卫星板块热度居高不退。数据显示，截至12月30日，卫星产业ETF(159218)成交额约5.1亿，创历史新 高，近5日揽金近4亿！ 中邮证券表示，商业航天领域正迎来发展机遇，产业链上下游企业值得关注，包括卫星制造、地面设备 及数据处理等环节，相关技术进步与政策支持推动行业持续成长，太空算力作为新兴领域也具备长期发 展潜力，随着航天技术商业化进程加速，相关企业有望在卫星互联网、遥感应用等场景实现突破，产业 生态日趋完善，市场规模有望持续扩大。 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>> 据央视新闻报道，北京时间2025年12月31日06时40分，我国在文昌航天发射场使用长征七号改运载火 箭，成功将实践二十九号卫星A星、B星发射升空，卫星顺利进入预定轨道，发射任务取得圆满成功。 该卫星主要开展空间目标探测新技术验证试验。 ...

中邮证券表示，商业航天领域正迎来发展机遇，产业链上下游企业值得关注，包括卫星制造、地面设备 及数据处理等环节，相关技术进步与政策支持推动行业持续成长，太空算力作为新兴领域也具备长期发 展潜力，随着航天技术商业化进程加速，相关企业有望在卫星互联网、遥感应用等场景实现突破，产业 生态日趋完善，市场规模有望持续扩大。 分析指出，当前卫星产业ETF(159218)已成为资金布局商业航天的高效工具，覆盖产业链核心环节。在 行业高景气延续背景下，板块有望持续吸引中长期配置资金关注。 风险提示：基金有风险，投资需谨慎。 12月30日，卫星板块午后震荡。数据显示，截至14时58分，卫星产业ETF(159218)跌0.73%，权重股中 国卫星跌1.91%，交投持续升温，成交额约5.1亿，创历史新高！ ...

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>> 12月26日，上交所发布《发行上市审核规则适用指引第9号——商业火箭企业适用科创板第五套上市标 准》，支持正处于大规模商业化关键时期的商业火箭企业，适用第五套上市标准登陆科创板。 中信建投 证券指出，这一标准的设立，预示着中国商业航天从"融资驱动"迈向"产品与技术驱动"的关 键转折。据统计，截至目前，至少有蓝箭航天、中科宇航、天兵科技、星河动力、星际荣耀五家火箭企 业处于IPO进程中。 12月30日，卫星板块再度低位发射！截至9时47分，表征板块的卫星产业ETF(159218)一度涨0.48%，盘 中冲击五连升创年内第32次新高；资金热度不减，据Wind Level2实时行情结合均价预估，盘中净流入 约2600万，截至发稿，该基金获资金连续4日净流入。 ...

资本市场与产业突破互相印证，上交所发布商业火箭科创板上市审核指引，明确提出："在申报时至少 实现采用可重复使用技术的中大型运载火箭发射载荷首次成功入轨"。 中金公司机械军工首席刘中玉指出，在商业火箭IPO背景下，可复用火箭有望出现"试飞竞赛"，推动技 术快速进步，对二级市场投资也将形成持续催化。中美商业航天的竞争，有望从技术、商业等维度，进 一步向资本领域拓展。持续看好商业航天板块的投资机会。《中国商业航天产业研究报告》显示，2025 年行业融资总额达到186亿元，同比增长32%，融资共67笔。 卫星产业ETF（159218）追踪中证卫星产业指数，覆盖卫星制造与发射、卫星地面设备制造、卫星导 航、卫星通信以及其它技术研发与应用环节。编制方案中，明确，卫星平台与卫星载荷制造、卫星发射 等基础领域权重不低于50%，充分体现卫星制造是我国现阶段产业建设的核心。 卫星产业ETF（159218）涨2.18%，卓胜微涨超10%，中国卫通涨停，中国卫星涨超7%，航天电子涨超 6%，芯元股份、信维通信、北方导航、航天电器等跟涨。近期资金加仓趋势显著，根据wind实时行情 预估，盘中流入超3000万。 今年以来卫星产业加速爆发 ...

