数据显示，我国商业航天市场规模从2015年的约0.38万亿元增长至2024年的2.3万亿元，年均复合增长率 约22%。若按25%增速计算，2030年我国商业航天市场规模有望逼近10万亿元，展现出巨大的增长潜 力。 11月24日，商业航天概念板块反复活跃，成为市场关注焦点。截至记者发稿，板块内多只个股强势涨 停，包括招标股份（301136.SZ）、航天环宇（688523.SH）、航天长峰（600855.SH）、雷科防务 （002413.SZ）、上海港湾（605598.SH）、中天火箭（003009.SZ）、天箭科技（002977.SZ）等。同 时，光库科技（300620.SZ）、飞沃科技（301232.SZ）、斯瑞新材（688102.SH）等个股也表现亮眼， 涨幅位居板块前列。 数据来源：东方财富choice 发射和星座补网方面具备优势。下一阶段，我国有望研发出对标猎鹰9号的可回收中型运载火箭，将参 与到中国星网、千帆星座以及算力卫星的发射服务中，火箭运力和发射成本瓶颈或将迎来突破。 资本市场方面，火箭公司IPO绿色通道已经开启，科创板第五套标准支持亏损阶段的商业航天企业上 市。当前，国内六大商业火箭头部企业已 ...

军工股卷土重来。 A股市场今天（11月24日）上午整体走低，国防军工板块大幅上涨，多股盘中涨停，成为上午市场主要亮点之一。 港股市场方面，受到全固态电池进展等消息刺激，广汽集团港股盘中一度暴涨超过13%。 军工股走强 A股市场今天上午整体走低，多数指数不同程度下跌。截至中午收盘，上证指数跌0.34%，深证成指跌0.59%，创业板指跌0.77%。 行业板块和赛道方面，若按照申万一级行业划分，煤炭、有色金属、石油石化、基础化工等板块跌幅居前。 国防军工板块领涨，板块盘中涨幅超过2%。航天环宇20%涨停，航天长峰、雷科防务、中天火箭、天箭科技、中船防务等多股涨停，另有多股涨幅超过 5%。 | 代码 | 名称 | 现分 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 688523 | 航天环宇 | 29.77 | 4.96 | 19.99% | | 600855 | 航天长峰 | 16.68 | 1.52 | 10.03% | | 002413 | 音科防务 | 6.37 | 0.58 | 10.02% | | 003009 | 中天火箭 | 55.10 | 5.01 ...

（文章来源：证券时报网） 据iFinD统计，截至11月21日，沪深两市共有91股连续5日或5日以上获融资净买入。连续获融资净买入 天数最多的股票是银龙股份，连续11个交易日获净买入；连续获融资净买入天数较多的还有华电国际、 江苏神通、兔宝宝、电广传媒、高华科技、艾德生物、航天长峰、上海医药等股。 ...

（文章来源：每日经济新闻） 每经AI快讯，11月24日，商业航天概念反复活跃，上海港湾涨停，再创历史新高，另外航天环宇、航 天长峰、航天动力涨停，超捷股份、上海沪工、国机精工、航天智装等跟涨。 ...

该机构表示，军工板块投资主线聚焦四大高确定性方向：一是军贸视角下的主战装备产业链，重点布局 具备整机总装能力、定价权和海外交付经验的核心企业，直接受益于体系化订单放量与客户黏性壁垒； 二是新质战斗力加速形成的先进作战领域，包括水下攻防、无人集群、网络电磁对抗和智能指控四大方 向，相关配套企业正从技术验证迈向规模化列装，进入业绩兑现期；三是军民融合纵深推进下的科技强 国抓手型赛道，如商业航天、低空经济、可控核聚变关键部件、高能激光、电磁发射及特种机器人等， 兼具国防支撑与新兴产业属性，具备"军技民用、双向赋能"成长弹性；四是改革与资产证券化主线，涵 盖地方国资收购优质涉军资产后注入上市公司带来的"壳+资产"重估，以及央企军工集团加速未上市资 产证券化或通过并购拓展专业边界释放的协同红利。 对于该板块，东吴证券指出，展望2026年，作为"十五五"规划建议开局之年与建军一百年奋斗目标冲刺 前夜，军工行业将迎来需求刚性化、结构高端化与财务健康化的关键转折：核心判断有五：一是订单确 定性显著增强，"十四五"尾单集中交付与"十五五"新规划建议启动形成双轮驱动；二是需求结构加速向 新质战斗力和消耗性作战能力倾斜；三是军贸成 ...

