科创板近期出现阶段性波动，长鑫科技、寒武纪、中微公司、电科蓝天、源杰科技、中国通号等六家龙头企业密集回应市场关切。
从三季报业绩、股份回购到扩产计划，企业释放的信号各不相同。AI算力、半导体设备和光通信正在兑现增长，而商业航天、低空经济等新赛道，仍在等待更大规模的商业化落地。
长鑫科技：存储利润狂飙
AI算力需求持续增长，正在重塑全球存储芯片市场。
近期，长鑫科技（688825.SH）在投资者交流会上表示，预计2026年第四季度毛利率保持稳定，单季度营业收入有望继续增长。
这一判断主要来自DRAM供需紧张，以及高附加值产品持续导入量产。
2026年三季报显示，长鑫科技前三季度实现营业收入2690.24亿元，同比增长738.51%；第三季度营业收入1187.14亿元，同比增长613.18%。
盈利表现更加突出。
2026年前三季度，公司归母净利润达1320.40亿元，同比增长2600.77%；综合毛利率达到86.85%。
其中，第三季度归母净利润达到544.35亿元，同比增长1946.55%，环比增长3.01%；综合毛利率达到89.53%，较第二季度提升1.94个百分点。
如此高的毛利率，在半导体制造领域相当罕见。
公司解释，盈利能力改善主要得益于产品结构优化、销售价格上涨以及生产规模扩大带来的成本优势。
2026年以来，全球存储芯片市场受AI需求推动，供需关系持续偏紧。
三星、SK海力士、美光等厂商不断增加高端存储产品投入，服务器和高带宽存储器需求增长，也在影响传统DRAM产能分配。
对于长鑫科技而言，当前行业景气提供了扩大销售规模和改善盈利能力的机会。
不过，存储芯片始终具有较强的周期属性。
当供给紧张推动产品价格上涨，企业利润往往迅速释放；但随着新增产能进入市场，供需关系也可能发生变化。
因此，不能简单将当前高毛利率视为长期稳定水平。
2026年前三季度，长鑫科技研发投入110.71亿元，同比增长73.03%，基于第六代技术平台开发的DRAM产品已完成工程样片验证。
比短期利润更加重要的，是公司能否在行业景气阶段加快技术升级，并在下一轮价格周期中保持竞争力。
寒武纪：国产算力兑现
相比存储芯片的价格周期，寒武纪（688256.SH）的增长更加直接地体现了国产AI算力需求。
近期，寒武纪表示，公司经营正常，业务和研发工作有序推进，将继续拓展市场，推动人工智能应用落地。
三季报则显示，公司的商业化已经取得实质性进展。
2026年前三季度，寒武纪实现营业收入95.26亿元，同比增长106.76%；归母净利润37.15亿元，同比增长131.49%。这一利润规模已经较2025年全年增长80.38%。
其中，第三季度公司实现营业收入35.31亿元，同比增长104.47%；归母净利润14.04亿元，同比增长147.74%。
过去几年，市场评价寒武纪，更多围绕国产AI芯片技术突破和市场替代空间。
如今，寒武纪正在通过实际产品销售兑现业绩。
寒武纪主要提供云端智能芯片、加速卡、智能计算系统及相关软件，产品应用于人工智能训练和推理等场景。
随着国内大模型企业、互联网平台和行业客户持续投入算力基础设施，国产智能芯片迎来更多商业化机会。
不过，AI芯片竞争并不只取决于单颗芯片的计算性能。
大型算力集群还需要完善的软件生态、高效的芯片间通信、稳定的模型适配能力，以及具有竞争力的整体使用成本。
2026年前三季度，寒武纪研发投入12.25亿元，同比增长45.35%。
这说明公司在收入增长的同时，仍需要持续投入技术和软件生态建设。
值得注意的是，公司前三季度经营活动现金流净额约2.28亿元，明显低于同期归母净利润。
随着业务快速扩张，客户回款、存货和营运资金管理仍值得关注。
对寒武纪而言，盈利已经不再只是预期。未来真正的挑战，是能否保持产品竞争力，将快速增长的市场需求转化为持续订单。
中微公司：回购提振信心
在半导体设备领域，中微公司（688012.SH）选择以股份回购提议回应市场波动。
10月29日，公司董事长尹志尧提议使用自有资金，通过集中竞价交易方式回购4亿元至5亿元公司股份。
此次回购拟用于员工股权激励、员工持股计划或减少注册资本，具体方案仍需履行相应程序。
中微公司的经营表现同样值得关注。
2026年前三季度，中微公司实现营业收入103.26亿元，同比增长28.08%；归母净利润41.34亿元，同比增长241.31%。
