Group 1 - The third China Commercial Space Development Conference was held on December 24, where the Commercial Space Industry Alliance Innovation Fund was officially launched, with an initial issuance scale of 1 to 2 billion, aiming to expand to 10 billion in the long term, focusing on four key areas: low Earth orbit satellite constellations and satellite internet, reusable launch vehicles and rocket launch services, new materials and devices for commercial space, and space resource development and emerging space services [1] - As of November, the global average number of launches exceeded 26 per month, marking the entry of the global space industry into a "weekly launch era," with an expected total of over 320 launches for the year, setting a new historical record [1] - According to the China Commercial Space Industry Research Report, there have been 325 space launches globally to date, with 4,026 spacecraft in orbit, including 87 launches from China (84 successful), and 23 launches executed by private commercial rocket companies, placing 324 spacecraft into orbit [1] Group 2 - Starting from the end of 2025, several new models of commercial rockets are expected to undergo reusable experiments, including Tianbing Technology's Tianlong-3, Blue Arrow Aerospace's Zhuque-3, and others [2] - The China Manned Space Engineering Office has announced plans for four flight missions in 2026, including Tianzhou-10 and Shenzhou-23, while private rockets continue to overcome technical bottlenecks, with Tianlong-3 planning its maiden flight [2] - Dongwu Securities indicated that after batch maiden flights, commercial rockets are expected to transition from quantity to quality in 2026, leading to a rapid expansion of the entire space industry [3] Group 3 - The satellite ETF Guangfa (512630) has rebounded by 24.41% since its last low, with the China Satellite Industry Index rising by 3.28% on December 25, 2025 [3] - The index tracks 50 listed companies across satellite manufacturing, launching, communication, navigation, and remote sensing, reflecting the core competitiveness and overall development trend of China's satellite industry [3] - The index's composition focuses on upstream satellite manufacturing and launching, including companies like Aerospace Electronics and China Satellite, while also covering midstream ground equipment and operations, and downstream application services [3]

风险提示：基金有风险，投资需谨慎。 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> 12月25日，卫星板块盘前异动！据Wind Level2实时行情结合均价预估，截至9时26分，表征板块的卫星 产业ETF(159218)盘前净流入近900万！ | 卫星产业ETF 488 | | +0.001 +0.07% | 159218 | | --- | --- | --- | --- | | SZSE CNY 9:25:54 木市 | | | / 8 + | | 净值走势 | | 招商中证卫星产业ETF | | | 出 | 0.00% 120日 | | 39.46% | | 5日 | 3.69% 250日 | | 0.00% | | 20日 | 24.52% 52間間 | | 1.49 | | 60日 | 22.07% 52周低 | | 0.98 | | 实时申购陵回信息 | 曲胸 | | 度回 | | 筆数 | 5 | | 0 | | 全额 | 0 | | 0 | | 份额 | 600万 | | 0 | 分析认为，在政策明确支持、资本大规模投入、技术快速迭代与应用场景加速落地的多重驱动下，商业 航天产业已进入规 ...

分析指出，在"十四五"政策支持持续强化、发射成本不断下探、应用场景加速落地的背景下，产业链已 逐步形成"降本—增量—应用—收益"的良性循环。行业在快速迭代中难免伴随技术挑战，但长期成长的 确定性正吸引长期资金持续布局。 作为全市场首只覆盖卫星全产业链的ETF工具，卫星产业ETF（159218）紧密跟踪中证卫星产业指数， 成分涵盖卫星研制、火箭发射、地面设备及运营服务等核心环节，为投资者提供了高效布局商业航天赛 道、平滑个股波动的一站式配置选择。 风险提示：基金有风险，投资需谨慎。 12月25日，商业航天概念股持续发酵，数据显示，截至9时36分，表征板块的卫星产业ETF(159218)放量 涨1.21%延续升势。成分股臻镭科技、长江通信、派克新材、信科移动-U、中国卫星涨幅居前。资金热 度不减，据Wind Level2实时行情结合均价预估，盘中净流入约3600万，盘中预估规模超10亿，在全市 场同标的ETF中规模居首。 | 卫星产业ETF | | 159218 | | | --- | --- | --- | --- | | 1.505 | | +0.018 +1.21% | | | SZSE CNY 9:36: ...

