申请卫星数量超20万颗！关注军工ETF（512660）投资机会，同类规模第一

Core Viewpoint - China has submitted a record application for over 200,000 satellites to the ITU, indicating a strong commitment to low Earth orbit satellite construction and boosting the military industry sector [4]. Group 1: Satellite Deployment and Industry Impact - In December 2025, China reported a total of over 200,000 satellite constellation deployment plans, setting a new record for satellite applications [4]. - The low Earth orbit satellite internet development in China is still in its early stages, but the new applications highlight the strategic determination and capability of the country [4]. - The military industry sector is experiencing a positive outlook, with the military ETF (512660) rising over 60% in the past year, reflecting market recognition of the high prosperity in the military sector [1][4]. Group 2: Commercial Space Industry Dynamics - The commercial space sector is driven by unprecedented policy support, industry breakthroughs, and capital influx, indicating a robust market rather than short-term sentiment [5]. - The establishment of the Commercial Space Administration has resolved regulatory challenges, providing clear management for the industry [5]. - The Shanghai Stock Exchange has opened direct financing opportunities for commercial rocket companies, marking a historic change in market access rules [5]. Group 3: Technological Advancements and Future Prospects - The core support for the current market rally is the verification phase of reusable rocket technology, with multiple test flights planned for late 2025 to 2026 [5]. - The alleviation of rocket capacity bottlenecks is expected to open up downstream application scenarios, including satellite communication and innovative fields like "space computing" [5][6]. - The commercial space sector is anticipated to have a significant market space, with numerous projects advancing in 2026, indicating a clear upward trend in industry prosperity [6]. Group 4: Military and Aerospace Sector Outlook - The military aerospace sector is at a critical turning point, transitioning from capability building to systematic application [7]. - The demand for new-generation main battle equipment and new operational capabilities is expected to enhance order certainty, leading to a growth cycle in the defense industry until 2027 [7]. - The military ETF (512660) is positioned as a key tool for capturing industry allocation opportunities, covering a wide range of sectors within the defense industry [10].