Group 1 - In 2026, China's manned space program will see the launch of Shenzhou 23 and Shenzhou 24 missions, with astronauts departing from the Jiuquan Satellite Launch Center to the Chinese space station [2][4] - The Tianzhou 10 cargo spacecraft will also be launched, and one astronaut from the Shenzhou 23 crew will conduct a long-term stay experiment lasting over one year [4] - The new generation crewed spacecraft "Dream Boat" will make its maiden flight, designed for near-Earth space station operations and manned lunar exploration missions [4] Group 2 - The Chang'e 7 probe will be launched to the Moon's south pole for surface environment surveys and water ice detection, potentially making China the first country to discover water on the Moon [6] - The Tianwen 2 probe is set to reach asteroid 2016 HO3 for exploration and sample collection, with a return to Earth expected by the end of 2027 [6] - The next five years are anticipated to bring unprecedented development opportunities for China's space industry, contributing more Chinese wisdom to the peaceful use of space [9] Group 3 - 2026 will mark a year of accelerated development for China's commercial space sector, with the establishment of the Commercial Space Administration leading to more active launch activities [8] - The progress of new rockets such as Lijian 2, Tianlong 3, and Double Curve 3 is highly anticipated [8]

Core Viewpoint - The article discusses the recent failures of China's new rockets, Zhuque-3 and Chang Zheng-12A, in achieving successful recovery, yet highlights a paradoxical surge in the aerospace sector, particularly in commercial space stocks, indicating a rational revaluation of value under new rules and clear expectations [5][6][7]. Group 1: Market Dynamics - Despite the failures of rocket recovery, the aerospace sector, especially commercial space stocks, experienced significant price increases, with some stocks doubling in a matter of days [6]. - The market is not irrationally reacting; rather, it is undergoing a rational revaluation based on a new understanding of "engineering iteration certainty" [7][10]. - The introduction of commercial space and private capital has shifted the traditional failure-averse culture to a "rapid trial and error" approach, allowing for faster technological iterations [12]. Group 2: Supply Chain Implications - The focus should shift from the success or failure of rocket recovery to the thousands of components that make up a rocket, revealing a broader picture of the industry's supply chain [17]. - The reusable rocket technology leads to increased demand for high-end manufacturing components, creating a "continuous consumption demand" for the aerospace supply chain [20]. - The dual validation from both state-owned and private companies pursuing similar technological goals provides a "technical path insurance" for supply chain enterprises [21]. Group 3: IPO and Market Opportunities - The release of guidelines by the Shanghai Stock Exchange for commercial rocket companies to list on the Sci-Tech Innovation Board has created a clear path for capital market participation [24][25]. - The new listing criteria focus on successful payload delivery to orbit rather than recovery, encouraging investment in companies that demonstrate strong launch capabilities [26]. - The market is actively seeking and trading stocks related to leading commercial space companies, indicating a preemptive investment strategy in the emerging aerospace ecosystem [28]. Group 4: Data Utilization and Industry Growth - The commercial space sector has made failure data transparent and marketable, turning each failed attempt into a valuable resource for industry learning and advancement [30]. - The accumulation of failure data is seen as a unique advantage for China's commercial space industry, allowing for rapid engineering experience accumulation [31]. - The current enthusiasm in the market reflects a collective bet on the potential for significant cost reductions in space access, driven by China's robust industrial capabilities [36].

…… 新兴产业与未来产业 正重塑中国经济的增长坐标 "十五五"规划建议 明确提出 "培育壮大新兴产业和未来产业" 2025年，中国经济 向⌜新⌟而行 低空飞行器划破长空 商业航天赛道形成万亿级生态 人机交互突破想象边界 更让2025年的坚实步伐 成为未来五年产业升级的精彩序章 让我们启动这场"星际巡航" 一同探寻"星标"产业 ↓↓↓ 01 乘势而飞 低空经济爆发式发展 02 太空新基建 商业航天提速 03 新能源 发电装机容量快速增长 总统筹｜祝乃娟 04 脑机接口 规模持续增长 05 人工智能 专利领跑全球，算力扩容提速 06 具身智能 中国市场占全球近三成 回望 2025，群 "星" 闪耀 勾勒产业新图景 2026，再赴 新 程 续写高光！ 策划出品｜经济政声工作室《经济有数》栏目 21创意工作室 执行统筹｜林虹 张星 林军明 策划｜周亦洋 林青云 黄兰雯 视频｜白宇航 谢和洋 实习生吴思远 胡梓颖 李思远 设计｜黎旭廷 文案｜周亦洋 黄兰雯 实习生李茗萱 审校｜陈晶晶 黄志明 ...

