Core Viewpoint - The new IPO regulations for commercial rocket companies have been implemented, leading to a significant surge in the commercial aerospace sector in the A-share market, with multiple companies experiencing substantial stock price increases [1][4]. Group 1: Market Performance - The commercial aerospace sector saw a collective rise, with notable stock performances: Chaojie Co. up by 16.96%, Guangwei Composites up by 14.37%, and other companies like Wu Zhi Machinery and Aerospace Hanyu also showing gains of over 13% [2][1]. - Year-to-date, the commercial aerospace sector index has surged over 71% [2]. Group 2: Regulatory Changes - On December 26, the Shanghai Stock Exchange released guidelines for the listing of commercial rocket companies on the Sci-Tech Innovation Board, detailing requirements for business scope, technological attributes, and milestone achievements [4][5]. - The guidelines emphasize the need for companies to demonstrate significant technological advantages and successful milestones in reusable rocket technology [5]. Group 3: Industry Context - The policy comes at a pivotal moment for China's commercial aerospace industry, with new generation reusable rockets like "Zhuque-3" and "Long March 12" set to complete critical tests by December 2025, indicating substantial technological advancements [7]. - The demand for launch capabilities is expected to grow due to large-scale satellite internet projects, such as "Guowang" and "G60 Starlink" [7]. Group 4: IPO Progress of Companies - Several companies are in various stages of IPO preparation, including Blue Arrow Aerospace, which has completed its IPO counseling with an estimated valuation of around 22 billion yuan, and Tianbing Technology, which is currently in counseling with an estimated valuation of 22.5 billion yuan [8][7]. - Other companies like Xinghe Power and Zhongke Aerospace are also in the counseling phase, indicating a robust pipeline for future IPOs in the commercial aerospace sector [8]. Group 5: Industry Chain Beneficiaries - The refined IPO standards and accelerated capital processes are expected to benefit companies within the commercial rocket supply chain, particularly those with stable partnerships and the ability to supply key components [11][9]. - Short-term market sentiment may focus on sectors like rocket structural components, engine materials, and aerospace electronics, while long-term beneficiaries are likely to be those with established production capabilities [11].

记者丨金珊 编辑丨吴桂兴 12月29日，早盘A股三大指数涨跌不一，创业板指翻红后再度回落， 截至午间收盘，沪指涨0.31%，深成指涨0.03%，创业板指跌0.32%。 沪 深两市半日成交额1.4万亿，较上个交易日缩量578亿， 全市场超3400只个股下跌。 中泰证券认为，未来两年全球有望进入商业航天产业爆发期，技术迭代加速，发射服务、卫星组网等航天任务需求有望加速释放。中国商业航 天正跨越由"探索验证"迈向"成长爆发"的关键拐点。展望未来，随着政策与产业体系逐步完善，我国商业航天的火箭高频发射能力与卫星规模 化批产能力有望显著增强。 贵金属 板块盘中震荡走强，白银方向领涨，白银有色、湖南白银涨停，兴业银锡、盛达资源、恒邦股份等跟涨。消息面上，沪银主力合约日内 涨超8%，现货白银日内一度涨超5%，盘中均刷新历史高点。 具体板块来看， 商业航天 概念延续强势，10余只成分股涨停，其中神剑股份8连板，金风科技、雷科防务等涨停。 消息面上，12月26日，上 交所公布《上海证券交易所发行上市审核规则适用指引第9号——商业火箭企业适用科创板第五套上市标准》，支持正处于大规模商业化关键 时期的商业火箭企业，适用第五套上市标 ...

每经AI快讯，12月29日，商业航天概念震荡走强，航天发展封涨停。超捷股份涨逾14%，斯瑞新材、雷 科防务等一批个股涨停。 （文章来源：每日经济新闻） ...

早盘，PEEK材料概念板块表现活跃。板块内1只个股涨停，恒勃股份20CM涨停，超捷股份涨超13%， 光威复材涨超10%。 | 代码 | 名称 | 相关 | 最新价 | র্ব | | --- | --- | --- | --- | --- | | | | | | 涨跌幅量 | | 301225 | 恒勃股份 | 详情 数据 股吧 | | 139.09 20.00% | | 301005 | 超舞股份 | 详情 数据 股吧 | | 155.22 13.30% | | 300699 | 光威复材 | 详情 数据 股吧 | 38.54 | 10.52% | | 300644 | 南京聚隆 | 详情 数据 股吧 | 36.74 | 7.36% | | 920247 | 华密新材 | 详情 数据 股吧 | 27.73 | 6.57% | | 920469 | 富恒新材 | 详情 数据 股吧 | 12.35 | 5.47% | | 002048 | 宁波华翔 | 详情 数据 股吧 | 30.32 | 4.99% | | 002324 | 普利特 | 详情 数据 股吧 | 15.52 | 4.79% | | 002562 ...

