近日，每日互动股份有限公司（以下简称"每日互动"）与眉山天府新区兴产投资控股集团有限公司（以下简称"眉山兴产"）正式签署战略合作协议。双方 将在卫星数据与智能技术融合研发、共建可信数据空间及"卫星发数站"等方面达成战略合作，激发空天数字产业发展新动能。 近日，每日互动股份有限公司（以下简称"每日互动"）与眉山天府新区兴产投资控股集团有限公司（以下简称"眉山兴产"）正式签署战略合作协议。双方 将在卫星数据与智能技术融合研发、共建可信数据空间及"卫星发数站"等方面达成战略合作，激发空天数字产业发展新动能。 眉山兴产是经眉山市委、市政府批准成立的眉山市委管理的市属一级国有全资企业；注册资本50亿元，资产总额超过1,000亿元，主体信用评级AAA，业 务领域涵盖产业招引投资、金融综合服务、地产投资开发、工程施工建设、城市综合运营、文旅投资开发、商贸港口运营与卫星智慧城市等板块。其中， 眉山兴产旗下环天智慧，是目前西南唯一拥有自主可控卫星星座的企业，致力于卫星数据的"采、存、算、管、用"全周期能力建设。 每日互动股份有限公司是中国数据智能领域的领军企业，秉承"让数好用、把数用好"的理念，积极打造可信数据空间和可控大模型 ...

Group 1 - Aerospace and satellite internet sectors are showing strong performance, with companies like Aerospace Universe rising over 19%, Guangwei Composite increasing by more than 15%, and Haige Communication hitting a 10% limit up [1][6] - The General Aviation ETF Huabao (159231) is experiencing a price increase of 1.72%, marking a strong four-day upward trend [1][6] Group 2 - The private rocket company "New Space Aerospace" announced on December 27 the initiation of key technology engineering tests for the recovery and reuse of the Chitu-1 rocket, indicating accelerated development in low-cost, high-reliability, and reusable space technology [3][8] - Under the national strategy to upgrade "Aerospace Power" and position commercial aerospace as a new growth engine, the industry is at a historic development turning point, with significant downstream application demand in satellite internet constellation construction [3][8] - The General Aviation ETF Huabao (159231) and its linked funds cover 50 constituent stocks across various sectors, including low-altitude economy, large aircraft, military aircraft, commercial aerospace, satellite navigation, and drones, with the aerospace industry accounting for over 37% [3][8]

本报记者 梁傲男 12月29日，神剑股份（股票代码：002361）早盘涨停，实现8连板。截至上午收盘，公司股价封于14.49 元/股，本月涨幅达128.55%，总市值达137.80亿元。 在业内人士看来，受商业航天板块政策利好催化，相关概念股近期成为A股市场关注焦点。作为中国航 天科技集团有限公司等航天企业的供应商，神剑股份在互动平台中表示，已开展商业航天领域的配套零 部件供应业务，与当前市场热点高度契合，其业绩的增长也为该概念的关注度提供了支撑。 连续澄清 记者注意到，继12月21日、12月24日之后，12月28日晚间，神剑股份第三次发布"股票交易异常波动的 公告"，重申公司目前并无应披露而未披露的重大信息。 公告称，公司前期披露的信息不存在需要更正、补充之处；公司未发现近期其他公共媒体报道了可能或 已经对公司股票交易价格产生较大影响的未公开重大信息；公司目前经营情况及内外部经营环境未发生 重大变化；在股票交易异常波动期间，公司控股股东及实际控制人不存在关于公司的应披露而未披露的 重大事项或处于筹划阶段的重大事项，亦不存在买卖公司股票的情形；公司不存在违反信息公平披露的 情形。 从业务结构看，神剑股份以"化 ...

（本文作者张思远为星图金融研究院研究员） 一、政策红利密集落地，春季行情有望提前启动 2026年作为"十五五"规划的开局之年，宏观政策的前瞻性布局与协同发力为资本市场提供了坚实支撑。 中央经济工作会议定调后，国家发改委、中央财办等核心部门密集开展政策解读，持续释放积极信号， 不仅明确了全年经济工作的核心方向，也为A股市场注入了强劲信心。从政策传导逻辑来看，积极财政 政策与适度宽松货币政策的组合发力，将有效缓解当前经济运行中的"供强需弱"矛盾，推动经济复苏预 期持续升温，而这一过程将直接赋能资本市场，催化春季行情提前启动。 （一）国内宏观政策协同发力，夯实经济复苏基础 中央财办在政策解读中明确，扩大内需将成为2026年经济工作的首要任务，核心在于构建供需两侧协同 提振消费的长效机制，同时统筹推进消费与投资的良性互动。在房地产市场调控方面，政策呈现供需两 端精准施策的特征。供给端聚焦"控增量、盘活存量"的核心目标，通过去库存化优化市场供给结构；需 求端则重点支持刚性与改善性住房需求，通过差异化信贷政策、购房补贴等举措稳定市场预期，推动房 地产市场实现平稳健康发展。 国家发改委明确2026年将围绕提振消费、稳投资、 ...

