商业航天概念股"一飞冲天"！ 这两天，A股商业航天板块上演集体狂欢，二十多只个股涨停或涨超10%，中国W星、九D新材、合Z思壮等公司纷纷封板。 商业航天概念的火爆场面让投资者惊叹不已——年内商业航天指数累计上涨近五成，数十只个股股价翻倍。 这不仅仅是资本市场的一时狂欢。 据中关村领创商业航天产业发展联盟发布的《中国商业航天产业发展报告（2025）》显示，我国商业航天已从技术验证期，迈入规模化、商业化的新阶 段。 01 狂热的市场 过去一周，商业航天板块成为A股最耀眼的明星。从火箭结构件到卫星测试系统，从特种线缆到关键材料，上下游链条几乎全线被资金"点名"。 | 1:30 @ C F O N | | | @ | | | --- | --- | --- | --- | --- | | < W | | 板块跟踪 | | 10 | | 概念 | 行业 | 地域 | 风格 | 核心 | | 列表 ⇌ | | | 按今日 涨跌幅排序 | | | 商业航天 | 大飞机 | 氏空经济 | 航母 | 卫星互联 | | +4.99% | +4.98% | -3.95% | +3.86% | +3.86% | | 卫星导航 | 通 ...

每经AI快讯，12月23日，卫星互联网指数盘中出现明显调整，成分股多数走低。天银机电、中国卫 通、华力创通、航天宏图、航天电子跌幅居前，分别下跌4.54%、3.90%、3.72%、3.67%和3.45%。 （文章来源：每日经济新闻） ...

（文章来源：每日经济新闻） 每经AI快讯，12月22日，卫星互联网指数强势拉升，北斗星通、中国卫星涨停，菲利华涨6.82%，天银 机电涨5.70%，华力创通涨4.32%。 ...

12月22日，华力创通盘中上涨4.88%，截至09:35，报25.98元/股，成交5.69亿元，换手率4.22%，总市值 172.16亿元。 资金流向方面，主力资金净流入70.97万元，特大单买入1799.05万元，占比3.16%，卖出1127.48万元， 占比1.98%；大单买入3613.48万元，占比6.35%，卖出4214.07万元，占比7.40%。 华力创通今年以来股价涨24.37%，近5个交易日涨5.78%，近20日涨13.25%，近60日涨16.66%。 分红方面，华力创通A股上市后累计派现9780.73万元。近三年，累计派现0.00元。 机构持仓方面，截止2025年9月30日，华力创通十大流通股东中，国泰中证军工ETF（512660）位居第 四大流通股东，持股516.92万股，相比上期减少96.81万股。南方中证1000ETF（512100）位居第五大流 通股东，持股484.94万股，相比上期减少5.20万股。香港中央结算有限公司位居第七大流通股东，持股 322.46万股，相比上期减少129.41万股。华夏中证1000ETF（159845）位居第八大流通股东，持股 288.10万股，相比上期减少 ...

Group 1 - The commercial aerospace sector is experiencing a strong resurgence, with companies like Shenjian Co. achieving three consecutive trading limit increases, and Guojijiangong achieving two consecutive trading limit increases [1] - Beidouxingtong reached the trading limit, while other companies such as Taigang Stainless Steel, Mengsheng Electronics, Chengdu Huamei, Shanghai Port Bay, and Huali Chuantong saw their stock prices rise over 5% [1] - A significant event reported by CCTV News indicates that on December 20, 2025, at 20:30, China will successfully launch the Communication Technology Test Satellite No. 23 using the Long March 5 rocket from the Wenchang Space Launch Site, marking a successful mission with the satellite entering its designated orbit [1]

