Core Viewpoint - The aerospace industry in China is experiencing significant growth, driven by policy support and increased launch activities, with the Tianhong Aerospace ETF showing strong market performance and substantial inflows [1][2]. Group 1: Market Performance - As of January 5, 2026, the Tianhong Aerospace ETF (159241) recorded a turnover of 20.78% and a transaction volume of 128 million yuan, indicating active market trading [1]. - The CN5082 index, which tracks the aerospace industry, rose over 2.5% during the trading session, with key stocks like Beifang Navigation (600435) up 6.68% and AVIC High-Tech (600862) up 5.88% [1]. - The Tianhong Aerospace ETF saw a significant growth of 34.11 million yuan over the last two weeks, reflecting strong investor interest [1]. Group 2: Product Highlights - The Tianhong Aerospace ETF (159241) tracks the CN5082 index, which covers the aerospace industry chain, with a combined weight of over 68% in aerospace and aviation equipment, making it the highest "aerospace content" military index in the market [1]. - The top ten holdings of the ETF include major state-owned enterprises such as Aero Engine Corporation of China and AVIC Shenyang Aircraft Corporation, providing both stability from core assets and growth potential from smaller market cap companies [1]. Group 3: Industry Developments - The Chinese aerospace industry is set to achieve a record 73 launch missions in 2025, including significant satellite launches, showcasing the sector's robust growth [1]. - Private rocket companies like New Space and Blue Arrow are making progress in rocket recovery and reuse technology, and are initiating IPO processes, indicating a vibrant industry landscape [1]. - Policy initiatives, such as those from Shanghai supporting the G60 Science and Technology Corridor, are aimed at promoting satellite manufacturing and commercial operations, alongside national emphasis on developing emerging industries like aerospace and low-altitude economy [1][2]. Group 4: Institutional Insights - CITIC Securities highlights that China's military industry has evolved into a new growth model characterized by "domestic demand foundation, foreign trade expansion, and civilian backfeeding," leading to a sustainable and diversified growth momentum [2]. - The commercialization of military technology is fostering new trillion-level industries such as commercial aerospace and low-altitude economy, creating a virtuous cycle of "military technology for civilian use, backfeeding military industry" [2].

