《行动计划》提出，"到2027年，商业航天产业生态高效协同，科研生产安全有序，产业规模显著壮 大，创新创造活力显著增强，资源能力实现统筹建设和高效利用，行业治理能力显著提升，基本实现商 业航天高质量发展。" 在重点举措方面，《行动计划》围绕"增强创新创造动能""高效利用能力资源""推动产业发展壮大""做 好行业管理服务""加强全链条安全监管"五方面，提出了22条具体措施。 在"推动产业发展壮大"方面，其中一项举措是：引导培育耐心资本。完善商业航天发展投融资体制机 制，设立国家商业航天发展基金，鼓励地方政府、金融机构、社会资本联合成立投资平台，引导资本坚 持做长期投资、战略投资、价值投资。建立项目推送机制，遴选若干符合航天发展规划和投资政策方 向，且创新性强、示范性好、具有产业化发展潜力的商业航天项目向基金推送，基金以市场化方式自主 决策。 本报讯 （记者寇佳丽）11月25日，国家航天局发布《国家航天局推进商业航天高质量安全发展行动计 划（2025—2027年）》（以下简称《行动计划》）。《行动计划》共设置了总体要求、重点举措两大部 分。 在"做好行业管理服务"方面，其中一项举措是：推动产业链供应链开放协同。持 ...

Market Overview - The market is expected to experience a narrow range of fluctuations and upward movement in December, as the recent short-term adjustments have been deemed excessive and require time for recovery [1][9]. U.S. Stock Market Performance - On the previous trading day, all three major U.S. stock indices closed higher, with the Dow Jones Industrial Average rising by 1.43%, the S&P 500 increasing by 0.91%, and the Nasdaq Composite gaining 0.67% [3]. - Notable movements in large tech stocks included Meta rising by 3.78%, Microsoft by 0.63%, Amazon by 1.50%, Apple by 0.38%, and Tesla by 0.39%, while Nvidia fell by 2.59% [3]. - The retail sector showed strong performance, with Kohl's surging by 42.53% and Abercrombie & Fitch soaring by 37.54% due to raised full-year profit forecasts [3]. Commodity Market - International oil prices declined, with light crude oil futures for January delivery falling by $0.89 to settle at $57.95 per barrel, a decrease of 1.51% [3]. - Spot gold prices slightly decreased by 0.14%, trading at $4130.59 per ounce, while COMEX gold futures rose by 0.81% to $4127.20 per ounce [4]. Corporate Developments - Alibaba reported a revenue of 247.8 billion yuan for Q2 of fiscal year 2026, reflecting a year-on-year growth of 4.8% [8]. - NIO's third-quarter losses narrowed to 3.48 billion yuan [8]. - Century Huatong secured a commitment letter for a stock repurchase loan from China Merchants Bank, not exceeding 900 million yuan [8]. - Huayou Cobalt signed a supply agreement for ultra-high nickel ternary cathode materials with EVE Energy [8]. Technology and Innovation - The National Space Administration of China released an action plan for the high-quality and safe development of the commercial space industry from 2025 to 2027, aiming for significant growth and enhanced innovation capabilities [5]. - The Ministry of Science and Technology emphasized the need for high-quality technological supply to lead the construction of a modern industrial system, focusing on key core technology breakthroughs [6]. - The U.S. White House announced the "Genesis Project," a new national initiative aimed at transforming scientific research through artificial intelligence [7].

在"做好行业管理服务"方面，其中一项举措是：推动产业链供应链开放协同。持续组织开展航天产业链供应链安全和行业 合规性评估，推动建设商业航天主体信息管理服务系统，全面准确掌握商业航天主体发展动态和进展情况，建立科学的行业统 计口径，推动建设航天产业链供应链基础数据库，为行业科学管理和高效服务提供支撑。进一步推动航天产业链供应链开放融 合，鼓励国有企业、民营企业优势配套产品双向进入对方供应链体系。 《行动计划》提出，"到2027年，商业航天产业生态高效协同，科研生产安全有序，产业规模显著壮大，创新创造活力显 著增强，资源能力实现统筹建设和高效利用，行业治理能力显著提升，基本实现商业航天高质量发展。" 在重点举措方面，《行动计划》围绕"增强创新创造动能""高效利用能力资源""推动产业发展壮大""做好行业管理服务""加 强全链条安全监管"五方面，提出了22条具体措施。 在"推动产业发展壮大"方面，其中一项举措是：引导培育耐心资本。完善商业航天发展投融资体制机制，设立国家商业航 天发展基金，鼓励地方政府、金融机构、社会资本联合成立投资平台，引导资本坚持做长期投资、战略投资、价值投资。建立 项目推送机制，遴选若干符合航天 ...

