志特新材已连续6个交易日"20CM"涨停，年内涨幅达198.57%，成为2026年首个翻倍股。 自2025年12月份以来，商业航天概念股一改过往的起伏波动，呈现出强劲的增长态势，成为岁末年初资 本市场"最靓的仔"。 以万得商业航天主题指数为例，2025年12月1日至2026年1月12日期间，该指数累计涨幅达89%，大幅跑 赢同期沪深300指数与一众万得热门指数，高居涨幅榜榜首。 在个股方面，集AI、新材料、商业航天、机器人、量子科技等热门概念于一身的志特新材 （300986.SZ）股价已连续6个交易日"20CM"涨停，年内涨幅达198.57%，成为2026年首个翻倍股。 1月12日晚间，志特新材发布股价异动暨停牌核查公告，该公司最新滚动市盈率达到了104 倍，与所在 行业最新37.24倍的市盈率相比，存在较大偏离。 第一财经注意到，昨日盘后，已有20余家上市公司密集发布股票交易风险提示公告或股价异动公告。其 中，近一半上市公司明确表示不涉及商业航天相关业务。同时，亦有数十家上市公司在互动平台上回答 了投资者关于商业航天话题的提问。 2400倍PE敲响警钟 近期，商业航天概念股强势上涨，目前已有不少市场人士预测 ...

更重要的催化来自国内商业航天再迎政策利好。广州市印发《广州市加快建设先进制造业强市规划 （2024—2035年）》，提出大力发展低空经济和商业航天。 往后看，政策支持+产业化加速双轮驱动下，商业航天进入发展新纪元 1、商业航天方面，广州力争成为商业航天新一极 《规划》提出，以建设先进的系列化运载火箭产业基地为牵引，聚焦低成本高可靠运载火箭、互联网卫 星星座、航天商业化应用等核心环节建链强链，打造南方航天城，力争成为中国商业航天新一极。 2、低空经济方面，广州探索建设无人驾驶试验区 《规划》提出，围绕低空经济发展实际需求，探索建设民用无人驾驶航空试验区，培育发展低空领域新 技术、新模式、新业态。 通用航空ETF基金（561660）跟踪中证通用航空主题指数，聚焦商业航天+低空经济，军工含量高占比 超70%。 今日盘中涨幅最高超6.0%，机构人士指出，一方面卫星产业持续火热，另一方面军工板块表现强势。 从消息面来看，昨日特朗普表示将寻求2027财年美国军费预算从1万亿美元增加至1.5万亿美元，对军工 构成催化。 政策方面，"十五五"规划顶层设计明确"航天强国"目标，国家航天局印发了《国家航天局推进商业航天 高质量安 ...

每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 点评："航天强国"已上升至国家战略核心层面，低轨卫星互联网建设、商业航天产业发展成为国家战略 性新兴产业培育的重点方向。广州此次规划聚焦可重复使用火箭技术攻关、卫星星座建设等核心环节， 正是对国家战略的精准响应与落地实践。从化商业火箭液体动力系统试验中心的开放共享定位，以及南 沙、黄埔两大火箭总装基地的协同推进，将有效补充国家航天产业体系运力供给，缓解"星多箭少"的行 业矛盾，为国家太空基建等重大任务提供坚实的区域支撑，助力我国在全球太空竞争中巩固优势地位。 概念股包括广联航空、航宇微、超捷股份等。 3、1月8日，OpenAI宣布推出ChatGPT Health（健康），该模式集成于ChatGPT中，是一个"专门用于与 ChatGPT 进行健康相关对话的独立空间"，可以连接电子医疗记录和各类健康应用，生成的回复能够结 合用户的健康信息与个人情境。全球AI医疗市场正迈入万亿级增长通道。据Grand View Research报告显 示，2024年全球AI医疗市场规模约为266.5亿美元（约合人民币1861亿元），预计到 2033年将飙升至约 5055.9亿美 ...

2026年1月8日，商业航天板块午后进一步走强。卫星ETF(159206)强势上涨5.47%，全市场ETF涨幅第一。成分股航天 宏图20CM涨停，航天电子、通宇通讯、航天电器10CM涨停。 卫星ETF（159206）聚焦商业航天+卫星通信，有望在"航天强国"背景下率先爆发。卫星ETF（159206）也是全市场首 支的卫星ETF，其联接基金A类024194，C类024195。 | 序号 | 代码 | 名称 | 涨跌幅 ▼ | 成交量 | 成交额 | | --- | --- | --- | --- | --- | --- | | 1 | 688066 | 航天宏图 | 19.99% | 5841万 | 20.60亿 | | 2 | 300102 | 乾照光电 | 15.81% | 1.91亿 | 52.35 Z | | 3 | 688270 | 臻镭科技 | 14.87% | 2711万 | 38.54亿 | | 4 | 688636 | 智明达 | 12.61% | 1635万 | 7.58亿 | | 5 | 300136 | 信维通信 | 10.66% | 1.50亿 | 106.27 亿 | | 6 | 0 ...