行 华福证券 业 研 究 行 业 定 国防军工 军工本周观点：重视火箭产业链 投资要点： 本周核心观点： 本周（12.22-12.26）申万军工指数（801740）上升 6.00%，同期沪深 300 指数上升 1.95%，相对超额 4.05pct；仍主要系商业航天板块热度持续 带动，本周商业航天板块持续催化频发： 期 报 告 12 月 24 日，航天科技集团党组传达学习习近平总书记对中央企业工 作作出的重要指示精神。会议强调，要深刻理解航天科技在履行强军首责、 维护国家战略安全中的重要政治意义；为新时代新征程航天强国建设提供 坚强有力的支撑和保障。 12 月 25 日，上海市人民政府办公厅印发《关于支持长三角 G60 科创 走廊策源地建设的若干措施》的通知。通知提到，加速航空航天产业发展。 围绕卫星制造与商业运营等产业链关键环节，引育上下游重点项目；鼓励 卫星互联网技术规模化应用；支持卫星互联网星座建设。 12 月 26 日，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》（下称《指引》）， 旨在推进科创板第五套上市标准在商业航天等领域扩围工作，加快推进 ...

Investment Rating - The report maintains a rating of "Buy" for the industry, indicating a positive outlook for investment opportunities in the commercial aerospace sector [1]. Core Insights - The commercial aerospace sector is expected to experience significant growth driven by a combination of fundamental improvements and policy support, with a notable emphasis on becoming a "space power" as highlighted in the recent Fourth Plenary Session of the 19th Central Committee [2][15]. - The report outlines a multi-faceted catalyst for growth, including accelerated satellite launch schedules, technological breakthroughs in reusable rockets, and a series of supportive policies from the government aimed at enhancing the commercial aerospace landscape [2][15]. Summary by Sections Policy Developments - The Fourth Plenary Session on October 23, 2025, emphasized the importance of building a manufacturing and aerospace power, leading to the establishment of a dedicated Commercial Aerospace Office to streamline regulatory processes [2][15]. - A series of policies have been introduced to promote high-quality development in commercial aerospace, including a plan to integrate commercial aerospace into the national development framework by 2027 [2][15]. Industry Developments - The report notes that over 50,000 low-orbit satellites have been proposed, with major projects like the China Star Network and the Shanghai Yanjin Thousand Sail Constellation leading the way [3][17]. - The expected launch rate is projected to increase significantly, with an average of approximately 2,776 satellites to be launched annually from 2026 to 2035 [3][17]. Financing Support - Recent policies have focused on facilitating private investment in commercial aerospace, with measures to support IPOs for companies in this sector, including Blue Arrow Aerospace and Star River Power [4][20]. - Local governments are also providing substantial subsidies to enhance the financing environment for satellite manufacturing and launch services [4][20]. Key Investment Targets 1. **Shanghai Port Bay**: A leader in satellite energy systems, with significant growth potential in perovskite solar cells, which are expected to see increased adoption due to cost advantages [5][21]. 2. **Dongzhu Ecology**: Engaged in acquiring a majority stake in Kai Rui Xing Tong to enter the satellite communication sector, with strong growth in revenue and profitability anticipated post-acquisition [9][22]. 3. **Other Notable Companies**: Companies such as Jintanlang, Zhongheng Design, and others are also highlighted for their involvement in various aspects of the commercial aerospace industry, including satellite energy, communication, and launch facilities [9][30].

