场内ETF方面，截至2025年12月22日 09:46，国证通信指数强势上涨2.79%，通信ETF广发(159507)上涨 2.84%，盘中最高涨超3%。拉长时间看，截至2025年12月19日，通信ETF广发近2周累计上涨5.86%。成 分股万集科技上涨16.56%，长芯博创上涨12.85%，北斗星通10cm涨停。前十大权重股合计占比 67.58%，其中权重股亨通光电10cm涨停，中天科技上涨5.72%，第一大权重股中际旭创上涨4.93%，新 易盛、天孚通信等跟涨。 规模方面，截至2025年12月19日，通信ETF广发最新规模达1.30亿元，创近3月新高。份额方面，通信 ETF广发本月以来份额增长300.00万份。 通信ETF广发(159507)：紧密跟踪国证通信指数，选取沪深北交易所通信产业相关上市公司，用以反映 中国证券市场上通信行业证券价格变动的趋势，标的指数一键覆盖中际旭创、新易盛、天孚通信三大光 模块龙头，权重占比超40%！场外联接(A：019236；C：019237)。 12月20日20时30分，我国在文昌航天发射场使用长征五号运载火箭，成功将通信技术试验卫星二十三号 发射升空，卫星顺利进入预定轨 ...

Group 1 - The A-share market is seeing active trading in commercial aerospace concept stocks, with several companies hitting the daily limit up, including Shenjian Co., Yatai Co., and Lianang Micro [1] - Notable stock performances include Shenjian Co. with a market cap of 8.55 billion and a year-to-date increase of 66.25%, and Yatai Co. with a market cap of 11.1 billion and a year-to-date increase of 95.34% [1] - The successful launch of the communication technology test satellite No. 23 using the Long March 5 rocket on December 20, 2025, marks a significant achievement for China's aerospace sector [1] Group 2 - CITIC Securities reports that as of December 2025, SpaceX has successfully launched 3,095 Starlink satellites, indicating a breakthrough in domestic development of reusable medium-lift launch vehicles [2] - The reduction in launch costs is expected to accelerate the realization of markets for satellites, terminals, and computing power, confirming the investment position of commercial aerospace [2] - The entry of China Star Network and G60 Qianfan constellation into mass launch phases, along with the operationalization of Hainan's commercial launch site, is leading to a new era in commercial aerospace with significant market opportunities [2]

Core Viewpoint - The commercial aerospace sector in the A-share market is experiencing significant activity, driven by successful satellite launches and advancements in rocket technology, indicating a promising investment landscape for related companies [1] Group 1: Market Activity - On December 22, commercial aerospace concept stocks in the A-share market saw notable gains, with companies like Shenjian Co., Asia-Pacific Co., and Lianang Micro achieving daily price limits [1] - The successful launch of the communication technology test satellite No. 23 using the Long March 5 rocket on December 20, 2025, marks a significant milestone for China's aerospace capabilities [1] Group 2: Industry Developments - As of December 2025, SpaceX has successfully launched 3,095 Starlink satellites, and China is expected to develop a recoverable medium-sized launch vehicle comparable to the Falcon 9, indicating a breakthrough in launch capacity [1] - The reduction in launch costs is anticipated to accelerate market growth in satellites, terminals, and computing power, confirming the investment position of commercial aerospace [1] Group 3: Investment Opportunities - The entry of China Star Network and the G60 Thousand Sails constellation into mass launch phases, along with the operationalization of commercial launch sites and rockets, is expected to lead to a new era in commercial aerospace characterized by high capacity and low costs [1] - The space computing sector is projected to unlock significant market potential, with a new trillion-yuan market emerging, presenting substantial growth opportunities for the related industry chain [1] - High-potential investment directions currently include space computing and recoverable rockets, while low-orbit communication satellite chains are already supported by fundamental logic and orders [1]

究 军工本周观点：商业航天 X 太空算力 X 重返月球 投资要点： 本周核心观点： 行 业 定 本周（12.15-12.19）申万军工指数（801740）上升 1.53%，同期沪深 300 指数下跌 0.28%，相对超额 1.8pct，主要系商业航天板块热度持续带动， 近期商业航天板块催化频发，从海外来看： 行 业 研 华福证券 国防军工 2025 年 12 月 22 日 期 报 告 12 月 17 日，谷歌披露了名为"Project Suncatcher"的计划，旨在构建 一个由太阳能驱动的太空数据中心原型。该项目由 81 颗搭载 AI 的卫星组 成的集群，它们将在太空中协同飞行并处理数据。作为该计划的第一步， 谷歌将与卫星公司 Planet 合作，预计于 2027 年向近地轨道发射两颗原型 卫星。此举的核心逻辑在于利用太阳同步轨道提供的近乎恒定的太阳能， 以及免除在地面建设所需的土地和水资源。 12 月 19 日，特朗普为"美国优先"的太空政策制定了愿景，以确保 美国在太空探索、安全和商业领域"引领世界"。该命令要求美国人到 2028 年重返月球，并在 2030 年前建立永久月球前哨站的初始设施。 12 ...