Core Viewpoint - The lunar exploration achievements reflect the ambition, spirit, and confidence of the Chinese people, showcasing a long-standing national dream of space exploration [1] Group 1 - The lunar exploration program is a significant part of China's aspiration to become a strong aerospace and technology nation [1] - The meeting held 12 years ago with the Chang'e 3 mission team highlights the commitment to advancing space technology [1]

Investment Rating - The report maintains a "stronger than the market" rating for the defense and military industry [8] Core Viewpoints - The core investment logic for commercial aerospace is to grasp the core line of rockets and explore the elastic space of satellites [45][46] - The aerospace sector is expected to perform well, driven by the strong performance of its constituent stocks [19][25] Summary by Sections Market Review - The Shenwan Military Industry Index (801740) rose by 3.05% from December 29 to December 31, while the CSI 300 Index fell by 0.59%, resulting in an excess return of 3.64 percentage points [19][20] - Since 2025, the Shenwan Military Industry Index has increased by 34.3%, outperforming the CSI 300 Index, which rose by 17.66% [20] - The aerospace sector showed strong performance, primarily due to the good performance of Aerospace Electronics [25] Rocket Sector - Both capacity and computing power are strategic high points that major countries are competing for, with China's 14th Five-Year Plan emphasizing the importance of becoming a "space power" [46] - In 2025, China is expected to conduct 92 rocket launches, while SpaceX is projected to conduct 167 launches [46] - The capital closed-loop logic indicates that domestic private rocket companies are expected to go public, enhancing their manufacturing capabilities and supporting a robust global supply chain [47] Satellite Sector - Large-scale rocket launches will accelerate the deployment of a significant number of networked satellites, with plans to launch over 38,000 satellites by major Chinese constellations [48] - The competition for space computing power between China and the U.S. is expected to expand the overall commercial aerospace market [48][50] - The trend of integrating "communication and computing" will lead to larger satellite sizes to support greater data transmission [50] Financial and Valuation Aspects - As of December 31, the TTM price-to-earnings ratio for the Shenwan Military Industry Index is 75.92, indicating a high configuration significance given the strong recovery expectations for the industry in 2026 [51] - Passive funds experienced a net outflow of 2.592 billion yuan during the week, but the expectation of strong demand recovery in the military industry is likely to lead to a return of net inflows [31][36] Recommended Companies - Rocket Sector: Western Materials, Feiwo Technology, Aerospace Power, Aerospace Intelligence [52] - Satellite Sector: Aerospace Electronics, Lens Technology, West Measurement Testing, Guangwei Composite, Tongyu Communication, Zhenyou Technology, Aerospace Hanyu [52] - Fusion Energy: Guoguang Electric, Lianchuang Optoelectronics, Hezhuan Intelligent, Wangzi New Materials, Xuguang Electronics, Aike Saibo, Yongding Co., Ltd., Hangyang Co., Ltd., Jingye Intelligent, Weiteng Electric, New Wind Light, Parker New Materials, Hongwei Technology [52]

Group 1: Economic and Policy Developments - President Xi Jinping highlighted that China's economy is expected to reach 140 trillion yuan in 2026, marking significant advancements in economic, technological, and defense capabilities [1] - The State Council, led by Premier Li Qiang, discussed the national water network construction and cross-border trade facilitation, emphasizing the need for innovative financing mechanisms and quality assurance in infrastructure projects [2][3] Group 2: Financial Market Regulations - The China Securities Regulatory Commission (CSRC) announced measures to enhance the REITs index system and encourage long-term funds, such as insurance and pension funds, to enter the market, aiming to stabilize the financial environment [4][5] - The CSRC released the "Implementation Measures for Securities and Futures Market Supervision," detailing 14 common regulatory measures to improve market oversight [9] Group 3: Corporate Developments - Blue Arrow Aerospace's IPO on the Sci-Tech Innovation Board has been accepted, with plans to raise 7.5 billion yuan, focusing on the development of liquid oxygen-methane engines and commercial rocket launch services [3] - Shougang Co. expects a net profit increase of 95%-125% for 2025, indicating strong financial performance [18] Group 4: Real Estate Sector Insights - The Ministry of Housing and Urban-Rural Development issued guidelines to enhance housing quality, with a focus on urban village and old housing renovations, suggesting potential policy adjustments in early 2026 [12] - The real estate sector is expected to benefit from liquidity safety and strong urban positioning, with a focus on companies adapting to new consumption trends [12]