不过，净利润的大幅增长，并非全部来自主营业务。
2026年前三季度，中微公司对外股权投资产生的公允价值变动收益和投资收益合计约19.40亿元，其中出售部分拓荆科技股份产生约9.53亿元投资收益。
扣除非经常性损益后，中微公司实现净利润16.23亿元，同比增长83.01%。
这一增幅虽然低于归母净利润，但仍反映出半导体设备主营业务较强的增长势头。
产品方面，中微公司已开发54种高端半导体设备，涉及刻蚀、薄膜沉积等领域。
截至2026年9月末，中微公司累计已有超过9300个反应台在国内外220 余条生产线实现量产应用。
随着国内先进逻辑和存储芯片制造能力提升，关键半导体设备的国产化需求持续增长。
中微公司也在扩大产品布局。
中微公司提出，未来几年计划通过自主研发和外延并购，使产品覆盖范围达到60%以上的集成电路高端设备市场，以及70%以上的先进封装设备市场。
需要注意，这属于未来产品覆盖目标，并非实际市场占有率。
2026年前三季度，中微公司研发支出32.22亿元，同比增长27.70%，占营业收入的31.20%。
持续研发是半导体设备企业的重要竞争基础，但新产品仍需要经历客户验证、产线导入和规模采购。
中微公司已经在刻蚀设备领域建立一定优势，未来能否将其复制到更多工艺环节，将决定下一阶段增长空间。
源杰科技：光芯片扩产
AI数据中心建设不仅带动计算芯片和存储芯片需求，也让高速光通信产业进入新的增长阶段。
源杰科技（688498.SH）正是这一变化的受益者之一。
2026年前三季度，源杰科技实现营业收入16.09亿元，同比增长319.83%；归母净利润10.24亿元，同比增长866.88%。
同期综合毛利率达到81.70%，同比提升26.88个百分点。
高速增长背后，是数据中心对高性能光芯片的需求持续扩大。
随着800G、1.6T高速光模块加快应用，大规模AI计算集群需要更高带宽、更低能耗的光互连系统。
激光器芯片是其中的重要组成部分。源杰科技表示，面向数据中心的连续波（CW）激光器是今年主要交付产品，市场需求旺盛。
面对订单增长，公司正在加快扩产。
10月16日，源杰科技披露光电通讯半导体芯片和器件研发生产基地二期项目进展。
该项目计划投资约12.51亿元，目前土建工程、部分洁净室及配套设施已经完成，首批生产设备预计近期进厂，预计2026年底至2027年初开始形成产能。
这意味着，源杰科技正在将当前需求转化为新的生产能力。
但光芯片制造并非简单增加设备就能立即扩大交付。
产品需要经过外延生长、晶圆加工、测试等多个环节，新增设备投产后还要经历调试、良率提升和客户验证。
与此同时，光通信技术迭代速度较快。
随着单通道速率提升，以及硅光、共封装光学等方案发展，上游激光器芯片的需求结构也可能变化。
源杰科技目前已经通过订单兑现了业绩增长，下一阶段需要观察新增产能利用率，以及新一代产品能否持续进入客户供应链。
电科蓝天：航天需求增长
与AI算力产业链不同，电科蓝天（688818.SH）的增长主要来自宇航及特种电源市场。
根据电科蓝天上市后披露的首份三季报，2026年前三季度实现营业收入22.84亿元，同比增长33.73%；归母净利润1.32亿元，同比增长16.75%；扣非净利润1.20亿元，同比增长41.99%。
公司表示，收入增长主要来自宇航及特种电源板块。
目前，面向载人航天、低轨卫星星座等领域的宇航电源产品，是公司重要的交付品类。
随着卫星互联网建设推进，航天器数量增加，有望带动太阳电池、储能系统及电源管理设备需求增长。
宇航电源与普通电子产品电源存在明显区别。
航天器需要在真空、辐射和复杂温差环境中长期运行，对电源系统的可靠性、稳定性和寿命要求较高。这为具有长期研发和工程验证经验的企业提供了竞争优势。
但商业航天产业也在发生变化。
随着低轨卫星星座建设加快，行业逐步从少量高价值航天器向批量化制造发展。
对于上游供应商而言，订单规模扩大往往伴随着更严格的成本要求。
电科蓝天前三季度营业收入增速高于归母净利润增速，正说明收入增长尚未完全转化为同等幅度的利润提升。
与此同时，2026年前三季度，电科蓝天经营活动现金流净额为-3.86亿元。
在扩大产品交付的过程中，采购备货、项目验收及客户回款，都可能形成一定资金压力。
未来，电科蓝天需要证明的不只是宇航电源需求旺盛，还包括规模化生产后能否改善盈利能力和现金流表现。
