Market Overview - The A-share market closed with mixed performance on December 31, 2025, with the Shanghai Composite Index slightly up while other indices like the Shenzhen Component and ChiNext Index saw minor declines, and total market turnover decreased to 2.07 trillion yuan [1] - The Shanghai Composite Index recorded an annual increase of 18.41%, marking the largest annual gain in six years [2] Sector Performance - Sectors such as aerospace equipment, airport services, hotel and catering, and artificial intelligence showed strong gains, while forestry, chemical fiber, consumer electronics, and photovoltaic equipment experienced declines [3] - Notably, the commercial aerospace stock Daye Co., Ltd. (603278) hit a trading limit with a six-day consecutive rise, achieving a transaction volume exceeding 1.9 billion yuan [3] Capital Flow - The defense and military industry attracted over 16 billion yuan in net inflows, while the computer and media sectors saw net inflows of over 7.6 billion yuan and 6.8 billion yuan, respectively. Conversely, the electronics sector faced a net outflow exceeding 11.9 billion yuan [3] Future Market Outlook - Debon Securities suggests that the market may continue a slow upward trend, supported by sufficient liquidity and a growing financing balance exceeding 2.5 trillion yuan, alongside potential foreign capital inflows due to the USD/CNY exchange rate breaking 7 [4] - Huolong Securities anticipates a continuation of the slow bull market, driven by ongoing proactive fiscal policies and moderate monetary easing, with a focus on sectors like artificial intelligence, commercial aerospace, and humanoid robots [4] Airline Sector Insights - The airline sector saw a significant increase, with the index rising 3.32%, reaching a two-and-a-half-year high, driven by strong performance from airlines like China Eastern Airlines and Air China [4] - Data indicates a year-on-year increase of approximately 28% in domestic flight ticket bookings for the New Year holiday, with outbound and inbound bookings also showing growth [4] Ticket Pricing Trends - Average ticket prices for economy class during the New Year holiday are projected to be 669 yuan (excluding tax), reflecting an 8.2% increase compared to the previous year [5] - Guosen Securities predicts that the airline sector may experience a second wave of growth as the Spring Festival approaches, contingent on ticket price performance exceeding expectations [5] Aerospace Sector Developments - Following the introduction of new listing rules for commercial rocket companies, aerospace equipment stocks have surged, with the sector index rising 9.35% to a historical high [5] - The successful testing of reusable rockets is seen as a pivotal moment for the industry, potentially resolving capacity issues and enhancing satellite networking capabilities [5]

Market Performance - The A-share market closed on December 31, 2025, with the Shanghai Composite Index rising by 0.09%, marking an 11-day consecutive increase and an annual gain of 18.41%, the highest in 10 years [2] - The Shenzhen Component Index fell by 0.58% but recorded an annual increase of 29.87%, while the ChiNext Index dropped by 1.23% with an impressive annual rise of 49.57% [2] - The STAR 50 Index and the Northern Stock Exchange 50 Index saw annual increases of 35.92% and 38.8%, respectively [2] Sector Performance - The commercial aerospace sector continued its strong performance, with significant gains in AI applications, education, aviation, and cultural media sectors [5] - Conversely, the pharmaceutical commercial, shipbuilding, battery, oil, and semiconductor sectors experienced declines [5] Notable Stocks - Top gainers included Jiuzhiyang (+20.00%), Feiwo Technology (+17.91%), and Xinyi Communication (+16.98%) [6] - The AI concept stocks also performed well, with BlueFocus Media reaching a 20% limit up, alongside Desheng Technology and Kevin Education [7] Market Activity - The total trading volume in the Shanghai and Shenzhen markets was 2.05 trillion yuan, a decrease of 97.2 billion yuan from the previous trading day, with over 2,700 stocks declining [7] - Major inflows were observed in aerospace, media, and computer sectors, with BlueFocus Media, Liou Co., and Aerospace Electronics receiving net inflows of 2.746 billion yuan, 2.300 billion yuan, and 1.810 billion yuan, respectively [9] Institutional Insights - According to Everbright Securities, there is a significant divergence in market funds, indicating that a structural market trend is likely to continue [10] - China International Capital Corporation noted that the structural differentiation observed on the closing day is expected to persist into 2026, with a gradual upward trend anticipated [11] - CITIC Securities projected a low-volatility slow bull market for A-shares in 2026, driven by policy support and long-term capital inflows, with expectations for continued improvement in listed companies' net profits [11]

