屡创新高后首回调！通用航空ETF（159231）暴跌逾6%，机构：2026年可回收火箭有望迎来密集试飞

Group 1 - Aerospace and satellite navigation sectors experienced a significant pullback after a period of rapid growth, with stocks like Guolian Aviation, Aerospace Hanyu, Aerospace Hongtu, and Huace Navigation dropping over 10% [1][4] - The General Aviation ETF Huabao (159231) saw a price decline of 6.17%, yet it recorded a net subscription of 4 million shares, indicating strong investor interest despite the market adjustment [1][4] - Over the past five days, the ETF attracted a net inflow of over 70 million yuan, showcasing continued confidence in the sector [1][4] Group 2 - CITIC Securities' latest report highlights that by 2025, China successfully completed the maiden flights of two reusable rockets, Zhuque-3 and Long March 12甲, with further technological iterations needed for stage recovery [6] - Looking ahead to 2026, approximately 10 reusable rockets are expected to be ready for their first or repeated flights, with some models anticipated to achieve successful recovery [6] - The gradual establishment and utilization of domestic commercial rocket launch sites, along with improved supporting infrastructure, is expected to shorten rocket test flight cycles, potentially increasing the total number of launches from 92 in 2025 to over 100 [6] Group 3 - The General Aviation ETF Huabao (159231) and its linked funds comprehensively cover 50 aerospace stocks, including sectors like low-altitude economy, commercial aerospace, satellite navigation, large aircraft, drones, and military aircraft [3][6] - The ETF's composition indicates that over 88% is related to low-altitude economy, over 65% to commercial aerospace, and over 47% to satellite navigation, making it a strategic tool for investing in China's aerospace industry [3][6]