每经AI快讯，12月31日，华泰证券指出，回顾2025年，通信(申万)指数在波动中前行，前期在AI算力叙 事质疑(DeepSeek)、地缘政治冲击等影响下，板块股价呈现较大波动；后续则逐步回归于产业趋势定价 逻辑，AI算力成为主线行情。展望2026年，我们看好"一主两副"三条投资主线：1)继续拥抱AI算力主 线：看好AI产业趋势，关注海内外算力产业链投资机会；2)副线一是新质生产力："十五五"新周期启 动，商业航天与卫星互联网、低空经济、量子通信与计算等新兴赛道有望加速发展；3)副线二是核心资 产：随着市场流动性改善，拥有长期竞争力及业绩韧性的龙头企业(电信运营商等)有望迎来估值提升机 遇。 ...

Investment Rating - The report suggests a focus on sectors driven by policies and demand, particularly in commercial aerospace, healthcare, and energy storage [3][29]. Core Insights - The market experienced a slight decline with the North Exchange A-share trading volume reaching 21.53 billion yuan, down by 1.836 billion yuan from the previous trading day, and the North Exchange 50 Index closing at 1431.71, down 0.51% [1][8]. - The report highlights a significant divergence in stock performance, with sectors exhibiting new productive capabilities showing relative resilience [3]. - Commercial aerospace and satellite internet concepts emerged as market focal points, driven by recent developments such as the establishment of the "Commercial Aerospace Measurement and Control and Satellite Application Alliance" and Google's announcement of a space data center plan [3][21]. - The healthcare sector saw increased activity, particularly in pharmaceutical companies like Lude Medical, boosted by rising demand during the flu season and news regarding Ant Group's AI health application [3][21]. Summary by Sections Market Review - On December 18, the North Exchange A-share trading volume was 21.53 billion yuan, a decrease of 1.836 billion yuan from the previous day, with the North Exchange 50 Index closing at 1431.71, down 0.51% [1][8]. - Among 286 companies listed, 97 saw an increase, 5 remained flat, and 184 experienced a decline [1][18]. Important News - The State Administration for Market Regulation emphasized the need to address "involutionary" competition and promote a market order characterized by quality and fair pricing [2]. - The introduction of humanoid robots in CATL's battery production line has reportedly tripled daily output compared to manual labor [2][21]. Key Company Announcements - Ruixing Co. announced plans to participate in a public auction for a 10% stake in Weifang China Resources Gas Co., with a starting price of 14.125 million yuan [22]. - Chicheng Co. plans to use up to 30 million yuan of idle raised funds for cash management [24].