Market Performance - The Shanghai Composite Index closed at 3968.84 points on the last trading day of 2025, marking an 11-day consecutive rise with a slight increase of 0.09% [1] - For the entire year, the Shanghai Composite Index rose by 18.41%, the Shenzhen Component Index increased by 29.87%, and the ChiNext Index surged by 49.57% [1] Sector Performance - The cultural media and commercial aerospace sectors led the gains on the last trading day, with the cultural media sector rising by 3.11% and a net capital inflow of 95.93 billion yuan, while the commercial aerospace sector increased by 2.77% with a net inflow of 122.35 billion yuan [2] - The cultural media sector is expected to benefit from the upcoming three-day New Year holiday in 2026, which is anticipated to significantly boost consumption in the cultural and tourism sectors [2] - The film industry in China achieved a total box office of over 50 billion yuan in 2025, driven by popular films, and is expected to maintain high audience enthusiasm as the Spring Festival approaches [2] Aerospace Industry Insights - The successful launch of the Practice-29 satellite by the Long March 7 rocket at the Wenchang Space Launch Site has reignited market enthusiasm for the commercial aerospace sector [3] - The commercial aerospace sector has expanded into various primary industries, including machinery, automotive, and battery sectors, and is integrating new technologies such as photovoltaics [3] - Market attention towards the commercial aerospace sector is driven by policy support and developments in the industry chain, particularly in low-orbit satellite launches [3]

Core Viewpoint - The satellite ETF (159206) has seen a significant increase of 2.12%, driven by strong performances from constituent stocks such as Qianzhao Optoelectronics (300102), which rose over 10% [2][3]. Group 1: Market Performance - Qianzhao Optoelectronics (300102) reached a price of 26.30 with a gain of 10.46%, achieving a trading volume of 2.154 billion [3]. - Xunwei Communication (300136) increased by 7.57% to a price of 57.01, with a trading volume of 3.052 billion [3]. - China Satellite (600118) saw a rise of 6.43% to 91.87, with a trading volume of 4.292 billion [3]. - Tianyin Electromechanical (300342) increased by 5.31% to 33.34, with a trading volume of 0.824 billion [3]. - Aerospace Electronics (600879) rose by 3.46% to 20.05, with a trading volume of 2.845 billion [3]. Group 2: Industry Developments - The successful launch of the Practice-29 satellite by the Long March 7 rocket marks a significant achievement in China's space exploration efforts, with the satellite entering its designated orbit [2][4]. - The upcoming year is expected to see a surge in satellite launches, with plans for the "National Grid Constellation" and "Thousand Sails Constellation" exceeding 10,000 satellites, indicating a rapid increase in low-orbit satellite deployment [4]. - Recent government policies are favoring the commercial space sector, with initiatives aimed at promoting high-quality development in commercial aerospace by 2027 [4][5]. Group 3: Investment Landscape - The commercial aerospace sector is experiencing a strategic elevation in importance, with investment in the sector rising from 1.1 billion in 2015 to 34.13 billion in 2024, and the number of companies exceeding 500 [5]. - The industry’s output value has grown from 1 trillion in 2010 to 2.3 trillion in 2024, establishing commercial aerospace as a significant industry [5]. - The satellite ETF (159206) focuses on commercial aerospace and satellite communication, positioning it for potential growth under the "Aerospace Power" initiative [5].

以本次战略合作为开端，每日互动将与眉山兴产建立起长期稳定的战略合作关系。眉山兴产在卫星遥感 数据采集、处理等方面具备技术优势，以及每日互动在数据智能领域具有创新技术与行业经验，双方将 充分发挥各自优势，推进数据智能、产业数据应用等重点领域实现产业链与创新链深度融合。例如，每 日互动与眉山兴产计划合作研发面向多领域的卫星数据应用技术，并共同建设可信数据空间基础设施与 生态体系，聚焦行业领域核心痛点，围绕行业数据研究场景共同挖掘行业高价值应用，合作打造一批数 据产品服务，面向城市治理、公共服务、应急、金融、农业、文旅等领域的数据驱动解决方案，提升数 据资源的利用效率和社会价值。 当前，卫星数据价值的深度挖掘与高效释放是空天数字产业创新的重要驱动因素。每日互动与眉山兴产 的此次合作，不仅是企业间优势互补的强强联合，更是响应国家"数字中国""航天强国"战略的具体实 践。通过"卫星发数站"的建设，双方将进一步打通卫星数据从采集、处理到应用的全链条，助力构建更 加完善、更具竞争力的时空智能产业生态，助力我国空天数字产业实现高质量发展。（CIS） 每日互动是中国数据智能领域的领军企业，秉承"让数好用、把数用好"的理念，积极 ...