12月3日中午12点，在酒泉东风商业航天创新试验区，朱雀三号遥一火箭准时点火起飞。随即，乳白色 的4.5 m直径箭体在阳光与戈壁冷风中迅速拔起，虽然一级回收验证未成功，但资本市场中商业航天的 热度可没有被浇灭。 同花顺的商业航天板块，自12月5日以来创下历史新高，成交量也不断放大，一周成交量突 破万亿。朱雀三号发布以来截至12月15日，商业航天指数从1899.50点升至2111.59点，350只 成分股中大多数公司实现上涨，近百家公司涨幅超50%。 毫无意外，在AI之外，商业航天正在成为A股上的又一吸金赛道。 海外同此凉热，不断刷新估值的Space X最近被曝出要以1.5万亿美元冲刺上市的消息，几乎同一时间， OpenAI要把算力中心搬到太空，马斯克甚至要在太空建"戴森环"的计划也浮出了水面。 中美市场的同频，一二级市场的共振，顺着这些线索，我们去跟了几个身处商业航天赛道的投资人聊了 聊，他们虽背景不同，入局时间不同，但都给了我一个相同的答案，商业航天这次真的火了。 商业航天成了必选项 刚刚登陆资本市场的GPU新贵——摩尔线程和沐曦，以一种强大的势能影响着整个市场，而聪明的资本 总是在闻风而动：下一个GPU赛 ...

Core Insights - The article discusses the recent trends in the wealth management industry, highlighting the increasing demand for personalized financial services and the impact of technology on service delivery [1] Group 1: Industry Trends - There is a significant shift towards digital platforms in wealth management, with 70% of clients preferring online interactions over traditional face-to-face meetings [1] - The industry is witnessing a rise in the use of artificial intelligence and data analytics to enhance client experiences and tailor investment strategies [1] - Regulatory changes are pushing firms to adopt more transparent practices, with 60% of firms reporting increased compliance costs [1] Group 2: Company Performance - Major firms in the wealth management sector reported a 15% increase in assets under management (AUM) year-over-year, reaching a total of $5 trillion [1] - Companies that have invested in technology solutions have seen a 25% improvement in client retention rates compared to those that have not [1] - The article notes that firms focusing on sustainable investing have attracted 30% more new clients in the past year [1]

Group 1 - The Chinese stock market has recently experienced a significant rally, with major indices rising approximately 25% since the end of July, indicating increased market activity and improved valuation conditions [2] - The positive changes in the market are attributed to the easing of China-US trade relations, the recovery from undervaluation cycles, and the growth trends in technology sectors, highlighting the importance of certainty for healthy market development [2][3] - The Central Political Bureau meeting emphasized the need to enhance the attractiveness and inclusiveness of the domestic capital market to consolidate the positive momentum [2][3] Group 2 - Enhancing the attractiveness of the capital market requires a focus on two main areas: establishing a fair competitive trading order and providing a diverse range of trading products to meet various participant preferences [3] - A fair trading order necessitates regulatory efforts to improve transparency and protect investors, including enhancing information disclosure systems and combating insider trading [3][4] - The capital market must continuously improve its IPO and delisting mechanisms to attract a variety of investors and listed entities, ensuring that different preferences are matched in a low-cost trading environment [3][4] Group 3 - Increasing market inclusiveness involves acknowledging speculation and market bubbles, as pricing in markets often results from trial and error, which can manifest as speculative behavior [4][5] - Regulatory bodies should exercise caution in evaluating market transactions and only intervene in cases of illegal or unfair competition, allowing market participants the freedom to express their preferences [4][5] - The current enthusiasm for sectors like biomedicine, chips, and intelligent technologies reflects the market's exploration of future asset pricing and resource allocation, emphasizing the need for a nuanced approach to valuation [5]

Core Viewpoint - The article emphasizes the importance of "certainty" in investment, particularly in the context of growth investing, where uncertainty is prevalent. The focus is on selecting industries and companies with favorable supply-demand dynamics and investing at reasonable valuations to achieve better risk-reward ratios [1][15]. Investment Strategy - The investment approach is characterized by a focus on growth stocks, particularly during the "1-10" phase of industry cycles, where companies experience significant revenue growth and performance realization [3][9]. - The manager highlights the necessity of buying stocks at good prices, as even excellent companies can lead to losses if purchased during overvaluation periods [13][14]. - The strategy involves continuous monitoring of industry cycles and company fundamentals to adapt to rapid changes in the market [4][5]. Industry Insights - The manager has observed that many industries have their own supply-demand cycles, which are influenced by macroeconomic conditions and industry transformations. This cyclical nature is crucial for understanding investment opportunities [2][8]. - The article discusses the importance of recognizing the "1-10" stage in industries, where demand drives growth, and the subsequent phases where supply-demand imbalances can lead to price declines [9][10]. Risk Management - The focus on minimizing drawdowns is highlighted, as not all market pullbacks can be recovered. The manager aims to control volatility and maintain a balanced portfolio across different sectors to mitigate risks [16][17]. - The article mentions the importance of diversifying investments to avoid excessive exposure to any single industry, especially during downturns [16][17]. Market Trends - The manager reflects on past market cycles, particularly in the technology and renewable energy sectors, noting the volatility and the emergence of "ten-bagger" stocks that can subsequently decline significantly [2][12]. - The transition from renewable energy investments to artificial intelligence is discussed, indicating a strategic shift based on market conditions and emerging opportunities [12].