完整内容查看视频 这场闹剧的起因，是美国持续加码的钢铝关税压力。美方近期放出风声，计划进一步扩充钢铝关税征收 范围，这直接戳中了欧洲制造业的命门。要知道，钢铁和铝材是欧洲汽车、机械、航空航天等支柱产业 的核心原材料，美国的关税政策已经让欧洲相关企业损失惨重。为了让美方松口，欧盟27国算是彻底放 下了身段。自年初以来，欧盟对美投资已激增1500多亿欧元，美国在欧盟液化天然气进口中的份额也从 45%飙升至60%。即便付出如此代价，欧盟仍觉得不够，索性把"中国牌"当成了最后的筹码，在谈判桌 上反复炒作"共同竞争对手"概念，试图用牺牲中方利益的方式换取自身喘息空间。 2025年11月26日，布鲁塞尔欧盟总部的闭门会谈刚落幕，一则消息就引爆国际舆论。欧盟27国联合向美 国递交备忘录，明确提出愿在经贸领域配合美方行动，甚至不惜联手切断中方相关合作后路，以此换取 美国在钢铝关税问题上的让步。可谁也没想到，这份满是"投名状"意味的通告墨迹未干，特朗普团队就 突然抛出对华示好信号，宣布重启部分中美贸易合作谈判并简化中国商品进口流程，这番反转让欧洲27 国瞬间沦为国际舞台上的尴尬角色。 ...

Core Insights - The commercial aerospace sector is experiencing renewed activity, with the Aerospace ETF (159227) rising by 0.99% and achieving a trading volume of 1.79 billion yuan, making it the top performer in its category [1] - The Aerospace ETF has seen a net inflow for three consecutive days, totaling 1.19 billion yuan, reaching a new high of 20.84 billion yuan, making it the largest aerospace-themed ETF in the market [1] - A meeting on the construction of a space data center was held in Beijing on November 27, focusing on key issues and accelerating the development of the Beijing Space Data Center [1] Industry Developments - The commercial aerospace sector is benefiting from multiple favorable policies, including the issuance of the "Action Plan for Promoting High-Quality and Safe Development of Commercial Aerospace (2025-2027)" by the National Space Administration, which aims to achieve efficient collaboration and significant growth in the industry ecosystem by 2027 [1] - The Aerospace ETF closely tracks the National Aerospace Index, with a high concentration of 98.2% in the military industry, making it the highest purity military index in the market [1] - The ETF covers critical industry chain segments such as aerospace equipment, satellite navigation, and new materials, with a significant focus on emerging fields like large aircraft manufacturing, low-altitude economy, and commercial aerospace, where the commercial aerospace concept accounts for 54% of its weight [1]

Group 1 - The optical communication sector is experiencing a strong performance, with the CSI High-end Equipment Sub-index rising by 0.47% as of 13:44 on November 28, 2025, driven by significant gains in constituent stocks such as Putian Technology, which hit the 10% limit up, and others like Optoelectronics and Seven One Two, which rose by 4.79% and 4.53% respectively [1] - The commercial aerospace sector is seeing intensified catalysts, with Beijing Blue Arrow Aerospace's Zhuque-3 rocket launch planned for November 29, 2025, indicating a pivotal moment for the industry [1] - The 2025 Asia General Aviation Exhibition opened on November 27, 2025, showcasing over 380 companies from 22 countries and regions, focusing on the theme "New Era of General Aviation, Exploring Unlimited Possibilities in Low-altitude" [1] Group 2 - The low-altitude economy has officially become a national strategic emerging industry, with a policy framework transitioning from macro planning to a focus on application ecology and safety [1] - According to Dagong International, financial and fiscal collaboration will provide strong momentum for the low-altitude economy, with expectations that the market size will exceed 1 trillion during the 14th Five-Year Plan period, highlighting the critical role of central state-owned enterprises in industry leadership and resource integration [1] - As of October 31, 2025, the top ten weighted stocks in the CSI High-end Equipment Sub-index account for 45.96%, including major players like AVIC Shenyang Aircraft, Aero Engine Corporation of China, and China Aerospace [2]

每日经济新闻 （责任编辑：张晓波 ） 【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 11月28日早盘，A股市场震荡走低，军工板块逆势走高。截至9点55分，航空航天 ETF（159227） 逆势涨0.46%，最新规模达20.84亿元，创成立以来新高，成分股亚光科技领涨，广联航空、华力创通、 中国卫星、振芯科技等股跟涨。 全球抢占航天战略制高点持续加速。欧洲航天局最新批准未来三年255亿美元创纪录预算，德、 法、意作为主要出资国承担过半份额。按规划，预算的20%将投入太空运输系统建设，17%用于科学探 测项目。 中国银行证券认为， 2025年是中国商业航天"政策红利集中释放期" ，也是产业从"技术验证期"迈 入"规模商用期"。2024年和2025年，商业航天连续2年被写入政府工作报告，分别作为"新兴产业和未来 产业""战略新兴产业"。 "十五五"规划建议提出，在建设现代化产业体系中，要加快建设航天强国。商 ...

