Core Viewpoint - The commercial aerospace and satellite navigation sectors have shown significant strength, with the China Satellite Industry Index rising by 5.01% as of 13:46 on December 24, driven by strong performances from stocks like Newray, China Satellite, and Guoji Precision Engineering, which hit the daily limit up [1] Group 1: Industry Performance - The Long March 12A rocket successfully completed its mission at the Jiuquan Satellite Launch Center, achieving a record of "nine launches, nine successes" and establishing a routine of monthly launches with dual-position launch capabilities [1] - As of December 23, China has completed nearly 90 launches this year, setting a historical record, with a notable increase in the proportion of commercial launches and high-density launches from sites in Hainan and Shandong [1] Group 2: Future Outlook - According to Open Source Securities, the reduction in launch costs and the enhancement of in-orbit computing power are expected to create a "more launches, more savings" scenario, leading to a transformative industry change with scalable commercial value in the commercial aerospace sector [1] - The China Satellite Industry Index includes 50 listed companies across satellite manufacturing, launching, and application sectors, characterized by a high proportion of application end, high concentration of leading companies, and comprehensive industry chain coverage, aligning with long-term industry development trends [1] - The E Fund Satellite ETF (563530) tracks this index, providing investors with a convenient way to capitalize on investment opportunities in the sector [1]

Core Viewpoint - The commercial aerospace sector is experiencing a significant surge, with a collective rise in stock prices and a focus on key developments and policies during the recent Commercial Aerospace Development Conference held in Beijing [5]. Group 1: Market Performance - As of December 24, 30 stocks within the commercial aerospace sector reached their daily limit up, indicating strong market enthusiasm [1]. - Notable stocks that hit the 20cm limit include Xin Jingang, Xin Leino, Chaojie Co., Youyan Powder Materials, Ruihua Tai, and Puni Testing, while Shenjian Co. recorded five consecutive limit-ups [1]. Group 2: Industry Developments - The 2025 Commercial Aerospace Development Conference focused on three main areas: interpretation of national policies, discussion on key technology collaboration and industry ecosystem construction, and establishment of a collaborative platform for government, industry, academia, and research [5]. - China's frequent rocket launches, including the successful launch of the Long March 12甲 rocket, are contributing to the accumulation of valuable data and practical experience for future technological iterations [5]. Group 3: Investment Insights - According to CITIC Securities, high-potential investment areas include space computing power and reusable rockets, while low-orbit communication satellite chains currently have fundamental logic and order support [5]. - Open Source Securities projects that by 2030, China could achieve 100 rocket launches per year at a cost of approximately 100 million yuan per launch, with the annual output value of rocket launches and satellite manufacturing expected to reach 85 billion yuan [5]. Group 4: Stock Performance Data - The table of stock performance in the commercial aerospace sector shows significant annual growth rates for various companies, with notable performers including: - Sui Rui New Materials (276.52%), Aerospace Power (261.90%), and Chaojie Co. (220.80%) [6]. - The satellite payload segment also shows strong performance, with companies like Zhenlei Technology (208.86%) and China Satellite (120.26%) leading the growth [6].

国防军工概念股早间集体上攻，多股20%涨停。消费电子概念大涨，瑞华泰临近午间收盘20%涨停。 12月24日早盘，A股整体围绕昨日收盘点位微幅震荡，上证指数、深证成指、创业板指、科创50等均微幅飘红，大盘蓝筹股有所调整，上证50、沪深300 均微幅飘绿。上涨个股远多于下跌个股，市场成交呈小幅萎缩的趋势。 盘面上，商业航天、玻璃玻纤、消费电子、包装印刷等板块涨幅居前，动物保健、游戏、煤炭、电信服务等板块跌幅居前。 商业航天再迎多重利好 国防军工概念股早间集体上攻，商业航天领域继续保持高度活跃状态，板块指数再创历史新高。谱尼测试、超捷股份、新雷能等多股20%涨停，九鼎新 材高开后秒速涨停，连续第2日封板，合众思壮略微低开后仅约1分钟垂直涨停，天工股份、天通股份等逾20股涨停或涨超10%。 大飞机、军民融合、卫星导航、军工电子等板块也纷纷强势上攻，神剑股份、中超控股、天津普林、金海高科等批量涨停。 消息面上，据中国证券监督管理委员会网上办事服务平台披露，近日蓝箭航天IPO辅导工作正式完成，辅导机构为中金公司。 此外，昨日长征十二号甲运载火箭在酒泉卫星发射中心执行任务，将有效载荷送入预定轨道。该发射场已实现"九发九捷" ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 仅歇1日，今日（12月24日）军工板块火速反弹，场内高人气军工ETF华宝（512810）盘中拔地而起， 直线冲高1.25%！ 商业航天概念大口回血，中国卫星涨超5%，上海瀚讯、航天发展等均大幅反弹。昨日20CM涨停的宏达 电子一度再涨超9%，股价续创3年新高！ 消息面，2025第三届商业航天发展大会暨第四届中关村商业航天大会今日在北京举行。企业层面，据证 监会网上办事服务平台披露，近日，蓝箭航天IPO辅导工作正式完成，辅导机构为中金公司。 开源证券认为，随着技术迭代与配套完善，太空算力和其他新兴应用有望推动商业航天迎来具备规模化 商业价值的产业变革。对标猎鹰9号火箭的发射价格及发射频次，2030年中国有望实现年发射100次、单 次成本约1亿元水平，火箭发射及卫星制造年产值有望达到850亿元。 就商业航天题材所在的军工板块，东方证券认为，军工行业已企稳向好，"十五五"军民贸有望共振。经 历了2023~2024年的行业需求不振，2025年军工行业企稳有所复苏，产业链营收重回增长，内部结构出 现分化的趋势有望延续。2026年是新五年规划的开局 ...

