利好消息再度密集来袭，2月25日午后，商业航天概念突发异动，菲利华一度狂飙16%创历史新高，航 天发展涨超6%。所在的军工板块整体拉升，高人气军工ETF华宝（512810）涨逾1%，日线冲击四连 阳。 | 分时 多日 1分 5分 · | | | | | F9 盘前盘后 婴加 九转 画线 工具 @ (7 ) | | | | | | 蛋工ETF华宝 ① | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 512810(至工ETF华型 13:37 价 0.879 器歌 0.009(1.03%) 均价 0.8 S | | | 1.15% | | 0.879 +0.009 +1.03% | | COLOR A | | | 0.877 | | | | JUTY | | | 0.77% | | SSE CNY 13:37:51 交易中 查看L2全县 | | | 通政区 . + | | | | | ning on | | | | | 净值走势 | | SCOTTE III PROPE 101 ...

同时，蓝箭航天还结合工程实践，对可重复使用运载系统在提升发射效率、降低成本以及推动外层空间 长期可持续发展方面的意义进行了技术层面的说明。 2025年12月3日，蓝箭航天朱雀三号遥一运载火箭在东风商业航天创新试验区发射升空，按程序完成了 飞行任务，火箭二级进入预定轨道；任务同时开展了火箭一级回收验证，但过程中发生异常燃烧，未实 现在回收场坪的软着陆。 蓝箭航天表示，2025年以来中国商业航天及中大型可重复使用运载火箭技术快速发展，朱雀三号首飞入 轨任务、一子级回收试验及多项关键技术取得关键工程数据。目前，公司正在对着陆流程进行优化，计 划于2026年第二季度再次开展回收试验，并根据回收试验情况争取于第四季度尝试首次回收复用飞行。 记者2月25日从蓝箭航天获悉，近日，蓝箭航天在联合国外空委科技小组委员会第63届会议上透露，计 划于2026年第二季度再次开展回收试验。 ...

【导读】蓝箭航天朱雀三号将于今年二季度再次开展回收试验 2026年2月11日，在联合国外空委（联合国和平利用外层空间委员会）科技小组委员会第63届会议期 间，蓝箭航天作为中国商业航天企业代表，在"长期可持续发展的外层空间活动"框架下，作了相关专题 技术报告，系统介绍了朱雀三号（ZQ-3）重复使用运载火箭首飞任务及一子级回收试验情况。 此次会议由国家航天局组团参会。蓝箭航天结合2025年以来国内商业航天及中大型可重复使用运载火箭 技术的快速发展，围绕朱雀三号首飞入轨任务、一子级回收试验及多项关键技术验证成果进行重点阐 述。 结合工程实践，蓝箭航天对可重复使用运载系统在提升发射效率、降低成本以及推动外层空间长期可持 续发展方面的意义进行了技术层面的说明。 蓝箭航天当时在报告中表示，公司正在对着陆流程进行优化，计划于2026年第二季度再次开展回收试 验，并根据回收试验情况争取于第四季度尝试首次回收复用飞行。 2月25日，民营商业航天龙头蓝箭航天在其官方微信号发文称，朱雀三号火箭计划于2026年第二季度再 次开展回收试验，并根据回收试验情况，争取于第四季度尝试首次回收复用飞行。 朱雀三号是我国自主研制的重复使用液氧甲 ...

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 2月25日，A股三大指数集体上涨，商业航天板块小幅震荡，截至9点57分，航空航天ETF （159227）微跌0.07%，报1.482元，成交额达8381万元，稳居同类第一，成分股方面，亚光科技上涨 6.71%，航天发展上涨3.12%，广航航空上涨3.33%，海特高新、上海瀚讯、中航重机、航天电子等股跟 涨。 消息面上，蓝箭航天宣布了朱雀三号可重复使用火箭的最新研发计划。作为我国自主研制的液氧甲 烷运载火箭，朱雀三号计划于2026年第二季度再次开展回收试验，研制团队目前正优化着陆流程，并争 取在今年第四季度尝试首次回收复用飞行，实现一子级回收后的再次使用。 中航证券指出，商业航天战略价值持续凸显，2026年多款新型可复用火箭计划首飞，发射次数有望 破百，低轨星座建设与太空算力等新场景将持续扩容市场空间，行业有望由估值驱动转 ...

