2月24日，截止午间收盘，中证500ETF东财（159337）涨1.29%，报1.890元，成交额872.76万元。中证 500ETF东财（159337）重仓股方面，英维克截止午盘跌1.92%，信维通信涨0.29%，巨人网络跌 4.69%，中国卫星涨0.87%，航天电子涨1.50%，中矿资源涨2.96%，先导智能涨0.40%，卧龙电驱涨 1.23%，赤峰黄金涨5.31%，兴业银锡涨6.55%。 来源：新浪基金∞工作室 中证500ETF东财（159337）业绩比较基准为中证500指数收益率，管理人为东财基金管理有限公司，基 金经理为吴逸，成立（2024-09-02）以来回报为86.03%，近一个月回报为2.06%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

证券研究报告 | 行业点评 gszqdatemark 2026 02 23 年 月 日 中小盘 太空算力升维之战—从地面"内卷"到太空"新战场" 一、太空圈地：中国占位算力升维新赛道 当全球 AI 竞赛将地面算力与能源消耗推向极限，一片拥有无限太阳能 与天然超低温散热环境的"算力净土"—近地轨道，正成为科技巨头与 国家力量竞相角逐的新疆域。这不仅是算力基础设施的物理位置迁移， 更是对数字时代底层架构的一次升维重构。中国凭借在星座规模化组 网、星间激光通信与商业化闭环上的先发优势，已在这场关乎未来数 字主权的"太空圈地运动"中占据身位，相关产业链正迎来从技术验证 到规模商用的历史性机遇。 二、升维动力：为何非要"送算力上天"？ 将沉重的服务器搬到数百公里高的太空，并非炫技，而是破解地面算 力发展三大核心瓶颈的必然选择。 （一）能源成本"归零"想象：地面数据中心是"电老虎"，其中近 40% 的电力消耗于散热系统。太空提供了近乎无限的太阳能（24 小时无遮 挡）和接近绝对零度的真空环境，相当于把电费和空调费两大成本"外 包"给了宇宙，这有望省去地面 70%以上的相关成本。 （二）传输效率的"时空革命"：传统卫星如同 ...

Group 1 - The Wenchang commercial space launch site has achieved a remarkable record of "ten battles, ten victories" since the launch of the Long March 12 rocket on November 30, 2024, showcasing a rapid launch and recovery capability of "7 days launch, 7 days recovery" [1][27] - The local aerospace industry has attracted nearly 3,000 enterprises, with over 700 related to aerospace, creating a collaborative ecosystem of "rocket chain, satellite chain, and data chain" [2][28] - The expected production capacity of the new satellite factory is projected to reach 1,000 satellites annually, potentially driving an upstream and downstream industry scale exceeding 500 billion [2][28] Group 2 - The transformation of Longlou Town from a fishing village to a space town has led to a significant increase in local tourism, with over 40 million yuan in tourism revenue expected in 2025 and hotel occupancy rates exceeding 90% during launch events [2][44] - The local economy is experiencing a shift towards a diversified structure, integrating aerospace with tourism and services, as evidenced by the growth of local accommodations from about 5 to over 60 in recent years [2][44] - The local community is witnessing benefits from the aerospace industry, with residents creating rocket viewing platforms on their rooftops to generate income [2][44] Group 3 - Local financial institutions are facing challenges in attracting deposits, with interest rates for one-year deposits at local banks like Hainan Rural Commercial Bank reaching 1.47% for 200,000 yuan, compared to around 1% at state-owned banks [19][21] - The total credit volume of financial institutions in Hainan is approximately 1.4 trillion yuan, with a slow growth rate compared to national averages, indicating a need for enhanced financial vitality [23][53] - Local banks are encouraged to innovate by developing specialized financial products tailored to the aerospace industry, such as equipment financing and satellite data pledges, to improve their competitive edge [24][54]

Group 1 - The 2026 Spring Festival Gala featured multiple scientific achievements from Harbin Institute of Technology (HIT), showcasing a technological feast for the audience [1] - The satellite technology research team at HIT developed a super-wide micro-nano satellite that transmitted the melody of "The East is Red" from space, celebrating the 70th anniversary of China's space industry [1][2] - The satellite was able to play music by encoding the song and transmitting it back to Earth, utilizing in-orbit programming technology that the team pioneered in 2004 [2] Group 2 - The satellite achieved a stability control of 0.01 degrees per second, allowing for rapid imaging coverage of the ground, capturing images of the entire Heilongjiang Province within 20 seconds [2] - The digital twin system in the satellite technology research lab simulates the satellite's operations in real-time, ensuring that all commands are validated before being sent to the actual satellite [2] - The "HIT Star," a landmark of HIT, was featured in the gala, recognizing the university's contributions to the FAST project, which led to the naming of a discovered asteroid after the institution [3] Group 3 - HIT's research team developed lighting control technology that enhanced the visual effects of ice sculptures at the Harbin Ice and Snow World, enabling dynamic lighting even in extreme cold [3] - The architectural and design team at HIT created a dynamic lighting display for Central Street, transforming the landscape with programmable lighting effects that adapt to the environment [3]