截至2025年12月31日收盘，航空航天ETF天弘(159241)换手20.18%，成交1.26亿元，市场交投活跃。跟踪的国证航天航空行业指 数(CN5082)强势上涨2.74%，盘中点位再创2025年新高！成分股国博电子(688375)上涨12.05%，广联航空(300900)上涨10.62%， 航天电子(600879)上涨10.01%，航天晨光(600501)，中国卫星(600118)等个股跟涨。 值得一提的是，截至2025年度收官，航空航天ETF天弘(159241)跟踪的国证航天航空行业指数全年累计涨幅达32.63%，大幅跑赢 国证军工指数17.74%的涨幅。 【产品亮点】 航空航天ETF天弘(159241)提供了高效把握核心军工空天机遇的工具，其跟踪国证航天指数，军工属性极强，申万一级军工行业 占比97.86%，是全市场军工含量最高的指数！更聚焦的是，其航空航天装备权重占比高达66.8%，远超中证军工和中证国防指 数。 【热点事件】 | 乙 宽星 | | | | --- | --- | --- | | 159977 | 创业板ETF天弘 | 创业板 | | 589860 | 科创综指ETF天弘 | 科 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The market is shifting from valuation repair to profit - driven, with geographical diversification starting to take effect. It is recommended to stay invested and strengthen diversified allocation [2]. - China's stock market cycle is transitioning from 'expectation - driven' to 'profit - driven'. Corporate profits may grow by 14% in 2026 and 12% in 2027, with a valuation expansion of about 10% [3]. - In 2026, the risk of a significant rise in China's stock market is much higher than a significant fall, and there are multiple positive factors in the Chinese market [3]. Summary by Relevant Catalogs Morning Session Notice - **Market Performance**: On the last trading day before the holiday, some funds withdrew for risk - avoidance, causing adjustments in some indices. The aerospace sector rose again. The trading volume of the two markets was 2.04 trillion yuan with a moderate decline. The CSI 500 index closed at 7465 points, up 6 points (0.09%); the CSI 1000 index closed at 7595 points, down 2 points (- 0.02%); the SSE 50 index closed at 3031 points, down 5 points (- 0.18%); and the CSI 300 index closed at 4629 points, down 21 points (- 0.46%). The funds in stock index futures of CSI 500, CSI 1000, CSI 300, and SSE 50 had net outflows of 5.4 billion, 4.8 billion, 2.1 billion, and 10 million yuan respectively [1]. - **Sector and ETF Performance**: Among industry and theme ETFs, satellite ETF, general aviation ETF, etc. led the gains, while dual - innovation ETF, energy - storage battery ETF, etc. led the losses. Among sector indices of the two markets, hotel catering, cloud gaming, etc. led the gains, and chemical fiber, communication equipment, etc. led the losses [1]. Important Information - Policy: The 'Notice on Implementing the Policy of Large - scale Equipment Updating and Consumer Goods Trade - in in 2026' was issued, and the 'Announcement of the China Securities Regulatory Commission on Launching the Pilot of Commercial Real Estate Investment Trust Funds' was released [1]. - Market Trends in 2025: The STAR 100 index rose 54.63%, the ChiNext index rose 49.57%, the Shenzhen Component Index rose 29.87%, and the Shanghai Composite Index rose 18.41%. The total market value of A - shares reached 118.91 trillion yuan, an increase of 25.30 trillion yuan compared with the beginning of the year. Precious metal prices such as gold (+65%), silver (+148%), etc. rose significantly, and the number and overseas authorization transaction amount of approved innovative drugs in China reached record highs [1][2]. - Company News: TSMC's 2nm process was mass - produced as planned and its stock price hit a record high; Samsung Electronics' stock rose 7.2% due to the recognition of HBM4 products. Tesla's Q4 deliveries decreased by 16% year - on - year, while BYD's battery - electric vehicle sales increased [1][2]. - International News: High - profile companies like SpaceX, OpenAI, and Anthropic have high valuations. The US launched air strikes on Venezuela, and Venezuela declared a state of emergency [2]. Market Logic - Some funds withdrew for risk - avoidance on the last trading day before the holiday, causing index adjustments and a rise in the aerospace sector. High - end investment banks believe that global stock markets are in the 'optimistic stage' of a bull market, and the market is shifting from valuation repair to profit - driven. There was a net inflow of 83.1 billion US dollars into ETFs investing in Chinese assets in 2025, with the technology sector receiving the most foreign investment. The market expects insurance, wealth management, and pensions to be the incremental funds in 2026, and more international funds are looking at the AI track outside the US [2]. Future Outlook - China's stock market cycle is moving from 'expectation - driven' to 'profit - driven'. The total scale of listed ETFs in the whole market increased by 56% in 2025. Global funds are increasing their investment in China's stock market, and the Chinese technology sector is becoming a key area for global AI investment. The risk of a sharp rise in China's stock market in 2026 is higher than a sharp fall. Overseas capital is accelerating the allocation of Chinese assets, and the RMB is appreciating. All kinds of funds are expected to enter the market quickly [3]. Trading Strategies - For stock index futures directional trading, establish long positions in stock index futures with growth - type indices as the main targets on the first trading day of January. - For stock index option trading, open call options on the CSI 1000 index when the opportunity arises [3].

Group 1: Emerging and Future Industries - Various provinces are focusing on emerging and future industries, with specific emphasis on sectors like integrated circuits, robotics, and advanced energy storage [1][6] - Jiangsu aims to deepen integration into the Yangtze River Delta's aircraft manufacturing cluster and emphasizes atomic-level manufacturing [6] - Provinces like Shandong and Guangdong are prioritizing sectors such as quantum technology and hydrogen energy, indicating a trend towards high-tech and sustainable industries [1][7] Group 2: Digital Development - Provinces are actively developing digital infrastructure, with Liaoning focusing on data annotation industries and integrating AI into traditional industries [2][9] - Beijing aims to become a global benchmark city for digital economy, emphasizing core technologies like high-end chips and software [2][9] - Guangdong is enhancing its data trading platforms to foster industrial clusters, showcasing a strong market-driven approach [2][9] Group 3: Marine Economy - Coastal provinces are shifting their focus to marine economies, with Guangdong and Shandong aiming to create comprehensive marine industry ecosystems [8][19] - Liaoning and Jiangsu are leveraging their industrial bases to upgrade traditional marine industries towards high-end and green solutions [8][19] - The emphasis on marine economic development reflects a strategic pivot towards utilizing ocean resources for economic growth [8][19] Group 4: Consumption and Economic Growth - Guangdong is promoting the establishment of international consumption centers, aiming to enhance service industry standards and consumer environments [10][11] - Provinces like Beijing and Jiangsu are emphasizing high-energy consumption innovations, focusing on cultural and tourism integration to stimulate local economies [11][15] - The strategies aim to release local market potential and enhance consumer confidence through improved infrastructure and services [11][15] Group 5: Strategic Technology and Talent Development - Provinces are prioritizing the establishment of national laboratories and major scientific facilities to strengthen strategic technological capabilities [12][14] - There is a focus on integrating education, technology, and talent development to foster innovation and address regional needs [13][14] - Collaborative efforts across provinces aim to enhance the overall effectiveness and resilience of the national innovation system [12][14]

