亚太卫星（01045）再涨超12%，近两周股价累计涨幅接近40%。截至发稿，股价上涨12%，报2.80港 元，成交额1856.43万港元。 公开资料显示，亚太卫星为中国卫通集团股份有限公司控股子公司。亚太卫星集团当前运营亚太5C、 亚太6C、亚太7号和亚太9号卫星，并通过联营公司运营亚太6D卫星及亚太6E卫星。亚太卫星系统覆盖 亚洲、欧洲、非洲和大洋洲等全球约75%人口之地区，为广播和电信客户提供优质的卫星转发器、卫星 通信与卫星电视广播传输服务。 亚太卫星（01045）再涨超12%，近两周股价累计涨幅接近40%。截至发稿，股价上涨12%，报2.80港 元，成交额1856.43万港元。 公开资料显示，亚太卫星为中国卫通集团股份有限公司控股子公司。亚太卫星集团当前运营亚太5C、 亚太6C、亚太7号和亚太9号卫星，并通过联营公司运营亚太6D卫星及亚太6E卫星。亚太卫星系统覆盖 亚洲、欧洲、非洲和大洋洲等全球约75%人口之地区，为广播和电信客户提供优质的卫星转发器、卫星 通信与卫星电视广播传输服务。 中邮证券表示，商业航天领域正迎来发展机遇，产业链上下游企业值得关注，包括卫星制造、地面设备 及数据处理等环节，相关技 ...

中邮证券表示，商业航天领域正迎来发展机遇，产业链上下游企业值得关注，包括卫星制造、地面设备 及数据处理等环节，相关技术进步与政策支持推动行业持续成长，太空算力作为新兴领域也具备长期发 展潜力，随着航天技术商业化进程加速，相关企业有望在卫星互联网、遥感应用等场景实现突破，产业 生态日趋完善，市场规模有望持续扩大。 分析指出，当前卫星产业ETF(159218)已成为资金布局商业航天的高效工具，覆盖产业链核心环节。在 行业高景气延续背景下，板块有望持续吸引中长期配置资金关注。 风险提示：基金有风险，投资需谨慎。 12月30日，卫星板块午后震荡。数据显示，截至14时58分，卫星产业ETF(159218)跌0.73%，权重股中 国卫星跌1.91%，交投持续升温，成交额约5.1亿，创历史新高！ ...

分析指出，当前卫星产业ETF(159218)已成为资金布局商业航天的高效工具，覆盖产业链核心环节。在 行业高景气延续背景下，板块有望持续吸引中长期配置资金关注。 风险提示：基金有风险，投资需谨慎。 12月30日，卫星板块反复活跃。截至13时52分，表征板块的卫星产业ETF(159218)成交额约3.7亿，近5 日日均成交额4.2亿，连续6日成交破3亿！交投势能逐级放大。 中邮证券表示，商业航天领域正迎来发展机遇，产业链上下游企业值得关注，包括卫星制造、地面设备 及数据处理等环节，相关技术进步与政策支持推动行业持续成长，太空算力作为新兴领域也具备长期发 展潜力，随着航天技术商业化进程加速，相关企业有望在卫星互联网、遥感应用等场景实现突破，产业 生态日趋完善，市场规模有望持续扩大。 ...

Core Viewpoint - Tianrun Technology (920564.BJ) reported strong financial performance in its Q3 2025 report, with multiple key indicators showing significant improvement, including net profit [1] Financial Performance - The company's revenue for the first three quarters reached 106 million yuan, a year-on-year increase of 64.73%, marking the highest growth rate for the same period since 2022 [2] - Operating cash flow turned positive, with a net cash flow of 6.4258 million yuan, up 123.16% year-on-year, achieving the best level in the past five years [2] - In Q3 alone, cash flow net exceeded 38 million yuan, a dramatic increase of 1135.23% compared to nearly -3.7 million yuan in the same period last year [2] - The gross profit margin for the first three quarters was 43.76%, the highest level in the past five years [2] Research and Development - Tianrun Technology has significantly increased its R&D investment, with R&D expenses for the first three quarters reaching 22.286 million yuan, surpassing the total for the entire previous year, and representing an 88.58% increase year-on-year [5] - The R&D expense ratio approached 21%, the highest level in the past five years [5] - The company has focused on enhancing its capabilities in spatial information data processing and developing intelligent application service scenarios based on big data [6] Future R&D Directions - Key R&D goals include breakthroughs in multi-source heterogeneous remote sensing data fusion technology and the development of spatial big data analysis models [6] - The company aims to deepen the application of artificial intelligence in remote sensing image interpretation and monitoring, improving accuracy and efficiency through deep learning algorithms [6] - Further development of digital twin technology is planned to create high-precision 3D modeling platforms for urban and regional applications [6]