中信证券（600030）研报表示，2025年4月22日，铖昌科技与臻镭科技公告2025年一季报：铖昌实现营 业收入实现归母净利润0.3亿元，同比增长300.06%；臻镭科技实现归母净利润0.22亿元，同比增长 495.74%。4月17日，上海市政府副秘书长庄木弟表示力争到2027年上海商业航天产业规模达到1000亿 元以上。近期，上交所与10家商业航天进行企业座谈会，反映交易所全力支持商业航天发展 （000547）。4月18日，上海垣信最新公开两个中标/中标候选人文件，千帆星座正向地面设备环节深 化。综合核心企业的业绩、订单变化，以及产业端政策和向下游深化程度，我们认为卫星互联网行业正 在进入景气上行拐点。( ...

裘翔｜中信证券首席A股策略师 S1010518080002 策略｜"国家队"未曾减持ETF 2023年10月以来，中央汇金通过增持ETF有效稳定资本市场预期、提振投资者信心。 根据公募基金23Q4-25Q1季度披露的持有人数据，汇金持有的ETF份额未曾出现环比 净减少的情况，诸如"汇金通常在市场阶段性上涨后卖出"等传言与实际情况完全不 符。2025年4月以来，汇金持有的ETF获明显的资金净流入，且结构上更加均衡。我 们认为，A股也是中国贸易战中提振信心的关键环节，应充分相信国家维护资本市场 稳定的决心。同时，本文汇总了对这一揽子ETF资金流的跟踪测算方式，供投资者参 考。 风险因素：一揽子ETF的净申赎、成交量、净买入水平估算方式并非汇金实际净申赎 数据，与中央汇金实际增持情况存在误差。 明明｜中信证券首席经济学家 S1010517100001 债市启明｜二季度隐债置换规模与区域占比 化债资金前置发行的背景下，一季度地方债发行规模创新高，合计发行2.84万亿元， 其中化债资金1.4万亿元，包括1.3万亿元置换隐债专项债和1172亿元特殊新增专项 债。但从新增地方债的角度看，一季度发行新增一般债2791亿元，新 ...

4月24日，上海市经济和信息化委员会、上海市国防科技工业办公室、上海市发展和改革委员会、上海 市财政局联合印发的《上海市关于加快培育商业航天先进制造业集群的若干措施》（以下简称《措 施》）提出，到2027年，上海商业航天产业规模力争达到1000亿元左右。 《措施》提出，发挥市级科技重大专项、战略性新兴产业、产业高质量发展、产业协同创新等专项资金 协同支持作用，给予商业火箭、卫星、终端及配套关键核心产品研制一定比例资金补贴，最高达3亿 元，加快提升产业化规模。支持企业高端化智能化升级，提升批量制造能力，对企业购置设备、软件等 投入，按项目总投入10%给予支持，最高达1亿元。对企业开展科技攻关、产业化项目建设的银行贷 款，按照支付利息的最高50%给予贴息支持，最高达1500万元。支持火箭、卫星等领域智能工厂能级提 升，按照评定能级分类支持，最高达1000万元。 2025年，我国有多款可回收火箭计划首飞，比如卫星方面，千帆星座等巨型星座持续发射升空，小卫星 需求爆发式增长。据预测，中国商业航天市场规模今年将突破2.5万亿元。 今年3月5日，商业航天再次被写入2025年《政府工作报告》，将商业航天定位为战略性新兴产业 ...

Group 1: Event Overview - The first Embodied Intelligent Robot Sports Games will be held in Wuxi from April 24 to 26, featuring various events including competitions, exhibitions, and thematic conferences [1] - Over 100 relevant companies have registered for the event, which will showcase the capabilities of robots in areas such as intelligent performance, motion planning, and design [1] Group 2: Local Government Initiatives - Wuxi aims to become a benchmark city for "Artificial Intelligence+" as part of its new policy initiatives, with a series of events planned to promote AI innovation [3] - The city has set a target to accelerate the development of its AI industry, with a focus on becoming a modern industrial pillar [4] Group 3: Industry Statistics - By the end of 2024, Wuxi is expected to have 356 AI-related enterprises, generating a revenue of 207.55 billion yuan, reflecting a year-on-year growth of 12.6% [4] - Wuxi has a strong foundation in the automotive parts industry, which is seen as complementary to the embodied intelligent robot sector [5] Group 4: Future Development Plans - The "Implementation Plan for the Development of the Embodied Intelligent Robot Industry in Wuxi (2025-2027)" aims for the industry scale to exceed 30 billion yuan within three years, with the number of enterprises increasing to 200 [5]

