2025年，在全球经济格局深度调整的背景下，中亚地区呈现出一幅与众不同的经济图景。哈萨克斯坦、 乌兹别克斯坦、吉尔吉斯斯坦、塔吉克斯坦和土库曼斯坦五国，以整体强劲的增长态势，吸引了世界的 目光。这不仅是一份关于数字的成绩单，更揭示了区域经济内在韧性的增强与发展模式的悄然转变。中 国与中亚日益深化的全方位合作，正为这一转变注入关键动能。 塔吉克斯坦保持了其高速增长传统，1月至9月GDP增长8.2%，工业（+24%）与农业（+8.1%）表现亮 眼。世界银行报告特别肯定了其过去10年在减贫方面取得的显著进展。 土库曼斯坦经济稳步前行，前11个月增长6.3%，建筑业、交通运输和贸易是主要拉动力量，国家主导 的大型建设项目持续推进。 转型改革求平衡 在亮眼的增速背后，中亚各国展现出一些共同的发展特征与转型趋势。 首先，增长引擎从外部依赖转向内外双驱。传统上，资源出口与侨汇是部分国家的重要支柱。2025年， 中亚国家国内投资与消费的贡献度显著提升。无论是哈、乌等国在基础设施和制造业领域的大规模投 入，还是收入增长带动的旺盛消费，都显示出内需市场的潜力正在激活。 区域增长再提速 纵观全年，中亚五国经济表现超出许多国际机构预 ...

2025年12月25日，市场全天震荡拉升，三大指数集体收涨，沪指实现七连涨。截至收盘，沪指涨 0.47%，深成指涨0.33%，创业板指涨0.30%。 题材方面，航天航空、电机、造纸印刷等板块涨幅居前，贵金属、能源金属、商业百货等板块跌幅居 前。主力资金上，航天航空、汽车零部件、通用设备等行业概念流入居前。 ETF方面，或受相关消息刺激，卫星、机器人、金融科技等相关ETF表现亮眼！ 【机构：人形机器人正加速从技术研发向规模化商用落地迈进】 中信建投证券表示，美国企业积极布局机器人赛道，形成"模型-仿真-硬件"闭环，资本与技术高度集 中；国内供应链体系完善，加速机器人场景落地，推进全栈式技术发展。机器人领域中美共振局面有望 持续。前期板块回调较为充分，后续Gen3定点、新品发布、宇树IPO进展等事件催化值得重点关注，底 部建议聚焦优质环节，把握确定性和灵巧手等核心变化。 【机构：卫星行业长期成长的确定性正吸引长期资金持续布局】 消息面上，12月24日，商业航天产业联盟科创基金在第三届商业航天发展大会启动。该基金由盈达资 本、清盈科创等联合发起，中关村领创商业航天产业联盟参与合作。基金首次发行规模10-20亿，远期 ...

Group 1 - The satellite sector continues to lead the market with significant gains in commercial aerospace, large aircraft, satellite internet, military-civil integration, and BeiDou navigation concepts, with the Satellite ETF (563230) rising by 3.86% [1] - The National Development and Reform Commission has outlined the construction direction for the "14th Five-Year Plan," focusing on balancing current and long-term development, security, and the 2035 national strength goals, emphasizing key infrastructure to ensure national security and competitiveness [1] - China has completed 87 space launches (84 successful), with private commercial rocket companies executing 23 launch missions and placing 324 spacecraft into orbit [1] Group 2 - The Satellite ETF (563230) closely tracks the satellite industry index, covering sectors such as integrated circuit design, communication systems and terminal equipment, defense equipment, aerospace, general software development, and electronic components, ensuring high investment efficiency and purity in the satellite industry chain [2]

