12月4日早盘，截至10点33分，航空航天 ETF（159227）现涨1.23%。成交额已达1.53亿元，稳居同 类第一。持仓股中，航天发展、航天电子涨停，中国卫星、航新科技、上海瀚讯等跟涨。航空航天 ETF（159227）最新份额达18.94亿份，最新规模21.48亿元，均创成立以来新高。 近日，"智绘星空胜算在天——太空数据中心建设工作推进会"在北京召开。据媒体报道，会上发布 了太空数据中心建设规划方案。预计到2030年，建成首个太空数据中心，具备为地面用户和卫星用户提 供规模化服务能力。计划到2035年，实现卫星大规模批量生产并组网发射，在轨对接建成大规模太空数 据中心。 国泰海通证券认为，国际环境日益复杂严峻，要打赢现代战争，既要有先进战机、导弹作为制胜手 段，又要有火箭弹等高效费比装备支撑持久消耗，还要有可靠的通信指挥体系为保障。加大国防投入是 必选项，军工长期趋势向好，建议重点关注航空航天等装备建设领域重点板块及卫星互联网等前沿热 点。 航空航天ETF（159227）紧密跟踪国证航天指数，指数高集中度覆盖中国军工领域核心公司，涵盖 大飞机、低空经济等新业态。指数申万一级行业中军工行业占比达98.2 ...

| 序号 | 代码 | 名称 | 现价 | 涨跌幅 | | --- | --- | --- | --- | --- | | 1 | 600879 | 航天电子 | 12.47 | 9.96% | | 2 | 600118 | 中国卫星 | 44.70 | 6.96% | | 3 | 300455 | 航天智装 | 28.11 | 7.13% | | 4 | 300762 | 上海瀚讯 | 32.33 | 6.00% | | ട | 688270 | 臻镭科技 | 70.08 | 4.39% | | 6 | 300342 | 天银机电 | 20.69 | 4.02% | | 7 | 688027 | 国青子 | 451.61 | 3.60% | | 8 | 002544 | 普天科技 | 28.94 | 3.43% | | 9 | 601698 | 中国卫通 | 21.41 | 3.33% | | 10 | 688066 | 航天宏图 | 28.17 | 2.96% | 12月24日，卫星ETF（159206）盘中震荡走强，涨超2%。成分股航天电子(600879)涨停，中国卫星 (600118)、航天智装(30 ...

Market Overview - The market experienced a collective slight decline, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index falling by 0.51%, 0.78%, and 1.12% respectively, as over 3,800 stocks declined and more than 1,400 stocks rose [3] Aerospace Industry - The Zhuque-3 rocket successfully entered orbit but failed its recovery test, which was highly anticipated as a milestone for China's space program, potentially making it the second country after the U.S. to master reusable rocket technology [6][7] - Following the recovery failure, the aerospace sector saw a decline, with stocks like Superjet Co., Qianzhao Optoelectronics, and others experiencing significant drops, while Shanghai Hanxun surged, leading to a partial rebound in the sector [8][9] Consumer Sector - Xiangpiaopiao saw a sudden surge, hitting the daily limit after two rounds of increases, attributed to its popular advertising slogan and the current market trend favoring abstract concepts amid a lack of strong mainstream themes [13][14] - Hebai Group experienced a direct rise in the morning but fell back by the end of the day, closing up 5.42%, driven by the popularity of its products in Guangde, which has sparked a cross-province consumption trend [16] AI and Technology - Zhaoxin Co. announced a new product line related to AI smartphones, but the products were merely cleaning agents, leading to skepticism about the company's marketing strategy [19]

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； ...

