截至2026年1月9日 14:44，中证卫星产业指数(931594)强势上涨5.93%，成分股信科移动(688387)上涨 20.00%，臻镭科技(688270)上涨18.43%，国博电子(688375)上涨12.46%，西部超导(688122)，航天电子 (600879)等个股跟涨。卫星ETF鹏华(563790)上涨5.82%，最新价报1.33元。 卫星ETF鹏华紧密跟踪中证卫星产业指数，中证卫星产业指数选取50只业务涉及卫星制造、卫星发射、 卫星通信、卫星导航、卫星遥感等领域的上市公司证券作为指数样本，反映卫星产业上市公司证券的整 体表现。 数据显示，截至2025年12月31日，中证卫星产业指数(931594)前十大权重股分别为中国卫星(600118)、 航天电子(600879)、中国卫通(601698)、中科星图(688568)、臻镭科技(688270)、北斗星通(002151)、华 测导航(300627)、国博电子(688375)、北方导航(600435)、新雷能(300593)，前十大权重股合计占比 63.64%。 商业航天全线爆发，行业迎来密集催化，消息面上，政策利好不断，广州市人民政府办公厅印发 ...

Group 1 - The commercial space industry in China is set for a busy launch schedule in 2026, with multiple companies planning high-frequency launches, including Dongfang Space's "Gravity One" and "Gravity Two" rockets, and Deep Blue Aerospace's "Nebula One" rocket [1] - The Long March 8 rocket is scheduled to launch the "StarNet Low Earth Orbit 18A-I" payload on January 13, 2026, from Hainan, while other rockets like Long March 3B and Long March 12 are also set for launches in January 2026 [2] - The average launch cost for expendable rockets is reported to be between 110 million to 180 million yuan, while reusable rockets are expected to reduce costs significantly to between 2 million to 5 million dollars as major companies develop recovery technologies [3] Group 2 - As of January 8, 2026, the Zhongzheng Satellite Industry Index (931594) has risen by 4.47%, with notable increases in stocks such as Aerospace Electric (10.01%) and Aerospace Electronics (10.00%) [3] - The Zhongzheng Satellite Industry Index includes 50 companies involved in satellite manufacturing, launching, communication, navigation, and remote sensing, reflecting the overall performance of the satellite industry [3] - The top ten weighted stocks in the Zhongzheng Satellite Industry Index as of December 31, 2025, include China Satellite, Aerospace Electronics, and China Satcom, accounting for 63.64% of the index [4]

1月7日上午，箭元科技中大型液体运载火箭总装总测及回收复用基地项目开工仪式在杭州市钱塘区举行，箭元科技、玻色量子、地卫二、二 维超材，四家企业共同签署战略合作协议。 这是国内首个海上回收复用火箭产能基地，也是首个不锈钢火箭超级工厂 。据悉，该项目总投资 52亿元 ，包括回收复用中心、检测检验 中心、生产制造中心，建成后将具备 年产25发 火箭的规模化制造能力，并实现火箭回收后的快速检测、维修与复用。 魏一此前接受杭州都市快报采访时表示，回收火箭的利润空间很可观，目前，国内商业航天单枚火箭发射一次的市场价格为2.2亿元，发射 载荷的价格约为每公斤8万元至10万元。如果火箭能回收、重复使用，按照复用20次来算，单次发射成本能下降近70%，"我们的目标是把 每公斤的发射成本做到2万元左右。" 根据天眼查信息，箭元科技目前已完成四轮融资，最新一轮融资结束于2025年1月，从投资阵营看，箭元科技不仅获得了金沙江资本、SEE Fund这类创投圈明星公司的支持，更吸引了山东产投、东泰系基金（与济钢集团关联）等具有产业背景的国资。 | 披露日期 | 融资轮次 | 融资金额 | 企业估值 | 比例 | 投资方 | 关联机构 | ...

"我们用十年的时间，从一份PPT到一枚枚火箭矗立在发射台；从被质疑是'骗局'，到成为中国商业航天 的拓荒者。" 2015年，在商业航天政策刚刚破冰的背景下，张昌武负责资本运作与战略搭建，王建蒙负责技术资源引 入与团队组建，这种"金融+航天"的组合基因，帮助蓝箭航天迅速完成了从0到1的积累。 目前，张昌武已确立了对公司的控制。招股书显示，张昌武通过特别表决权安排，合计控制公司 75.20%的表决权。 在长达数百页的招股书中，蓝箭航天用一段感性文字，回顾了其自2015年成立以来的十年征途。 2025年的最后一天，这段征途迎来了一个关键节点。上交所官网显示，蓝箭航天科创板IPO申请正式获 受理。这家身披"中国版SpaceX"光环的企业，拟募资75亿元，正式向"商业火箭第一股"发起最后冲刺。 从2025年7月29日启动辅导到IPO获受理，蓝箭航天仅用了156天，跑出了"火箭速度"。但在临门一脚之 际，蓝箭航天也迎来了新的考验。 2026年1月5日晚，中国证券业协会官网发布了"2026年第一批首发企业现场检查抽查名单"，蓝箭航天在 列。根据监管规定，被抽中现场检查的企业，其财务真实性、内控规范性以及信息披露质量将接受监 ...

