12月4日，卫星通信板块午后强势爆发。截至13时38分，卫星产业ETF（159218）放量一度涨3.36%， 交投持续升温，换手率达19.03%，成交额约1.3亿，已超昨日全天成交额。 浙商证券通信团队认为，国内运力能力大幅提升，卫星发射节奏和业绩兑现加速预期有望明显强化，提 振了市场对整个卫星产业链，特别是上游卫星制造环节未来成长空间的信心。 中金公司指出，7月以来商业航天政策、技术、资本拐点清晰，产业已进入发展快车道。我国巨型星座 星网二代系统立项核准顺利推进，G60明年恢复高密度组网，2026年卫星订单、发射数量将大幅增长。 12月起，国内可复用箭型仍有望密集首飞，可复用火箭首飞"竞赛"有望持续，需求牵引、政策理顺、技 术突破背景下产业趋势持续向好。 作为市场上首支跟踪中证卫星产业指数的ETF，卫星产业ETF（159218）一键布局卫星产业发展机会。 跟踪指数前十大成分股涵盖卫星制造、发射、导航通信应用等上中下游企业，权重股包括航天电子、中 国卫星、华测导航、中国卫通、中科星图、北方导航、北斗星通、四维图新等。截至12月3日，今年以 来份额增长395.41%。 （文章来源：21世纪经济报道） 成分股中， ...

中国科学院院士、中国科学院空天信息创新研究院学术院长吴一戎说，当前正处在一个太空活动空 前活跃的时代。全球卫星发射数量呈现快速增长态势，大规模星座正在部署，这标志着商业航天进入了 蓬勃发展的新阶段。太空已成为关乎国家发展与经济安全的新疆域。然而，日益拥挤的轨道空间也带来 了严峻挑战，空间碎片激增，碰撞风险加剧，对太空环境的可持续发展构成了威胁。发展自主可控的太 空感知能力，保障在轨资产安全，高效利用轨道资源，不仅是维护我国太空利益的核心需求，更是践行 航天强国战略、参与未来太空治理的关键一环。在此背景下，建设高精度、高可靠性的太空感知基础设 施，其紧迫性和战略价值不言而喻。 据介绍，"星眼"太空感知星座由156颗卫星组成，旨在构建一个覆盖全球、响应迅速的近地轨道监 测网络。星图测控有关负责人表示，公司计划于2026年上半年发射2颗试验星，2027年发射10颗工程 星，后续将陆续发射增强星和综合星。基于星图测控自主研发的"洞察者"空间信息分析基础平台和太空 管理服务平台——太空云，"星眼"可对在轨卫星进行跟踪、定轨和编目，监测空间碎片，分析卫星轨道 数据，预测碰撞风险，为卫星提供精准、高效的太空交通管理数据服务 ...

中国科学院院士、中国科学院空天信息创新研究院学术院长吴一戎说，当前正处在一个太空活动空前活 跃的时代。全球卫星发射数量呈现快速增长态势，大规模星座正在部署，这标志着商业航天进入了蓬勃 发展的新阶段。太空已成为关乎国家发展与经济安全的新疆域。然而，日益拥挤的轨道空间也带来了严 峻挑战，空间碎片激增，碰撞风险加剧，对太空环境的可持续发展构成了威胁。发展自主可控的太空感 知能力，保障在轨资产安全，高效利用轨道资源，不仅是维护我国太空利益的核心需求，更是践行航天 强国战略、参与未来太空治理的关键一环。在此背景下，建设高精度、高可靠性的太空感知基础设施， 其紧迫性和战略价值不言而喻。 据介绍，"星眼"太空感知星座由156颗卫星组成，旨在构建一个覆盖全球、响应迅速的近地轨道监测网 络。星图测控有关负责人表示，公司计划于2026年上半年发射2颗试验星，2027年发射10颗工程星，后 续将陆续发射增强星和综合星。基于星图测控自主研发的"洞察者"空间信息分析基础平台和太空管理服 务平台——太空云，"星眼"可对在轨卫星进行跟踪、定轨和编目，监测空间碎片，分析卫星轨道数据， 预测碰撞风险，为卫星提供精准、高效的太空交通管理数据服务 ...

