中金公司认为，我国商业航天产业有望进入发展快车道，建议重视卫星制造、发射及下游应用的投 资机会。 （责任编辑：董萍萍 ） 航空航天ETF（159227）为全市场规模最大的航空类ETF，跟踪国证航天指数，专注于军工领域中 的空天力量，指数申万一级行业中军工行业占比达97.86%，相较于中证军工、中证国防指数，国证航 天的指数集中度更高，在航空装备、航天装备领域的占比更高，国证航天指数的航空航天装备权重占比 高达66.8%，远高于中证军工（40%）和中证国防指数（52%）。 8月26日，三大指数集体低开后涨跌分化，军工板块触底后震荡上行。截至9:55，全市场军工含量 最高的航空航天ETF（159227）跌幅0.32%，成交额达3593万元，稳居同类第一，持仓股方面，中国卫 星涨停，迈信林、长城军工、华力创通等领涨。 每日经济新闻 消息面上，8月26日3时8分，我国在海南商业航天发射场使用长征八号甲运载火箭，成功将卫星互 联网低轨10组卫星发射升空，卫星顺利进入预定轨道，发射任务获得圆满成功。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或 ...

长征八号甲火箭研制团队不断优化发射流程，目前已经可以实现脉动式的总装、测试、发射全流程。在位于发射场旁边的总装测试厂房 中，下一发火箭已经以最接近发射的状态完成了总装测试，可以实现出厂即发射。 中国航天科技集团宋征宇称："作为一款新火箭，它首飞发射的就是正式的业务星，而且在首飞的这一年内就投入了高密度发射，这在国 际航天史上也是比较少见的。" 央视网消息：北京时间8月26日3点08分，我国在海南商业航天发射场使用长征八号甲运载火箭，成功将卫星互联网低轨10组卫星发射升 空，卫星顺利进入预定轨道，发射任务获得圆满成功。 我国成功发射卫星互联网低轨卫星：长征八号甲运载火箭进行全流程优化 此次发射所使用的长征八号甲火箭是我国针对中低轨道巨型星座组网发射需求而研制的新一代中型液体运载火箭。自今年2月首飞以来， 这是它今年执行的第三发任务，表明长征八号甲火箭已经具备执行多任务并行的高密度发射能力。 长征八号甲是长征八号火箭的"升级版"，它沿用了长征八号火箭的一级火箭和助推器，二级升级为更粗更强的箭体，具备太阳同步轨道7 吨级的运载能力。 我国成功发射卫星互联网低轨卫星：长征八号甲再出征 实现多项技术创新 长征八号甲火箭 ...

【导读】A股三大指数集体低开，深成指率先翻 红； 博亚精工开盘3分多钟直线冲上涨停板，涨幅达20% 中国基金报记者 李智 一起来看下最新的市场情况及资讯。 8月26日早盘，A股三大指数集体低开， 随后震荡拉升， 深成指率先翻红，沪指、创业板指跌幅收窄。 截至发稿， 沪指 跌 0. 18 %，深 成指 涨 0. 21 %，创业板指 跌 0. 13 %。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3876.52 | 12467.34 | 1602.60 | | -7.04 -0.18% | +26.27 +0.21% | -1.41 -0.09% | | 科创50 | 创业板指 | 万得全A | | 1275.56 | 2759.28 | 6171.87 | | -12.17 -0.94% | -3.71 -0.13% | +1.70 +0.03% | 从板块上看， 华为鲲鹏指数 持续拉升 ，商业航天 、网络游戏、石油化工等板块涨幅居前，而房地产、半导体、稀土等板块震荡调整。 华为鲲鹏指数 持续拉升 华为鲲鹏指数 持续拉升 ，君逸数码 20% 涨停，航天宏图 、 华 ...

今日，A股十大人气热股如下：领益智造、华胜天成、北方稀土、和而泰、中国卫星、拓维信息、寒武 纪-U、中科曙光、包钢股份、东方精工。 领益智造受多重利好事件共振效应推动。公司2025年中报净利润预增32%-67%的业绩预告强化了市场信 心，深交所审核通过收购江苏科达66.46%股权的重组事项拓展汽车零部件业务。核心驱动力来自机器 人领域战略布局加速，包括与智元新创成立合资公司、获得多家人形机器人订单，以及自研机器人在国 际赛事夺冠等进展。公司在液冷服务器、AI终端硬件等前沿技术领域的布局也契合当前市场热点。 华胜天成的上涨主要源于华为昇腾生态合作伙伴地位带来的算力概念爆发。公司深度参与多地人工智能 计算中心建设，直接受益于国产算力需求激增。参股公司泰凌微电子拟收购磐启微股权强化物联网芯片 概念预期，叠加政策端持续加码AI与制造业融合。公司中报净利润预增148.59%-172.88%，股权激励计 划释放管理层信心，主力资金持续净流入进一步推高市场热度。 北方稀土受益于政策、行业需求与基本面三重共振。工信部等三部门联合发布《稀土开采和冶炼分离总 量调控管理暂行办法》强化行业供给端管控，政策红利直接利好拥有全国70% ...

