据《福布斯》亿万富豪指数显示，特拉华州最高法院恢复了去年被作废的价值 1390 亿美元特斯拉股票 期权后，特斯拉首席执行官埃隆・马斯克的身家于上周五晚间飙升至 7490 亿美元。 马斯克 2018 年的薪酬方案曾价值 560 亿美元，两年前被下级法院认定 "离谱" 而驳回，如今特拉华州最 高法院于本周五宣布恢复该方案。 最高法院表示，2024 年撤销这份薪酬方案的裁决存在不当之处，且对马斯克有失公允。 本周早些时候，有报道称其航天初创企业太空探索技术公司（SpaceX）或即将上市，随后马斯克的身 家突破 6000 亿美元，成为全球首位达成该成就的富豪。 今年 11 月，特斯拉股东还以独立投票的方式批准了一项面向马斯克的价值 1 万亿美元薪酬计划，这一 方案创下全球企业薪酬规模之最。投资者此举意在认可马斯克的愿景 —— 将这家电动汽车制造商转型 为人工智能及机器人领域的巨头。 据《福布斯》亿万富豪榜单数据，马斯克目前的身家已远超全球第二富豪、谷歌联合创始人拉里・佩 奇，领先优势接近 5000 亿美元。 责任编辑：王许宁 据《福布斯》亿万富豪指数显示，特拉华州最高法院恢复了去年被作废的价值 1390 亿美元特斯拉 ...

据上观新闻报道，两名知情人士近期向美媒披露的消息，让美国政坛与商界的交叉地带再起波澜——世 界首富马斯克已重启对共和党的资金输送，目标直指2026年中期选举，全力为特朗普站台助力共和党巩 固国会主导权。这笔捐款的具体金额要等到明年1月竞选财务报告公布才能见光，消息人士只撂下一 句"绝对是一笔巨款"，还透露整个选举周期里，资金支持会像"水龙头"一样源源不断，架势比2024年大 选时的投入只多不少。 编辑 很多人好奇，马斯克此番携巨款回归，真的是重续兄弟情，甚至想重走仕途？答案显然是否定的。欧盟 对X平台及他本人施加巨额罚款的经历，让这位世界首富彻底明白，没有政治身份傍身，再庞大的商业 帝国也如同待宰的羔羊。他的核心诉求从来都是商业利益，特斯拉需要共和党掌控的国会提供减税、松 绑监管的政策支持，SpaceX的太空项目更离不开国会拨款与政府合作，这些都是他砸下巨款的核心动 因。与副总统万斯建立的牢固私人关系，加上对"伟大12年"的预判，本质是为自己的商业帝国提前布局 未来12年的发展环境。 对特朗普来说，马斯克的回归更是及时雨。2026年中期选举要保住国会控制权，离不开马斯克的"钞能 力"和X平台的流量影响力。更关 ...

据美国《空天部队》杂志网站12月19日报道，美国太空军下属的太空发展局当天宣布，向4家公司授予 价值35亿美元的合同，用于采购总共72颗导弹预警和跟踪卫星——这是迄今为止美军低地球轨道星座的 最大一笔交易。 美国太空发展局正在构建其"扩散型太空作战架构"（PWSA），这是一个由近地轨道数据传输卫星、导 弹预警和防御卫星组成的星座。目前，该机构已在轨部署了8颗导弹预警与跟踪卫星，以及19颗数据传 输卫星，作为其"第0批次"试验性星座的一部分。同时，该机构正开展一项为期10个月的发射行动，计 划再发射28颗导弹预警与跟踪卫星和126颗通信卫星，组成"第1批次"。 美媒称，导弹预警、跟踪和防御是三个相互关联又各自独立的任务。导弹预警传感器会在导弹发射后向 用户发出警报。导弹跟踪系统会跟踪导弹的飞行轨迹。导弹防御传感器则提供拦截导弹所需的必要数 据。 陈葭 太空发展局宣布，洛克希德·马丁公司、诺斯罗普·格鲁曼公司、L3哈里斯公司和火箭实验室公司将在未 来3年内为其导弹跟踪卫星群的第三批订单各生产18颗卫星。各公司提供的卫星有效载荷略有不同：洛 克希德·马丁公司获得了一份价值11亿美元的合同，用于生产导弹预警、跟踪和防 ...

