为什么说是牛市的震荡回调阶段呢？ 之前达哥提过，本轮牛市的三大宏观基础：全球流动性宽松、财政扩张、人工智能科技革命，此外，还有国内政策层面的努力提振资本市场。只要牛市 的根基没有动摇，那么就要坚持牛市信仰。 牛博士：达哥，你好，又到我们周末聊行情的时间。周五的大幅调整让人非常担忧，很多人周末还在讨论下周的走势。对于未来的行情，你是如何看待 的？ 道达：本周市场大幅杀跌，并不意外。 在上周日的手记文章中，我提到了要重点关注科创50指数的表现，如果其破位，那么大盘震荡幅度会加大，需要控制仓位。 在周四的文章中，也重点提到了要观察上证指数30分钟底背离能否出现。但很遗憾的是，底背离并没有出现，市场也就没有止跌反弹。 指数层面，上证指数以跳空阴线的方式跌破了9月以来的上升趋势线，科创50指数跌破了9月下旬以来的箱体底部，因此，毫无疑问地说，市场进入到了 牛市的震荡回调阶段。 从周五没有资金大规模抄底的情况来看，下周一大概率还会有下挫动能。 本周，A股市场调整，主要宽基指数的周度表现均收跌，其中，小盘股、微盘股方向跌幅较大。北证50指数、微盘股指数、国证2000指数的周跌幅均在 6%以上；相对抗跌的上证50指数周跌幅为 ...

Core Viewpoint - The military industry sector is experiencing a strong upward trend, driven by the announcement of the commercial trial of satellite IoT services in China, which aims to enhance market supply and support the development of new industries such as commercial aerospace and low-altitude economy [1]. Group 1: Industry Developments - On November 22, the Ministry of Industry and Information Technology announced the official launch of commercial trials for satellite IoT services, with a trial period of two years [1]. - The goal of the satellite IoT commercial trials is to enrich the satellite communication market supply, stimulate market vitality, enhance service capabilities, and establish a safety supervision system [1]. - The year 2025 is highlighted as a critical year for achieving national goals and completing the 14th Five-Year Plan, with expectations for more supportive policies for the commercial aerospace industry [1]. Group 2: Market Performance - As of 10:18 AM on November 24, the CSI High-end Equipment Sub-index 50 rose by 2.41%, with notable stock performances including Jiuzhiyang up by 15.72% and China Aerospace Defense up by 9.53% [1]. - The top ten weighted stocks in the CSI High-end Equipment Sub-index 50 account for 45.96% of the index, including companies like AVIC Shenyang Aircraft, Aero Engine Corporation, and China Satellite [2]. Group 3: Investment Opportunities - Investors can consider the CSI High-end Equipment Sub-index 50 ETF (159638) for exposure to leading companies in aerospace, military equipment, and satellite navigation sectors [2]. - The market offers opportunities for off-market investors to engage through the CSI High-end Equipment Sub-index 50 ETF linked fund (018028) to capitalize on industry rotation [3].

Group 1 - The aerospace sector is experiencing a downward adjustment, with the China Securities High-end Equipment Sub-index 50 declining as of November 21, 2025 [1] - Leading stocks in the sector, such as Aerospace Development, Aerospace Intelligent Equipment, and others, are facing declines [1] - The 2024 and 2025 Government Work Reports emphasize the development of commercial aerospace and low-altitude economy as new growth engines, providing long-term policy expectations for the industry [1] Group 2 - The 14th Five-Year Plan suggests accelerating the development of the aerospace and low-altitude economy industries, with a national strategy focusing on new low-altitude economic tracks [1] - Various regions are implementing foundational policies for low-altitude economic development, and state-owned enterprises are establishing low-altitude economic companies [1] - Application scenarios such as low-altitude logistics and low-altitude tourism are leading the way, with major eVTOL manufacturers securing orders and expanding overseas [1] Group 3 - As of October 31, 2025, the top ten weighted stocks in the China Securities High-end Equipment Sub-index 50 account for 45.96% of the index, including companies like AVIC Shenyang Aircraft, Aero Engine Corporation, and others [1] - The High-end Equipment ETF (159638) closely tracks the China Securities High-end Equipment Sub-index 50, focusing on leading companies in aerospace, military equipment, and satellite navigation [2] - Investors can access industry rotation opportunities through the China Securities High-end Equipment Sub-index 50 ETF linked fund (018028) [3]

