从大类来看，宽基&策略板块ETF净流入居前，达+506.71亿元，主要中证A500板块的流入；行业&主题板块ETF净流出居前，达-143.41亿元。 二、资金加减仓方向 具体到细分板块，宽基&策略板块ETF中，净流入前三大板块依次为：中证A500、策中证500、中证1000；净流出前三大板块依次为：沪深300、创业板、其 他宽基指数。 行业&主题板块ETF中，净流入前五大板块依次为：有色金属、新能源、文娱传媒、主要消费、机器人；净流出前五大板块依次为：半导体芯片、军工、人 工智能、电池储能、食品饮料。 一、全市场概况 截至上周末，全市场权益类ETF总规模50458.92亿元，过去一周场内总规模增加1437.22亿元，总份额增加276.32亿份，资金净流入401.66亿元。 | | | 当周净流入前五及后五的行业&主题板块 | | | | | --- | --- | --- | --- | --- | --- | | 板块 | 本周流入资金 | 本周规模变动 | 本年流入资金 | 本年规模变动 | 其余规模 | | 有色金属 | 15.50 | 40.66 | 248.45 | 366.25 | 439.58 ...

Core Insights - The satellite and aerospace sectors experienced significant gains on the last trading day of 2025, with notable increases in stock prices for companies such as Ailida (up over 17%), Beidou Star (10% limit up), and Guolian Aviation (over 9%) [1] - The Huabao General Aviation ETF (159231) reached a new high with a 2.32% increase, marking a strong performance with a net subscription of 2 million units during trading [1] Industry Overview - The global aerospace industry is undergoing a structural transformation akin to the Age of Exploration, driven by the rise of commercial space companies like SpaceX [3] - China's commercial aerospace sector is transitioning from a policy incubation phase to an industrial explosion phase, with 2026 anticipated to be a pivotal year for the industry [3] - The Huabao General Aviation ETF and its associated funds cover a wide range of sectors, including low-altitude economy, large aircraft, military aircraft, commercial aerospace, satellite navigation, and drones, with the aerospace sector comprising over 37% of the index [3] Recent Developments - On December 31, 2025, China successfully launched the Shijian-29 satellites using the Long March 7 rocket, marking the conclusion of the Long March series' launch activities for the year, which totaled 73 missions, a historical high [2]

Core Insights - The report suggests a "barbell strategy" for investors, focusing on state-owned system integrators with core frequency resources for stable beta returns, while also investing in private sector leaders in commercial rockets and satellite components for high alpha returns [3] - The Chinese commercial space industry is transitioning from a policy incubation phase to an industrial explosion phase, with 2026 expected to be a pivotal year for alpha returns as the industry shifts from prototype development to mass production [5] Policy Cycle - Recent policies have provided a long-term development framework for the commercial space industry, with significant catalysts emerging [12] - The 14th Five-Year Plan emphasized the importance of commercial space, while the 15th Five-Year Plan positions it alongside new energy vehicles and integrated circuits as a pillar industry [14] - The establishment of dedicated regulatory bodies and action plans aims to enhance efficiency in launch approvals and promote industry standardization [14] Technology, Application, and Capital Resonance - Key technological breakthroughs are expected to lower costs significantly, with reusable rockets like the Zhuque-3 projected to reduce launch costs [30] - The shift from national missions to consumer applications is anticipated, with satellite communication becoming a standard feature in smartphones and vehicles [36] - A surge in capital investment is expected, with the establishment of a national commercial space development fund to support long-term investments [41] Competitive Cycle - SpaceX has established a monopoly-level launch capability, necessitating China to develop its own low-orbit broadband communication network for both commercial and national security reasons [20] External Catalysts - The rapid iteration of SpaceX's Falcon 9 and Starship has created competitive pressure, prompting domestic policies and capital to favor core companies in the space sector [5] Investment Strategy and Valuation Framework - The valuation framework for commercial space is shifting from a broad narrative of total addressable market (TAM) to specific analyses of price-to-sales (PS) ratios and order visibility [5] - The report emphasizes the importance of identifying companies deeply integrated into the commercial rocket and satellite supply chains, which are expected to benefit first from the transition to mass production [3] Future Catalysts - The report highlights 2026-2027 as critical years for the commercial space industry, with significant developments expected in satellite deployment and launch capabilities [6]