Core Viewpoint - The commercial aerospace sector in the A-share market has seen a significant rally, with multiple stocks experiencing substantial gains, indicating strong investor interest and potential growth in this industry [1]. Group 1: Stock Performance - Aerospace Intelligent Equipment (航天智装) reached a daily limit increase of 20%, with a total market value of 17.6 billion and a year-to-date increase of 89.65% [2]. - Wanlong Optoelectronics (万隆光电) rose by 16.06%, with a market capitalization of 2.473 billion and a year-to-date increase of 39.19% [2]. - Shanghai Port Bay (上海港湾) and Aerospace Science and Technology (航天科技) both saw a limit increase of 10%, with market values of 8.115 billion and 16.7 billion respectively, and year-to-date increases of 48.81% and 91.25% [2]. - Other notable performers include Fujida (富士达) up 7.34%, HoloWave (霍莱沃) up 7.06%, and Shanghai Huguang (上海沪工) up 6.94% [1][2]. Group 2: Upcoming Missions - The China Manned Space Engineering Office announced plans for four flight missions next year, including the launch of the Tianzhou 10 cargo spacecraft and the Shenzhou 22 and 23 crewed spacecraft, as well as the Mengzhou 1 crewed spacecraft [1][3]. - The Shenzhou 22 and 23 missions will be launched from the Jiuquan Satellite Launch Center, each with a crew of three astronauts, with Shenzhou 22 featuring one astronaut conducting a long-term stay experiment of over one year [3].

Core Insights - The commercial aerospace sector in the A-share market has seen a collective surge, with several stocks reaching significant gains, indicating strong investor interest and market momentum [1][2]. Stock Performance - Aerospace Intelligent Equipment (航天智装) experienced a limit-up increase of 20%, with a total market capitalization of 17.6 billion and a year-to-date gain of 89.65% [2]. - Wanlong Optoelectronics (万隆光电) rose by 16.06%, with a market cap of 2.473 billion and a year-to-date increase of 39.19% [2]. - Shanghai Aerospace (上大股份) saw an increase of over 10%, with a market cap of 12.9 billion and a year-to-date decline of 4.64% [2]. - Aerospace Science and Technology (航天科技) also increased by 10.02%, with a market cap of 16.7 billion and a year-to-date gain of 91.25% [2]. - Shanghai Port Bay (上海港湾) rose by 10.01%, with a market cap of 8.115 billion and a year-to-date increase of 48.81% [2]. - Other notable performers include Fujida (富士达) up by 7.34%, Holiwo (霍莱沃) up by 7.06%, and Shanghai Huguang (上海沪工) up by 6.94% [2]. Upcoming Missions - The China Manned Space Engineering Office announced plans for four flight missions in the coming year, including the launch of the Tianzhou 10 cargo spacecraft and the Shenzhou 22 and 23 manned spacecraft, as well as the Mengzhou 1 manned spacecraft [1]. - The Shenzhou 22 and 23 missions will be launched from the Jiuquan Satellite Launch Center, each with a crew of three astronauts, with Shenzhou 22 featuring one astronaut conducting a long-term stay experiment of over one year [1].

Core Viewpoint - Aerospace Changfeng is a significant player in China's defense and military industry, with a focus on security, medical devices, and electronic information sectors, showcasing technical advantages and market competitiveness [1] Business Overview - Aerospace Changfeng was established on December 24, 1992, and listed on the Shanghai Stock Exchange on April 25, 1994, with its headquarters in Beijing [1] - The company's main business includes security services, medical devices and engineering services, electronic information, UPS and EPS power manufacturing, GIS services, and integrated power solutions [1] Financial Performance - For Q3 2025, Aerospace Changfeng reported revenue of 646 million yuan, ranking 31st among 64 companies in the industry, while the industry leader, AVIC Chengfei, reported revenue of 48.286 billion yuan [2] - The net profit for the same period was -85.0078 million yuan, placing the company 52nd in the industry, with the top performer, AVIC Chengfei, achieving a net profit of 2.175 billion yuan [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 53.62%, an increase from 51.21% year-on-year, significantly higher than the industry average of 32.84% [3] - The gross profit margin for Q3 2025 was 24.28%, down from 26.52% year-on-year, and below the industry average of 34.84% [3] Executive Compensation - The chairman, Xiao Haichao, received a salary of 615,700 yuan in 2024, a decrease of 229,000 yuan from 2023 [4] - The president, Liu Dajun, earned 512,100 yuan in 2024, down 149,200 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 16.08% to 58,600, while the average number of shares held per shareholder increased by 19.16% to 7,975.3 [5] - The Hong Kong Central Clearing Limited exited the list of the top ten circulating shareholders [5]

Group 1 - The company Aerospace Changfeng (SH 600855) announced that its 12th Board of Directors' 22nd meeting was held on October 27, 2025, at the Aerospace Changfeng Building [1] - The meeting reviewed the proposal regarding the adjustment of the composition of the Board's professional committees [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation [1] - The technology sector is leading the market's transformation, indicating the beginning of a "slow bull" market pattern [1]

Core Viewpoint - Aerospace Changfeng (600855.SH) reported a slight decline in revenue for the first three quarters of 2025, with a total operating income of 646 million yuan, down 1.73% year-on-year [1] Financial Performance - The net profit attributable to shareholders of the parent company was -77.31 million yuan, which is an improvement of 22.14 million yuan compared to the same period last year [1] - Basic earnings per share stood at -0.165 yuan [1]