Market Overview - The A-share market showed mixed performance on December 31, with the Shanghai Composite Index rising by 0.09% to close at 3968 points, while the Shenzhen Component Index fell by 0.58% and the ChiNext Index dropped by 1.23% [1] - The total market turnover was 2.07 trillion yuan, a decrease of 956 billion yuan compared to the previous trading day, with over 2700 stocks declining [1] Sector Performance - The satellite internet sector experienced a surge, with stocks like China Satellite, China Satcom, and Aerospace Electronics hitting the daily limit [2][4] - The commercial aerospace sector remained strong, with stocks such as Jiuzhiyang and Aerospace Morning Glory also reaching the daily limit [2] - AI application stocks saw significant gains, with Kimi concept, AI corpus, and Zhipu AI leading the rise [2] - Conversely, the pharmaceutical commercial sector declined, with Luyuan Pharmaceutical hitting the daily limit down [2] - The blade battery sector also fell, led by Penghui Energy, while the liquid cooling concept showed weak performance [2] Notable Stocks - In the satellite internet sector, notable performers included: - XW Communication: +16.98% [5] - Aerospace Universe: +14.55% [5] - China Satellite: +10.00% [5] - In the AI sector, stocks like Nanjing Xingsheng and Xiechuang Data saw gains of over 7% [7] - The education sector saw a rise, with Kevin Education hitting the daily limit and Zhonggong Education increasing by over 4% [9] Policy and Regulatory News - The Ministry of Education plans to introduce policies next year to promote the integration of artificial intelligence in education [8] - On December 30, the National Development and Reform Commission and the Ministry of Finance announced a policy to support the replacement of urban public transport with new energy vehicles [10] - The Chinese government reiterated its stance on semiconductor supply chain issues, urging the Netherlands to correct its administrative interventions affecting ASML [12] Future Outlook - China Galaxy Securities indicated that January will be a critical period for data validation in the A-share market, with potential increased volatility influenced by policy implementation, macro data, corporate earnings, and liquidity changes [19]

1. 国家战略定位明确："商业航天"与"低空经济"已连续两年写入《政府工作报告》，标志着其从产业概 念上升为国家重点发展的战略性新兴产业。中央空管办、国家航天局、证监会等部门近期已陆续出台涵 盖监管规范、发展行动及上市支持等方面的具体政策。 2. 地方政策与金融支持协同发力：全国约30个省市已将低空经济纳入地方发展规划，重庆、长沙、合肥 等地通过成立专项公司、组建产业联盟推动落地。近期，广东省发布《关于金融支持广东低空经济集群 发展的通知》（"低空金融十二条"），政策力度进一步升级。该政策鼓励金融机构创新覆盖研发、制 造、运行、运营、保障等全生命周期的金融产品，并重点支持产业集群、创新平台及强链补链企业。此 类专项金融政策的出台，意味着产业正从宏观规划迈向"真金白银"的实质性资源注入阶段，有效破解融 资瓶颈，加速商业化进程。 二、技术突破与商业化验证齐头并进，产业链迈向规模化 产业链各环节正加速成熟，从技术研发到市场应用的路径日益清晰。 12月31日，沪深两市涨跌分化，航天军工板块涨幅居前。截至13点53分，通用航空ETF南方(159283.SZ) 涨4.63%，航天电子涨10.01%。 近期，商业航天与低空 ...

Group 1 - The satellite industry ETF (159218) increased by 7.06% as of December 31, with several constituent stocks, including Aerospace Huanyu, Guobo Electronics, and Xinwei Communication, rising over 10% [1][2] - The trading volume for the satellite industry ETF exceeded 410 million [1] - The analysis indicates that the commercial aerospace sector has formed a positive cycle of "cost reduction - incremental growth - application - revenue" driven by policy, capital, technology, and market factors [2] Group 2 - The satellite industry ETF (159218) is the first ETF tracking the CSI Satellite Industry Index, covering the entire industry chain, including satellite manufacturing, launch vehicles, ground equipment, and operational services [2] - This ETF has become an important tool for investors to allocate resources in the commercial aerospace sector and to smooth out individual stock volatility [2]

Core Viewpoint - The focus of market speculation is on the commercial aerospace industry, driven by policy support and technological breakthroughs, with Aerospace Electronics positioned as a core player in the industry chain [1] Group 1: Company Performance - As of December 31, 2025, Aerospace Electronics' current price is 21.32 yuan, reflecting a 10.01% increase from the opening price of 19.37 yuan [1] - The stock reached a high of 21.32 yuan and a low of 19.30 yuan, with a trading volume of 5.9426 million hands and a transaction amount of 12.182 billion yuan [1] - The stock exhibited a volatility of 10.42% and a turnover rate of 18.01% [1] Group 2: Industry Dynamics - Aerospace Electronics covers various segments of the industry chain, including satellite manufacturing, launching, and navigation communication applications [1] - The company has strong industrial synergy capabilities, with its laser communication products already utilized in satellite inter-satellite communication [1] - Recent developments include the successful launch of the Shijian-29 satellite and the issuance of guidelines by the Shanghai Stock Exchange to support the listing and financing of commercial rocket companies [1] - The National Defense Science and Industry Administration has proposed measures to promote the development of commercial aerospace and drive the industrialization of the aerospace sector [1] - The acceleration of commercial aerospace constellation networking and advancements in rocket recovery technology have increased the industry's visibility and focus [1]