截至2025年8月25日15时，利君股份股价报15.29元，较前一交易日下跌0.59元，跌幅3.72%。当日开盘 价为16.64元，最高触及16.67元，最低下探至15.21元，成交量为137.49万手，成交额达21.89亿元。盘中 11时12分左右，股价曾快速反弹，5分钟内涨幅超过2%，报16.05元。 利君股份主营业务为专用设备的研发、生产和销售，涉及低空经济、商业航天等领域。公司总市值为 158.02亿元，流通市值为86.46亿元。 风险提示：股市有风险，投资需谨慎。 8月25日，利君股份主力资金净流出1.79亿元，占流通市值的2.07%。近五个交易日主力资金累计净流入 2.07亿元，占流通市值的2.39%。 ...

作者 | RAYYYY 编辑 | 小白 8月19日，广东省发布《广东省推动商业航天高质量发展若干政策措施（2025—2028年）》，提出建 立多元化投融资机制，真金白银补贴商业航天产业。 掘金商业航天万亿蓝海赛道正当时。 多地政策助力商业航天赛道成长 商业航天作为战略性新兴产业，正在地方政策加持下迎来爆发式增长期。 （来源：网络公开数据） 在地面站网配套设施部署方面，《措施》表示，鼓励企业进行全球地面站网节点布局，按照投资总额 给予10%的资金支持，单个站网节点支持资金不高于200万元，单个企业年度累计支持资金最高1000 万元。 （一）自上而下政策支持投入 据中国航天工业质量协会数据，2015—2021年我国商业航天市场规模由3764亿元增至12447亿元，复 合增长率近20%。国内商业航天市场拥有万亿蓝海市场。 而且就如开头所说，广东省的新政策不仅仅是文件支持，更是真金白银的投入。按照文件，广东将按 投资总额10%给予资金支持，单个企业年度累计支持资金最高1000万元。 此外，广东还瞄准了卫星民商用领域，提出打造商业航天应用"首场景"，推动卫星互联网在低空经 济、移动通信、太空挖矿、太空旅游等前沿领域落地 ...

Core Viewpoint - The report highlights the strategic transformation of the company, focusing on optimizing its product structure to enhance long-term competitiveness, despite facing revenue and profit declines in the first half of 2025 [1][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.41 billion yuan, a slight decrease of 0.83% year-on-year, and a net profit attributable to shareholders of 312 million yuan, down 25.74% year-on-year [2][3]. - The decline in performance is attributed to price pressures in the new electronic components sector and an increase in the proportion of low-value-added products, alongside an 11.50% rise in operating costs due to raw material price increases [3][4]. Product and Market Dynamics - The revenue from new electronic components was 2.39 billion yuan, accounting for 99.01% of total revenue, which represents a 0.95% decrease year-on-year. The modern service industry revenue was 24 million yuan, showing a growth of 12.65% year-on-year [3]. - The core business areas, such as semiconductor discrete devices and general components, faced price pressures due to intensified industry competition, while high-value-added products like hybrid integrated circuits experienced revenue contraction due to fluctuating customer demand [3]. Profitability and Cash Flow - The company's gross margin for the first half of 2025 was 44.67%, a decrease of 6.12 percentage points year-on-year. The net cash flow from operating activities was 949 million yuan, down 20.30% year-on-year, primarily due to reduced sales receipts and increased procurement expenses [4]. - Contract liabilities increased by 64.53% year-on-year to 36 million yuan, indicating a robust order reserve, while inventory rose by 10.01% year-on-year to 2.47 billion yuan, mainly due to an increase in dispatched goods [4]. Competitive Advancements - The company made significant breakthroughs in core competitiveness, including the successful development of high-voltage radiation-resistant MOSFET products and advancements in hybrid integrated circuit technologies [4]. - During the reporting period, the company applied for 176 patents, including 80 invention patents, and now holds a total of 1,702 patents. The application of its key products has progressed in strategic emerging fields such as commercial aerospace, low-altitude economy, and new energy vehicles [4]. Investment Outlook - The company’s performance aligns with expectations, maintaining previous profit forecasts for 2025-2027, with projected net profits of 1.08 billion yuan, 1.25 billion yuan, and 1.45 billion yuan, respectively, corresponding to P/E ratios of 26, 22, and 19 times [5].