Core Insights - On November 25, the Shanghai Composite Index rose by 0.87%, with institutional investors appearing on the trading lists of 34 stocks, net buying 17 and net selling 17 [1][2] - Institutional special seats had a total net purchase of 240 million yuan across the stocks [1][2] Institutional Trading Summary - The stock with the highest net purchase by institutional seats was Aerospace Development, which closed up 3.37% with a turnover rate of 38.73% and a transaction volume of 8.626 billion yuan. Two institutional seats were among the top five trading departments, with a total net purchase of 147.16 million yuan [2][5] - Guofeng New Materials closed down 4.61% with a turnover rate of 38.28% and a transaction volume of 3.116 billion yuan, with institutional seats net buying 93.91 million yuan [2][5] - Beifang Changlong closed down 4.29% with a turnover rate of 47.28% and a transaction volume of 1.938 billion yuan, with institutional seats net buying 89.72 million yuan [2][5] Market Performance - Stocks with net purchases by institutions averaged a rise of 3.60%, outperforming the Shanghai Composite Index. Strong performers included Qingshuiyuan and Jiayuan Technology, which hit the daily limit [3] - Historical data shows that stocks with net purchases by institutions have a 56.74% probability of rising the next day and a 55.32% probability of outperforming the Shanghai Composite Index [3] Earnings Forecasts - Among the stocks with net purchases, only one stock, Nanguang Digital, provided a 2025 earnings forecast, expecting a net profit of 586 million yuan, a year-on-year increase of 2.76% [3] Net Selling Summary - The stock with the highest net selling by institutions was Dekeli, which closed up 20.00%. Three institutional seats were among the top five trading departments, with a total net selling of 149.73 million yuan [3][5] - Other notable net sellers included Jingliang Holdings and Shengxin Lithium Energy, with net selling amounts of 35.91 million yuan and 100.26 million yuan, respectively [4][5] Stock Connect Activity - On November 25, 19 stocks on the trading list had participation from the Shenzhen-Hong Kong Stock Connect and Shanghai-Hong Kong Stock Connect, with net purchases in stocks like Changguang Huaxin and Jiuxi Software [7][8] - The net purchase amounts for these stocks included 119 million yuan for Changguang Huaxin and 75.44 million yuan for Jiuxi Software [7][8]

格隆汇11月25日丨航天发展(000547.SZ)在互动平台表示，公司目前不涉及飞行汽车的智能驾驶和定位 导航服务业务。 ...

Core Viewpoint - The company, Aerospace Development (000547.SZ), has clarified that it is currently not involved in space tourism technology [1] Group 1 - The company responded to inquiries on its interactive platform regarding its involvement in space tourism [1]

商业航天司设立，助力产业资源战略统筹 国防军工 证券研究报告 行业投资策略周报 / 2025.11.25 投资评级:看好(维持) 最近 12 月市场表现 -11% -3% 5% 13% 21% 29% 国防军工 沪深300 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 分析师 杨博星 SAC 证书编号：S0160525060005 yangbx@ctsec.com 联系人 任子悦 renzy01@ctsec.com 相关报告 1. 《福建舰正式入列，太空算力开启航天新 叙事》 2025-11-12 2. 《国防军工 2025 年三季报总结》 2025-11-05 3. 《载人任务发射成功，低空基建迎政策红 利期》 2025-11-04 核心观点 请阅读最后一页的重要声明！ ❖ 国防军工行业行情回顾：近一周(2025/11/15-2025/11/22)国防军工行业 指数涨跌幅(-1.72%)在申万一级行业中排名第 4/31；近一月(2025/10/22- 2025/11/22)国防军工行业指数涨跌幅(-3.82%)在申万一级行业中排名第 21/31；近一年(20 ...

钛媒体App 11月25日消息，国家航天局印发《国家航天局推进商业航天高质量安全发展行动计划（2025 —2027年）》。行动计划指出，引导培育耐心资本。完善商业航天发展投融资体制机制，设立国家商业 航天发展基金，鼓励地方政府、金融机构、社会资本联合成立投资平台，引导资本坚持做长期投资、战 略投资、价值投资。建立项目推送机制，遴选若干符合航天发展规划和投资政策方向，且创新性强、示 范性好、具有产业化发展潜力的商业航天项目向基金推送，基金以市场化方式自主决策。（国家航天局 网站） ...

国家航天局印发《国家航天局推进商业航天高质量安全发展行动计划（2025—2027年）》。其中提到， 完善商业航天法规政策体系。加快推进国家航天法立法，明确商业航天在国家航天发展中的地位作用， 保障商业航天健康可持续发展。针对空间碎片减缓与防护、特定航天产品及技术出口项目审批、航天国 际合作、航天发射许可管理、空间物体登记管理、空间科学数据开放共享、月球及其他天体保护、太空 交通管理、航天发射场管理等重点领域，加快出台相关法规政策文件。推动运载火箭、航天器、卫星数 据、试验设备设施等资产确权，保护商业航天主体权益。完善商业航天市场准入机制，建立市场准入负 面清单，合理调整相关从业资质规定，研制商业卫星的企业无需办理武器装备科研生产许可证。加强法 规政策宣介，提升政府服务效率。 ...

Market Performance - On November 25, the Shanghai Composite Index rose by 0.87%, the Shenzhen Component Index increased by 1.53%, and the ChiNext Index gained 1.77% [2] - A total of 53 stocks appeared on the "Dragon and Tiger List" due to significant trading activity, with the highest net inflow of funds recorded for Guangku Technology (300620.SZ) at 459 million yuan [2][4] Stock Highlights - Guangku Technology saw a closing price increase of 20% with a turnover rate of 19.11%, and it accounted for 7.01% of the total trading volume [4] - Other notable stocks included Huhua Technology (10.01% increase, net buy of 311.1 million yuan), Changmi Huaxin (20% increase, net buy of 176.71 million yuan), and Aerospace Development (3.37% increase, net buy of 153.71 million yuan) [4][6] Institutional Activity - Institutions were active in 34 stocks, with a total net buy of 240 million yuan, evenly split between net buys and net sells [5][12] - The stock with the highest institutional net buy was Aerospace Development, which closed up 3.37% [6] Northbound Capital - Northbound funds participated in 19 stocks, with a total net buy of 154 million yuan, including a net buy of 119 million yuan for Changguang Huaxin (688048.SH) [9] - The stock with the highest net sell by northbound funds was Giant Network (002558.SZ), with a net sell of 288 million yuan, despite a closing increase of 9.99% [9][12] Divergence in Institutional and Northbound Activity - There were discrepancies between institutional and northbound fund activities in several stocks, such as Huhua Technology and Giant Network, where institutions sold while northbound funds bought [12]