Core Insights - The commercial aerospace sector has attracted significant capital market interest, with the Wind Commercial Aerospace Index showing a year-to-date increase of over 28%, outperforming the broader market [1] - Several stocks in this sector, including Srey New Materials, Longxi Co., and Chaozhuo Aerospace Technology, have seen their year-to-date gains exceed 100% [1] Financing and Leverage - As of November 27, the overall financing balance for commercial aerospace concept stocks approached 30 billion yuan, representing an increase of over 25% compared to the end of last year [1] - Companies such as Feili Hua, Aerospace Huan Yu, Chaozhuo Aerospace Technology, and Srey New Materials have experienced over 100% increase in financing from investors [1] Shareholder Dynamics - Among the commercial aerospace concept stocks, 7 companies reported a decrease in the number of shareholders compared to the end of Q3, with 5 of these stocks seeing a decline of over 3% in shareholder numbers, including Boyun New Materials, Aerospace Nanhu, and Landun Optoelectronics [1] Market Performance - Within the 7 stocks that saw a decrease in shareholder numbers, AVIC Xi'an Aircraft Industry and Thunder Micro Power have both declined by over 10% year-to-date, while Boyun New Materials and Aerospace Nanhu have performed well with significant gains [1] - Aerospace Nanhu has attracted nearly 75% increase in financing from investors this year, and all three companies—Aerospace Nanhu, AVIC Xi'an Aircraft Industry, and Aerospace Rainbow—have been the focus of research from over 80 institutions this year [1]

据报道，北京蓝箭航天"朱雀三号"首飞箭已处于最后准备状态，原定11月29日首飞，因不可抗力，发射 任务临时暂缓。在此之前，国内尚未有一款可回收火箭完成过发射任务。未来，若朱雀三号发射成功， 有望成为我国第一款投入运营的可回收运载火箭。 蓝箭航天成立于2015年，是国内最早成立的民商火箭企业之一。2018年，朱雀一号运载火箭发射，成为 国内首家走通民商火箭发射链路的企业。2024年9月，由蓝箭航天自主研发的朱雀三号VTVL-1可重复使 用垂直起降回收试验箭，完成十公里级垂直起降返回飞行试验，标志着中国商业航天在可重复使用运载 火箭技术上取得重大突破。 今年6月20日，朱雀三号可重复使用运载火箭一级动力系统试车，试验任务取得圆满成功。10月18日至 20日，朱雀三号遥一运载火箭顺利完成首飞任务的第一阶段工作——加注合练及静态点火试验。 今年6月发布的《2025全球独角兽榜》显示，蓝箭航天以200亿元企业估值位列榜单第418位。成立以 来，公司累计进行了12轮融资，目前机构股东中包括碧桂园创投、领中资本等，还包括上市公司金风科 技（今年半年报显示持有其股权价值8.12亿元）。今年7月，公司与中金公司签署辅导协议，正 ...

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [5] Core Insights - The establishment of the Commercial Space Administration by the National Space Administration signifies a dedicated regulatory body for the commercial space industry, which is expected to drive high-quality development and benefit the entire industry chain [2][37] - The low-altitude economy is entering a phase of accelerated commercialization, with significant policy support and new product development, indicating a promising growth trajectory [3][36] - The defense and military sector is projected to experience sustained growth due to the execution of backlog orders from the 14th Five-Year Plan and the introduction of new orders under the 15th Five-Year Plan [3][38] Summary by Sections Market Review - The defense and military index rose by 2.85% last week, ranking 14th among 31 primary industries [1][13] - The current PE (TTM) for the defense and military sector is 77.60 times, with aerospace equipment at 305.61 times and military electronics at 106.55 times [1][22] Key Recommendations - Recommended companies include: 1. Downstream manufacturers: AVIC Chengfei, Hongdu Aviation, AVIC Shenyang, AVIC Xifei 2. New military technologies: Lianchuang Optoelectronics, Guangqi Technology, Zhongjian Technology 3. Underwater equipment: Yaxing Anchor Chain, Zhongke Haixun, Changying Tong 4. Missile industry chain: Feili Hua, Guoke Military Industry, Zhongbing Hongjian 5. Military titanium materials: Western Superconducting 6. Electronic components: Hongyuan Electronics, Aerospace Electric [4][40][41][42][43][44][45][46] Industry Dynamics - The National Space Administration's action plan for commercial space development aims for a significant expansion of the industry by 2027, enhancing innovation and resource utilization [2][37] - The low-altitude economy is being bolstered by new regulations and infrastructure developments, with a focus on safety and efficiency in low-altitude flight activities [3][34][36]

