格隆汇12月17日丨能科科技(603859.SH)在互动平台表示，公司成立二十年以来一直服务于高端装备制 造业，商业航天是公司重点细分市场之一，公司与商业航天领域众多国有企事业航天单位和民营企业有 稳定的业务关系。公司与蓝箭航天自2021年开始有业务合作，服务于其数字化和智能化升级，累计订单 额数千万。 ...

央视网消息：12月18日，海南自由贸易港将正式启动全岛封关，相关自由化、便利化政策制度将进一步助力海南新兴产业加快发 展。商业航天作为海南自贸港发展的重点产业，也将迎来更多发展机遇。 此次发射是海南商业航天发射场建成一年多来的第9次发射任务。在海南自贸港即将启动全岛封关之际，被誉为中国商业航天"母 港"的海南商发，也向实现高密度、常态化发射目标继续迈进。 商业航天是中国下一阶段重点发展的新兴产业。海南拥有独特的低纬度发射优势、商业航天发射场资源。叠加封关之后，74%的商 品税目将实现"零关税"，企业和个人所得税税率"双15%"优惠政策等制度优势，海南有望继续吸引大批国内外商业航天企业进驻。目 前，正在建设中的文昌国际航天城，火箭、卫星相关产业的建设项目就有70多个，涉及资金达到100多亿元。 文昌国际航天城管理局产业促进处处长张程皓介绍，以前我国生产的卫星，都是在北京、天津，哈尔滨等地方，生产完的卫星都要 通过海运到海南。超级工厂的最大的意义就是"出厂即发射"，所有的卫星完成组装，做完所有实验，就可以直接进行合罩，减少了 大量运输成本。 这里是位于文昌国际航天城的卫星超级工厂，它的占地面积达到6万平方米，每年 ...

12月17日，卫星ETF(159206)盘中申购超2亿元。成分股卓胜微(300782)领涨，光库科技(300620)、移远通信(603236)等个股 跟涨。 | 1.359 -0.014 -1.02% | | | | | D星ETF ж 159206 | | --- | --- | --- | --- | --- | --- | | SZSE CNY 11:27:51 交易中 查看L2全景 | | | | | 部 > 0 + | | 净值走势 永赢国证商用卫星通信产 | | | で生 | 0.00% 120日 | 39.10% | | 59.22% 委差 171117 委比 | | | 5日 | 2.57% 250日 | 0.00% | | 卖五 | 1.364 | 1225 | 20日 | 17.56% 52周高 | 1.40 | | 卖回 | 1.363 | 8727 | 60日 | 16.65% 52周低 | 0.78 | | 家三 | 1.362 | 45604 | 实时申购赎回信息 | 申购 | 15 0 | | 1.361 | | 3357 | 笔数 | 123 | 84 | | 卖- | 1.3 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [4] Core Insights - 3D printing is recognized as a revolutionary technology in high-end manufacturing, with a global market projected to reach $21.9 billion in 2024, where printers and services account for 74% and materials for 20% [1][18] - The consumer-grade 3D printing market is rapidly growing, with an expected market size of $4.1 billion in 2024, increasing to $16.9 billion by 2029 [2] - The industrial-grade 3D printing sector is primarily driven by the aerospace industry, with significant revenue contributions from companies like Platinum and Huazhu [2][3] Summary by Sections 1. 3D Printing: Unlocking High-End Manufacturing - 3D printing, also known as additive manufacturing (AM), is a disruptive technology that contrasts with traditional subtractive manufacturing methods [9] - The global 3D printing market is expected to reach $21.9 billion in 2024, with a forecasted growth to over $114.5 billion by 2034 [18] - The market is dominated by printer sales and services, which make up approximately 74% of the total market [18] 2. Consumer-Grade 3D Printers: China's "Four Little Dragons" Soar - The consumer-grade 3D printing market is entering a phase of accelerated penetration, with significant contributions from Chinese manufacturers [2] - In 2024, the global shipment of consumer-grade 3D printers is estimated to be around 4.1 million units, with Chinese companies holding a 94% market share [2] - The report highlights the technological advancements that have improved efficiency and reduced costs in consumer-grade printers [2] 3. Commercial Aerospace: The Mainline of Industrial 3D Printing - The aerospace sector is identified as the core downstream market for industrial-grade 3D printers, with significant revenue shares from companies like Platinum and Huazhu [2] - The commercial aerospace market in China is projected to reach ¥2.3 trillion in 2024, with expectations of further growth [2] - 3D printing is increasingly used in the manufacturing of rocket engines, significantly reducing costs and production times [2] 4. Technology & New Consumption: 3D Printing Technology Has Great Potential - 3D printing is gradually replacing traditional CNC machining in the 3C field, offering higher precision and lower material waste [3] - The technology is also being applied in the production of liquid cooling plates, enhancing thermal performance in various applications [3] - The report identifies key players in the consumer-grade and industrial-grade 3D printing markets, highlighting their roles and market positions [3]