Group 1: Industry Investment Rating - No information about the industry investment rating is provided in the report. Group 2: Core View - The A-share market is in a high-level oscillation, and the bond market has narrow fluctuations. The A-share market may continue to oscillate at a high level in the future. It is recommended to pay attention to investment opportunities in directions such as satellites, chemicals, new energy, photovoltaics, chips, computing power, and artificial intelligence. The bond market may continue to have narrow fluctuations, and the 10-year Treasury bond yield above 1.80% has allocation value. The gold price is expected to maintain a strong oscillation trend [3][12]. Group 3: Summary of Market Performance Stock Market - U.S. stock indices showed mixed performance, with the Nasdaq up 0.48%, the S&P 500 up 0.10%, and the Dow Jones Industrial Average down -0.67%. The Nasdaq China Technology Index fell -1.96%. The Hang Seng Index dropped -1.10% [3]. - Most A-share sectors declined, with the Wind All A Index down -0.15%. Among them, the CSI A100, CSI 300, and CSI 1000 decreased by -0.82%, -0.28%, and -0.56% respectively, while the CSI 2000 and Wind Micro-cap stocks increased by 0.30% and 3.12% respectively. In terms of sector style, Shanghai blue-chips rose while growth stocks fell, and Shenzhen blue-chips and growth stocks both declined. The North Exchange 50 Index decreased by -0.13%. In terms of industry performance, 20 out of 30 CITIC industries rose, with the leading sectors being commerce and retail and catering and tourism, with a weekly increase of more than 4.0%. ETFs related to tourism, satellites, aerospace, and chemicals also performed well, with a weekly increase of over 4.0% [4][5]. Bond Market - China's Treasury bond yields declined slightly. The 10-year Treasury bond futures contract rose 0.15% compared to December 12, 2025. The yield of the 10-year active Treasury bond decreased by 0.88 BP to 1.8308%. Yields of all maturity varieties decreased [6]. - U.S. Treasury bond yields mostly declined, and the yield curve became flatter. As of December 19, 2025, the 10-year U.S. Treasury bond yield decreased by -3 BP to 4.16%. Only the 6-month maturity yield increased, while the rest decreased [8][9]. Currency Market - The U.S. dollar strengthened, and the RMB appreciated against the U.S. dollar. The U.S. dollar index rose 0.32%. The U.S. dollar against the euro, pound, and yen changed by 0.25%, -0.07%, and 1.16% respectively. The U.S. dollar against the offshore and onshore RMB exchange rates decreased by 0.28% and 0.20% respectively [10]. Commodity Market - Gold and silver prices generally rose. London gold spot prices fell 0.22% to $4337.60 per ounce, while COMEX gold futures prices rose 1.19% to $4354.00 per ounce. Domestic gold prices rose, with Shanghai gold spot up 1.17% to 975.51 yuan per gram and futures up 1.10% to 977.88 yuan per gram. London silver spot prices rose 1.98% to $65.79 per ounce; COMEX silver futures prices rose 9.39% to $66.79 per ounce. Domestic silver prices showed term differentiation, with Shanghai silver spot up 3.08% to 15359 yuan per kilogram and futures down 4.40% to 14811 yuan per kilogram [11]. Group 4: Other Market Conditions - Capital prices showed mixed trends. As of December 19, 2025, R007 rose 0.73 BP to 1.5148%, and DR007 decreased 2.78 BP to 1.4413%, with the spread between the two widening. The central bank's open market operations had a net injection of 190 billion yuan [7].

市场冲高回落，三大指数盘中一度集体翻绿。从板块来看，锂电池板块走强，液冷服务器午后拉升，半导体设备概念反复活跃；下跌方面，商业航天概念冲 高回落。 ETF涨跌幅方面，电池相关ETF涨超2%。 下跌方面，卫星相关ETF跌超4%。 | 代码 现价 | 名称 | | 。 涨跌幅 | 估算規 | | --- | --- | --- | --- | --- | | 159218.SZ | 卫星产业ETF | | 1.406 -4.42% | | | 512630.SH | 卫星ETF广发 | 1.156 -4.38% | | | | 563230.SH 1.158 | 卫星ETF | | -4.3% | | | 563530.SH | | | | | | 159206.SZ | 卫星ETF | 1.371 -4.06% | | | | 561660.SH 通用航空ETF基金 1.069 -3.87% | | | | | | 159283.SZ 通用航空ETF南方 1.002 -3.28% | | | | | | 563320.SH | 通用航空ETF | 0.976 -3.08% | | --- | --- | --- ...

每经记者｜杨建 每经编辑｜肖芮冬 ｜2025年12月23日 星期二｜ NO.1 国家航天局：统筹民商遥感卫星的"太空打星"模式 国家航天局对地观测与数据中心主任孟令杰12月22日表示，国家航天局作为行业主管单位，统筹全国民 商遥感卫星资源，建立我国卫星虚拟观测星座，以满足高时效应急减灾观测需求，从根本上提升用户数 据获取效率和卫星利用率。孟令杰表示，统筹民商遥感卫星的"太空打星"模式让卫星观测应急响应速度 实现了大幅提升。"统筹民商卫星"不是简单的资源叠加，而是通过流程化调度与数据共享，让分散的数 据真正"跑起来"，转化为看得见的防灾减灾卫星监测数据新质"生产力"。 NO.2 美星链卫星异常或威胁其他卫星 12月22日，据CCTV国际时讯报道，美国太空探索技术公司旗下"星链"计划的一颗卫星近日在太空中发 生异常，轨道高度迅速下降4000米。据称目前卫星"大致保持完整，正在翻滚"，预计将在几周内重新进 入地球大气层并完全烧毁。现已发现"数十块"疑似碎片，可能还会发现更多，碎片可能对其他在轨运行 的卫星构成威胁。 NO.3 国家数据局：统筹推进公共数据开放与授权运营，最大程度释放公共数据价值 12月22日，国家数 ...

