中金公司认为，我国商业航天产业有望进入发展快车道，建议重视卫星制造、发射及下游应用的投 资机会。 （责任编辑：董萍萍 ） 航空航天ETF（159227）为全市场规模最大的航空类ETF，跟踪国证航天指数，专注于军工领域中 的空天力量，指数申万一级行业中军工行业占比达97.86%，相较于中证军工、中证国防指数，国证航 天的指数集中度更高，在航空装备、航天装备领域的占比更高，国证航天指数的航空航天装备权重占比 高达66.8%，远高于中证军工（40%）和中证国防指数（52%）。 8月26日，三大指数集体低开后涨跌分化，军工板块触底后震荡上行。截至9:55，全市场军工含量 最高的航空航天ETF（159227）跌幅0.32%，成交额达3593万元，稳居同类第一，持仓股方面，中国卫 星涨停，迈信林、长城军工、华力创通等领涨。 每日经济新闻 消息面上，8月26日3时8分，我国在海南商业航天发射场使用长征八号甲运载火箭，成功将卫星互 联网低轨10组卫星发射升空，卫星顺利进入预定轨道，发射任务获得圆满成功。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或 ...

长征八号甲火箭研制团队不断优化发射流程，目前已经可以实现脉动式的总装、测试、发射全流程。在位于发射场旁边的总装测试厂房 中，下一发火箭已经以最接近发射的状态完成了总装测试，可以实现出厂即发射。 中国航天科技集团宋征宇称："作为一款新火箭，它首飞发射的就是正式的业务星，而且在首飞的这一年内就投入了高密度发射，这在国 际航天史上也是比较少见的。" 央视网消息：北京时间8月26日3点08分，我国在海南商业航天发射场使用长征八号甲运载火箭，成功将卫星互联网低轨10组卫星发射升 空，卫星顺利进入预定轨道，发射任务获得圆满成功。 我国成功发射卫星互联网低轨卫星：长征八号甲运载火箭进行全流程优化 此次发射所使用的长征八号甲火箭是我国针对中低轨道巨型星座组网发射需求而研制的新一代中型液体运载火箭。自今年2月首飞以来， 这是它今年执行的第三发任务，表明长征八号甲火箭已经具备执行多任务并行的高密度发射能力。 长征八号甲是长征八号火箭的"升级版"，它沿用了长征八号火箭的一级火箭和助推器，二级升级为更粗更强的箭体，具备太阳同步轨道7 吨级的运载能力。 我国成功发射卫星互联网低轨卫星：长征八号甲再出征 实现多项技术创新 长征八号甲火箭 ...

8月26日3时8分，我国在海南商业航天发射场使用长征八号甲运载火箭，成功将卫星互联网低轨10组卫 星发射升空，卫星顺利进入预定轨道，发射任务获得圆满成功。本次发射是长征系列运载火箭的第591 次发射。 ...

早上好！先来看看重要资讯。 特朗普称尚未讨论对乌安全保障细节 当地时间8月25日，美国总统特朗普表示，俄罗斯总统普京和乌克兰总统泽连斯基应该会面。 他表示，如果普京和泽连斯基不举行会晤，可能就会有"严重后果"；美国或将在一两周后介入。 泽连斯基：乌美团队将于本周末会谈，讨论乌俄和谈可能性 据新华社报道，乌克兰总统泽连斯基25日说，乌克兰和美国双方团队将于本周末举行会谈，讨论乌俄双 方举行和平谈判的可能性。 泽连斯基当天在基辅与到访的挪威首相斯特勒举行会晤。据乌克兰国际文传电讯社报道，泽连斯基在会 晤后的联合记者会上说，他将会见正在乌访问的美国乌克兰事务特使凯洛格，乌方本周末还将与美方团 队举行会谈。 特朗普称"不知道他们是否会会面"。 特朗普当天还表示，围绕美国如何参与对乌克兰安全保障的相关细节尚未讨论，但美国将以"后援"形式 协助欧洲发挥主要作用。 特朗普当天是在白宫接受媒体采访时作出上述表示的。他说，俄罗斯与乌克兰的冲突是他打算解决的多 场冲突中"最容易"的一场。俄乌冲突涉及一些"严重的个性冲突"，但美方"会让这种情况结束"。 特朗普还说，在上周白宫举行美乌欧领导人系列会晤后，他与俄罗斯总统普京通电话，两 ...