商业航天带来的市场机会正在扩大，但产业链企业能否真正受益，还取决于交付效率与成本控制。
中国通号：低空寻找增量
相比其他五家企业，中国通号（688009.SH）的业务基础更加成熟，但增长压力也更加明显。
近期，中国通号表示，将继续聚焦轨道交通与智能低空两大方向，并通过现金分红、市值管理等方式回报投资者。
作为国内轨道交通控制系统领域的重要企业，中国通号长期深耕铁路、城市轨道交通通信信号及相关系统集成业务。
不过，2026年前三季度，中国通号经营表现有所承压。
报告期内，中国通号实现营业收入210.33亿元，同比下降3.28%；归母净利润20.21亿元，同比下降11.53%。
分业务来看，铁路领域实现收入126.61亿元，同比增长0.45%；城市轨道交通收入55.08亿元，同比下降4.72%；海外业务收入11.43亿元，同比下降17.31%；工程总承包业务收入15.58亿元，同比下降14.52%。
传统业务增长放缓，使中国通号加快探索新的应用场景。
其中，低空经济成为重点方向之一。
2026年前三季度，中国通号累计新签外部合同259.79亿元，同比下降5.44%。其中，智能低空领域新签合同达到2.02亿元，同比增长281.13%。
虽然增速较高，但在公司全部新签外部合同中，低空业务占比仍不足1%。
这意味着，低空经济目前还处于早期培育阶段，短期内难以替代传统轨道交通业务。
不过，中国通号在通信、信号控制、调度指挥等领域积累的技术，有机会向低空交通管理延伸。
低空经济发展不仅需要飞行器，还需要空域管理、通信导航、运行监控等基础设施。
但低空交通与轨道交通的运行环境并不相同，相关技术标准、监管规则和商业模式仍需逐步完善。
对于中国通号而言，未来能否获得稳定订单，并形成可复制的产品和服务，将决定低空业务的实际价值。
科技股分化背后
六家企业密集回应市场波动，表面上看是释放信心，实际上也揭示了中国科技产业正在发生的变化。
从三季报来看，AI算力带来的需求增长，已经沿产业链向多个环节传导。
寒武纪直接受益于智能计算芯片需求增长；长鑫科技迎来存储行业供需改善；源杰科技则凭借光通信激光器芯片切入数据中心产业链。
中微公司受益于半导体设备国产化需求，电科蓝天面对商业航天产业扩张，中国通号则尝试将轨交技术延伸至低空经济。
但这六家企业的增长逻辑并不相同。
首先，行业需求增长不等于企业利润能够长期保持高增长。
长鑫科技当前盈利受到DRAM价格上涨推动，未来需要观察供需周期变化。
寒武纪已经实现规模化盈利，但仍需持续完善软件生态并拓展客户。
源杰科技目前毛利率较高，随着产能扩大，未来仍可能面临市场竞争和产品价格变化。
其次，研发投入也不等于收入兑现。
中微公司需要不断完成新设备验证，电科蓝天需要提高宇航电源批量交付能力，中国通号则要证明低空业务能够形成持续订单。
最后，利润表之外，现金流和资本使用效率正在变得更加重要。
中微公司归母净利润受到投资收益等因素影响，扣非净利润更能体现主营业务增长。
寒武纪、电科蓝天等企业虽然收入保持增长，但客户回款、备货和项目交付带来的资金占用同样值得关注。
对于资本市场而言，科技股短期波动并不必然意味着产业需求发生逆转，但长期成长空间也不等于当前估值一定合理。
真正需要区分的，是已经完成商业化的产品、正在释放的新增产能，以及仍处于规划和验证阶段的技术方向。
随着AI算力、半导体设备、光通信和商业航天持续发展，中国科技产业链正在出现更多具有实际收入和利润的企业。
下一阶段，企业之间的竞争可能不再只是比拼谁率先实现技术突破，而是看谁能够更快取得订单、扩大交付规模，并在持续研发投入的同时创造稳定现金流。
当科技产业从技术突破走向规模化应用，资本市场的关注点也将逐步从增长预期，转向盈利兑现和资本使用效率
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In the recent period, there has been a gradual shift in science and technology, with six leading firms, namely, Changsung, Cold Wu, Mid-Micro, Electric Blue Sky, Genji, and China General, responding to market concerns.
