12月29日，盟升电子跌5.03%，截至发稿，报45.90元/股，成交6.04亿元，换手率7.68%，总市值77.08亿 元。 截至发稿，肖瑞瑾累计任职时间8年361天，现任基金资产总规模66.68亿元，任职期间最佳基金回报 282.63%， 任职期间最差基金回报-40.56%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 资料显示，成都盟升电子技术股份有限公司位于四川省成都市天府新区兴隆街道桐子咀南街350号，成 立日期2013年9月6日，上市日期2020年7月31日，公司主营业务涉及卫星应用技术领域相关产品的研发 及制造,是一家卫星导航和卫星通信终端设备研发、制造、销售和技术服务。主营业务收入构成为：卫 星导航78.22%，卫星通信20.66%，租赁1.12%。 责任编辑：小浪快报 从盟升电子十大流通股东角度 数据显示，博时基金旗下1只基金位居盟升电子十大流通股东。博时科创板三年定开混合（506005）三 季度新进十大流通股东，持有股数151.44万股，占流通股的 ...

数据显示，长信基金旗下1只基金位居盟升电子十大流通股东。长信国防军工量化混合A（002983）三 季度新进十大流通股东，持有股数678.49万股，占流通股的比例为4.04%。根据测算，今日浮亏损失约 1648.73万元。 12月29日，盟升电子跌5.03%，截至发稿，报45.90元/股，成交6.04亿元，换手率7.68%，总市值77.08亿 元。 资料显示，成都盟升电子技术股份有限公司位于四川省成都市天府新区兴隆街道桐子咀南街350号，成 立日期2013年9月6日，上市日期2020年7月31日，公司主营业务涉及卫星应用技术领域相关产品的研发 及制造,是一家卫星导航和卫星通信终端设备研发、制造、销售和技术服务。主营业务收入构成为：卫 星导航78.22%，卫星通信20.66%，租赁1.12%。 从盟升电子十大流通股东角度 截至发稿，宋海岸累计任职时间7年323天，现任基金资产总规模64.95亿元，任职期间最佳基金回报 179.03%， 任职期间最差基金回报-26.88%。 从基金十大重仓股角度 长信国防军工量化混合A（002983）成立日期2017年1月5日，最新规模9.05亿。今年以来收益48.31%， 同类排 ...

Core Viewpoint - The general aviation sector is experiencing significant growth, driven by government support and strategic initiatives aimed at enhancing technological independence and promoting the low-altitude economy and commercial aerospace development [1][2]. Group 1: Market Performance - As of December 26, 2025, the China General Aviation Theme Index (931855) rose by 1.83%, with notable increases in constituent stocks such as Guanglian Aviation (300900) up 13.94% and Zhongfu Shenying (688295) up 13.03% [1]. - The General Aviation ETF (561660) also saw a rise of 1.91%, marking its third consecutive increase, with the latest price reported at 1.17 yuan [1]. Group 2: Government Initiatives - A successful satellite launch using the Long March 8A rocket from Hainan's commercial space launch site occurred, deploying 17 low-orbit satellite internet satellites into their designated orbits [1]. - The strategic emerging industry development fund, with a scale of 51 billion yuan, has officially launched, focusing on providing substantial financial support to the aerospace sector and related industries [1]. Group 3: Index Composition - The China General Aviation Theme Index tracks 50 listed companies involved in various aspects of general aviation, including manufacturing, infrastructure, and operations [2]. - The top ten weighted stocks in the index account for 40.68% of the total index, with key companies including Aerospace Electronics (600879) and Haige Communication (002465) [2].

航空航天ETF（159227）紧密跟踪国证航天指数，覆盖航空装备、航天装备、卫星导航、新材料等关键 产业链环节，商业航天概念权重占比高达64%。前十大重仓股中包含了航天发展、中国卫星、航天电 子、中航机载、中航高科等行业龙头。 截至2025年12月26日 10:28，国证航天航空行业指数(CN5082)强势上涨1.28%，成分股广联航空(300900) 上涨15.73%，盟升电子(688311)上涨11.18%，航天发展(000547)上涨10.00%，华力创通(300045)，华秦 科技(688281)等个股跟涨。航空航天ETF(159227)上涨0.92%， 冲击3连涨。最新价报1.31元。 消息面上，今日7时26分，我国在海南商业航天发射场使用长征八号甲运载火箭，成功将卫星互联网低 轨17组卫星发射升空，卫星顺利进入预定轨道，发射任务获得圆满成功。 东兴证券指出，"十五五"时期，商业航天将成为国内推动新质生产力和科技高质量发展的重要引擎。为 了抢占宝贵的轨道和频谱资源，2026年我国星座卫星发射数量有望进一步加速增长；民营商业火箭公司 有望深入参与，成为国家队的有效补充，共同支撑起高频发射需求。看好20 ...