Core Viewpoint - The integration of technology and industry is a strategic choice for Chengdu's development, emphasizing the need for innovation-driven growth and efficient transformation of technological achievements into market value [2][3]. Group 1: Strategic Importance - Chengdu's "15th Five-Year Plan" positions the city as a significant center for technological innovation and advanced manufacturing, necessitating enhanced hard power [2]. - The focus on integrating technology and industry aims to facilitate the initial stages of technological innovation and the final stages of technology transfer, creating a positive cycle of productivity [2]. Group 2: Implementation Strategies - The city has outlined key tasks for the new year, emphasizing organized innovation, effective transformation, and systematic matchmaking in the integration of technology and industry [2]. - Specific areas of focus include deepening scene innovation, expanding "Artificial Intelligence +", and nurturing emerging industries such as low-altitude economy and digital cultural creation [2][3]. Group 3: Collaborative Efforts - Ongoing initiatives like "Sci-tech Tianfu · Wisdom Gathering in Rongcheng" aim to enhance the efficient matching of supply and demand through collaboration with universities and innovation platforms, resulting in over 400 collaborative projects [3]. - The establishment of a "dual-direction leaderboard" mechanism and the appointment of 500 research personnel to act as "technology vice presidents" in enterprises will further support technological advancements [3].

此外，解禁规模在30亿—40亿元的有中航沈飞、爱旭股份两股，解禁市值分别约43.8亿元和30.44亿元， 解禁股份类型均为定向增发机构配售股份。中亦科技、天和磁材、盾安环境等11股解禁规模则在10亿— 30亿元，剩余个股解禁规模则低于10亿元。 从单只个股解禁数量看，国联民生居首，解禁股份数量约17.71亿股；建设工业位居第二，解禁股份数 量约6.3亿股；位居第三的是百利天恒，解禁股份数量约2.98亿股。 此外，新五丰、爱旭股份、云从科技、*ST花王、盾安环境、烽火电子的解禁数量也均在亿股以上，分 别约为2.33亿股、2.27亿股、2.05亿股、1.86亿股、1.39亿股、1.14亿股。 从单只个股解禁规模来看，有16股解禁市值超10亿元。其中，百利天恒解禁市值居首，限售股将在1月6 日解禁，解禁市值约963.19亿元，解禁股份类型为首发原股东限售股份，解禁股东为公司控股股东、实 际控制人朱义，解禁数量占总股本的比例为72.2%。 不过，百利天恒在2025年12月26日披露公告称，公司于近日收到朱义出具的《关于不减持公司股份的承 诺函》。具体来看，基于对公司未来发展的信心和长期投资价值的认可，为促进公司持续、 ...

Investment Rating - The report maintains a "stronger than the market" rating for the defense and military industry [8] Core Viewpoints - The core investment logic for commercial aerospace is to grasp the core line of rockets and explore the elastic space of satellites [45][46] - The aerospace sector is expected to perform well, driven by the strong performance of its constituent stocks [19][25] Summary by Sections Market Review - The Shenwan Military Industry Index (801740) rose by 3.05% from December 29 to December 31, while the CSI 300 Index fell by 0.59%, resulting in an excess return of 3.64 percentage points [19][20] - Since 2025, the Shenwan Military Industry Index has increased by 34.3%, outperforming the CSI 300 Index, which rose by 17.66% [20] - The aerospace sector showed strong performance, primarily due to the good performance of Aerospace Electronics [25] Rocket Sector - Both capacity and computing power are strategic high points that major countries are competing for, with China's 14th Five-Year Plan emphasizing the importance of becoming a "space power" [46] - In 2025, China is expected to conduct 92 rocket launches, while SpaceX is projected to conduct 167 launches [46] - The capital closed-loop logic indicates that domestic private rocket companies are expected to go public, enhancing their manufacturing capabilities and supporting a robust global supply chain [47] Satellite Sector - Large-scale rocket launches will accelerate the deployment of a significant number of networked satellites, with plans to launch over 38,000 satellites by major Chinese constellations [48] - The competition for space computing power between China and the U.S. is expected to expand the overall commercial aerospace market [48][50] - The trend of integrating "communication and computing" will lead to larger satellite sizes to support greater data transmission [50] Financial and Valuation Aspects - As of December 31, the TTM price-to-earnings ratio for the Shenwan Military Industry Index is 75.92, indicating a high configuration significance given the strong recovery expectations for the industry in 2026 [51] - Passive funds experienced a net outflow of 2.592 billion yuan during the week, but the expectation of strong demand recovery in the military industry is likely to lead to a return of net inflows [31][36] Recommended Companies - Rocket Sector: Western Materials, Feiwo Technology, Aerospace Power, Aerospace Intelligence [52] - Satellite Sector: Aerospace Electronics, Lens Technology, West Measurement Testing, Guangwei Composite, Tongyu Communication, Zhenyou Technology, Aerospace Hanyu [52] - Fusion Energy: Guoguang Electric, Lianchuang Optoelectronics, Hezhuan Intelligent, Wangzi New Materials, Xuguang Electronics, Aike Saibo, Yongding Co., Ltd., Hangyang Co., Ltd., Jingye Intelligent, Weiteng Electric, New Wind Light, Parker New Materials, Hongwei Technology [52]

