截至2026年1月8日 14:02，航空航天ETF天弘(159241)盘中换手16.25%，成交9708.61万元，市场交投活跃。跟踪的国证航天航空 行业指数(CN5082)强势上涨4.88%，成分股海兰信(300065)上涨20.00%，新劲刚(300629)上涨13.77%，航天电子(600879)上涨 10.00%，中航机载(600372)，内蒙一机(600967)等个股跟涨。 拉长时间看，截至1月7日，航空航天ETF天弘(159241)近1月规模增长7017.87万元，实现显著增长。 【产品亮点】 航空航天ETF天弘(159241)跟踪的国证航天指数精准覆盖了空天产业链。其中，航空装备与航天装备的权重合计超过68%，是全 市场"含航量"最高的军工指数。其前十大重仓股包括航发动力、中航沈飞、中航成飞等央企龙头企业，既具备核心资产的稳定 性，又拥有中小市值的成长弹性。 【热点事件】 国内首个不锈钢火箭超级工厂开工，拟年产25发 该行认为当前商业航天发展是国企与民营企业共振周期。纵观海外商业航天产业发展路径，成功的关键在于政策、技术与商业 模式的协同驱动。美国通过立法保障、NASA巨额采购合同与监管松绑，实 ...

（一）重要市场新闻 每经记者｜杨建 每经编辑｜彭水萍 1、美股三大指数收盘涨跌不一，纳指涨0.16%，标普500指数跌0.34%，道指跌0.94%；大型科技股多数 上涨，英特尔涨超6%，谷歌涨逾2%，微软、英伟达涨超1%，亚马逊小幅上涨；Meta跌逾1%，苹果、 特斯拉小幅下跌。其中，谷歌市值达到3.89万亿美元，超过苹果公司的3.85万亿美元，为2019年以来首 次。中概股多数下跌，纳斯达克中国金龙指数跌1.58%，金山云、阿里巴巴等跌超2%，富途控股、哔哩 哔哩等跌超1%；传奇生物涨超8%，百度、蔚来小幅上涨。 2、国际油价延续跌势，截至发稿时，美油主力合约跌1.44%，报56.31美元/桶；布伦特原油主力合约跌 0.61%，报60.33美元/桶。国际贵金属价格走低，截至发稿时，现货黄金跌0.92%，报4453.34美元/盎 司；COMEX黄金期货跌0.71%，报4464.1美元/盎司。现货白银跌3.8%，报78.16美元/盎司；COMEX白 银期货跌3.81%，报77.96美元/盎司。欧洲三大股指收盘涨跌不一，德国DAX指数涨0.92%报25122.26 点，法国CAC40指数跌0.04%报8233.9 ...

Core Insights - The essence of commercial rockets is logistics, primarily driven by satellite demand, with SpaceX's Starlink project leading the way in global satellite internet access [2] - China is launching three satellite constellation plans to compete with Starlink, aiming to deploy a total of 38,000 low-orbit satellites, but has only launched over 100 so far [2][3] - The commercial rocket market is characterized by a significant gap between high demand and limited supply, creating substantial market opportunities [3] Industry Overview - The U.S. satellite launch market is dominated by SpaceX, which holds 99% market share due to its technological advantages, while China's market is still emerging with no clear monopolistic player [3] - Key customer demands for commercial rocket companies include sufficient capacity, reliability, scheduling flexibility, and low transportation costs, with a current focus on reducing costs [3][4] Cost Reduction Strategies - SpaceX has successfully reduced launch costs to $1,500 per kilogram, aiming for $100 per kilogram, while other U.S. companies charge around $20,000 per kilogram and Chinese companies around 60,000 RMB per kilogram [4] - SpaceX's cost reduction is attributed to larger rocket sizes, innovative materials like stainless steel, and unprecedented reuse efficiency [4] Emerging Competitors - Yushi Space, founded by Dr. Tang Wen, is developing a stainless steel rocket technology and has recently completed a significant angel round of financing [5][4] - The company aims to leverage stainless steel for its superior thermal and structural properties, allowing for more efficient rocket recovery and operation [6][7] Technological Innovations - The use of liquid oxygen and methane engines offers advantages in longevity and maintenance, making them suitable for reusable rockets [7] - The "chopstick" recovery method proposed by Yushi Space is designed to reduce weight and costs associated with traditional landing gear, enhancing recovery efficiency [8] Market Challenges - The commercial rocket industry faces high prices and low production capacity, with China's launch frequency stagnating around 60 per year compared to the U.S. [9] - Innovation in manufacturing processes is essential for increasing capacity and reducing costs, with Yushi Space's focus on stainless steel rockets representing a potential breakthrough [9] Future Outlook - There is confidence that China will catch up to the U.S. in commercial rocket capabilities within a decade, leveraging its industrial manufacturing strengths [10] - Yushi Space envisions a future where affordable space transportation enables broader access to space infrastructure, with a target of achieving launch costs below 30,000 RMB per kilogram by 2027 [11][13]