From three seasons of reporting performance, equity buy-backs to expansion plans, the signals released by enterprises vary. The growth of AI computing, semiconductor equipment and light communications is being realized, while new tracks, such as commercial space and low-altitude economies, are still awaiting greater commercialization.
Long-term technology: storage profits boom
The demand for al-calculations continues to grow and is reshaping the global storage chip market.
Recently, in an investor exchange meeting, Yongsung (688825.SH) indicated that Māori rates are expected to remain stable in the fourth quarter of 2026 and that single-quarter revenue is expected to continue to grow.
This is mainly due to the supply and demand constraints of DRAM and the continued import of high-value-added products.
According to the 2026 Tri-Quarterly Report, operating income for the first three quarters of Changxiang technology was 26.924 billion yuan, an increase of 73.851 per cent over the same period, and 11.814 billion yuan over the third quarter, an increase of 613.18 per cent over the same period.
Profit performance is more prominent.
In the first three quarters of 2026, net profits from the return of companies to their mothers amounted to $132,440 billion, an increase of 2600.77 per cent over the same period; the combined Māori rate reached 86.85 per cent.
Of this total, net earnings to mothers in the third quarter amounted to 54.435 billion yuan, an increase of 3.01 per cent over the same period of 1946.55 per cent and a combined Māori rate of 89.53 per cent, an increase of 1.94 percentage points over the second quarter.
This high Māori rate is quite rare in semiconductor manufacturing.
Companies explained that improvements in profitability were mainly due to the cost advantages of product structure optimization, higher sales prices and increased production.
Since 2026, the global storage chip market has been driven by demand from AI and the demand-supply nexus has continued to be tight.
The increasing input of high-end storage products by Samsung, SK Hercules and Light and the growing demand for servers and high-bandwidth storage units are also affecting the distribution of conventional DRAM capacity.
For long-term technologies, the current industry climate offers opportunities to scale up sales and improve profitability.
However, stored chips always have strong periodic properties.
When supply constraints drive higher prices of products, corporate profits tend to be released quickly; however, as new production capacity enters the market, the supply-demand nexus may also change.
Therefore, the current high Māori rate cannot simply be regarded as a level of long-term stability.
In the first three quarters of 2026, R&D investment in long-term technology was 11,071 million yuan, an increase of 73.03 per cent over the same period, and the DRAM product based on the development of the sixth generation technology platform has completed the engineering sample validation.
More important than short-term profits is whether firms can accelerate technological upgrading during the industry boom and remain competitive during the next price cycle.
The Cold War: National Budget
The growth of the Cold War (688256.SH) more directly reflects the national production of AI computing needs than the price cycles of the chips stored.
In the recent past, Cold War has indicated that companies are well run and that business and research and development are well advanced, and will continue to expand the market and promote artificial intelligence applications.
The quarterly reports show that substantial progress has been made in commercializing companies.
During the first three quarters of 2026, the cold war era achieved an operating income of $9.526 billion, an increase of 106.76 per cent over the same period, and a net profit of $3.715 billion to the mother, an increase of 131.49 per cent over the same period. This margin has increased by 80.38 per cent over the year 2025.
