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 ...

12月26日，华力创通涨6.67%，截至发稿，报28.16元/股，成交2.92亿元，换手率2.05%，总市值186.61 亿元。 资料显示，北京华力创通科技股份有限公司位于北京市海淀区东北旺西路8号院乙18号楼，成立日期 2001年6月1日，上市日期2010年1月20日，公司主营业务涉及卫星导航系统应用,雷达模拟测试设备、宽 带信号记录与发生器、通用信号处理平台,机电系统的计算机仿真测试平台以及计算机仿真应用开发仿 真测试等多元化业务;城市轨道交通装备业务。主营业务收入构成为：卫星应用48.32%，机电仿真测试 21.90%，仿真应用集成12.01%，雷达信号处理10.70%，代理及其他5.77%，轨道交通应用1.30%。 从基金十大重仓股角度 数据显示，易方达基金旗下1只基金重仓华力创通。易方达国证通用航空产业ETF（159255）三季度持 有股数11.72万股，占基金净值比例为2.91%，位居第六大重仓股。根据测算，今日浮盈赚取约20.63万 元。 易方达国证通用航空产业ETF（159255）成立日期2025年7月25日，最新规模9191.86万。成立以来收益 9.25%。 截至发稿，张泽峰累计任职时间1 ...

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]

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]

Core Viewpoint - The current market is expected to remain volatile due to global geopolitical conflicts, the US-China technology rivalry, and uncertainties regarding overseas AI investments, leading to a cautious and neutral allocation strategy. However, there is a long-term optimistic outlook on domestic AI computing power, optical modules, 6G industry trends, domestic substitution, self-control, and military industry growth, which could catalyze market opportunities in various sectors [1]. Group 1: Space Infrastructure and Satellite Communication - The space infrastructure competition is accelerating industry development, with the US government emphasizing the importance of maintaining "space superiority" through increased R&D and private sector investment. This sector is seen as a critical area in the US-China rivalry, with the domestic satellite constellation launches and commercial space development expected to expand market size [2]. - The issuance of satellite internet licenses in China marks a significant step towards commercial operation, which is anticipated to drive the entire industry chain towards large-scale acceleration. The development of satellite internet is progressing rapidly, with regular satellite launches expected to enhance communication capacity and reduce latency [2]. Group 2: Hollow Core Fiber and AI Applications - The demand for hollow core fibers is expected to benefit from AI catalysis, as these fibers offer low latency, wide spectrum, low loss, and low nonlinearity, addressing the physical limitations of traditional fibers. The current phase is critical for the rapid iteration and evolution of hollow core fibers, which are still in the early stages of commercialization [3]. - The unique characteristics of hollow core fibers are projected to meet the growing demands of AI large model applications, highlighting their potential value in internal interconnections, metropolitan data center interconnections, and wide-area interconnections. Beneficiary companies include Yangtze Optical Fibre (601869), Hengtong Optic-Electric (600487), FiberHome Technologies (600498), and Zhongtian Technology (600522) [3]. Group 3: Investment Recommendations - Beneficiary stocks in satellite communication and satellite IoT include companies involved in chip and T/R component industries such as Chengchang Technology, Guobo Electronics, Zhenlei Technology, Shanghai Huanxun, and Xinke Mobile. The terminal antenna supply chain includes Chengchang Technology, Tongyu Communication, Guobo Electronics, and Zhaoshengwei (300782) [4]. - Key players in terminal chips and core networks include China Mobile (600941), China Unicom (600050), China Telecom (601728), Haige Communication (002465), Huali Chuantong (300045), and Zhenyou Technology. Testing instrument companies include Kunheng Shunwei and Chuangyuan Xinke [4].

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]