Investment Rating - The report maintains a strong buy recommendation for several key companies in the military industry, including 中航西飞, 中航光电, 航天彩虹, 中科海讯, and 中航沈飞, among others [8]. Core Insights - The military industry has entered a phase of intensive commercial space launches, with significant advancements in satellite manufacturing and rocket launches [20][21]. - The ground equipment sub-industry has shown strong performance, with a year-to-date increase of 97.5%, driven by increased orders and mergers [14][12]. - The upcoming military parade on September 3 will highlight underwater combat capabilities, showcasing new technologies and equipment [25][26]. Summary by Sections Market Review - The SW National Defense and Military Index decreased by 0.15% this week, underperforming the CSI 300 Index by 2.22 percentage points. However, it has increased by 21.74% year-to-date, outperforming the CSI 300 Index by 14.94 percentage points [12][18]. - The ground equipment sub-industry led the military sectors with a weekly increase of 2.27% [14]. Key Events Recap - The commercial space sector is experiencing a surge in satellite launches, with three successful launches in August alone. Notable advancements include the successful deployment of multiple satellite constellations [20][21]. - The report highlights the increasing capabilities in satellite manufacturing and the launch of new commercial rockets, with a total of 39 launches by private companies from 2021 to mid-2025 [20]. Catalysts Outlook - The military parade scheduled for September 3 will feature new combat capabilities, particularly in underwater operations, reflecting advancements in military technology [25][26]. - The report emphasizes the importance of domestic and military trade demand, which is expected to enhance pricing power and profitability for leading companies in the sector [25].

Group 1: Policy Support for Private Economy - Recent policies signal strong support for the high-quality development of the private economy, including the revision of the bidding law and increased financing support for small and micro enterprises [1] - The introduction of the "Negative List for Market Access (2025 Edition)" has streamlined market entry, reducing the number of items to 106, which enhances the vitality of market participants [2][3] - The National Development and Reform Commission is promoting the revision of the bidding law to address issues in the bidding sector and to implement innovative practices such as remote evaluation and AI applications [3] Group 2: Growth of Private Enterprises - In the first half of the year, 4.346 million new private enterprises were established, marking a 4.6% year-on-year increase, with "Four New" economy enterprises reaching 25.361 million, accounting for 40.2% of total enterprises [2] - The promotion of major projects to private capital has led to significant investments, with 12,125 projects worth a total of 10.28 trillion yuan being promoted to private investors [3] Group 3: Legal Framework and Judicial Support - The implementation of the "Private Economy Promotion Law" has provided a legal foundation for the protection of private enterprises, with recent court rulings favoring private businesses [4] - The Supreme People's Court has issued guidelines to ensure the law is effectively implemented, focusing on equal treatment and fair judicial processes for private enterprises [4][5] Group 4: Financing Support Initiatives - The China Securities Regulatory Commission has proposed measures to enhance the inclusivity of the Sci-Tech Innovation Board, supporting enterprises in cutting-edge sectors like AI and commercial aerospace [7][8] - The establishment of a national venture capital guidance fund aims to attract social capital for early-stage investments in hard technology [8] - The People's Bank of China plans to continue providing financial services to private and small enterprises, implementing a moderately loose monetary policy to enhance financing accessibility [8]

Group 1 - Recent policies signal strong support for the high-quality development of the private economy, including the revision of the bidding law and increased financing support for small and micro enterprises [1][2] - The commercial aerospace industry is rapidly developing, with private companies like Galaxy Aerospace successfully launching satellites, indicating a growing role of private enterprises in this sector [1][2] - The number of newly established private enterprises reached 4.346 million in the first half of the year, a year-on-year increase of 4.6%, reflecting the vitality of the market [1][2] Group 2 - Private enterprises are increasingly participating in major national projects, with private capital holding up to 20% in nuclear power projects and significant investments in railways [2] - As of August 19, there are 12,125 projects being promoted to private capital, with a total investment of 10.28 trillion yuan, indicating a strong push for private sector involvement [2] - The National Development and Reform Commission is set to implement measures to optimize the competitive market environment, including revising the bidding law and promoting innovative evaluation methods [2][3] Group 3 - The implementation of the Private Economy Promotion Law has led to significant judicial support for private enterprises, including a recent case where a government department was ordered to pay over 8 million yuan in compensation [3] - Local governments are actively developing legislation to support private economic growth, such as the recent regulations in Hainan aimed at enhancing the legal framework for private enterprises [3][4] Group 4 - Increased financing support for private enterprises is a key focus, with the China Securities Regulatory Commission proposing new standards for companies in cutting-edge technology sectors to access the Sci-Tech Innovation Board [4][5] - The National Development and Reform Commission is enhancing support for small and micro enterprises, including the establishment of a national venture capital guidance fund to attract long-term investments [5] - The People's Bank of China plans to continue providing financial services to private and small enterprises, implementing a moderately loose monetary policy to improve financing accessibility [5]

