China Spacesat(SH:600118) Xin Lang Cai Jing·2025-12-25 05:16Core Viewpoint - The aerospace and satellite internet sectors are experiencing significant growth, driven by strong policy support and market demand for commercial space applications [1][3][8]. Group 1: Market Performance - On December 25, aerospace and satellite internet stocks surged, with Guanglian Aviation Electric hitting a 20% limit up, and China Satellite rising by 7% after a previous limit up [1][5]. - The General Aviation ETF Huabao (159231) saw a price increase of 3.11% and recorded a net subscription of 2 million units during trading [1][6]. Group 2: Industry Developments - The Third China Commercial Aerospace Development Conference was held on December 24, where the Commercial Aerospace Industry Alliance Innovation Fund was launched, with an initial issuance scale of 1 to 2 billion, aiming to expand to 10 billion in the future [8]. - The fund will focus on low-orbit satellite constellations, satellite internet, reusable launch vehicles, and emerging space services, with a target of achieving approximately 70% project exits [8]. Group 3: Strategic Insights - Xiangcai Securities highlighted that the upgrade of the "Aerospace Power" strategy to a national blueprint marks a historic turning point for the industry, with significant downstream application demand for satellite internet constellations [3][8]. - The General Aviation ETF Huabao and its linked funds cover 50 constituent stocks across various sectors, including low-altitude economy, large aircraft, and commercial aerospace, with over 37% of the index focused on the aerospace industry [9].