Group 1 - The A-share commercial aerospace sector experienced a strong rally, with 32 stocks hitting the daily limit or rising over 10% by market close [1] - Key drivers for this surge include favorable policies, technological breakthroughs, and increased industry demand [1] - The National Space Administration of China released an action plan for the high-quality and safe development of commercial aerospace from 2025 to 2027, incorporating low-orbit satellite internet into national strategy [1] Group 2 - Significant technological advancements have been achieved, including successful launches of various rockets and accelerated domestic production of key technologies like satellite chips and laser communication [1] - The demand side is witnessing a surge, with projects like China Star Network and G60 low-orbit constellation entering mass networking phases, and an increase in domestic rocket launch frequency [1] - Global market sentiment is also positive, with SpaceX planning an IPO in 2026 and Blue Arrow Aerospace completing IPO guidance, boosting investment expectations in the industry [2] Group 3 - The commercial aerospace industry is expected to enter a new phase of rapid development, with over 600 companies and 25 launch sites in operation or under construction in China [3] - The industry is transitioning from technology validation to large-scale commercialization, with a notable increase in launch activities and advancements in reusable rocket technology [3] - Analysts suggest that the commercial aerospace sector is at a turning point, with potential for significant growth and investment opportunities [3]

据交易所数据显示， 通宇通讯近期表现活跃，晋级10天5板。该股今日于11时21分封涨停，成交额43.48 亿元，换手率32.70%，封单量7.83亿元。金融界App AI线索挖掘：公司在 商业航天领域参股卫星核心 零部件企业，下游发射任务有助于相关企业加速获取订单；卫星通信领域构建星—地—端全链条产品体 系，地面站实现小批量交付并中标新项目； 6G天线领域是全球首家实现AFU天线批量商用的企业，开 展毫米波与6G天线预研，技术居行业第一梯队； 低空经济领域推出面向5G-A的空地一体化天线。同 时，国家创业投资引导基金将对航空航天、低空经济等领域的早期项目加大投资力度，相关领域关注度 提升。 风险提示：连板股波动剧烈，注意追高风险，理性投资！（注：以上由AI基于交易所等公开数 据生成，内容不构成投资建议。） ...

12月26日，理工导航盘中下跌2.15%，截至11:25，报59.20元/股，成交5099.35万元，换手率0.96%，总 市值52.10亿元。 资金流向方面，主力资金净流出491.98万元，特大单买入115.85万元，占比2.27%，卖出259.60万元，占 比5.09%；大单买入1007.50万元，占比19.76%，卖出1355.73万元，占比26.59%。 理工导航今年以来股价涨91.59%，近5个交易日涨6.57%，近20日涨7.38%，近60日涨35.47%。 今年以来理工导航已经2次登上龙虎榜，最近一次登上龙虎榜为11月28日，当日龙虎榜净买入3885.82万 元；买入总计5687.18万元 ，占总成交额比38.66%；卖出总计1801.35万元 ，占总成交额比12.25%。 资料显示，北京理工导航控制科技股份有限公司位于北京市北京经济技术开发区瑞合东一路1号院1号 楼，成立日期2012年2月24日，上市日期2022年3月18日，公司主营业务涉及惯性导航系统及其核心部件 的研发、生产和销售,并基于自有技术为客户提供导航、制导与控制系统相关技术服务。主营业务收入 构成为：产品销售99.63%，其他( ...

12月26日，商业航天有所分化，局部高温依旧！航天发展、电科网安、北斗星通集体涨停，铂力特涨超4%续创历史新高！高人气军工ETF华宝 （512810）盘中涨超1%，场内最高价0.771元，一举突破9月1日创下的逾3年高点（0.767元），创下2022年1月6日以来新高！ 消息面，继12月24日我国长征火箭创下"一日三发"新纪录，今日7时26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17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。 企业层面，商业航天领军企业蓝箭航天的IPO辅导工作已于近日完成，正式向"商业航天第一股"发起冲刺。政策面，12月25日，上海印发《关于支持长 三角G60科创走廊策源地建设的若干措施》，加速航空航天产业发展。 商业航天进入密集催化期，景气度加速上行，有望打开军工行业市场天花板。申万宏源指出，商业航天、低空经济等新域新质领域贡献增加，共同支撑 军工基本面修复预期，当前军工板块可能进入配置周期。 【八一军工，大展宏图】代码有"八一"的军工ETF华宝（512810）（原国防军工ETF）覆盖『商业航天+ 可控核聚变 + 低空经济 + 大飞机 + ...

航空航天ETF（159227）紧密跟踪国证航天指数，覆盖航空装备、航天装备、卫星导航、新材料等关键 产业链环节，商业航天概念权重占比高达64%。前十大重仓股中包含了航天发展、中国卫星、航天电 子、中航机载、中航高科等行业龙头。 截至2025年12月26日 10:28，国证航天航空行业指数(CN5082)强势上涨1.28%，成分股广联航空(300900) 上涨15.73%，盟升电子(688311)上涨11.18%，航天发展(000547)上涨10.00%，华力创通(300045)，华秦 科技(688281)等个股跟涨。航空航天ETF(159227)上涨0.92%， 冲击3连涨。最新价报1.31元。 消息面上，今日7时26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17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。 东兴证券指出，"十五五"时期，商业航天将成为国内推动新质生产力和科技高质量发展的重要引擎。为 了抢占宝贵的轨道和频谱资源，2026年我国星座卫星发射数量有望进一步加速增长；民营商业火箭公司 有望深入参与，成为国家队的有效补充，共同支撑起高频发射需求。看好20 ...

