消息面上，政策预期是核心推手。2025年10月，"十五五"规划建议提出加快建设航天强国，实施新技术 新产品新场景大规模应用示范行动。11月，国家航天局正式宣布设立"商业航天司"，标志着行业迈入国 家牵头的新阶段。 2025年12月以来持续高热的商业航天板块，在多家上市公司密集发布风险提示公告后，涨势戛然而止。 1月12日晚，近期连续上涨的航天环宇、雷科防务、航天电子、中国卫星等多股集体发布风险提示公 告，1月13日早盘，中国卫通、航天发展、航天机电等多只人气股直线跌停。截至收盘，航天环宇跌超 18%，航天电子、雷科防务等多股跌停。 此次板块急速降温的导火索之一，是1月12日晚间十余家上市公司发布的风险提示及澄清公告。与以往 常规的波动提示不同，此次多家公司还披露了具体的业务数据，以澄清市场对其商业航天业务的过高预 期。 中国卫星在公告中指出，公司最新滚动市盈率达2400.54倍，高于同行业水平。信科移动公告称，其卫 星互联网领域收入占比仅为2%-3%；理工导航透露，公司在商业航天应用领域规划处于起步阶段，2025 年前三季度相关业务收入仅为154.4万元；航天工程表示，公司不涉及商业航天及航天相关业务。 此外 ...

2025年12月以来持续高热的商业航天板块，在多家上市公司密集发布风险提示公告后，涨势戛然而止。 更为关键的催化剂来自频轨资源的申请。据媒体报道，我国于2025年12月向国际电信联盟（ITU）申请 了超20万颗卫星频轨资源，其中超19万颗来自近期成立的无线电创新院。业内专家普遍认为，这意味着 卫星频轨资源申请已上升至国家战略层面，极大地打开了市场对产业规模的想象空间。 虽然长期战略价值明确，但对于短期过热的氛围，部分机构已发出预警。 华福证券研报指出，中国商业航天发展速度明显加快，但仍处于初期阶段。中信建投此前也在研报中分 析称，国内可重复使用火箭从技术验证到规模化应用仍需时间积累，当前发射频次与规模低于国际水 平，回收技术尚未成熟，难以支撑商业化降本需求，民营商业航天发射"道阻且长"。 天风证券同样指出，国内商业航天正处于政策孵化向规模化落地过渡阶段，存在卫星数据利用率低、下 游应用技术与需求脱节、终端门槛高等问题。目前多数企业仍依赖政企客户，大众市场的可持续盈利模 式尚未成熟。 在情绪退潮与基本面回归的双重作用下，板块步入调整。截至1月13日收盘，航天环宇、航天电子、航 天科技、中天火箭、航天电器、雷科防 ...

| 序号 | 交易营业部名称 | | | 买入金额(万) | 占总成交比例 | | --- | --- | --- | --- | --- | --- | | 1 | 沪股通专用 | 579次 50.95% | C | 46998.00 | 2.21% | | 2 | 机构专用 | 1776次 44.09% | ▲ | 41888.39 | 1.97% | | 3 | 国泰海通证券股份有限公司总部 | 636次 46.70% | A | 40345.53 | 1.90% | | 4 | 机构专用 | 1776次 44.09% | ▶ | 34020.99 | 1.60% | | 5 | 国信证券股份有限公司浙江互联网分公司 | 482次 37.14% | ▲ | 27274.91 | 1.28% | | | 卖出金额最大的前5名 | | | | | | 序号 | 交易营业部名称 | | | 买入金额(万) | 占总成交比例 | | 1 | 机构专用 | 1776次 44.09% | 2 | | | | 2 | 国委按申正案的分目的公司目前 | 636次 46.70% | A | | | | 3 | 国泰海通证 ...

此前连续大涨的商业航天热门股航天电子(600879.SH)今日跌停，换手率22.12%，成交额212.48亿元。 龙虎榜数据显示，三家机构位列买二、买四及卖一席位，净卖出3.51亿元；游资"量化基金"位列卖二席 位，卖出8.32亿元；"消闲派"位列卖三席位，卖出8.05亿元；"作手新一"位列卖五席位，卖出4.63亿 元。上榜席位全天买入19.05亿元，卖出37.04亿元，合计净卖出17.99亿元。 ...