华西证券（002926）发布研报称，当前时点，面临全球地缘政治冲突、中美科技博弈、海外对AI投资 的疑问，预计市场仍将保持震荡，板块建议相对谨慎，中性配置。中长期仍坚定看好AI国产算力及光 模块等相关设备商、6G产业趋势、国产替代、自主可控以及军工等产业趋势及行业成长，从而催化包 括国产算力、光网升级、算力租赁、卫星通信、通信军工以及6G等市场机会。 华西证券主要观点如下： 根据C114通信网资讯，12月15日《信息光子技术发展与应用研究报告（2025年）》正式发布。报告指 出，空芯光纤具有低时延、宽频谱、低损耗和低非线性效应等优势，是解决传统光纤物理瓶颈的颠覆性 方案。当前时点，空芯光纤处于快速迭代演进的关键窗口期。 该行认为，空心光纤仍处于商业化前期，但是其时延低、宽频谱、低损耗等特性在AI大模型连接应用 需求有望逐渐起量，其多重潜力价值凸显，包括内部互联、城域数据中心互联以及广域互联均具备明显 优势。相关受益标的包括长飞光纤（601869）、亨通光电（600487）、烽火通信（600498）、中天科技 （600522）等。 投资建议 卫星通信、卫星物联网相关受益标的：芯片及T/R组件相关产业受益标的包括 ...

截至12月10日，华力创通股东户数9.85万，较上期增加5.41%；人均流通股5244股，较上期减少5.13%。 2025年1月-9月，华力创通实现营业收入5.64亿元，同比增长26.32%；归母净利润938.81万元，同比增长 132.60%。 融券方面，华力创通12月19日融券偿还3600.00股，融券卖出1.20万股，按当日收盘价计算，卖出金额 29.72万元；融券余量12.99万股，融券余额321.76万元，超过近一年90%分位水平，处于高位。 机构持仓方面，截止2025年9月30日，华力创通十大流通股东中，国泰中证军工ETF（512660）位居第 四大流通股东，持股516.92万股，相比上期减少96.81万股。南方中证1000ETF（512100）位居第五大流 通股东，持股484.94万股，相比上期减少5.20万股。香港中央结算有限公司位居第七大流通股东，持股 322.46万股，相比上期减少129.41万股。华夏中证1000ETF（159845）位居第八大流通股东，持股 288.10万股，相比上期减少5900.00股。广发中证军工ETF（512680）位居第九大流通股东，持股284.75 万股，为新 ...

Core Insights - Since 2020, global rocket launches have reached record highs for three consecutive years, indicating unprecedented activity in the aerospace sector [1] - China's low Earth orbit (LEO) satellite construction is lagging behind high orbit high-throughput satellites, with the Tian Tong-1 satellite being a mature GEO satellite constellation widely used across various industries [1] - The formal networking of two major satellite constellations (GW and G60) in 2024 marks the beginning of a new era of regular satellite deployment, with expectations for a rapid increase in industry scale as domestic satellite internet construction progresses [1] Industry Analysis - **Satellite Manufacturing Sector**: The construction of LEO satellite constellations is entering a high-frequency launch phase, leading to a surge in orders for satellite platforms and payload manufacturers, with urgent capacity expansion needs [2] - **Rocket Launch Sector**: There is a significant increase in demand for commercial space launches, with low-cost and high-frequency launch capabilities becoming core competitive advantages, presenting development opportunities for private rocket companies [2] - **Ground Equipment Sector**: There is a growing demand for satellite terminals, base stations, and chips, with a broad market space for user-side equipment and an accelerated process of domestic substitution [2] - **Operational Services Sector**: Satellite communication operators are expected to obtain licenses and commence commercial services, potentially opening up incremental markets in maritime, aviation, and IoT sectors [2] Listed Companies Overview - **China Satellite (600118)**: A core listed platform under the Aerospace Science and Technology Corporation, with capabilities in the development and mass production of small and micro satellites, deeply involved in national satellite internet projects [3] - **Aerospace Electric (002025)**: A leading manufacturer of high-end electronic components, with products including connectors and relays widely used in satellite and rocket control systems [3] - **Chengchang Technology (001270)**: A core supplier of phased array T/R chips, which are essential components for satellite communication antennas, characterized by high technical barriers [3] - **Huali Chuantong (300045)**: An early player in satellite communication baseband chips and terminal products, successfully developed the "Tian Tong-1" satellite phone, and participated in multiple national projects [3] - **Mengsheng Electronics (688311)**: Focused on satellite navigation and communication terminal equipment, with applications in both defense and civilian sectors, showcasing strong technical capabilities [3] - **Beidou Xingtong (002151)**: Extends from Beidou chips to comprehensive satellite internet services, providing integrated solutions for high-precision positioning and communication [3]

