Investment Rating - The report provides a positive investment outlook for the commercial aerospace industry, highlighting significant growth opportunities driven by technological advancements and market demand [2]. Core Insights - The commercial aerospace sector is characterized by market-driven activities involving both private and mixed-ownership enterprises, focusing on investment, operation, and risk management across the entire aerospace value chain [2][38]. - Global satellite frequency and orbital resources are becoming increasingly scarce, leading to a surge in satellite constellation construction, with countries competing for these critical resources [2][46]. - The Starlink project by SpaceX is leading the global satellite constellation efforts, while China is rapidly advancing with its own satellite constellation plans [2][47]. - The era of reusable rockets in China is beginning, with several new commercial rocket models expected to launch by the end of 2025, which could accelerate the deployment of low Earth orbit satellite constellations [2][34]. - Investment recommendations include focusing on satellite manufacturing, rocket launching, and space computing, with specific companies highlighted for their potential in these areas [2][34]. Summary by Sections Commercial Aerospace Overview - Commercial aerospace is defined as market-driven activities involving investment, operation, and risk management by enterprises, covering the entire aerospace technology development, manufacturing, launching, and application [2][38]. - The industry is segmented into upstream manufacturing, midstream launching, and downstream application and operation [2][38]. Satellite Industry Overview - The global aerospace industry is projected to reach $415 billion by 2024, with satellite industry revenues estimated at $293 billion [20]. - Satellite services account for 37% of the total satellite industry revenue, while satellite manufacturing and launching services contribute 6.9% and 3.2%, respectively [25]. Satellite Communication Market - The satellite communication market is expected to grow significantly, with China's satellite internet market projected to reach 75.1 billion yuan by 2025 and 151.2 billion yuan by 2030 [34]. - The demand for satellite communication is primarily driven by commercial and government sectors, accounting for 55% and 31% of the market, respectively [28]. Domestic Satellite Constellation Plans - China has ambitious plans for satellite constellations, with three major projects aiming to deploy over 30,000 satellites, including the GW constellation, G60 constellation, and Honghu-3 constellation [79][81]. - As of October 2025, the GW constellation has launched 116 satellites, marking significant progress in China's satellite internet development [84].

Core Insights - The "2025 Satellite Internet Industry Ecosystem Conference" will be held in Shanghai on December 4-5, focusing on showcasing industry policies, promoting ecological cooperation, and deepening international exchanges [1] - The conference will feature a main forum, three thematic sub-forums, and two investment matching activities, highlighting the latest developments and systematic layout of Shanghai's satellite internet industry [1] Group 1: Technological Framework - Satellite internet is a strategic emerging field that countries are competing to develop, with Shanghai aiming to create a globally influential "Satellite Internet City" [2] - Shanghai is advancing key technological breakthroughs in satellite design, communication payloads, ground terminal equipment, and operational services to achieve self-control in critical areas [2] - The city is establishing a sustainable and self-controlled technological closed loop, focusing on network architecture, spatial perception, testing validation, and space safety through innovation labs and testing platforms [2] Group 2: Capacity System - Shanghai is constructing a leading satellite internet industry cluster through a "2+X" model, with major clusters in Songjiang and Pudong, and additional support from regions like Qingpu and Minhang [3] - The conference will include a signing ceremony for ecological partners in the satellite internet industry chain, promoting collaboration across research, manufacturing, testing, and operations [3] - A demand roadmap will be released, covering satellite manufacturing, constellation networking, terminal development, and application scenarios in urban governance, emergency communication, and public services [3] Group 3: Institutional Framework - The conference will address institutional measures to ensure long-term support for the industry, emphasizing talent development and capital support [4] - Shanghai is implementing a dual engine of "talent + capital," providing financial rewards for high-end talent and fostering partnerships between leading companies and educational institutions [4] - A financial service matrix for the satellite internet industry will be launched to create a stable and predictable capital support system [5]

