市场全天震荡反弹，沪指再创年内新高 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3461.15 | 0.18% | 6.36 | | | 深证成指 | 10534.58 | 1.17% | 121.96 | | | 沪深 300 | 3968.07 | 0.62% | 24.38 | | | 创业板 | 2164.09 | 1.90% | 40.37 | | | 科创 50 | 984.95 | 0.24% | 2.31 | | | 北证 50 | 1442.17 | 0.21% | 3.02 | | 证券研究报告 2025 年 7 月 4 日 星期五 【A 股市场大势研判】 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 1 财富通每日策略 值得关注的是，数据显示，6 月 30 日，合计有 43 家 IPO 被沪深北三大交易所受理； 而在 6 月 26 日和 6 月 27 日，均有 18 ...

截至2025年7月4日 14:25，国证航天航空行业指数(CN5082)成分股方面涨跌互现，中航沈飞(600760)领 涨2.54%，建设工业(002265)上涨1.86%，国睿科技(600562)上涨0.83%；长城军工(601606)领跌。航空航 天ETF(159227)最新报价1.09元。 流动性方面，航空航天ETF盘中换手20.04%，成交7901.09万元，市场交投活跃。拉长时间看，截至7月 3日，航空航天ETF近1周日均成交8054.45万元，排名可比基金第一。 从资金净流入方面来看，航空航天ETF近6天获得连续资金净流入，最高单日获得3752.28万元净流入， 合计"吸金"1.39亿元。 中航证券指出，截至6月29日，复盘2025年上半年，国防军工（申万）指数在走势位列31个行业中的第4 名，半年成交额创下历史新高，超过10%的军工上市公司在上半年股价创下了上市来历史新高。涨幅居 前的上市公司可以归为以下几类：①军贸企业，特别是下游主机厂；② 低空经济、深海科技、商业航 天、核聚变等新兴产业；③军工央企重组主题；④北交所上市公司。综合上半年来看，在市场对军工 的"强预期"作用下，军工板块的估值水 ...

相关ETF中，航空航天ETF天弘（159241）午后翻红，截至发稿涨0.54%，成交额超6900万元，换手率 超22%，交投活跃。成分股中，中航沈飞涨超4%，建设工业、XD国睿科、洪都航空等股涨幅居前。 值得关注的是，据Wind数据显示，航空航天ETF天弘（159241）截至发稿获40笔申购和7笔赎回，累计 获净申购超2000万份。 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，该指数以超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，航空装备与航天装备 两大核心板块则占据66%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。 国投证券指出，当下时间点处于两个五年之交，但受制于此前行业若干扰动，节点更接近与第四年与第 五年之交；预计2025年后续行业EPS将出现结构性边际向上，PE端受"十五五"规划结构性提振。建议重 点关注无人装备、低轨卫星及数据链、远程火箭弹及火工药剂、下一代航空发动机等； 以及民用方向 的商发及大飞机产业链。 东方证券认为，"十四五"规划收官之年景气度持续恢复，军贸有望成为第二增长极 ...

2025年上半年，北交所主题基金成为了基金市场中的最大赢家。 Wind数据显示，截至今年6月30日，华夏北交所创新中小企业精选两年定开（014283）以72.16%的年内回报居全市场（除QDII基金）第3位，拉长时间 看，该基金过去三年回报高达175.64%，居全市场基金首位，大幅跑赢同期北证50指数39.45%和24%的涨幅。 这表明北交所主题基金充分发挥了主动管理基金的优势，起到了良好的价值发现作用。 近三年业绩排名市场首位 华夏北交所主题基金业绩亮眼 2021年11月，北交所鸣钟开市，作为服务创新型中小企业的主阵地，这家仅设立三年多的全国性证券交易所给市场带来了许多惊喜。 文/每日财报 杨悦 今年上半年，北交所主题基金业绩普遍表现亮眼。来自华夏基金、中信建投基金、万家基金、汇添富基金等多家基金公司旗下的北交所主题基金半年回报 均超50%，给基民带来了良好的投资体验。 其中，华夏基金旗下的华夏北交所创新中小企业精选两年定开以72.16%的年内回报居全市场（除QDII基金）第3位。 该基金不仅短期业绩表现喜人，长期业绩更是可圈可点。Wind数据显示，截至6月30日收盘，华夏北交所创新中小企业精选两年定开近三 ...

