（来源：淘金ETF） 1. 中国卫通（601698） 作为卫星通信运营国家队，手握稀缺轨位与频谱资源，是商业航天从上天到变现的关键枢纽。在低轨星 座加速组网、手机直连卫星需求爆发的背景下，卫星通信运营与数据服务成为核心增长极。凭借完整地 面站网络与高通量卫星资源，深度绑定国家星网工程，承接卫星互联网、应急通信、偏远地区覆盖等核 心订单，现金流稳定且可持续。随着商业航天规模化落地，卫星运维、数据分发、行业应用需求持续释 放，叠加政策对卫星互联网的战略支持，长期成长逻辑清晰。在空天地一体化建设浪潮中，凭借资源壁 垒与运营优势，成为商业航天运营端最具确定性的核心标的，业绩与估值具备向上空间。 2. 中国卫星（600118） 深耕卫星研制与应用全产业链，覆盖通信、导航、遥感等多领域卫星制造，是商业航天卫星制造端的核 心力量。随着低轨星座建设进入高峰期，微小卫星批量发射需求激增，卫星总装与核心部件配套迎来爆 发式增长。依托航天科技集团技术与资源优势，在卫星平台、载荷研发、总装测试等环节具备深厚积 累，深度参与国家重大航天工程与商业卫星项目。同时积极布局卫星应用服务，构建"制造+运营+数 据"闭环，拓展行业应用场景。在商 ...

格隆汇2月24日丨航发控制(000738.SZ)在投资者互动平台表示，在航天领域，公司根据客户需要有提供 相关弹用动力控制装置、空间站相关产品。暂不涉及火箭、卫星业务。 ...

格隆汇2月24日丨航发控制(000738.SZ)在互动平台表示，公司不涉及SPACE X项目，无火箭发射业务。 ...

格隆汇2月24日丨航发控制(000738.SZ)在互动平台表示，公司业务目前不涉及火箭回收业务。未来公司 会进一步深化控制系统核心技术优势的外延应用，加大技术同源、产业同根相关新兴产业拓展，培 育"第二增长曲线"。 ...

格隆汇2月24日｜航发控制在互动平台表示，CJ-1000A是我国自主研制的首款民用大涵道比涡扇发动 机，是对标国际第五代民用航空发动机水平研制的，代表了民用航空发动机国际先进水平。作为国产商 用发动机产业链重要配套单位，公司将长江发动机配套研制任务列为"十五五"重点项目，凝聚优势资 源，以配合主机取证为导向，加严项目过程管控，加大关键验证设备条件保障力度，加快建强适航体系 能力建设，推动项目任务高质量交付。 ...

航发控制在互动平台表示，CJ-1000A是我国自主研制的首款民用大涵道比涡扇发动机，是对标国际第 五代民用航空发动机水平研制的，代表了民用航空发动机国际先进水平。作为国产商用发动机产业链重 要配套单位，公司将长江发动机配套研制任务列为"十五五"重点项目，凝聚优势资源，以配合主机取证 为导向，加严项目过程管控，加大关键验证设备条件保障力度，加快建强适航体系能力建设，推动项目 任务高质量交付。 （文章来源：第一财经） ...

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [4] Core Insights - The focus is on increasing allocations in the large aircraft and military trade sectors, with expectations for growth in these areas due to geopolitical events and advancements in core technologies [8] - The large aircraft sector is expected to see accelerated development, particularly with the C919 aircraft, as key components are set to achieve certification and production targets [11][12] - Military trade is anticipated to benefit from heightened defense spending in the Middle East due to regional tensions, with expectations for increased market share for Chinese military exports [12] - The commercial aerospace sector is viewed positively for the first half of the year, despite recent adjustments and lower-than-expected launch activities [13] - Domestic demand in the military sector is expected to recover, with potential for exceeding current market pessimism as the "14th Five-Year Plan" progresses [14] Summary by Sections 1.1 Large Aircraft - The report highlights that the current market has low expectations for the large aircraft sector, particularly regarding the C919's delivery volumes. However, advancements in engine and onboard systems are expected to accelerate, potentially leading to a faster-than-expected development pace in the next two years [11][12] 1.2 Military Trade - The report notes that escalating tensions in the Middle East are likely to increase defense spending and military imports in the region. China's military trade share is expected to rise as countries diversify their defense procurement sources [12] 1.3 Commercial Aerospace - Despite recent adjustments in the commercial aerospace sector, the report maintains a positive outlook for investment opportunities in leading companies, particularly in satellite manufacturing and related technologies [13] 1.4 Domestic Military Demand - The report suggests that the market has been overly pessimistic regarding domestic demand recovery. It anticipates that as geopolitical uncertainties rise and the "14th Five-Year Plan" is implemented, demand in the military sector may recover faster than expected [14] 1.5 Investment Recommendations - The report recommends actively investing in core targets within the large aircraft and military trade sectors, while monitoring the commercial aerospace sector for potential catalysts. Specific companies are highlighted for investment consideration [16]

Market Overview - The three major indices collectively declined on the last trading day of the lunar year, with the Shanghai Composite Index falling by 1.26% to below 4100 points, the Shenzhen Component Index down by 1.28%, and the ChiNext Index down by 1.57% [3] - However, for the entire year, major indices saw significant gains, with the Shanghai Composite Index up by 25.28%, the Shenzhen Component Index up by 38.84%, and the ChiNext Index up by 58.73% [4] Industry Highlights Military Equipment Sector - The military equipment sector showed resilience, with stocks like Andavere hitting a 20% limit up, and other companies such as Aviation Power and Yaxing Anchor Chain also reaching their limit up [6] - Recent developments include the successful first flight of China's first electric vertical takeoff and landing aircraft, led by the China Aerospace Science and Technology Corporation [8] - Analysts suggest that the increasing complexity of the international environment necessitates advanced military equipment, indicating a long-term positive outlook for the military industry [9] AI Sector - Despite a downturn in the Hong Kong market, several AI concept stocks surged, with Zhizhu rising over 140% this week [10][11] - The launch of new AI models coinciding with the Lunar New Year is expected to attract significant consumer interest, marking a competitive "Spring Festival release season" [13] - The global AI agent market is rapidly expanding, with notable projects like OpenClaw gaining traction, indicating a shift towards more capable execution-type AI [13] Precious Metals Sector - The precious metals sector experienced a sharp decline, with significant drops in gold and silver prices, attributed to geopolitical factors and market volatility [15][16] - Recent reports indicate that algorithmic trading may have exacerbated the sell-off in precious metals, with profit-taking and margin calls contributing to the downturn [18]

Group 1 - The Xinhua 500 Index (989001) closed at 5266.19 points on February 13, with a decline of 1.28% [1] - The index experienced fluctuations, reaching a high of 5316.72 points and a low of 5263.41 points during the trading session [3] - The total trading volume of constituent stocks for the day was reported at 662.6 billion yuan [3] Group 2 - Among the constituent stocks, Hangfa Power reached the daily limit increase, while Hangfa Control and Enjie shares also saw significant gains [3] - Conversely, Zhongyuan Marine Energy led the decline with a drop of 9.50%, followed by Maiwei Shares and Hengtong Optic-Electric, which also experienced notable decreases [3]

Group 1 - Andavil's stock price increased by over 15% [1] - Other companies such as Hailanxin, Hangfa Control, Xinghuan Technology, Hangyu Technology, Guolian Aviation, and Tianyin Electromechanical also experienced gains [1]