Group 1 - The A-share market has seen a strong performance in commercial aerospace stocks, with notable gains including a 20% limit up for Jiayuan Technology and over 18% increase for Xice Testing [1][2] - Other significant gainers include Guanglian Aviation and Zhongfu Shenying, both rising over 15%, while Pan-Asia Micro透 and Guangwei Composites increased by over 12% [1][2] - Several stocks, including Shenjian Co. and Zhongchao Holdings, achieved a 10% limit up, indicating robust investor interest in the sector [1][2] Group 2 - Jiayuan Technology has a total market capitalization of 7.648 billion, with a year-to-date increase of 170.85% [2] - Xice Testing's market cap stands at 10.8 billion, with an impressive year-to-date increase of 242.95% [2] - Noteworthy is the historical high achieved by companies such as Xice Testing, Pan-Asia Micro透, and Feiwo Technology, reflecting strong market momentum [2][3] Group 3 - A successful launch of 17 low-orbit satellite internet satellites was conducted using the Long March 8 rocket from Hainan, marking a significant achievement in China's commercial aerospace efforts [3] - The China Securities Regulatory Commission has updated the IPO counseling status of Blue Arrow Aerospace to "counseling work completed," indicating progress towards formal application [3]

Core Insights - The commercial aerospace sector in China's A-share market has seen a significant surge, with over twenty stocks hitting the daily limit or rising more than 10%, reflecting a nearly 50% increase in the commercial aerospace index this year, with many stocks doubling in price [1][3] - The sector is transitioning from a technology validation phase to a new stage of scale and commercialization, as highlighted in the "China Commercial Aerospace Industry Development Report (2025)" [1] Market Enthusiasm - The commercial aerospace sector has become the most prominent star in the A-share market over the past week, with investments flowing into various segments, including rocket components, satellite testing systems, specialty cables, and key materials [3] Institutional Attitude Shift - There is a notable change in institutional attitudes towards commercial aerospace, which is viewed as a risk investment aligned with national strategic technology reserves. The introduction of the fifth set of listing standards for the Sci-Tech Innovation Board allows unprofitable companies with core technologies to go public, accelerating the formation of a capital closed loop [5] Triple Drivers - The growth of the commercial aerospace sector is driven by policy, technology, and market demand. The National Space Administration has issued a development action plan with 22 key measures to support the industry, including the establishment of a national commercial aerospace development fund [7] - Recent successful launches, such as the Long March 12 rocket and Blue Arrow Aerospace's "Zhuque-3" rocket, have validated key technologies and marked a shift towards large-scale operations [7] Industry Chain Ecosystem - China has over 600 commercial aerospace companies covering the entire industry chain, from rocket and satellite manufacturing to launch services and terminal applications. Listed companies are actively positioning themselves across this chain [8][9] Market Potential - The market size of China's commercial aerospace sector has grown from approximately 0.38 trillion yuan in 2015 to an estimated 2.3 trillion yuan by 2024, with a projected annual growth rate of about 22%. By 2030, the market could reach between 7 trillion and 10 trillion yuan [10] Future Directions - The commercial aerospace sector faces challenges, including a lack of scalable, high-viscosity commercial applications and the need for optimized regulations regarding frequency resource allocation and launch approvals. However, the establishment of the "Linchuang Commercial Aerospace Alliance Innovation Fund" and improvements in talent training systems are expected to enhance the development environment [11] - The sector is anticipated to experience rapid growth as costs decrease and launch capabilities improve, with the first batch of commercial aerospace companies expected to list on the Sci-Tech Innovation Board next year [11]

Core Viewpoint - The general aviation sector is experiencing significant growth, driven by the launch of a commercial aerospace industry alliance fund and the anticipated advancements in rocket recovery technology in China [1][2]. Group 1: Market Performance - As of December 25, 2025, the China General Aviation Theme Index (931855) rose by 1.94%, with key stocks such as Guanglian Aviation (300900) increasing by 19.99% and Plittech (688333) by 6.93% [1]. - The General Aviation ETF (561660) also saw a rise of 1.90%, with the latest price reported at 1.13 yuan [1]. - Over the past week, the General Aviation ETF fund experienced a significant growth of 193.17 million yuan [2]. Group 2: Fund and Investment Details - The newly launched commercial aerospace industry alliance fund has an initial issuance scale of 1 to 2 billion yuan, with a long-term goal of expanding to 10 billion yuan over a 10-year period [1]. - The fund will focus on four main areas: low-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 [1]. - The top ten weighted stocks in the China General Aviation Theme Index account for 40.68% of the index, including companies like Aerospace Electronics (600879) and Haige Communication (002465) [2].

