Group 1 - The satellite industry is experiencing a strong start to the year, with significant gains in sectors such as Beidou navigation, space stations, aircraft carriers, and commercial aerospace, as evidenced by the satellite ETF (563230) rising by 4.2% [1] - The military industry ETF (512710) increased by 3.06%, while the aviation ETF (159392) saw a rise of 2.32%, indicating robust investor interest in these sectors [1] - Key stocks within the satellite ETF, including Haige Communication, China Satcom, and Beidou Star, reached their daily limit up [1] Group 2 - The implementation of the "Satellite Navigation Positioning Benchmark Station Management Measures" on January 1, 2026, will consolidate the national benchmark stations into a single network of 6,951, strengthening the commercial foundation for Beidou's time-space services [1] - Following the failure of Venezuela's satellite navigation system, Elon Musk announced that SpaceX's "Starlink" will provide free services, highlighting the strategic value of satellite internet and the necessity for domestic development of autonomous low-orbit constellations [1] - The satellite ETF (563230) closely tracks the satellite industry index, which encompasses sectors such as integrated circuit design, communication systems and terminal equipment, aerospace, general software development, and electronic components and automation machinery, indicating high investment efficiency and purity within the sector [1]

1月5日，卫星板块持续活跃。数据显示，截至10时59分，表征板块的卫星产业ETF(159218)跌0.34%， 此前一度涨2.43%。交投持续升温，成交额超5.3亿，盘中净流入超2.5亿，双双创历史新高。 分析指出，卫星板块受到多重因素催化。国内层面迎来标志性事件，商业航天领军企业蓝箭航天的科创 板IPO申请正式获受理，拟募集资金高达75亿元，将重点用于可重复使用火箭的研发与产能建设，标志 着产业从技术验证迈向大规模商业化与资本化的关键一步。与此同时，宏观政策对2026年多型新火箭首 飞及回收目标的展望，为行业明确了发展路径。国际层面，近期地缘事件凸显了自主可控的卫星互联网 在全球通信中的战略价值。在政策、资本、技术及战略需求共振下，卫星产业的高景气度持续获得验 证，覆盖全产业链的卫星产业ETF(159218)已成为资金高效布局这一长期赛道的重要工具。 风险提示：基金有风险，投资需谨慎。 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> ...

1月5日，卫星产业强势反弹！数据显示，截至11时13分，表征板块的卫星产业ETF(159218)放量涨 2.32%，此前一度跌0.51%。成分股成都华微、北斗星通、海格通信、航天环宇、信维通信涨幅居前， 交投持续升温，成交额约5.9亿，据Wind Level2实时行情结合均价预估，盘中净流入约2.5亿，盘中预估 规模超18亿，在全市场同标的ETF中规模居首。 分析指出，板块热度源自产业各层面的多重催化：国内方面，商业航天龙头蓝箭航天科创板IPO已正式 获受理，拟募资75亿元投向可复用火箭，标志行业资本化进入新阶段。同时，政策层面明确2026年将有 多型新火箭首飞并挑战回收，为技术发展提供清晰指引。国际层面，近期委内瑞拉卫星系统失灵事件， 凸显了卫星互联网的战略价值与自主可控的必要性。在政策、资本、技术与战略需求的共同推动下，商 业航天产业正迎来系统性发展机遇，卫星产业ETF(159218)作为覆盖全产业链的高效工具，已成为市场 参与这一历史性进程的核心载体。 风险提示：基金有风险，投资需谨慎。 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> ...

1月5日早盘，卫星产业板块迎来强势开局。卫星产业ETF（159218）大幅高开4.70%，中国卫星开盘后 迅速涨停封板，中国卫通、航天电子等权重股同步大幅拉升，显示市场情绪积极。 消息面上，产业再迎重磅催化。国内商业火箭头部企业蓝箭航天科创板IPO已于日前正式获受理，拟募 集资金75亿元，主要用于可重复使用火箭的产能建设和技术研发。其核心产品"朱雀"系列火箭及"天 鹋"液氧甲烷发动机已成为国内商业航天技术突破的标志。此外，央视新闻在"十五五"开局展望中亦提 到，2026年将有多型新型火箭迎来首飞并挑战回收，进一步明确了产业加速发展的政策与技术预期。 国际层面亦出现地缘动态催化。据报道，委内瑞拉卫星导航系统近期失去定位功能，而SpaceX旗下"星 链"随即宣布将为该国用户提供为期一个月的免费宽带服务。这一事件凸显了卫星互联网在全球通信与 战略中的关键作用，也侧面印证了低轨星座的战略价值与竞争格局。 在政策明确支持、龙头公司冲刺资本市场、技术迭代持续突破、国际事件催化的多重因素推动下，商业 航天产业景气度持续攀升。卫星产业ETF覆盖全产业链核心环节，已成为资金系统性布局"空天新基 建"主线的重要工具。 风险提示： ...