每经记者｜刘艳美 每经编辑｜杨欢 除浙江外，另一个经济大省广东此前也专门发布《关于推动广东网络游戏产业高质量发展的若干政策措施》，希望带动提升全 省游戏产业创新能力与国际竞争力。多方合力推动下，以游戏产业为代表的文化"新三样"出海，也将再度提速。 #动向 浙江日报消息，7月2日，浙江省委书记王浩主持召开市委书记座谈会，听取各市和部分省直部门上半年工作推进情况、下半年 安排谋划和对省委省政府工作及"十五五"规划的意见建议，部署当前和今后一个时期全省重点工作。 根据报道，"王浩就几个趋势性关键性重大问题与大家交流"。其中特别提到：积极推动以网文、网剧、网游为代表的文化"新三 样"出海方面，要打好"政策+服务+改革"组合拳，大力推动"文化+科技"，提升平台、渠道和服务，创造更多现象级产品，更好 担负起新时代的文化使命。 解读：近年来，网游、网文、网剧并驾齐驱，在全球刮起"中国风"，成为文化出海"新三样"。 中国社会科学院发布的《2024中国网络文学发展研究报告》显示，2024年网络文学出海市场规模超50亿元人民币，海外用户规 模超3.5亿人。另据国家广播电视总局国际合作司统计，2024年中国自主研发游戏在海外市场的 ...

金 融 期 货 研 究 2025 年 7 月 4 日 期指：消息面波澜不惊，或震荡偏强 毛磊 投资咨询从业资格号：Z0011222 maolei@gtht.com 【期指期现数据跟踪】 期指数据 | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪深300 | 3968.07 | ↑0.62 | | 2696.1 | | | | | | IF2507 | 3946.6 | ↑0.69 | -21.47 | 326.9 | 27681 | ↑523 | 60854 | ↑185 | | IF2508 | 3928 | ↑0.66 | -40.07 | 22.2 | 1886 | ↑17 | 4742 | ↑568 | | IF2509 | 3918 | ↑0.67 | -50.07 | 446.5 | 38088 | ↑2787 | 132375 | ↓663 | | IF2512 | 3879 | ↑0.64 | -89.07 | 68 ...

Core Viewpoint - The commercial aerospace sector in China is experiencing significant growth driven by policy support and technological advancements, with a notable increase in market activity and investment opportunities [1][4]. Group 1: Market Activity - The "Lijian No. 2" rocket developed by China Aerospace Technology Co., Ltd. is set for its maiden flight in September 2023, marking a key milestone in commercial space endeavors [1]. - Commercial aerospace stocks have shown strong performance, with several companies reaching their daily price limits and others experiencing gains exceeding 9% [1]. - Since June 2023, there has been a surge in interest in commercial aerospace, with 32 companies related to this sector undergoing institutional research in the past month [1]. Group 2: Technological Developments - The "Lijian No. 2" rocket will play a crucial role in launching the initial test flight of the cargo spacecraft for the manned space station, with components designed for reusability to significantly reduce costs [2]. - Recent technological breakthroughs in the commercial rocket sector include successful flight recovery tests and advancements in reusable rocket systems, enhancing launch efficiency and cost-effectiveness [2][3]. - The transition from single-use to reusable launch systems is expected to optimize costs and improve operational efficiency in the commercial rocket industry [2]. Group 3: Market Size and Growth - The commercial aerospace market in China is projected to grow from a value of 1 trillion yuan in 2020 to approximately 2.3 trillion yuan by 2024, reflecting a compound annual growth rate of 22.9% [4]. - By 2025, the market value is expected to reach 2.8 trillion yuan, indicating robust growth potential in the sector [4]. Group 4: Company Developments - Companies in the aerospace supply chain are increasingly focusing on commercial rockets, with various firms reporting progress in their aerospace-related projects [5][6]. - Specific companies, such as Weihai Guangwei Composite Materials Co., Ltd. and Hunan Feiwo New Energy Technology Co., Ltd., have successfully integrated their products into the commercial rocket sector [6][7]. - Strategic partnerships are being formed between companies to enhance capabilities in rocket structure, storage products, and recovery facilities [7]. Group 5: Investment Opportunities - Industry experts emphasize the need for companies to seize opportunities in the commercial aerospace sector by innovating and overcoming technical challenges related to reusability and efficient engines [8].

