Group 1 - The core viewpoint of the news highlights the successful launch of the Long March 7 rocket, which placed the Shijian-29 satellites into orbit, marking the 623rd flight of the Long March series [1] - The Shanghai Stock Exchange has introduced guidelines for commercial rocket companies to apply for the Sci-Tech Innovation Board, indicating a growing interest in the commercial space sector [1] - The strategic importance of commercial space has been recognized, with the establishment of a dedicated Commercial Space Bureau and the release of an action plan for high-quality development from 2025 to 2027 [1] Group 2 - Investment in China's commercial space sector has surged from 1.1 billion yuan in 2015 to 34.13 billion yuan in 2024, with over 500 companies now operating in the industry [2] - The industry output value has increased from 1 trillion yuan in 2010 to 2.3 trillion yuan in 2024, establishing commercial space as a significant industry [2] - The commercial space sector is expected to benefit from technological advancements and policy support, with potential growth in satellite internet and remote sensing applications [2] Group 3 - As of December 31, 2025, the CSI Satellite Industry Index rose by 2.66%, with the satellite ETF gaining 2.81%, indicating strong market performance [3] - Major stocks within the satellite ETF, such as Changjiang Communication and Xinwei Communication, saw significant increases, with the top ten stocks accounting for 59.23% of the index [3][4] - The satellite ETF has experienced substantial net inflows, totaling 93.7 million yuan over a recent four-day period, reflecting investor interest in the sector [3] Group 4 - The CSI Satellite Industry Index is more focused on upstream manufacturing in the satellite industry, with over 25% weight in aerospace equipment, positioning it to benefit from industry acceleration [4] - The top three stocks in the index account for nearly 30% of its weight, indicating a concentrated investment in leading companies [4] - Higher expected growth rates for the index suggest a greater potential for returns, as it captures the early stages of industry development [4]

商业航天IPO细则落地，相关行业有望迎来显著催化。在多家机构看来，在资本市场加持下，商业航天将迎来黄金时代。 上交所发布《上海证券交易所发行上市审核规则适用指引第9号——商业火箭企业适用科创板第五套上市标准》，旨在支持尚未形成一定收入规模的优质 商业火箭企业在科创板发行上市。其中，第五条中有关可重复使用火箭技术及阶段性转化成果的相关表述备受市场关注，该如何理解这一条例重要性？开 源证券研究指出，可重复使用火箭技术的革命性意义在于通过显著降低发射成本、缩短任务周期，从而大幅提升运力供给，其中低成本是推动航天产业实 现"商业化"的核心驱动力。 此次指引出台迅速迎来市场多方关注，记者在与投行人士沟通梳理发现，从行业视角来看，此次文件制定不仅加快推进商业航天创新发展、主动服务航天 强国战略，也对中介机构适配能力提出了更高要求。另一方面，政策利好下，商业航天板块已被机构视为2026年重点关注的行情主线之一，相关板块指数 近日持续走高，进一步凸显了市场对该领域的热度。 业内观点进一步解读，当前政策共振叠加长征、朱雀、天兵等可回收火箭等技术突破，相关板块有望将迎来基本面向上、技术突破、政策加码等多维度催 化的局面。 企业端 ...

Group 1 - The core viewpoint of the news highlights the strong performance of the general aviation sector, with the Zhongzheng General Aviation Theme Index rising by 1.01% and key stocks like Leike Defense and Beidouxingtong showing significant gains [1] - The successful launch of the Shijian-29 satellite by China on December 31, 2025, using the Long March 7 rocket, is a significant milestone for commercial aerospace, indicating a robust growth trajectory in this sector [1] - The Shanghai Stock Exchange has introduced guidelines to support high-quality commercial rocket companies, which is expected to accelerate their entry into the capital market and enhance the overall industry ecosystem [2] Group 2 - The Zhongzheng General Aviation Theme Index includes 50 companies involved in various aspects of general aviation, reflecting the overall performance of the sector [2] - As of November 28, 2025, the top ten weighted stocks in the Zhongzheng General Aviation Theme Index accounted for 40.68% of the index, indicating a concentrated investment in key players within the industry [2]

【内容摘要】12月30日，资金面有所收敛，跨年资金成本继续上升；债市情绪有所修复，超长债回暖；转债市场主要指数集体收涨，转债个券多数上涨；各 期限美债收益率走势分化，主要欧洲经济体10年期国债收益率普遍上行。 一、债市要闻 （一）国内要闻 【个人销售未满2年住房增值税将下调至3%】12月30日，财政部、税务总局发布《关于个人销售住房增值税政策的公告》，明确个人将购买不足2年的住房 对外销售的，按照3%的征收率全额缴纳增值税；个人将购买2年以上（含2年）的住房对外销售的，免征增值税。《公告》自2026年1月1日起施行。 【2026年"两新"政策出炉，"范围、标准、机制"全面优化】12月30日，国家发展改革委、财政部发布《关于2026年实施大规模设备更新和消费品以旧换新政 策的通知》，明确2026年"两新"政策的支持范围、补贴标准和工作要求。据悉，国家已于近日向地方提前下达2026年第一批625亿元超长期特别国债支持消 费品以旧换新资金计划，满足元旦、春节等旺季消费需求。2026年"两新"政策主要在支持范围、补贴标准、实施机制三方面进行优化。 【财政部：切实抓好地方政府债务监督，有效抓好财政收入、超长期特别国债等 ...