Group 1 - In 2026, China's manned space program will see significant developments, including the launch of Shenzhou 23 and Shenzhou 24 missions, with astronauts departing from the Jiuquan Satellite Launch Center to the Chinese space station [1][3] - The Tianzhou 10 cargo spacecraft will also be launched, and one astronaut from the Shenzhou 23 crew will conduct a long-term stay experiment lasting over one year [3] - The new generation manned spacecraft "Dream Boat" will make its maiden flight, designed for near-Earth space station operations and crewed lunar exploration missions [3] Group 2 - The Chang'e 7 probe will be launched to explore the lunar south pole, focusing on surface environment surveys and water ice detection, potentially making China the first country to discover water on the moon [5] - The Tianwen 2 probe is set to reach asteroid 2016 HO3 for exploration and sample collection, with a return to Earth expected by the end of 2027, followed by scientific exploration of main belt comet 311P [5] Group 3 - 2026 will mark a year of accelerated development for China's commercial space sector, with the establishment of the Commercial Space Administration leading to increased launch activities [7] - New rocket developments such as Lijian 2, Tianlong 3, and Shuangkuo 3 are gaining attention [7] Group 4 - The next five years are anticipated to bring unprecedented opportunities for China's space industry, contributing significantly to the peaceful use of space and showcasing Chinese innovation [8]

作者｜ 姚远 发自北京 编辑｜ 何子维 视觉 | 顾芗 58岁的杨毅强把自己比喻成一块高燃值的炭。 这是一个极具科学家特色的自我比喻。"燃值"，单位质量或体积燃料完全燃烧时释放的热量。 他说，如 果自己无法充分燃烧，燃烧成灰烬，"我会憋死的"。 他满鬓斑白，却神采奕奕，眼底有某种东西在强烈闪烁着。2018年，他就是这么说服了家人，告别航天 一院（即中国运载火箭技术研究院），来到中国科学院力学研究所任职空天飞行科技中心主任，创立国 内首家混合所有制火箭企业中科宇航，进军商业航天。 中科宇航创始人、董事长杨毅强 （受访者供图） 体制内工作的31年里，杨毅强曾任一院科研生产部部长、质量技术部部长、我国首型固体运载火箭长征 十一号首任总指挥等。这份工作如此稳定、体面、受人尊敬、成就斐然，令多少人艳羡——忽然要放弃 这一切，在52岁那一年，从头开始打拼，为什么？ 北京寒风凛冽。在中科宇航的亦庄办公室，杨毅强沏了一壶茶，热气腾腾的。他说，这一切都出自"热 爱与危机感"。 他太热爱航天，对它有太多的想法、规划和心愿。 热爱催生了危机感。 航天领域的竞争，早已告别了国家与国家之间倾注举国之力施行竞争的传统时期， 悄然进入了在 ...

Group 1 - The top-performing public funds for 2025 have been announced, with Yongying Technology's annual total return at 233%, while popular themes like optical modules, CPO, and communication equipment have returns of 242%, 195%, and 167% respectively [1] - The key to public fund performance lies in the manager's conviction; experienced fund managers tend to be cautious in crowded sectors, leading to solid but not excessive returns [1] - Funds that have maintained a certain yield over the past three years exhibit both defensive and offensive characteristics, which are crucial for achieving stable returns [3] Group 2 - Structural market opportunities can be found in thematic funds, with expectations for CPO in 2025 and potential opportunities in commercial aerospace and non-ferrous metals in 2026 [3] - Quantitative public funds have shown impressive returns between 40% and 70% for 2025, outperforming the index, which rose by only 18% [3] - Recent declines in precious metals, particularly silver, are attributed to increased margin requirements for futures, causing significant pressure on market bulls [2][4] Group 3 - The drop in silver prices has also affected other metals like copper and aluminum, with gold futures dipping below $4300, indicating a critical support level at $4200 [4] - There is a potential for profit-taking in non-ferrous metals after the New Year, which warrants close attention [5]

专题：专题：价值重估 行稳致远——年终盘点&2026资本市场展望 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025年A股IPO募资额同比接近翻倍 5只新股首日涨幅超6倍 来源：深圳商报·读创客户端 记者 陈燕青 刚过去的2025年，A股一级市场迎来回暖。 记者注意到，A股IPO市场的一系列积极变化，根本驱动力源于制度改革的持续深化。从受理端的包容 性提升到监管端的质量坚守，从注册制改革的纵深推进到专项上市标准的出台，各项举措共同推动了市 场的向好发展。 如证监会主席吴清2025年6月在陆家嘴论坛上表示，推出科创板进一步深化改革的"1+6"政策措施，其中 包括重启未盈利企业适用科创板第五套标准上市并扩大第五套标准适用范围，支持人工智能、商业航 天、低空经济等更多前沿科技领域企业适用。同时，在创业板正式启用第三套标准，支持优质未盈利创 新企业上市。 首日平均涨幅2.6倍 刚过去的2025年，A股一级市场迎来回暖。根据WIND统计，按上市日计算，全年共有116只新股上市， 同比增长16%；合计IPO募资1317.7亿元，同比增长97%。由于二级市场走势强劲，新股赚钱效应也愈 发明显 ...

