Core Insights - The commercial aviation sector is experiencing growth, with the satellite industry ETF (159218) opening up 1.33% and quickly surpassing a trading volume of 500 million yuan [1] - The satellite industry ETF has seen a significant increase in size, exceeding 600 million yuan, with a year-to-date share growth of over 137.6% [1] Industry Developments - Beijing is accelerating the establishment of space data centers and plans to deploy large-scale AI computing power in space [1] - The Ministry of Industry and Information Technology has officially launched commercial experiments for satellite internet services, aiming to enhance the supply in the satellite communication market [1] - A new generation of space perception constellation has been announced, with plans to launch 156 satellites starting in the first half of next year to create a near-Earth orbit detection network [1] Investment Opportunities - Minsheng Securities suggests that the satellite internet industry has reached a clear opportunity for positioning after deep adjustments, focusing on terminal satellite functional applications, including satellite bidding, network star launches, and commercial rocket upgrades [1] - Liu Zhongyu, chief of mechanical military industry at CICC, believes that the domestic satellite industry is nearing a critical turning point, highlighting its technological growth and self-control attributes, with potential catalysts such as the first flight of reusable rockets [1] ETF Composition - The satellite industry ETF (159218) is the first ETF tracking the China Satellite Industry Index, with its top ten constituent stocks covering satellite manufacturing, launching, and navigation communication applications [2] - Key weighted stocks include Aerospace Electronics, China Satellite, Huace Navigation, China Satcom, Zhongke Xingtou, Northern Navigation, Beidou Star, and Siwei Tuxin [2]

Core Viewpoint - The space big data sector is leading the market with a rise of 1.38% [1] Group 1: Company Performance - Aerospace Hongtu increased by 6.02% [1] - Zhongke Star Map rose by 4.47% [1] - Aerospace Microelectronics saw a rise of 4.14% [1] - China Satellite experienced an increase of over 2% [1]

Core Insights - The aerospace equipment sector experienced a slight increase of 0.24% on November 27, with Zhongtian Rocket leading the gains [1] - The Shanghai Composite Index closed at 3875.26, up 0.29%, while the Shenzhen Component Index closed at 12875.19, down 0.25% [1] Stock Performance - Zhongtian Rocket (003009) saw a significant rise of 10.00%, closing at 58.83, with a trading volume of 109,100 shares and a transaction value of 614 million [1] - Aerospace Electronics (600879) increased by 0.85%, closing at 10.72, with a trading volume of 608,400 shares and a transaction value of 64.5 million [1] - China Satellite (600118) rose by 0.22%, closing at 41.80, with a trading volume of 358,500 shares and a transaction value of 149.1 million [1] - Other stocks in the sector showed mixed results, with some experiencing declines, such as Aerospace Huanyu (688523), which fell by 5.09% [1] Capital Flow - The aerospace equipment sector saw a net inflow of 101 million from institutional investors, while retail investors experienced a net outflow of 135 million [1] - Retail investors contributed a net inflow of approximately 34 million [1] - The detailed capital flow for individual stocks indicates varying levels of institutional and retail investor activity, with Zhongtian Rocket attracting significant institutional interest [2]

Core Viewpoint - The successful launch of the Shenzhou-22 spacecraft marks China's first emergency launch mission in manned spaceflight, utilizing a 16-day emergency launch plan to ensure the safety and efficiency of the operation [1][2]. Group 1: Emergency Launch Implementation - The emergency launch was initiated after the Shenzhou-20 spacecraft window showed minor cracks, leading to a conclusion that it did not meet safety conditions for manned return. The command center quickly activated the emergency plan, completing risk assessments and necessary preparations within 20 days [2]. - The Long March 2F Yao-22 rocket and Shenzhou-22 spacecraft were put into a ready state, undergoing tests and checks, including propellant loading, to ensure a successful launch and docking with the space station [2]. Group 2: Differences Between Emergency and Regular Launches - The Shenzhou-22 spacecraft features several technical upgrades compared to the Shenzhou-21, enhancing reliability. It was launched in an unmanned state, carrying supplies, which differentiates it from manned launches [3]. - The 16-day emergency launch task is characterized by a compact process, high intensity, and rapid pace, presenting significant challenges to the spacecraft systems [3]. Group 3: Safety Measures for the Space Station - The Chinese space station has implemented various risk control measures since its design phase, including backup systems for the Tianhe core module and cargo spacecraft, ensuring normal operations and safe returns for astronauts [5][6]. - For space debris protection, the station employs active avoidance for debris larger than 10 cm, protective devices for debris smaller than 1 cm, and impact sensing for intermediate sizes, allowing for emergency pressure protocols in case of leaks [6].

