercial Aerospace (2025–2027) was officially released. The state established the Commercial Aerospace Department, and many regions have launched special support policies, such as Shanghai providing a maximum subsidy of 2 million yuan to support industrial development [1]. The policy level has built a full-chain support system, providing institutional guarantees for the industry’s development.

, China’s large-capacity recoverable rockets have entered a concentrated “breakthrough period”. In December 2025, Blue Arrow Space’s Zhuque-3 Y1 carrier rocket was successfully launched into orbit, achieving key technological breakthroughs in reusable carrier rockets based on stainless steel rocket bodies and liquid oxygen-methane propellants [2]. Multiple models such as Tianlong-3 and Zhishenxing-1 will conduct their maiden flights intensively, continuously verifying the results of technological breakthroughs. China has become the only country in the world that can keep pace with the United States in commercial aerospace.

, Blue Arrow Space’s IPO application on the Sci-Tech Innovation Board has been accepted, with a planned fundraising of 7.5 billion yuan, sponsored by CICC, officially sprinting for the “first stock of commercial rockets” [3]. SpaceX and several leading enterprises plan to promote their IPO processes in 2026, with accelerated resonance between capital and the industry, which is expected to form a virtuous cycle of “technological breakthrough - capital empowerment - industrial expansion”.

, according to a research report from Huajin Securities, the space economy is expected to reach a scale of 1.8 trillion US dollars by 2035 [4]. China’s commercial aerospace investment and financing amount jumped from 1.1 billion yuan in 2015 to 34.13 billion yuan in 2024, and the industry scale grew from 1 trillion yuan in 2010 to 2.3 trillion yuan in 2024 [5].

, in July 2025, seven ministries including the Ministry of Industry and Information Technology jointly issued the Implementation Opinions on Promoting the Innovative Development of the Brain-Computer Interface Industry, setting goals of core technological breakthroughs by 2027 and the industry’s strength ranking among the world’s top by 2030 [6]. In January 2026, the first national medical device terminology standard for brain-computer interfaces issued by the NMPA was implemented, and the medical insurance coding process was smoothed to accelerate product launch.

, on December 31, 2025, Musk announced that Neuralink will launch “large-scale production” of brain-computer interface devices in 2026, promoting automated surgical solutions, and electrode wire implantation without removing the dura mater significantly reduces surgical risks [7]. As of September 2025, 12 people worldwide have been implanted with Neuralink devices, with a cumulative usage time of 2000 hours. Domestic enterprises such as Borui Kang, Jieti Medical, and NaoHu Technology have completed representative implantation trials, making China the second country to enter the clinical trial stage after the United States.

, according to data from Precedence Research, the global brain-computer interface market is expected to grow to approximately 12.4 billion US dollars by 2034, with a CAGR of 17% from 2025 to 2034 [8]. McKinsey predicts that the global market size of medical applications of brain-computer interfaces is expected to reach 40 billion US dollars by 2030 and 145 billion US dollars by 2040.

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, core links include satellite platforms, satellite payloads, solar panels, and on-board computers. Key components include on-board T/R chips, phased array antennas, laser communication terminals, and solar wings. Representative enterprises include China Satellite (600118), Zhenlei Technology (688270), Chengchang Technology (001270), and Leidian Weili (301050). Extremely high technical barriers ★★★★★ [9].

, core links include rocket body structure, engines, control systems, and fuel systems. Key components include thrust chamber inner walls, ablation-resistant components, navigation and control systems, and electrical systems. Representative enterprises include Aerospace Power (600343), Zhongtian Rocket (003009), Sirui New Materials (688102), Chaojie Co., Ltd. (301005), and Blite Additive (688333). Extremely high technical barriers ★★★★★ [10].

, core applications include communication services, remote sensing services, navigation services, and space tourism. Representative enterprises include China Satellite Communications (601698), Haige Communications (002465), Aerospace Hongtu (688066), and BDS Information (002151). Moderate technical barriers ★★★☆☆.

, core links include electrode materials, neural chips, sensors, and signal acquisition. Key components include flexible electrodes, Neural ASIC chips, EEG sensors, and decoding algorithms. Representative enterprises include Lens Technology, Sugon, Rockchip, and Cambricon. Extremely high technical barriers ★★★★★ [11].

, technical routes are divided into three types: invasive, semi-invasive, and non-invasive. Representative enterprises include Xiangyu Medical (688626), Weiss Medical (688580), Aipeng Medical (300753), Innolife Medical (002173), and Medlander (688273). High technical barriers ★★★★☆ [12].

, medical applications include stroke rehabilitation, spinal cord injury, Parkinson’s disease, and depression treatment. Consumer applications include attention training, sleep improvement, stress reduction meditation, and game control. Moderate technical barriers ★★★☆☆.