Core Viewpoint - The company, Alliance Electronics (688311.SH), has successfully entered the bidding process for the low-orbit satellite constellation application equipment, indicating its strong technical capabilities and potential for future revenue generation [1] Group 1: Project Involvement - The company is a shortlisted candidate in the recent bidding for China Star Network's low-orbit satellite constellation application equipment [1] - The bid includes low-orbit broadband equivalent 0.45m/0.6m phased array terminal antennas and other satellite communication products, which meet all technical requirements [1] - The specific contract for the project has not yet been formally signed, and the business scale and amount involved remain unclear [1] Group 2: Future Strategies - The company plans to increase market promotion efforts to enhance brand awareness and reputation [1] - There will be a focus on strengthening cooperation with upstream and downstream enterprises in the industry chain to optimize products, improve quality, and enhance after-sales service [1] - The goal is to achieve a leading position in the low-orbit satellite industry and continuously increase market share [1]

Core Viewpoint - The company, Alliance Electronics (688311.SH), has successfully entered the bidding process for the low-orbit satellite constellation application equipment, indicating its strong technical capabilities in satellite communication products [1] Group 1: Project Involvement - The company is a shortlisted candidate in the recent bidding for China Star Network's low-orbit satellite constellation application equipment [1] - The bid includes low-orbit broadband equivalent phased array terminal antennas with specifications of 0.45 meters and 0.6 meters [1] - The performance of the products meets all technical requirements and aligns with the company's expectations, validating its technical strength [1] Group 2: Future Plans - The project is still in process, and the specific contract has not yet been formally signed, leaving the business scale and financial implications unclear [1] - The company plans to enhance market promotion efforts to increase brand awareness and reputation, aiming to expand market share [1] - There will be a focus on strengthening collaboration with upstream and downstream enterprises in the industry chain to optimize products, improve quality, and enhance after-sales service [1]

Summary of Conference Call on Navigation Anti-Jamming Technology Industry Overview - The conference call focused on the navigation anti-jamming technology within the context of the satellite navigation industry, particularly highlighting the vulnerabilities of civilian navigation systems compared to military systems [2][3][4]. Key Points and Arguments 1. **Vulnerability of Civilian Navigation Systems**: The recent navigation signal anomaly in Nanjing highlighted the weaknesses in civilian navigation systems against electromagnetic interference, raising concerns about potential risks in critical sectors such as transportation, finance, and energy [2][3][10]. 2. **Comparison with Military Systems**: Military applications of Global Navigation Satellite Systems (GNSS) have a higher demand for anti-jamming capabilities due to their critical role in precision guidance and combat operations. For instance, during the Russia-Ukraine conflict, the effectiveness of GPS-guided munitions dropped significantly under electronic warfare conditions [3][4]. 3. **Technological Advancements**: China has made significant progress in anti-jamming technology, improving its capability from resisting 60 dB of jamming signals in 2012 to around 100 dB currently, aligning with international standards. This technology is primarily used in military equipment and is gradually being adapted for civilian use [2][9]. 4. **Market Demand for Anti-Jamming Devices**: There is a substantial demand for anti-jamming devices in the civilian market, with potential market size reaching hundreds of billions to trillions of yuan. Key sectors such as transportation, finance, and energy are expected to lead the adoption of these technologies [3][13][14]. 5. **Challenges in Civilian Applications**: While military-grade anti-jamming technologies can be adapted for civilian use, challenges include increased hardware costs and the need to balance performance with cost-effectiveness [3][12][11]. 6. **Strategic Measures by Beidou System**: The Beidou system has implemented measures such as frequency compatibility with GPS to enhance global application capabilities and mitigate potential interference [6][2]. 7. **Types of Navigation Interference**: Navigation interference is categorized into suppression interference, which disrupts signal reception, and deception interference, which misleads users with false information. Both types pose significant risks, especially in military contexts [7][8]. 8. **Future Development Directions**: To enhance anti-jamming capabilities, future efforts should focus on optimizing array antenna technology, applying advanced algorithms, upgrading hardware, and fostering collaboration with relevant departments to improve national electromagnetic security [11][9]. Additional Important Insights - The Nanjing incident is noted as one of the most severe publicized cases of navigation signal disruption in recent years, emphasizing the urgent need to strengthen civilian navigation systems against interference [10]. - The civilian sector's increasing reliance on GNSS for various applications necessitates a robust anti-jamming capability to ensure service reliability and safety [4][10]. - The potential for integrating military-grade technologies into civilian applications could significantly enhance the resilience of critical infrastructure against electromagnetic threats [11][12].