（文章来源：每日经济新闻） 每经AI快讯，12月25日，中国卫星触及涨停，成交额100.40亿元，录得两连板。 ...

Group 1 - The aerospace and satellite internet sectors are experiencing significant growth, with companies like Guolian Aviation hitting a 20% daily limit increase and China Satellite rising by 7% after a previous limit increase [1][3] - The third China Commercial Aerospace Development Conference was held on December 24, where a new Commercial Aerospace Industry Alliance Innovation Fund was launched, with an initial issuance scale of 1 to 2 billion and a long-term goal of expanding to 10 billion [3] - The fund will focus on four key areas: low Earth orbit satellite constellations and satellite internet, reusable launch vehicles and rocket launch services, new materials and devices for commercial aerospace, and the development and utilization of space resources [3] Group 2 - The Huabao General Aviation ETF (159231) and its linked funds cover a wide range of sectors, including military and civilian aviation, low-altitude economy, large aircraft, commercial aerospace, satellite navigation, and drones, with over 37% of the index allocated to the aerospace industry [4] - The ETF is positioned as a tool for investing in the Chinese aerospace industry chain, emphasizing technological barriers and core commercial segments, benefiting from both domestic demand and military trade [4]

Core Viewpoint - The aerospace and satellite internet sectors are experiencing significant growth, driven by strong policy support and market demand for commercial space applications [1][3][8]. Group 1: Market Performance - On December 25, aerospace and satellite internet stocks surged, with Guanglian Aviation Electric hitting a 20% limit up, and China Satellite rising by 7% after a previous limit up [1][5]. - The General Aviation ETF Huabao (159231) saw a price increase of 3.11% and recorded a net subscription of 2 million units during trading [1][6]. Group 2: Industry Developments - The Third China Commercial Aerospace Development Conference was held on December 24, where the Commercial Aerospace Industry Alliance Innovation Fund was launched, with an initial issuance scale of 1 to 2 billion, aiming to expand to 10 billion in the future [8]. - The fund will focus on low-orbit satellite constellations, satellite internet, reusable launch vehicles, and emerging space services, with a target of achieving approximately 70% project exits [8]. Group 3: Strategic Insights - Xiangcai Securities highlighted that the upgrade of the "Aerospace Power" strategy to a national blueprint marks a historic turning point for the industry, with significant downstream application demand for satellite internet constellations [3][8]. - The General Aviation ETF Huabao and its linked funds cover 50 constituent stocks across various sectors, including low-altitude economy, large aircraft, and commercial aerospace, with over 37% of the index focused on the aerospace industry [9].

这种毫无意义的嘴炮攻击，竟然发生在八天时间之内，还是两次，并且都出自于一国领导人的口中，充 分暴露出泽连斯基政权的癫狂 除了诅咒普京和特朗普去死之外，泽连斯基在会晤完，乌克兰对外情报局伊瓦先科之后，又一次的将脏 水泼到了中国人的身上，他指出根据目前他们获得到的有关消息证实，俄罗斯加强了和中国境内的卫星 数据公司进行合作，俄军正在依赖中国卫星对乌克兰的能源目标进行打击。 泽连斯基称，目前不清楚中方政府是否知道这件事情，但是他将会把该事件通报给乌克兰的盟友国家， 并且强调这个事情严重地削弱了俄罗斯方面为停战所做出的一切努力。 12月24日泽连斯基在社交平台公布了，乌克兰和平方案20点，称这是乌克兰可以做出的最大让步。除了 乌军控制下的顿涅茨克归属权的问题，以及扎波罗热的问题和美国有分歧之外，其余18条美国和乌克兰 立场相同，并且放话球现在已经在俄罗斯这边了，接下来怎么选择就看克里姆林宫了。 他的这份协议可以说是软中带硬，说是让步，但是又没有完全的让步，在最核心的撤军，割地和乌克兰 裁军的3点问题上，泽连斯基态度暧昧，再加上其中的一条要求设立8000亿美元的重建基金，估计这份 协议俄罗斯方面很难同意。 而在将球踢给 ...