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Ticker	Company Name	2025 Growth	Range Amplitude	Core Business	Key Highlights
600118.SS	China Satellite	+289.17%	348.30%	Satellite Manufacturing	Core supplier for the Star Network Project, with over 60% market share in small satellite development
600343.SS	Aerospace Power	+340.65%	396.65%	Rocket Engines	Affiliated with the Sixth Academy of Aerospace Science and Technology, core technology in hydraulic transmission
600879.SS	Aerospace Electronics	+219.84%	252.46%	Aerospace Electronics	Core supplier of electronic components for rockets and satellites, and measurement and control systems
002025.SZ	Aerospace Electrical	+35.31%	62.53%	Aerospace Connectors	Leader in high-end connectors and relays
002465.SZ	Haige Communications	+82.15%	105.98%	Satellite Communications	Mature product lines for satellite communications and military terminals
601698.SS	China Satellite Communications	+143.32%	175.17%	Satellite Operations	Over 80% market share in geosynchronous orbit communication satellite operations

Ticker	Company Name	2025 Growth	Range Amplitude	Technical Route	Key Highlights
688626.SS	Xiangyu Medical	+169.01%	211.14%	Non-invasive	Brain-computer interface projects have entered over 500 medical institutions
300753.SZ	Aipeng Medical	+116.40%	152.49%	Invasive + Non-invasive	Participates in Ruian An’s layout of implanted neural regulation
688273.SS	Medlander	+146.49%	-	Non-invasive	Expected to obtain the first brain-computer interface registration certificate in Q1 2026
301293.SZ	Sanbo Brain Hospital	+137.85%	-	Surgical Application	Completed the world’s first interventional brain-computer interface trial
688580.SH	Weiss Medical	+140.00%	-	Non-invasive	New brain-computer interface products are in the initial stage of market cultivation
300430.SZ	Chengyitong	+131.20%	-	Non-invasive + Invasive	Launched a brain-computer interface biofeedback system for the education sector

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The commercial aerospace sector recorded a cumulative growth of over 60% from November 21, 2025, to January 7, 2026 [13], significantly outperforming major indices. Wind data shows that during the same period, the Shanghai Composite Index rose by 6%, the Shenzhen Component Index by 9%, the ChiNext Index by 9%, and the Sci-Tech Innovation Board Index by 11% [14].

:

• Aerospace Power (600343) ranked first with an annual growth of 340.65%, benefiting from its position as a core supplier of liquid rocket engines
• China Satellite (600118) rose by 289.17%, with a solid position as the core supplier for the Star Network Project
• Aerospace Electronics (600879) rose by 219.84%, with a dominant position in the field of inertial navigation

The brain-computer interface sector rose by over 13% on a single day on January 5, 2026, with multiple stocks hitting a 20% daily limit [15]. The strong performance of the sector was directly catalyzed by Musk’s Neuralink mass production announcement.

:

• Beiyikang (920199) hit a 30% daily limit, participating in the Sichuan Provincial Engineering Research Center for Implantable Brain-Computer Interfaces
• Over 10 concept stocks including Xiangyu Medical, Weiss Medical, Sanbo Brain Hospital, and Aipeng Medical hit a 20% daily limit
• Rapid capital sealing led to one-word daily limits for front-ranked stocks, with low turnover rates

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:

1. Core Position in the Industrial Chain
   : Irreplaceable in key links such as satellite manufacturing and rocket engines
2. Order Visibility
   : Established stable cooperative relationships with “national team” or leading commercial aerospace enterprises
3. Technical Barriers
   : Mastery of core technologies with few competitors
4. Financial Health
   : Revenue growth rate, cash flow status, asset-liability ratio

:

• First Echelon (Core Beneficiaries)
  : China Satellite (600118), Aerospace Power (600343), Aerospace Electronics (600879) — directly participate in the Star Network Project and supporting major models
• Second Echelon (Technological Breakthroughs)
  : Sirui New Materials (688102), Blite Additive (688333), Chaojie Co., Ltd. (301005) — suppliers of 3D printing and key materials
• Third Echelon (Application Expansion)
  : China Satellite Communications (601698), Haige Communications (002465) — satellite operations and communication terminals

:

1. Differences in Technical Routes
   : Invasive technologies have high barriers but long commercialization cycles; non-invasive technologies have clear commercialization paths
2. Clinical Progress
   : Whether it has entered the innovative medical device review and clinical trial stage
3. Commercialization Capability
   : Whether large-scale sales have been achieved or a clear commercialization timeline has been established
4. Valuation Rationality
   : Be alert to concept speculation targets, focus on substantive business progress

:

• Non-invasive (Commercialization First)
  : Xiangyu Medical (688626), Weiss Medical (688580), Medlander (688273) — products already on the market or with clear registration certificate timelines
• Invasive Layout (Long-term Value)
  : Aipeng Medical (300753), Innolife Medical (002173) — holding shares in or controlling brain-computer interface technology enterprises
• Surgical Application (Sanbo Brain Hospital)
  : Leading medical service provider with rich clinical resources

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1. Technical Risks
   : Rocket launches carry failure risks, and multiple rocket recovery tests in December 2025 were not fully successful [16]
2. Profit Model Risks
   : Commercial applications of satellite communications have not yet formed stable cash flow
3. Valuation Risks
   : In the early stage of industry development, valuations deviate significantly from revenue levels, and some targets’ growth has already overdrawn expectations
4. Competition Risks
   : International giants such as SpaceX have leading technologies, and domestic enterprises face great pressure to catch up