Group 1 - The commercial aerospace sector in China is experiencing significant growth, with multiple stocks in the sector seeing substantial price increases in December 2025, indicating strong investor sentiment [2][3] - Major developments include the establishment of the "Aerospace Technology City" in Beijing, which aims to enhance collaboration among key players in the industry, including state-owned enterprises and private companies [3][26] - The market for commercial aerospace activities, which includes rocket launches, satellite manufacturing, and space tourism, is projected to reach a scale of trillions of yuan, reflecting a rapid acceleration in industrialization [3][4][5] Group 2 - Local governments are actively promoting the commercial aerospace industry, with Guangdong aiming for a related industry scale of 300 billion yuan by 2026 and other provinces like Shandong and Henan also prioritizing aerospace in their development plans [9][10] - The establishment of a 10 billion yuan industry investment fund in Beijing's Economic and Technological Development Zone is part of the efforts to support the commercial aerospace sector [8] - The number of new commercial aerospace companies has surged, with over 15 new firms established in August 2025 alone, indicating a robust entrepreneurial environment [10] Group 3 - The China Securities Regulatory Commission has included commercial aerospace in the fifth set of listing standards for the Sci-Tech Innovation Board, allowing unprofitable companies with core technologies to go public [11] - Companies are adopting diverse strategies, with some focusing on core rocket launch capabilities while others are specializing in niche areas within the aerospace supply chain [12][13] - The trend of "R&D in Beijing, production in the Yangtze River Delta" is becoming common among commercial aerospace firms, optimizing their operational efficiency [16][17] Group 4 - The capital market is becoming more discerning, with investors seeking companies that can deliver tangible results within the commercial aerospace supply chain [18] - Companies in upstream materials and core components are experiencing increased orders, reflecting a growing demand as the industry expands [19][20] - The shift from project-based satellite production to a more streamlined assembly line approach is transforming the satellite manufacturing sector, leading to increased efficiency and order volumes [21] Group 5 - State-owned enterprises are adapting to market dynamics, with the China Aerospace Science and Technology Corporation restructuring to focus on commercial market competitiveness [24][26] - Collaborations between state-owned and private enterprises are becoming more common, with private firms providing efficiency and cost advantages in non-core areas of the aerospace supply chain [25][26] - The establishment of the "Aerospace Technology City" aims to create an open and innovative industrial ecosystem, emphasizing the importance of collaboration across the aerospace sector [26][27]

Group 1 - The commercial aerospace concept stocks experienced a significant decline, with Longzhou Co., Ltd. hitting the limit down for two consecutive days after a previous surge [1][3] - Sichuan Jinding also faced a limit down, while Tongguang Cable and Hongxiang Co., Ltd. dropped over 10%, along with Aerospace Changfeng, Zaiseng Technology, Zhongchao Holdings, and Boya Precision Engineering, all falling over 9% [3][4] Group 2 - The following stocks reported notable declines: - Tongguang Cable: -12.19% at 12.75 - Hongxiang Co., Ltd.: -11.48% at 12.42 - Sichuan Jinding: -10.01% at 13.66 - Longzhou Co., Ltd.: -9.96% at 9.67 - KQ Co., Ltd.: -9.84% at 15.67 - Galaxy Electronics: -9.92% at 5.99 - Aerospace Changfeng: -9.53% at 20.02 - Zaiseng Technology: -9.54% at 8.44 - Zhongchao Holdings: -9.40% at 5.59 - Boya Precision Engineering: -9.30% at 21.95 [4]

