太空算力开启商业航天盈利新纪元 ，航空航天 ETF（159227）规模创新高

Core Viewpoint - The aerospace ETF (159227) has reached a new high in both scale and shares, indicating strong market performance and investor interest in the aerospace sector [1] Group 1: ETF Performance - As of November 14, the aerospace ETF (159227) saw an intraday increase of 0.27% with a transaction volume of 1.26 billion yuan, maintaining its position as the leading ETF in its category [1] - The latest scale of the aerospace ETF is 2.009 billion yuan, with 1.799 billion shares, both reaching new highs since its inception [1] Group 2: Space Computing Development - Space computing is identified as the latest breakthrough in satellite applications, with the domestic three-body computing constellation led by Zhijiang Laboratory having launched 12 satellites, achieving a total computing power of 5 POPS [1] - The constellation aims to complete the deployment of over 50 satellites by 2025 and reach a scale of 1,000 satellites by around 2030, with a total computing power of 1,000 P once fully established [1] Group 3: Commercial Aerospace Profitability - Huaxi Securities believes that the characteristics of space computing, such as "low cost, abundant resources, and vast space," provide a stable and long-term profit model for commercial aerospace [1] - With advancements in technology and decreasing costs, the application scenarios for commercial aerospace are expected to increase, leading to more stable and sustainable profit models [1] Group 4: ETF Composition - The aerospace ETF (159227) tracks the Guozheng Aerospace Index and has a deep layout in the aerospace industry chain [1] - The constituent stocks cover emerging fields such as large aircraft manufacturing, low-altitude economy, and commercial aerospace, aligning closely with the development direction of new productive forces [1]