Group 1 - The report by Ruishou Analysis highlights that from 2014 to Q1 2025, 561 commercial aerospace companies received market financing, with 120 of them being listed companies, primarily focusing on satellite manufacturing, ground equipment, and satellite applications [1] - The highest financing activity in commercial aerospace is expected in 2024, with a historical peak of 138 financing events and a disclosed financing amount of 20.239 billion yuan [1] - The IPO process has faced significant obstacles, leading to a sharp decline in the number of listed companies, with only 4 companies going public in 2023, a 50% decrease year-on-year, and only one expected in 2024 [1] Group 2 - In the past three years, active investment institutions in the commercial aerospace sector include Fangzheng Hesheng Investment and Shenzhen High-tech Investment, with 618 investment institutions participating in financing events from 2022 to Q1 2025 [2] - Among the participating institutions, 587 are VC/PE firms (94%), while 31 are CVCs (6%), with Fangzheng Hesheng Investment being the most active, investing in 11 companies [2] - Future investment opportunities in China's commercial aerospace sector include satellite manufacturing, rocket manufacturing and launching, ground equipment manufacturing, satellite operations, and satellite applications [2]

今天，A股三大指数涨跌不一。截至收盘，上证指数上涨0.03%，深证成指、创业板指数分别下跌 0.58%、0.68%。 沪深两市的成交额为11090亿元，较昨日缩量1207亿元。整个市场共有1545只个股上涨，3694只个股下 跌，个股涨跌幅的中位数为下跌0.93%。 对于上证指数，令达哥目瞪口呆的是，取最近3天最高点的整数，分别是3311点、3312点、3313点。 最近两天，每天都比前一天的高点多涨1个点。达哥只能说，真的是绝了！ 目前，上证指数30分钟级别MACD出现了二次顶背离共振，60分钟级别出现了死叉，这意味着短期有横 盘或回调的需求。 在经历13个交易日的反弹后，我们不能忽视获利盘兑现的压力。市场能否向上变盘，可能要看4月末政 治局会议的相关表述是否超预期。 最近两天，达哥的感受是，盘面好像很活跃，但又不知道在活跃什么。一买就被套，一卖就涨。不卖的 话，担心个股业绩"踩雷"；卖掉的个股，虽然走势与业绩看起来很差，但股价也会拉升。 个股的涨跌如此随机，不知道大家是否有这样的感受？欢迎关注微信公众号"道达号"，来谈谈你的看 法。 板块方面，四大行创下历史新高或创下收盘历史新高，部分中小银行也创下阶段新 ...

Core Viewpoint - The report highlights the concentration of commercial space enterprises in satellite applications, satellite manufacturing, and ground equipment sectors, with significant financing activity expected in 2024 [3]. Group 1: Market Trends - From 2014 to Q1 2025, 561 commercial space enterprises received market financing, with 120 of them being publicly listed [3]. - The highest financing activity in commercial space is anticipated in 2024, with 138 financing events and a disclosed amount of 20.239 billion yuan, marking a historical high [3]. - The number of IPOs in the commercial space sector has significantly decreased, with only 4 companies going public in 2023, a 50% year-on-year decline [3]. Group 2: Key Areas of Competition - The key area of competition in the space economy is low Earth orbit satellite constellations, with various countries launching their satellite plans to compete with the US's Starlink [4]. - By 2040, the global space economy is projected to reach a value of 1 trillion USD [4]. Group 3: Opportunities in China's Satellite Plans - China's satellite manufacturing and launch sectors are expected to benefit significantly from the ongoing satellite constellation projects, with over 900 satellites currently in orbit [6]. - The demand for satellite launches is projected to surge due to large-scale projects like China Star Network and Qianfan Constellation, necessitating improvements in manufacturing efficiency and cost reduction [6]. Group 4: Rocket Enterprises Development - The primary goals for China's rocket enterprises are high capacity, frequent launches, and low costs, as thousands of satellites need to be launched annually [7]. - Current launch capacity is insufficient, with less than 20% of the required capacity available, highlighting the need for breakthroughs in reusable rocket technology [7]. Group 5: Investment Trends - The most active cities for commercial space enterprises include Beijing, Shanghai, Shenzhen, Chengdu, and Xi'an, with Beijing leading in financing [7]. - In the past year, satellite applications, rocket manufacturing, and satellite manufacturing have attracted the most funding, with significant financing events reported [8]. Group 6: Mergers and Acquisitions - From 2022 to Q1 2025, 22 commercial space enterprises engaged in mergers and acquisitions, primarily in the satellite application sector [8]. - The total disclosed amount for these M&A events reached 4 billion yuan [8]. Group 7: Active Investment Institutions - A total of 618 investment institutions participated in commercial space financing events from 2022 to Q1 2025, with venture capital and private equity firms being the most active [11]. - Fangzheng Hesheng Investment was the most active investor, participating in 11 companies [11]. Group 8: Unicorns in Commercial Space - As of Q1 2025, there are 12 unicorns in the commercial space sector, primarily in rocket and satellite design assembly [13]. - The latest unicorns include Yuanshin Satellite and Weina Space, with significant recent funding rounds [13]. Group 9: Future Investment Opportunities - Future investment opportunities in China's commercial space sector are expected in satellite manufacturing, rocket manufacturing and launching, ground equipment manufacturing, satellite operations, and satellite applications [14].