Core Viewpoint - The investment accounts managed by the company have shown a mixed performance this year, with a total profit of 1.9 million yuan, down from a peak of 2.3 million yuan earlier in the year, indicating a drawdown of 400,000 yuan [2][3]. Group 1: Account Performance - The total assets in the on-market ETF account amount to 2.6 million yuan, while the off-market fund account holds 5.4 million yuan, and the advisory portfolio has 1.2 million yuan [7]. - The on-market ETF account has a year-to-date profit of 460,000 yuan, with a current yield of 40.19% [5][6]. - The off-market fund account has a year-to-date profit of 1.338 million yuan, with a yield of 34.21% [15][16]. Group 2: Investment Strategy - The company has shifted its strategy by reducing its position in a value ETF by 100,000 yuan and reallocating that amount to the Hang Seng Consumer ETF, which has seen a decrease in floating profit from 11% to 8% [4]. - The rationale for this shift includes the belief that consumer valuations are at historical lows and that there will likely be consumption stimulus policies next year, which could improve industry sentiment [5]. - The core holdings in the on-market ETF account focus on Hong Kong stocks, with significant investments in sectors such as innovative pharmaceuticals, technology, and consumer goods [8][9]. Group 3: Market Trends - The recent downturn in the Hong Kong stock market has not changed the company's long-term investment logic, which emphasizes the valuation advantages of Hong Kong stocks compared to A-shares [10]. - The company has noted that the recent performance of aerospace and satellite ETFs has been strong, contributing significantly to this week's profits [11]. - The company adheres to a philosophy of avoiding high-risk investments and focusing on undervalued sectors for long-term gains [12]. Group 4: Precious Metals Market - The precious metals market has experienced significant price increases, with platinum prices rising over 172% year-to-date, driven by demand from the aerospace sector [24]. - The company had previously identified platinum as a valuable investment but missed the opportunity to invest heavily at lower prices [21][24]. - The company advises against chasing prices in the current market, emphasizing the importance of strategic investment rather than following trends [25].

Group 1 - The commercial aerospace sector experienced a significant surge, with the China Satellite Industry Index rising by 3.5% as of 14:30 on December 26, and previously reaching nearly 5% [1] - Notable stocks such as Electric Science and Technology Network Security and Changjiang Communication hit the daily limit, while companies like China Satellite, Beidou Star, and Xinke Mobile-U saw increases exceeding 9% [1] - The China Satellite Industry Index has accumulated a growth of over 27% since December [1] Group 2 - A recent meeting of the China Aerospace Science and Technology Corporation emphasized the importance of solidifying foundations and fully exerting efforts in planning the "14th Five-Year Plan," focusing on becoming a space power and emerging future industries [1] - The meeting highlighted the critical role of aerospace technology in fulfilling national defense responsibilities and maintaining strategic security, marking a shift from a "task-oriented" to an "industry-oriented" approach [1] - The index includes 50 listed companies covering satellite manufacturing, launching, and application, indicating a high application ratio, concentration of leading firms, and comprehensive industry chain coverage, aligning with long-term development trends [1]

从资金净流入方面来看，卫星ETF近10天获得连续资金净流入，最高单日获得4.37亿元净流入，合计"吸金"18.55亿元， 日均净流入达1.86亿元。 | | SZSE CNY 9:57:51 交易中 查看L2全景 | | | | 日のど間 | | --- | --- | --- | --- | --- | --- | | | 净值走势 永赢国证商用卫星通信产 | | ご年 | 0.00% 120日 | 53.82% | | 委比 | 50.26% 委差 | 165040 | 5日 | 10.18% 250日 | 0.00% | | 卖五 | 1.573 | 6613 | 20日 | 30.97% 52周高 | 1.54 | | 卖四 | 1.572 | 25814 | 60日 | 32.63% 52周低 | 0.78 | | 卖三 | 1.571 | 33823 | 实时申购赎回信息 | 申购 | 近日 | | 卖 | 1.570 | 11641 | 篇数 | 128 | 39 | | 卖一 | 1.569 | 3788 | | 0 | 0 | | | | | 金额 | | | | 术 | 1.568 | 5 ...

12月25日，航空航天、卫星互联网再度走强，广联航空20CM涨停，中国卫星继昨日涨停后再度大涨7%，天银机电、晨曦航空涨超4%。一键布局商业航天 +卫星导航+低空经济+大飞机的通用航空ETF华宝（159231）场内价格现涨3.11%，盘中实时净申购200万份。 风险提示：通用航空ETF华宝被动跟踪国证通用航空产业指数，该指数基日为2012.6.29，发布日期为2012.12.28，指数成份股构成根据该指数编制规则适时 调整，其回测历史业绩不预示指数未来表现。本文中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息 和交易动向。基金管理人评估的该基金风险等级为R3-中风险，适宜平衡型（C3）及以上的投资者，适当性匹配意见请以销售机构为准。任何在本文出现的 信息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负责。另，本文中的 任何观点、分析及预测不构成对阅读者任何形式的投资建议，亦不对因使用本文内容所引发的直接或间接损失负任何责任。基金投资有风险，基金的过往业 绩并不代表其未来表现，基金管理人管理的其他基金 ...