Core Viewpoint - The satellite industry is experiencing significant growth, driven by a recent meeting of the China Aerospace Science and Technology Corporation, which outlined strategic initiatives for the "14th Five-Year Plan" focusing on technological breakthroughs and cross-industry integration [1][2] Group 1: Industry Developments - The meeting emphasized the importance of aerospace technology in national security and military responsibilities, marking a shift from a "task-oriented" approach to an "industry-oriented" model [1] - The focus on integrating aerospace with AI, advanced manufacturing, and renewable energy is expected to create new productive forces and accelerate the commercialization of space [1] Group 2: Market Impact - Companies such as Zhenray Technology, Aerospace Electronics, and China Satellite have seen stock price increases of over 16%, 8%, and 6% respectively, contributing to a 3.88% rise in the E Fund Satellite ETF [1] - The E Fund Satellite ETF tracks the CSI Satellite Industry Index, which covers a wide range of sectors including satellite manufacturing, launching, communication, navigation, and remote sensing, indicating a concentrated focus on leading companies in the industry [2]

Group 1 - The third China Commercial Space Development Conference was held on December 24, where the Commercial Space Industry Alliance Innovation Fund was officially launched, with an initial issuance scale of 1 to 2 billion, aiming to expand to 10 billion in the long term, focusing on four key areas: low Earth orbit satellite constellations and satellite internet, reusable launch vehicles and rocket launch services, new materials and devices for commercial space, and space resource development and emerging space services [1] - As of November, the global average number of launches exceeded 26 per month, marking the entry of the global space industry into a "weekly launch era," with an expected total of over 320 launches for the year, setting a new historical record [1] - According to the China Commercial Space Industry Research Report, there have been 325 space launches globally to date, with 4,026 spacecraft in orbit, including 87 launches from China (84 successful), and 23 launches executed by private commercial rocket companies, placing 324 spacecraft into orbit [1] Group 2 - Starting from the end of 2025, several new models of commercial rockets are expected to undergo reusable experiments, including Tianbing Technology's Tianlong-3, Blue Arrow Aerospace's Zhuque-3, and others [2] - The China Manned Space Engineering Office has announced plans for four flight missions in 2026, including Tianzhou-10 and Shenzhou-23, while private rockets continue to overcome technical bottlenecks, with Tianlong-3 planning its maiden flight [2] - Dongwu Securities indicated that after batch maiden flights, commercial rockets are expected to transition from quantity to quality in 2026, leading to a rapid expansion of the entire space industry [3] Group 3 - The satellite ETF Guangfa (512630) has rebounded by 24.41% since its last low, with the China Satellite Industry Index rising by 3.28% on December 25, 2025 [3] - The index tracks 50 listed companies across satellite manufacturing, launching, communication, navigation, and remote sensing, reflecting the core competitiveness and overall development trend of China's satellite industry [3] - The index's composition focuses on upstream satellite manufacturing and launching, including companies like Aerospace Electronics and China Satellite, while also covering midstream ground equipment and operations, and downstream application services [3]

军工板块人气爆棚！今日（12月25日）早盘，军工继续领跑全市场！主力资金不到半日爆买逾百亿，金 额在31个申万一级行业中高居首位。 | 代码 | 名称 | 现价 | 涨跌幅 | 主力净流入额 ▼ | | --- | --- | --- | --- | --- | | 801740 | 国防军工(申万) | 1892.37 | 2.33% | 100.60亿 | | 801890 | 机械设备(申万) | 2103.88 | 0.90% | 70.21亿 | | 801880 | 汽车(申万) | 7777.20 | 0.90% | 51.15亿 | | 801790 | 非银金融(申万) | 2084.89 | 1.20% | 29.15亿 | 高人气军工ETF华宝（512810）盘中上探2.7%，场内最高价0.761元，直逼9月1日创下的近3年高点 （0.767元），实时成交超7400万元，较昨日同期显著放量。 成份股方面，军工ETF华宝（512810）所覆盖的24只商业航天概念股普遍冲高：臻镭科技盘中触及 20CM创历史新高，上海瀚讯、航天电子、铂力特等多股均创历史新高。截至发稿，航天电子、航天发 展、中 ...

