商业航天：战略定位升级，核心环节突破

• The report primarily focuses on the commercial aerospace industry, highlighting its strategic importance and the development of its ecosystem, including satellite manufacturing, rocket launches, and downstream applications[9][15][28] - The "Guozheng Commercial Satellite Communication Industry Index" (980018.CNI) is introduced as a quantitative model reflecting the performance of A-share companies in the satellite communication industry, covering the entire value chain from satellite manufacturing to communication services[10][61][80] - The index's construction methodology emphasizes its focus on the aerospace and electronics sectors, with a concentrated weight distribution in core industry segments such as aerospace equipment, communication devices, and semiconductors[10][61][66] - The "Satellite ETF (159206)" is a passive index fund designed to closely track the performance of the Guozheng Satellite Communication Index, employing a full replication strategy to minimize tracking error and deviation[11][83] - The ETF's performance metrics include an annualized tracking error target of less than 2% and a daily tracking deviation of less than 0.2%, with a fund size of 117.69 billion yuan as of January 9, 2026[11][83] - The Guozheng Satellite Communication Index has demonstrated superior returns compared to broader market indices, with a year-to-date return of 18.96% and a one-year return of 122.94% as of January 9, 2026[80][81] - The index's constituent stocks include leading companies in aerospace equipment, electronic manufacturing, and semiconductor design, reflecting a balanced mix of large-cap leaders and growth-oriented mid-cap firms[67][68][70]