主力资金净流出的行业有27个，电子行业主力资金净流出规模居首，全天净流出资金370.10亿元，其次 是计算机行业，净流出资金为231.07亿元，净流出资金较多的还有国防军工、通信、电力设备等行业。 沪指1月13日下跌0.64%，申万所属行业中，今日上涨的有6个，涨幅居前的行业为石油石化、医药生 物，涨幅分别为1.62%、1.21%。跌幅居前的行业为国防军工、电子，跌幅分别为5.50%、3.30%。国防 军工行业位居今日跌幅榜首位。 资金面上看，两市主力资金全天净流出1627.43亿元，今日有4个行业主力资金净流入，医药生物行业主 力资金净流入规模居首，该行业今日上涨1.21%，全天净流入资金43.48亿元，其次是石油石化行业，日 涨幅为1.62%，净流入资金为5.86亿元。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002465 | 海格通信 | 10.00 | 12.66 | 206695.55 | | 600967 | 内蒙一机 | 4.30 | 9.79 | 19083.40 | | ...

Core Viewpoint - The global competition for scarce space strategic resources has intensified, with significant developments in satellite deployment and commercial space initiatives, particularly from China and the U.S. [2][3][4] Group 1: Industry Developments - China submitted a record application to the International Telecommunication Union (ITU) for approximately 203,000 satellites, covering 14 constellations [3] - The U.S. Federal Communications Commission (FCC) approved SpaceX's plan to deploy an additional 7,500 second-generation Starlink satellites [4] - Elon Musk proposed an ambitious target for the aerospace industry, aiming to produce 10,000 Starship spacecraft annually [5] Group 2: Market Performance - The aerospace sector has been a market focus, outperforming even AI and other tech sectors in recent months [7] - The Aerospace ETF (159227) saw a 53.33% increase over 34 trading days, reaching new net asset value highs [8] Group 3: Strategic Importance - Aerospace has been designated as a key emerging pillar industry by the Chinese government, with initiatives to promote commercial space and low-altitude economies [13] - The establishment of the Commercial Space Administration by the National Space Administration in November 2025 has improved administrative efficiency for launch approvals and licensing [14] Group 4: Technological Advancements - The emergence of reusable rocket technology is a significant breakthrough, drastically reducing space launch costs and facilitating the commercialization of the space economy [15] - The rapid development of technology and market dynamics has heightened competition and underscored the urgency for advancements [17] Group 5: Investment Trends - The commercial space industry in China is projected to reach a scale of 2.5 to 2.8 trillion yuan, with an annual growth rate exceeding 20% [22] - Funding for the aerospace sector is increasing, with total industry financing expected to reach 18.6 billion yuan in 2025, a 32% year-on-year increase [25] - The Aerospace ETF (159227) has become a leading investment vehicle, with significant inflows and a growing market presence [31] Group 6: Future Outlook - The aerospace sector is positioned at the intersection of national security, technological self-reliance, and new economic growth points [45] - 2026 is anticipated to be a critical year for validating China's aerospace technologies, with advancements in rocket recovery and satellite production lines [46][47] - The Aerospace ETF (159227) is well-positioned to capture investment opportunities arising from the commercial space and low-altitude economy sectors [48]

| 日期 | A股成交额 上证指数涨 (力亿元) | 跌幅(%) | | --- | --- | --- | | 2026-01-13 | 3.70 | -0.64 | | 2026-01-12 | 3.64 1 | · 1.09 | | 2024-10-08 | 3. 48 | 64.59 | | 2025-08-27 | 3 20 | -1.76 | | 2025-08-25 | 3.18 | 1.51 | | 2025-09-18 | 3.17 | -1.15 | | 2026-01-09 | 3.15 | 0. 92 | | 2025-08-28 | 3.00 | 1.14 | | 2024-10-09 | 2. 97 | -6. 62 | | 2025-09-02 | 2. 91 | -0. 45 | 人民财讯1月13日电，1月13日，A股成交再破新纪录，截至收盘，全天合计成交3.7万亿元，创下历史新 高。单只股票方面，共有30股成交破100亿元，其中金风科技（002202）、蓝色光标（300058）、岩山 科技（002195）、中国卫星（600118）、航天电子（600879）成交额排在前五位，均 ...