Group 1 - The core viewpoint of the news is that the military exercises conducted by the Eastern Theater Command of the People's Liberation Army have led to a significant rally in the A-share market, particularly in the defense sector stocks [1] - The military exercise named "Mission of Justice-2025" commenced on December 29, involving various military branches including the army, navy, air force, and rocket force, focusing on combat readiness and joint operations [1] - The exercise serves as a serious warning to "Taiwan independence" forces and external interference, emphasizing the necessity of safeguarding national sovereignty and unity [1] Group 2 - Several defense-related stocks experienced notable gains, with companies like Hengda Gaoxin, Zhongchao Holdings, Haige Communication, Chuanrun Co., and others hitting the daily limit up [2] - Specific stock performance includes Hengda Gaoxin rising by 10.07% with a market cap of 2.462 billion, and Zhongchao Holdings increasing by 10.06% with a market cap of 9.431 billion [2] - The overall trend indicates a strong performance in the defense sector, with many stocks showing significant year-to-date increases, such as Shenjian Co. with a 167.97% increase [2]

商业航天板块再度活跃，斯瑞新材、超捷股份、通宇通讯盘中创新高，神剑股份8连板，大业股份4连 板，泰尔股份3连板，中超控股2连板，中衡设计涨停，光威复材涨超15%，华丰科技、航天发展、航天 宏图、苏州高新、中简科技跟涨。 ...

近日，商业航空热度爆棚，成为资本市场及投研圈的"C位"。 券商中国记者注意到，仅过去一周，"商业航天"相关的深度研报及电话会议就已经井喷，不少券商联合多行业发布系列研报，通信、计算机、机械等分析师 纷纷"跨界"研究。记者在进门平台看到，仅近一周，就有26场主题的电话会议，一些热门会议参会人数破500人。 相关上市公司也获得机构热捧，券商中国记者注意到，本月以来有14家商业航天相关上市公司被机构调研，部分热门公司获得上百家机构关注。 电话会、研报井喷！分析师"肝到冒烟" 随着商业航天板块近期集体上涨，相关概念也成了投研圈的"顶流"。 多家上市公司被机构扎堆调研 数据显示，A股商业航天概念股中，有14家上市公司在本月受到机构调研，其中广联航空（300900）、超捷股份（301005）、菲利华（300395）等公司被超 50家机构扎堆调研。机构关注度较高的公司还包括斯瑞新材、电科数字（600850）、陕西华达（301517）、通宇通讯（002792）、航天南湖等。 例如，广联航空在12月24日接待开源证券、国海证券等机构调研。公司在调研中介绍，公司近期与文昌国际航天城签约合作，希望深度接入区域"火箭链、 卫星链、数 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The SW Machinery Equipment Index increased by 4.50% in the last week, ranking 6th among 31 primary industry categories, while the CSI 300 Index rose by 1.95% [3][13] - Year-to-date, the SW Machinery Equipment Index has risen by 39.84%, also ranking 6th, compared to an 18.36% increase in the CSI 300 Index [3][16] - The report highlights the urgency of launching reusable rockets to secure space resources, predicting that 2026 will be a pivotal year for reusable rocket launches [5][22] - The acquisition of a 43% stake in Fenglong by UBTECH is noted as a significant move in the humanoid robot sector, emphasizing the importance of capital market opportunities [5][30] Summary by Sections 1. Stock Portfolio - Recommended stocks include Chaojie Co., Bluelight, and Hengli Hydraulic [11] 2. Market Review - The SW Machinery Equipment Index's performance over the last week and year-to-date is detailed, showing significant growth compared to the broader market [3][16] 3. Core Insights Update 3.1 Urgency in Rocket Launches - The report discusses the competitive landscape of satellite launches, particularly focusing on SpaceX's Starlink and the need for China to enhance its commercial rocket capabilities [5][22][24] - The cost structure of rockets is analyzed, emphasizing the importance of reusable technology in reducing launch costs [27][29] 3.2 UBTECH's Acquisition of Fenglong - UBTECH's strategic acquisition is positioned as a move to strengthen its humanoid robotics capabilities, with a focus on mass production and cost efficiency [5][30] 4. Key Data Tracking 4.1 General Machinery - The general machinery sector is under pressure, with the PMI indicating a contraction [32] 4.2 Engineering Machinery - The engineering machinery sector is experiencing an upward trend, with excavator sales showing significant growth [41][43] 4.3 Railway Equipment - The railway equipment sector is stable, with consistent investment growth [49] 4.4 Shipbuilding - The shipbuilding sector is experiencing a slowdown, with new ship price indices showing a decline [52] 4.5 Oil Service Equipment - The oil service equipment sector is stabilizing, with positive developments in the Middle East [54] 4.6 Industrial Gases - The industrial gases sector is expected to benefit from improved steel profitability and increased demand [59] 4.7 Gas Turbines - The gas turbine sector is showing robust growth, with significant order increases reported [61]