Core Points - The Shenzhou-22 spacecraft was successfully launched on November 25, marking China's first emergency manned space mission due to the delayed return of Shenzhou-20 caused by a suspected collision with space debris [3][5][11] - The launch utilized a 16-day emergency preparation process, significantly shorter than the usual 30-day timeline, demonstrating the efficiency of the Chinese space program [7][8] - Shenzhou-22 is an unmanned mission carrying supplies for the space station, including food, medicine, and equipment to address issues from the previous mission [6][10] Launch Details - The Long March 2F rocket lifted off from the Jiuquan Satellite Launch Center at 12:11 PM, successfully separating from the spacecraft approximately 10 minutes later [5][6] - The spacecraft docked with the Tianhe core module of the space station at 3:50 PM on the same day [5] Emergency Launch Process - The emergency launch was initiated after the Shenzhou-20 mission faced safety concerns due to space debris, leading to a rapid transition to launch readiness [4][11] - The preparation involved advanced planning and division of tasks to ensure that non-time-sensitive work was completed ahead of time [7] Technological Improvements - Shenzhou-22 features several technical upgrades, including enhanced human-machine interaction design and improved payload capacity [8][9] - The spacecraft is designed to support the return of astronauts from Shenzhou-21, despite being launched in an unmanned state [6][10] Space Debris Concerns - The incident with Shenzhou-20 highlights the dangers posed by space debris, which travels at speeds exceeding 7 kilometers per second [11][12] - The increase in space debris is attributed to various factors, including defunct satellites and operational waste from space missions [11][13]

Core Viewpoint - The aerospace equipment sector experienced a decline of 2.21% on November 26, with Newyu Guoke leading the drop. The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index rose by 1.02% to 12907.83 [1]. Group 1: Market Performance - The aerospace equipment sector's stocks showed varied performance, with significant declines in several key companies, including: - China 19 Communications: closed at 20.49, down 1.77% - Xingwang Yuda: closed at 26.76, down 2.05% - China Satellite: closed at 41.71, down 2.11% - Aerospace Electronics: closed at 10.63, down 2.39% - Ligong Navigation: closed at 48.19, down 2.67% - Aerospace Huayu: closed at 33.40, down 3.13% - Zhongtian Rocket: closed at 53.48, down 3.55% - Newyu Guoke: closed at 33.47, down 4.29% [1]. Group 2: Capital Flow - The aerospace equipment sector saw a net outflow of 422 million yuan from institutional investors, while retail investors contributed a net inflow of 314 million yuan. The breakdown of capital flow for individual stocks is as follows: - Ligong Navigation: net inflow of 1.57 million yuan from institutions, but a net outflow of 3.08 million yuan from retail investors - Xingwang Yuda: net outflow of 5.73 million yuan from institutions, with a net inflow of 9.17 million yuan from retail investors - Aerospace Electronics: net outflow of 16.33 million yuan from institutions, with a net inflow of 17.05 million yuan from retail investors - Newyu Guoke: net outflow of 47.06 million yuan from institutions, with a net inflow of 55.23 million yuan from retail investors - Zhongtian Rocket: net outflow of 54.23 million yuan from institutions, with a net inflow of 67.19 million yuan from retail investors - Aerospace Huayu: net outflow of 59.30 million yuan from institutions, with a net inflow of 54.33 million yuan from retail investors - China 19 Communications: net outflow of 79.76 million yuan from institutions, with a net inflow of 48.91 million yuan from retail investors - China Satellite: net outflow of 162 million yuan from institutions, with a net inflow of 95.84 million yuan from retail investors [2].