亚太卫星（01045）再涨超12%，近两周股价累计涨幅接近40%。截至发稿，股价上涨12%，报2.80港 元，成交额1856.43万港元。 公开资料显示，亚太卫星为中国卫通集团股份有限公司控股子公司。亚太卫星集团当前运营亚太5C、 亚太6C、亚太7号和亚太9号卫星，并通过联营公司运营亚太6D卫星及亚太6E卫星。亚太卫星系统覆盖 亚洲、欧洲、非洲和大洋洲等全球约75%人口之地区，为广播和电信客户提供优质的卫星转发器、卫星 通信与卫星电视广播传输服务。 亚太卫星（01045）再涨超12%，近两周股价累计涨幅接近40%。截至发稿，股价上涨12%，报2.80港 元，成交额1856.43万港元。 公开资料显示，亚太卫星为中国卫通集团股份有限公司控股子公司。亚太卫星集团当前运营亚太5C、 亚太6C、亚太7号和亚太9号卫星，并通过联营公司运营亚太6D卫星及亚太6E卫星。亚太卫星系统覆盖 亚洲、欧洲、非洲和大洋洲等全球约75%人口之地区，为广播和电信客户提供优质的卫星转发器、卫星 通信与卫星电视广播传输服务。 中邮证券表示，商业航天领域正迎来发展机遇，产业链上下游企业值得关注，包括卫星制造、地面设备 及数据处理等环节，相关技 ...

12月31日，国博电子盘中上涨2.02%，截至10:28，报84.78元/股，成交2.82亿元，换手率0.57%，总市值 505.30亿元。 责任编辑：小浪快报 国博电子所属申万行业为：国防军工-军工电子Ⅱ-军工电子Ⅲ。所属概念板块包括：军民融合、军工信 息化、商业航天（航天航空）、中国电科集团、航天军工等。 截至9月30日，国博电子股东户数7039.00，较上期减少5.96%；人均流通股84673股，较上期增加 138.74%。2025年1月-9月，国博电子实现营业收入15.69亿元，同比减少13.51%；归母净利润2.47亿元， 同比减少19.35%。 分红方面，国博电子A股上市后累计派现9.92亿元。近三年，累计派现7.92亿元。 机构持仓方面，截止2025年9月30日，国博电子十大流通股东中，华夏军工安全混合A（002251）位居 第七大流通股东，持股1089.26万股，相比上期增加203.32万股。长城久嘉创新成长混合A（004666）位 居第九大流通股东，持股380.00万股，相比上期减少120.00万股。易方达上证科创板50ETF（588080） 位居第十大流通股东，持股285.61万股，相比上 ...

责任编辑：小浪快报 中泰股份所属申万行业为：公用事业-燃气Ⅱ-燃气Ⅲ。所属概念板块包括：核聚变、商业航天（航天航 空）、燃料电池、氢能源、机械等。 截至9月30日，中泰股份股东户数2.51万，较上期增加1.54%；人均流通股14716股，较上期减少1.52%。 2025年1月-9月，中泰股份实现营业收入21.15亿元，同比增长5.13%；归母净利润3.36亿元，同比增长 77.07%。 分红方面，中泰股份A股上市后累计派现3.56亿元。近三年，累计派现1.72亿元。 机构持仓方面，截止2025年9月30日，中泰股份十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股1713.01万股，相比上期增加155.48万股。平安睿享文娱混合A（002450）位居第十大流通 股东，持股135.03万股，为新进股东。兴全社会责任混合（340007）退出十大流通股东之列。 12月31日，中泰股份盘中上涨2.08%，截至10:27，报22.56元/股，成交8953.44万元，换手率1.09%，总 市值87.02亿元。 资金流向方面，主力资金净流入787.90万元，特大单买入111.70万元，占比1.25%，卖出0.0 ...

Group 1 - Asia Pacific Satellite (01045) has seen a price increase of over 12%, with a cumulative rise of nearly 40% over the past two weeks, currently trading at 2.77 HKD with a transaction volume of 16.08 million HKD [1] - Asia Pacific Satellite is a subsidiary of China Satellite Communications Group Co., Ltd., operating satellites such as AsiaSat 5C, 6C, 7, and 9, and providing satellite communication and broadcasting services to approximately 75% of the global population across Asia, Europe, Africa, and Oceania [1] - Zhongyou Securities indicates that the commercial space sector is experiencing growth opportunities, with attention on upstream and downstream enterprises in satellite manufacturing, ground equipment, and data processing, driven by technological advancements and policy support [1] Group 2 - The emerging field of space computing is expected to have long-term development potential, with companies likely to achieve breakthroughs in satellite internet and remote sensing applications as the commercialization of space technology accelerates [1] - The industry ecosystem is becoming increasingly complete, and the market size is expected to continue expanding [1]

Group 1 - Asia Pacific Satellite (01045) has seen a rise of over 12%, with a cumulative increase of nearly 40% over the past two weeks, currently trading at 2.77 HKD with a transaction volume of 16.08 million HKD [1] - Asia Pacific Satellite is a subsidiary of China Satellite Communications Group Co., Ltd., operating satellites such as AsiaSat 5C, 6C, 7, and 9, and providing satellite communication and broadcasting services to approximately 75% of the global population across Asia, Europe, Africa, and Oceania [1] - Zhongyou Securities indicates that the commercial space sector is experiencing growth opportunities, with attention on upstream and downstream enterprises in satellite manufacturing, ground equipment, and data processing, driven by technological advancements and policy support [1] Group 2 - The emerging field of space computing is expected to have long-term development potential, with accelerated commercialization of space technology leading to breakthroughs in satellite internet and remote sensing applications [1] - The industry ecosystem is becoming increasingly complete, and the market size is anticipated to continue expanding [1]

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].