Group 1 - The A-share index increased from 3300 to 3900 points, a 20% overall rise, while many retail investors experienced account shrinkage, highlighting a disparity between the index bull market and retail bear market [1] - The National Social Security Fund (NSSF) successfully identified 59 stocks that doubled in value, with 16 stocks rising over 200%, and the highest increase reaching 430% [1] - NSSF's holdings include Yongding Co., which saw a 430% increase, and other stocks like Chaojie Co. and Beifang Changlong with increases of 370% and 325% respectively, demonstrating NSSF's strategic focus on high-growth sectors [1][2] Group 2 - NSSF's investment strategy is characterized by a balanced approach, combining high-growth sectors with low-valuation defensive stocks, as evidenced by their significant investments in consumer leaders like Chengde Lulu and Gu Yue Long Shan [5] - In the technology sector, NSSF maintained substantial positions in companies like Transsion Holdings and Yilian Network, with a total market value exceeding 46.9 billion yuan, marking a 61% increase from the previous year [7][6] - NSSF's recent investments include 63 new positions in listed companies, with a focus on resource sectors and high-end manufacturing, reflecting a proactive stance on economic trends [10] Group 3 - Yongding Co.'s surge is driven by AI computing power in optical communication and energy superconductivity, with significant orders from international clients [2] - Chaojie Co. capitalized on the commercial aerospace and humanoid robot sectors, holding over 40% market share in rocket body structures [4] - NSSF's long-term investment strategy is evident in its continuous holdings in companies like Hualu Hengsheng for over 51 quarters, allowing it to benefit from corporate growth over time [11]

Market Overview - The market experienced a significant rebound during the last complete trading week of 2025, with key sectors such as CPO, liquid cooling servers, humanoid robots, and commercial aerospace witnessing strong surges [1][4] - Major stocks like Shenjian Co. and Haoshi Electromechanical achieved consecutive daily limits, indicating robust market performance [1][4] Index Performance - Major indices, including the Shanghai Composite, Shenzhen Component, and ChiNext, recorded consecutive gains, with the Shanghai Composite achieving an 8-day winning streak since December 17 [2][16] - Several sectors saw weekly gains exceeding 6%, with some sectors showing even higher increases since their lows on November 24 [2][16] Leading Sectors - Key sectors leading the market include: - Hainan Free Trade Zone: 9.08% weekly increase, 9.20% since November 24 - Storage Chips: 13.87% increase since November 24 - Liquid Cooling Servers: 5.66% weekly increase, 12.71% since November 24 - CPO: 12.11% increase since November 24 - Humanoid Robots: 4.57% weekly increase [3][17] Policy and Funding Support - The National Venture Capital Guidance Fund officially launched on December 26, focusing on artificial intelligence and 6G technologies, with initial regional funds exceeding 500 billion [4][18] - The Jiangxi Province's "Artificial Intelligence+" action plan aims for a computing service scale of 5000 PFlops by 2030, further stimulating the computing sector [4][18] Commercial Aerospace Developments - The commercial aerospace sector has seen numerous catalytic events, including the release of a report indicating 325 global space launches and 4026 satellites in orbit, with China contributing significantly [5][18] - The Commercial Aerospace Industry Alliance's innovation fund has been initiated, with an initial scale of 10-20 billion, aiming to expand to 100 billion [5][18] Humanoid Robots Sector - The humanoid robot sector has seen a resurgence, with a weekly increase of over 4% and nearly 10% since November 24 [8][21] - Notable stocks include: - Tianqi Co. with consecutive daily limits - Haoshi Electromechanical achieving historical highs - Chaojie Co. doubling in price over the past month [8][21] Capitalization and Market Events - Recent capital operations in the humanoid robot sector include a significant acquisition by leading company UBTECH, which plans to acquire approximately 43% of Fenglong Co. [9][22] - Additional events include the establishment of the Beijing Robotics Industry Association and the upcoming humanoid robot marathon in 2026 [9][22]