前言 ②700亿市场+30%增速！四大产业共振引爆3D打印，全产业链核心标的已圈出； ③ 全球太空资源竞争加速，卫星产业链迎确定性"升机"； ④ DeepSeek V4发布期或临近，AI产业链再迎布局时点。 点击付费阅读，解锁市场最强音，把握投资机会！ 券商研报信息复杂？机构调研数据过时？屡屡错失投资机会？那是你不会挖！想知道哪份研报有用？什 么时候该看？《研报金选》满足你！每日拆解热门产业链或核心公司，快市场一步的投研思维+严苛的 研报选择标准+几近偏执的超预期挖掘，游资私募都在用！ 【今日速览】 ①29亿起步奔向千亿级！GEO营销成AI应用最先商业化场景，头部公司卡位战打响； ...

1月12日，A股市场走势分化，沪指继续走强，商业航天主题再度火爆！截至10:10，航空ETF基金（159257）涨近5%再创新高，冲击三连阳！盘中资金再度 涌入超800万元，加上今日已经连续5日强势吸金近4000万元！ 航空ETF基金（159257）标的指数成分股多数冲高，天银机电20cm涨停，中国卫星涨停，航天电子涨超9%，华力创通涨超8%，航天彩虹、睿创微纳等涨幅 居前，洪都航空等回调。 【航空ETF基金（159257）标的指数前十大成分股】 【商业航天全产业链有望迎来高质量发展的黄金窗口期！】 2025年我国在载人航天、深空探测、商业航天等领域完成多项突破，实现多个首次。2025年，中国航天全年发射次数创历史新高，达到92次，发射次数较 2024年全年增加超过三成，意味着我国航天发射能力进入了"常态化、高频化、规模化"的新阶段。展望2026年，业内人士普遍认为，在政策与技术双轮驱动 下，我国商业航天迎来奇点时刻。 国信证券指出，从"大国重器"到"工业消费品"，我国商业航天正迎来关键发展拐点。商业航天并非传统航天的简单补充，而是一场底层的商业模式与生产关 系的重构。1）商业模式重塑：行业正从"国家主导"的 ...

Group 1: Satellite Industry Overview - The satellite internal structure is divided into satellite platforms and payloads, with platforms providing necessary support for payloads to achieve mission objectives[4] - Effective payloads are the instruments and systems that perform specific tasks on satellites, primarily including antenna subsystems and transponder subsystems for communication satellites[5] - The satellite attitude control system consists of sensors, controllers, and actuators to maintain the satellite's orientation and stability[24] Group 2: Investment Opportunities - Key beneficiaries in the satellite industry include companies involved in attitude control (e.g., Tianyin Electromechanical, Aerospace Zhizhuang) and TR components (e.g., Zhenlei Technology, Chengchang Technology)[5] - The market performance of small-cap indices like the CSI 1000 and CSI 500 has outperformed large-cap indices such as the SSE 50 and CSI 300 this week[6] - New shares listed this week include 1 company on A-shares and 6 companies on the Hong Kong Stock Exchange, indicating a vibrant IPO market[6] Group 3: Market Trends and Recommendations - The report highlights investment themes in smart vehicles and high-end manufacturing, recommending stocks such as Hu Guang Co., Ruihu Mould, and Aopute[7] - The satellite industry is expected to benefit from advancements in low-orbit satellite payloads, particularly in transponders and phased array antennas, which are crucial for communication satellites[70] - The cost structure of low-orbit communication satellites shows that payloads account for approximately 75% of costs, with antennas and TR components being the major contributors[51]

（原标题：最强主线彻底爆发！卫星ETF、航天航空ETF、通用航空ETF涨5超%） 卫星产业链、商业航天彻底爆发，成为近期市场最强主线，卫星ETF、航天航空ETF、通用航空ETF、 卫星ETF广发、军工龙头ETF、通用航空ETF基金、航空航天ETF、航天ETF、卫星ETF易方达、通用航 空ETF南方、卫星产业ETF、航空航天ETF、航空航天ETF天弘、航空ETF、国防ETF、卫星ETF鹏华涨 超%。 永赢卫星ETF跟踪国证商用卫星通信产业指数，聚焦卫星制造、火箭发射等商业航天核心环节，成分股 包含航天电子、中国卫星等龙头企业，主题聚焦度高。 消息面上，行业迎来多重催化： 马斯克提出了航天业有史以来最雄心勃勃的制造目标之一:每年生产1万艘星舰飞船。当地时间周日，美 国新闻网站SMX在X上的官方账号发帖称，SpaceX将像生产飞机一样生产星舰飞船。该公司斥资2.5亿 美元在星舰基地(Starbase)建造了一座GigaBay工厂，旨在加速星舰生产。这座占地70万平方英尺的工厂 设计用于每年生产至多1000枚火箭。马斯克在回复中确认了这一消息，并且称:"数量巨大，可能每年多 达1万艘。" 富国卫星ETF、卫星ETF广 ...

