截至2026年2月26日 10:11，航空航天ETF天弘(159241)盘中换手3.96%，位居同标的第一，成交3948.57万元。跟踪的国证航天航空行业指数(CN5082)盘 中"V"型反转，上涨0.16%，成分股钢研高纳上涨8.32%，迈信林上涨6.92%，长盈通上涨5.22%，上海瀚讯上涨2.38%，三角防务上涨2.07%。 截至2月25日，航空航天ETF天弘(159241)最新规模达10.03亿元，创成立以来新高。 资金流入方面，航空航天ETF天弘(159241)最新资金净流入152.20万元。拉长时间看，近17个交易日内有10日资金净流入，合计"吸金"1.47亿元。 【产品亮点】 航空航天ETF天弘(159241)跟踪的国证航天指数精准覆盖了空天产业链。其中，航空装备与航天装备的权重合计超过68%，是全市场"含航量"最高的军工 指数。其前十大重仓股包括航发动力、中航沈飞、中航成飞等央企龙头企业，既具备核心资产的稳定性，又拥有中小市值的成长弹性。 【热点事件】 行业公开数据显示，重复使用火箭可将发射成本降低80%以上，破解商业航天规模化发展的核心瓶颈。中商产业研究院数据显示，我国商业航天行业产 值20 ...

落脚到A股市场，商业航天、航天制造、航天电子板块或将直接受益，相关企业依托技术储备与产能优 势，将充分享受行业快速发展红利，行业集中度有望持续提升。（光大证券微资讯） 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 从产业影响来看，朱雀三号的技术突破将带动上下游多环节协同发展，涵盖火箭发动机、航天新材料、 测控系统等核心领域，打破我国商业航天核心技术对外依赖，推动产业链自主化升级。2025年我国共执 行92次航天发射，其中商业发射50次，占比首次超过50%，商业航天已成为我国航天产业的重要增长 极。 展望后市，全球商业航天市场化进程加速，我国依托技术突破与庞大市场需求，商业航天企业将逐步提 升全球竞争力，重复使用火箭技术的迭代成熟，将推动行业从"试验型"向"规模化应用型"转型，产业链 配套将持续完善。 据央视新闻消息，近日，在联合国外空委科技小组委员会第63届会议期间，中国商业航天企业代表蓝箭 航天宣布，我国重复使用火箭朱雀三号计划今年第二季度再次开展回收试验。 行业公开数据显示，重复使用火箭可将发射成本降低80%以上，破解商业航天规模化发展的核心瓶颈。 中商产业研究院数据显示，我国商业航天行业 ...

兴业证券指出，国防军工行业正由"十四五"逐步迈向"十五五"，2026年是加快建设先进国防科技工业体 系的关键一年。立足当前展望未来，"十五五"在建军百年奋斗目标的牵引下，国内武器装备建设力度有 望进一步强化；世界进入动荡变革期，军贸领域未来5到10年持续上行的大趋势非常明确。同时，商业 航天已成为资本市场的焦点赛道，一二级市场热度共振。国内火箭可回收渐行渐近，重复使用火箭技术 取得重要进展，其运营模式将彻底颠覆传统火箭发射频次低、检修周期长的现状。 （文章来源：每日经济新闻） 军工ETF（512660）跟踪的是中证军工指数（399967），该指数从沪深市场中选取由主要军工集团控股 且主营业务与军工行业相关的上市公司证券，以及在其他军工领域具有代表性的公司证券作为指数样 本，以反映军工行业相关上市公司证券的整体表现。指数覆盖航空、航天、船舶等多个军工领域，行业 分布包括航空装备、军工电子等。 ...

Core Insights - The successful launch of the Long March 10 series rocket marks multiple firsts in China's space history, including the first ignition flight test in initial sample state and the first maximum dynamic pressure escape test for a crewed spacecraft [1][2] Group 1: Long March 10 Series Rocket - The Long March 10 series rocket is China's next-generation crewed launch vehicle, capable of sending astronauts to lunar orbit and delivering cargo to the Chinese space station [1] - The rocket's first flight test involved a 66-second flight, during which the crewed spacecraft successfully escaped, and the rocket continued to fly for approximately 470 seconds before soft landing in the sea [1][3] - This test signifies a transition from "static ignition" to "dynamic flight," establishing a solid foundation for reusable launch vehicle technology [1][3] Group 2: Dream Boat Spacecraft - The Dream Boat spacecraft completed its first maximum dynamic pressure escape flight test, demonstrating the reliability of its escape system, which is crucial for astronaut safety [2][3] - The escape system successfully executed critical maneuvers, including separation of the service module and return capsule, engine ignition, and parachute deployment, leading to a safe landing in the designated sea area [2][3] - This test is a significant advancement in ensuring astronaut safety during extreme conditions, filling a technological gap in high dynamic pressure escape verification [5] Group 3: Technical Challenges and Innovations - The test faced several technical challenges, including safe separation of spacecraft modules and control during high dynamic pressure conditions, marking a significant step in China's space capabilities [4][5] - The successful execution of the maximum dynamic pressure escape test complements previous zero-height escape tests, enhancing the overall safety framework for crewed missions [4][5] - The test's achievements highlight China's advancements in complex space scenarios and lay a critical technological foundation for future lunar exploration missions [5]

