开年第一个交易日，全球资本市场开启了新年狂欢，上证指数也在早盘成功突破4000点。作为市场的强势主线之一，卫星产业ETF看盘延续强势，但受止盈 盘抛售，高开回落，临近午盘翻绿。 从日线趋势看，均线多头排列的趋势并未出现改变，回踩5日线可视作布局良机。 消息面，国内商业航天龙头蓝箭航天的科创板IPO申请已于日前正式获受理，拟募资75亿元，主要用于可重复使用火箭的产能与研发。这是产业从技术验证 迈向规模化、商业化发展的关键一步。 整个行业的驱动逻辑可以简单划分为以下几点： 应用场景持续拓宽，中国电信披露截至2025年11月，支持直连卫星功能的手机终端销量超2500万台。随着卫星物联网商用试验启动、可回收火箭技术迭代， 空天地一体化通信网络加速成型，为数字经济发展注入强劲动能。 3、全球竞争加剧 美国：SpaceX、亚马逊等巨头主导低轨通信星座，Planet、Capella引领遥感创新，传统巨头洛克希德·马丁、波音聚焦高价值政府市场。 欧洲：空客、泰雷兹、SES等企业在政府项目与商业服务间寻求平衡，OneWeb星座提供差异化竞争力。 中国：航天科技、航天科工等集团主导重大工程，长光卫星、银河航天等商业公司聚焦小卫星 ...

Core Insights - The article emphasizes the importance of applying technological innovations to specific industries and supply chains to enhance industrial competitiveness. The recent national industrial and information technology conference outlined key initiatives for 2026 aimed at accelerating the transformation of technological innovations into productive forces, signaling a deep integration of technological and industrial innovation [1]. Group 1: Focus on Core Technologies - The conference highlighted the need to "overcome a batch of core technologies that drive industrial development," indicating a strong focus on innovation guided by industrial needs and applications. This approach is crucial for building a modern industrial system [2]. - The strategy involves targeting current needs for "precision" innovation while aligning with broader industrial transformation trends. Strengthening key common technologies, frontier leading technologies, modern engineering technologies, and disruptive technology innovations is essential for establishing a solid technological foundation for industrial development [2]. Group 2: Manufacturing Pilot Platforms - China has established over 2,400 pilot platforms for manufacturing in recent years. Statistics show that the industrialization success rate of technological achievements verified through pilot testing can reach over 80%, compared to only 30% for those that have not undergone such validation [3]. - The conference called for enhancing high-level manufacturing pilot platforms and emphasized the creation of a national manufacturing pilot service network that encourages multi-party participation and resource sharing, aiming to address the "last mile" challenge in technology transfer [3]. Group 3: Market-Oriented Technology Transfer - The conference proposed a "pay after use" reform pilot for technology achievements by 2026, aimed at lowering the barriers for technology transfer and reducing innovation risks for enterprises. This initiative is expected to increase the willingness and motivation of companies to engage with technological innovations [4]. Group 4: Cultivating New Industries - The focus on new industries includes the development of emerging pillar industries such as integrated circuits, new displays, new materials, aerospace, low-altitude economy, and biomedicine. Support for artificial intelligence breakthroughs and the orderly launch of satellite IoT commercial trials are also highlighted [5]. - The Ministry of Industry and Information Technology plans to nurture high-quality enterprises, including new "little giant" companies and manufacturing champions, while also addressing overdue payments to businesses and creating public service demonstration platforms for small and medium-sized enterprises [5].