措施在建设新型航空器总装制造能力方面，提出市区协同聚焦建设特色产业园区，加大产业用地、人才 服务、专项资金等要素资源支持力度，为落地的低空航空器总装制造及关键配套项目提供综合性保障。 对eVTOL、吨级工业级无人机等技术创新度高、产业化贡献突出的整机生产制造项目，给予最高不超 过1亿元支持。引导低空产业基金联动社会资本给予股权投资支持。 之所以将低空经济列为"十五五"产业新增长点，打造"世界eVTOL之都"，源于上海的产业基础。 低空经济是以 eVTOL、工业级无人机等新型航空器研制为核心竞争力，强化颠覆性技术创新引领，广 泛开展有人驾驶和无人驾驶航空器的低空飞行活动,驱动设计制造、运营、消费多领域融合发展的创新 性经济形态。上海作为中国最早发展低空经济的城市之一，在低空经济的重要载体——eVTOL方面拥 有着良好的产业基础。目前，上海拥有完善的低空经济生态圈，全国50%以上的 eVTOL 头部企业已选 择上海。御风航空、峰飞、时的、沃兰特、磐拓等eVTOL头部企业几乎全在上海，被称为"eVTOL五小 龙"。 另外金山区的"华东无人机基地"，成为全国首批"民用无人驾驶航空试验区"，是国内唯一一个以海岛为 应用 ...

之所以将低空经济列为"十五五"产业新增长点，打造"世界eVTOL之都"，源于上海的产业基础。 低空经济是以 eVTOL、工业级无人机等新型航空器研制为核心竞争力，强化颠覆性技术创新引领，广泛开展有人驾驶和无人驾驶航空器的低空飞行活动,驱 动设计制造、运营、消费多领域融合发展的创新性经济形态。上海作为中国最早发展低空经济的城市之一，在低空经济的重要载体——eVTOL方面拥有着 良好的产业基础。目前，上海拥有完善的低空经济生态圈，全国50%以上的 eVTOL 头部企业已选择上海。御风航空、峰飞、时的、沃兰特、磐拓等eVTOL 头部企业几乎全在上海，被称为"eVTOL五小龙"。 上海拟聚焦低空经济、商业航天、具身智能、生物制造、智能终端，使它们成为上海产业新增长点，力争"十五五"时期整体达到万亿元规模。 集聚全国50%以上eVTOL头部企业的上海，再发新政支持低空经济发展。 1月4日，《上海市关于链接长三角加快建设低空经济先进制造业集群的若干措施》（下称"措施"）公布，提出到2028年，上海低空经济核心产业规模达到 800亿元左右，形成低空新型航空器完整产业链体系，建设低空经济国家先进制造业集群，加快迈向比较优势凸 ...

据知情人士透露，空客集团在 2025 年共交付飞机 793 架，超额完成其修订后的年度目标。 空客与其竞争对手 波音公司的飞机交付量均为市场密切关注的业绩指标，因为交付量是两家企业 最大的现金来源，同时也是衡量其供应链稳定性的重要参考依据。 空客多年来一直受困于内饰部件到发动机等各类零部件的准时采购问题，这一状况时常导致大量飞 机无法按期交付。 该知情人士表示，为达成这一目标，这家飞机制造商在年末最后几天大幅提升了交付量。他指出， 上述数据为初步统计结果，或存在小幅调整。 上月，由于旗下畅销机型 A320 系列接连出现一系列故障 —— 先是因软件升级问题启动大规模召 回，随后又发现该机型部分机身蒙皮面板不符合规格，需额外开展检查 ——空客下调了其先前设定的 2025 年约 820 架的交付目标。 空客发言人拒绝对年度交付量置评，并补充称，经审计的订单及交付数据将于 1 月 12 日股市收盘 后正式公布。 ...