Market Performance - A-shares opened with mixed performance, with the Shanghai Composite Index down 0.08% and the ChiNext Index up 0.11% [1] - The Hang Seng Index closed up 0.17% and the Hang Seng Tech Index up 0.19% due to an early market close for the holiday [1] Commercial Aerospace Sector - The commercial aerospace concept stocks continued to gain traction, with notable increases in stocks such as Boyun New Materials and Tian'ao Electronics, which hit the daily limit [1] - Guanglian Aviation and Chaojie Co. also saw significant gains, with Guanglian Aviation rising by 19.99% to 31.21 and Chaojie Co. increasing by 14.19% to 128.39 [2] Commodity Futures - Domestic commodity futures opened with mixed results, with ethylene glycol up 2.30% and eggs up 0.96%, while palladium fell by 9.60% and platinum futures dropped over 7% [1] - The carbon lithium price decreased by 2.54%, and futures for焦炭 and燃油 also saw declines [1] Government Bonds - Government bond futures mostly rose, with the 30-year main contract up 0.12% to 112.910, while the 10-year main contract remained flat at 108.210 [1][3] - The 5-year main contract fell slightly by 0.01% to 106.010, and the 2-year main contract increased by 0.01% to 102.532 [1][3] Currency Exchange - The RMB/USD central parity rate was reported at 7.0392, an increase of 79 points from the previous trading day [5]

风险提示：基金有风险，投资需谨慎。 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> 12月25日，卫星板块盘前异动！据Wind Level2实时行情结合均价预估，截至9时26分，表征板块的卫星 产业ETF(159218)盘前净流入近900万！ | 卫星产业ETF 488 | | +0.001 +0.07% | 159218 | | --- | --- | --- | --- | | SZSE CNY 9:25:54 木市 | | | / 8 + | | 净值走势 | | 招商中证卫星产业ETF | | | 出 | 0.00% 120日 | | 39.46% | | 5日 | 3.69% 250日 | | 0.00% | | 20日 | 24.52% 52間間 | | 1.49 | | 60日 | 22.07% 52周低 | | 0.98 | | 实时申购陵回信息 | 曲胸 | | 度回 | | 筆数 | 5 | | 0 | | 全额 | 0 | | 0 | | 份额 | 600万 | | 0 | 分析认为，在政策明确支持、资本大规模投入、技术快速迭代与应用场景加速落地的多重驱动下，商业 航天产业已进入规 ...

Core Viewpoint - The Chinese military industry is experiencing significant growth driven by a new model of "domestic demand foundation, foreign trade expansion, and civilian backfeeding," leading to a more sustainable and diversified growth momentum [2][5]. Group 1: Market Activity - On December 25, military stocks remained active, with the popular military ETF Huabao (512810) rising over 1%, reaching a three-and-a-half-month high [1][4]. - The commercial aerospace sector led the gains, with Zhenlei Technology soaring nearly 14% to a record high, while China Satellite and Liujiu 12 both increased by over 7% [1][4]. Group 2: Industry Developments - On December 24, China's Long March rocket set a new record with "three launches in one day," successfully completing the launch of 15 low-orbit satellite internet satellites, the Remote Sensing 47 satellite, and the Communication Technology Test Satellite 22, indicating a significant enhancement in commercial aerospace launch capabilities [1][4]. - The AG600 full-state new configuration completed its maiden flight on December 15 and was selected as a major technological advancement at the China Aerospace Science and Technology Conference, further solidifying China's technological advantage in large special aircraft [1][4]. Group 3: Industry Insights - According to Industrial Securities, the commercialization of the aerospace industry is accelerating, with an increase in low-orbit satellite launches and advancements in commercial rocket technology, as leading companies move towards capital market entry [5]. - The domestic satellite production capacity is reaching a turning point with the upcoming launch of the Wenchang Super Factory, significantly enhancing satellite manufacturing capabilities [5]. - CITIC Securities noted that the military industry has evolved from relying on a single domestic demand to a tripartite driving force, focusing on "preparation for combat" and equipment modernization, with military trade expanding through cost-effectiveness and Belt and Road cooperation [2][5].