2025年12月18日，卫星产业板块热度不减，核心投资工具——卫星产业ETF(159218)盘中价格再创上市 以来历史新高。市场的热情不仅体现在价格上，更反映在汹涌的成交中：该ETF近5日日均成交额已攀 升至1.9亿元，交投势能呈现逐级放大态势。资金正以前所未有的关注度，拥抱卫星产业从"太空通 信"向 "太空AI基础设施" 的战略性跃迁。 【范式革命：从"星链"到"星算"，商业模型根本性重塑】 【投资映射：全产业链受益于基础设施升级】 这一范式的转变，意味着对卫星产业的需求从"数量"升级到"质量"。它不仅要求发射更多的卫星，更要 求单星具备更强的计算、通信和能源能力。这将为产业链带来结构性机遇： 上游：高性能星载计算芯片、大功率能源系统（如高效太阳能电池）、先进载荷的需求将激增。 长期以来，以SpaceX"星链"（Starlink）为代表的低轨卫星星座，主要被视为解决全球偏远地区互联网 接入问题的"通信管道"。然而，随着星载算力技术的突破与AI对算力需求的爆炸式增长，顶尖研究机构 与市场观点正发生根本性转变：一旦数以万计的卫星被赋予分布式计算与存储能力，整个星座的性质将 发生质变。 有券商研报明确指出，过去的 ...

风险提示：市场有风险 投资需谨慎 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> 西部证券认为，结合近期卫星互联网政策、商业火箭首飞排期和核心产业链企业订单变化，我国卫星互 联网和商业航天产业有望在明年迎来基本面拐点，坚定看好。政策顶层规划方面，商业航天产业事业已 是国家力量重点支持方向。"十五五"规划建议中，"建设现代化产业体系，巩固壮大实体经济根基"部分 提出："加快建设制造强国、质量强国、航天强国、交通强国、网络强国"，航天强国在文件中排序前 列。国家航天局在11月发布《行动计划》及成立商业航天司，将商业航天纳入国家航天发展总体布局， 支持力度持续加码。从产业空间来看，卫星互联网产业"十五五"期间将保持翻倍复合增速。我国目前在 册的卫星星座共计100个，其中包括商业航天项目88个，国家级战略工程12个，仅前五大星座规划总数 已接近5万颗。我们参考SpaceX的火箭火箭发射价格、微小卫星重量等资料，测算未来五年我国低轨星 座建设将带来1011亿元的火箭运力和2074亿元的卫星制造增量市场，两大新增市场的年复合增速分别为 82%和95%，具备优秀的成长性。 | 卫星产业ETF | | 159218 | ...

01 12月24日，A股商业航天板块再度大涨，多只卫星主题ETF涨超5%，多只航空航天、新材料等主题ETF涨超3%。 02 港股因假期原因今日下午休市，二级市场资金涌向已暂停申购的港股通ETF，导致多只ETF产品涨幅与溢价率同步飙升。其中，港股通50ETF （159712）涨停，溢价率超10%。 03 A500ETF年终规模战继续上演。12月24日，A500ETF华泰柏瑞（563360）单日成交额首度突破150亿元，再创历史新高。A500ETF相关产品昨 日净流入超130亿元，总规模逼近2750亿元，突破今年2月高点，创下历史新高。 商业航天板块走强 12月24日，A股商业航天板块再度大涨，跟踪卫星产业、卫星通信指数的多只ETF涨超5%。此外，多只跟踪通用航空、国证航天、科创材料等 指数的ETF今日也涨超3%。 华夏基金表示，近期政策催化频频，商业航天板块热度骤升。我国商业航天发展势头强劲，行业处于快速成长期，随着未来更多应用落地，将 驱动行业空前繁荣。 机构表示，在ETF暂停申赎的情况下，做市商无法在一级市场申购ETF份额进行套利操作、平抑溢价，导致场内溢价率迅速飙升。对于溢价较 高的ETF，投资者需要关注 ...