Core Viewpoints - The A-share market is expected to warm up for a bull market in early 2025, with stable funds likely to support the market amid unchanged policy attitudes. The current adjustment is seen as a healthy correction within the bull market, setting the stage for a pre-spring rally at the end of the year and the beginning of the next [4][2] - The AI industry chain is anticipated to be the main line for investment during this period, benefiting from improved liquidity expectations and risk appetite. The Sci-Tech 50 and ChiNext indices are expected to lead the recovery in broad-based indices [4][2] - The AI industry chain remains optimistic, with strong downstream demand and short-term supply challenges in AI infrastructure, presenting investment opportunities in power supply and computing power, particularly in domestic computing power [4][2] December Stock Picks - The December stock picks from Zhongyin Securities include: - Poly Real Estate Group (Real Estate) - Jitu Express-W (Transportation) - China Merchants Energy (Transportation) - Wanhua Chemical (Chemicals) - Anji Technology (Chemicals) - Huayou Cobalt (New Energy) - Anjii Food (Food and Beverage) - Changbai Mountain (Social Services) - Feiliwa (Electronics) [6][8] Real Estate Industry: Poly Real Estate Group - The company experienced a 48.1% year-on-year revenue growth in the first half of 2025, driven by increased project completions. However, net profit attributable to shareholders decreased by 44.3% due to investment losses and increased minority shareholder losses [8][9] - The company’s gross margin improved to 17.5%, up 3.2 percentage points year-on-year, while net profit margin decreased to 1.3% [8][9] - The company’s debt structure has improved, with total interest-bearing debt decreasing by 8.6% year-on-year, and all "three red lines" indicators turning green, indicating a healthier financial position [9][10] Transportation Industry: Jitu Express-W - The company achieved a total revenue of $5.499 billion in the first half of 2025, a year-on-year increase of 13.1%, with significant growth in the Southeast Asian market [13][14] - The company’s market share in Southeast Asia increased to 32.8%, while the Chinese market saw a 20% increase in package volume [14][15] - The company is focusing on cost optimization and has implemented a flexible pricing mechanism to enhance competitiveness [15] Transportation Industry: China Merchants Energy - The company reported a slight decrease in revenue to 25.799 billion yuan in 2024, but net profit increased by 5.59% to 5.107 billion yuan, indicating resilient profitability [16][17] - The fourth quarter saw a significant increase in shipping volume, particularly in high-value routes, contributing to a strong performance [16][17] Chemical Industry: Wanhua Chemical - The company’s revenue from polyurethane, petrochemical, and fine chemicals in the first half of 2025 was 36.888 billion yuan, 34.934 billion yuan, and 15.628 billion yuan, respectively, with the petrochemical segment facing short-term pressure [19][20] - The company’s management reforms have led to improved cost control and resource allocation efficiency, which is expected to enhance future performance [19][20] Chemical Industry: Anji Technology - The company reported continuous high growth in revenue and net profit in the first three quarters of 2025, with a gross margin of 56.61% [23][24] - The company’s polishing liquid sales increased by 38.23% year-on-year, indicating strong demand in the semiconductor market [24][25] New Energy Industry: Huayou Cobalt - The company achieved a net profit of 4.216 billion yuan in the first three quarters of 2025, a year-on-year increase of 39.59%, with a revenue growth of 29.57% [26][27] - The company is advancing its integrated layout with ongoing project developments in nickel and lithium production [26][27] Food and Beverage Industry: Anjii Food - The company reported a revenue increase of 6.6% year-on-year in Q3 2025, driven by product innovation and channel expansion [28][29] - The company is focusing on product structure optimization and cost control, maintaining stable profitability despite rising raw material costs [29][30] Social Services Industry: Changbai Mountain - The company experienced a 6.99% year-on-year revenue growth in the first three quarters of 2025, with a significant increase in tourist numbers during the peak season [31][32] - External transportation upgrades and internal project developments are expected to enhance future growth prospects [32] Electronics Industry: Feiliwa - The company is investing in expanding its quartz electronic fabric production capacity to meet the growing demand for high-end PCB materials [33][34] - The demand for quartz electronic fabric is expected to increase due to advancements in Ethernet switch chip technology [34][35]

眼下是2025年末尾，改革开放已经有47个年头。 但在很多领域，我们其实并没有真的一起"开放"，仍然在计划体系的笼子里。 随着时间的推移，它们迟早都将被放出来。 比如我们上次聊到的电力市场化改革。 这一次，轮到了航天领域。 随着民营火箭的"关键一飞"，蓝箭航天朱雀三号运载火箭首飞进入冲刺阶段，本周A股商业航天指数累计上涨6.6%。 这是短期炒作，还是资金的提前布局？ 很快就有了答案，因为紧接着…… 据新华社11月29日消息，国家航天局已于近期设立商业航天司，相关业务正在逐步开展，标志着我国商业航天产业迎来专职监管机构，未来将持续推动我 国商业航天高质量发展。 商业航天司的成立，意味着中国太空经济从"政策驱动"正式转向了"生态驱动"。 破冰之路 中国的航天领域，从来都是国家队的专属、是计划经济体制的重要代表之一，大门焊得比运载火箭的密封舱还严实。 2013年，某民企想搞亚轨道火箭，仅"发射许可申请"就交了37份材料，审批周期长达18个月。 等批文下来，国际上的技术都已经迭代两轮了。 想买合格的航天级碳纤维，得拿着七八级审批文件跑断腿；想测火箭发动机，全国就那么几个试车台，全攥在国企手里，民企连门都摸不着。 20 ...