Summary of Key Points from the Conference Call on Commercial Aerospace and Satellite Internet Industry Overview - The commercial aerospace industry is experiencing multiple turning points, driven by increased policy support and positive performance changes in key companies during Q3 2025, indicating an acceleration in industry development [1][2][12]. Core Insights and Arguments - **Turning Points in Commercial Aerospace**: Three turning points identified include: 1. **Policy Support**: The establishment of commercial aerospace agencies announced by the State Council [2]. 2. **Performance Changes**: Positive Q3 performance from key beneficiary companies [2]. 3. **Technological Developments**: Focus on reusable rocket technology and NTN standard systems, with several domestic companies planning intensive launches by the end of 2025 [2][6]. - **Global Competition in Reusable Rocket Technology**: - SpaceX's Falcon 9 and Starship are operational, while Blue Origin's New Glenn has achieved first-stage recovery [3][4]. - Domestic companies like Blue Arrow are also preparing for multiple launches, marking a new phase in global commercial aerospace [1][3]. - **Challenges in Computing Power in Space**: - Issues such as bandwidth limitations, complex space environments, and equipment depreciation pose challenges for deploying computing power in space, necessitating exploration of solutions [5]. - **2026 Commercial Aerospace Outlook**: - The first year of the "15th Five-Year Plan" is expected to see significant changes, including reduced satellite launch costs and increased launch capacity due to the intensive launch schedule of domestic companies [6][12]. - **Significance of Zhuque 3 Launch**: - Zhuque 3, a commercial rocket, launched ahead of state-backed projects, showcasing advancements in domestic aerospace technology and boosting confidence in the sector [7][8]. Additional Important Insights - **Global and Chinese Launch Performance**: - As of November 2025, there have been 277 global orbital launches, with China leading in numbers, having completed 72 launches, surpassing the total for the previous year [9][12]. - **SpaceX Starship Testing Progress**: - SpaceX's Starship project has faced challenges but is crucial for the Artemis program and the global heavy-lift market, highlighting the difficulties even leading companies face in technological innovation [10]. - **Recent Breakthroughs in China's Reusable Rocket Technology**: - Significant advancements have been made, with companies like Blue Arrow achieving rapid progress in developing reusable rockets, aiming to reduce launch costs by 80-90% [11]. - **Policy Support in the US and China**: - Both countries have implemented supportive policies for the commercial aerospace sector, enhancing the industry's competitiveness and commercialization [12]. - **Key Technologies of Blue Origin's New Glenn Rocket**: - New Glenn features a height of 98 meters and a payload capacity of over 50 tons, designed for reusability to lower overall launch costs [13][14]. - **Challenges Faced by Rocket Lab**: - Rocket Lab's Neutron rocket development has been delayed, with plans for a 2026 launch, emphasizing the need for innovative designs to reduce costs [15]. - **Current Status of Domestic Private Rocket Companies**: - These companies have developed a robust ecosystem, with leading firms achieving multiple successful launches and diversifying their technological approaches [16]. - **Launch Site Resource Constraints**: - There is a shortage of launch site resources in China, prompting expansions and new constructions to meet growing demand [17]. - **Investment Directions in the Rocket Industry**: - The rocket industry value chain includes high-tech materials, manufacturing, and launch services, with potential investment opportunities in companies preparing for IPOs [18].

Summary of Key Points from Conference Call on Commercial Aerospace and Satellite Internet Industry Overview - The conference call focuses on the **commercial aerospace industry** in China, highlighting its current challenges and future opportunities, particularly in satellite internet and rocket technology [1][2][3]. Core Insights and Arguments 1. **Underperformance of Domestic Commercial Aerospace**: The development of China's commercial aerospace has been below expectations due to insufficient rocket production capacity and limited downstream application scenarios [1][2]. 2. **Significant Progress by SpaceX**: SpaceX has made notable advancements in technology, policy, and commercialization, significantly reducing space payload costs and enhancing capacity, serving as a model for domestic development [1][2]. 3. **Three Critical Turning Points**: The industry is experiencing three turning points: - **Policy Turning Point**: The government has emphasized building a strong aerospace nation, leading to increased policy support [3][7]. - **Performance Turning Point**: Accelerated launches are expected to boost the performance of listed companies, with a forecast of 2 to 4 launches per month starting in 2025 [3]. - **Technical Turning Point**: Innovations in reusable rockets and mobile direct connection technology are anticipated to break through existing limitations [3][4]. 4. **Impact of Reusable Rockets**: The introduction of reusable rockets is projected to reduce launch costs significantly, from 60,000-80,000 RMB per kilogram to 200-300 USD, representing a 30-fold decrease [4][5]. 5. **Mobile Direct Connection Technology**: This technology is expected to integrate satellite communication with terrestrial cellular networks, enhancing user access and expanding coverage [6]. Important but Overlooked Content 1. **Investment Opportunities**: The investment landscape in the commercial aerospace sector is shifting towards rocket manufacturing, satellite production, and NTN (Non-Terrestrial Network) applications, particularly those related to low Earth orbit satellite networks [2][10][11]. 2. **Government Support**: The strategic elevation of commercial aerospace as a key industry by the government is expected to provide clear direction and accelerate industry growth through local government initiatives [7]. 3. **Comparative Development**: The call outlines the contrasting development trajectories of China and the US in commercial aerospace, with China starting from a nascent stage in 2015 and the US advancing rapidly with projects like Starlink [8][9]. Conclusion - The commercial aerospace industry in China is at a pivotal moment, with significant policy support, technological advancements, and emerging investment opportunities that could reshape the landscape in the coming years [1][10].