Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - The launch of commercial trials for satellite IoT services is expected to enrich the satellite communication market supply and support the healthy development of emerging industries such as commercial aerospace and low-altitude economy [2][4] - With the reduction in launch costs and supportive policies, the commercial aerospace industry chain in China is anticipated to experience comprehensive development [2][4] - The satellite internet industry chain has begun to take shape, with upstream satellite manufacturing and launch segments likely to benefit first, while communication network construction equipment and application terminals will gradually be implemented [2][4] Summary by Sections Event Description - The 2025 China 5G+ Industrial Internet Conference was held in Wuhan, where the Ministry of Industry and Information Technology officially launched commercial trials for satellite IoT services [4] Event Commentary - The initiation of satellite IoT commercial trials represents a proactive exploration of new satellite communication services in the commercial sector [9] - The establishment of key departments is expected to coordinate the development of the commercial aerospace industry, enhancing administrative efficiency in satellite operation licensing and launch approvals [9] - The upcoming launch of the Zhuque-3 rocket, which is designed for large satellite constellations, is anticipated to significantly lower launch costs, facilitating the scale development of commercial aerospace [9]

Group 1: Fund News Overview - 16 hard technology-themed funds were approved on November 21, including 7 AI ETFs, 3 chip ETFs, 4 chip design ETFs, and 2 actively managed technology equity funds from various fund managers such as E Fund, GF Fund, and Morgan Asset Management [1] - Several dividend ETFs have reached record sizes, with one product exceeding 26.6 billion yuan. As of November 21, the net inflow for dividend-themed ETFs in November reached 6.318 billion yuan, totaling 35.623 billion yuan year-to-date, representing a 49.31% increase since the beginning of the year [2] - More than half of Hong Kong stock funds have a return rate exceeding 30%. As of November 18, out of 337 funds with "Hong Kong" in their names, 336 had positive returns this year, with 174 funds achieving returns over 30%, accounting for approximately 52% [3] Group 2: Fund Manager Updates - Fund subscriptions for multiple funds managed by Lan Xiaokang will be limited starting November 24, with a maximum subscription amount of 500,000 yuan per day per account. The two funds, managed by Lan Xiaokang, have scales of 9.668 billion yuan and 7.170 billion yuan respectively [4] Group 3: ETF Market Commentary - The market showed a slight recovery, with the Shanghai Composite Index rising by 0.05%, the Shenzhen Component Index by 0.37%, and the ChiNext Index by 0.31%. The total trading volume in the Shanghai and Shenzhen markets was 1.73 trillion yuan, a decrease of 237.9 billion yuan from the previous trading day. Sectors such as aerospace, internet services, and communication equipment saw significant gains, while energy metals and insurance sectors experienced declines [5] - The commercial aerospace sector is highlighted as a key opportunity, with satellite applications and 6G technology showing strong integration potential. The next important phase for satellite networks will be the deployment of powerful on-orbit computing capabilities, which can be explored through aerospace ETFs and general aviation ETFs [9]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The defense industry is expected to benefit from increasing geopolitical uncertainties, leading to a potential acceleration in military orders [4] - The current valuation of the military industry remains relatively high, with a PE-TTM of 67.34 times, which is at the 65.65% percentile since early 2015, down from 70.35 times two weeks ago [22][12] - The military sector has shown resilience, with a 3.84% decline in the military index over the past two weeks, outperforming the Shanghai and Shenzhen 300 index, which fell by 4.81% [12][11] Summary by Sections 1. Market Review - The military index decreased by 3.84% from November 10 to November 21, while the Shanghai and Shenzhen 300 index decreased by 4.81%, resulting in an excess return of 0.97 percentage points [12] - Among the sub-sectors, ground equipment performed relatively well, with a slight increase of 0.02%, while aerospace equipment saw a decline of 7.30% [13] 2. Industry News Dynamics - Internationally, significant developments include the establishment of a new unmanned systems force by the Russian armed forces and the successful launch of a reusable heavy-lift rocket by Blue Origin [25][26] - Domestically, notable advancements include the successful launch of low-orbit satellites and the delivery of China's first manned airship [29][30] 3. Beneficiary Targets - Key companies to watch include: - Aviation: Huayin Technology, Jiachih Technology, Aero Engine Corporation of China, Western Superconducting Technologies - Overseas gas turbine supply chain: Wanzhe Co., Yingliu Co., Aerospace Technology, Triangle Defense - Commercial aerospace: Zhenlei Technology, Alliance Electronics, Guobo Electronics, Shaanxi Huada, Haige Communication [7]