Core Insights - The Aerospace ETF Tianhong (159241) experienced a turnover of 16.3% with a trading volume of 92.72 million yuan, while the tracked CN5082 Aerospace Industry Index declined by 2.51% [1] - Notably, the Aerospace ETF Tianhong saw a net subscription of 5 million units despite the market downturn, indicating active capital inflow [1] Fund Performance - Over the past two weeks, the Aerospace ETF Tianhong's scale increased by 50.28 million yuan, with a growth of 32 million units in shares [2] - The latest net inflow for the Aerospace ETF Tianhong was 6.23 million yuan, accumulating a total of 42.73 million yuan over the last ten trading days [2] Industry Developments - The Long March 12甲 rocket successfully launched on December 23, marking a significant milestone in China's commercial space endeavors [3] - The Tianlong 3 reusable rocket, developed by Tianbing Technology, is set for its maiden flight by the end of the year, with a payload capacity of 17 tons to low Earth orbit [3] Institutional Perspectives - CITIC Securities anticipates a breakthrough in the capacity bottleneck for domestic reusable medium-lift rockets, with significant reductions in launch costs expected to accelerate the satellite and commercial space market [3] - The investment focus is shifting towards space computing and reusable rockets, with low Earth orbit communication satellite constellations currently showing strong fundamentals and order support [3]

12月18日，卫星产业板块表现强势。截至下午14时33分，全市场首只卫星产业ETF(159218)上涨 3.60%，盘中一度涨超5%。其成分股航天环宇、铂力特等多股涨幅领先。市场交投活跃，该ETF单日成 交额突破2亿元，环比显著放量。 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> | 序号 | 代码 | | 名称 | 成交金额 ▼ | 涨跌幅 | 预估规模 年初至今份额变动率 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 159218 | 卫星产业ETF | | 2.00亿 | 3.53% | 8.60亿 | 474.03% | | 2 | 512 | 而 | 4 815 | 1.14亿 | 3.60% | 5.00亿 | -62.68% | | 3 | 563 | 卫星 | | 7368.72万 | 3.78% | 3.09亿 | -4.91% | | 4 | 563 | 卫星 | | 5901.73万 | 3.89% | 2.29/7 | -54.94% | 中泰证券强调，AI算力基础设施和卫星互联网是明年通信行业最重要的两 ...

本报记者 贺王娟 从"试验探索"走向"生态构建"，我国商业航天正迎来全新发展阶段。作为商业航天全产业链布局者，科 创板上市公司中科星图股份有限公司（以下简称"中科星图"）也迎来了黄金发展期。面对新的机遇，中 科星图将如何利用先发优势抢占市场？ "我们希望在'一体两翼'的战略指导下，未来在商业航天产业中占据重要位置。"中科星图副总裁、商业 航天战略部总经理郝雪涛日前在接受《证券日报》记者专访时表示，"太空计算星座作为产业新的发力 点，还处于起步阶段，对于中科星图而言，太空云计算将会是新的发展机遇，我们希望凭借在太空云星 座领域的自主技术优势，抢占太空算力赛道的有利地位。" 锚定太空算力新航道 太空计算是指将计算资源部署在空间平台上，通过卫星等太空基础设施实现数据的处理、分析和智能决 策，以减少地面依赖、降低信息时延，提升全球信息的获取与处理能力，特别是AI产业的全球服务能 力。 "将算力搬上天，分为集中式和分布式两种思路。"郝雪涛向《证券日报》记者介绍，"集中式是利用太 空中的能源、散热环境等天然优势，建设太空数据中心，将地面的数据处理和AI训练搬上太空，实 现'地数天算'。相较于地面数据中心，太空数据中心具备 ...

