2 1 Shi Ji Jing Ji Bao Dao·2025-05-30 03:09Group 1 - The three major indices collectively retreated on May 20, with the General Aviation concept following suit, as the National General Aviation Industry Index (980076.SZ) experienced a drop of nearly 1% before recovering to a decline of 0.25% [1] - Among the index constituents, Shen Cheng Jiao and Digital Zheng Tong rose over 5%, while Hang Fa Control and Nan Wang Technology increased nearly 4% [1] - The General Aviation ETF (159230) fell nearly 1%, with a trading volume of 134 million yuan, making it the top performer in its category, and its latest circulation size is 267 million yuan [1] Group 2 - The General Aviation ETF closely tracks the National General Aviation Industry Index, focusing on the general aviation and low-altitude economy industry chain, with low-altitude economic content at 84.7%, defense and military content at 58.6%, and domestic large aircraft content at 47.4% [2] - Western Securities emphasizes the importance of monitoring domestic low and high orbit constellation progress, alongside breakthroughs in rocket technology and military communication as indirect catalysts [2] - The focus on low orbit includes the initial network completion of StarNet and Qianfan constellations, while high orbit attention is on the commercialized constellations of Tiantong and Beidou, with potential catalysts from new products or value-added services [2]