财信证券宏观策略周报（1.5-1.9） 2026 年 01 月 04 日 上证指数-沪深 300 走势图 % 1M 3M 12M 上证指数 2.06 2.75 16.48 沪深 300 2.28 0.21 15.78 -5% 5% 15% 25% 35% 2025-01 2025-04 2025-07 2025-10 上证指数 沪深300 证券研究报告 策略点评（R2） 慢牛行情仍将延续，择机配置科技成长 相关报告 投资要点 请务必阅读正文之后的免责声明 大势研判。2026 年，在海外经济仍有韧性、美元流动性大概率持续宽松、国 内政策"双宽松"基调延续、"反内卷"持续提振物价预期下，我们预计 A 股牛市仍将延续，科技成长仍是中长期市场主线。元旦假期 A 股休市期间， 恒生科技上涨 4.00%、恒生指数上涨 2.76%。从 Wind 香港一级行业来看，香 港信息技术上涨 4.19%、香港材料上涨 3.10%、香港可选消费上涨 2.35%、香 港通讯服务上涨 2.11%，科技及有色方向继续领涨。虽然周末海外地缘政治 事件可能对市场情绪有短期扰动，但中期来看，在慢牛预期叠加"春季躁动" 行情下，指数大概率将开启新一 ...

Market Performance - The Sci-Tech 50 Index decreased by 0.59% and the ChiNext Index fell by 0.82% over the last five trading days, while the large-cap value index rose by 0.01% and the large-cap growth index declined by 0.39% [1] - The Shanghai Stock Exchange 50 Index increased by 0.20%, and the small-cap index represented by the CSI 2000 rose by 1.09%, with defense and military, as well as oil and petrochemical sectors performing well, while telecommunications and comprehensive sectors lagged [1] Valuation Levels - As of December 31, 2025, the static PE ratio of the CSI All Share Index is at the 82nd percentile, with the Shanghai 50 and CSI 300 both at 75%, and the ChiNext Index close to 58% [1] - The CSI 500 and CSI 1000 are at 62% and 64% respectively, indicating that the ChiNext Index's valuation is relatively at the historical median level [1] Fund Flows - In the last five trading days, ETF inflows amounted to 25.6 billion yuan, and the margin trading balance increased by approximately 23.8 billion yuan, with an average daily trading volume of 208.23 billion yuan across the two markets [2] Thematic Investment - The latest thematic allocation includes sectors such as chemicals, non-bank financials, and satellite communications, specifically focusing on sub-indices like the CSI Sub-Industry Chemical Index, the National Index for Commercial Satellite Communications, and the CSI 300 Non-Bank Financial Index [2][3] AI and Machine Learning Insights - A convolutional neural network (CNN) model has been utilized to analyze charted price and volume data, mapping learned features to industry thematic sectors, indicating a trend towards AI-driven investment strategies [11]

Core Viewpoint - The satellite industry is expected to shine by the end of 2025, with significant investment performance and a notable increase in related ETFs and products [1][2]. Group 1: Investment Performance - By the end of December 2025, the total scale of satellite-related ETFs and linked products exceeded 11 billion yuan, marking a more than 140% increase from 4.491 billion yuan at the end of November [1][2]. - Several satellite ETFs saw monthly gains exceeding 40% in December alone, indicating strong market interest [1]. - The first satellite ETF tracking the National Commercial Satellite Communication Industry Index was launched by Yongying Fund, achieving a scale of 6.66 billion yuan and a return of 71.15% since its inception [1][2]. Group 2: Market Dynamics - There are currently four satellite industry indices in the market, with two having tracking products; the largest is the Zhao Shang Zhong Zheng Satellite Industry ETF at 1.531 billion yuan [2]. - The satellite industry is experiencing a surge in investment interest, driven by policy support, technological breakthroughs, and expanding application scenarios [5][6]. Group 3: Policy and Strategic Importance - The "14th Five-Year Plan" has incorporated "building a strong aerospace nation" as a national strategic goal, with the satellite industry identified as a core driver for new productive forces [3]. - The national action plan for promoting high-quality and safe development of commercial aerospace outlines key measures to foster the entire satellite industry chain [3]. Group 4: Technological Advancements - The satellite industry is transitioning from a "follower" to a "leader" in global terms, with advancements in low-orbit satellite internet and commercial remote sensing [4]. - The industry has established a comprehensive layout covering manufacturing, launching, operation, and application, enhancing its commercial value across various sectors [4]. Group 5: Future Outlook - Fund managers believe that commercial aerospace is on the verge of a breakthrough, with four key factors driving this historic opportunity: policy support, technological advancements, financial interest, and expanded application scenarios [6]. - The successful launch of reusable commercial rockets marks a significant milestone, indicating a shift towards a trillion-dollar market in commercial aerospace [7].