12月3日，A股震荡调整。截至收盘，上证指数跌0.51%，深证成指跌0.78%，创业板指跌1.12%。全市场成交额16836亿元，较上一交易日增加763亿元。 从盘面上看，同花顺（300033）数据显示，培育钻石、煤炭开采加工、风电设备板块涨幅居前；快手概念、小红书概念、智谱AI等跌幅居前。 商业航天板块今日反复异动。热门股航天动力（600343）盘中表现跌宕，上午一度上演 "地天板"；午后突然"炸板"，后虽再次回封涨停，却未能保持。 截至收盘，航天动力涨6.46%。 消息面上，据新华社报道，12月3日，朱雀三号遥一运载火箭在东风商业航天创新试验区发射升空，按程序完成了飞行任务，火箭二级进入预定轨道。此 次任务同时开展了火箭一级回收验证，但过程中发生异常燃烧，未实现在回收场坪的软着陆，回收试验失败，具体原因正在进一步分析排查。 商业航天板块盘中异动 今日，商业航天概念股表现活跃，龙洲股份（002682）、银河电子（002519）等涨停。午后，上海瀚讯（300762）直线拉升，一度触及"20CM"涨停，截 至收盘上涨10.03%。 | 商业航天 ① | | | --- | --- | | 1899.50 -1. ...

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].

东方证券表示，今年来我国卫星组网进度不断加快，卫星发射频次显著增加；同时民营火箭公司快速崛 起，多家公司进入上市辅导阶段，新火箭研发和可回收技术不断推进。我们认为在政策与资金的双重驱 动下，我国商业航天正迎来发展拐点，火箭与卫星端有望协同共振。 12月3日午后，航空航天ETF（159227）回落后再度拉升，截止13点14分，跌幅收窄至0.17%，成交额达 2.16亿元，稳居同类第一，持仓股上海瀚讯涨超15%，航天发展涨超6%，广联航空、中国卫星、钢研高 纳、航新科技、航宇科技等股跟涨。航空航天ETF最新规模达21.26亿元，为全市场规模最大的航天类 ETF。 消息面上，2025年12月3日中午，蓝箭航天朱雀三号运载火箭从酒泉成功发射，一二级分离正常，二级 成功将载荷送入预定轨道，任务主线达成，但遗憾的是，备受关注的一级火箭垂直回收失败，此次发射 虽未实现"完美回收"，但成功入轨已是中国商业航天向可复用时代迈出的关键一步。 航空航天ETF（159227）紧密跟踪国证航天指数，申万一级军工行业占比高达98.2%，堪称全市场"军工 纯度"最高的指数，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，成分股精 ...

MACD金叉信号形成，这些股涨势不错！ 格隆汇12月3日｜A股卫星导航板块短线跳水后快速反弹，上海瀚讯直线涨停创历史新高，上海沪工、陕西华达、华测导航、航天发展、航天智装、天银机 电等跟涨。 ...

中国经济网北京12月2日讯 上海瀚讯(300762.SZ)日前发布了2025年三季度报告。 2025年前三季度，公司营业收入3.05亿元，同比增长72.72%；归属于上市公司股东的净利 润-4815.76万元，上年同期为-9129.53万元；归属于上市公司股东的扣除非经常性损益的净利润-6719.45 万元，上年同期为-1.01亿元；经营活动产生的现金流量净额-1.42亿元，上年同期为-2.26亿元。 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入(元) | 131, 106, 843. 50 | 86.92% | 304,606,055.23 | 72. 72% | | 归属于上市公司股东 的净利润(元) | -19.517,108.33 | 50. 27% | -48.157.608.87 | 47.25% | | 归属于上市公司股东 的扣除非经常性损益 | -27, 407, 536. 06 | 35.17% | -67, 194, 522, ...

Core Insights - The military electronics sector experienced a rise of 2.08% on November 28, with Hongda Electronics leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Funding Flow Analysis - The military electronics sector saw a net inflow of 1.754 billion yuan from main funds, while retail investors experienced a net outflow of 1.034 billion yuan [2] - Key stocks in the military electronics sector showed varied funding flows, with Aerospace Development receiving a net inflow of 933 million yuan, representing 18.04% of the main fund's total [2] - Other notable stocks include: - Leike Defense with a net inflow of 334 million yuan (16.50%) - Aiguang Technology with a net inflow of 239 million yuan (11.63%) - Qiyi with a net inflow of 156 million yuan (20.45%) [2]