商业航天已成全球焦点，2025年星链发射超3000颗 中信证券主要观点如下： 据央视报道，特朗普12月18日签署行政令，要求2028年重返月球，并在2030年前建立永久月球前哨站的 初始设施;商业航天方面该命令通过升级发射基础设施和开发商业途径，刺激私营部门的创新和投资， 商业航天已成为世界强国科技竞争的焦点。据马斯克推特转发，截至2025年12月中SpaceX已完成167次 发射，其中120次为星链专项发射任务，成功将3095颗卫星送入轨道，较2024年全年增加1133颗。 智通财经APP获悉，中信证券发布研报称，发展航天事业，建设航天强国，随着中国星网和G60千帆星 座先后进入批量化发射阶段，以及海南商业航天发射场和商业运载火箭的投入使用，大运力、低成本趋 势正引领商业航天开启新时代，同时太空算力打开了庞大的需求空间。未来探月、深空、太空旅行等将 进一步打开产业潜力。从投资端看，目前锐度较高的方向是太空算力和可回收火箭，而低轨通信卫星链 是目前最先有基本面逻辑和订单支持的细分。从产业链分类：1)卫星制造;2)火箭发射;3)终端&端侧;4)空 间算力。 终端：招标落地，亟待上量 根据SIA报告，卫星制造+发 ...

Core Viewpoint - As of December 2025, SpaceX has successfully launched 3,095 Starlink satellites into orbit, indicating a significant advancement in commercial space endeavors and the potential for breakthroughs in launch capacity and cost reduction [1] Industry Developments - Domestic development of a recoverable medium-sized launch vehicle comparable to Falcon 9 is anticipated, which will help overcome current capacity bottlenecks [1] - The launch cost is expected to decrease significantly, accelerating the realization of markets related to satellites, terminals, and computing power [1] Market Opportunities - The commercial space sector is entering a new era, driven by the mass launch phases of China StarNet and the G60 Qianfan constellation, along with the operationalization of the Hainan commercial launch site and commercial launch vehicles [1] - The trend towards high capacity and low cost is set to unlock a trillion-dollar market, presenting substantial growth opportunities for the related industry chain [1] Investment Focus - Current high-potential investment directions include space computing power and recoverable rockets, while low Earth orbit communication satellite networks are the first segments with fundamental logic and order support [1]

大家早上壕！ 先看海外要闻： 上周五美股反弹，道指收涨0.38%，纳指收涨1.31%，标普500收涨0.88%；甲骨文收涨6.63%、博通收涨3.18%、英伟达收涨3.93%、谷歌A涨 1.55%、特斯拉则收跌0.45%，Meta跌0.85%。 此外，美光科技收涨涨约7%，CoreWeave涨超22%，超威半导体、超微电脑涨超6%。 摩根士丹利有望牵头SpaceX IPO。 美军宣布35亿美元采购72颗导弹预警和跟踪卫星，是迄今为止美军低地球轨道星座最大一笔交易。 美国"星链"一颗卫星或爆炸失联。 高盛在最新报告中重申看涨黄金，预测金价将在2026年12月冲击每盎司4900美元历史新高。 国内重大事件汇总： 5、《互联网平台价格行为规则》印发，不得强制或者变相强制平台内经营者开通自动跟价、自动降价或者类似系统，平台经营者、平台内经营 者不得以低于成本的价格销售商品或者提供服务。 一周券商策略前瞻： 本周券商策略分析师对春季躁动依旧看好，随时或到来，只缺一个有效信号。 点评：国盛证券表示，商业航天是太空算力成立的核心成本变量，太空算力是商业航天释放价值弹性的关键应用场景，当前低轨与深空应用场景 正从"可行性验证 ...