Group 1 - The core viewpoint emphasizes the importance of developing the real economy, particularly through advanced manufacturing as a backbone of a modern industrial system, as outlined in the "14th Five-Year Plan" [1] - CITIC Financial Assets is committed to implementing national policies by focusing on strategic emerging industries such as high-end equipment manufacturing and aerospace, exploring comprehensive financial models like "equity + debt" and "restructuring + relief" [1] Group 2 - CITIC Financial Assets collaborates with local state-owned enterprises to implement a combination of "property rights restructuring + management restructuring + debt restructuring" to facilitate substantial corporate restructuring [2] - The project team designed a trust transaction structure to inject funds for operational recovery, while also introducing advanced technologies and optimizing management processes [2] - By 2025, the revitalized company, a historic brand in manufacturing, will resume operations after a six-month halt, enhancing its market competitiveness with new high-efficiency turbine models [2] Group 3 - The project team conducts in-depth research on the needs of "specialized, refined, distinctive, and innovative" enterprises within the industrial park, aiming to enhance occupancy rates and industry clustering [4] - CITIC Financial Assets collaborates with CITIC Securities and CITIC Bank to create tailored financial service plans, preparing for future issuance of CMBS or REITs [4] - This initiative revitalizes idle assets and injects financial resources into the domestic large aircraft industry chain, supporting Xi'an's ambition to become a world-class aviation city [4] Group 4 - CITIC Financial Assets identifies the real needs of technology-driven enterprises and high-end manufacturing in their transformation, offering a unique "three-chain synergy" comprehensive financial solution [5] - The innovation chain focuses on technology breakthroughs and mechanism optimization, leveraging CITIC Group's resources to provide comprehensive value through management optimization and confidence in development [5] - The funding chain ensures comprehensive coverage and collaboration across all licenses, providing a one-stop service from equity investment to M&A restructuring, creating a technology finance ecosystem [5]

方正证券指出，当下商业航天司已经成立，明确了清晰的对口主管部门，实现国内商业航天从多部 门兼管到单独部门专管的跨越。同时，《国家航天局推进商业航天高质量安全发展行动计划（2025— 2027年）》提出将支持商业航天主体围绕太空资源开发利用、太空制造、太空旅游、太空生物制药等新 领域，创新商业模式，发展新兴业态，行业正进入加速发展阶段。 11月27日，A股市场整体冲高回落。受大盘拖累，航空航天 ETF（159227）尾盘翻绿，截至收盘， 微跌0.27%。作为全市场规模最大的航空航天类ETF，航空航天ETF（159227）最新规模达20.84亿元， 创成立以来新高。 在11月27日举行的"太空数据中心建设工作推进会"上，北京市提出拟在700—800公里晨昏轨道建设 总功率超千兆瓦的集中式太空数据中心系统。分三个阶段推进：2025—2027年突破能源与散热关键技术 并建设试验星座；2028—2030年实现在轨组装与二期星座部署；2031—2035年完成大规模组网，建成支 持"天基主算"的太空算力基础设施。 （责任编辑：张晓波 ） 【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 ...

Group 1 - The A-share market experienced slight fluctuations on November 28, with the commercial aerospace sector becoming active again, particularly in satellite internet and satellite navigation concepts, leading to a rise in the aerospace ETF (159227) by 0.54% with a trading volume of 88.72 million yuan, maintaining its position as the top performer in its category [1] - The commercial aerospace sector is seeing a series of catalysts, including the upcoming maiden flight of Beijing Blue Arrow Aerospace's Zhuque-3 rocket scheduled for November 29, and the National Space Administration's action plan for promoting high-quality and safe development of commercial aerospace from 2025 to 2027, aiming for significant industry growth and efficient collaboration by 2027 [1] - Southwest Securities highlighted the "14th Five-Year Plan" which suggests accelerating the development of the aerospace and low-altitude economy industries, with various regions implementing policies to support low-altitude economic development, and state-owned enterprises establishing low-altitude economic companies [1] Group 2 - The aerospace ETF (159227) closely tracks the Guozheng Aerospace Index, with a high military industry representation of 98.2%, covering key sectors such as aerospace equipment, satellite navigation, and new materials, with commercial aerospace concepts accounting for 54% of its weight [2] - The General Aviation ETF (159230) tracks the Guozheng General Aviation Industry Index, focusing on the low-altitude economy and covering industries related to materials, infrastructure, aircraft manufacturing, and operational services, with a low-altitude economy content of 50.75% [2]

