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Group 1: Equity Market - The commercial aerospace sector is experiencing a strong rebound, with a significant increase in global launches, totaling 325 this year and 4,026 satellites placed into orbit, including 87 launches from China, of which 23 were by private companies [3][4] - The cost of launches has dramatically decreased due to reusable rocket technology, transforming satellites from "luxury items" to "affordable networking products" [4] - The high frequency of launches is driving industrialization and standardization in satellite manufacturing, leading to efficiency upgrades [4] Group 2: Macro and Fixed Income - The bond market shows clear differentiation, with short-term stability and long-term uncertainty, as evidenced by a 0.25 basis point increase in the 10-year government bond yield and a 0.2 basis point decrease in the 30-year yield [7] - A new housing policy in Beijing reduces the social security requirement for non-local residents, allowing for easier access to home purchases [7] - China's foreign trade has reached a milestone, with a trade surplus of $1.08 trillion in the first 11 months of 2025, a 21.7% year-on-year increase, driven by exports of electric vehicles, lithium batteries, and photovoltaic products [7]