近日，中央空管办制定出台《国家级和省、市级低空飞行综合监管服务平台功能要求（1.0版）》《国 家级和省、市级低空飞行综合监管服务平台信息交互规范（1.0版）》，这一举措为低空管理系统建设 立下规范，也为低空经济产业的蓬勃发展注入新动力。在低空经济浪潮中，中科星图凭借前瞻性布局与 强大技术实力，成为推动行业发展的关键力量，展现出广阔的未来成长空间。 而技术的价值最终要通过场景落地体现，中科星图安全保障、空管业务、场景构建能力，正是连接技术 与应用的关键桥梁。中科星图目前已经构筑起低空安全感知与反制先进装备研发制造、低空环境感知服 务、低空反无体系、低空赛博安全四大类安全保障体系。此外，公司深入开展国土资源、林草、水利、 应急、农业、电力、智慧城市等行业信息化业务，快速实现低空技术与政务巡检、资产巡检、文旅等场 景的深度融合。 紧跟政策，构建"五位一体"低空产品体系 作为低空经济产业发展的积极推动者，中科星图始终紧跟国家低空经济发展战略，以"政策为纲、科技 为核"，基于自主的天基能力、数字地球超级计算机和智脑引擎等核心技术能力，构建了覆盖低空规 划、安全保障、协同监管、飞行服务与场景应用的"五位一体"低空产品体系 ...

证 券 研 究 报 告 "制造强国"实干系列周报(11/30期) 证券分析师： 韩强 A0230518060003 屠亦婷 A0230512080003 王珂 A0230521120002 刘正 A0230518100001 马天一 A0230525040004 戴文杰 A0230522100006 黄莎 A0230522010002 武雨桐 A0230520090001 李蕾 A0230519080008 穆少阳 A0230524070009 刘宏达 A0230524020002 刘建伟 A0230521100003 联系人：何佳霖 A0230523080002 2025.12.3 核心观点 www.swsresearch.com 证券研究报告 2 ◼ 商业航天：1）制造及发射端关注份额或价值量在降本趋势下有望维持相对稳定或具备提升潜力的核心标的；2）应用端 关注通信终端基带、射频芯片及相控阵天线配套标的；3）航天科技集团拥有较多体外资产，有较强并购重组预期。重点 关注标的：1）卫星制造：上海瀚迅+臻镭科技+航天电子，2）应用终端：海格通信+国博电子+通宇通讯，3）运营服务： 中国卫通+星图测控+中科星图； ...

Investment Rating - The report provides a positive investment outlook for the commercial aerospace industry, highlighting significant growth opportunities driven by technological advancements and market demand [2]. Core Insights - The commercial aerospace sector is characterized by market-driven activities involving both private and mixed-ownership enterprises, focusing on investment, operation, and risk management across the entire aerospace value chain [2][38]. - Global satellite frequency and orbital resources are becoming increasingly scarce, leading to a surge in satellite constellation construction, with countries competing for these critical resources [2][46]. - The Starlink project by SpaceX is leading the global satellite constellation efforts, while China is rapidly advancing with its own satellite constellation plans [2][47]. - The era of reusable rockets in China is beginning, with several new commercial rocket models expected to launch by the end of 2025, which could accelerate the deployment of low Earth orbit satellite constellations [2][34]. - Investment recommendations include focusing on satellite manufacturing, rocket launching, and space computing, with specific companies highlighted for their potential in these areas [2][34]. Summary by Sections Commercial Aerospace Overview - Commercial aerospace is defined as market-driven activities involving investment, operation, and risk management by enterprises, covering the entire aerospace technology development, manufacturing, launching, and application [2][38]. - The industry is segmented into upstream manufacturing, midstream launching, and downstream application and operation [2][38]. Satellite Industry Overview - The global aerospace industry is projected to reach $415 billion by 2024, with satellite industry revenues estimated at $293 billion [20]. - Satellite services account for 37% of the total satellite industry revenue, while satellite manufacturing and launching services contribute 6.9% and 3.2%, respectively [25]. Satellite Communication Market - The satellite communication market is expected to grow significantly, with China's satellite internet market projected to reach 75.1 billion yuan by 2025 and 151.2 billion yuan by 2030 [34]. - The demand for satellite communication is primarily driven by commercial and government sectors, accounting for 55% and 31% of the market, respectively [28]. Domestic Satellite Constellation Plans - China has ambitious plans for satellite constellations, with three major projects aiming to deploy over 30,000 satellites, including the GW constellation, G60 constellation, and Honghu-3 constellation [79][81]. - As of October 2025, the GW constellation has launched 116 satellites, marking significant progress in China's satellite internet development [84].