Of this amount, companies achieved a business income of 3,531 million yuan in the third quarter, an increase of 104.47 per cent over the same period, and a net profit of 1.404 billion yuan to the mother, an increase of 147.74 per cent over the same period.
In the past few years, the market has evaluated the cold-blooded era, with more breakthroughs and market substitution spaces around national production of AI chips.
Today, the Cold War is delivering through the sale of actual products.
It provides mainly cloud-based smart chips, accelerometers, smart computing systems and related software, and its products are used in scenes such as artificial intelligence training and reasoning.
As domestic LLM enterprises, Internet platforms and industry clients continue to invest in computing infrastructure, the national production of smart chips offers more opportunities for commercialization.
However, competition for AI chips does not depend solely on the computational performance of a single chip.
Large calculator clusters also require sound software ecology, efficient chip-to-chip communication, stable model adaptability and competitive overall usage costs.
In the first three quarters of 2026, 1,225 million yuan was spent on research and development for the cold war, an increase of 45.35 per cent over the same period.
This points to the need for companies to continue to invest in technology and software ecology while income is growing.
It is worth noting that the net cash flow of the company ' s operating activities in the first three quarters was approximately $228 million, which is significantly lower than the net profit of the mother for the same period.
With the rapid expansion of operations, client refunds, inventory and operating fund management remain of concern.
For the Cold War era, profits are no longer mere expectations. The real challenge for the future is to maintain product competitiveness and to translate fast-growing market demand into continuous orders.
Micro and China Corporation: Repurchase to boost confidence
In the area of semiconductor equipment, MSIC (688012.SH) has chosen to respond to market fluctuations by repurchase of shares.
On 29 October, the Chairman of the Board of Directors of the Company, Yoon Zhiyoo, proposed to use his own funds to repurchase shares in the company of $400 million to $500 million through a centralized competitive bidding.
This buyback is intended to be used for staff equity incentives, employee equity schemes or reduced registered capital, and specific programmes still need to be followed.
The performance of MSMEs is also of concern.
In the first three quarters of 2026, MTCs achieved an operating income of 10,326 million yuan, an increase of 28.08 per cent over the same period, and net profit of 4,134 million yuan to the mother, an increase of 24,31 per cent over the same period.
However, the large increase in net profits was not entirely attributable to the main operation.
In the first three quarters of 2026, the fair value change and investment gain from the OFDI of MSIC totalled about RMB 1,940 million, of which the sale of part of the expanded share in science and technology generated some RMB 953 million.
After deduction of non-recurrent gains and losses, the net profit realized by MSIC was $1.623 billion, an increase of 83.01 per cent over the same period.
While this increase is lower than the net profit of the parent, it still reflects the strong growth in the main semiconductor equipment operation.
In terms of products, MSIC has developed 54 high-end semiconductor equipment in areas such as corrosion, membrane deposition, etc.
By the end of September 2026, more than 9,300 stations had cumulatively been used by MTCs in over 220 production lines at home and abroad.
The domestic production demand for critical semiconductor equipment continues to grow as domestic advanced logic and storage chip manufacturing capacity increases.
MSC is also expanding its product layout.
MSIC proposes that in the coming years it plans to bring the market for high-end integrated circuit equipment with a product coverage of more than 60 per cent and for advanced sealing equipment of over 70 per cent through autonomous R & D and outgroceries.
It needs to be noted that this is the target for future product coverage and not the actual market occupancy rate.
In the first three quarters of 2026, R & D expenditure by MSCs was R & D at R & D, $3.22 billion, an increase of 27.70 per cent over the same period, or 31.20 per cent of operating income.
Ongoing R & D is an important competitive basis for semiconductor equipment enterprises, but new products still need to undergo customer certification, product line import and scale procurement.
MSIC has established some advantages in the field of erosion of equipment, and its future ability to replicate it to more processes will determine the next stage of space growth.
Source: Optical chip expansion
The AI data centre construction not only drives the computing and storage of chips, but also brings the high-speed light communications industry to a new stage of growth.
Sourcetech (688498.SH) is one of the beneficiaries of this change.
