8月27日，三大指数集体高开，商业航天板块飘红。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 相关ETF方面，航空航天ETF天弘（159241）截至发稿小幅走高，涨0.63%。成分股方面，光启技术涨 超5%，迈信林、中航成飞等个股涨幅居前。据Wind金融终端，截至8月26日，航空航天ETF天弘 （159241）年内份额新增超94%，暂居同标的第一。 东方证券指出，随着政策鼓励下卫星火箭关键系统部件制造持续加快，加上海南商发二期发射工位的建 成投入使用，未来卫星制造端与火箭发射端有望共振，组网进度有望持续加快，同时商业航天全套产业 链也有望充分受益、看好商业航天方向。 民生证券认为，"火箭的运力"就是"AI的算力"，火箭的运载能力有多大，太空经济的舞台就有多大。在 体制内与民营火箭公司持续不断努力下，由运载能力的提升带来的卫星组网加速与商业应用推进将应拐 点。关注商业航天下半年投资。 航空航天ETF天弘（159241）紧密跟踪国证航天指数，按申万一级行业分类，该指数以超98%的国防军 工行业权重形成显著特征，是全市场军工含量最高的指数。按申万二级行业分类， ...

必读要闻一：华为云称将更多的资源投入到AI产业和算力产业上 长城证券认为，当前全球AI浪潮持续加速，催生算力需求指数级提升，同时国产诸如DeepSeek等大模 型加速推进，必定带来国产算力需求的持续攀升，在国产算力基础设施逐步建设充分AI芯片技术上逐 步提升，将带来充分的算力国产自主化空间，持续看好算力自主化相关投资机会。 必读要闻二：力箭二号发射设备工位安装调试试验取得圆满成功 近日，力箭二号液体运载火箭发射设备工位安装调试试验取得圆满成功。发射设备按预定时间起竖完 成、火箭精准落位发射台、防风装置准确压紧，并按照正式流程复刻射前规定动作，包括预后倒、长期 停放高精度保持、射前快速后倒，标志着发射设备各项功能、性能得到验证。 液体燃料火箭凭借其推力可调、重启能力强及系统适配性高等优势，正逐渐成为新一代可复用火箭的主 流选择。中信建投任宏道认为，随着民营大运力液体火箭的逐步成熟，可回收技术试验的逐步推进，以 及相关企业对于市场开拓的逐步突破，我国低轨卫星互联网星座项目有望逐步向民营火箭开放，民营液 体火箭将成为我国火箭发射资源的有力补充，并有望实现火箭发射成本的显著降低，加速我国卫星互联 网建设，带动火箭、卫 ...

Core Points - The Tianzhou-8 cargo spacecraft successfully transitioned to independent flight after departing from the space station, with plans for controlled re-entry into the atmosphere soon [1] - Tianzhou-8 provided essential supplies for the Shenzhou-19 and Shenzhou-20 astronaut crews during its nearly eight months in orbit [2] - The spacecraft carried approximately 6 tons of supplies, including living essentials, scientific experiment materials, and festive gift packages for astronauts [2] - Tianzhou-8 also included "lunar bricks" made from simulated lunar soil for exposure experiments, contributing to future lunar construction research [4] - The cargo capacity of Tianzhou-8 has improved significantly, utilizing a 3-hour autonomous rapid rendezvous docking mode, which will be the standard for future missions [5][8] - The Tianzhou cargo spacecraft is among the largest and most comprehensive cargo transport vehicles currently in operation, with plans for additional vehicles to enhance cargo transport flexibility and reduce costs [9] - Upcoming cargo vehicles, such as the Qingzhou and Haolong, are expected to further lower transportation costs and improve operational flexibility for space station logistics [9][11] - The Haolong cargo spacecraft features reusable technology and is designed for both upward and downward transport, promising better economic efficiency compared to traditional cargo spacecraft [11]

Group 1 - The successful test of the first-stage propulsion system of the Lijian-2 liquid launch vehicle marks a significant milestone in the development phase, validating key technologies and laying the foundation for the maiden flight of the Light Boat cargo spacecraft [1] - The propulsion system test is the most complex and challenging ground test in the rocket development process, ensuring the reliability and stability of the rocket's flight [1] - The test verified the coordination and compatibility of the rocket's first-stage pressurization delivery system with the engine system, as well as the correctness of interfaces among propulsion, structure, avionics, and launch support systems [1] Group 2 - The test was conducted at the China Aerospace Science and Technology Corporation's liquid propulsion system test center in Guangzhou, which has been fully completed and passed the test assessment [2] - The test center is a leading domestic facility with capabilities for testing 200-ton liquid rocket engines and 400-ton integrated propulsion systems, crucial for the development of key technologies for commercial rocket recovery [2] - The upcoming completion of the technical preparation building and dedicated launch site for the Lijian-2 liquid launch vehicle in Jiuquan, Gansu, will enable an "out-of-factory, immediate launch" model, significantly shortening the preparation cycle for commercial rocket launches [2]

Group 1 - Xiong'an Aerospace Satellite Super Factory Co., Ltd. was established with a registered capital of 200 million RMB, focusing on micro-satellite production, research, and various engineering services [1] - The successful ground test of the first-stage propulsion system for the Lijian-2 liquid launch vehicle marks a significant milestone, ensuring the reliability and stability of the rocket for its upcoming maiden flight [2] - The Chinese Academy of Sciences launched the world's first fully automated design system for processor chips, named "Enlightenment," which achieves automation from hardware to software design, reaching levels comparable to human experts [3] Group 2 - TSMC's first factory in Japan has begun mass production, but the construction industry faces severe labor and material shortages, causing delays in supply chain operations [4] - Samsung has started producing the 2nm Exynos 2600 prototype chip, with initial yield rates at 30% and efforts underway to exceed 50% for full-scale production by early next year [5]