Choice数据显示，本周（12月15日至19日）共有70只个股股价创历史新高（不含近一年上市的次新股，按前复权价、涨跌幅复权算法统计，下同）。从 板块看，随着利好消息持续催化，商业航天板块表现最为强势，本周20只相关个股股价创历史新高。亚翔集成近期股价大涨，近30个交易日16次创历史 新高，今年以来上涨247.88%。 本轮商业航天板块行情与此前有何不同？机构认为，一是太空算力有望成为新应用场景，是地面算力的补充。考虑到在地面大规模建设智算中心需要解 决巨大的电力消耗、土地资源以及冷却等多个问题，而太空算力的优点恰好解决上述痛点，具有商业化、经济性可能。 上述70只个股中，按照申万一级行业进行划分，电子、机械设备、有色金属行业创新高的个股较为集中，分别有11只、9只、8只。从上市板块看，主板 股票35只、科创板股票12只、创业板股票18只、北交所股票5只。 二是2025年底至2026年初，国内火箭可回收试验密集，任一公司成功均会提速产业节奏。 从成交额看，上述70只个股中，航天电子、赛微电子、英维克、雪人集团、顺灏股份本周成交额居前，分别为496.68亿元、375.28亿元、345.46亿元、 269.38 ...

特拉华州最高法院指出，下级法院、特拉华州衡平法院并未给特斯拉机会解释公正薪酬理应如何。 分析人士称，特拉华州最高法院这一裁决可能终结围绕马斯克"天价"薪酬长达数年的争斗。 特斯拉董事会和股东大会于2018年批准一项马斯克的薪酬方案，当时总值约560亿美元。方案设立12项目标，马斯克每完成一项，便可获得相应的股票期权 激励。原告方、特斯拉一名小股东理查德·托尔内塔认为特斯拉董事会未能履行职责，致马斯克对薪酬方案获批施加不当影响，并因此"不公正致富"。 特拉华州衡平法院首席法官凯瑟琳·麦科米克2024年1月30日裁决马斯克薪酬方案无效。特斯拉股东大会当年6月再次表决批准薪酬方案。被告特斯拉、特斯 拉董事会及马斯克方面随后发起动议，向麦科米克申请认可特斯拉股东决定。同年12月2日，麦科米克裁定维持此前裁决。被告之后上诉至特拉华州最高法 院，要求推翻下级法院裁决，上诉案今年10月15日开庭。 据央视新闻，美国特拉华州最高法院12月19日裁定，特斯拉公司首席执行官埃隆·马斯克原总值560亿美元的薪酬方案遭下级法院取消的决定太过极端，该方 案必须恢复。 值得注意的是，马斯克旗下的SpaceX已正式向员工通报，公司正在为明 ...

Core Viewpoint - Hainan's announcement of full island closure operation on December 18, 2025, represents a strategic move by China to counter global containment efforts, emphasizing openness rather than isolation [1][8][22] Group 1: Policy and Economic Implications - The concept of "closure" in Hainan does not imply isolation but rather a model of "open first, control second," allowing international access while regulating domestic channels [3][6] - Hainan will operate as a special zone with zero tariffs and simplified approvals for international goods, effectively becoming a "domestic outside" area in terms of trade rules [3][6] - The unique policy of "30% value-added processing for domestic sales exempt from tariffs" provides a significant competitive advantage for businesses, allowing them to import raw materials duty-free and sell processed goods to the mainland without tariffs [11][13] Group 2: Strategic Positioning - Hainan is not intended to replace Hong Kong or Singapore; instead, it aims to leverage its vast land and natural resources to focus on sectors like agriculture, deep-sea exploration, aerospace, and high-end manufacturing [15][17] - The region is positioned as a "testbed" for advanced medical devices and data flow, facilitating early access for domestic patients and exploring cross-border digital economy cooperation [19][21] Group 3: Global Context and Future Outlook - Hainan's closure is seen as a significant step comparable to China's WTO accession in 2001, marking a shift from product-level to institutional-level openness, allowing China to participate in international rule-making [22] - The initiative aims to attract global capital, talent, and technology to Hainan, countering efforts to isolate China and reinforcing the country's commitment to globalization [21][22]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - The report highlights that President Trump signed an executive order reaffirming the goal of returning to the Moon by 2028, establishing a framework for U.S. leadership in space exploration, security, and commercial activities [3][4] - The new U.S. space strategy includes specific timelines and goals, such as returning to the Moon by 2028 and establishing a permanent outpost by 2030, along with deploying nuclear reactors to support long-term activities [3][4] - The policy aims to boost the U.S. space economy, particularly in commercial aerospace, lunar exploration, nuclear systems, and related security technologies, suggesting investment opportunities in companies with technological reserves or collaboration potential in these areas [4][5] Market Performance - From December 15 to December 19, the defense and military industry index rose by 1.5%, outperforming the CSI 300 index by 1.8 percentage points [7] - Since the beginning of 2025, the defense and military industry index has increased by 22.9%, surpassing the CSI 300 index by 6.9 percentage points [7] - As of December 19, the defense and military industry PE (TTM) was 83.49 times, and the PB (LF) was approximately 3.52 times, indicating a high valuation relative to historical levels [7] Investment Suggestions - SpaceX has solidified its global leadership in commercial aerospace through reusable rocket technology and rapid deployment of low Earth orbit constellations, prompting domestic acceleration in technological breakthroughs and resource allocation [5][17] - Domestic developments include advancements in reusable rocket models and the initiation of large-scale satellite constellation launches, indicating a shift towards commercial operations in the aerospace sector [5][17] - The report recommends focusing on companies in the aerospace electronics sector, as domestic policies, capital, and technology converge to drive the commercial aerospace industry from validation to scale [5][17]