Group 1 - The satellite industry ETF (159218) has increased by 2.15%, marking a four-day rise, with China Satellite rising by 8.75% and a net inflow of over 44 million during trading [1] - The National Venture Capital Guidance Fund has officially launched, focusing on early-stage projects in integrated circuits, artificial intelligence, aerospace, low-altitude economy, biomanufacturing, and future energy, with a total government investment of 100 billion [1] - The fund's three-tier structure aims to leverage social capital participation, potentially mobilizing a trillion-scale funding [1] Group 2 - The A-share market is expected to experience its last three trading days of the year, with a focus on structural opportunities in a fluctuating market [1] - Industry experts suggest that the market's structural characteristics are likely to continue, with trading volume being a key signal for market trends [1] - Recent hot topics such as commercial aerospace may continue to gain traction in the market [1]

12月29日早盘，卫星板块延续强势。截至9时42分，卫星产业ETF（159218）上涨0.31%，创下年内第31 次新高，实现盘中"四连升"。成分股方面，中国卫星涨3.60%，同样实现四连涨。资金持续涌入，据测 算该ETF十分钟内净流入约1600万元。 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>> 值得关注的是，目前已有至少10家商业航天企业启动IPO进程，其中5家为运载火箭企业，包括蓝箭航 天、星际荣耀等。A股多家上市公司已通过直接或间接方式参投相关企业。 当前，卫星产业ETF已成为资金布局商业航天的高效工具，覆盖产业链核心环节。在行业高景气延续背 景下，板块有望持续吸引中长期配置资金关注。 近期，商业航天板块市场关注度已突破20%，显著高于机器人、低空经济等新兴赛道，显示资金正系统 性布局这一战略方向。尽管隔夜美股相关概念股出现调整，但A股在政策与产业进展支撑下走出独立行 情。 ...

据了解，卫星产业ETF(159218)作为覆盖全产业链的投资工具，近期持续获得资金青睐，反映市场对商 业航天中长期发展前景的积极预期。在行业高景气延续、技术迭代加速的背景下，该板块仍具备持续关 注价值。 风险提示：基金有风险，投资需谨慎。 消息面，当前行情主要由政策与资本双向推动。政策层面，科创板日前明确商业火箭企业上市标准，要 求企业实现可重复使用中大型火箭成功入轨，为行业技术成熟公司提供了明确的资本化路径。资金层 面，市场关注度显著提升，行业讨论热度已突破20%，显示资金正在系统性布局这一战略方向。尽管隔 夜美股相关板块调整，但国内在政策与产业进展支撑下走出独立行情。 从行业结构看，当前行情已从系统集成向产业链上游扩散，包括火箭材料、特种润滑油、轻量化结构等 细分环节受到市场重点关注。在航天强国战略持续推动下，商业航天已进入"政策+资本+技术+需求"四 轮驱动发展阶段，卫星制造、发射服务、地面设备、运营应用等全链条企业持续受益。 12月29日，卫星板块持续获资金热捧，数据显示，截至9时27分，表征板块的卫星产业ETF(159218)跌 1.17%，资金热度不减，据Wind Level2实时行情结合均价预估 ...