中经记者 孙丽朝 北京报道 在优化提升传统产业方面，会议提出，强化标准引领，推动设备更新、工艺升级、数智赋能、管理创 新。深入实施制造业卓越质量工程。打造一批服务型制造领军品牌。 一位机械制造龙头企业人士对《中国经营报》记者表示，经过多年发展，中国机械制造产业规模持续提 升，但行业仍面临低端产能过剩、高端供给不足，部分机械领域存在低价竞争问题。未来，机械行业将 加快数字赋能和工艺升级，提升产业自主可控水平。 在培育壮大新兴产业和未来产业方面，工信部明确，打造集成电路、新型显示、新材料、航空航天、低 空经济、生物医药等新兴支柱产业。支持人工智能攻关。有序开展卫星物联网等新业务商用试验。创建 首批国家新兴产业发展示范基地，建设一批创新型产业集群。开展未来产业重点细分赛道创新任务揭榜 挂帅，完善具身智能、元宇宙等的创新发展政策。加强6G技术研发。 对于6G的布局情况，中国信通院无线与移动通信研究所副所长杜滢在近日召开的2026中国信通院深度 观察报告会上表示，"十四五"期间，我国6G处于愿景需求定义清晰、技术突破初见成效、标准研究全 面启动的关键阶段。"十五五"期间，6G发展的重点是标准研制与产业研发，预计2030 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 来源：招商证券策略研究 近期出台的政策集中在资本市场与消费政策两个领域，前者包含了险资部分业务风险因子调降与上市公 司监管条例征求意见，后者则主要聚焦服务消费，重点部署文旅及体育消费。往后看，12月即将举行政 治局会议及中央经济工作会议，建议重点关注促内需政策、新兴产业政策与重大项目开展情况。 核心观点 ⚑【观策·论市】近期政策端变化如何影响A股市场？近期出台的政策集中在资本市场与消费政策两个领 域，前者包含了险资部分业务风险因子调降与上市公司监管条例征求意见，后者则主要聚焦服务消费， 重点部署文旅及体育消费。往后看，12月即将举行政治局会议及中央经济工作会议，建议重点关注促内 需政策、新兴产业政策与重大项目开展情况。结合政策面及资金面来看，今年1月发布的《推动中长期 资金入市工作实施方案》，明确力争大型国有保险公司每年新增保费的30%投向A股。从过往经验来 看，12月末至明年一季度末是险资传统重要配置窗口期，前期调整的红利板块有望重新获得关注，风格 上更推荐大盘风格。 ⚑【复盘·内观】本周A股市场整体震荡上行，主要原因为：（1）美国ADP就业数据意外下降导致 ...

消息面上， 近期关于商业航天的利好消息比较密集 。11月25日，国家航天局发布《国家航天局推进商业航天高质量安全发展行动计划（2025— 2027 年）》，提出将商业航天纳入国家航天发展总体布局，加快形成航天新质生产力，实现航天发展效能整体提升，有力支撑航天强国建设。 标志着中国商业航天已从"培育期"迈入"高质量发展期"。 11月25日，新闻联播报道，我国"十五五"期间的太空探源科学卫星计划，将发射四颗卫星，直奔宇宙最深邃的奥秘，寻找第二颗地球。 11月29日消息，国家航天局已于近期设立商业航天司，相关业务正在逐步开展，标志着我国商业航天产业迎来专职监管机构，未来将持续推动 我国商业航天高质量发展。 12月3日，开展火箭一级回收验证的"朱雀三号"遥一运载火箭发射升空，按程序完成了飞行任务，火箭二级进入预定轨道。 01 星网建设迎来全球竞赛，我国卫星产业规模将达1500亿元！ 东吴证券指出，商业航天是以 市场为主导，由企业（包括私营和国家混合所有制企业）利用商业模式，进行投资、运营并承担风险的航天活 动，包括主体市场化、技术产品化、产业链全链条覆盖、创新驱动等核心特征， 内容覆盖航天技术研发、制造、发射和应用等 ...