Group 1 - The A-share market experienced a collective decline, with the Shanghai Composite Index down by 0.10%, the Shenzhen Component Index down by 0.30%, and the ChiNext Index down by 0.53% [1] - The Aerospace ETF (159227) fell by 1.32%, with a latest price of 1.12 yuan and a trading volume of 114 million yuan, ranking first among similar products [1] - The Aerospace ETF has seen a significant growth of 240 million yuan in scale over the past two weeks, leading the category in new scale [1] Group 2 - The Aerospace ETF closely tracks the Guozheng Aerospace Index, with a high military industry purity of 98.2%, covering key sectors such as aerospace equipment, satellite navigation, and new materials [2] - The index weight of the Aerospace ETF is concentrated in the defense military industry (98.21%), with minor allocations to automotive (1.00%) and machinery equipment (0.79%) [2] - Within the secondary industry classification, the index weight is primarily in aerospace equipment II (59.16%), military electronics II (18.61%), and ground armaments II (9.65%) [2]

Group 1 - The aerospace sector is experiencing fluctuations, with the aerospace ETF (159227) down by 1.32% as of 10:57 AM, and a trading volume of 0.92 billion yuan, maintaining its position as the largest in its category [1] - Key stocks within the ETF, such as Aerospace Development, Huali Chuangtong, Aerospace Morning Light, and China Satellite, are showing positive performance [1] - The 2024 Government Work Report emphasizes the development of commercial aerospace and low-altitude economy as new growth engines, while the 2025 report further supports the safe and healthy development of emerging industries like commercial aerospace and deep-sea technology [1] Group 2 - The aerospace ETF (159227) closely tracks the Guozheng Aerospace Index, focusing on core sectors of China's military industry and strategically positioning itself in cutting-edge aerospace technologies [2] - The index encompasses critical industry chain segments such as aerospace equipment, satellite navigation, and new materials, aligning with national defense modernization and high-end equipment upgrade strategies [2] - The constituent stocks are selected from leading companies in the military sector, covering areas like large aircraft manufacturing, low-altitude economy, and commercial aerospace, thereby capturing the rapid development benefits of the national defense technology industry [2]

Group 1 - The military industry sector continues its strong performance, with aerospace development achieving two consecutive trading limits and Great Wall Aerospace hitting the daily limit, driving the Aerospace ETF up by 2.51% [1] - Recent geopolitical tensions, including inappropriate remarks from Japan's Prime Minister and military exercises in the Yellow Sea, have increased uncertainty in the global landscape, acting as direct catalysts for the sector [2] - The defense and military sector has shown significant profit growth, with a year-on-year increase of 17.29% in net profit attributable to shareholders in the first three quarters, and a remarkable 73.2% increase in the third quarter alone [2] Group 2 - The National Aerospace Index has experienced a cumulative decline of over 9% since September 3, indicating a technical demand for rebound [3] - The "14th Five-Year Plan" has established "building a strong aerospace nation" as an independent goal, marking a shift from technological breakthroughs to systematic national construction, positioning the aerospace industry as a core support for modernization and technological self-reliance [3] - The Aerospace ETF (159227) has attracted over 700 million yuan in capital over the past 20 days, with a high concentration of military-related stocks, accounting for 98.2% of the index [4]

Core Viewpoint - The article highlights China's ambitious plans to strengthen its space industry as part of the "14th Five-Year Plan," marking a significant shift towards becoming a space power with a focus on commercial space activities and increased launch frequency [1][4]. Group 1: Achievements and Developments - On November 3, 2025, the Long March 7A rocket successfully launched the Yaogan-46 satellite, marking the 68th launch of the year, which matches the total number of launches in 2024 [1]. - The Long March 8A rocket is being developed to meet the demands of large low-orbit internet satellite constellations, aiming for low-cost and high-frequency launches [2]. - The Hainan commercial space launch site, built during the "14th Five-Year Plan," has successfully completed seven launch missions and is equipped for dual-position, multi-model, and high-frequency launches [2]. Group 2: Infrastructure and Industry Growth - A new rocket factory in Wenchang has been established, with an investment of 900 million yuan, aiming to produce reusable liquid rockets by mid-2026 [3]. - Wenchang has attracted over 700 aerospace-related companies, creating a collaborative ecosystem of "rocket chain, satellite chain, and data chain" [3]. - The integration of space activities with tourism is evident, with facilities like observation platforms and meteorite museums boosting local tourism [3]. Group 3: Future Prospects - The "14th Five-Year Plan" signals a transition from technology breakthroughs to an industry-supported model, which is crucial for developing new productive forces [4]. - The next five years are expected to witness more frequent launches and advanced satellite technologies, with aspirations for ordinary people to experience space travel [5]. - By 2030, there are expectations for Chinese astronauts to launch aboard the Long March 10 rocket, fulfilling a long-held national dream of lunar exploration [5].