In the first three quarters of 2026, Genjie technology earned $1.609 billion in operating income, an increase of 319.83 per cent over the same period, and net profit of $1,024 million to the mother, an increase of 866.88 per cent over the same period.
The combined Māori rate for the same period reached 81.70 per cent, an increase of 26.88 percentage points over the same period.
Behind high growth is the continuing expansion of demand for high-performance light chips in data centres.
With the accelerated application of 800G, 1.6T high-speed light modules, large AI computing clusters require higher bandwidth and lower energy consumption light interconnection systems.
Laser chips are an important component. Sources indicate that CW lasers for data centres are the main deliverable this year and that market demand is strong.
In the face of the increase in orders, the company is increasing production faster.
On 16 October, Genji technology disclosed the progress of phase II of the PVC semiconductor chip and device development production base project.
The project is planned to invest approximately RMB 1,251 million, and civil works, some clean-up rooms and ancillary facilities have now been completed, the first production equipment is expected to enter the plant in the near future and production capacity is expected to begin by the end of 2026 and early 2027.
This means that source science and technology are transforming current needs into new productive capacities.
However, light chip manufacturing does not simply add equipment that can immediately expand delivery.
The product needs to go through multiple stages of growth, crystal round processing, testing, etc., and new equipment needs to undergo debugging, upgrading and customer validation after delivery.
At the same time, light communication technology is more rapid.
The structure of demand for upstream laser chips may also change as single-channel rates increase and as programmes such as silicon light and co-encapsulated opticals develop.
Source-tech has now achieved performance growth through orders, and the next phase will need to look at the increased capacity utilization and the sustainability of the new generation of products into the customer supply chain.
Electrical blue sky: growth in space demand
Unlike the AI computing industry chain, the growth of electrical blue sky (688818.SH) is mainly due to the space and special power supply markets.
According to the first three-quarter editions of the electronics blue sky, business income was 2,284 million yuan in the first three quarters of 2026, an increase of 33.73 per cent over the same period; net profits of 132 million yuan per mother, an increase of 16.75 per cent over the same period; and non-net profits of 120 million yuan, an increase of 41.99 per cent over the same period.
According to the company, the increase in revenue was mainly due to aerospace and special power plates.
At present, space power products in the areas of manned space, low-orbit satellite constellations and so forth are important corporate deliverables.
As satellite Internet construction advances, the number of spacecraft increases, it is expected that the demand for solar cells, storage systems and power management equipment will increase.
There is a clear difference between space power sources and those of conventional electronics.
Spacecraft require long-term operation in vacuum, radiation and complex temperature differential environments, with higher reliability, stability and lifetime requirements for power systems. This provides a competitive advantage for enterprises with long-term R & D and engineering certification experience.
But the commercial space industry is also changing.
As the construction of the low-orbit satellite constellation accelerated, the industry gradually developed from a small number of high-value spacecraft to batch quantization.
For upstream suppliers, the scaling up of orders is often accompanied by stricter cost requirements.
The increase in business income in the first three quarters of the blue sky was higher than the increase in net profits for the returning mother, suggesting that income growth had not yet fully translated into an increase in profits of the same magnitude.
At the same time, in the first three quarters of 2026, the net cash flow for electrical blue sky operations was $386 million.
In the process of expanding product delivery, the procurement of supplies, project acceptance check and the return of clients may have created some financial pressure.
In the future, electrical blue sky needs to prove not only the strong demand for space power but also the ability to improve profitability and cash flow performance after production on a scale.
The market opportunities offered by commercial space are expanding, but the real benefits to industrial chain enterprises also depend on delivery efficiency and cost control.
China Express: Low altitude for incremental
The Chinese Express (68809.SH) has a more mature business base than the other five enterprises, but growth pressures are also more pronounced.
In the recent past, the China Express has indicated that it will continue to focus on the two main directions of orbit traffic and low intelligent space, and will return investors through cash dividends, market value management, etc.
As an important enterprise in the field of the domestic orbital traffic control system, China has a long-term deep-tilled railway, urban orbital traffic communication signals and associated system integration operations.
However, during the first three quarters of 2026, the performance of the China Express was under pressure.
During the reporting period, China Express achieved an operating income of $21,033 million, a decrease of 3.28 per cent over the same period, and a net profit of $2,021 million to the mother, a decrease of 11.53 per cent over the same period.
