实践二十九号卫星成功发射，长征系列运载火箭2025年收官！通用航空ETF（159231）涨超2%刷新上市新高！

Core Viewpoint - The aerospace and satellite sectors are experiencing significant growth, with notable stock increases and successful satellite launches marking the end of 2025 [1][6]. Group 1: Market Performance - On the last trading day of 2025, stocks in the satellite and aerospace sectors surged, with notable gains: Aileda increased by over 17%, Beidou Star reached a 10% limit up, and Guanglian Aviation rose by over 9% [1][6]. - The General Aviation ETF Huabao (159231) saw a price increase of 2.32%, reaching a new high and achieving six consecutive days of gains, with a net subscription of 2 million shares during trading [1][6]. Group 2: Industry Developments - On December 31, 2025, China successfully launched the Practice-29 satellite using the Long March 7 carrier rocket, marking a successful conclusion to the year's space missions, with a total of 73 launches completed, setting a historical record [6]. - According to Guojin Securities, the global aerospace industry is undergoing structural changes akin to a new age of exploration, driven by the rise of commercial space companies like SpaceX. China's commercial aerospace sector is transitioning from a policy incubation phase to an industrial explosion phase, with 2026 expected to be a pivotal year for the industry [3][6]. Group 3: Investment Opportunities - The General Aviation ETF Huabao and its linked funds cover a broad index of 50 stocks, focusing on military and civilian aerospace capabilities, including low-altitude economy, large aircraft, commercial aerospace, satellite navigation, and drones, with over 37% of the index allocated to the aerospace sector [3][6]. - The ETF is positioned as a strategic tool for investors looking to capitalize on the domestic demand and military trade resonance within the Chinese aerospace industry [3][6].