1. Clinical Risks
   : Invasive brain-computer interfaces have risks such as surgical risks and immune rejection [17]
2. Long Commercialization Cycle
   : Experts predict that consumer-grade implanted devices will take at least 15-20 years to become available
3. Regulatory Risks
   : There is uncertainty in the approval progress of medical device registration certificates
4. Concept Speculation Risks
   : Some companies hitting daily limits have low relevance to brain-computer interfaces; for example, Beiyikang’s net profit in the first three quarters of 2025 was only 3.34 million yuan

• Adopt a diversified allocation strategy covering multiple links in the industrial chain
• Prioritize enterprises with substantive technical reserves and order support
• Set stop-loss rules to avoid blind chasing of high prices
• Pay attention to key catalytic nodes in 2026 (Neuralink mass production progress, domestic registration certificate issuance, maiden flight of recoverable rockets)

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Multiple brokerages are optimistic about the spring market. Shenwan Hongyuan Securities believes that there is no shortage of incremental funds at the end of the year and the beginning of the next year, the profit-making effect may spread generally, and the active characteristics of themes may continue [18]. Huatai Securities is optimistic that the spring market will further strengthen, and technical models show that most broad-based indices are in a recovery channel [19].

Based on institutional views, the 2026 spring market allocation suggestions focus on three main lines:

1. Tech Growth Main Line
   : Cutting-edge fields such as commercial aerospace, brain-computer interfaces, and artificial intelligence hardware
2. Cyclical Growth Main Line
   : Industrial resources benefiting from the resonance of AI investment and global manufacturing recovery
3. External Demand Breakthrough Main Line
   : Chinese equipment export chains with global comparative advantages

• January-February
  : Focus on brain-computer interfaces and commercial aerospace with intensive policy catalysis
• March-April
  : Pay attention to Q1 earnings verification, and select high-growth targets
• May-June
  : Pay attention to the maiden flight of recoverable rockets and the progress of satellite networking

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[1] 21st Century Business Herald - Brain-Computer Interface Upgraded to a 15th Five-Year Plan Industrial Strategy (https://www.21jingji.com/article/20260105/herald/e43cd59fc2834ba43474b7b9d10eb646.html)
[2] Securities Times - Commercial Aerospace Enters a Golden Development Period (https://www.stcn.com/article/detail/3577484.html)
[3] Securities Times - Straight Daily Limit in Late Trading, These Commercial Aerospace Stocks Predict High Growth (https://www.stcn.com/article/detail/3579972.html)
[4] Huajin Securities Research Report - 2024 Spring Market Thematic Investment Analysis
[5] Jiemian News - Long March Series Carrier Rockets Concluded 2025 (https://m.jiemian.com/article/13832171.html)
[6] East Money - Spring Market Starts Early! Brain-Computer Interface Continues to Boom (https://finance.eastmoney.com/a/202601073611268545.html)
[7] Sina Finance - Brain-Computer Interface and Commercial Aerospace Stocks Hit 20% Daily Limit Collectively (https://news.sina.cn/bignews/insight/2026-01-06/detail-inhfkfun5940354.d.html)
[8] Kaiyuan Securities - Brain-Computer Interface Industry Special Report
[9] Caifuhao - Complete Classification of Listed Companies in the Commercial Aerospace Industrial Chain (https://caifuhao.eastmoney.com/news/20260103191526606131170)
[10] Wall Street China - China Commercial Aerospace Industrial Chain Map (https://wallstreetcn.com/articles/3761959)
[11] Securities Times - Brain-Computer Interface Competition Begins, Multiple Companies “Reserve” 2026 Milestones (https://www.stcn.com/article/detail/3576068.html)
[12] Guosen Securities - Brain-Computer Interface Special Report (https://pdf.dfcfw.com/pdf/H3_AP202601061816142041_1.pdf)
[13] CITIC Construction Investment Securities - Commercial Aerospace New Year’s Market Analysis
[14] Caifuhao - Hongtou Capital’s Recent Views on Commercial Aerospace (https://caifuhao.eastmoney.com/news/20260110173712367163170)
[15] 21st Century Business Herald - Brain-Computer Interface Concept Bursts, What is the Business Substance of Relevant Listed Companies? (https://www.21jingji.com/article/20260106/herald/90ea0f8e98b078736e9ce6ee511f6f45.html)
[16] Cailianshe - Strong Brain Technology Completes Approximately 2 Billion Yuan in Financing (https://finance.sina.com.cn/roll/2026-01-07/doc-inhfmtvx4899739.shtml)
[17] Time Weekly - Gimmick or Mature Technology? (https://finance.eastmoney.com/a/202601083612901334.html)
[18] Securities Times - Shanghai Composite Index Returns to 4000 Points, Spring Market Continues (https://www.stcn.com/article/detail/3572277.html)
[19] East Money - A-Shares’ Good Start in 2026 is Imminent (https://caifuhao.eastmoney.com/news/20260105084700027576610)

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: Jinling AI Financial Analysis Team
: Jinling API Real-Time Market Data, Brokerage Research Reports, Wind Data, East Money Choice Data