In terms of sub-operations, revenues in the railway sector were 12,661 million yuan, an increase of 0.45 per cent over the same period; in urban rail transport, 5,508 million yuan, a decrease of 4.72 per cent over the same period; in overseas operations, a decrease of 1,143 million yuan, a decrease of 17.31 per cent over the same period; and in engineering contracting operations, a decrease of 1.558 billion yuan, a decrease of 14.52 per cent over the same period.
The slowdown in the growth of traditional business has accelerated the exploration of new applications by China General Design.
Among them, the low-altitude economy is one of the priority directions.
In the first three quarters of 2026, China's circular number accumulated $25,979 million in new external contracts, a decrease of 5.44 per cent over the same period. Of this, the number of new contracts in the low-intelligence field amounted to 202 million yuan, an increase of 281.13 per cent over the same period.
Although the increase was relatively high, the share of low-altitude operations remained less than 1 per cent of all new external contracts entered into by the company.
This means that the low-altitude economy is currently at an early stage of nurturing and that it is difficult to replace traditional orbital traffic in the short term.
However, the technology accumulated by the China Express in the areas of communications, signal control and movement control has the opportunity to extend to low-altitude traffic management.
Low-altitude economic development requires not only aircraft but also infrastructure such as airspace management, communications navigation, and operational monitoring.
However, low-altitude transport does not operate in the same environment as orbital traffic, and relevant technical standards, regulatory rules and business models still need to be progressively refined.
For the China Express, the future availability of stable orders and the formation of replicable products and services will determine the real value of low-altitude operations.
Behind the division of technology units
Six firms responded intensively to market fluctuations, ostensibly unleashing confidence and actually revealing the changes that are taking place in China ' s science and technology industry.
According to the tri-quarterly reports, the growth in demand brought about by AI ' s calculus has been transmitted to multiple chains along the chain of industry.
The Cold War has directly benefited from the growth in demand for smart computing chips; long-term technology has ushered in improved supply and demand in the storage industry; and power technology has cut into the data centre industry chain with light communication laser chips.
China Micro and China has benefited from the national production demand for semiconductor equipment, electrical blue skysliding against the expansion of the commercial space industry, and China's General Code has attempted to extend the technology of on-orbit exchange to the low-altitude economy.
The growth logic of these six enterprises is different.
First, the growth in demand in the sector does not mean that the profits of the enterprise can remain high over the long term.
The current profitability of long-term technologies has been driven by higher DRAM prices, and future changes in supply and demand cycles need to be observed.
The Cold War has already achieved economies of scale, but there is still a need to continuously improve software ecology and expand clients.
Source science and technology is currently at a high Māori rate and may face future market competition and changes in product prices as production capacity expands.
Second, research and development inputs are not equivalent to income realization.
Micro and China need to continuously complete the verification of new equipment, electrical blue sky needs to improve the bulk delivery capacity of the space power supply, and Chinese circulars need to demonstrate that low-altitude operations can form continuous orders.
Finally, beyond the profit statement, cash flows and capital efficiency are becoming more important.
Net profits to the mother of a MSIC are affected by factors such as return on investment, and the deduction of non-net profits is more a reflection of the growth of the main business.
While income has continued to grow in companies such as Cold War, Electric Blue Sky and others, the amount of money spent on client refunds, supplies and project delivery is also of concern.
For capital markets, short-term fluctuations in STIs do not necessarily mean a reversal in industrial demand, but long-term growth space is not the same as current valuations.
What really needs to be distinguished is the products that have been commercialized, the new capacity that is being released, and the technological direction that is still in the planning and validation stages.
With the continued development of AI computing, semiconductor equipment, light communications and commercial space, more businesses with real income and profits are emerging in China ' s technological industrial chain.
In the next phase, competition between firms may no longer be just about who takes the lead in achieving technological breakthroughs, but about who can obtain orders more quickly, scale up delivery and create stable cash flows while continuing research and development inputs.
As science and technology industries move from technological breakthroughs to scale applications, the focus of capital markets will shift from growth expectations to profit realization and capital efficiency
Auto-fetched and translated by AI Atlas. All rights belong to the original author.