Core Insights - The aerospace digital simulation industry is essential for optimizing aerospace mission plans and has become a necessary choice for countries to gain a competitive edge in space strategy [1][11] - The market size of China's aerospace digital simulation industry is projected to reach 38.5 billion yuan in 2024, an 11% increase year-on-year, and further grow to 42.3 billion yuan in 2025 [1][11] Industry Overview - Aerospace digital simulation is a specialized field within the aerospace industry that combines digital simulation with aerospace engineering, providing a simulated environment for various stages of aerospace missions [4] - The industry can be categorized into different types based on the mission object, including rocket launch simulation, satellite orbit operation solutions, and aircraft flight simulation solutions [5] Industry Barriers - **Technical Barriers**: The industry involves complex technologies across multiple disciplines, requiring deep knowledge and understanding of aerospace dynamics, control, and various technical fields [5] - **Talent Barriers**: There is a limited supply of high-end talent with the necessary expertise and experience in aerospace engineering, making talent reserve a key indicator of a company's core competitiveness [6] - **Qualification Barriers**: Companies must obtain various qualifications to engage in complex aerospace tasks, which creates a high barrier to entry due to the stringent requirements [6] - **Financial Barriers**: The industry requires significant upfront investment and has long return cycles, creating financial barriers for new entrants lacking sufficient funding [7] Industry Chain - The aerospace digital simulation industry has a supply chain that includes hardware (high-performance servers, precision sensors) and software support (algorithm libraries, operating systems) [8] - The downstream demand covers special, civilian, and commercial aerospace sectors, with commercial aerospace being a major application area [8] Competitive Landscape - The industry is becoming increasingly competitive with numerous enterprises emerging across various segments, including major players like China Aerospace Science and Technology Corporation and Beijing Huaru Technology Co., Ltd. [11][12] Development Trends - **Technological Optimization**: Continuous improvement in simulation technology is necessary to handle the complexities of large-scale satellite constellations and their intercommunication [14] - **Increased Demand in Special Fields**: The demand for aerospace digital simulation in special fields is expected to rise due to increased military spending and the modernization of military equipment [15] - **Policy Support**: The Chinese government is expected to introduce policies to promote the development of the aerospace digital simulation industry, creating a favorable environment for growth [16]

Group 1 - In 2026, China's manned space program will see the launch of Shenzhou 23 and Shenzhou 24 missions, with astronauts departing from the Jiuquan Satellite Launch Center to the Chinese space station [1][3] - The new generation manned spacecraft "Dream Boat" will make its maiden flight in 2026, designed to replace Shenzhou for transporting astronauts to and from the space station and to facilitate manned lunar missions [3] - The Chang'e 7 lunar probe will be launched in 2026, targeting the lunar south pole for key scientific tasks, including the search for water ice, potentially making China the first country to discover water ice on the moon [6] Group 2 - The Tianwen-2 probe is set to reach asteroid 2016 HO3 for exploration and sample collection, with a planned return to Earth by the end of 2027, followed by scientific exploration of comet 311P [8] - 2026 will mark a significant year for China's commercial space sector, with the establishment of the Commercial Space Administration leading to increased launch activities and the debut of new rockets like Lijian-2, Tianlong-3, and Shuangquxian-3 [10] - The next five years are expected to present unprecedented development opportunities for China's space industry, contributing significantly to the peaceful use of outer space [10]

2025年12月31日，沪指以十一连阳为全年行情画上句号。这一年，A股市场活力迸发，奏响了一曲昂扬 向上的交响乐。 人工智能作为A股突出叙事主题，串联各行业主线，催生多个热门板块。AI基础设施建设阶段，以AI芯 片、高端服务器为代表的核心算力板块率先启动，是行情发动机，寒武纪、工业富联、海光信息、浪潮 年初，Deepseek、人形机器人技术取得突破，中国资产重估的叙事引爆市场。4月市场短暂休整后，便 开启新一轮上行。沪指从年内低位3040点起步，一度冲破4000点，截至12月31日收盘报3968.84点，年 内上涨18.41%。创业板指表现更为突出，全年累计涨幅达49.57%，最大涨幅近90%，尽显成长股在产业 周期上行时的弹性。其他主要宽基指数也普遍大涨，深证成指、科创综指、北证50年内分别上涨 29.87%、46.30%和38.80%。 与指数上涨相伴的是市场活跃度大幅提升。2025年全年，A股累计成交额达420.21万亿元，刷新历史纪 录，同比增长62.64%，这是增量资金共识形成、积极入场的直观体现，为行情提供了坚实的流动性基 础。作为高风险偏好资金入市的主要指标，A股融资余额2025年下半年以来单边 ...