Core Viewpoint - The aerospace and satellite sectors are experiencing significant growth, with notable stock increases and successful satellite launches marking the end of 2025 [1][6]. Group 1: Market Performance - On the last trading day of 2025, stocks in the satellite and aerospace sectors surged, with notable gains: Aileda increased by over 17%, Beidou Star reached a 10% limit up, and Guanglian Aviation rose by over 9% [1][6]. - The General Aviation ETF Huabao (159231) saw a price increase of 2.32%, reaching a new high and achieving six consecutive days of gains, with a net subscription of 2 million shares during trading [1][6]. Group 2: Industry Developments - On December 31, 2025, China successfully launched the Practice-29 satellite using the Long March 7 carrier rocket, marking a successful conclusion to the year's space missions, with a total of 73 launches completed, setting a historical record [6]. - According to Guojin Securities, the global aerospace industry is undergoing structural changes akin to a new age of exploration, driven by the rise of commercial space companies like SpaceX. China's commercial aerospace sector is transitioning from a policy incubation phase to an industrial explosion phase, with 2026 expected to be a pivotal year for the industry [3][6]. Group 3: Investment Opportunities - The General Aviation ETF Huabao and its linked funds cover a broad index of 50 stocks, focusing on military and civilian aerospace capabilities, including low-altitude economy, large aircraft, commercial aerospace, satellite navigation, and drones, with over 37% of the index allocated to the aerospace sector [3][6]. - The ETF is positioned as a strategic tool for investors looking to capitalize on the domestic demand and military trade resonance within the Chinese aerospace industry [3][6].

Group 1 - The satellite industry ETF (159218) has seen a significant increase, rising by 3.96% and reaching a new high for the year, marking the 33rd time this has occurred [1] - The commercial aerospace sector is gaining attention, with discussion heat surpassing 20%, indicating a systematic capital allocation towards this strategic direction [1] - Despite adjustments in related US stocks, the A-share market is performing independently, supported by policy expectations and industry advancements [1] Group 2 - At least 10 commercial aerospace companies have initiated the IPO process, with 5 focusing on launch vehicles, including Blue Arrow Aerospace and Interstellar Glory [2] - The satellite industry ETF (159218) is recognized as an efficient tool for capital allocation in the commercial aerospace sector, covering core segments of the industry [2] - The ongoing high prosperity in the industry is expected to continue attracting medium to long-term investment attention [2]

12月31日早盘，商业航天主题板块再度躁动，相关高人气军工ETF华宝（512810）水下拉起，快速翻红 涨逾1%，昨日场内价格刷新逾3年新高。 军工ETF华宝（512810）全面覆盖海陆空天军工核心资产，囊括24只商业航天概念股，权重占比合计 28.64%。昨日短线回调后，商业航天成份股强势反攻，北斗星通一度冲击涨停，航天电子、中国卫 通、国科军工等多股继续刷新历史新高。 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。湘财证 券也表示，"十五五"国家航天强国战略目标的牵引下，国内政策、资本与技术正形成合力，推动商业航 天从技术验证阶段迈向规模化、商业化运营阶段，因此维持军工行业"增持"评级。 【八一军工，火力全开】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 + 深海科技 + 军用AI "等诸多热门主题，同时是融资融券+互联互通标 的，是一键投资军工核心资产的高效工具。 | | | | | 军工ETF华宝 (512810) 持仓商业航天概念股 (权重合计28.64%) | | | | | --- ...

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 ...