据工业和信息化部无线电管理局消息，8月4日，我国在海南商业航天发射场使用长征十二号运载火箭， 成功将卫星互联网低轨07组卫星送入预定轨道，发射任务取得圆满成功。 政策端也为商业航天的发展提供大力支持，工业和信息化部无线电管理局表示，前期，工业和信息化部 加强指导、靠前协调，推动相关单位完成频率协调，创新卫星频率轨道资源管理方式，批量颁发了空间 无线电台执照和无线电频率使用许可，为卫星互联网项目的顺利实施提供了无线电频率及轨道资源支 撑，加快推进低轨卫星的发射部署。 江苏深蓝航天有限公司相关负责人对《证券日报》记者表示，卫星互联网是世界当前和中国未来的核心 基础设施，以一万颗卫星规模的低轨道卫星星座来说，假设卫星寿命为五年，就需要每年新增2000颗卫 星的持续发射需求。商业火箭更好地走向产业化发展，不在于传统技术和模式的重复，而在于新兴的颠 覆性技术、产业发展和研发模式、制造工艺和水平的变革，带来的成本大幅度降低、供给和性能大幅度 提升。 资本市场也成为商业航天创新发展的重要支撑力量，《关于在科创板设置科创成长层增强制度包容性适 应性的意见》明确，扩大第五套标准适用范围，支持人工智能、商业航天、低空经济等更多前 ...

Market Performance - A-shares showed mixed performance on August 7, with the Shanghai Composite Index up 0.12% to 3638.40 points and a trading volume of 478.8 billion yuan [1] - The Shenzhen Component Index fell 0.13% to 11163.36 points with a trading volume of 710 billion yuan, while the ChiNext Index decreased by 0.52% to 2346.59 points with a trading volume of 366.4 billion yuan [1] Sector Performance - Semiconductor stocks surged, with companies like Jinghua Micro and Fuman Micro hitting the daily limit [1] - Medical device stocks showed strength, with companies like Lide Man also reaching the daily limit [2] - The IP economy sector rebounded, highlighted by Jin Hong Group's daily limit increase [1] - Conversely, innovative drug stocks faced adjustments, with Qianhong Pharmaceutical hitting the daily limit down [1][2] Institutional Insights - CITIC Securities noted a significant increase in the launch frequency of China's GW satellite constellation, indicating a rapid development phase in the satellite internet sector [3] - Huatai Securities suggested that the real estate sector is building a foundation for stabilization, with policy directions focusing on stabilizing housing prices and activating demand [3] - CITIC Securities also highlighted the growing demand for liquid cooling solutions in AI server designs, predicting a substantial market expansion for domestic liquid cooling companies [3] Trade Data - China's goods trade saw a year-on-year increase of 3.5% in the first seven months of the year, with a total trade value of 25.7 trillion yuan [5] - In July, the total trade value reached 3.91 trillion yuan, marking a 6.7% increase, with exports at 2.31 trillion yuan (up 8%) and imports at 1.6 trillion yuan (up 4.8%) [5] Education Policy - The Ministry of Finance announced that it will soon allocate funds for free preschool education, indicating a commitment to implementing this policy [4]

国办《意见》明确，按照地方有关部门制定的公办园保育教育费收费标准执行，也就是说：对公办园儿 童原来收多少，现在就免多少；对在教育部门批准设立的民办园就读的适龄儿童，参照民办园所在地的 同类型公办园免除水平，相应减免保育教育费。 比如，某个民办园经批准的保育教育费收费标准是每人每月800元，所在地同类型公办园的保育教育费 收费标准为500元；政策实施后，公办园大班儿童就不用再交保育教育费了，民办园大班儿童只需交差 额部分，也就是300元。 保育教育费占家庭学前教育总支出的比例较高，免除费用后，家庭的教育支出将有效降低。仅今年秋季 一个学期，全国财政将增加支出约200亿元，相应减少家庭支出200亿元。 01.宏观要闻 1、财政部副部长郭婷婷8月7日在国新办举行的国务院政策例行吹风会上表示，国家统一实施的免保育 教育费政策覆盖所有幼儿园大班儿童，预计今年秋季学期将惠及约1200万人。 7月份，进出口3.91万亿元，增长6.7%。其中，出口2.31万亿元，增长8%；进口1.6万亿元，增长4.8%。 3、旧金山联储主席戴利(Mary Daly)发出了鸽派呼声，称美联储可能需要在未来几个月降低利率。戴利 指出，虽然关税可 ...