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable declines in share prices across multiple sectors, particularly in aerospace, communication, and consumer electronics. Group 1: Major Stock Outflows - The stock with the highest capital outflow is Goldwind Technology, with an outflow of 5.043 billion yuan and a price drop of 3.36% [1][2] - Aerospace Electronics experienced a capital outflow of 4.378 billion yuan, with a significant price decline of 10.01% [1][2] - BlueFocus Media saw an outflow of 2.976 billion yuan, but its share price increased by 1.12% [1][2] Group 2: Sector Performance - The wind power equipment sector, represented by Goldwind Technology, is facing challenges with a notable capital outflow [2] - The aerospace sector, particularly Aerospace Electronics and Aerospace Development, is experiencing substantial capital withdrawals, indicating potential investor concerns [1][2] - The consumer electronics sector, including Industrial Fulian and Xunwei Communication, is also seeing significant outflows, reflecting broader market trends [1][3] Group 3: Additional Notable Stocks - Other companies with significant capital outflows include Kunlun Wanwei (2.078 billion yuan), Raytheon Defense (1.894 billion yuan), and China Satcom (1.439 billion yuan), all of which are in the communication and internet service sectors [1][3] - Semiconductor company SMIC reported an outflow of 1.206 billion yuan, indicating investor caution in the semiconductor industry [1][3] - The photovoltaic equipment sector, represented by Sunshine Power, also faced an outflow of 1.077 billion yuan, highlighting challenges in renewable energy investments [1][3]

Market Overview - A-shares experienced a collective pullback on January 13, with the Shanghai Composite Index ending a 17-day winning streak, closing down 0.64% [1] - The total trading volume in the Shanghai and Shenzhen markets reached a historical high of 3.7 trillion [1] Sector Performance - Significant declines were observed in various sectors, including commercial aerospace, satellite internet, and military industries, with many stocks dropping over 8% [3] - The large aircraft and military sectors also faced downturns, with several stocks hitting the daily limit down [3] - The commercial aerospace index fell by 6.15%, with a net outflow of 230.78 billion [4] Individual Stock Movements - Over 1,600 stocks rose, with more than 70 stocks hitting the daily limit up, while the commercial aerospace sector saw over 60 stocks limit down or drop more than 10% [3] - Specific stocks such as Aerospace Electronics and Beidou Star Communication experienced significant declines, with many stocks in the sector down by nearly 10% [7] Investment Insights - Analysts suggest that the current market sentiment may indicate a nearing peak, with potential for further structural upward trends despite short-term volatility [12] - Key investment strategies include avoiding speculative risks in popular sectors, focusing on policy-driven industries, and maintaining diversified portfolios to balance risk and return [14] - The emphasis is on sectors with strong earnings growth and valuation alignment, particularly in technology manufacturing and innovative healthcare [14]

【#商业航天概念股集体提示风险#，板块大幅下挫】 这些公告普遍使用"击鼓传花""谨慎投资"等表述，呼吁投资者理性决策，警惕短期交易风险。 据中新经纬消息，A股商业航天概念近期持续火爆，多只概念股在1月12日涨停，万得商业航天主题指 数年内累计涨幅高达33.38%。不过在1月13日开盘后，该板块出现大幅下挫，航天环宇、邵阳液压、天 力复合等个股跌幅超15%，航天宏图、广联航空、中科星图等数十只个股跌幅超10%，多只商业航天基 金的跌幅也超过了9%。 在板块大涨的1月12日晚间，多家上市公司已紧急发布公告提示风险。航天电子、中国卫星、航天环宇 等公司均指出，公司股价短期涨幅远超行业及大盘，但基本面未发生重大变化，存在市场情绪过热、非 理性炒作的风险，当前股价已脱离基本面。同时，航天宏图提到产业链上下游存在周期性错配风险，卫 星发射计划延迟或下游应用拓展不及预期，会阶段性影响公司业务；理工导航、国科军工等公司则明确 表示，其在商业航天领域的业务尚处起步或研发阶段，对公司收入贡献极低，部分公司如北方导航更直 接公告否认拥有相关业务与订单，提醒投资者注意股价后续波动风险。 ...