文|天峰 来源|财富独角兽 2025年以来，沪深股指迎来了一轮气势如虹的上涨行情，A股市场展现出强劲的复苏态势。年初，沪深 300指数以3580点起步，随后在政策利好、经济数据回暖及资金面宽松等多重因素推动下，指数一路高 歌猛进，屡创新高。截至2025年末，上证指数已突破4000点大关，全年累计涨幅18%，创下近三年来的 最佳表现。 笔者发现，受益于A股市场大幅上涨，建信基金旗下基金经理邵卓便是其中的佼佼者，多只产品近一年 收益率均实现正增长。其实，邵卓的业绩并非偶然，而是源于其成熟的投资框架、精准的选股能力、有 效的风险控制、独特的实业背景积淀以及强大的投研平台支撑，多维度因素共同铸就了其长期优异的投 资表现。 01 成熟完善的投资框架：宏观、中观、微观三位一体 邵卓业绩稳定的核心支撑在于其构建了"自上而下与自下而上相结合"的全天候投资框架，通过宏观、中 观、微观三个维度的协同研判，实现对市场机会的精准把握。在自上而下层面，他并不执着于对市场走 势的短期博弈，而是聚焦于三大核心要素：经济周期位置的判断、流动性状况的跟踪以及市场主要矛盾 的识别，以此把握中周期（1-2年）内市场的主导投资逻辑。 例如在市场震荡 ...

Group 1 - The satellite sector is undergoing a scheduled adjustment, with clear intentions from investors to buy on dips, as evidenced by the significant trading volume and net inflow into the satellite industry ETF (159218) [1][3] - On January 13, the satellite industry ETF (159218) fell by 5.48%, but achieved a record trading volume of 2.48 billion yuan, with a net inflow of 650 million yuan, marking a cumulative net inflow of 2.56 billion yuan over the past eight trading days [1] - The ETF's management scale has surpassed 4.7 billion yuan, leading among similar ETFs, indicating strong confidence from institutional and individual investors in the satellite industry [1] Group 2 - China has made significant progress in satellite internet construction, successfully launching 18 low-orbit satellites, and has disclosed a deployment schedule for 203,000 satellites, aiming to launch the first 10% within 7 years and complete 50% within 9 years [3] - This ambitious plan exceeds the current total number of satellites in orbit globally, suggesting that China is set to initiate the largest satellite constellation construction in the world [3] - The strategic competition between China and the U.S. in the low-orbit satellite sector is accelerating, as highlighted by the recent visit of the U.S. Secretary of Defense to SpaceX, emphasizing the importance of commercial space companies in national security [3] Group 3 - The satellite industry ETF (159218) is the first in the market to double its returns while tracking the CSI Satellite Industry Index, covering upstream and downstream companies involved in satellite manufacturing, launching, and navigation communication applications [3] - The rise in price and scale of the ETF reflects not only market sentiment but also a clear vote of confidence in the consensus that "China's commercial aerospace industry is entering a golden development period" [3] - As substantial breakthroughs in commercialization continue to emerge, the sector is expected to attract long-term investment attention [3]

卫星板块如期调整，资金逢低布局意图明显。数据显示，1月13日，两融标的卫星产业ETF(159218)收跌 5.48%，但成交额达24.8亿元创新高，单日净流入6.5亿元，连续8个交易日净流入累计达25.6亿元。最新 管理规模突破47亿元，领跑同标的ETF，反映出机构与个人投资者对该产业的坚定看好。 分析指出，我国卫星互联网建设取得重要进展，当晚成功发射18组低轨卫星。更值得关注的是，央视正 式披露了我国20.3万颗卫星的部署时间表：7年内发射首批10%，9年内完成50%，14年内实现全部部 署。这一规划规模远超当前全球在轨卫星总数，预示着我国将启动全球最大规模的卫星星座建设。与此 同时，美国国防部长近日访问SpaceX，凸显了商业航天公司在国家安全战略中的重要地位。中美在低 轨卫星领域的战略竞争正加速全球太空格局重构。 作为市场上首支收益翻倍、跟踪中证卫星产业指数的ETF，卫星产业ETF(159218)涵盖卫星制造、发 射、导航通信应用等上中下游企业，其价格与规模的跃升，不仅是市场情绪的体现，更是资金对"中国 商业航天产业迎来黄金发展期"这一共识的明确投票。随着商业化进程的实质性突破接踵而至，该板块 有望持续 ...