进一步来看，这95家公司中，12月25日融资余额较去年末增加超过50%，且年内(截至12月26日)获得50家以上机构调研的公司有20家，按照机构调研来 看，调研机构数居前的有华丰科技、索辰科技、科德数控等。 | | | 机构扎堆调研且融资客大幅加仓的卫星产业概念股 | | | | | --- | --- | --- | --- | --- | --- | | 代码 | 简称 | 年涨跌幅 | 12月25日融资余 额较去年末变动 | 机构调研 | 行业 | | | | (%) | | 数(家) | | | | | | (%) | | | | 002179 | 中航光电 | -9.61 | 95.02 | 205 | 国防军工 | | 688225 | 亚信安全 | 4.23 | 296.17 | 60 | 计算机 | | 688305 | 科德数控 | 13.51 | 96.01 | 291 | 机械设备 | | 688010 | 福光股份 | 13.89 | 125.35 | ‌‌‌ | 电子 | | 688582 | 心动联科 | 36.39 | 139.89 | 211 | 电子 | | 920640 | ...

（文章来源：第一财经） 中信证券研报认为，展望2026年，随着民营商业火箭公司参与到千帆和GW星座组网，以及回收技术成 熟后运力成本的大幅下降，预计卫星产业链将加速兑现。根据《首台（套）重大技术装备推广应用指导 目录(2024年版)》，低轨手机直连通信卫星要求采用全数字相控阵天线，波束不小于16个，中信证券判 断随着卫星迭代升级，星载相控阵、通信载荷等最有望受益，市场快速扩容。 ...

中信证券研报认为，展望2026年，随着民营商业火箭公司参与到千帆和GW星座组网，以及回收技术成 熟后运力成本的大幅下降，预计卫星产业链将加速兑现。根据《首台（套）重大技术装备推广应用指导 目录(2024年版)》，低轨手机直连通信卫星要求采用全数字相控阵天线，波束不小于16个，中信证券判 断随着卫星迭代升级，星载相控阵、通信载荷等最有望受益，市场快速扩容。 ...

证券日报网12月17日讯坤恒顺维在12月3日至12月12日回答调研者提问时表示，公司主要为卫星产业链 用户提供各类高端无线电测试仿真仪器，涵盖公司信道仿真仪、信号发生器、频谱分析仪、综测仪等产 品，同时也为卫星通信领域的用户提供整体测试仿真解决方案。目前公司在卫星领域已覆盖产业链多个 环节的下游用户，如卫星平台研制、卫星载荷研制、地面站、芯片、模组、终端等环节的厂商。 （文章来源：证券日报） ...

Core Viewpoint - The A-share market is experiencing weakness with a trading volume below 1.6 trillion yuan, indicating a cautious sentiment among investors, despite some strength in technology stocks [1][11]. Group 1: Market Performance - The overall A-share market saw 3,878 stocks decline, while technology sectors like semiconductors and optical communication modules showed resilience, suggesting continued investor interest in these areas [1][2]. - The Shanghai Composite Index fell by 0.06% to 3,875.79 points, while the ChiNext Index rose by 1.01% to 3,067.48 points, indicating a divergence in performance between different market segments [2]. - Trading volume decreased to 1.56 trillion yuan, down from 1.68 trillion yuan, reflecting a tightening liquidity environment as year-end approaches [10][11]. Group 2: Sector Performance - Technology stocks, including sectors like automotive thermal management, semiconductors, and aerospace equipment, showed notable gains, while traditional sectors such as agriculture, food, and retail faced declines [4][6]. - The mechanical equipment and electronics sectors reported positive performance, with the mechanical equipment sector up by 0.90% and electronics by 0.78%, indicating a preference for growth-oriented sectors [6][7]. - Specific stocks like Junya Technology and Yingqu Technology reached their daily limit up, highlighting strong interest in smaller-cap technology firms [6][7]. Group 3: Investment Strategy - Analysts suggest maintaining a focus on structural investment rather than index performance, advocating for a balanced portfolio approach amid market volatility [11][13]. - The technology sector remains a key focus, with recommendations to invest in high-growth areas such as AI computing, robotics, and satellite industries, as well as sectors benefiting from potential Federal Reserve rate cuts [12][14]. - The market is expected to continue its oscillation with structural differentiation, emphasizing the importance of aligning investments with industry trends rather than speculative index movements [11][13].

Market Overview - The three major indices opened slightly lower, with the Shanghai Composite Index down by 0.11%, the Shenzhen Component Index down by 0.04%, and the ChiNext Index also down by 0.04% [1] - The trading volume for the Shanghai Composite Index was 48.95 billion, while the Shenzhen Component Index recorded a trading volume of 79.28 billion [2] Industry Insights - The domestic embodied intelligence sector has surpassed a total market value of 3 trillion, with expectations for continued expansion as leading companies secure large orders [3] - The satellite industry chain is anticipated to enter a rapid growth phase due to the maturation of reusable rockets, which will enhance launch capacity and reduce costs, benefiting satellite companies [4] - The photovoltaic industry is entering a capacity clearing cycle by 2026, with a focus on "anti-involution" measures that will improve competition and performance among existing companies [5] - There are no conditions for a major style switch in the market, with a focus on technology sectors that have improved crowding and potential benefits from overseas credit cycles [6]