Core Viewpoint - China Satellite's stock price has shown volatility with a year-to-date increase of 52.99%, while recent trading indicates a slight decline in the short term [1][2] Financial Performance - For the period from January to September 2025, China Satellite achieved a revenue of 3.102 billion yuan, representing a year-on-year growth of 85.28% [2] - The net profit attributable to shareholders for the same period was 14.8114 million yuan, marking a significant increase of 200.48% year-on-year [2] Stock Market Activity - As of November 26, China Satellite's stock was trading at 41.75 yuan per share, with a market capitalization of 49.369 billion yuan [1] - The stock experienced a net outflow of 22.8358 million yuan in principal funds, with large orders showing a buy-sell imbalance [1] Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 160,500, up by 27.12% from the previous period [2] - The average number of circulating shares per shareholder decreased by 21.33% to 7,366 shares [2] Dividend Distribution - Since its A-share listing, China Satellite has distributed a total of 1.383 billion yuan in dividends, with 148 million yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, major institutional shareholders include the Fortune CSI Military Industry Leader ETF, which increased its holdings by 1.9401 million shares [3] - Other ETFs such as the Southern CSI 500 ETF and Guotai CSI Military ETF have seen changes in their holdings, with some exiting the top ten list of shareholders [3]

Core Points - China's Shenzhou-22 spacecraft was successfully launched on November 25, marking the first emergency mission in the country's manned space program [1][2] - The spacecraft successfully docked with the Tianhe core module of the space station, ensuring the safety of the astronauts aboard [2] - The mission involved significant technical improvements and was executed under strict manned mission standards [2][3] Group 1 - The Shenzhou-22 mission is the 38th launch of China's manned space program and the 610th flight of the Long March series rockets [3] - The mission was designed to ensure the safety of astronauts in orbit, utilizing a 16-day emergency response plan [3] - The spacecraft carried essential supplies, including food, medicine, and equipment for addressing issues with the Shenzhou-20 spacecraft [2][3] Group 2 - The successful launch and docking demonstrate the effective coordination between various systems and teams involved in the mission [2] - The mission serves as a training opportunity for the team, reinforcing the spirit of manned spaceflight [2] - The emergency launch capability was prepared with a fully tested spacecraft ready for immediate launch if needed [3]

商业航天司设立，助力产业资源战略统筹 国防军工 证券研究报告 行业投资策略周报 / 2025.11.25 投资评级:看好(维持) 最近 12 月市场表现 -11% -3% 5% 13% 21% 29% 国防军工 沪深300 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 分析师 杨博星 SAC 证书编号：S0160525060005 yangbx@ctsec.com 联系人 任子悦 renzy01@ctsec.com 相关报告 1. 《福建舰正式入列，太空算力开启航天新 叙事》 2025-11-12 2. 《国防军工 2025 年三季报总结》 2025-11-05 3. 《载人任务发射成功，低空基建迎政策红 利期》 2025-11-04 核心观点 请阅读最后一页的重要声明！ ❖ 国防军工行业行情回顾：近一周(2025/11/15-2025/11/22)国防军工行业 指数涨跌幅(-1.72%)在申万一级行业中排名第 4/31；近一月(2025/10/22- 2025/11/22)国防军工行业指数涨跌幅(-3.82%)在申万一级行业中排名第 21/31；近一年(20 ...

Core Insights - The aerospace equipment sector experienced a slight increase of 0.32% on November 25, with Aerospace Hanyu leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Sector Performance - Aerospace Hanyu (688523) saw a significant rise of 15.82%, closing at 34.48, with a trading volume of 388,400 shares and a transaction value of 1.29 billion [1] - China Satellite (600118) increased by 1.16%, closing at 42.61, with a trading volume of 607,300 shares and a transaction value of 2.61 billion [1] - Zhongtian Rocket (003009) rose by 0.64%, closing at 55.45, with a trading volume of 145,300 shares and a transaction value of 810 million [1] - StarNet Yuda (002829) and China Telecom (601698) had minimal increases of 0.15% and 0.10%, respectively [1] - Aerospace Electronics (600879) decreased slightly by 0.09%, while Xinyu Guoke (300722) fell by 3.37% and 3.47%, respectively [1] Capital Flow - The aerospace equipment sector experienced a net outflow of 91.19 million from institutional investors, while retail investors saw a net inflow of 74.52 million [1] - China Satellite had a net inflow of 45.91 million from institutional investors, while Aerospace Hanyu had a net inflow of 43.61 million [2] - Other companies like Zhongtian Rocket and Aerospace Electronics faced significant net outflows of 46.68 million and 53.24 million, respectively [2]