Core Viewpoint - The successful low-altitude flight test of the Long March 10 rocket, which carried the "Dream Boat" spacecraft, marks a significant milestone in China's manned lunar exploration program, validating key technologies for reusable rockets [1][16]. Group 1: Flight Test Details - The Long March 10 rocket, as China's fourth-generation rocket, features intelligent flight and reusability, with the low-altitude flight test serving as a critical technology validation for its reusable capabilities [3]. - The flight test was planned to last 470 seconds and included the first domestic maximum dynamic pressure escape and a world-first sea recovery system [3]. - The test team prepared for five years to ensure the success of this mission [3]. Group 2: Pre-Launch Preparations - Prior to the launch, three total checks and three full system rehearsals were conducted, involving coordination among various systems including the launch site, rocket, spacecraft, and recovery operations [4]. - Due to ongoing construction at the Long March 10's control building, a temporary control system was set up in a container to facilitate remote control and testing of the rocket [4]. Group 3: Recovery Operations - The recovery vessels set sail from late January to early February to reach the theoretical landing area of the rocket [5]. - The recovery team faced challenges due to the dynamic nature of ocean currents, requiring frequent updates on the landing coordinates every 3-5 minutes [9]. - The recovery platform, "Navigator," measures 144 meters in length and has a displacement of over 25,000 tons, presenting significant challenges in high seas [13]. Group 4: Technical Challenges - The recovery operation involved complex dynamics, including the need for high-speed movement to capture the rocket and manage energy absorption during recovery [13]. - The team utilized optical measurement systems and stabilization technologies to ensure clear tracking images despite rough sea conditions [9]. - The launch team faced logistical challenges, including temporary refueling methods due to incomplete facilities at the launch site [14].

Group 1 - The core viewpoint of the article emphasizes the rapid development of China's commercial space industry, highlighting significant advancements in launch frequency, satellite internet, and government support [3][4][5][6]. - In 2025, global space launches reached a record high of 337, a 28% increase from 263 in 2024, with China and the U.S. accounting for 84% of total launches [9][11]. - The establishment of commercial space as a strategic emerging industry in China was marked by its inclusion in the government work report in March 2025 and the formation of the Commercial Space Administration in November 2025 [12][18]. Group 2 - China's commercial space sector is entering an accelerated development phase, with a notable increase in private sector participation and a shift towards commercialization since 2015 [15][16]. - The government has significantly increased policy support for commercial space, transitioning from encouragement to institutional establishment and relaxed access [17][19]. - The cost of satellite launches has decreased, with domestic launch costs dropping from 115,000 yuan/kg in 2020 to 75,000 yuan/kg in 2024, although still higher than SpaceX's Falcon 9 [20]. Group 3 - SpaceX is leading the global commercial space industry, conducting 165 launches in 2025, which is 49% of the total, and plans to go public in 2026 [21][22]. - The development model represented by SpaceX focuses on extreme scalability, cost reduction, and continuous innovation, transforming space technology into practical global services [22][23]. - Other companies like Blue Origin and Virgin Galactic are also entering the commercial space sector, focusing on space tourism [23]. Group 4 - The first major application of future commercial space is low-orbit satellite internet, which is expected to enter the consumer market with services like SpaceX's Starlink Direct to Cell [25][27]. - The market potential for low-orbit satellite internet is vast, with estimates suggesting it could reach trillions in scale, as it targets consumer markets rather than just B2B [28][29]. - The second major application is the deployment of AI data centers in space, leveraging the unique environmental advantages of space for energy efficiency and cooling [33][36].

证券日报网讯2月13日，中国卫星（600118）在互动平台回答投资者提问时表示，公司是专业从事宇航 制造和卫星应用业务的上市公司，主要业务是卫星、航天技术应用及相关产品的研发、设计、制造、销 售等。 ...

位于纳米比亚首都温得和克南郊的中国援纳卫星地面数据接收站12日举行交接仪式。出席交接仪式的纳 总理恩古拉雷表示，该项目将显著提升纳获取和处理卫星遥感数据的能力，为防灾减灾、关键经济领域 科学决策以及创新驱动发展提供精准空间信息支持。 该项目由中国商务部负责实施，由中国国家航天局对地观测与数据中心负责管理，中国资源卫星应用中 心和航天恒星科技有限公司联合体负责航天系统部分建设，中国江苏国际经济技术合作集团有限公司负 责基建工程部分建设。 （文章来源：新华网） 恩古拉雷当天代表纳总统恩代特瓦出席仪式。他在致辞中感谢中方提供的支持，表示该项目"体现了纳 中两国人民之间的深厚友谊和两国牢固的双边关系"。 中国驻纳米比亚大使赵卫平说，援纳卫星地面数据接收站是中国在纳援建的首个高新技术领域项目，体 现了中方支持非洲国家科技发展的坚定承诺。 赵卫平表示，正式移交后，纳方将完全拥有该卫星地面数据接收站并自主运营。目前，中方专家已为纳 方培训14名技术人员，并将继续提供技术支持，中方将与纳方密切合作推进二期建设。 据介绍，"援纳米比亚卫星地面数据接收站和系统建设项目"分为两期建设：一期建设内容包括建设一座 遥感卫星地面数据接收 ...

证券日报网讯2月13日，中国卫星（600118）在互动平台回答投资者提问时表示，目前公司生产经营活 动正常、有序开展，公司已预约2026年3月28日披露2025年年度报告，关于公司2025年年度经营业绩， 敬请关注公司2025年年度报告。 ...

Group 1 - The company, China Satellite (600118), confirmed compliance with relevant laws and regulations, including the Company Law and its Articles of Association, in response to investor inquiries on its interactive platform [1]