Core Viewpoint - The market is experiencing a narrow fluctuation with positive momentum in sectors like controllable nuclear fusion and commercial aerospace, while precious metals and film sectors are declining. The outlook for the market is optimistic due to favorable policy combinations established in recent significant meetings, suggesting a gradual unfolding of the year-end market rally [1]. Group 1: Sector Performance - The controllable nuclear fusion sector is showing strength, with companies like Wangzi New Materials and Xue Ren Group hitting the daily limit up, while Changfu Co. is also performing well. Other companies such as Aikesaibo and Hahan Huaton are following suit [2]. - The commercial aerospace concept is gaining traction, with Huati Technology achieving two consecutive limit ups, and companies like Xinke Mobile and Guanglian Aviation also seeing gains [1]. Group 2: Institutional Perspectives - Industrial Securities believes that the year-end market rally is likely to gradually unfold as consensus is sought, supported by a favorable environment for risk assets due to recent positive policy combinations [3]. - Guotai Junan is optimistic about the market's recovery, expecting active trading and a potential upward trend in the "transformation bull" market, particularly in technology, brokerage insurance, and consumer sectors [4]. - CITIC Securities indicates that the underlying logic of the bull market remains intact, with a new wave of market activity anticipated as adjustments have been largely completed, focusing on sectors like non-ferrous metals, AI computing power, and commercial aerospace [5].

商业航天板块近期持续活跃。12月19日盘初，板块内个股再度拉升，华体科技2连板，雪人集团、国 机精工涨停，航天智造涨超19%，优机股份、广联航空、 星辰科技、 航天智装等涨超10%。 | 代码 | 名称 | 涨幅％v | 现价 | | --- | --- | --- | --- | | 300446 | 航天智造 | +19.05% | 26.87 | | 920943 | 优机股份 | +17.11% | 30.19 | | 688387 | 信科移... | +17.26% | 10.60 | | 300900 广联航空 | | +11.28% | 27.13 | | 920885 星辰科技 | | +10.12% | 29.16 | | 300455 | 航天智装 | +10.22% | 28.68 | | 603679 | 华体科技 | +10.03% | 19.31 | | 002639 雪人集团 | | +10.01% | 20.34 | | 002046 | 国机精工 | +9.99% | 39.63 | | 002204 | 大连重工 | +9.48% | 7.85 | | 600468 | ...

Group 1 - The commercial aerospace sector in the A-share market continues to strengthen, with significant stock price increases for several companies, including Youji Co., which rose over 18%, and Xinke Mobile, which increased over 17% [1] - The upcoming period from December 2025 to early 2026 is expected to see a concentrated launch phase for reusable rockets in China's commercial aerospace sector, with private aerospace company Tianbing Technology's Tianlong-3 and the China Aerospace Science and Technology Corporation's Long March 12甲 both entering the countdown to launch [1] Group 2 - Notable stock performance includes: - Youji Co. with an 18.62% increase and a total market value of 3.105 billion [2] - Xinke Mobile with a 17.26% increase and a total market value of 36.2 billion [2] - Xingchen Technology with a 13.78% increase and a total market value of 5.147 billion [2] - Wanlong Optoelectronics with an 11.85% increase and a total market value of 3.436 billion [2] - Aerospace Intelligent Equipment with a 10.11% increase and a total market value of 20.6 billion [2]

证券日报网讯12月18日，广联航空（300900）在互动平台回答投资者提问时表示，公司在无人机领域已 构建从工装研发、零部件加工到整机结构制造的全链条生产交付能力，已为多款无人机批量供应核心结 构件，积累了丰富的大型无人机配套经验。公司依托全国性产业布局与稳定的客户合作生态，持续跟进 低空经济与无人机产业发展机遇。未来将持续强化核心制造优势，把握行业发展红利，实现公司价值。 ...

证券日报网讯12月18日，广联航空（300900）在互动平台回答投资者提问时表示，公司积极布局商业航 天高端装备制造领域，聚焦火箭结构件与卫星核心部件两大主线，已构建完善的技术体系与产业生态。 依托复合材料与精密制造核心优势，公司已业内企业建立稳定合作矩阵，目前已在执行部分商业航天订 单，涵盖火箭关键结构件、卫星核心部件等核心产品，正按客户要求稳步推进产品交付。同时，公司持 续对接行业优质需求，与多家潜在客户进行商务交流，相关合作洽谈正在有序推进中。未来将把握商业 航天爆发式增长机遇，深化产业链协同，持续拓展订单规模与客户群体，为投资者创造价值。 ...

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].

证券日报网讯12月18日，广联航空（300900）在互动平台回答投资者提问时表示，公司已在全国航空产 业重点区域构建覆盖广泛的产业支点网络，深度契合区域产业发展机遇。依托复合材料应用、大型精密 结构件制造等核心技术优势，公司已形成运载火箭关键结构件、卫星核心部件的全链条配套能力，为行 业标杆企业提供核心配套服务。未来公司将持续把握商业航天产业化红利，强化全产业链服务能力，为 资本市场创造长期价值。 ...

证券日报网讯12月18日，广联航空（300900）在互动平台回答投资者提问时表示，公司深耕航空航天高 端装备制造，在复合材料应用领域积累了深厚技术沉淀，可为航天装备提供符合严苛工况要求的核心配 套部件。公司将持续聚焦商业航天发展（000547）机遇，强化复合材料技术迭代与功能拓展，助力太空 探索装备升级。 ...

Group 1 - The company will continue to seize opportunities in the commercial aerospace development sector [1] - The company is actively seeking collaboration opportunities with outstanding enterprises in the industry [1] - The company aims to prudently assess various collaboration possibilities to achieve business synergy [1]

Core Viewpoint - The Chengfei concept stock increased by 1.59%, ranking 8th among concept sectors, with 28 stocks rising and notable gains from Beimo Gaoke, Guanglian Aviation, and Zhonghang Heavy Industry [1][5]. Market Performance - The Chengfei concept sector saw a net inflow of 348 million yuan, with 22 stocks receiving net inflows, and 6 stocks exceeding 50 million yuan in net inflow [2][6]. - The top net inflow stock was Zhonghang Heavy Industry, with a net inflow of 423 million yuan, followed by Huali Chuangtong and Beimo Gaoke [2][6]. Stock Performance - Notable gainers included Beimo Gaoke (10.01%), Guanglian Aviation (8.50%), and Zhonghang Heavy Industry (6.68%) [3][8]. - The stocks with the highest net inflow ratios were Beimo Gaoke (21.95%), *ST Zhisheng (17.45%), and Zhonghang Heavy Industry (16.56%) [3][7]. Decliners - The stocks with the largest declines included Shenling Environment (-3.96%), Aerospace Morning Light (-3.48%), and Guolan Testing (-2.31%) [1][5].