Core Viewpoint - The successful launch of the Long March 10 series rocket and the Dream Boat manned spacecraft marks several significant milestones in China's space exploration, including the first dynamic flight test and the first maximum dynamic pressure escape test for a manned spacecraft [1][2][3]. Group 1: Long March 10 Series Rocket - The Long March 10 series rocket is China's new generation manned launch vehicle, capable of sending astronauts to lunar orbits and delivering cargo to the Chinese space station [1]. - This test was the first flight of the Long March 10 series rocket in its initial sample state, demonstrating its capability to transition from static ignition to dynamic flight [1][3]. - The rocket successfully flew for approximately 470 seconds, with the first stage landing softly in the sea about 360 kilometers from the launch site, indicating a solid foundation for reusable rocket technology [1][3]. Group 2: Dream Boat Spacecraft - The Dream Boat spacecraft completed its first maximum dynamic pressure escape flight test, which is crucial for ensuring astronaut safety during emergencies [2][3]. - The escape system of the Dream Boat spacecraft successfully executed critical maneuvers, including the separation of the service module and return capsule, engine ignition, and parachute deployment, leading to a safe landing in the designated sea area [2][3]. - This test represents a significant advancement in the safety protocols for manned space missions, filling a technological gap in high dynamic pressure escape verification [5]. Group 3: Technical Challenges and Innovations - The test faced several technical challenges, including the safe separation of the spacecraft modules and maintaining stable flight under high dynamic pressure conditions [4][5]. - The successful integration of maximum dynamic pressure escape with reusable flight profiles is a first in global space history, showcasing China's advancements in space technology [3][4]. - The test results provide a solid foundation for future missions, including the goal of landing Chinese astronauts on the moon by 2030 [5].

Core Viewpoint - The successful launch of the Long March 10 series rocket and the Dream Boat manned spacecraft marks several significant milestones in China's space exploration history, including the first dynamic flight test and the first maximum dynamic pressure escape test for a manned spacecraft [1][2][3]. Group 1: Launch and Flight Test Details - The Long March 10 series rocket successfully ignited and launched the Dream Boat spacecraft, achieving multiple firsts in China's space history, including the first dynamic flight test and the first sea splashdown of a manned spacecraft [1]. - The rocket's flight lasted 66 seconds, reaching a maximum dynamic pressure at an altitude of 11 kilometers, after which the spacecraft successfully executed its escape sequence [2]. - The rocket continued to fly for approximately 470 seconds before the first stage successfully soft-landed in the sea, about 360 kilometers from the launch site, demonstrating the rocket's capability for reuse [1][3]. Group 2: Technical Achievements and Challenges - The Dream Boat spacecraft's escape system was tested under maximum dynamic pressure conditions, which is considered one of the most challenging scenarios for spacecraft escape [2][4]. - The flight test validated key technologies such as the reliability of the rocket's return stage engine and high-precision navigation control, laying a solid foundation for future missions and the development of reusable rocket technology [3][5]. - This test represents a significant advancement in China's ability to conduct escape tests under extreme conditions, filling a technological gap in the field of manned spaceflight [5]. Group 3: Future Implications - The successful completion of this test is crucial for China's goal of landing astronauts on the Moon by 2030, reinforcing the country's commitment to advancing its space exploration capabilities [5]. - The integration of the Dream Boat spacecraft with the Long March 10 rocket in this test signifies a step forward in ensuring astronaut safety during launch and ascent phases [4][5].