1月13日23时25分，我国在海南商业航天发射场使用长征八号甲运载火箭，成功将卫星互联网低轨18组 卫星发射升空。此次发射标志着我国卫星互联网星座建设进入实质性部署阶段。根据央视报道，我国已 向国际电信联盟申请20.3万颗卫星频轨资源，计划7年内完成首批10%、9年内完成50%、14年内完成全 部部署。 作为跟踪中证卫星产业指数的首只ETF，卫星产业ETF(159218)覆盖卫星制造、发射服务、导航通信等 全产业链环节，已成为资金参与商业航天赛道的重要工具。随着行业催化持续、流动性支持增强，板块 有望进一步吸引中长期资金关注。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 1月13日，卫星板块巨幅震荡。数据显示，两融标的卫星产业ETF(159218)放量收跌5.48%。前几大权重 股方面，航天电子跌10.01%，中国卫星涨4.17%，中科星图涨6.52%，中国卫通跌10.00%，华测导航跌 12.14% ...

Core Viewpoint - Blue Arrow Aerospace has received acceptance for its IPO on the Sci-Tech Innovation Board, indicating a significant step towards capitalizing on the growing commercial space industry in China [1] Company Overview - Blue Arrow Aerospace was established in June 2015 and is primarily focused on providing commercial rocket launch services using its self-developed liquid oxygen-methane rockets, particularly the "Zhuque" series [1][2] - The company is controlled by Zhang Changwu and aims to meet the strategic needs of major satellite internet projects in China [1] Product and Services - The core product is the "Zhuque" series of liquid oxygen-methane rockets, which includes the medium-sized Zhuque-2 and the larger reusable Zhuque-3 rockets [4] - The company has successfully executed four liquid-fueled rocket launch missions during the reporting period [4] - Blue Arrow's services primarily cater to the launch needs of near-Earth orbit satellites for communication and remote sensing, with a focus on exclusive launch services [4] Financial Performance - Blue Arrow Aerospace has not yet achieved profitability, with an undistributed profit of approximately -4.84 billion yuan as of June 30, 2025 [5] - The sales volume of the Zhuque-2 series rockets from 2022 to the first half of 2025 was relatively low, with a high customer concentration, as 98% of the revenue in the first half of 2025 came from a single client [5] Market Context - The commercial space industry in China is increasingly reliant on capital support for sustainable development, with companies needing to balance strategic communication and market understanding [6] - Industry experts emphasize the importance of achieving clear milestones in technology and commercialization before going public to gain pricing power [6][7] - The focus for many domestic commercial space companies is on developing practical launch vehicles that address real market demands, particularly in the low Earth orbit satellite sector [7]

Market Performance - The three major indices collectively rose after a slight increase, with the Shanghai Composite Index down by 0.64%, the Shenzhen Component down by 1.37%, and the ChiNext Index down by 1.96% [1] - Over 3,700 stocks declined in the two markets, with a total trading volume of 3.65 trillion [1] Aerospace and Defense Sector - The aerospace sector opened low and continued to decline, closing down by 6.75%, with over 10 stocks, including Aerospace Huanyu and Guanglian Aviation, hitting the daily limit down or falling over 10% [3] - More than 20 industry sectors, including commercial aerospace, large aircraft, satellite internet, controllable nuclear fusion, military-civilian integration, aircraft carrier concepts, and space station concepts, experienced declines of over 4% [3] AI and Healthcare Sector - The AI application concept rose against the trend, with over 10 stocks, including Gravity Media and Lioo Co., hitting the daily limit up [3] - The AI healthcare concept remained active, with Meiyan Health achieving three consecutive limit ups, and stocks like Hongbo Pharmaceutical and Xin Ganjiang also hitting the daily limit up [3] Market Dynamics - Today's market pullback was anticipated, as the trading volume continued to increase significantly while the main funds were flowing out [3] - Compared to the previous day's trading volume of 3.15 trillion, today's volume increased by 49.6 billion, with a net outflow of main funds reaching 141.165 billion [3]