Market Performance - On November 26, the Shanghai Composite Index fell by 0.15%, while the Shenzhen Component Index rose by 1.02% and the ChiNext Index increased by 2.14%[1] - The total trading volume in both markets was less than 1.8 trillion yuan, showing a slight decrease compared to the previous period[1] - A total of 1,661 stocks rose while 3,409 stocks fell across the two markets[1] Sector Analysis - Leading sectors included pharmaceuticals, commercial retail, chemical pharmaceuticals, semiconductors, and food and beverage, which showed significant gains[1] - Weaker sectors included shipbuilding, aerospace, gaming, and electronic chemicals, which experienced declines[1] - The semiconductor and innovative drug sectors, previously underperforming, showed strong rebounds[1] Fund Flow - On November 26, net inflows were 11.472 billion yuan for the Shanghai Stock Exchange and 24.999 billion yuan for the Shenzhen Stock Exchange[3] - The top three sectors for net inflows were communication equipment, semiconductors, and components, while the largest outflows were from ground weaponry, marine equipment, and large state-owned banks[3] Economic Policies - A new plan aims to enhance the adaptability of consumer goods supply and demand, targeting the formation of three trillion-level consumption fields and ten hundred-billion-level consumption hotspots by 2027[4] - The plan emphasizes the importance of rural consumption upgrades and the development of e-commerce and logistics systems in rural areas[6] Industry Trends - The medical device market in China is projected to reach 1.22 trillion yuan by 2025, with a 27.8% increase in the number of medical device manufacturers by the end of 2024[9] - The Beijing "15th Five-Year Plan" focuses on increasing the proportion of new energy vehicles and improving supporting infrastructure for them[10] Fund Distribution - Year-end fund distributions have exceeded 200 billion yuan, with equity funds distributing nearly 50 billion yuan, significantly higher than the total for the previous year[12] - The total trading volume of ETFs reached 370.264 billion yuan, with stock ETFs accounting for 116.7 billion yuan and bond ETFs for 150.3 billion yuan[13]

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index down 0.15% at 3864.18 points, while the Shenzhen Component Index rose 1.02% to 12907.83 points, and the ChiNext Index led with a 2.14% increase [1] - The market sentiment was generally warm, with 3168 stocks rising and a total trading volume of 1.78 trillion yuan, slightly lower than the previous trading day [1][2] - Key sectors that performed well included telecommunications, pharmaceuticals, and electronics, while the consumer sector was boosted by favorable policies [1][2] Policy Developments - The Ministry of Industry and Information Technology initiated commercial trials for satellite IoT services, aiming to enhance market supply and stimulate industry growth [5] - The "Credit Repair Management Measures" were announced, effective from April 1, 2026, allowing eligible entities to apply for credit repair [5] - A joint implementation plan was released by six departments to enhance the adaptability of consumer goods supply and demand, targeting significant improvements in consumer goods structure by 2027 [3][5] Sector Insights - The technology sector, particularly the computing power concept, showed strong performance, with notable stocks like Dongxin Co. hitting the daily limit [1][2] - The consumer sector is expected to gain momentum, with potential new driving forces emerging from policy support [2] - The report highlighted the importance of focusing on sectors with high policy adaptability, such as AI applications and digital twin technologies [3] Company Highlights - Ideal Auto reported a Q3 revenue of 27.4 billion yuan, maintaining its lead among new car manufacturers, with significant investments in R&D [6] - Predictions indicate that China's battery production will exceed 1500 GWh by 2025, with a substantial portion dedicated to energy storage [6][7] - The Ministry of Natural Resources announced breakthroughs in the efficient extraction of rare metals, enhancing domestic production capabilities [6]

