地方政策真金白银加持，商业航天或迎来爆发期，借道ETF与基金站上政策风口！

Core Viewpoint - The article emphasizes the significant growth potential of the commercial space industry, highlighting the supportive policies from various local governments and the strategic importance of this sector as a new emerging industry in China [6][11]. Policy Support - Guangdong Province has introduced a set of policies to promote high-quality development in the commercial space sector from 2025 to 2028, including establishing a diversified investment and financing mechanism and providing direct financial subsidies [3][6]. - The policy includes a 10% funding support based on total investment for companies, with a maximum annual support of 10 million yuan for a single enterprise [5][7]. - The commercial space market in China has grown from 376.4 billion yuan in 2015 to 1.2447 trillion yuan in 2021, with a compound annual growth rate of nearly 20% [7]. Market Opportunities - The article identifies multiple sub-sectors within the commercial space industry that are expected to see opportunities, including satellite manufacturing, launch services, and satellite operations [13]. - The government is encouraging private capital participation in major space projects, which could lead to the emergence of domestic leaders with valuations in the hundreds of millions to billions [13][14]. Investment Insights - The commercial space industry is characterized by high technological content, significant capital requirements, and strong policy support, making it a long-term investment opportunity [15]. - Investors are advised to consider related ETF funds to diversify risks while covering the entire commercial space industry chain [15][16]. - Several ETFs related to the commercial space theme have shown promising returns, with an average yield of 15.4% this year [16][17]. Performance of Related Funds - The article lists several ETFs focused on satellite communication and aerospace, noting their performance and market size [17]. - The "Yifangda National Defense and Military Industry Mixed Fund" is highlighted as a typical actively managed fund that includes many commercial space concept stocks, with a significant portion of its holdings in key companies within the sector [32][33]. Future Outlook - The commercial space industry is expected to continue its rapid development, driven by recent high-density launch records and supportive government policies [18][19]. - However, investors are cautioned about the short-term volatility influenced by related events and are encouraged to adopt a gradual investment approach to mitigate risks [36].