Group 1 - The China Aerospace Industry Index (CN5082) rose by 2.12%, with significant gains in constituent stocks such as Guanglian Aviation (300900) up 9.80%, Aerospace Electronics (600879) up 9.24%, and China Satellite (600118) up 8.67% [1] - The Aerospace ETF (159227) also increased by 2.12%, with the latest price reported at 1.35 yuan [1] - China successfully launched the Practice-29 satellites A and B using the Long March 7 carrier rocket, marking a successful conclusion to the Long March series missions for 2025, with a total of 73 space launch missions completed this year, setting a historical record [1] Group 2 - The competition for low Earth orbit satellite resources is intense, with the industry expected to grow rapidly; the International Telecommunication Union follows a "first come, first served" principle for orbital and frequency resource allocation [2] - The 2025 government work report emphasizes the "safe and healthy development" of commercial space, highlighting technological breakthroughs and large-scale applications, indicating a new phase for commercial space [2] - China has registered a total of 100 satellite constellations, including 88 commercial space projects and 12 national strategic projects, with plans to launch over 60,000 satellites [2] - The Aerospace ETF (159227) closely tracks the China Aerospace Index, covering key industry chain segments such as aerospace equipment, satellite navigation, and new materials, with a high weight of 64% in commercial aerospace concepts [2]

相关产品： 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，成分股精选领域头部企业，涵盖大飞机研制、低空经济、商业航天等新兴领域，商业航天 概念权重占比高达64.08%。 通用航空ETF基金（159230）跟踪国证通用航空产业指数，以低空经济为核心，覆盖航材及基础设施、 飞行器制造、运营服务及场景应用等行业，助力投资人把握低空经济行情，低空经济含量83.7%，商业 航天含量60.89%。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 12月31日，三大指数延续震荡，大飞机、商业航天概念探底回升，截至10:53，航空航天ETF(159227)涨 2.04%，其特有持仓股航发科技、盟升电子表现强势，通用航空ETF基金（159230）涨2.18%，其特有持 仓股爱乐达涨超17%，北斗星通涨停，其共同持仓股广联航空涨超9%，中国卫星、航天电子、华力创 通等股涨幅居前。 消息面上，海南省航天领导小组会议12月30日在海口召开，听取海南商业航天发射场2026年发射计划安 排、商业发射任务组织指挥模式优化、相关系统和配套项目论证建设等 ...

跨年交易日，商业航天板块再度领涨市场。12月31日上午，卫星产业ETF(159218)盘中上涨3.96%，创 下年内第33次历史新高；成分股中，北斗星通与长江通信强势涨停。板块热度持续高企，市场讨论度显 著超越其他新兴赛道。 尽管隔夜美股相关板块调整，但A股商业航天在国内强政策预期与扎实的产业进展支撑下，走出了独立 行情。产业正处在"制度破局、技术突破、应用落地"的三重驱动之下，高景气度有望延续。 在此背景下，卫星产业ETF(159218) 作为全市场首只覆盖商业航天全产业链（火箭、卫星、地面设备、 运营服务）的核心工具，已成为资金高效布局这一战略方向的首选载体。其持续的强势表现与创新高走 势，清晰地反映了市场对产业长期发展空间的坚定信心。 风险提示：基金有风险，投资需谨慎。 资金的聚焦源于产业趋势的确定性。据统计，当前至少有10家商业航天企业已开启IPO进程，其中蓝箭 航天、星际荣耀等5家主业为运载火箭。同时，包括鲁信创投、金风科技在内的多家A股上市公司，已 通过直接投资或参股方式深度布局该产业链。这一密集的资本化进程，为二级市场提供了丰富的投资线 索与价值锚点。 投资逻辑：政策与产业共振下的高景气 | 序 ...

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]