Core Viewpoint - The A-share market shows a divergence with the Shanghai Composite Index slightly rising while the ChiNext Index declines, driven by strong performances in the aerospace and satellite internet sectors, particularly through the General Aviation ETF Huabao (159231) which rose by 2.03% [1][8]. Group 1: Market Performance - The General Aviation ETF Huabao (159231) has shown a strong technical pattern, breaking above all moving averages and forming a "one bullish engulfing candle covering two bearish candles" pattern, indicating a potential key phase in its upward movement [1]. - Among the 50 constituent stocks, 70% experienced gains, with Tianyin Electromechanical hitting a 20% limit up at one point and closing up by 16.53%, while Aerospace Huanyu and Zhongke Xingtong rose by over 14% and 10% respectively [3][9]. Group 2: Commercial Aerospace Insights - A report from Huaxi Securities indicates a significant cost restructuring in the global commercial aerospace launch sector, where traditional rockets have hardware manufacturing costs constituting about 67%, while emerging commercial rockets reduce this to around 24% through reusable designs, creating a sustainable model [4][9]. - Companies like SpaceX have established a continuous optimization model characterized by increased reuse, higher launch frequency, and reduced unit costs, while Chinese commercial aerospace firms are making rapid technological advancements and cost reductions [4][9]. Group 3: Satellite Industry Developments - According to a report from Kaiyuan Securities, low Earth orbit satellite constellations are becoming a new battleground for major powers, with the satellite industry market space targeting trillions, as the competition for frequency resources accelerates the transition from the "investment incubation period" to the "profit realization period" [5][10]. - The satellite manufacturing and launch segments of the supply chain are expected to benefit first from this peak in network formation, indicating a favorable environment for investment in the satellite industry [5][10]. Group 4: General Aviation ETF Overview - The General Aviation ETF Huabao (159231) and its linked funds comprehensively cover 50 constituent stocks across various sectors, including low-altitude economy, large aircraft, military aircraft, commercial aerospace, satellite navigation, and drones, with the aerospace sector accounting for over 37% of the index [6][11]. - The ETF is positioned as a strategic tool for investing in the Chinese aerospace industry chain, focusing on technological barriers and core commercial aspects, benefiting from both domestic demand and military trade [6][11].

Group 1 - The core viewpoint of the news is that Huali Chuangtong's stock price increased by 5.11% to 25.71 CNY per share, with a trading volume of 889 million CNY and a turnover rate of 6.87%, resulting in a total market capitalization of 17.037 billion CNY [1] - Huali Chuangtong, established on June 1, 2001, and listed on January 20, 2010, is based in Beijing and operates in various sectors including satellite navigation systems, radar simulation testing equipment, broadband signal recording and generation, general signal processing platforms, and urban rail transit equipment [1] - The company's main business revenue composition includes satellite applications (48.32%), electromechanical simulation testing (21.90%), simulation application integration (12.01%), radar signal processing (10.70%), agency and others (5.77%), and rail transit applications (1.30%) [1] Group 2 - Among the top ten circulating shareholders of Huali Chuangtong, a fund under Southern Fund holds a position, specifically the Southern CSI 1000 ETF (512100), which reduced its holdings by 52,000 shares in the third quarter, now holding 4.8494 million shares, accounting for 0.94% of circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion CNY, achieving a year-to-date return of 23.99% and a one-year return of 20.22% [2]