2025年和2026年绝对是见证历史的两年。 一个是上证指数破了连阳记录，这是2015年大牛市都没有解锁的成就。 首先是卫星。 一个是航天卫星、有色金属、脑机接口接连起飞，把A股全面推向高潮。 目前3个板块都处于前所未有的加速期—— 卫星产业ETF（159218）成为年内商业航天板块第一个翻倍基。 | 期 设置 画线 | 浄值 叠 除权 删 窗 区 信息 ◆l | | | 卫星产业ET | | --- | --- | --- | --- | --- | | 60: 1.352 MA120: 1.272 | | | | | | | 20250522-20260109 (158) 금 | 2.244 | | 2. 094 +0.06 | | | -2.178 | | を比 | +16.92% | | | | 2.144 | 5 | 2.098 | | | | 2.041 | 5-4 | 2.097 | | | | 1.938 | 3 | 2.096 | | | | 1.837 | 盘2 | 2.095 | | | | 1.734 | 1 | 2.094 | | | | 1.631 | 1 | 2.093 | | ...

截至2025年12月31日 13:33，航空航天ETF天弘(159241)直线拉升强势反包，盘中换手14.41%，成交 8958.78万元，市场交投活跃。跟踪的国证航天航空行业指数(CN5082)强势上涨2.58%，成分股广联航空 (300900)上涨10.99%，航天电子(600879)上涨10.01%，中国卫星(600118)上涨10.00%，航天晨光 (600501)，航发科技(600391)等个股跟涨。 拉长时间看，截至12月30日，航空航天ETF天弘(159241)近2周规模增长1923.00万元，实现显著增长。 【产品亮点】 航空航天ETF天弘(159241)跟踪指数国证航天指数，堪称可以一键实现"军工+卫星"双轮驱动，其在申万 一级行业分类中，与国防军工权重占比高达98.2%，是全市场最"纯"军工指数，同时该指数与低空经 济、卫星互联网、商业航天等热门主题高度契合——与申万二级行业的"航空装备+航天装备"权重合计 超68%，与军民融合含量高达76.55%，与大飞机和低空经济的含量也均超50%。 【热点事件】 逐梦星河！2025中国航天事业稳步前行 2025年中国航空航天领域发射任务成果斐然，重大 ...

第一，900块买入摩王和沐曦，这辈子还有没有机会回本？ 这个事，是我一直在思考的一个问题，作为今年最火的两个新股，摩王的最高价到过940块，沐曦到过895块，但是，看下面的走势图。 下图， 摩王 ，截至今天中午收盘，从最高点回撤33个点。 下图， 沐曦 ，则高位回撤32个点。 今天A股继续上演下午冲高的剧本，wind全A突破6400点，创年内的第四高点，距离收盘价新高，也就0.5%的距离了——话句话说，在涨个一丢 丢，A股将会以新高结束2025年，简单聊聊市场里的三个热点。 大家圣诞节快乐哈，知道大伙儿今晚都有活动，提前写一点。 那么，大家觉得， 在高位冲进去的勇士们，还有没有回本的机会？ 从个人的视角来看，我看好AI带来的产业革命，因为它有明确的应用场景，具备旺盛的长期生命力；我也看好GPU市场的国产替代，在份额提升 的过程中，国内企业分到的蛋糕越来越多，这也是确定性的趋势。 但是，有一个问题，两家企业，是否有足够的护城河？作为仅仅成立5年不到的两家企业，3-5年后，会不会出现更强的后浪，抢占更大的份额？ 这个我判断不准。 大家投个票吧， 我们以5年为限，破前高的几率有多大。 ...... 第二，白银LOF ...