Wind实时申购赎回信息显示，该ETF获实时净申购达900万份。 航空航天ETF天弘（159241）紧密跟踪国证航天指数，按申万一级行业分类，该指数以近98%的国防军 工行业权重形成显著特征，是全市场军工含量最高的指数。按申万二级行业分类，国证航天指数"含航 量"较高，航空装备与航天装备两大核心板块则占据近67%权重，深度聚焦大飞机研制、低空经济、商 业航天等新兴领域航空航天装备产业链关键领域。 8月7日，A股三大指数盘初持续活跃，军工板块震荡走弱。 中信建投指出，2025年7月底以来，我国GW星座发射频率显著提升，从01-05组星的一到两个月发射间 隔缩短到05-07组星的3-5天发射间隔，组网速度明显加快，或表明我国卫星互联网开始进入快速组网 期。此外，千帆星座的发射招标也已经启动，海南商发的1号和2号发射工位开启常态化发射工作，大型 民营液体火箭也将陆续首飞，可重复使用实验稳步开展，民营火箭企业开始IPO辅导，我国商业航天产 业进入快速发展期。 热门ETF中，航空航天ETF天弘（159241）截至发稿下跌0.81%，成交额超4200万元，换手率超9%，实 时换手率暂居同标的产品第一，交投活跃。 成分股中 ...

Group 1: Market Overview - The market experienced a slight increase yesterday, with the three major indices rising marginally. The Shanghai Composite Index rose by 0.45%, the Shenzhen Component Index increased by 0.64%, and the ChiNext Index gained 0.66% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.73 trillion yuan, an increase of 138 billion yuan compared to the previous trading day [1] - Sectors such as PEEK materials, military industry, humanoid robots, and photolithography machines saw significant gains, while traditional Chinese medicine, Tibet-related stocks, innovative drugs, and tourism sectors faced declines [1] Group 2: Commercial Aerospace Industry - According to CITIC Securities, China's commercial aerospace industry is entering a rapid development phase, with a notable increase in the frequency of satellite launches since July 2025 [2] - The interval between launches for satellite constellations has decreased from one to two months to just 3-5 days, indicating accelerated network formation [2] - The bidding for the Qianfan constellation has commenced, and regular launch operations for Hainan Commercial Launch's first and second launch sites have begun, with private liquid rocket companies preparing for their inaugural flights [2] Group 3: Real Estate Industry - Huatai Securities indicates that the foundation for a medium to long-term stabilization in the real estate sector is being established, although full realization will take time [3] - The firm anticipates that policy efforts in the second half of the year will focus on stabilizing housing price expectations, activating home-buying demand, optimizing inventory reduction strategies, and addressing funding sources for urban renewal [3] - There is a positive outlook for core cities, particularly first-tier cities, and recommendations include developers with strong credit, good cities, and quality products, as well as leading property management companies with stable dividends and performance [3] Group 4: U.S. Economic Risks - Tianfeng Securities warns that the risk of "re-inflation" in the U.S. remains, as the impact of tariffs and actual interest rates on the micro-economy is beginning to manifest [4] - The analysis highlights that the effects of tariffs on consumer prices may not have fully materialized due to factors like prior inventory accumulation and summer discounts [4] - The firm suggests that resource commodities may be worth continued attention in light of the ongoing inflation risks [4]

Group 1: Commercial Aerospace Industry - The commercial aerospace industry in China is entering a rapid development phase, with significant increases in satellite launch frequency since July 2025, indicating a fast-paced network construction period for satellite internet [1] - The launch frequency for the GW constellation has decreased from one to two months to just 3-5 days between launches for the latest groups, showcasing accelerated network deployment [1] - The bidding for the Qianfan constellation has commenced, and regular launch operations for Hainan's commercial launch sites have begun, with private liquid rocket companies preparing for their first flights [1] Group 2: Real Estate Industry - The foundation for a medium to long-term stabilization in the real estate industry is being established, although full realization will require time [2] - Key policy directions for the second half of the year may include stabilizing housing price expectations, activating homebuyer demand, optimizing inventory reduction strategies, and focusing on funding sources for urban renewal [2] - Core cities, particularly first-tier cities, are expected to recover at a faster pace, with recommendations for developers that exhibit "good credit, good city, good product" characteristics, as well as stable dividend and performance property management companies [2] Group 3: U.S. Economic Outlook - The risk of "re-inflation" in the U.S. remains, influenced by the clarity of the second phase of "reciprocal tariffs" and actual interest rates, which may begin to show effects on the microeconomic price transmission [2] - The impact of tariffs on domestic consumer prices is still unfolding, with factors such as prior inventory accumulation and summer discounts affecting current price levels [2] - The ongoing tariff framework and potential demand stimulation from the "Inflation Reduction Act" suggest that resource commodities may continue to be of interest [2]