Core Insights - The Ministry of Industry and Information Technology has officially launched a two-year commercial trial for satellite IoT services, aiming to enrich the satellite communication market, stimulate market vitality, enhance service capabilities, and establish a safety regulatory system [1] Group 1: Understanding Satellite IoT - Satellite IoT utilizes satellite communication technology to provide data collection and transmission services for a vast array of IoT devices across ground, ocean, and air [2] - It offers wide-area IoT connectivity for various terminals, including data collection terminals, wearable devices, handheld terminals, and transportation vehicles like cars, ships, and aircraft [2] - Satellite IoT addresses communication gaps in remote areas, sky, and ocean where traditional terrestrial networks cannot reach, providing global coverage [2] Group 2: Role in Emerging Industries - Satellite IoT can achieve global real-time tracking and data transmission for low-altitude aircraft, addressing communication shortcomings in the low-altitude economy [3] - In sectors like drone logistics, satellite IoT mitigates issues of signal interruption due to insufficient ground station coverage, enhancing flight safety and efficiency [3] - The technology is expected to attract more capital and resources into the low-altitude sector, promoting collaborative development across the drone manufacturing, airspace management, and data service industries, creating a virtuous cycle of "technology-scenario-industry" [3] Group 3: Future Development of "Internet of Everything" - China's satellite communication sector has accelerated, with recent policy initiatives aimed at optimizing business access and promoting industry development [4] - Major telecom companies, including China Telecom, China Mobile, and China Unicom, have obtained operational qualifications for satellite mobile communication, enabling services like direct satellite connections for emergency communications and remote area connectivity [4] - China Telecom has launched a trial for its "Tiantong + Beidou" domestic satellite-based high-precision positioning service, targeting areas with weak or no network coverage, enhancing support for scenarios like drone inspections and low-altitude navigation [4]

Core Viewpoint - The Ministry of Industry and Information Technology of China has officially launched a two-year commercial trial for satellite IoT services, aiming to enrich the satellite communication market, stimulate market vitality, enhance service capabilities, and establish a regulatory framework to support the healthy development of emerging industries such as commercial aerospace and low-altitude economy [1]. Group 1: Understanding Satellite IoT - Satellite IoT utilizes satellite communication technology to provide data collection and transmission services for a vast array of IoT devices across land, sea, and air, covering applications in marine fisheries, transportation logistics, energy and water resources, emergency communications, low-altitude economy, and industrial internet [2][4]. - Unlike traditional IoT, which relies on terrestrial networks, satellite IoT offers full coverage, addressing communication gaps in remote areas, skies, and oceans [4]. Group 2: Role in Emerging Industries - Satellite IoT can achieve global real-time tracking and data transmission for low-altitude aircraft, effectively addressing communication shortcomings in low-altitude economies, such as in drone logistics where ground station coverage is insufficient [5]. - The technology can expand application scenarios in the low-altitude economy, such as supporting cross-regional operations of agricultural drones and maintaining communication for emergency rescue drones in disaster areas when ground networks are unavailable, thereby attracting more capital and resources into the low-altitude sector [6]. Group 3: Future Development of "Internet of Everything" - China's satellite communication sector is accelerating, with recent policy initiatives aimed at optimizing business access and promoting industry development, including the release of guidelines and a draft for public consultation on satellite IoT commercial trials [7]. - Major telecommunications companies in China, including China Telecom, China Mobile, and China Unicom, have obtained operational qualifications for satellite mobile communication, enabling them to conduct satellite direct connection services and enhance applications in emergency communications, maritime communications, and remote area connectivity [7].

Market Overview - The Shanghai Composite Index closed at 3821.68 points, down 0.34%, while over 3200 stocks rose, indicating a divergence between the index and individual stock performance [1][2]. - The total trading volume was 1.03 trillion yuan, a decrease of nearly 300 billion yuan compared to the previous day, suggesting that funds are waiting for direction [5]. Sector Performance - Defensive sectors such as military and wind power showed strength, with multiple stocks hitting the daily limit, while technology stocks experienced significant internal divergence [5][6]. - Semiconductor and AI sectors saw a narrowing of losses, with some leading stocks showing signs of accumulation, indicating potential recovery [6]. Capital Flow - The market is witnessing a classic scenario where defensive sectors attract capital, while technology stocks face mixed performance [6][8]. - Northbound capital saw a net outflow of 7.5 billion yuan, which could trigger follow-up selling if the trend continues [8]. Historical Context - The current market behavior resembles previous instances in late August and mid-September, where significant index movements followed periods of low trading volume at key support levels [5][6]. - Historical data suggests that sudden movements in brokerage stocks without accompanying volume can lead to false signals, as seen on September 18 [8].