Group 1: Industry Investment Rating - No information about the industry investment rating is provided in the report. Group 2: Core View - The A-share market is in a high-level oscillation, and the bond market has narrow fluctuations. The A-share market may continue to oscillate at a high level in the future. It is recommended to pay attention to investment opportunities in directions such as satellites, chemicals, new energy, photovoltaics, chips, computing power, and artificial intelligence. The bond market may continue to have narrow fluctuations, and the 10-year Treasury bond yield above 1.80% has allocation value. The gold price is expected to maintain a strong oscillation trend [3][12]. Group 3: Summary of Market Performance Stock Market - U.S. stock indices showed mixed performance, with the Nasdaq up 0.48%, the S&P 500 up 0.10%, and the Dow Jones Industrial Average down -0.67%. The Nasdaq China Technology Index fell -1.96%. The Hang Seng Index dropped -1.10% [3]. - Most A-share sectors declined, with the Wind All A Index down -0.15%. Among them, the CSI A100, CSI 300, and CSI 1000 decreased by -0.82%, -0.28%, and -0.56% respectively, while the CSI 2000 and Wind Micro-cap stocks increased by 0.30% and 3.12% respectively. In terms of sector style, Shanghai blue-chips rose while growth stocks fell, and Shenzhen blue-chips and growth stocks both declined. The North Exchange 50 Index decreased by -0.13%. In terms of industry performance, 20 out of 30 CITIC industries rose, with the leading sectors being commerce and retail and catering and tourism, with a weekly increase of more than 4.0%. ETFs related to tourism, satellites, aerospace, and chemicals also performed well, with a weekly increase of over 4.0% [4][5]. Bond Market - China's Treasury bond yields declined slightly. The 10-year Treasury bond futures contract rose 0.15% compared to December 12, 2025. The yield of the 10-year active Treasury bond decreased by 0.88 BP to 1.8308%. Yields of all maturity varieties decreased [6]. - U.S. Treasury bond yields mostly declined, and the yield curve became flatter. As of December 19, 2025, the 10-year U.S. Treasury bond yield decreased by -3 BP to 4.16%. Only the 6-month maturity yield increased, while the rest decreased [8][9]. Currency Market - The U.S. dollar strengthened, and the RMB appreciated against the U.S. dollar. The U.S. dollar index rose 0.32%. The U.S. dollar against the euro, pound, and yen changed by 0.25%, -0.07%, and 1.16% respectively. The U.S. dollar against the offshore and onshore RMB exchange rates decreased by 0.28% and 0.20% respectively [10]. Commodity Market - Gold and silver prices generally rose. London gold spot prices fell 0.22% to $4337.60 per ounce, while COMEX gold futures prices rose 1.19% to $4354.00 per ounce. Domestic gold prices rose, with Shanghai gold spot up 1.17% to 975.51 yuan per gram and futures up 1.10% to 977.88 yuan per gram. London silver spot prices rose 1.98% to $65.79 per ounce; COMEX silver futures prices rose 9.39% to $66.79 per ounce. Domestic silver prices showed term differentiation, with Shanghai silver spot up 3.08% to 15359 yuan per kilogram and futures down 4.40% to 14811 yuan per kilogram [11]. Group 4: Other Market Conditions - Capital prices showed mixed trends. As of December 19, 2025, R007 rose 0.73 BP to 1.5148%, and DR007 decreased 2.78 BP to 1.4413%, with the spread between the two widening. The central bank's open market operations had a net injection of 190 billion yuan [7].

《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 前言 商业航天+卫星+IDC，可提供低轨卫星电源产品，客户包括火箭院、航天科工集团，已形成服务器计算核 心单元、存储单元芯片的电源解决方案，这家公司通信领域成为大唐移动、三星电子等设备商电源供应 商。 ...

Group 1 - The core viewpoint is that the market is currently in a state of fluctuation, but there is a strong belief in the investment opportunities within the core sectors of the computing power industry chain [1] - The overseas computing power industry chain remains highly prosperous, with related companies' financial reports continuously reflecting strong demand related to AI [1] - There is a stronger resonance in the fundamentals of the related industry chain, leading to a sustained positive outlook on investment opportunities in the overseas computing power industry chain [1] Group 2 - The medium to long-term recommendation is to continue focusing on investment opportunities in core sectors related to "AI + overseas expansion + satellites" [1]