Group 1: Industry Developments - A Starlink satellite from SpaceX experienced an anomaly, losing contact with the ground and producing debris, which poses a potential threat to other satellites in orbit [2] - The first L3-level autonomous driving license in China was issued to Changan Automobile, marking a significant step towards commercial application of L3 autonomous driving technology [3] - Beijing's humanoid robotics center has open-sourced the XR-1 model, which is the first to pass national standards for embodied intelligence, advancing the domestic embodied intelligence industry [4] - Turing Quantum and Moore Threads have signed a strategic cooperation agreement to develop a hybrid computing architecture that integrates GPU and quantum processors [5] - Chinese robot "Deep Sea Giant Shark 3" won a combat robot competition in Abu Dhabi, showcasing advanced design and capabilities [6] - Researchers at Shanghai Jiao Tong University achieved a breakthrough in optical computing chips, supporting large-scale semantic media generation models [7] Group 2: Corporate News - Xiaomi's president confirmed that the price of the upcoming Xiaomi 17 Ultra smartphone will increase due to rising memory costs, which are expected to continue increasing in the coming years [2] - New Unisplendour Group signed a strategic cooperation agreement with Shanghai Yidian to collaborate on artificial intelligence and intelligent computing [10] - Wallen Technology plans to acquire at least 60% of Liao Jing Electronics, which operates in integrated circuits and electronic components [14] - Tianpu Co. announced the expiration of a tender offer from Zhonghao Xinying for 33.52 million shares, representing 25% of the company's total equity [15] - Lianchuang Electronics is planning a change in control due to a potential transfer of shares by its major shareholder [16] - *ST Dongyi's restructuring plan was approved by the court, allowing the company to focus on its main business while leveraging resources in the computing industry [17]

中信证券研报认为，展望2026年，随着民营商业火箭公司参与到千帆和GW星座组网，以及回收技术成 熟后运力成本的大幅下降，预计卫星产业链将加速兑现。根据《首台（套）重大技术装备推广应用指导 目录(2024年版)》，低轨手机直连通信卫星要求采用全数字相控阵天线，波束不小于16个，中信证券判 断随着卫星迭代升级，星载相控阵、通信载荷等最有望受益，市场快速扩容。 ...

Core Viewpoint - A satellite from SpaceX's Starlink program experienced an anomaly, resulting in debris and loss of communication with the ground [1][3]. Group 1: Incident Details - The satellite is reported to be largely intact but is currently rolling and is expected to re-enter the Earth's atmosphere and burn up completely within a few weeks [3]. - SpaceX indicated that the satellite's altitude dropped rapidly by 4,000 meters, suggesting an explosion occurred, and the company is collaborating with the U.S. Space Force and NASA to monitor the debris [3]. - Tracking organization, Australian Near Earth Orbital Laboratory, noted the discovery of "dozens" of potential debris pieces, with further analysis likely to reveal more [3]. Group 2: Industry Context - The increase in satellite deployments for internet and other space-based services has led to a significant rise in the number of spacecraft in Earth's orbit [5]. - Industry experts advocate for clearer international regulations regarding orbital traffic due to the growing risks associated with satellite operations [5]. - SpaceX's Vice President for the Starlink program, Michael Nichols, emphasized the need for improved coordination among satellite operators to mitigate risks in space operations [5].

【#星链一颗卫星或爆炸失联#】#星链一颗卫星骤降4000米# 新华社援引路透社报道，美国太空探索技 术公司（SpaceX）旗下"星链"计划的一颗卫星日前在太空中发生异常，产生了少量碎片并与地面失去联 系。 "星链"在社交媒体账号上发文说："这颗卫星大致保持完整，目前正在翻滚，预计将在几周内重新 进入地球大气层并完全烧毁。"SpaceX表示，这颗卫星的轨道高度迅速下降4000米，表明发生了某种爆 炸。公司正与美国太空军和美国国家航空航天局合作监测卫星碎片。SpaceX未透露碎片的具体数量。 据报道，这颗卫星的碎片可能对其他在轨运行的卫星构成威胁。但由于这颗卫星在一定程度上完好，脱 落的部分并不多，这起事故的影响或小于过往的其他轨道事故。 （视频内容为此前报道 视频来源：三 沙卫视） 转自：京报网_北京日报官方网站 ...