Group 1 - The satellite industry is experiencing a significant surge, with the satellite industry ETF (159218) reaching a new annual high, reflecting strong market sentiment and capital inflow [1][3] - Key stocks within the satellite industry have shown substantial gains, with notable increases such as 14.06% for Hangda Universe and 11.48% for Xinke Mobile-U, indicating robust performance across the sector [2] - The current growth phase of the industry is driven by four main factors: clear policy support, active capital investment (with over 10 companies initiating IPOs), accelerated technological advancements (notably in reusable rockets), and sustained demand release through satellite constellation networking and terminal proliferation [2] Group 2 - The satellite industry ETF (159218) serves as an efficient tool covering all core segments of the industry chain, acting as a "thermometer" and "pass" for capital allocation in the commercial space sector [3] - With the industry's fundamentals improving, the ETF is expected to continue attracting medium to long-term investment funds, providing investors with a convenient channel to participate in the "space economy" strategic opportunities [3]

Core Viewpoint - The commercial aerospace sector is experiencing renewed interest, with significant movements in related stocks and ETFs, particularly the Huabao Military Industry ETF (512810), which has seen a price increase of over 1% and reached a three-year high [1]. Group 1: Market Performance - The Huabao Military Industry ETF (512810) covers key military assets across land, sea, air, and space, including 24 commercial aerospace concept stocks, with a total weight of 28.64% [1][4]. - Following a short-term pullback, commercial aerospace stocks rebounded strongly, with Beidouxing Tong hitting the daily limit, and several stocks like Aerospace Electronics and China Satellite Communications reaching historical highs [1]. Group 2: Industry Developments - The National Defense Science and Technology Industry Bureau has emphasized the promotion of commercial aerospace development and the industrialization of the aerospace sector [2]. - The Shanghai Stock Exchange has released guidelines for commercial rocket companies to list on the Sci-Tech Innovation Board, marking a clear pathway for these companies to enter the capital market [2]. Group 3: Growth Projections - According to the "China Commercial Aerospace Industry Research Report," domestic commercial launch orders are expected to grow by 41% year-on-year by 2025, with a launch success rate of 98.5% [3]. - Analysts from Shenwan Hongyuan and Xiangcai Securities highlight that the commercial aerospace and low-altitude economy sectors are contributing to the recovery expectations of the military industry, supported by national policies and capital [3]. Group 4: ETF Composition - The Huabao Military Industry ETF (512810) includes various popular themes such as commercial aerospace, controllable nuclear fusion, low-altitude economy, large aircraft, deep-sea technology, and military AI, making it an efficient tool for investing in core military assets [3].

Group 1 - The China Aerospace Industry Index (CN5082) rose by 2.12%, with significant gains in constituent stocks such as Guanglian Aviation (300900) up 9.80%, Aerospace Electronics (600879) up 9.24%, and China Satellite (600118) up 8.67% [1] - The Aerospace ETF (159227) also increased by 2.12%, with the latest price reported at 1.35 yuan [1] - China successfully launched the Practice-29 satellites A and B using the Long March 7 carrier rocket, marking a successful conclusion to the Long March series missions for 2025, with a total of 73 space launch missions completed this year, setting a historical record [1] Group 2 - The competition for low Earth orbit satellite resources is intense, with the industry expected to grow rapidly; the International Telecommunication Union follows a "first come, first served" principle for orbital and frequency resource allocation [2] - The 2025 government work report emphasizes the "safe and healthy development" of commercial space, highlighting technological breakthroughs and large-scale applications, indicating a new phase for commercial space [2] - China has registered a total of 100 satellite constellations, including 88 commercial space projects and 12 national strategic projects, with plans to launch over 60,000 satellites [2] - The Aerospace ETF (159227) closely tracks the China Aerospace Index, covering key industry chain segments such as aerospace equipment, satellite navigation, and new materials, with a high weight of 64% in commercial aerospace concepts [2]

12月31日早盘，商业航天主题板块再度躁动，相关高人气军工ETF华宝（512810）水下拉起，快速翻红 涨逾1%，昨日场内价格刷新逾3年新高。 军工ETF华宝（512810）全面覆盖海陆空天军工核心资产，囊括24只商业航天概念股，权重占比合计 28.64%。昨日短线回调后，商业航天成份股强势反攻，北斗星通一度冲击涨停，航天电子、中国卫 通、国科军工等多股继续刷新历史新高。 申万宏源指出，商业航天、低空经济等新域新质领域贡献增加，共同支撑军工基本面修复预期。湘财证 券也表示，"十五五"国家航天强国战略目标的牵引下，国内政策、资本与技术正形成合力，推动商业航 天从技术验证阶段迈向规模化、商业化运营阶段，因此维持军工行业"增持"评级。 【八一军工，火力全开】代码有"八一"的军工ETF华宝（512810）（原国防军工ETF）覆盖"商业航天 + 可控核聚变 + 低空经济 + 大飞机 + 深海科技 + 军用AI "等诸多热门主题，同时是融资融券+互联互通标 的，是一键投资军工核心资产的高效工具。 | | | | | 军工ETF华宝 (512810) 持仓商业航天概念股 (权重合计28.64%) | | | | | --- ...