消息方面，朱雀三号即将首飞，中国商业航天迎来里程碑时刻！这款可重复使用火箭若成功回收，将助力我国成为全球第 二个掌握该技术的国家。随着商业航天司设立，政策、技术、资本三重共振，产业链正加速腾飞。 业内人士认为，目前我国商业航天顶层设计持续完善，其发展也在"星、箭、场、测、用"各个环节取得多点突破。面 向"十五五"时期，资本投入、技术突破和市场扩张有望共振，商业航天产业正进入新一轮高速发展期。 华泰证券表示，商业航天板块迎来"政策面""业绩面"和"技术面"的三重拐点。政策面，十五五规划首提建设航天强国目 标；业绩面中国星网今年实现密集组网，垣信重启发射，组网任务迫切，有望带动上游卫星制造等环节业绩兑现；技术面 国内民商火箭公司继续加快IPO步伐，朱雀三号、天龙三号等首次发射节点将近。建议关注卫星互联网及其配套产业链。 卫星ETF（159206）聚焦商业航天+卫星通信，有望在"航天强国"背景下率先爆发。卫星ETF（159206）也是全市场首支 的卫星ETF，其联接基金A类024194，C类024195。 注：卫星ETF（159206）成立日期为2025/3/6，早于同类产品，卫星ETF同类指追踪国证商用卫星通信产 ...

卫星、通用航空概念股走低，华力创通跌超5%，航天电子、电科芯片、振芯科技、中科星图跌超3%。 受盘面影响，卫星、通用航空相关ETF跌超2%。 （文章来源：每日经济新闻） | 代码 | 类型 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 159206 | 主 卫星ETF | 1.199 | -0.032 | -2.60% | | 563320 | 主 通用航空ETF | 0.898 | -0.020 | -2.18% | | 561660 | 主 通用航空ETF基金 | 0.990 | -0.022 | -2.17% | | 159283 | 主 通用航空ETF南方 | 0.925 | -0.020 | -2.12% | 有机构分析称，近年来，我国商业航天在政策牵引、技术突破与市场驱动下，以全产业链协同创新，完成了历史性的跨越。商业航天司牵头 推进"卫星互联网"等重大基础设施建设，2027年前将形成大规模星座组网，上游卫星制造、中游发射订单有望增长。并且，统一监管缩短审 批周期，批量生产、批次发射成为常态，卫星单颗成本有望下降。商业航天司的成立不仅 ...

每经AI快讯，12月3日，卫星互联网指数盘中下跌2%，成分股呈现普跌态势。亚光科技领跌，跌幅达 5.89%，航天环宇、航宇微、航天宏图跌幅分别为4.47%、4.03%和3.93%，航天智装、上海沪工等多股 跌幅超3%。 ...

Group 1 - The National Development and Reform Commission and other departments encourage local governments to utilize computing power vouchers, model vouchers, and data vouchers to provide convenience and discounts in computing power, algorithms, and data [1] - The Shanghai Cyberspace Administration has guided platforms like Xiaohongshu and Bilibili to self-check and clean up over 40,000 pieces of illegal and harmful information related to the real estate market [1] - Major US stock indices closed higher, with Intel rising over 8% and Boeing soaring over 10% [1] - WTI January crude oil futures fell over 1.14%, closing at $58.64 per barrel [1] - The US SEC chairman plans to introduce new capital market regulations in January to encourage more companies to go public [1] - Amazon has launched its latest AI chip, challenging Nvidia and Google [1] - The scale of US money market assets has surpassed $8 trillion for the first time [1] - The OECD has raised China's economic growth forecast for 2025 to 5% [1] Group 2 - A-share new account openings in November reached 2.38 million, a month-on-month increase of 3% but a year-on-year decrease of 12% [1] - Hong Kong's total value of residential sale and purchase agreements in November increased by 1.2% month-on-month but decreased by 9.8% year-on-year [1] - The order volume for effective drugs against influenza has surged nearly 9 times, indicating that the flu is at a moderate epidemic level nationwide [1] - Dragon Power Technology is communicating with customers regarding the reasons for the price increase of lithium iron phosphate [1] - Tianfu Communication's directors and executives plan to reduce their holdings by no more than 0.0611% of shares [1]