Core Viewpoint - The article discusses the recent failures of China's new rockets, Zhuque-3 and Chang Zheng-12A, in achieving successful recovery, yet highlights a paradoxical surge in the aerospace sector, particularly in commercial space stocks, indicating a rational revaluation of value under new rules and clear expectations [5][6][7]. Group 1: Market Dynamics - Despite the failures of rocket recovery, the aerospace sector, especially commercial space stocks, experienced significant price increases, with some stocks doubling in a matter of days [6]. - The market is not irrationally reacting; rather, it is undergoing a rational revaluation based on a new understanding of "engineering iteration certainty" [7][10]. - The introduction of commercial space and private capital has shifted the traditional failure-averse culture to a "rapid trial and error" approach, allowing for faster technological iterations [12]. Group 2: Supply Chain Implications - The focus should shift from the success or failure of rocket recovery to the thousands of components that make up a rocket, revealing a broader picture of the industry's supply chain [17]. - The reusable rocket technology leads to increased demand for high-end manufacturing components, creating a "continuous consumption demand" for the aerospace supply chain [20]. - The dual validation from both state-owned and private companies pursuing similar technological goals provides a "technical path insurance" for supply chain enterprises [21]. Group 3: IPO and Market Opportunities - The release of guidelines by the Shanghai Stock Exchange for commercial rocket companies to list on the Sci-Tech Innovation Board has created a clear path for capital market participation [24][25]. - The new listing criteria focus on successful payload delivery to orbit rather than recovery, encouraging investment in companies that demonstrate strong launch capabilities [26]. - The market is actively seeking and trading stocks related to leading commercial space companies, indicating a preemptive investment strategy in the emerging aerospace ecosystem [28]. Group 4: Data Utilization and Industry Growth - The commercial space sector has made failure data transparent and marketable, turning each failed attempt into a valuable resource for industry learning and advancement [30]. - The accumulation of failure data is seen as a unique advantage for China's commercial space industry, allowing for rapid engineering experience accumulation [31]. - The current enthusiasm in the market reflects a collective bet on the potential for significant cost reductions in space access, driven by China's robust industrial capabilities [36].

Core Insights - The satellite industry is expected to experience explosive growth in 2025, driven by strategic planning, technological advancements, and significant capital market activity [1][2][3] - The satellite industry ETF (159218) has seen a year-to-date increase of over 62.34%, with a current scale of 1.366 billion yuan and net inflows exceeding 900 million yuan [1] - The competitive landscape is intensifying, with major countries like China and the U.S. leading in satellite launches, accounting for 90.7% of the total operational satellites globally [1][2] Market Dynamics - As of November, there have been 325 space launches globally, with China conducting 87 launches (84 successful) and the U.S. 205 launches (202 successful), resulting in a total of 4,026 operational satellites [1][2] - The Chinese government has established a dedicated agency for commercial space, aiming to support the development of satellite communication services with a target of over 10 million users by 2030 [2] Technological and Capital Developments - The launch frequency of China's national satellite constellation is expected to increase significantly in the fourth quarter of 2025, with a year-on-year growth of 41% in commercial launch orders and a success rate of 98.5% [2] - The capital market is responding positively, with significant investment activity in the commercial space sector, including over 60 financing events totaling more than 9 billion yuan [2][3] Investment Opportunities - The Shanghai Stock Exchange has released guidelines for the listing of commercial rockets, emphasizing the importance of reusable technology in successful launches [3] - The commercial space sector is anticipated to see a "test flight competition" for reusable rockets, which could accelerate technological advancements and attract further investment [3] Industry Structure - The satellite industry ETF tracks the China Satellite Industry Index, covering various segments including satellite manufacturing, launch services, and ground equipment, with a focus on satellite manufacturing as a core area of development [3]

卫星通信专场 20251224 Q&A 如何看待当前卫星通信板块的投资机会？ 当前卫星通信板块被定义为一个偏主题性的投资机会。我们通过将其走势与国 证 2000 指数进行拟合，发现两者在 2022 年初至 2025 年 11 月期间表现相似。 这表明该板块在此期间主要呈现主题性行情。然而，自 2025 年 11 月 21 日起， 卫星通信板块出现了超额行情，这可能是由于朱雀 3 火箭可复用进度超预期等 因素引发的市场乐观情绪。 展望未来，我们认为随着一系列催化事件的落地， 如 2026 年 4 月长城 10 号可复用测试和天兵天龙 3 号发射测试，市场对产业 发展的乐观判断将进一步提升，从而带来更高的关注度和持续性的行情。尽管 短期内难以成为主线，但卫星通信仍是一个敏感且具有边际提升空间的细分板 块。 近期卫星通信板块表现如何？未来有哪些催化因素值得关注？ 近期卫星互联网指数表现略差于商业航天整体，这是因为当前市场炒作重点仍 集中在可复用火箭上。然而，随着时间推移，市场关注点可能从商业火箭逐渐 转向卫星互联网。总体来看，两者走势相似，因此我们认为卫星通信作为商业 航天的重要细分板块，仍有较大投资机会。 未来值 ...