Report Summary 1. Overnight Night Market Trends - Most domestic futures main contracts rose at the 23:00 close, with fuel oil and rapeseed meal up nearly 2%, and PX and PTA up over 1.5%. Jiao coal, coke, LPG, and glass fell over 1% [5]. - At the 1:00 close, Shanghai copper, aluminum, zinc, nickel, tin, and international copper main contracts rose, while the alumina main contract fell [5]. - At the 2:30 close, Shanghai gold, silver, and SC crude oil main contracts rose [6]. 2. Important News Macro News - China has lodged solemn representations with the US over its plan to impose 301 tariffs on some Chinese semiconductor products [9]. - Ukrainian President Zelensky had a good call with US representatives, emphasizing efforts to end the conflict [9]. Energy and Chemical Futures - As of December 25, 2025, the total inventory of national float glass sample enterprises increased slightly, while domestic soda ash manufacturers' inventory decreased [11]. - Russia's plan to produce 100 million tons of LNG annually has been postponed due to sanctions [11]. - Iraq has lost power - generation capacity due to the interruption of Iranian natural - gas supply [11]. - China will take measures to ensure the supply and price stability of fertilizers [13]. Metal Futures - The Guangzhou Futures Exchange has adjusted trading rules for platinum, palladium, and polysilicon futures contracts [15][16]. - Tianqi Lithium will change its spot - trading settlement price starting from January 1, 2026 [16]. - Wanrun New Energy will conduct production - line maintenance, reducing its lithium iron phosphate output [16]. - Four leading silicon - wafer companies have significantly raised their quotes [17][35]. - CSPT decided not to set a reference price for spot copper concentrate processing fees in Q1 2026 [17]. Black - Series Futures - The Dalian Commodity Exchange will adjust the daily price limit for coke and coking coal futures contracts [19]. - China will strengthen the construction of infrastructure and energy reserves [19]. - The average profit per ton of independent coking plants varies by region [19]. - The output, inventory, and demand of rebar have changed in the week of December 25 [20]. - Coal - mine production in Zhaotong, Yunnan, has been temporarily suspended [22]. Agricultural Futures - Malaysia's palm - oil exports from December 1 - 25 increased by 1.6% compared to the same period last month [24]. - Sugar - mill operations and inventory in Guangxi have changed [24]. - Argentina's 2025/26 corn production is expected to be slightly lower due to drought risks [24]. 3. Financial Markets Financial - A - shares continued to rise, with the Shanghai Composite Index up 0.47% and achieving a 7 - day winning streak [26]. - A - share listed companies' private placements have been active this year [28]. - The net inflow of the CSI A500ETF in December has been significant [29]. - Most private multi - asset strategy products have achieved positive returns this year [29]. - Analysts are optimistic about the A - share market in 2026 [29]. - The IPO application of Dapu Micro has been approved [31]. Industry - China has cracked down on financial "black - gray industries" [32]. - New regulations have been issued for the information disclosure of bank and insurance asset - management products [32]. - China will regulate the e - cigarette market [32]. - The government will strengthen the supervision of entrusted food production [32]. - Many game version numbers have been approved in December [33]. - Silicon - wafer prices have increased [35]. - China has made a breakthrough in the super - high - speed maglev field [35]. - Mobile phone shipments in China have increased [35]. - Shanghai will support the construction of the G60 Science and Technology Innovation Corridor [35]. Overseas - Israel may have another military conflict with Iran [36]. - Hungary's Prime Minister believes the root of the Russia - Ukraine conflict lies in the decline of Western Europe [36]. - Japan's 2026 fiscal - year initial budget has reached a record high [36]. - Japan has raised its economic forecast for the 2025 fiscal year [38]. - The Bank of Japan may raise interest rates [39]. - The Bank of Korea may cut interest rates in 2026 [40]. International Stock Markets - Japanese stocks rose slightly, while Vietnamese stocks tumbled [41]. - Morgan Stanley warns of three potential "surprises" in the US stock market in 2026 [41]. Commodities - Most domestic commodity futures closed higher, with new - energy materials leading the gains [42]. - The trading rules of platinum, palladium, and polysilicon futures on the Guangzhou Futures Exchange will be adjusted [42]. - Russia's oil production is expected to increase slightly in 2026 [42]. Bonds - China's bond market continued to fluctuate narrowly, and Japanese 2 - year bond auctions were weak [43]. Foreign Exchange - The on - shore RMB against the US dollar rose on Thursday [45]. 4. Upcoming Events - The People's Bank of China has 562 billion yuan of reverse repurchases maturing at 09:20 [47]. - The National Development and Reform Commission will hold a press conference at 10:30 [47]. - The 2025 Embodied Intelligence Development Frontier Conference and the 2025 Greater Bay Area Digital Chain Ecosystem Conference will be held on December 26 [47].

