证券研究报告 | 2026年01月03日 港股投资周报 年度收官，港股精选组合本年度上涨 53.23% 港股精选组合绩效回顾 本周，港股精选组合绝对收益-2.49%，相对恒生指数超额收益-1.76%。 本年，港股精选组合绝对收益 53.23%，相对恒生指数超额收益 25.46%。 港股市场创新高热点板块跟踪 行业指数方面，本周能源业行业收益最高，累计收益 2.21%；医疗保健业行 业收益最低，累计收益-3.24%。 概念板块方面，本周卫星导航概念板块收益最高，累计收益 11.42%；富士 康概念板块收益最低，累计收益-6.29%。 南向资金监控 南向资金整体方面，本周港股通累计净流出 38 亿港元，近一个月以来港股 通累计净流入 229 亿港元，今年以来港股通累计净流入 14048 亿港元，总 体来看近期南向资金呈现出整体流入的走势。 本周港股通资金中，中芯国际、招商银行和香港交易所流入金额最多，中国 移动、腾讯控股和中国联通流出金额最多。 我们根据分析师关注度、股价相对强弱、股价路径平稳性、创新高连续性等 角度在过去 20 个交易日创出过 250 日新高的股票池中筛选出平稳创新高股 票。 近期，现代牧业等股 ...

Core Viewpoint - The aerospace sector is experiencing significant growth, with satellite-themed ETFs leading the market, showing a strong performance with multiple ETFs rising over 7% in a single day and over 30% in the past month [1][4][3]. Group 1: ETF Performance - Several satellite-themed ETFs have shown remarkable gains, with the top performers including Wang Satellite ETF, which rose by 7.72%, and other ETFs also experiencing increases of over 7% [2]. - The commercial aerospace sector has seen a substantial increase, with the Wind Commercial Aerospace Index and related indices rising over 20% in the past month, indicating strong investor interest [4][3]. Group 2: Market Drivers - The surge in satellite-themed ETFs is attributed to a clear commercialization path and strong order expectations, making them the primary focus for investment in commercial aerospace [3][5]. - Factors contributing to the current market enthusiasm include favorable policies, technological breakthroughs in reusable rockets, and a significant increase in satellite orders, which have exceeded market expectations [7][8]. Group 3: Future Outlook - Analysts predict that the satellite internet market will accelerate in 2026, continuing the upward trend in satellite launches and maintaining a structural market rally in the commercial aerospace sector [9][8]. - Investment strategies suggest that satellite-themed ETFs remain the primary focus due to their clear commercialization and visible orders, while other aerospace ETFs may serve as supplementary investments [9].

- The report does not contain any quantitative models or factors for analysis[1][2][3]

Core Viewpoint - The commercial aerospace sector has regained attention, with the Universal Aviation ETF (华宝, 159231) showing strong performance, closing up 3.25% on December 31, 2025, marking a new high since its listing [1][8]. Group 1: Market Performance - The Universal Aviation ETF (华宝, 159231) experienced a six-day consecutive rise, indicating strong market sentiment towards commercial aerospace, satellite navigation, low-altitude economy, and large aircraft sectors [1][8]. - Among the 50 constituent stocks, 90% showed positive performance, with notable gains from 航天坏宇 (14.55%), 爰乐达 (11.61%), 中科星图 (11.07%), and others reaching daily limits [10][11]. Group 2: Technical Developments - In 2025, the China Aerospace Science and Technology Corporation completed a record 73 space launch missions, highlighting advancements in the sector [2][12]. - The successful launch of the 实践二十九号 satellites using the Long March 7 rocket on December 31 marked a significant achievement for China's space program [2][12]. Group 3: Capital Market Developments - The Shanghai Stock Exchange has refined listing standards for commercial rocket companies, facilitating accelerated development in the commercial aerospace sector [3][12]. - A report from Guoyuan Securities indicates that technological iterations are significantly enhancing system efficiency and reducing costs, with advancements in on-board processing capabilities and phased array antenna technology [3][12]. Group 4: Policy Support - The Central Committee's recommendations for the 15th Five-Year Plan emphasize the need to cultivate emerging industries, including the low-altitude economy, with low-orbit satellite constellations being a key focus [5][13]. - Policies from the Ministry of Industry and Information Technology and the Aerospace Administration are steadily advancing satellite frequency resource applications and operational licensing, creating a clear growth path for the industry [5][13]. Group 5: Investment Opportunities - The Universal Aviation ETF (华宝, 159231) and its associated funds cover a broad index of 50 stocks, focusing on military and civilian aerospace capabilities, with over 37% of the index allocated to the aerospace sector [5][13].