Core Viewpoint - Morgan Stanley is expected to become the lead underwriter for SpaceX's initial public offering (IPO), leveraging its close relationship with CEO Elon Musk [1] Group 1: IPO Preparation - Elon Musk has not yet selected the lead underwriter, but a decision may be made by the end of the year, with the full underwriting syndicate potentially finalized shortly thereafter [1] - Although preparations are underway, the IPO is contingent on market conditions, and SpaceX may choose to delay or abandon the listing altogether [1] Group 2: Morgan Stanley's Role - Morgan Stanley has provided advisory services to Musk for many years, including participation in Tesla's 2010 IPO, which involved a syndicate that included Goldman Sachs, JPMorgan, and Deutsche Bank [1] - The firm also acted as an advisor and led financing in Musk's acquisition of Twitter (now X) in 2022 [1] Group 3: Future Plans - SpaceX's CFO, Bret Johnsen, indicated in an internal memo that the company is preparing for a public listing in 2026 [1]

Group 1: Wealth Rankings and Key Figures - Elon Musk remains the world's richest person in 2025 with a net worth of $342 billion, largely driven by Tesla's stock price and SpaceX's valuation exceeding $200 billion [1][5][9] - Mukesh Ambani, India's richest man, has built a significant fortune through Reliance Industries, focusing on oil, petrochemicals, and telecommunications, capturing half of India's mobile users [13][16][18] - Russian billionaire Vagit Alekperov has amassed wealth through the oil and gas sector, specifically with Lukoil, despite ongoing geopolitical tensions and sanctions [20][22][24] - China's richest man, Zhong Shanshan, has a projected net worth of $77.1 billion in 2025, primarily from his bottled water company Nongfu Spring and vaccine producer Wantai [26][28][34] Group 2: Business Strategies and Innovations - Musk's approach involves high-risk ventures, such as SpaceX's reusable rockets and the Starlink satellite project, which aims to provide internet access to remote areas [9][11] - Ambani's strategy includes aggressive market penetration in telecommunications and diversification into renewable energy and digital services [18][20] - Alekperov's Lukoil continues to navigate sanctions by finding alternative markets for oil exports, demonstrating resilience in a resource-dependent economy [22][24] - Zhong's dual focus on everyday consumer goods and high-demand medical products illustrates a balanced business model that mitigates volatility [36][34] Group 3: Emerging Trends in Wealth Creation - The 2024 global wealth landscape is evolving, with traditional tech billionaires still prominent, while new entrants from entertainment and sports are emerging [38][40] - Female billionaires remain underrepresented, comprising only about 10% of the total, highlighting ongoing disparities in opportunities [40][42] - The next wave of wealth creation is expected to come from individuals who can excel in seemingly ordinary sectors, emphasizing innovation and uniqueness [43]

Group 1: Economic Measures and Policies - President Trump announced a $1,776 "warrior bonus" for 1.45 million active-duty military personnel, funded by an additional $2.6 billion from tariffs, benefiting approximately 1.28 million active and 174,000 reserve service members [2] - Federal employees will receive an unprecedented two additional days off for Christmas, creating a five-day holiday period, with the government closing on December 24 and 26 [3] - Trump signed an executive order to relax marijuana regulations, moving it from Schedule I to Schedule III, which will facilitate more clinical research and FDA reviews [4][6] Group 2: Housing and Drug Pricing Initiatives - Trump promised to unveil a housing reform plan to address the housing affordability crisis, while claiming inflation has "stopped" [7] - Major pharmaceutical companies, including Merck and GSK, agreed to voluntarily lower drug prices in exchange for tariff exemptions and regulatory relief, with Novartis committing to invest $23 billion in the U.S. over five years [7] Group 3: Political Context and Challenges - Trump's policy announcements come amid declining approval ratings, with Ipsos polling showing his support at 39%, and challenges related to rising living costs and the upcoming 2026 midterm elections [1][9] - The unemployment rate rose to 4.6% in November, the highest since October 2021, with approximately 7.83 million unemployed, indicating economic pressures that could impact the Republican party's control in Congress [8][9]