战略层面，太空安全议题升温。军事专家公开警示部分国家发展太空攻击能力的野心，凸显了太空资产 在国家竞争中的极端重要性。商业繁荣与战略博弈交织，共同构成了卫星产业链无可替代的投资价值， 吸引长期资金持续布局。 风险提示：基金有风险，投资需谨慎。 | T 屋产业ETF | | 159218 | | --- | --- | --- | | 3.24 | | +0.030 +2.21% | | CNY 14:21:42 交易中 | | / 0 + | | 净值走势 | | 招商中证卫星产业ETF | | 今年 | 0.00% 120日 | 39.78% | | 5日 | 6.61% 250日 | 0.00% | | 20日 | 14.52% 52周高 | 1.38 | | 60日 | 13.03% 52周低 | 0.98 | | 实时申购随回信息 | 曲胸 | 顾回 | | 管教 | 18 | 13 | | 全额 | 0 | 0 | | 份额 | 1900万 | 1300万 | 产业层面，发射加速与成本革命并行。国内火箭高密度发射已成常态，可复用技术稳步推进。同时，上 海交通大学与国星宇航签约共建国内首个"太空计算联 ...

12月15日，卫星板块逆市活跃。截至9时25分，首支卫星产业ETF(159218)涨0.52%，资金热度不减，据 Wind Level2实时行情，盘前惊现申购资金涌入。 | 卫星产业ETF | | 159218 | | --- | --- | --- | | 365 | | +0.007 +0.52% | | SZSE CNY @2500 集合竞价 | | / 8 + | | 净值走势 | | 招商中证卫星产业ETF | | 今年 | 0.00% 120日 | 37.46% | | 5日 | 4.84% 250日 | 0.00% | | 20日 | 12.62% 52周高 | 1.38 | | 60日 | 11.16% 52周低 | 0.98 | | 实时申购质回信息 | 由胸 | 恒国 | | 笔数 | 1 | 0 | | 金额 | 0 | 0 | | 份额 | 100万 | 0 | 拉长周期看，市场对"空天经济"的长期信心持续高涨。截至12月12日，卫星产业ETF(159218)已获资金 连续5个月净流入，持续获得市场重仓。 产业层面，发射加速与成本革命并行。国内火箭高密度发射已成常态，可复用技术稳步推进 ...

【商业闭环加速形成：从发射成本到太空算力】 近期，产业链各环节捷报频传。12月9日，长征六号改与长征四号乙火箭接连成功发射，将卫星互联网 低轨组网与遥感观测任务推向常态化。而实现成本革命的可重复使用火箭正稳步推进。业界专家分析认 为，即便明年成功实现技术验证，初期的复用次数预计在3次左右，三五年后才可能提升至5到10次。这 为产业链提供了明确的成本下降与产能爬坡预期。 全球范围内的"空天经济"热潮正从商业探索、技术竞赛，向更广阔的国家战略层面延伸。这一变化也清 晰的反应在二级市场。数据显示，截至12月12日，首只卫星产业ETF(159218)已实现连续5个月的资金净 流入，映射出资本市场对卫星产业链长期价值的共识。 综合来看，当前卫星产业正面临一个前所未有的复杂局面：一方面是商业化带来的成本降低与市场爆发 （如SpaceX的IPO），另一方面是大国竞争加剧带来的战略紧迫性。无论是应对潜在的"太空珍珠港"， 还是抢占"太空AI"的科技制高点，建设强大、自主、完备的太空基础设施体系都已成为国家发展的必选 项。 在这一宏大背景下，卫星产业ETF(159218)所覆盖的，正是从火箭发射、卫星制造、地面设备到核心元 器 ...

【多重史诗级催化共振，产业叙事从"太空组网"升级至"太空计算"】 资金的狂热源于产业基本面的密集催化，这些事件正合力将卫星产业的想象空间从地面推向星辰大海。 【全球标杆估值重塑：SpaceX千亿级IPO箭在弦上】 全球商业航天龙头SpaceX正加速推进其首次公开募股（IPO）计划。据《第一财经》等权威媒体报道，该公司拟募 资远超300亿美元，目标整体估值达到约1.5万亿美元，并计划最快于2026年中后期上市。这不仅将是人类历史上规 模最大的IPO之一，其高达1.5万亿美元的估值锚点，也从根本上重塑了整个太空经济板块在资本市场中的价值坐 标，对全球产业链产生深远影响。 【"太空AI"竞赛打响：从梦想照进现实】 进入12月，资本市场对"空天经济"的热情持续升温，以卫星产业ETF(159218)为代表的投资工具正成为资金涌入的 焦点。作为跟踪中证卫星产业指数的全市场首只同类ETF，其资金流向与规模变化已成为观测这一前沿产业景气度 的"晴雨表"。 截至12月11日，该ETF规模已近8亿元，创下历史新高，而其年内份额增长更以约438.88%的惊人增幅领跑同标的 ETF。资金的追捧有迹可循，近期该基金在5个交易日内实现4 ...