Core Viewpoint - The satellite sector is experiencing significant activity, driven by both policy and technological advancements, leading to notable gains in related ETFs and stocks [1] Group 1: Market Performance - The satellite ETF (563230) saw an intraday increase of 4.66%, while the military industry leader ETF (512710) rose by 2.73%, and the aviation ETF (159392) increased by 2.61% [1] - Notable stocks include Newray Energy reaching a daily limit up, XW Communication rising over 18%, and China Satellite hitting the daily limit [1] Group 2: Policy and Technological Developments - The State-owned Assets Supervision and Administration Commission (SASAC) announced on December 24 that during the 14th Five-Year Plan period, central enterprises will focus on the aerospace sector, enhancing support for related companies [1] - On December 23, the China Aerospace Science and Technology Corporation successfully launched the Long March 12A reusable rocket, marking a significant step for the "national team" in reusable rocket operations [1] Group 3: Industry Outlook - Analysts suggest that the collaboration between state-owned enterprises and private companies will drive China's aerospace sector towards "low-cost, high-frequency" operations, accelerating the deployment and commercialization of satellite internet [1] - The satellite ETF (563230) closely tracks the satellite industry index, which encompasses various sectors including integrated circuit design, communication systems, defense equipment, and aerospace, indicating a high investment efficiency and purity in the sector [1]

昨天长征十二号甲首飞，一级火箭回收没成。有人觉得是"不及预期"，但今天板块直接强势回升，卫星产业ETF（159218）大涨4.77%，中国卫星、新雷能 等多只成分股涨停。 观察ETF权重股中国卫星的日线图，会发现今天一根放量长阳直接反包前一日调整，形成经典的"阳包阴"看涨结构，股价强势突破。 卫星产业ETF(159218)也是，明显的大阳线反包，昨日的回踩恰好跌过10日均线，今天随即拉出标志性大阳线，这往往是强趋势延续的中继信号。 这个ETF自12月以来形成了清晰的上升通道，每次回踩通道下轨或重要均线，如10日、20日均线都获得支撑，堪称强趋势中教科书级别的入场点和加仓机 会。 昨日尽管市场调整，卫星产业ETF（159218）却出现了历史新高的成交额、近4.3亿元，同时获得超过1.2亿元的净申购。这种"放量抗跌"的现象，在技术分 析中被称为"吸筹特征"——即在大盘不稳时，长期资金借机入场收集筹码。 今天板块整体上涨时，ETF成交量继续配合放大，形成"价升量增"的健康态势。尤其龙头权重股中国卫星的涨停板上，封单坚决且抛压有限，显示出资金对 该位置的认可度极高。 【如何看待长征十二号甲一级火箭回收失败？】 其实我 ...

Group 1 - The satellite industry is experiencing significant growth driven by policy support and commercial application advancements, with the satellite ETF Guangfa (512630) rising over 4% on December 24, 2023, and over 14% since the beginning of December [1][2] - The China Commercial Aerospace Development Conference held in Beijing released a report indicating that there have been 325 space launches globally, with China accounting for 87 launches (84 successful), and 23 of these by private commercial rocket companies, resulting in 324 satellites in orbit [1][2] Group 2 - The policy environment has emphasized the critical role of commercial aerospace and satellite internet in "new infrastructure" and "integrated space-ground networks," with the Ministry of Industry and Information Technology issuing satellite communication licenses to facilitate the transition from experimental to large-scale commercial use [2] - The global satellite internet market is projected to grow at a compound annual growth rate of 18.1% from 2025 to 2030, with China emerging as a significant growth driver due to supportive policies and technological advancements [2] - The CSI Satellite Industry Index has outperformed mainstream broad-based indices, rising over 35% in the past year, with constituent stocks primarily in defense, computer, electronics, and communication sectors, indicating high growth potential and technology intensity [2] - The satellite industry is viewed as a strong strategic investment opportunity, currently at a pivotal moment characterized by policy support, technological breakthroughs, and expanded applications, making it an ideal time to invest in the sector [2]

Core Insights - The satellite industry ETF (159218) experienced a significant increase of 2.28% as of 10:09 AM on December 24, indicating a resurgence in the sector [1] - Major stocks in the satellite sector showed varied performance, with China Satellite rising by 4.43% and Zhongke Xingtou declining by 0.48% [1] - The trading volume in the sector was approximately 120 million yuan, reflecting increased market activity [1] Industry Overview - The competition for space resources is intensifying, positioning satellite internet as a new frontier in global technological competition [1] - The space economy is projected to evolve into a new industrial domain, encompassing satellite communication, navigation, remote sensing, and space tourism [1] - The satellite communication industry is expected to exceed 200 to 400 billion yuan by 2030, with an annual compound growth rate ranging from 10% to 28% [1]