3、 江西省人民政府办公厅印发《江西省加快脑机接口技术和产业发展若干措施》。其中提出，支持脑 机接口医疗器械纳入创新产品推荐目录，加快脑机接口整机产品迭代应用和规模化推广。遴选脑机接口 创新应用项目，定期发布创新应用典型案例，推动开放应用场景。积极推进"人工智能+"行动，推动人 工智能技术加速脑机接口研发。依托省科技成果转移转化中心，组织脑机接口科技成果对接活动，加快 创新成果落地。 脑机接口行业作为融合多学科前沿技术的高成长赛道，在政策强力支持、医保支付落 地与技术持续突破的驱动下，正迈向规模化应用关键阶段。 每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 1、美股三大指数集体收涨，道指涨0.39%，纳指涨0.59%，标普500指数涨0.25%，热门科技股涨跌不 一，英特尔涨超8%，苹果涨超1%，英伟达涨近1%，博通跌超1%；加密储备概念涨幅居前，Strategy、 康特科技涨超5%，阿斯麦涨近2%，Coinbase涨超1%。波音涨超10%，创4月份以来最大单日涨幅。纳 斯达克中国金龙指数跌0.65%，中概股多数下跌，理想汽车涨近1%。 2、比特币大幅反弹，重回9万美元上方，报9.12万美元，涨超5% ...

今天分享的是：薪智：2025卫星互联网产业典型企业人才与薪酬分析报告 报告共计：26页 2025卫星互联网产业典型企业人才与薪酬分析报告总结 产业薪酬呈现高阶稀缺、技术溢价、规模驱动的特征。层级化需求显著，高级管理与技术人才稀缺，万人以上大型企业总监总 现金达97.99万元，远超中小型企业；技术密集型属性使得核心技术领域专业人才与"航天+通信"复合型人才薪酬溢价明显。薪酬 与企业规模强正相关，头部企业全层级薪酬优势突出，且绩效激励占比随职级提升，核心技术岗激励倾斜显著。同时，行业薪 酬增速与扩张同步，职级晋升与企业规模扩大均带来显著薪酬增长。 应届生薪酬呈现高学历驱动、院校等级强化、区域战略重塑特点。硕士学历起薪溢价显著，重点院校硕士2024年起薪达25,900 元/月，三年涨幅超60%；重点院校与普通院校毕业生起薪差距稳固。区域方面，苏州、长沙等城市凭借产业集群或"政策补贴 +低成本"优势吸引人才，中西部城市通过专项补贴形成差异化竞争，不同城市产业分工明确。技术岗对学历和实战经验要求升 级，多数岗位需3年以上工作经验。 报告还分析了航宇微、华力创通等五家典型企业。这些企业招聘量均呈现显著波动特征，热招岗位以 ...

明日主题前瞻 1、算力 | 美东时间12月1日，全球最大的云服务公司亚马逊网络服务(AWS)主办的年度云计算盛会在美国拉斯维加斯开幕。目前AWS占亚马逊销售额的五分 之一，在很多季度中，其利润更是超过整个亚马逊集团的一半。因此，对于亚马逊来说，这场盛会无论从短期还是长期来看，这都意义重大。据知情人士透 露，AWS预计发布的新一代模型将会是一款能够处理文本、语音、图像和视频，并能生成文本和图像的多模态模型。据摩根大通分析师预计，亚马逊将在 这场盛会上继续强化其人工智能、云战略和机遇，并可能就多个方面发布更新。 点评：中金公司认为，四家北美云厂商单季度资本开支表现亮眼，并上调全年指引，对2026年AI投资口径保持乐观，印证海外AI算力需求景气无虞。与此 同时，AI需求持续超过供给，正在加速赋能核心业务以实现商业闭环，各家云厂商业绩会均传递出AI供不应求的信号。 2、充电桩 | 12月2日，上海市交通委、上海市发展改革委联合印发《关于加强本市公共领域新能源汽车充(换)电设施安全管理的通知》。《通知》明确，公 共充(换)电设施应当满足《电动汽车传导充电系统安全要求》(GB44263)、《电动汽车供电设备安全要求》(G ...

人民财讯12月2日电，据上海经信委，"星聚生态.链启未来——2025卫星互联网产业生态大会"定于12月 4日至5日在上海举办。为进一步强化跨链协同，大会期间将举行上海卫星互联网产业链生态伙伴签约仪 式，推动研发、制造、测试、运营和应用各环节形成产业网络，共同打造更具开放性与延展性的生态合 作格局。大会还将重磅发布上海卫星互联网产业项目与应用场景需求：项目方向覆盖卫星制造、星座组 网、终端研发及发射服务等关键环节；应用场景聚焦城市治理、应急通信、行业拓展、惠民服务等多维 领域。 ...