Group 1 - A-shares indices have turned positive, with the semiconductor sector taking the lead, as companies like Jingyi Equipment, Tuojing Technology, and Xinyuan Microelectronics saw significant gains of 9.97%, 6.3%, and 5.7% respectively, contributing to a 3.29% increase in the Sci-Tech Semiconductor ETF and a 0.72% rise in the Aerospace ETF [1][2] - Tuojing Technology announced plans to raise 4.6 billion yuan for the construction of a high-end semiconductor equipment industrialization base, a cutting-edge technology research center, and to supplement working capital [2] - Quartz Co. confirmed that it has begun mass production and sales of semiconductor-grade quartz tubes and other high-end quartz material products [2] - Domestic GPU chip manufacturer Muxi Co. is accelerating its IPO process, with official subscription set for December 5 [2] - The Zhuque-3 rocket is scheduled for its maiden flight on November 29, which, if successful, will mark it as the world's third reusable rocket and a key development in reducing launch costs for China [2] - The 2025 Asia General Aviation Exhibition is being held from November 27 to 30 in Zhuhai, showcasing new products, technologies, and services in the global general aviation and low-altitude economy sectors [2] Group 2 - The Aerospace ETF has seen a net inflow of over 417 million yuan in the past 20 days, with a high concentration of 98.2% in the primary military industry, making it the index with the highest military content in the market [3] - Key components of the Aerospace ETF include companies such as Guoke Technology (metamaterials stealth technology), AVIC Shenyang Aircraft Corporation (fighter jet manufacturing), Aero Engine Corporation of China (aero engines), AVIC Chengfei (drone systems), and Great Wall Military Industry (ammunition and smart weapon systems) [3]

Core Points - Weihai City has launched a legal service alliance for ten key industrial chains, providing tailored legal support to enhance compliance and risk management for local enterprises [1][2] - The initiative aims to integrate legal services into the industrial development framework, promoting the idea that "the rule of law is the best business environment" [1] - The establishment of the alliance marks a shift from isolated efforts to a collaborative approach, involving multiple stakeholders such as judicial, administrative, and industry associations [2] Group 1 - The legal service alliance consists of ten specialized legal service teams, each dedicated to one of the ten manufacturing industrial chains in Weihai [2] - The alliance has already visited 352 enterprises and produced 12 legal risk prevention documents, including guidelines for the aerospace industry [3] - A total of 130 professional lawyers are involved in the service teams, ensuring a high level of expertise [3] Group 2 - The alliance provides practical legal tools, such as the "Administrative Compliance: General Applicability Guide" and "Industrial Chain Risk Prevention Guide," tailored to the specific needs of different industrial chains [3] - The initiative emphasizes proactive risk identification and prevention, helping enterprises shift from problem-solving to problem-prevention strategies [2] - The establishment of legal service stations within key enterprises and law firms further strengthens the support network for compliance management [2]

Group 1 - A-shares showed mixed performance on November 27, with the aerospace concept experiencing a pullback after an initial rise [1] - The National Aerospace and Aviation Industry Index fell by 0.25%, with stocks like Weihai Guangtai, Hangyu Technology, Shanghai Hantong, Hangxin Technology, and Aerospace Electronics showing notable gains [1] - The Tianhong Aerospace ETF (159241) slightly declined, with a trading volume exceeding 720 million yuan and a turnover rate of 14%, leading among similar products [1] Group 2 - The Tianhong Aerospace ETF saw a net subscription of 6 million units yesterday, with three out of the last five trading days experiencing net inflows [1] - The ETF closely tracks the National Aerospace and Aviation Industry Index, which covers sectors such as aerospace equipment, military electronics, and satellite internet, with a high weight of 98.2% in defense and military [1] - The 2025 Asia General Aviation Exhibition opened in Zhuhai, attracting over 380 companies from 22 countries and regions, showcasing many first-time exhibits related to the low-altitude economy [1] Group 3 - Tianhong Fund launched a live event titled "Exploring Low Altitude Infinite Possibilities, Grasping New Trends in Military Investment" [2] - According to Zhongtai Securities, the commercial aerospace industry is entering a new phase of rapid development, with over 600 commercial aerospace companies in China and 25 launch sites [2] - The commercial aerospace sector is expected to see significant catalysts soon, with a recommendation to focus on investment opportunities in this area [2]