Group 1 - The report indicates that the market is likely entering a "spring rally" phase, with the overall market represented by the Wind All A Index breaking through moving averages and expected to reach new highs. This is supported by increased trading volume despite the suspension of northbound capital transactions [4][7][13] - The technology growth sector is identified as a long-term market focus, with a K-shaped economic recovery in China favoring technology growth performance. Opportunities are anticipated in previously lagging areas such as AI applications and humanoid robots [4][7][12] - The report highlights the ongoing expansion in the non-ferrous metals market, with prices for gold, silver, and copper reaching historical highs. This is attributed to a combination of factors including a loosening of dollar liquidity and supply-demand tightness [12][13] Group 2 - The report suggests that the domestic commercial aerospace industry is expected to develop rapidly, supported by new regulations that favor commercial rocket enterprises and the anticipated growth of the market, which is projected to exceed 2.5 trillion yuan [11][12] - The report emphasizes the importance of monitoring the non-ferrous metals sector for investment opportunities, particularly in strategic minor metals and industrial metals, as the market is currently in an expansion phase [12][13] - The report notes that monetary policy remains moderately accommodative, which supports a slow bull market in A-shares, with expectations of continued liquidity support for technology growth sectors [8][9]

Group 1: Industry Developments - The Shanghai Stock Exchange has released guidelines supporting commercial rocket companies to list on the Sci-Tech Innovation Board, marking a significant step in the commercialization of the space industry [1] - China has seen a surge in rocket launches, with over 10 launches in December alone, setting a record for the highest monthly launch count this year [2] - The Tianlong-3 reusable rocket, developed by Tianbing Technology, is set for its maiden flight, boasting a near-Earth orbit capacity of 17 tons, significantly surpassing previous models [2] Group 2: Company Performance - China Satellite and China Satcom both experienced stock price surges, with China Satellite hitting a closing price of 80 yuan per share, approaching its historical peak [2] - China Satcom's stock price has increased by over 35% in December, with its latest closing price exceeding 28 yuan per share [3] - The Zhongzheng Satellite Industry Index has risen by 32.45% in December, outperforming the Shanghai Composite Index, indicating strong performance in the commercial space sector [4] Group 3: Market Trends - The commercial space sector has emerged as a strong investment theme, with various indices related to space technology showing significant gains, including a nearly 75% increase in the Aerospace Equipment Select Index [4] - The satellite industry is experiencing robust growth, with major players like China Star Network and Shanghai Yanjin leading the development of satellite internet constellations [7] - The market for low-orbit satellite constellations is projected to reach trillions, driven by competition among major nations [8] Group 4: Company Engagement and Financing - A total of 95 companies involved in the satellite industry have been identified, with an average stock price increase of over 60% this year, and more than 20 companies seeing gains exceeding 100% [10] - Financing for these companies has surged, with a total financing balance of 690.55 billion yuan, reflecting a 45% increase from the previous year [14] - Companies like Shunhao Co., Aerospace Development, and New Light Optoelectronics have reported significant stock price increases, with Shunhao Co. rising over 420% this year [10]

Group 1 - The core viewpoint of the news highlights the significant growth in China's satellite industry, with the satellite sector ETFs experiencing a rise of over 3% and more than 28% this month, indicating strong market performance [1] - The China Satellite Industry Index covers a comprehensive range of the satellite industry, including manufacturing, launching, communication, navigation, remote sensing, and applications, benefiting from the industry's beta [1] - The satellite industry chain is currently in its early stages, with leading companies expected to benefit first from the emerging trends, as indicated by the focus on leading firms in the top ten constituents of the index [1] Group 2 - Dongxing Securities anticipates that during the 14th Five-Year Plan period, commercial space will become a crucial engine for high-quality technological development in China, with an expected acceleration in satellite launches by 2026 [2] - The involvement of private commercial rocket companies is expected to complement national efforts, supporting the high-frequency launch demand [2] - The investment opportunities in China's satellite internet industry chain are viewed positively for 2026 [2] Group 3 - Guotai Haitong Securities suggests that ground computing power is nearing physical limits, and space computing power may offer a solution, transitioning from "ground computing" to "space computing" [3] - Major global players like Google, SpaceX, and Starcloud are exploring space computing capabilities, with differentiated paths towards commercial expansion [3] - The development of China's space computing is characterized by a clear structure of "dedicated computing constellations" and "intelligent remote sensing constellations," indicating a systematic approach to technology validation and deployment [3]