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry [5]. Core Viewpoints - The upcoming September military parade will showcase multiple new types of equipment, indicating an expansion in investment for advanced equipment technology during the "14th Five-Year Plan" [11][15]. - Guangdong Province has released comprehensive policy support for the commercial aerospace sector, which is expected to accelerate the progress of satellite networking and related infrastructure [15][17]. - The current geopolitical climate and military competition are intensifying, with China's main battle equipment technology rapidly advancing to world-class levels in various fields such as radar, drones, and military aircraft [15][11]. Summary by Sections 1.1 Military Parade and Equipment Display - The September military parade will feature a significant number of new equipment types, marking a first for the new military structure and showcasing advanced weaponry from domestic active service [12][15]. - The parade will include various formations and equipment, highlighting the modernization and capabilities of the military [12][13]. 1.2 Policy Support for Commercial Aerospace - Guangdong's policies aim for the commercial aerospace and related industries to reach a scale of 300 billion yuan by 2026, with a focus on key technologies such as reusable rockets [15][17]. - The policies encompass the entire commercial aerospace industry chain, including satellite constellation construction and ground station deployment [15][18]. 1.3 Continued Optimism for the Military Industry - As the "14th Five-Year Plan" approaches, a new phase of equipment construction is set to begin, with a focus on domestic demand and advancements in new quality production [19]. - The report suggests monitoring the performance of upstream components and key raw materials, which are crucial for the lifecycle of various military equipment [19]. Investment Recommendations - Suggested stocks in the military electronics sector include Zhihua Technology (000733, Buy), Aerospace Electronics (600879, Not Rated), and others [19]. - In the new quality and domain sector, recommended stocks include Haige Communication (002465, Buy) and others [19]. - For the aerospace propulsion chain, stocks like West Superconductor (688122, Buy) are highlighted [19].

Investment Rating - The report maintains a strong buy rating for several key companies in the military industry, including AVIC Xi'an Aircraft Industry Group (中航西飞), AVIC Optoelectronics (中航光电), and Aerospace Rainbow (航天彩虹) [8]. Core Insights - The military industry index increased by 3.07% this week, underperforming the CSI 300 index by 1.11 percentage points. Year-to-date, the military industry index has risen by 25.49%, outperforming the CSI 300 index by 14.23 percentage points [1][13]. - The report highlights that the mid-year performance of certain sub-sectors, such as artillery and military electronics, has shown initial signs of recovery, with strong year-on-year growth in revenues for key companies [21][24]. - The report anticipates a significant acceleration in performance for the commercial aerospace sector in the second half of the year, driven by an increase in launch activities [24]. Summary by Sections Market Review - The military industry index rose by 3.07% this week, lagging behind the CSI 300 index. The aerospace equipment, military electronics, and aviation equipment sub-sectors outperformed the military industry index, with increases of 4.42%, 3.69%, and 3.64% respectively [1][15]. Key Events - The mid-year performance reports indicate a strong recovery in the artillery sector, with a 17.36% revenue growth for China North Arrow (中兵红箭) and a significant increase in specialized equipment manufacturing [24]. - In the military electronics sector, companies like Hongyuan Electronics (鸿远电子) and Torch Electronics (火炬电子) reported rapid revenue and profit recovery, with year-on-year increases of 22.3% and 24.2% respectively [24]. Forward-Looking Catalysts - The establishment of new policy financial tools is expected to support emerging industries, with an estimated investment of around 500 billion yuan, potentially benefiting sectors like commercial aerospace and deep-sea technology [26]. - The development of unmanned equipment is highlighted as a new force in maritime defense, with various unmanned systems being introduced, such as the HSU-001 unmanned submersible and the "Whale" unmanned vessel [26][27].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 60.39 CNY, based on a PE ratio of 61 times for 2025 [4][2]. Core Views - The company's H1 2025 revenue reached 2.935 billion CNY, a slight increase of 0.47%, while the net profit attributable to the parent company was 87 million CNY, down 77.49% [1]. - The decline in profitability is attributed to several factors, including a decrease in military product orders, rising raw material costs, and increased depreciation [8]. - The company expects a recovery in defense revenue in the second half of the year, driven by improved order fulfillment and cash collection efforts [8]. Financial Summary - Revenue projections for 2025, 2026, and 2027 are adjusted to 6.537 billion CNY, 8.246 billion CNY, and 9.873 billion CNY, respectively, with expected growth rates of 30.1%, 26.1%, and 19.7% [3]. - The forecasted EPS for 2025, 2026, and 2027 are 0.99 CNY, 1.77 CNY, and 2.20 CNY, respectively [2]. - The company's gross margin is expected to decline to 34.3% in 2025, with net profit margins stabilizing at 6.9% [3]. Market Position and Outlook - The company is positioned as a leader in military connectors, with significant market share in aerospace and missile sectors, benefiting from the recovery in defense spending and technological advancements [8]. - The company is also focusing on expanding into emerging markets and new industries, such as commercial aerospace and data centers, which are expected to drive future growth [8].