Group 1 - The optical communication sector is experiencing a strong performance, with the CSI High-end Equipment Sub-index rising by 0.47% as of 13:44 on November 28, 2025, driven by significant gains in constituent stocks such as Putian Technology, which hit the 10% limit up, and others like Optoelectronics and Seven One Two, which rose by 4.79% and 4.53% respectively [1] - The commercial aerospace sector is seeing intensified catalysts, with Beijing Blue Arrow Aerospace's Zhuque-3 rocket launch planned for November 29, 2025, indicating a pivotal moment for the industry [1] - The 2025 Asia General Aviation Exhibition opened on November 27, 2025, showcasing over 380 companies from 22 countries and regions, focusing on the theme "New Era of General Aviation, Exploring Unlimited Possibilities in Low-altitude" [1] Group 2 - The low-altitude economy has officially become a national strategic emerging industry, with a policy framework transitioning from macro planning to a focus on application ecology and safety [1] - According to Dagong International, financial and fiscal collaboration will provide strong momentum for the low-altitude economy, with expectations that the market size will exceed 1 trillion during the 14th Five-Year Plan period, highlighting the critical role of central state-owned enterprises in industry leadership and resource integration [1] - As of October 31, 2025, the top ten weighted stocks in the CSI High-end Equipment Sub-index account for 45.96%, including major players like AVIC Shenyang Aircraft, Aero Engine Corporation of China, and China Aerospace [2]

Group 1 - The "Zhuque-3" rocket is set to make its maiden flight in mid to late November, potentially becoming China's first operational reusable launch vehicle [1] - Beijing plans to construct a large centralized data center system with over 1 GW power capacity in the 700-800 km twilight orbit to facilitate large-scale AI computing in space [1] - As of November 28, 2025, the CSI Defense Index (399973) has risen by 0.36%, with notable increases in constituent stocks such as KST (688568) up 4.50% and Triangle Defense (300775) up 2.98% [1] Group 2 - The CSI Defense Index closely tracks the performance of listed companies under the top ten military industrial groups, reflecting the overall performance of defense industry stocks [2] - As of October 31, 2025, the top ten weighted stocks in the CSI Defense Index include AVIC Shenyang Aircraft (600760) and Aero Engine Corporation of China (600893), collectively accounting for 44.41% of the index [2]

证券之星消息，11月27日航空装备板块较上一交易日上涨0.02%，威海广泰领涨。当日上证指数报收于 3875.26，上涨0.29%。深证成指报收于12875.19，下跌0.25%。航空装备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002111 | 威海广泰 | 10.11 | 4.77% | 37.35万 | 3.88亿 | | 688239 | 航宇科技 | 52.53 | 3.69% | 6.16万 | 3.23亿 | | 688070 | 纵横股份 | 50.44 | 3.28% | 1.54万 | 7790.80万 | | 300395 | 菲利华 | 78.61 | 1.64% | 1 30.21万 | 24.40亿 | | 002933 | 新兴装备 | 32.83 | 1.45% | 1.61万 | 5249.09万 | | 002297 | 博云新材 | 66'8 | 1.12% | 15.21万 | 1.36亿 | | 300424 | 航新科技 | ...

Core Viewpoint - The aviation equipment sector experienced a decline of 1.92% on November 26, with Morningstar Aviation leading the drop, while the overall market showed mixed results with the Shanghai Composite Index down 0.15% and the Shenzhen Component Index up 1.02% [1][2]. Market Performance - The aviation equipment sector's performance was highlighted by individual stock movements, with notable declines in stocks such as Morningstar Aviation, which fell by 11.35% to a closing price of 17.42 [2]. - The sector's trading volume and turnover were significant, with stocks like Guangqi Technology and Feiliwa showing positive movements, while others like ST Lian Shi and Hangfa Power experienced slight declines [1][2]. Capital Flow - The aviation equipment sector saw a net outflow of 999 million yuan from institutional investors, while retail investors contributed a net inflow of 524 million yuan [2][3]. - Specific stocks like Feiliwa and ST Lian Shi had varying capital flows, with Feiliwa experiencing a net outflow from institutional investors of 35.02 million yuan [3].

Group 1 - The China A500 Index (000510) increased by 1.15%, with notable movements in key stocks: Kweichow Moutai decreased by 0.1%, CATL rose by 0.9%, Ping An increased by 1.6%, China Merchants Bank grew by 1.2%, and Midea Group slightly increased by 0.1%. Additionally, Filihua surged by 8.0% and Shenzhen South Circuit rose by 7.9% [1] - The A500 ETF managed by E Fund (159361) has seen significant capital inflows, with over 810 million yuan in net inflows over the past 5 days and over 1.1 billion yuan in net inflows over the past 20 days [1] - The People's Bank of China will conduct a 10 billion yuan MLF operation with a one-year term on November 25, maintaining a loose liquidity stance [1] Group 2 - E Fund is a leading comprehensive asset management institution in China with over 20 years of experience in index investment, offering a wide range of index products across various sectors and global exchanges [2] - The A500 ETF (159361) closely tracks the China A500 Index and is recognized for its broad industry coverage, strong growth attributes, low fees, and excellent liquidity, making it a key tool for investors looking to allocate to core Chinese assets [2]