2月24日下午，广东省高质量发展大会"科技与金融创新赋能产业融合"分会场顺利召开。分会场由广东 省科学技术厅、广东省委金融办主办，聚焦"科技创新、金融创新"两大核心动能，分别围绕"科技创新 促进产业创新、金融创新促进产业融合"两大板块开展深入研讨，旨在进一步强化科技与金融对产业发 展的战略支撑作用，为广东加快建设现代化产业体系、实现高质量发展提供强劲动力。 会上，广东省人工智能与机器人产业联盟副理事长兼秘书长张崟表示，广东发展人工智能与机器人产 业，拥有三大不可复制的战略优势。"让我们共同厚植这片创新沃土，将广东打造成为具有全球影响力 的人工智能与机器人产业高地！" 广东发展机器人产业有三大优势 在"科技创新促进产业创新"主题研讨环节，中国科学院广州分院分党组书记黄从利表示，中国科学院在 粤布局了散裂中子源等10个国家重大科技基础设施，其中5个已运行。这些"国之重器"是产生"从0到 1"颠覆性创新的源头。"'十五五'期间，我们将推动这些大设施在新材料、类脑智能、生物制造等领域 实现前沿突破，支持围绕设施产出成果'沿途下蛋'，将大设施集群优势，彻底转化为产业策源的胜 势。" 中科宇航技术股份有限公司（广州）董事 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The commercial aerospace sector is witnessing significant advancements, including successful tests of satellite stacking and release mechanisms by Blue Arrow Aerospace, which enhances capabilities for large-scale satellite internet constellation deployment [6][7] - Tianhui Aerospace's QL-1 engine has successfully completed high-performance thermal testing, indicating its readiness for commercial launch applications [11][12] - The first hybrid unmanned transport aircraft, Rainbow YH-1000S, has successfully completed its maiden flight, showcasing innovation in the integration of drone and automotive technologies [14][15] - Tianbing Technology's satellite launch facility has passed pre-acceptance, marking a significant step towards achieving a closed-loop process for large-scale satellite launches in China [17][18] - China plans to launch the "Xihe No. 2" detector to the Sun-Earth L5 point, which will enhance solar observation capabilities and contribute to space weather forecasting [20][21] Industry Development Dynamics - Blue Arrow Aerospace successfully completed tests for its multi-satellite stacking and release mechanism, which is crucial for "one rocket, multiple satellites" missions [6][7] - Tianhui Aerospace's QL-1 engine has shown stable performance and high combustion efficiency during its 10-second high-performance thermal test [11][12] - The Rainbow YH-1000S, the world's first hybrid unmanned transport aircraft, has successfully completed its first flight, indicating a significant technological advancement [14][15] - Tianbing Technology's satellite launch technology facility has been approved, facilitating the "one rocket, 36 satellites" launch process [17][18] - The "Xihe No. 2" detector is set to be launched to the Sun-Earth L5 point, enhancing China's solar observation capabilities [20][21] Industry Financing - Shanghai Star Semiconductor has completed multiple rounds of strategic financing, raising nearly 1.5 billion yuan, marking the largest financing in the commercial aerospace sector in 2026 [22][23] - Aurora Star has completed its A4 round of financing, raising nearly 300 million yuan to enhance its laser communication product development [26][27] - Hunan Hangsheng Satellite Technology has completed 160 million yuan in A round financing to expand its satellite production capabilities [30][31] Capital Market Performance - The Wind Commercial Aerospace Index experienced a weekly decline of 0.44%, with a trading volume of 372.7 billion yuan [34][36] - 53.97% of the companies in the commercial aerospace sector saw their stock prices increase during the week [34][37] - Notable stock performers included Beimo Gaoke and Quanxin Shares, with weekly gains of 10.05% and 9.80%, respectively [34][37]

卢玉珊倾向于从更长远的视角观察市场。她将寻找"主航道"视为决策的起点，即关注那些在经济结构变 化、技术演进和社会发展中，可能具备较长期趋势的领域，而非仅聚焦于短期热点。 在市场波动中寻找"主航道" 在复杂多变的市场中，南方基金卢玉珊的投资方法体现出一种追求均衡与持续的风格。她的思路侧重于 构建一个能够适应多种情景的体系，以应对未来的不确定性，核心在于辨识趋势、精选企业和分散风 险。 通过分散与均衡管理风险 在她的投资方法中，对风险的关注与对收益的追求同样重要，这通常表现为"均衡成长"的风格： ·保持行业分散：单一行业在她的组合中配置通常不会太高，以降低对单一领域的依赖。 ·适时灵活调整：她会根据市场情况，动态评估股票和债券等资产的性价比，对仓位进行相应管理。 ·注重控制回撤：上述方法的一个目标是使组合在市场调整时，净值波动能够相对平缓一些。 总结 总体而言，卢玉珊的投资方法可以被看作是一套构建长期稳健性的体系。它不依赖于对短期行情的精准 判断，而是通过"把握趋势方向、聚焦企业价值、做好风险管理"三方面的结合，形成一套旨在穿越周 期、可持续增值的思路。对于投资者而言，理解这样的方法，或许有助于从一个更平和的视角 ...