中金公司 瞰星链 02 - 商业航天进入发展快车道 20250703 摘要 星网集团高管调整后，新领导班子背景多元化，为后续资源保障、管理 迭代及市场资源整合奠定基础，预计下半年将加速一代系统组网，一代 增强系统招标落地，并推进二代系统建设，总发射规模接近 13,000 颗。 一代及一代增强系统的建设将牵引产业链打磨供应链，实现科研生产模 式转型，并验证关键技术，为更大规模、更具经济性的组网工程奠定基 础。新领导班子的到位将提升管理效率，促进技术进步。 国内卫星制造和组网方面取得显著进展，上海垣信的组网卫星技术问题 已解决，新旺集团的一代星和二代系统试验星发射成功，为后续更大规 模组网奠定基础。 国内火箭发射技术虽有进步，但与 SpaceX 相比仍有差距，尤其在可重 复使用火箭方面。国内企业如航天六院、建元科技、蓝箭等正在积极研 发可重复使用火箭，以降低发射成本。 资本市场对商业航天支持力度加大，北京等国资设立产业基金，科创板 放宽标准支持商业航天企业发展，头部企业预计启动 IPO，表明资本市 场对商业航天持积极态度。 Q&A 国内商业航天产业在近期有哪些积极变化？ 星网集团在今年下半年有哪些具体计划？ 星网 ...

Core Viewpoint - Heilongjiang Province is implementing policies to support the high-quality development of the aerospace industry, particularly focusing on strengthening and expanding the aircraft manufacturing sector [1] Group 1: Policy Support - The Heilongjiang Provincial Government has issued several policy measures aimed at promoting the aerospace industry [1] - The policies encourage aviation companies to accelerate the certification of aircraft and engine products through independent research and project introduction [1] Group 2: Financial Incentives - Companies that obtain type certification or production licenses for aircraft and aircraft engines will receive a one-time reward equal to 50% of the annual sales revenue from the certified products [1] - The maximum reward for a single model of aircraft is 10 million yuan, while for aircraft engines, it is 5 million yuan [1]

Core Viewpoint - Heilongjiang Province has introduced policies to support the high-quality development of the aerospace industry, focusing on enhancing the strength and market presence of aviation equipment manufacturers [1] Group 1: Support for Aviation Equipment - The province will support aviation companies in accelerating airworthiness certification and market expansion through independent research and project introduction [1] - Companies that obtain type certification or production licenses for aircraft and aircraft engines will receive a one-time reward of 50% of the annual sales revenue from the certified products, with a maximum reward of 10 million yuan for each aircraft model and 5 million yuan for each engine model [1] Group 2: Support for Major Scientific Infrastructure - The province will provide support for the construction of major scientific infrastructure in the aerospace field, with annual rewards of up to 10 million yuan based on research support capabilities, open sharing, and local transformation of scientific achievements [1] - Companies that successfully launch satellites will receive a reward of 5% of the sales price, with a maximum of 1 million yuan per device and a total annual reward cap of 20 million yuan per company [1]