消息面上，12月16日，我国在太原卫星发射中心使用长征四号乙运载火箭，成功将资源三号04星发射升 空，卫星顺利进入预定轨道，发射任务获得圆满成功。此次任务是长征系列运载火箭的第617次飞行。 近期商业航天迎来密集催化，SpaceX计划明年启动IPO外，长征十二号甲（CZ-12A）运载火箭预计于 2025年12月中旬迎来首次飞行任务。 东方证券认为，未来卫星与火箭端有望共振，卫星发射组网快节奏将实现常态化，1）卫星端：随着智 能化、模块化生产普及，低轨卫星的制造速度与效率将大大提升，同时手机直连技术的突破有望带动卫 星通信应用；2）火箭端：火箭运力的持续提升、可回收技术试验的稳步推进、发射工位的持续建设都 将加快火箭端发射次数。卫星及火箭端产业链上下游相关企业也将同步受益，看好商业航天板块长期成 长空间。 截至2025年12月17日 10:46，国证航天航空行业指数(CN5082)成分股方面涨跌互现，中航成飞(302132) 领涨5.37%，上海瀚讯(300762)上涨4.19%，中航沈飞(600760)上涨0.32%；亚光科技(300123)领跌。航空 航天ETF(159227)最新报价1.19元。 流动性方 ...

智通财经APP获悉，西部证券发布研报称，展望2026年，重点聚焦AI算力供不应求和新技术演进，关注 低轨卫星进入景气周期。AI迈入新发展阶段，AI大模型能力持续进化，AI应用持续渗透，AI算力投入 持续高景气，关于CAPEX和行业短期回报之间的剪刀差的讨论较多，AI算力产业链多个环节呈现供不 应求的紧张态势。整体来看，AI算力的投入短期仍处于高成长期，应用的商业闭环变现路径仍在探索 和培育中。火箭运力的突破是我国商业航天产业拐点和资本市场趋势形成的关键变量，低轨卫星互联网 有望进入加速景气阶段。 西部证券主要观点如下： 商业航天 液冷 加速赛道，出海0到1。服务器液冷冷板市场处在历史性的重要拐点，需求端，北美、东南亚和中国都是 液冷市场的重要承载地，尤其是北美算力市场。供给端，冷板式液冷方案商当前以中国台湾和美国厂商 为主导，未来国产厂商有可能实现0到1及1到n的突围。重点关注英维克。 AIDC 出海、行业格局优化及新REITs发布或成2026年看点。2026年IDC行业将在AI发展驱动下，维持扩张趋 势，且AIDC渗透率或将进一步提升。核心关注方向：1)第三方IDC企业出海;2)行业竞争格局优化，龙 头企业 ...

| 代码 名称 | 涨幅 ％ヘ | 现价 | | --- | --- | --- | | 300265 通光线缆 | -12.19% | 12.75 | | 300427 红相股份 | -11.48% | 12.42 | | 600678 四川金顶 | -10.01% | 13.66 | | 002682 龙洲股份 | -9.96% | 9.67 | | 920665 | 科强股份 | -9.84% | 15.67 | | --- | --- | --- | --- | | 002519 | 银河电子 | -9.92% | 5.99 | | 600855 | 航天长峰 | -9.53% | 20.02 | | 603601 | 再升科技 | -9.54% | 8.44 | | 002471 | 中超控股 | -9.40% | 5.59 | | 300971 | 博亚精工 | -9.30% | 21.95 | | 920363 | 莱赛激光 | -8.49% | 19.08 | | 002512 | 达华智能 | -8.33% | 5.72 | | 688323 | 瑞华泰 | -7.97% | 21.02 | ...

（文章来源：每日经济新闻） 每经AI快讯，12月17日，商业航天指数盘中跌超3%，航天长峰跌停，斯瑞新材、通宇通讯、超捷股 份、天箭科技等多只个股跌幅亦超过7%。 ...