Core Viewpoint - The successful test of the first-stage propulsion system of the Lijian-2 liquid launch vehicle marks a significant milestone in the development phase, laying a solid foundation for the maiden flight of the light cargo spacecraft [1][3]. Group 1: Test Details - The test conducted on June 11 at the China Aerospace Science and Technology Corporation's liquid propulsion system testing center validated key technologies of the Lijian-2 [1][3]. - The test involved the engine starting, oscillating, and shutting down according to a predetermined program, confirming the normal operation of the system [3]. - The test covered the flight mission profile and effectively assessed the coordination between the booster delivery system and the engine system, as well as the correctness of system interfaces [3]. Group 2: Testing Center Significance - The successful test signifies the completion and passing of assessments for the liquid propulsion system testing center, which is a leading large-scale testing facility in China [3][4]. - The center has the capability to test 200-ton liquid rocket engines and conduct comprehensive testing of 400-ton propulsion systems, essential for mass production and propulsion research [3][4]. - It is the only testing institution in China with both liquid engine testing and rocket propulsion system testing capabilities, making it crucial for the development of key technologies for commercial rocket recovery [4].

Group 1 - The successful test of the first-stage propulsion system of the Lijian-2 liquid launch vehicle marks a significant milestone in the development phase, validating key technologies and laying a solid foundation for the maiden flight of the Light Boat cargo spacecraft [1][3] - The propulsion system test is the most complex and challenging ground test in the rocket development process, ensuring the success of the rocket's first flight [3] - The test verified the coordination and compatibility of the booster delivery system with the engine system, as well as the correctness of interfaces among propulsion, structure, avionics, and launch support systems [3][5] Group 2 - The test was conducted at the Zhongke Aerospace Liquid Propulsion System Test Center, which has been fully completed and passed the test assessment, marking it as a leading large-scale liquid propulsion system test base in China [5][8] - The test center is capable of testing 200-ton liquid rocket engines and 400-ton propulsion systems, crucial for the development of key technologies for commercial rocket recovery [5][8] - The center is part of the 2023 Guangdong Province key projects, benefiting from strong government support in terms of policies and resources [5][7] Group 3 - The Zhongke Aerospace Liquid Propulsion System Test Center is the only facility in China with both liquid engine testing and rocket propulsion system testing capabilities, aiming to support global aerospace advancements [8] - Upcoming facilities, including the launch site for the Lijian-2 and a multifunctional factory for solid and liquid rockets, will significantly shorten the rocket launch preparation cycle and enhance operational efficiency [8] - The Lijian-2 is expected to play a crucial role in large-scale satellite constellation launches and low-cost cargo transport to the Chinese space station, contributing to the global aerospace transportation technology development [9]

Core Viewpoint - The successful test of the first-stage propulsion system for the Li Jian No. 2 liquid launch vehicle marks a significant milestone in the development phase of the project, validating key technologies and laying a solid foundation for the maiden flight of the Light Boat cargo spacecraft [1] Group 1 - The test is a major ground experiment that fully verifies critical technologies [1] - The successful test ensures the reliability and stability of the rocket's flight [1]

Group 1 - In 2024, the number of effective high-tech enterprises in Nansha District, Guangzhou reached 1,310, setting a new historical high and ranking among the top three in the national new area business environment assessment [1][2][3] - Nansha District is actively creating an innovation and entrepreneurship ecosystem akin to a "tropical rainforest," aiming to enhance both the quantity and quality of high-tech enterprises [1][11] - The Nansha Science City held a high-quality development conference for high-tech enterprises, focusing on promoting technological innovation and industrial innovation [2][5] Group 2 - Recent advancements include the successful development of the "Li Jian No. 2" liquid launch vehicle by Guangzhou Zhongke Aerospace Exploration Technology Co., Ltd., which is set for its maiden flight in September [2] - Deep Sea Intelligent Technology (Guangzhou) Co., Ltd. has completed the first practical test of China's first underwater cable tracking system for robots, breaking foreign technology monopolies [2] - Yixing Intelligent Technology (Guangzhou) Co., Ltd. has developed two automotive-grade chips within three years and is focusing on high-performance computing chip research [2] Group 3 - Nansha District has implemented the "16 Measures for Optimizing Enterprise Services" to enhance the support for high-tech enterprises, focusing on scientific discovery, technological invention, and talent support [3][10] - The district has established a comprehensive service system led by the district's science and technology bureau, aiming to provide one-stop services for high-tech enterprises [4][10] - Nansha is promoting industry-academia-research cooperation to empower industrial innovation, with significant investments in key technology breakthroughs [10][12] Group 4 - The district is fostering a nurturing environment for high-tech enterprises, with initiatives such as the establishment of a 1 billion yuan fund for technology transfer and collaboration with Hong Kong University of Science and Technology [11][12] - Nansha has launched the "Youth Talent Gathering Action Plan" to support young talents and entrepreneurial teams with financial backing [11][12] - The district's high-tech enterprises have received substantial investments, exemplified by the case of Jianqi Biological Technology, which has attracted over 1 billion yuan in funding [12][13]