Group 1 - The core viewpoint is that policy and industry collaboration is driving a new turning point for China's commercial aerospace sector [1] - The expected operational cost of China's ultimate space computing power is projected to be only 1/12 of that on the ground, indicating significant economic value [2] - The successful vertical recovery test of the Zhuque-3 rocket and the imminent maiden flight of the Long March 12A rocket highlight advancements in reusable rocket technology [1][3] Group 2 - The commercial aerospace sector's large-scale application heavily relies on low-cost and high-frequency launch capabilities, with reusable rockets being crucial [3] - By 2030, China is expected to achieve 100 launches per year at a cost of approximately 10 million yuan per launch, with the annual output value of rocket launches and satellite manufacturing reaching 85 billion yuan [3] - The development of space computing power is anticipated to provide a new path for forming an economic closed loop in China's commercial aerospace sector [2] Group 3 - Beneficiary companies in the commercial rocket sector include Superjet, Srey New Materials, Aerospace Power, and others [4] - Satellite payload companies include China Satellite, Guobo Electronics, and others [4] - Downstream application companies include Haige Communication, Zhongke Xingtou, and others [4]

Group 1: Commercial Space Development - China's commercial space development is accelerating, with the National Space Administration recently releasing a plan emphasizing "reusable rockets" as a key focus area[4] - The Zhuque-3 rocket, equipped with nine Tianque-12A engines, has a total thrust of 7542 kN and aims to reduce the cost of space access[4] - The launch service price for the Long March 3B rocket for high-orbit missions is approximately CNY 70,900/kg, while the Long March 2 for low-orbit missions is about CNY 28,200/kg[4][22] Group 2: Market Trends and Projections - The 14th Five-Year Plan positions commercial space as a "new pillar industry," targeting a GDP contribution of 2% and a value exceeding CNY 7 trillion by 2030[5] - The plan aims for reusable rockets to achieve over 10 reuse cycles and a 50% reduction in satellite manufacturing costs[5] - The commercial space market is projected to exceed CNY 2.5 trillion by 2025, growing at a compound annual growth rate of 35%[28] Group 3: Competitive Landscape - The Falcon 9 rocket's reusability allows for significantly lower launch costs, with high-orbit service prices at CNY 27,500/kg and low-orbit at CNY 8,700/kg, highlighting a competitive gap with China's pricing[22][25] - The Zhuque-3 rocket's specifications, including a diameter of 4.5 meters and a payload capacity of at least 18 tons to low Earth orbit, position it competitively against international counterparts[19][18] Group 4: Investment Opportunities - Beneficial sectors include components for rockets, solid and liquid engines, and satellite manufacturing, with companies like Aerospace Development and China Satellite among the key players[5] - The report highlights investment opportunities in the commercial launch service sector, driven by the increasing demand for satellite launches, particularly for small satellite constellations[29]

中金发布研报称，全球商业航天蓬勃发展牵引火箭发射需求，国内复用火箭有望逐步成熟。该行指规模 化、可回收的商业火箭有望为空间基础设施建设提供充沛的低成本运力支持，从而进一步夯实商业航天 产业发展基础。箭体和推进系统约占火箭成本的60%~80%，关键结构复用能够有效降低发射成本;同时 新技术应用进一步降低火箭制造成本。 1)箭体和推进系统约占火箭成本的60%~80%，关键结构复用能够有效降低发射成本，该行测算十次复 用情况下Falcon-9发射成本可降至1270美元/千克。2)新技术应用进一步降低火箭制造成本，大推力商业 火箭多数采用可变推力液体发动机，液氧甲烷凭借低成本、少积碳优势有望成为主流燃料;箭体结构采 用不锈钢替换铝合金，复杂结构通过3D打印工艺实现减重、降本。 风险 可复用火箭进展不及预期;卫星互联网发射需求不及预期。 1)商业遥感、通信星座建设牵引火箭发射需求，全球航天发射自2020年的112次增长至2024年的263次， 商业火箭成为全球发射主力。2)2014年以来国内商业火箭企业快速成长，多型火箭已实现连续成功发 射、执行商业发射任务，朱雀三号、天龙三号等可复用箭型计划在2025-2026年密集 ...