【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].

数据显示，截至2025年11月28日，中证国防指数(399973)前十大权重股分别为中航沈飞(600760)、航发 动力(600893)、中航光电(002179)、中航西飞(000768)、菲利华(300395)、西部超导(688122)、中航机载 (600372)、航天电子(600879)、睿创微纳(688002)、海格通信(002465)，前十大权重股合计占比44.06%。 东方证券指出，火箭是当前商业航天的瓶颈环节，随着产能释放、运力提升及可回收技术突破，卫星组 网进度有望迎来跨越式增长。低轨轨道与频段资源具有"先占先得"特征，解决火箭端瓶颈是卫星组网规 模化的必要条件。未来我国火箭端有望迎来产能释放、运力提升、可回收&复用技术突破三重共振，发 射瓶颈或将加快解决，卫星组网进度有望有望迎来跨越式增长。1）商业火箭公司通过IPO扩大融资 后，有望加快可回收&可复用技术验证和火箭产能释放；2）可回收&复用火箭技术的突破将大幅降低 发射成本并缩短发射时间间隔；3）火箭运力提升后将显著提升卫星组网数量和速度。 国防ETF紧密跟踪中证国防指数，中证国防指数选取隶属于十大军工集团公司旗下的上市公司证券，以 及为国家 ...

来源：民航观察 MACD金叉信号形成，这些股涨势不错！ 此方威极有可能为为方大系"掌门人"方威，方威具备丰富股权投资经验，此前曾布局方大特钢、方大炭 素、海航控股等公司，2025年还现身凯盛新材、长城军工、航天机电（航天科技集团旗下）等公司前十 大股东名单，对航天系标的有明显投资偏好。 值得注意的是，三季度新进前十大股东的方威持有384.4万股，浮盈超2亿元，长期持股的牛散余君波浮 盈超5.2亿元。（如果四季度没有卖出的话） 截至发稿前，中国卫星股价报价超92元/股，若方威未减持该部分股份，持股市值达3.54亿元（384.4万 股×92元/股）。 累计浮盈超2亿元（3.54亿元-1.3亿元），短期投资回报率超150%。 2025年中国卫星前三季度营收同比增长85.28%、净利润扭亏为盈，但历史业绩波动较大，客户集中问 题待解，未来需依托商业航天拓展市场化客户实现业绩突破。 MACD金叉信号形成，这些股涨势不错！ 据民航观察观察，2025年中国卫星（商业航天"中军"标的，控股股东为航天五院）股价表现强劲，全年 累计涨幅超222%，近5个月飙涨200%，12月29日市值突破1041亿元，。 | 中国农业银行股份有 ...

Core Viewpoint - The A-share market continues to show strength in the commercial aerospace sector, with several stocks reaching significant gains and historical highs following a successful satellite launch by China [1][2]. Group 1: Stock Performance - Aileda (300696) saw a rise of 17.49%, with a total market capitalization of 9.847 billion [2]. - Haichang New Materials (300885) increased by 12.65%, with a market cap of 8.660 billion [2]. - Qianzhao Optoelectronics (300102) rose by 10.04%, with a market cap of 24.1 billion [2]. - Shunhao Co., Ltd. (002565) increased by 10.02%, with a market cap of 19.4 billion [2]. - Changjiang Communication (600345) experienced a 10% rise, with a market cap of 11.4 billion [2]. - Leike Defense (002413) rose by 9.99%, with a market cap of 16.5 billion [2]. - Taili Technology (301595) increased by 9.5%, with a market cap of 5.08 billion [2]. - Woge Optoelectronics (603773) rose by 7.74%, with a market cap of 8.164 billion [2]. - Xinwei Communication (300136) increased by 7.26%, with a market cap of 55 billion [2]. - Aerospace Hanyu (688523) rose by 6.16%, with a market cap of 21.1 billion [2]. - Aerospace Morning Light (600501) increased by 5.66%, with a market cap of 12.4 billion [2]. - China Satellite (600118) rose by 5.35%, with a market cap of 107.5 billion [2]. Group 2: Recent Developments - On December 31, 2025, China successfully launched the Shijian-29 satellite using the Long March 7 carrier rocket from the Wenchang Space Launch Site, marking the 623rd flight of the Long March series [1]. - The satellite's primary mission is to conduct new technology verification tests for space target detection [1].