Group 1 - The core point of the article highlights that China has submitted an application for 203,000 new satellites covering 14 constellations, marking a significant increase in satellite applications and indicating a new era in low Earth orbit (LEO) satellite construction [1][2] - The application includes two major constellations, CTC-1 and CTC-2, which account for nearly 193,000 satellites, reflecting a strategic intent to secure frequency resources for future 6G integrated networks [2][3] Group 2 - The entry of traditional telecom operators like China Mobile and China Telecom into the satellite sector signifies a shift from a single professional satellite operator model to a diversified structure involving national teams, commercial aerospace, and traditional operators [3] - This integration is expected to accelerate the commercial viability of satellite internet services, facilitating the Direct to Cell business model by leveraging the operators' extensive user base and ground infrastructure [3] Group 3 - The new satellite constellations face strict deployment timelines as per ITU regulations, requiring the first satellite to be launched within seven years and full deployment within 14 years, necessitating a significant increase in satellite manufacturing and rocket launch capabilities [4] - The industry must achieve an exponential increase in production capacity to meet the demand for launching thousands of satellites annually over the next decade [4]

报告导读： 中国新增申请 20 万颗卫星覆盖 14 个星座，含中国移动、中国星网、垣信卫 星等。本轮申报数量激增近一个数量级，未来可能引发全球对太空战略资源的新一轮关注 事件： 近日，中国向国际电信联盟（ ITU ）提交了新增 20.3 万颗的卫星申请，此次申报涵盖 14 个卫星星座，其中 CTC-1 和 CTC-2 两个星座各自申请 96,714 颗，成为本轮申报的主力。除中国星网、垣信卫星等专业卫星运营商外，申报主体首次广泛包括无线电创新院、银河航天、国电高科等商业航天企 业，以及中国移动、中国电信等传统通信运营商。 申报超 20 万颗，抢占频轨资源 " 制高点 " 。 此次中国向 ITU 提交的 20.3 万颗卫星申报，规模远超此前 "GW 星座 " （约 1.3 万颗）与 " 千帆星座 " （约 1.5 万颗）的总和，标志着中国低轨星座建设从 " 千星 " 迈向 " 十万星 " 量级的新纪元。其中， CTC-1 与 CTC-2 两个超大星座合计申报近 19.3 万颗，成为绝对主力。在近地轨道（ LEO ）频轨资源日益拥挤的背景下，这种 " 饱和式申报 " 体现了国家级战略意志，旨在通过 " 占频保轨 ...

（文章来源：证券日报） 证券日报网讯 1月13日，久之洋在互动平台回答投资者提问时表示，公司研制生产的制冷型红外热像仪 可用于无人机搜索、跟踪，光纤激光测距模块可用于无人机探测。公司积极响应国家航天强国战略，已 在商业航天和卫星互联网领域进行了布局，目前聚焦于星间、星地之间通信载荷的核心部件、组件的开 发和研制。公司将持续关注市场需求和行业趋势，积极寻求合作机会，以推动业务发展和提升综合竞争 力。 ...

Group 1 - The core viewpoint is that Fengtai District aims to achieve a GDP of 260 billion yuan by 2025, with a steady annual growth rate of 5.2% during the 14th Five-Year Plan period [1] - The district's general public budget revenue has increased by 30% compared to the end of the 13th Five-Year Plan, indicating strong economic development [1] - Fengtai District is focusing on technological innovation as the core driving force, with the number of national high-tech enterprises reaching 3,605 and technology contract transaction volume achieving 113.47 billion yuan [1] Group 2 - The district has seen significant innovation achievements in key areas, including the first domestic commercial aerospace large liquid launch vehicle "Tianlong 3" being ready for its maiden flight [2] - Five AI models have been registered nationally, and five companies have been included in the 2025 Beijing Industrial Internet Platform list, ranking second in the city [2] - Fengtai District is promoting technology sharing and joint efforts among enterprises, having been approved as the first national-level characteristic industrial cluster for small and medium-sized enterprises in commercial cryptography [2]