Core Viewpoint - Zhongke Xingtou's stock price has shown significant growth this year, with a year-to-date increase of 32.26% and a recent uptick of 9.26% over the last five trading days, indicating strong market interest and performance [1]. Financial Performance - For the period from January to September 2025, Zhongke Xingtou achieved a revenue of 2.208 billion yuan, reflecting a year-on-year growth of 10.02%. The net profit attributable to shareholders was 146 million yuan, with a slight increase of 0.54% year-on-year [2]. - The company has distributed a total of 279 million yuan in dividends since its A-share listing, with 190 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, Zhongke Xingtou had 28,900 shareholders, an increase of 18.46% from the previous period. The average number of circulating shares per shareholder decreased by 15.74% to 27,999 shares [2]. - The top ten circulating shareholders include notable entities such as the Fortune China Securities Military Industry Leader ETF and Hong Kong Central Clearing Limited, indicating a diverse institutional interest in the company [3]. Market Activity - On December 2, Zhongke Xingtou's stock rose by 2.01%, reaching a price of 45.18 yuan per share, with a trading volume of 435 million yuan and a turnover rate of 1.21%. The total market capitalization stood at 36.509 billion yuan [1].

计算机行业 行业研究 | 动态跟踪 太空算力未来可期，关注核心收益环节 核心观点 投资建议与投资标的 我们认为 AI 算力以及卫星信息基础设施相关标的都有望受益太空算力的发展： AI 算力：海光信息(688041，买入)、寒武纪-U(688256，未评级)； 卫星基础设施：中科星图(688568，未评级)、佳缘科技(301117，未评级)、航天宏图 (688066，增持)、盛邦安全(688651，未评级)。 风险提示 研发进展不及预期； 商业化进展不及预期。 国家/地区 中国 行业 计算机行业 报告发布日期 2025 年 12 月 02 日 看好（维持） | 陈超 | 执业证书编号：S0860521050002 | | --- | --- | | | chenchao3@orientsec.com.cn | | | 021-63326320 | | 浦俊懿 | 执业证书编号：S0860514050004 | | | pujunyi@orientsec.com.cn | | | 021-63326320 | | 宋鑫宇 | 执业证书编号：S0860524090002 | | | songxinyu@orient ...

与此同时，"太空算力"正成为全球科技巨头竞逐的焦点。所谓太空算力，指的是将数据中心部署于太空轨道，以 期突破地面数据中心在能耗、散热和土地资源上的瓶颈。近日，北京市科委、中关村管委会等单位宣布，拟在 700-800公里晨昏轨道建设运营超过千兆瓦（GW）功率的集中式大型数据中心系统，以实现将大规模AI算力搬上 太空。此外，海外的英伟达、SpaceX、谷歌也在积极布局。这一趋势将商业航天从传统的通信、导航领域，直接 延伸至炙手可热的AI算力基础设施领域。 随着AI计算需求以及火箭发射成本下降，未来太空算力在全球有望得到极大发展，建议提前关注相关产业投资机 会：一是火箭发射链，可回收技术是降低发射成本百倍的关键，是产业规模化前提，相关材料、部件、发动机公 司直接受益；二是卫星制造与载荷链，太空算力星座建设需大量高性能卫星，带来从相控阵T/R芯片（射频核 心）、激光通信（高速互联）、星载计算机到电源散热系统的增量需求。此外，测试服务与地面站作为配套环 节，需求或将同步放量。 综合多家机构观点，可关注以下方向的公司：一是火箭及核心配套领域，包括航天动力、超捷股份、斯瑞新材、 高华科技；二是卫星制造与运营领域，包括中国卫 ...

Group 1: Macro Economic Overview - Industrial production and demand are showing signs of weakening, with construction activity remaining at historical lows and industrial operating rates declining marginally [6][7][9] - Recent weeks have seen a drop in demand for construction materials and consumer goods, with significant declines in automobile sales and home appliance sales [7][8] - The overall price of domestic industrial products is fluctuating weakly, with some commodities like steel and coal showing slight recoveries while others, such as construction materials, are declining [8] Group 2: Industry Insights - The lithium battery industry is experiencing a supply-demand turning point, with a projected global shipment of 2921.8 GWh in 2026, a year-on-year increase of 35% [32] - The demand for dynamic storage is robust, and the industry is expected to benefit from rising prices in segments with tight capacity [32] - The European electric vehicle market is anticipated to recover strongly in 2025, driven by new model releases and government incentives [33] Group 3: Company-Specific Developments - ByteDance has launched the Doubao mobile assistant, emphasizing investment opportunities in edge AI, with hardware support from ZTE [25][30] - Zhongke Star Map is deeply engaged in the commercial aerospace industry, with a focus on satellite constellation construction and aerospace electronic equipment manufacturing [53][54] - Meitu has introduced an e-commerce design agent, enhancing its product offerings in the fashion sector [43][45] Group 4: Investment Recommendations - Recommended stocks in the lithium battery sector include CATL and Yiwei Lithium Energy, which are expected to benefit from the industry's growth [32] - In the humanoid robot sector, companies like UTree and UBTECH are highlighted as key players as the industry approaches a production milestone [37][40] - For AI applications, companies such as Kuaishou and Bilibili are recommended due to their strategic positioning in the gaming and AI sectors [49][50]