Core Viewpoint - The A-share market has seen a significant rise, particularly in the satellite navigation sector, with notable increases in stock prices for companies like China Satellite and Aerospace Electronics, indicating a positive trend in the satellite industry [1]. Group 1: Market Performance - Major A-share indices have risen, with the satellite navigation sector leading the gains [1]. - China Satellite's stock increased by over 6%, while Aerospace Electronics rose by more than 4% [1]. - Satellite ETFs, including those from E Fund and GF Fund, also experienced substantial growth, with increases of over 4% and 3.7% respectively [1]. Group 2: ETF Details - The Satellite Industry ETF rose by 4.17%, with an estimated scale of 627 million [2]. - E Fund's Satellite ETF increased by 4.14%, with an estimated scale of 413 million [2]. - The index tracked by E Fund's Satellite ETF includes 50 companies involved in satellite manufacturing, launching, communication, navigation, and remote sensing, indicating a comprehensive coverage of the industry [2]. Group 3: Industry Developments - On November 22, the Ministry of Industry and Information Technology announced the official launch of commercial trials for satellite IoT services, aimed at providing low-speed data connections in areas lacking ground networks [3]. - This initiative marks a shift from demonstration to large-scale commercial use, addressing connectivity issues in remote areas and potentially increasing demand for satellite manufacturing and services [3]. - The trial is expected to drive the entire satellite industry chain, including manufacturing, launch services, and operational platforms [3]. Group 4: Future Outlook - Huaxi Securities noted that satellite networks are foundational for 6G construction, with the issuance of satellite internet licenses marking a critical step towards commercial operation [4]. - The satellite communication market in China is projected to exceed 80 billion in 2023, with an expected annual growth rate of approximately 15% from 2024 to 2029, potentially surpassing 200 billion by 2029 [4].

航空航天ETF（159227）紧密跟踪国证航天指数，申万一级军工行业占比高达98.2%，堪称全市场"军工 纯度"最高的指数，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，成分股精选军工 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 51.83%。 （文章来源：每日经济新闻） 从消息面上看，11月22日，2025中国5G+工业互联网大会在武汉开幕。工业和信息化部宣布，我国卫星 物联网业务商用试验正式启动。目标是通过开展商用试验，丰富卫星通信市场供给，激发市场主体活 力，提升行业服务能力，建立安全监管体系，形成可复制可推广的经验和模式，支撑商业航天、低空经 济等新兴产业安全健康发展。 中泰证券表示，商业航天产业正进入新一轮高速发展期，我国商业航天企业数量已超过600家，商业航 天发射工位合计25个（在运营18个、在建7个），GW星座组网发射明显提速，可回收火箭技术即将进 入关键验证阶段，太空算力建设是大势所驱。商业航天产业拐点已现，近期板块有望迎来密集催化，建 议重点关注商业航天方向投资机会。 11月24日，商业航天、卫星互联网、军工信息化、卫星导航等概念集体暴 ...

在投资方向上，该基金以空天地海一体化通信网络建设为核心牵引，将聚焦中国信科集团六大核心产业板块——光通信、移动通信、光电子和集成电路、网 信安全和特种通信、智能化应用以及数据通信，并前瞻布局人工智能、卫星互联网、量子通信、第六代移动通信（6G）等前沿领域，助力武汉打造世界光 通信产业中心。 据介绍，作为高科集团首支央企产业链基金，信科产业投资基金总规模50亿元，将为深化央地协同、推动武汉产业高质量发展再添"强引擎"。 经济观察网 程久龙 实习生 雷宇 近期，2025中国5G+工业互联网大会在武汉光谷举办。经济观察网从大会现场获悉，由武汉高科国有控股集团有限公司（以 下简称"武汉高科集团"）参与发起设立的信科产业投资基金完成签约。 信科产业基金由武汉高科集团联合中国信科集团、湖北省铁路基金、武汉基金共同发起设立，依托中国信科集团旗下6家上市公司以及产业链上下游资源， 融合央企产业优势与地方资本效能，服务产业链"补链、延链、强链"。 （经济观察网 程久龙/文） ...