份额方面，航空航天ETF天弘(159241)最新份额达4.62亿份，创成立以来新高。 截至2025年11月13日收盘，航空航天ETF天弘(159241)换手10.78%，成交5637.37万元，市场交投活跃。跟 踪的国证航天航空行业指数(CN5082)上涨0.42%，成分股天奥电子(002935)上涨10.01%，迈信林(688685)上 涨4.28%，航新科技(300424)上涨2.89%，振华风光(688439)上涨2.50%，振芯科技(300101)上涨2.22%。 截至11月13日，航空航天ETF天弘(159241)最新规模达5.24亿元，创近1月新高。 业内人士表示，C919产业化进程的成功推进意味着我国在航空制造链条、系统工程能力、适航认证能力方 面迈出了关键步伐，充分带动了从整机设计制造、发动机到数字化制造、适航认证等一系列环节的提升。 未来，C919国产化和商业化路径的逐渐稳固，将为我国企业在全球航空制造中争取更多话语权。 【机构观点】 中信证券此前在构建现代化产业体系方面指出，需关注"十五五"规划建议要求保持制造业合理比重，以 及"反内卷"是重塑制造业利润增长的必要之举。此外，国内和海外主要 ...

调研组对有关单位在民用航空器研发制造等方面的成效予以充分肯定。 张庆伟 指出，要坚持以 习 近平 新时代中国特色社会主义思想为指导，深入学习 贯彻党的二十届四中全会精神 ，加快推动航空航 天、低空经济等战略性新兴产业高质量发展，更好服务建设制造强国、航天强国。认真做好民用航空法 修订草案修改工作，充分吸收各方面意见建议，切实提高立法质量，为民用航空事业持续健康发展提供 坚实法治保障。（完） 新华社北京11月13日电 11月12日，全国人大常委会副委员长 张庆伟 率调研组在北京开展民用航空 法修改调研。调研组先后到中国商飞北京民用飞机技术研究中心、北京航天时代激光导航技术有限责任 公司调研。 ...

Core Insights - The article emphasizes China's ambition to become a space power, as highlighted in the "14th Five-Year Plan," marking the first time this goal has been included in a national planning document [1][20] - The frequency of rocket launches in China is set to increase significantly, with 2025 expected to see a record number of launches, surpassing previous years [3][9] - The establishment of a comprehensive space industry ecosystem in Wenchang, Hainan, is underway, with over 700 aerospace companies now present [18][16] Group 1: Launch Achievements - The Long March 7A rocket successfully launched the Yaogan-46 satellite on November 3, 2025, marking the 68th launch of the year, equaling the total number of launches in 2024 [3][1] - The Wenchang Space Launch Site and Hainan Commercial Space Launch Site are set to complete four launches in November alone, indicating a busy schedule [3][9] Group 2: Technological Advancements - The Long March 8A rocket is being developed for commercial purposes, aiming for low-cost and high-frequency launches to meet the growing demand for satellite networks [7][9] - The design and production processes of rockets are becoming more modular and scalable, with plans to increase launch frequency from one per month to three every two months [9][11] Group 3: Infrastructure Development - The Hainan Commercial Space Launch Site, built during the "14th Five-Year Plan," has successfully completed seven launch missions and is enhancing its capabilities with an autonomous measurement and control system [11][13] - A new rocket factory in Wenchang has been established with an investment of 900 million yuan, aiming to produce reusable rockets by mid-2026 [15][16] Group 4: Industry Ecosystem - Wenchang is developing a synergistic industrial ecosystem comprising rocket, satellite, and data chains, with facilities like observation platforms and museums enhancing tourism [18][20] - The shift from technology-driven breakthroughs to industry-supported development is a key focus in the "14th Five-Year Plan," aiming to foster new productive forces [20][22] Group 5: Future Aspirations - Industry leaders express optimism about the future of commercial space launches in China, with expectations for more frequent launches and advanced technologies [25][20] - There are aspirations for Chinese astronauts to land on the moon by 2030, symbolizing a significant milestone in the nation's space exploration journey [25][22]