Core Insights - The aerospace economy is becoming a crucial direction for industrial transformation and upgrading in various regions of China, with policies being implemented to support commercial aerospace and low-altitude economy development [2][3][4] - The market size of China's commercial aerospace industry is expected to exceed 2.5 trillion yuan by 2025, indicating a significant growth opportunity [2] - Local governments are focusing on leveraging core technological breakthroughs to create competitive advantages and meet real market demands [2][4] Policy and Development Goals - Shandong Province aims to achieve an annual production capacity of 100 launch vehicles and 150 commercial satellites by 2027, with a commercial aerospace industry scale reaching 50 billion yuan [3] - Shanghai has set a target for its commercial aerospace industry to reach approximately 100 billion yuan by 2027 [4] - Suzhou has implemented regulations to promote low-altitude economy, aiming to establish a national low-altitude economic demonstration zone by 2026 [4] Commercialization and Technological Advancements - The successful launch of the "Inertia One" rocket and the development of a 2-ton eVTOL for intercity cargo transport highlight the rapid commercialization of aerospace technologies [3][5] - The launch of the sixth orbital plane of the Geely constellation marks a significant step in the commercialization of satellite communication technology [5][6] Investment and Economic Impact - Local governments are adopting innovative investment attraction models, such as "investment-driven attraction," to draw in leading companies in the aerospace sector [6] - Significant investments have been made, including a 2 billion yuan investment for the global headquarters of the Geely constellation and nearly 2.5 billion yuan financing for Beijing Tianbing Technology [6] Industry Challenges and Considerations - There is a need for caution against redundant construction and blind investment in the aerospace economy to ensure sustainable development [6] - Local development should align with regional resource endowments and foundational advantages to avoid unsuccessful replication of success stories [6]

Core Insights - The "Aerospace Economy" is emerging as a new industry globally, representing a new form of productive forces that integrates airspace resources with aviation, aerospace technology, and information technology to promote economic development [2][3] - The year 2025 marks a milestone in China's "Aerospace Economy," with the government emphasizing the development of commercial aerospace and low-altitude economy as strategic emerging industries [2][3] - The market for China's commercial aerospace is projected to grow from approximately 376.4 billion yuan in 2015 to over 2.8 trillion yuan in 2025, indicating a robust growth trajectory [3] Industry Developments - Morgan Stanley predicts that the global space economy will exceed $1 trillion by 2040, with China's growth curve being particularly steep [3] - The integration of technologies such as liquid rockets and recovery technology is expected to lead to a "commercial explosion" in the aerospace sector, reshaping the industry landscape [3] - The FOF ecosystem developed by Kunyuan Asset is designed to cover multiple cutting-edge fields, including artificial intelligence, advanced manufacturing, and biomedicine, showcasing significant collaborative advantages in the aerospace economy [4] Key Players - Changguang Satellite, a key partner in Kunyuan Asset's FOF ecosystem, operates the "Jilin-1" satellite constellation, which is the largest commercial remote sensing satellite constellation in China [4][6] - Shanghai Yuanxin Satellite focuses on building a low-orbit satellite communication constellation, addressing fundamental issues of connectivity and speed in the information age [5][6] - The collaboration between Changguang Satellite and Yuanxin Satellite creates a powerful ecological synergy in the aerospace information industry, enhancing capabilities in emergency response and data transmission [6] Investment Strategy - The FOF ecosystem model of Kunyuan Asset aims to attract "patient capital" and "smart capital" to support long-term investments in the aerospace industry, which requires significant and sustained funding [7] - The investment approach emphasizes linking with top-tier partners in specialized fields to identify and empower early-stage technologies, ensuring access to high-potential assets [7] - Since its establishment in 2014, Kunyuan Asset has successfully listed 12 portfolio companies on various stock exchanges, demonstrating its ability to navigate market cycles and capture leading enterprises in golden sectors [8] Future Outlook - The aerospace economy is not just an opportunity but a marker of human civilization's advancement, with companies in Kunyuan Asset's ecosystem actively contributing to this vision [8][9] - The combination of a trillion-level market space, breakthrough technological innovations, and comprehensive policy support is expected to drive the industry's development [9] - The ongoing investment in the aerospace sector is anticipated to accelerate the formation of a virtuous cycle of "capital + technology + industry," positioning Chinese innovative enterprises to seize new opportunities in the aerospace industry [9]

Core Insights - Satellite baseband chips are crucial for integrated air-ground communication, with market growth accelerated by the explosion of low-orbit constellations and the maturation of direct satellite connection technology [1][15] - Chinese companies, represented by Huawei HiSilicon and Unisoc, are making significant technological breakthroughs, laying the foundation for a self-controlled industrial chain [1][15] - By 2028, the Chinese satellite baseband chip market is expected to exceed 28 billion yuan, forming a tripartite structure among the vehicle networking, consumer electronics, and low-altitude economy sectors [1][15] Industry Overview - Satellite baseband chips are the core components of satellite communication systems, responsible for digital signal conversion, modulation, demodulation, protocol control, and data processing [2][4] - The industry has evolved from reliance on imports to achieving significant domestic innovation, with key milestones including the launch of the first fully autonomous "Navigation No. 1" chip in 2008 [6][8] Current Market Analysis - The penetration rate of smartphones supporting satellite communication is projected to rise from less than 10% in 2023 to over 30% by 2025 [1][15] - The demand for vehicle-mounted satellite communication chips is expected to maintain an annual growth rate of over 50% due to the rapid development of smart connected vehicles [1][15] - The market for satellite communication chips in the low-altitude economy is anticipated to surpass 10 billion yuan in the next three years [1][15] Competitive Landscape - The industry exhibits a "pyramid" competition structure, with leading companies like Huawei HiSilicon and Huali Chuantong at the top, followed by firms like Unisoc and Hezhong Star [17][19] - The overall landscape is characterized by military-driven innovation, civilian market expansion, and breakthroughs in technology, with a focus on high-reliability military chips and consumer applications [19] Future Trends - The industry is expected to undergo a transformation driven by technological autonomy, expanding application scenarios, and collaborative development across the supply chain [22][25] - Key advancements include the development of multi-mode compatible chips and quantum-safe encryption technologies, which will help break foreign technology monopolies [24][26] - The satellite baseband chip sector is becoming a core infrastructure of national digital economy strategy, with projections indicating a potential market impact exceeding 3 trillion yuan [27]