Group 1 - The latest stock price of Huaru Technology is 28.21 yuan, an increase of 0.99 yuan from the previous trading day [1] - The stock opened at 27.00 yuan, reached a high of 28.82 yuan, and a low of 26.98 yuan during the day, with a total trading volume of 145,700 shares and a transaction amount of 408 million yuan [1] - Huaru Technology operates in the software development industry, focusing on mixed reality, robotics, and the metaverse, and is headquartered in Beijing [1] Group 2 - Recently, Huaru Technology has introduced two new business concepts: satellite internet and online gaming [1] - The satellite internet concept indicates that the company has made progress in research applicable to space-based connectivity and has secured substantial orders [1] - The online gaming concept includes the game "Armored Red Sharp," developed by its wholly-owned subsidiary, which has received approval for its version number and is currently in the testing phase [1] Group 3 - Data on capital flow shows that Huaru Technology had a net inflow of 3.48 million yuan from main funds on that day, with a cumulative net inflow of 14.84 million yuan over the past five trading days [2]

Group 1: Satellite Communication Business - The company has established a product layout in the satellite communication field, covering three major application scenarios: ground stations, satellite communication payloads, and terminal applications [2][3] - In 2024, the satellite communication business revenue exceeded 40 million yuan, with ground station products achieving small batch deliveries [3] - The company successfully won a procurement project for application terminal equipment in April 2024, further consolidating its market position [3] Group 2: Marine and Mobile Communication Solutions - The company launched two high-performance communication products for marine and mobile scenarios, including a 0.4-meter S-band phased array antenna and a 0.6-meter Ku-band terminal [4] - The S-band antenna can receive signals from 8 satellites and is designed for complex mobile environments, while the Ku-band terminal supports 360° rotation for dynamic signal locking [4] Group 3: AI Model Development - The company has initiated the "Tongyu Antenna AI Model Pilot Project," focusing on integrating AI technology with antenna design to enhance R&D efficiency and reduce costs [5] - The project is currently in the deployment phase, aiming to streamline the design process and support continuous innovation in antenna products [5] Group 4: Optical Module Business Progress - The affiliated company Sichuan Guangwei has made significant breakthroughs in the high-speed optical module sector, successfully delivering the first batch of 800G OSFP 2×DR4 optical modules [6] - These modules utilize advanced silicon photonics technology and low-power design, targeting applications in 800G Ethernet and data centers [6] Group 5: MacroWiFi Product Development - MacroWiFi is designed for outdoor complex network communication, featuring a high-gain dual-beam antenna array with a transmission distance of 2 kilometers and the ability to support over 200 concurrent users [7] - The product has been successfully tested and deployed in Southeast Asia, with growing demand in regions like Russia, the Middle East, and parts of Africa [7] Group 6: Low Altitude Economy and 5G-A Integrated Antenna - The company has made substantial progress in the 5G-A integrated antenna field, developing a low-altitude communication solution that covers up to 600 meters [8] - This solution has been validated through joint testing with operators and is currently in the small batch delivery phase, with market recognition for its performance [8]

Core Viewpoint - The company is focusing on the application of advanced technologies such as 5G millimeter wave technology and satellite internet in various power business scenarios, including transmission, transformation, distribution, and emergency services [1] Group 1: Technology Applications - The company is leveraging technologies like hydropower big models, digital twin technology, hydrological regulation technology, and flood prevention and disaster reduction technology to build a holistic digital foundation for the hydropower industry [1] - These technologies are aimed at enhancing the digitalization and intelligence capabilities within the hydropower sector [1] Group 2: Future Focus - The company plans to concentrate on integrated space-ground mobile communication as its main business and will continue to explore new technology applications and industrialization in vertical industries, including power [1]

近期市场热点多聚焦于"反内卷"与基建板块，但科技主线作为长期政策支持的核心方向，其产业叙 事仍在持续强化。AI、机器人等前沿科技领域进展不断，技术突破与产业落地预期支撑下，科技板块 的配置价值依然坚实。 长城科技投资领域的基金经理们将努力挖掘科技创新浪潮下的投资机遇，力争做好"有时代感的投 资"，陪伴投资者向"新"而行。 廖瀚博：关注高低切机会 展望后市，我们认为短期内市场或由上行转向震荡行情，将关注高低切换的机会，需要重视低位板 块/个股的基本面变化或者预期变化。 陈良栋：挖掘AI细分支线机会 储雯玉：关注计算机、传媒、半导体等 我们认为在9月份之前市场不太会存在大的系统性风险，但如果市场过热，上行力量也会受到限 制，所以当前比较适合寻找结构性机会，比如进行板块间的高低切换，或等待高位板块的回调布局机 会。 具体到科技创新方向，由于部分科技热点板块已经接近或超过前期高点，市场也在酝酿高低切换， 比如近几个交易日PCB、光模块、稳定币、半导体制造等方向都有退潮迹象，而相对低位的AI应用、半 导体设计板块逐渐活跃。因此近期可重点关注计算机、传媒、半导体等板块。另外，三季度是传统消费 电子旺季，还可密切关注新产品 ...