Core Viewpoint - Chaojie Co., Ltd. reported a revenue growth of 27.83% in 2024, reaching 630 million yuan, and plans to distribute a cash dividend of 0.5 yuan per 10 shares to shareholders [1] Group 1: Financial Performance - The company achieved a net profit of 10.62 million yuan in 2024 [1] - Revenue from fasteners used in new energy vehicles reached 80.53 million yuan, a year-on-year increase of 45.43% [1] Group 2: Business Development - Chaojie Co., Ltd. is focusing on developing clients and projects related to new energy vehicles, targeting major manufacturers such as BYD, Tesla, and Ideal Auto [2] - The company has a significant business segment in commercial aerospace, with its subsidiary Chengdu Xinyue specializing in precision core components for commercial rockets [2] Group 3: Research and Development - The company invested 37.99 million yuan in R&D in 2024, a 16.67% increase, with 16 key projects in the automotive sector [3] - A total of 39 new patent applications were filed, including 28 utility model patents and 11 invention patents [3] - Chaojie Co., Ltd. established a special team for humanoid robot business development, focusing on fastening components for this sector [3]

Investment Rating - The report does not explicitly provide an investment rating for the aerospace industry. Core Insights - The commercial aerospace sector is rapidly developing, driving innovation across high-end manufacturing, information communication, new materials, and new energy sectors, while integrating into various economic and social fields [3][10]. - The establishment of a comprehensive aerospace economic measurement system is deemed feasible, important, and urgent, reflecting the contributions of aerospace to the economy and measuring the scale of the commercial aerospace industry [6][9]. Summary by Sections Section 1: Importance of Aerospace Economic Measurement - The concept of "aerospace economy" describes the economic implications of aerospace technologies and products, with the commercial aerospace industry scale estimated based on the aerospace economic scale, which in the U.S. accounts for approximately 80% [10]. - The aerospace industry has evolved through three stages: military and research aerospace, civilian aerospace, and the rapid development of commercial aerospace, with significant applications in environmental monitoring, urban planning, and disaster prevention [11]. Section 2: Measurement as a Response to Trends - The measurement of aerospace economics is a necessary choice to align with the development trends and statistical needs of the aerospace sector, especially as the demand for accurate statistics has increased due to the rapid growth of the commercial aerospace industry [15][18]. - The government has recognized commercial aerospace as a new growth engine, emphasizing the need for data-driven decision-making in aerospace governance [17]. Section 3: Current Measurement Challenges - There are significant discrepancies in the measurement of aerospace economics in China, including unclear definitions, diverse statistical standards, and inconsistent reporting, which hinder effective domestic and international comparisons [20][21]. - The report highlights the need for a unified measurement framework to support accurate analysis and decision-making in the aerospace sector [22][26]. Section 4: Proposed Measurement Framework - The report suggests the establishment of a "China Aerospace Economy and Core Industry Directory" to categorize and identify relevant industries based on international standards [49][51]. - The proposed framework includes the design of a satellite account for aerospace economics, which would encompass supply and use tables, balance sheets, and input-output tables to meet the statistical needs of various stakeholders [55][60].

Core Viewpoint - The commercial space industry is emerging as a new engine for global economic growth, with significant potential for marketization and commercialization, projected to exceed one trillion dollars by 2040 [1][2]. Group 1: Industry Overview - Commercial space refers to space activities conducted with the primary goal of obtaining commercial profits, including satellite manufacturing, rocket manufacturing, and satellite applications [1]. - The direct input-output ratio of the commercial space industry is approximately 1:2, with a direct economic impact of 8 to 14 times the original investment [1]. Group 2: Bottlenecks - Key technologies are still reliant on imports from Europe and the U.S., with significant gaps in advanced satellite payload technology [2]. - There is a substantial gap in launch capacity, with current capabilities meeting less than 20% of future demand, and satellite launch costs in China are around $10,000, which is nine times higher than that of SpaceX's Starlink [2]. - A sustainable profit model has not yet formed, with many companies still operating at a loss due to high initial R&D investments and long return cycles [2]. Group 3: Future Opportunities - The acceleration of satellite constellations like G60 and StarNet will further speed up China's commercial space sector, with private enterprises transitioning from "new forces" to "main forces" in the market [3]. - A selection of 12 outstanding companies in the commercial space sector has been identified, covering various fields such as rocket engines, fuel tanks, propulsion systems, satellite payloads, laser communication, and satellite big data [3].