Group 1 - The total issuance scale of new funds in China has exceeded 209.4 billion yuan, with 227 new funds established as of February 24, 2026 [1] - 65 funds have raised over 1 billion yuan, with 15 funds exceeding 3 billion yuan, indicating strong market interest [1] - Insurance institutions are optimistic about the A-share market and plan to slightly increase their allocation to A-shares in 2026 [1] Group 2 - Over 93.2% of insurance asset management products have achieved positive returns this year, with nearly 20 products yielding over 10% [1] - The focus for insurance asset management institutions is expected to shift towards technology innovation and high-quality listed companies in key sectors [1] Group 3 - The private credit fund industry is facing warnings of potential defaults, with UBS predicting a default rate could reach 15% [2] - Concerns have been raised about the stability of private credit funds, particularly following redemption restrictions by Blue Owl Capital [2] Group 4 - The banking sector has seen a cold start to the year, with institutions expressing concerns over credit quality and lending trends [2] - Recent financial data indicates a rare year-on-year decline in credit issuance, raising questions about the banking sector's performance [2] Group 5 - The cancellation of export tax rebates for the photovoltaic industry is set to take effect on April 1, 2026, which may accelerate industry consolidation [3] - Companies are increasing production to maximize exports before the policy change, but there are concerns about demand in the second quarter [3] Group 6 - The global storage chip market is expected to see price increases starting in Q3 2025, driven by advancements in AI and computing power [4] - Chinese storage companies are making significant progress, positioning themselves as key players in the global market [4] Group 7 - HP reported a first-quarter revenue of $14.4 billion, a 6.9% increase year-on-year, with personal systems business revenue growing by 11% [6] - The company expects adjusted earnings per share for the fiscal year to be between $2.90 and $3.20 [6] Group 8 - Keep anticipates a narrowed loss of approximately 72 million yuan for the fiscal year ending December 31, 2025, compared to a larger loss in the previous year [6] - The company also expects to report an adjusted profit of around 25 million yuan for the same period [6] Group 9 - Huayi Technology has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [7] - The application is subject to approval from regulatory bodies, indicating potential future growth opportunities [8] Group 10 - Kaipu Cloud has terminated its major asset restructuring plan to acquire a 70% stake in Nanning Taike Semiconductor due to market changes [9] - The company has committed to not planning any major asset restructuring for at least one month following the announcement [9] Group 11 - Hualian Holdings plans to acquire 100% of Argentum Lithium S.A. for approximately $175 million, pending shareholder approval [10] - The transaction is not classified as a related party or major asset restructuring, but it carries uncertainties regarding implementation [10] Group 12 - Supor reported a slight increase in revenue for 2025, but a 6.58% decline in net profit, attributed to decreased export orders and rising sales expenses [11] - The company is focusing on cost reduction and efficiency improvements to enhance profitability [11] Group 13 - Aidi Pharmaceutical reported a revenue increase of 72.49% for 2025, but still incurred a net loss of approximately 19.73 million yuan [12] - The increase in revenue is linked to higher sales of innovative HIV drugs and the consolidation of Nanda Pharmaceutical's operations [12] Group 14 - Weidong Nano reported a revenue decline of 2.52% for 2025, with a net profit decrease of 6.12%, influenced by reduced acceptance of photovoltaic equipment [13] - The company continues to invest heavily in R&D to maintain its competitive edge in new photovoltaic technologies [13] Group 15 - U.S. stock markets saw collective gains, with the Nasdaq rising by 1.04%, driven by rebounds in software and AI-related stocks [14] - The dollar index rebounded, while gold and silver prices experienced declines after recent highs [14]

消息面上，据央视新闻报道，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，并根据回收试 验情况争取于今年第四季度尝试首次回收复用飞行。 值得注意的是，1月22日晚间，上交所官网显示，蓝箭航天科创板IPO的审核状态变更为"已问询"。此次 IPO，蓝箭航天拟募资75亿元，市场推算其估值或达750亿元。金风科技通过旗下平台参与持股蓝箭航 天，持股比例约为4.14%。 智通财经APP获悉，金风科技(02208)高开近3%，截至发稿，涨2.97%，报14.89港元，成交额477.42万港 元。 ...

一年之计在于春。1月底至2月初，各省（区、市）密集进入"两会时间"。会场内外，"科技创新"成 为高频议题。 从传统产业的淬炼升级，到新兴产业的聚链成势，再到区域创新生态的系统优化，2025年乃至整 个"十四五"以来，各地前沿技术不断涌现，科技与产业深度融合取得新成效，驱动发展动能深刻变革， 映照出一个锐意进取、充满创造活力的新时代中国。 淬火—— 传统产业"原地升维" 传统产业不等于落后产能。现代化产业体系，不止于"去旧迎新"，更以科技淬火，让传统产业"原 地升维"——在原有基础上嫁接新质基因，让老根基长出新动能。 传统产业是山东经济的压舱石。山东省省长周乃翔作政府工作报告时亮出成绩单："十四五"时期， 现代化产业体系实现新跃升，19条标志性产业链立起先进制造业强省四梁八柱，制造业总体规模和综合 实力稳居全国第一梯队。 威海光威复合材料股份有限公司的发展颇具代表性。2025年12月，这家国内最早研发碳纤维的民营 企业，成功获评"国家级制造业单项冠军"。山东省政协委员、公司董事长卢钊钧介绍，企业已实现从 T300到T1100、M40J到M65J等全系列碳纤维的国产化替代，产品为诸多"大国重器"提供了关键材料支 ...