Core Viewpoint - The implementation of new industrialization is a key task for advancing China's modernization and national rejuvenation, with a focus on financial support through targeted measures outlined in the recent guidelines issued by multiple government departments [1]. Financial Support for New Industrialization - The guidelines propose 18 targeted support measures to enhance the financial system for the high-end, intelligent, and green development of the manufacturing industry by 2027 [1]. - The financial support aims to improve the intensity, precision, and effectiveness of financial services, thereby strengthening the industrial competitiveness of China [1]. Strengthening Industry-Finance Cooperation - The successful launch of satellites by a private aerospace company highlights the deep integration of finance and industry, which is crucial for accelerating technological self-reliance and industrial upgrades [2]. - The establishment of a national industry-finance cooperation platform has facilitated customized financial services, supporting key tasks such as technological innovation and digital transformation in manufacturing [2][3]. Financial Products and Funding - Over 3,100 financial and investment institutions have launched more than 800 financial products, resulting in a cumulative financing scale exceeding 1.2 trillion yuan [3]. - In the first half of the year, the A-share market raised 148.8 billion yuan for industrial enterprises, marking a 51.6% year-on-year increase [3]. Support for Key Industries - Financial support is identified as a critical driver for industrial transformation, innovation, and resource optimization [4]. - The guidelines emphasize the importance of long-term funding and patient capital to accelerate the conversion of technological achievements into productive forces [4]. Establishing Long-term Mechanisms - The guidelines aim to enhance financial service capabilities and establish long-term mechanisms to support the manufacturing sector's reasonable investment [7]. - There is a need to improve the collaboration between financial and industrial sectors, particularly in providing diverse financial products and services for key stages of technological development [7][8]. Future Directions - The focus will be on creating a differentiated service system that aligns with the high-end, intelligent, and green development needs of the manufacturing industry [8]. - The Ministry of Industry and Information Technology plans to work with relevant departments to refine financial policies that support new industrialization and deepen industry-finance cooperation [8].

Group 1 - China's successful launch of low Earth orbit satellite internet satellites on August 17, 2025, marks the 590th flight of the Long March series rockets [2] - In the first half of the year, the added value of the electronic information manufacturing industry increased by 11.1% year-on-year, outperforming the overall industrial growth rate by 4.7 percentage points [2] - Major products in the electronic information sector included smartphone production of 563 million units, a 0.5% increase, and integrated circuit production of 239.5 billion units, an 8.7% increase [2] Group 2 - Nvidia has initiated a self-developed HBM Base Die design plan, expected to begin small-scale trial production in the second half of 2027 [2] - Tianjin Port has launched a new era of fully autonomous tugboat operations, marking a significant advancement in intelligent navigation technology [2]

Core Viewpoint - China is aggressively advancing its satellite internet constellation plans, aiming to compete directly with SpaceX's Starlink, with significant recent launches indicating a strategic push in the low Earth orbit satellite sector [1][3][4]. Group 1: Recent Launches and Developments - On August 17, China successfully launched the low Earth orbit satellite internet group 09 using the Long March 6 rocket, marking the second satellite launch within a week [1][3]. - In July and August, China conducted five satellite launches, showcasing an unprecedented pace in its space program [3][4]. - China is simultaneously advancing three major satellite constellation projects, targeting a total of over 40,000 satellites, which includes the GW constellation (13,000 satellites), the "Qianfan" constellation (15,000 satellites), and the "Honghu-3" constellation (10,000 satellites) [4]. Group 2: Technical Advantages and Strategic Importance - Low Earth orbit satellites significantly reduce latency to 15-100 milliseconds, enabling real-time interaction and providing coverage in remote areas where traditional ground stations are unavailable [4]. - The independent nature of satellite internet allows for rapid communication recovery in disaster scenarios, making it a critical component for emergency management [4]. Group 3: Competitive Landscape - The competition in the satellite internet sector is intensifying, with SpaceX currently operating around 7,000 satellites and aiming for 42,000 by the end of the 2030s [4]. - Other global players include Amazon's Project Kuiper, which plans to deploy 3,236 satellites, and the European company OneWeb, which has already launched 648 satellites for global coverage [7][8]. Group 4: Challenges and Future Outlook - China faces challenges in deploying its satellite constellations, needing to launch a significant number of satellites by 2026 to meet international requirements [5]. - The need for cost-effective launch solutions is critical, as current rockets may not suffice for the high-frequency launches required for large-scale satellite deployment [6]. - The development of ground infrastructure and control systems is essential to support the ambitious satellite launch plans [6].