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index slightly up by 0.09% closing at 3968.84 points, while the Shenzhen Component Index fell by 0.58% to 13525.02 points. The ChiNext Index decreased by 1.23% to 3203.17 points, and the STAR 50 Index dropped by 1.15% to 1344.20 points. Overall, 2470 stocks rose while 2768 stocks fell, with a total trading volume of 204.51 billion yuan, down by 9.72 billion yuan from the previous trading day [1]. Industry Performance - Among the Shenwan first-level industries, sectors such as defense and military, media, real estate, non-ferrous metals, and social services led the gains, with increases of 2.13%, 1.54%, 1.13%, 1.09%, and 1.04% respectively. Conversely, industries like telecommunications, agriculture, forestry, animal husbandry and fishery, electronics, comprehensive, and power equipment experienced declines, with drops of 1.35%, 1.10%, 1.02%, 0.93%, and 0.90% respectively [1]. Concept Sector Performance - The top-performing concept sectors today included satellite navigation, Xiaohongshu platform, commercial aerospace, Pinduoduo partners, satellite internet, Kimi, large aircraft, selected air transport, top ten military industrial groups, Douyin Doubao, virtual humans, military information technology, internet celebrity economy, 6G, and WEB3.0. In contrast, sectors such as cross-strait integration, GPU, high send and transfer, consumer electronics OEM, optical modules (CPO), and copper-clad laminates saw corrections [2].

2025年最后一个交易日，卫星及航空航天强势领涨！爱乐达大涨逾17%，北斗星通10%涨停，广联航空涨超9%，航天电子、中国卫星双双涨超8%。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2.32%刷新上市新高，强势冲击六连阳！盘中获实时净申购200万份。 大国之翼，大展鸿图！通用航空ETF华宝（159231）及联接基金（A类：024766；C类：024767）标的指数全面覆盖『军用新质战斗力+民用新质生产力』50 只成份股，涵盖低空经济、大飞机、军用飞机、商业航天、卫星导航、无人机等热门领域，其中航空航天行业占比超37%，重点布局技术壁垒和商业化核心 环节（飞行器制造），是内需+军贸共振下一键配置中国航空航天产业链的利器。 数据来源：沪深交易所 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 ...

2025年最后一个交易日，卫星及航空航天强势领涨！爱乐达大涨逾17%，北斗星通10%涨停，广联航空 涨超9%，航天电子、中国卫星双双涨超8%。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2.32%刷新上市新高，强势冲击六连阳！盘中获实时净申购200万 份。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 2025年最后一个交易日，卫星及航空航天强势领涨！爱乐达大涨逾17%，北斗星通10%涨停，广联航空 涨超9%，航天电子、中国卫星双双涨超8%。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2.32%刷新上市新高，强势冲击六连阳！盘中获实时净申购200万 份。 消息面上，12月31日6时40分，中国在文昌航天发射场使用长征七号改运载火箭，成功将实践二十九号 卫星A星、B星发射升空，卫星顺利进入预定轨道，发射任务取得圆满成功。这是长征系列运载火箭 2025年收官之战。今年，由中国航天科技集团研制的运载火箭完成73次宇航发射任务，创历史新高。 消息面上，12月31日6时40分，中国在文昌航天发射场使用长征七号改 ...

Group 1 - The satellite navigation index experienced a significant increase on December 31, with notable stock performances from various companies in the sector [1] - LeiKe Defense reached its daily limit increase, while Changjiang Communication also hit its daily limit [1] - Aerospace Huanyu saw a peak increase of 12%, China Satellite rose by 6%, and China Satcom increased by 5% [1]

坤恒顺维所属申万行业为：通信-通信设备-其他通信设备。所属概念板块包括：军民融合、卫星导航、 专精特新、5G、航天军工等。 截至9月30日，坤恒顺维股东户数3240.00，较上期增加31.60%；人均流通股37592股，较上期增加 8.26%。2025年1月-9月，坤恒顺维实现营业收入1.57亿元，同比增长29.66%；归母净利润2618.98万元， 同比增长57.85%。 分红方面，坤恒顺维A股上市后累计派现6336.65万元。近三年，累计派现5815.85万元。 机构持仓方面，截止2025年9月30日，坤恒顺维十大流通股东中，易方达战略新兴产业股票A （010391）退出十大流通股东之列。 12月31日，坤恒顺维盘中下跌2.00%，截至09:53，报38.22元/股，成交1894.27万元，换手率0.40%，总 市值46.55亿元。 资金流向方面，主力资金净流出142.02万元，大单买入196.38万元，占比10.37%，卖出338.41万元，占 比17.86%。 坤恒顺维今年以来股价涨56.90%，近5个交易日涨11.66%，近20日涨8.64%，近60日涨13.78%。 资料显示，成都坤恒顺维科技股份 ...

Core Viewpoint - Huali Chuangtong's stock price has shown significant growth, with a year-to-date increase of 38.25% and a recent surge of 12.99% over the last five trading days, indicating strong market performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Huali Chuangtong achieved a revenue of 564 million yuan, representing a year-on-year growth of 26.32%. The net profit attributable to shareholders was 9.39 million yuan, reflecting a substantial increase of 132.60% [2]. - The company has cumulatively distributed 97.81 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Stock Market Activity - As of December 31, Huali Chuangtong's stock was trading at 28.88 yuan per share, with a market capitalization of 19.138 billion yuan. The trading volume was 305 million yuan, with a turnover rate of 2.09% [1]. - The stock has seen a net outflow of 1.4629 million yuan from major funds, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of December 19, the number of shareholders for Huali Chuangtong was 97,400, a decrease of 1.11% from the previous period. The average number of circulating shares per shareholder increased by 1.12% to 5,302 shares [2]. - The top ten circulating shareholders include various ETFs, with notable reductions in holdings for several funds, indicating potential shifts in institutional investment [3].