本报记者 贺王娟 从技术发展的角度来看，有业内专家认为，目前建设太空算力，还面临多项技术难点，包括能源利用、 高效散热、芯片抗辐射、数据稳定计算以及太空碎片躲避、在轨维护等。 对于国内企业而言，最大的难题还在于卫星发射成本。郝雪涛认为，国内商业航天发展要解决发射成本 问题，从火箭端来看，应集中研发资金投入，重点攻克火箭可回收复用技术，提升火箭发射的运载能 力；从卫星端来看，应形成统一的技术标准，加大卫星批量化生产的能力。同时，也应提升对商业航天 技术试验的容错率，推动产业向市场化方向发展。 从"试验探索"走向"生态构建"，我国商业航天正迎来全新发展阶段。作为商业航天全产业链布局者，科 创板上市公司中科星图股份有限公司（以下简称"中科星图"）也迎来了黄金发展期。面对新的机遇，中 科星图将如何利用先发优势抢占市场？ "我们希望在'一体两翼'的战略指导下，未来在商业航天产业中占据重要位置。"中科星图副总裁、商业 航天战略部总经理郝雪涛日前在接受《证券日报》记者专访时表示，"太空计算星座作为产业新的发力 点，还处于起步阶段，对于中科星图而言，太空云计算将会是新的发展机遇，我们希望凭借在太空云星 座领域的自主技术优势， ...

Core Viewpoint - The global low Earth orbit (LEO) satellite constellation deployment and space computing industry are entering a phase of explosive growth, positioning the space economy as a core arena for reshaping global technological competition [1] Industry Summary - According to the International Telecommunication Union (ITU), the total planned number of global low Earth orbit satellites has surpassed 100,000, marking a new stage of dense networking and large-scale development in the industry [1] - The functionality of low Earth orbit satellites is continuously upgrading, expanding from remote sensing and communication to on-orbit AI training and low-latency edge computing tasks, which increases the demand for satellite energy to be "lightweight and high-efficiency" [1] Company Summary - As AI computing clusters rapidly expand, ground computing is facing dual challenges of energy supply and heat dissipation efficiency, with power and cooling demands expected to exceed the capacity of existing ground facilities, making space computing a critical solution [1] - The prospects for explosive growth in space computing are clear, indicating significant investment opportunities in this sector [1]

Event Overview - The 2026 Beijing International Commercial Aerospace Exhibition will be held from January 23 to 25, 2026, at the Yichuang International Convention Center in Beijing, co-hosted by the Zhongguancun Yichuang Commercial Aerospace Alliance and Beijing Yichuang Star Arrow Technology Development Co., Ltd. [1] - This exhibition marks the first international commercial aerospace event in the "14th Five-Year Plan" period, aiming to create a platform for the entire industry chain and is expected to gather over 75% of leading domestic rocket manufacturing companies, with more than 300 exhibitors and over 20,000 professional visitors [1][2] Exhibition Highlights - The exhibition will feature four core areas: satellite manufacturing, rocket and launch systems, aerospace applications, and aviation services and support [2] - The third Beijing Commercial Aerospace Industry High-Quality Development Conference will take place concurrently, showcasing the latest innovations in the industry through reports, roundtable discussions, and project signings [2] Global Competition Acceleration - In December 2025, the Zhuque-3 rocket successfully completed its maiden flight, and China has launched several satellites, including the Resource-3 04 satellite and a constellation of low-orbit satellites [3] - Internationally, significant developments include Trump's reaffirmation of the goal to return to the Moon by 2028, SpaceX's plans for an IPO with a target valuation of approximately $1.5 trillion, and advancements in satellite technology by companies like Starcloud and Google [3] Market Growth Projections - According to a report by the Ministry of Industry and Information Technology, China's commercial aerospace market is expected to exceed 2.5 trillion yuan by 2025, with annual output value in rocket launches and satellite manufacturing projected to reach 85 billion yuan by 2030 [4] - The maturation of reusable rocket technology is anticipated to enable China to achieve 100 launches per year by 2030, with a cost of approximately 10 million yuan per launch [4] Industry Chain Companies - In the upstream sector, key players in rocket manufacturing include Superjet Co., Srey New Materials, Aerospace Power, and others, focusing on rocket structure components and engine support [7] - In satellite manufacturing, China Satellite is a leading company, with others like Guobo Electronics and Zhenlei Technology possessing core technologies in satellite payloads [7] Midstream and Downstream Services - The midstream sector benefits from increased launch frequency, with companies providing rocket launch and recovery services, while ground equipment providers like Haige Communication and Zhongke Xingtai offer ground control and data processing services [8] - Downstream applications focus on satellite communication, remote sensing, and navigation, with companies in the low-altitude economy, such as Lijun Co. and Weihai Guotai, also benefiting from industry integration [9]