此次任务之前，有市场消息称，长征十号系列火箭一子级将同时进行海上网系回收有关测试。尽管相关 细节尚未披露，但据官方消息，长征十号运载火箭一级箭体在任务中按程序受控安全溅落于预定海域。 据航天科技集团微信公众号介绍，此次火箭一子级成功完成返回段飞行和受控溅落，是中国在重复使用 火箭技术领域取得的重要进展，"为后续该型火箭开展全剖面飞行、实现海上网系回收奠定了坚实基 础，同时也标志着我国在突破并掌握重复使用火箭技术上迈出了实质性的关键一步。" 2月11日12时20分，海上搜救分队完成返回舱搜索回收任务。这是中国首次在海上实施载人飞船搜索回 收任务，为后续空间站应用与发展任务和载人登月任务积累了重要经验。 据中国载人航天工程办公室介绍，此次参试的梦舟载人飞船，主要用于我国载人月球探测任务，兼顾近 地空间站运营，飞船返回舱具备多次重复使用的能力。 受此消息影响，2月11日，航海装备与火箭回收板块表现较为活跃，中国海防、海兰信、同益中等个股 收涨。整理编辑/陈佳靖 2月11日，在长征十号运载火箭系统低空演示验证与梦舟载人飞船系统最大动压逃逸飞行试验中，梦舟 载人飞船成功实施最大动压逃逸并在海上安全溅落，长征十号运载火箭 ...

Core Viewpoint - China's manned lunar exploration program has achieved a significant milestone with the successful demonstration of the Long March 10 rocket and the crewed Dream Chaser spacecraft, marking a critical step in the development of key technologies for lunar missions [1][2][3] Group 1: Key Breakthroughs - The test showcased three "firsts": the first full-process escape flight test of the spacecraft system, the first large-scale test of sea recovery after escape, and the first comprehensive assembly test of the Dream Chaser spacecraft at the Wenchang launch site [2] - The successful escape and recovery of the rocket and spacecraft demonstrate advancements in reusable rocket technology, crucial for future missions [3] Group 2: Technical Details - The Long March 10 rocket utilized a single-stage core configuration and had undergone two preliminary tethered ignition tests prior to this flight [2] - The spacecraft's return capsule was modified for reusability, and the Wenchang launch site implemented a strategy of concurrent construction and use to ensure timely execution of the test [2] - The test assessed multiple key technologies, including the reliability of the rocket's return phase engine, high-altitude ignition, and precision navigation control, laying a solid foundation for future full-profile flights and sea recovery operations [3]

Core Viewpoint - The aerospace sector, particularly companies under the AVIC system, is experiencing a surge in stock prices, driven by positive market sentiment and developments in China's commercial space industry [1][3]. Group 1: Market Performance - AVIC stocks, including AVIC Aircraft, AVIC Engine, AVIC Control, and Hongdu Aviation, all hit the daily limit up, contributing to a rapid rise in the military industry sector [1]. - The military ETF Huabao (512810) rose by 2.88%, recovering two moving averages, indicating strong investor interest [1]. Group 2: Industry Developments - China Aerospace Science and Technology Corporation held a work meeting outlining plans to advance reusable rocket technology and major projects like manned lunar missions during the 14th Five-Year Plan [1]. - The commercial space sector in China is expected to grow rapidly once breakthroughs in rocket recovery and reflight technologies are achieved, with a significant market opportunity driven by the demand for approximately 4,000 satellite updates annually from two major domestic constellations [3]. Group 3: Investment Opportunities - The military ETF Huabao (512810) includes 24 commercial aerospace concept stocks, with a combined weight exceeding 32%, making it a focal point for investors interested in the aerospace sector [3][4]. - The ETF also covers various hot themes such as controllable nuclear fusion, low-altitude economy, large aircraft, deep-sea technology, and military AI, providing diverse investment avenues [3].

Macro Economy - In 2025, China-Central Asia trade cooperation has made significant progress, with total imports and exports exceeding 100 billion USD for the first time, maintaining positive growth for five consecutive years [4] - The total deposits of Chinese households reached 166 trillion CNY by the end of 2025, doubling over the past decade, marking a historic high [4] Real Estate Dynamics - In 2025, Shenzhen's second-hand residential transactions reached 56,000 units, a year-on-year increase of 3.2%, with December seeing the highest monthly transaction volume since the second half of the year [6] - The real estate market is showing signs of confidence improvement, supported by favorable policies such as a reduction in down payment ratios to 15% and low mortgage rates [6] Stock Market Review - The Hong Kong stock equity financing market experienced explosive growth in 2025, with total financing reaching 612.2 billion HKD, a year-on-year increase of 250.91% [7] - As of January 17, 2025, 365 listed companies had released annual performance forecasts, with 138 companies expected to report significant growth [7] Industry Observation - The price of storage chips has surged from 2025 into 2026, driven by explosive demand from AI servers, with some memory prices doubling [13] - The global international tourism market is expected to reach a record high in 2025, with total international visitors exceeding 1.5 billion, an increase of 80 million from the previous year [14] Company News - IKEA's Guangzhou store experienced overwhelming demand during its clearance sale, with significant discounts leading to long queues and rapid sellouts [16] - AMD has committed to keeping the prices of its Radeon graphics cards within an affordable range for average consumers, amid rising DRAM memory costs [16]