Xin Lang Cai Jing·2025-12-25 02:12Core Viewpoint - The Chinese military industry is experiencing significant growth driven by a new model of "domestic demand foundation, foreign trade expansion, and civilian backfeeding," leading to a more sustainable and diversified growth momentum [2][5]. Group 1: Market Activity - On December 25, military stocks remained active, with the popular military ETF Huabao (512810) rising over 1%, reaching a three-and-a-half-month high [1][4]. - The commercial aerospace sector led the gains, with Zhenlei Technology soaring nearly 14% to a record high, while China Satellite and Liujiu 12 both increased by over 7% [1][4]. Group 2: Industry Developments - On December 24, China's Long March rocket set a new record with "three launches in one day," successfully completing the launch of 15 low-orbit satellite internet satellites, the Remote Sensing 47 satellite, and the Communication Technology Test Satellite 22, indicating a significant enhancement in commercial aerospace launch capabilities [1][4]. - The AG600 full-state new configuration completed its maiden flight on December 15 and was selected as a major technological advancement at the China Aerospace Science and Technology Conference, further solidifying China's technological advantage in large special aircraft [1][4]. Group 3: Industry Insights - According to Industrial Securities, the commercialization of the aerospace industry is accelerating, with an increase in low-orbit satellite launches and advancements in commercial rocket technology, as leading companies move towards capital market entry [5]. - The domestic satellite production capacity is reaching a turning point with the upcoming launch of the Wenchang Super Factory, significantly enhancing satellite manufacturing capabilities [5]. - CITIC Securities noted that the military industry has evolved from relying on a single domestic demand to a tripartite driving force, focusing on "preparation for combat" and equipment modernization, with military trade expanding through cost-effectiveness and Belt and Road cooperation [2][5].