Core Viewpoint - The satellite industry is projected to shine by the end of 2025, with significant investment growth and multiple satellite ETFs showing impressive monthly gains, indicating a strong market interest in this sector [2][3]. Investment Performance - By the end of December 2025, the total scale of satellite-related ETFs and linked products exceeded 11 billion yuan, marking a more than 140% increase from 4.491 billion yuan at the end of November [2]. - The first ETF tracking the National Commercial Satellite Communication Industry Index, managed by Yongying Fund, has reached a scale of 6.66 billion yuan with a return of 71.15% since its inception [2][3]. - The largest ETF tracking the China Securities Satellite Industry Index is the Zhao Shang China Securities Satellite Industry ETF, with a scale of 1.531 billion yuan, contributing to a total of 4.397 billion yuan for all products linked to this index [3]. Market Dynamics - The satellite industry is recognized as a core component of the aerospace economy, with national strategies emphasizing its development as a key driver of new productivity [5]. - The industry is experiencing a transformation from "following" to "leading" globally, driven by advancements in low-orbit satellite internet, BeiDou global networking, and commercial remote sensing and communication satellites [6]. - The satellite industry has established a comprehensive layout covering manufacturing, launching, operation, and application, enhancing its commercial value across various sectors [6]. Fund Manager Insights - Fund managers highlight that the commercial aerospace sector is on the brink of a significant breakthrough, driven by policy support, technological advancements, financial backing, and expanding application scenarios [7]. - The successful recovery of commercial rockets is seen as a pivotal moment for the industry, indicating a transition into a new phase of accelerated development and opening up a trillion-yuan market [8]. - Investment opportunities are identified in satellite launch schedules, breakthroughs in heavy-lift rockets, and cost reductions in rocket and satellite manufacturing, with a strong demand for satellite launches expected in the coming years [8].

卫星产业成为2025年末的"闪耀明星"！ 当前，卫星产业已形成"制造—发射—运营—应用"全链条布局，涵盖卫星平台、载荷、地面设备、运营 服务、数据应用等多个环节。随着卫星小型化、低成本化、星座组网技术的成熟，商业航天进入规模化 发展阶段，资本关注度持续提升，相关上市公司数量与市值稳步增长，为指数化投资提供了丰富的标的 池。 2025年末，卫星板块投资表现亮眼，多只卫星ETF仅12月单月涨幅超40%，截至12月31日，卫星产业相 关ETF及联接产品总规模已突破110亿元，较11月末的44.91亿元大幅增长超140%。 全市场跟踪卫星产业指数系列ETF均为2025年新成立产品，其中跟踪国证商用卫星通信产业指数产品仅 永赢基金一家，作为全市场第一支在此赛道布局产品，永赢国证商用卫星通信产业ETF成立至今，规模 达66.6亿元，2025年成立以来收益率达71.15%；招商基金、富国基金、平安基金、广发基金、易方达基 金、博时基金、鹏华基金等基金公司相关产品跟踪的是中证卫星产业指数，目前规模最大的是招商中证 卫星产业ETF，规模为15.31亿元，该指数挂钩产品目前合计规模为43.97亿元。 卫星产业相关ETF规模突破1 ...

Core Insights - The satellite sector has shown remarkable investment performance, with several satellite ETFs experiencing over 40% growth in December alone, leading to a total market size exceeding 11 billion yuan by the end of December 2025, a significant increase of over 140% from the end of November 2025 [1][2] Group 1: Market Performance - By December 31, 2025, the total scale of satellite-related ETFs and linked products surpassed 11 billion yuan, with a notable increase from 4.491 billion yuan at the end of November [1][2] - The first satellite ETF tracking the National Commercial Satellite Communication Industry Index was launched by Yongying Fund, achieving a scale of 6.66 billion yuan and a return of 71.15% since its inception [1][2] - The largest product tracking the CSI Satellite Industry Index is the ZhaoShang CSI Satellite Industry ETF, with a scale of 1.531 billion yuan, contributing to a total of 4.397 billion yuan for all products linked to this index [1][2] Group 2: Industry Development - The satellite industry is recognized as a core component of the aerospace economy, with national strategies emphasizing its role in fostering new productive forces [3] - The "14th Five-Year Plan" includes the satellite industry as a strategic emerging industry, aligning with national security and technological advancement [3][4] - The industry has transitioned from a "follower" to a "leader" in global satellite technology, driven by advancements in low-orbit satellite internet and commercial remote sensing [4] Group 3: Investment Opportunities - Fund managers highlight that the commercial space sector is on the brink of a significant breakthrough, driven by policy support, technological advancements, and expanding application scenarios [5][6] - The successful business model of SpaceX and the potential of low-orbit satellite internet are seen as key drivers for industry growth [6] - Investment opportunities are identified in satellite launch schedules, breakthroughs in heavy-lift rockets, and cost reductions in rocket and satellite manufacturing [7]