苏试试验：公司自主研发的热真空试验设备能够模拟10⁻³Pa～10⁻⁵Pa及以上的真空度环境条件，可实现 冷黑背景下高真空加温度变化的热真空试验，具有高真空度性能、多维精准控温系统、高智能化控制等 特点，适用于航天领域的材料。 普天科技：聚焦通信与算力相关技术及产品研发，在航天通信、卫星导航等领域有业务布局。 *免责声明：文章内容仅供参考，不构成投资建议 长江证券认为，太空算力在能源效率、可扩展性等核心维度具备颠覆性优势，能从根本上突破地面算力 的物理扩张瓶颈。2024年全球数据中心耗电达415太瓦时，占全球用电总量1.5%，而太空算力不受土 地、电网限制，散热优势显著，已成为海外大厂重点探索方向，国内产学研结合下，我国已处于太空算 力赛道领军地位。 产业链方面，太空算力产业涉及卫星制造与发射、耐空间环境算力硬件、太空算力运营等环节，上游为 芯片、太阳能与储能设备供应商，中游包含卫星制造商、发射服务提供商，下游聚焦各类太空算力应用 场景。 据上市公司公告、互动平台及券商研报表示， 据中华网等报道，美国正推进冷战以来最大规模的太空军事化部署，总统特朗普签署行政令将载人登 月、建立月球基地和太空武器防御列为国家优先 ...

Group 1: Market Trends and Investment Opportunities - Recent preparations by professional investors for year-end market trends have been noted, with public funds conducting intensive research on companies such as Zhongke Shuguang, Haiguang Information, Luxshare Precision, Changan Automobile, and others, primarily in the manufacturing sector [1] - Institutions believe that the recent market adjustment will provide better investment opportunities for the upcoming year, with structural market trends making certain underperforming sectors more attractive [1] - Analysts from Penghua Fund and Xingzheng Global Fund express optimism about advanced manufacturing, cyclical stocks, and high-performing non-bank stocks, indicating that the upward market trend remains intact despite short-term fluctuations [1] Group 2: Sector-Specific Insights - The lithium battery industry is expected to maintain high demand due to the growth in electric vehicle sales and unexpected storage needs, leading to improved profitability across the supply chain [2] - The innovative drug sector in Hong Kong remains a focus for institutions, with a positive outlook on the industry’s fundamentals and the ongoing trend of innovative drugs going global, which is expected to enhance the upstream supply chain's performance [2] - The commercial aerospace and satellite industry is transitioning from speculative hype to a fundamentals-driven phase, with investment opportunities emerging across the supply chain, particularly in rocket and satellite manufacturing and related applications [3]

Investment Rating - The report maintains a "Buy" recommendation for the satellite communication industry, particularly focusing on low Earth orbit (LEO) satellite systems [6]. Core Insights - The low Earth orbit (LEO) satellite communication sector is entering a critical phase of large-scale deployment and commercialization, driven by the acceleration of global digitalization and the emergence of new application scenarios [2][3]. - The report highlights the significant improvements in system efficiency and cost reduction due to technological advancements, such as enhanced on-board processing (OBP) capabilities and the maturity of phased array antenna technology [3][4]. - The Chinese government has included satellite internet in its "new infrastructure" initiatives, supporting the development of autonomous LEO satellite constellations [2][3]. Summary by Sections Industry Overview - The global satellite industry is projected to generate approximately $293 billion in revenue by 2024, with a compound annual growth rate (CAGR) of about 1.57% from 2019 to 2024 [12]. - The revenue from satellite manufacturing is expected to reach $20.1 billion in 2024, reflecting a year-on-year growth of approximately 17% [15][16]. Technological Trends - The report emphasizes that the enhancement of OBP capabilities allows satellites to perform more data routing and computing functions, reducing reliance on ground stations [3][4]. - The widespread use of reusable launch vehicles is expected to alleviate launch bottlenecks and continuously lower the cost per bit of transmission, facilitating large-scale user access [3][4]. Market Dynamics - The report indicates that the revenue from ground equipment is currently the highest in the global satellite industry, but as OBP technologies mature, the reliance on ground stations is expected to decrease, leading to increased revenue shares for satellite manufacturing and services [4]. - The demand for consumer broadband terminals, IoT devices, and specialized communication equipment is anticipated to grow, presenting unprecedented market opportunities for domestic companies with core hardware development capabilities [4][5]. Investment Recommendations - The report suggests focusing on leading suppliers of satellite payload manufacturing and navigation modules, as the optimization of launch costs and operational efficiencies is expected to drive growth in downstream service applications [5].