Core Viewpoint - The company focuses on aerospace products, satellite communication, and testing equipment, providing technical solutions and manufacturing services for research institutions and major units in the aerospace sector, and is recognized as a national high-tech enterprise and a national-level "little giant" enterprise [1] Financial Performance - In Q1-Q3 2025, the company achieved operating revenue of 304 million yuan (+10.44%) and a net profit attributable to shareholders of 51 million yuan (+0.56%), with a non-recurring net profit of 35 million yuan (+6.70%) [1] - For H1 2025, the gross margin for aerospace and communication products slightly increased to 48.38% (+3.34%), with revenue of 97 million yuan (+98.86%) [2] - The gross margin for aerospace manufacturing equipment slightly decreased to 35.01% (-0.69%), with revenue of 53 million yuan (-53.33%) [2] - The gross margin for aviation products was 33.47% (+12.71%), with revenue of 57 million yuan (+963.53%) [2] - The overall profitability of the company's main business remains strong [2] R&D and Profitability - R&D investment has significantly increased, but short-term profit release is hindered; the sales gross margin for Q1-Q3 2025 was 42.27% (-1.12 percentage points), and the net profit margin was 16.14% (-4.51 percentage points) [3] - The expense ratio was 28.52% (+1.33 percentage points), with R&D expense ratio at 18.33% (+3.54 percentage points) [3] - By the end of Q3 2025, accounts receivable amounted to 446 million yuan, an increase of 7.9% from the beginning of the period, while inventory was 208 million yuan, up 29.62% [3] Technological Advancements and Future Outlook - The company has developed multiple core technologies in the aerospace product field, achieving autonomy in key components and leading domestically [4] - In satellite communication and testing equipment, the company has delivered various products and ranks among the top tier in the domestic market [4] - In aviation products, the company has received approvals for special processes from major Chinese aviation entities and has successfully developed multiple composite material components [4] - The company has established unique intellectual property rights in aerospace manufacturing equipment, completing the design and manufacturing of key process equipment for large aircraft, thus achieving import substitution [4] - Profit forecasts indicate expected net profits of 105 million, 148 million, and 187 million yuan for 2025-2027, with corresponding EPS of 0.26, 0.36, and 0.46 yuan [4]

Core Viewpoint - The company, Shaanxi Huada (301517), has a significant revenue structure focused on the defense sector, primarily from the top five military industrial group clients [1] Group 1: Revenue Structure - The defense sector currently constitutes a relatively high proportion of the company's revenue [1] - Revenue from commercial satellites is gradually increasing year by year [1] - The company has a concentrated customer base in the commercial 6G sector, primarily with leading enterprises in civil communications [1] Group 2: Strategic Collaboration - The company collaborates closely with key clients to explore potential cooperation [1] - There is a continuous effort to expand the scope of cooperation [1] - The company aims to increase revenue from civilian products to enhance its ability to withstand industry cyclical fluctuations [1]

Core Viewpoint - The company has a relatively high proportion of revenue from the defense sector, primarily concentrated among the top five military industrial group clients [1] Group 1: Revenue Structure - The defense sector currently constitutes a significant portion of the company's revenue [1] - Revenue from commercial satellites is gradually increasing year by year [1] - The company collaborates closely with key clients to explore cooperation potential and expand business areas [1] Group 2: Business Strategy - The company aims to enhance revenue from civilian products to improve its ability to withstand industry cyclical fluctuations [1] - The commercial 6G clients are primarily concentrated among leading companies in the civil communications sector [1]

Core Viewpoint - The company has a high revenue proportion from the defense sector, primarily concentrated among the top five military industrial groups, while also seeing an increasing share of revenue from commercial satellites and 6G clients in the civil communication sector [1] Group 1: Revenue Structure - The defense sector currently holds a relatively high proportion of the company's revenue [1] - Revenue from commercial satellites is gradually increasing year by year [1] - The company's commercial 6G clients are primarily leading enterprises in civil communications [1] Group 2: Client Collaboration - The company collaborates closely with key clients to explore cooperative potential [1] - There is a continuous effort to expand cooperation areas, which helps to increase revenue from civilian products [1] - This strategy enhances the company's ability to withstand risks associated with industry cyclical fluctuations [1]