消息面上，上海市近日发布支持航空航天产业发展的专项措施，明确在研发支持、产业集聚、市场开放 等方面提供系统性扶持，为产业链发展注入强心剂。当前，在政策持续加码、技术迭代加速、国际竞争 格局演变等多重因素驱动下，商业航天及卫星产业链正进入快速发展期。卫星产业ETF(159218)覆盖卫 星制造、火箭发射、地面设备及运营服务全产业链，为投资者提供了高效布局我国航天强国战略与商业 航天机遇的工具化产品。 风险提示：基金有风险，投资需谨慎。 12月25日，卫星产业继续强势。12月26日，数据显示，截至10时15分，表征板块的卫星产业 ETF(159218)放量涨0.70%，冲击年内第30次新高；前几大权重股方面，航天电子跌0.21%，中国卫星涨 4.19%，中科星图涨0.73%，中国卫通涨0.04%，华测导航涨0.62%。资金热度不减，据Wind Level2实时 行情结合均价预估，盘中净流入超8000万，截至发稿，以实时成交价估算，盘中预估规模超13亿，在全 市场同标的ETF中规模居首。 | 二十九十九四日 | | 159218 | | --- | --- | --- | | 284 | | +0.016 +1.0 ...

12月26日，商业航天有所分化，局部高温依旧！航天发展、电科网安、北斗星通集体涨停，铂力特涨超 4%续创历史新高！高人气军工ETF华宝（512810）盘中涨超1%，场内最高价0.771元，一举突破9月1 日创下的逾3年高点（0.767元），创下2022年1月6日以来新高！ | | | | | 军工ETF华宝 (512810) 持仓商业航天概念股 (权重合计28.64%) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 代码 | 前称 | 估算权重(%) | 序号 | 代码 | 简称 | 估算权重(%) | | 1 | 002179.SZ | 中航光电 | 2.73 | 13 | 601606.SH | 长城军工 | 0.97 | | 2 | 600118.SH | 中国12号 | 2.23 | 14 | 600038.SH | 中直股份 | 0.96 | | 3 | 000768.SZ | 中航西飞 | 2.18 | 15 | 000519.SZ | 中兵红箭 | 0.95 | | 4 | 688002.SH | 容创假的 | ...

截至2025年12月26日 09:52，航空航天ETF天弘(159241)盘中交易价格再创新高！换手6.01%，成交3635.36万元。跟踪的国证航 天航空行业指数(CN5082)强势上涨1.25%，成分股广联航空(300900)上涨19.99%，中国卫星(600118)上涨5.60%，新劲刚(300629) 上涨4.78%，华力创通(300045)，盟升电子(688311)等个股跟涨。 拉长时间看，截至12月25日，航空航天ETF天弘(159241)近1周规模增长1982.64万元，实现显著增长。 12月24日，第三届中国商业航天发展大会暨第四届中关村商业航天大会在北京召开，大会以"智创航天新生态，共启产业新征 程"为主题，汇聚600多位行业代表共话发展机遇，其中国内首支商业航天社会化专项基金——商业航天产业联盟科创基金的正 式启动成为核心亮点，同时发布的产业数据与多项成果，彰显我国商业航天已迈入规模化、商业化发展新阶段。 据了解，此次基金首次发行规模10亿元至20亿元，将分阶段完成资金投放与项目布局。投资方向聚焦低轨卫星星座及卫星互联 网、可重复使用运载器及火箭发射服务、商业航天新材料和新器件、空间资源开 ...

12月26日，A股三大指数集体上涨，商业航天板块开盘拉升，航空航天ETF（159227）盘中再创新高。 截至10:12，成交额达1.92亿元，稳居同类第一，持仓股航天发展涨停，广联航空涨超17%，盟升电子、 华力创通、中国卫星、华秦科技、国科军工等股跟涨。 （文章来源：每日经济新闻） 航空航天ETF（159227）紧密跟踪国证航天指数，成分股覆盖战斗机、航空发动机、火箭、导弹、卫 星、雷达等全产业链龙头，完美契合"空天一体"的战略方向。商业航天概念权重占比高达64%。前十大 重仓股中包含了航天发展、中国卫星、航天电子、中航机载、中航高科等行业龙头。 消息面上，第三届中国商业航天发展大会召开，产业联盟科创基金启动（首期10亿~20亿元，远期拟扩 至100亿元），蓝箭航天完成IPO辅导冲刺"商业航天第一股"。2026年Q1将迎实物规划、卫星招标等催 化，1月天银科技复用型长征三号发射构成短期催化剂。 平安证券表示，航空航天作为国家重要新质生产力之一，近几年在政府扶持、技术进步、供应链发展背 景下迎来航天发射任务加速，随着我国火箭发射成本持续下降以及回收技术逐步成熟，火箭发射进程有 望进一步提速。另外，当前全球积极 ...