Core Viewpoint - The launch of commercial trials for satellite IoT services in China marks a significant turning point for the satellite internet industry, transitioning from government procurement to market-scale implementation, which is expected to boost the valuation and orders across the industry chain [1] Group 1: Market Performance - A-shares opened higher with military, commercial aerospace, and satellite navigation sectors leading the gains, as of 10:25 AM, the China Satellite Industry Index rose by 2.1% [1] - Notable stock performances include Guangku Technology rising over 14%, Xinle Energy and Guoji Precision Engineering increasing over 6%, and Haige Communication up over 5% [1] Group 2: Industry Developments - The Ministry of Industry and Information Technology announced the official launch of satellite IoT business trials during the "5G + Industrial Internet" conference, with a two-year trial period aimed at providing low-speed data connections in areas lacking ground networks [1] - The trial will cover data collection terminals, vehicles, ships, aircraft, and wearable devices, while establishing a safety supervision system to create a replicable business model for commercial aerospace and low-altitude economy [1] Group 3: Investment Opportunities - Analysts suggest that the initiation of commercial trials is a pivotal moment for satellite internet, indicating a shift towards market-driven demand, which is likely to enhance orders and valuations across key segments such as satellite manufacturing, launch services, terminal chips, and operations [1] - The E Fund Satellite ETF (563530) tracks the China Satellite Industry Index, which includes 50 stocks involved in satellite manufacturing, launching, communication, navigation, and remote sensing, providing comprehensive coverage of the industry chain and exposure to application layers, facilitating investor access to satellite industry growth opportunities [1]

成份股方面，晨曦航空、天和防务和海格通信表现最为突出，涨幅分别达到9.16%、6.52%和6.45%。另 一方面，南网科技、华测导航和睿创微纳表现较弱，跌幅分别为0.63%、0.57%和0.43%。 来源：新浪基金 11月24日，截至13时03分，通用航空ETF华宝（159231）盘中表现活跃，场内价格现涨2.1%。 消息面上，11月12日第十五届中国国际航空航天博览会在珠海开幕，首次实现"一展多地"模式，珠海国 际航展中心启用13个展馆，集中展示航空装备领域前沿技术。此外，11月10日我国在海南商业航天发射 场成功发射卫星互联网低轨13组卫星，工业和信息化部此前已完成相关卫星国内频率协调及许可审批， 为卫星互联网项目实施提供支撑。 数据来源于沪深交易所、公开资料等。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律 ...

Group 1 - The core viewpoint of the news highlights the active performance of the General Aviation ETF Huabao (159231), which saw a 2.1% increase in intraday trading as of November 24 [1] - Key constituent stocks such as Morningstar Aviation, Tianhe Defense, and Haige Communication showed significant gains, with increases of 9.16%, 6.52%, and 6.45% respectively [1] - The 15th China International Aviation and Aerospace Exhibition opened on November 12, showcasing cutting-edge technologies in the aviation equipment sector across 13 exhibition halls [1] Group 2 - The successful launch of 13 low-orbit satellites for satellite internet from Hainan on November 10 supports the implementation of satellite internet projects [1] - The international environment is becoming increasingly complex, with a long-term trend of intensified great power competition, particularly in the Indo-Pacific region, which is expected to boost the military industry [1] - The military industry is anticipated to experience significant growth due to the 14th Five-Year Plan and the goal of achieving military modernization by 2027 [2] Group 3 - The General Aviation ETF Huabao and its linked funds passively track the General Aviation Index, with the top ten weighted stocks including Wan Feng Ao Wei, AVIC, and Aerospace Rainbow [2] - The military sector is expected to see a recovery in strong demand by 2026, driven by multiple catalysts including domestic and international demand growth [2]

Market Overview - On November 24, A-shares opened higher with the Shanghai Composite Index at 3848.66 points, up 0.36%, Shenzhen Component Index up 0.53%, and ChiNext Index up 0.9% [1][2] - The trading volume of the Shanghai and Shenzhen markets exceeded 500 billion yuan, indicating some pullback in the major indices [2] Sector Performance - The defense and military industry, wind power equipment, and controllable nuclear fusion sectors led the market gains, while lithium mining and other previously high-performing sectors experienced pullbacks [2][4] - The defense and military equipment sector saw significant early gains, with satellite internet and commercial aerospace concepts also rising [4] Notable Stocks - In the defense sector, notable stocks included: - Aerospace Universe (688523) with a price of 29.77 yuan, up 19.99%, and a market cap of 12.1 billion yuan, up 48.85% year-to-date [5] - Raytheon Defense (002413) at 6.37 yuan, up 10.02%, with a market cap of 8.4 billion yuan, up 46.10% year-to-date [5] - The China Shipbuilding Industry sector also saw strong performance, with stocks like: - Jiuzhiyang (300516) rising over 15% to 55.59 yuan, with a market cap of 10 billion yuan, up 64.66% year-to-date [6][7] - China Shipbuilding Defense (600685) at 32.79 yuan, up 9.15%, with a market cap of 35.4 billion yuan, up 39.13% year-to-date [7] Aquaculture Sector - The aquaculture sector, particularly Zhongshui Fisheries (000798), saw significant gains, opening with a limit-up and achieving a seven-day consecutive rise [8][9] - Zhongshui Fisheries was trading at 16.6 yuan per share, with a market cap of 6.1 billion yuan [8] - Recent news indicated that China has suspended imports of Japanese seafood, impacting market sentiment towards Japanese products [9]