做投资的都懂， 行业爆发期 找对产业链核心环节，就等于踩中了风口的 " 发动机 " 。 以下文章来源于格隆汇交易学苑 ，作者格隆汇小编 当年光伏装机潮，逆变器是躺着赚的核心； AI 算力 基建 爆发，光模块成了最确定性的红利股。 现在商业航天正站在爆发前夜。中国星网 GW 星座规划 12992 颗卫星，千帆星座更是要搞 15000 颗，加上 我国 26 年大概率会攻克火箭可回收利用、 " 十 五 五 " 期间航天科技集 团的密集发射计划， 在太空竞赛的大背景下， 未来几年卫星发射会像 " 下饺子 " 一样密集。 成熟的投资者不禁会 问：太空基建里，哪个 产业 环节 最有可能 能复刻逆变器、光模块的神话？ 今天带大家 从价值量、产业链地位、技术 壁垒、个股优势四个维度，把卫星和火箭两条线的核心机会挖出来。 格隆汇交易学苑 . 以基本面为基础，专注于趋势交易 先立标准：核心环节必须满足4个硬条件 类比逆变器和光模块，核心环节得同时符合： 价值量高、产业链不可替代、格局集中、技术壁垒高。 这四个条件，就像筛选黄金的筛子，能 把真正的核心筛出来。 卫星产业链：这两个环节，是真正的 " 空间核心硬件 " 卫星就像太空中 ...

做投资的都懂，行业爆发期找对产业链核心环节，就等于踩中了风口的"发动机"。 当年光伏装机潮，逆变器是躺着赚的核心；AI算力基建爆发，光模块成了最确定性的红利股。现在商业航天正站在爆 发前夜。中国星网GW星座规划12992颗卫星，千帆星座更是要搞15000颗，加上我国26年大概率会攻克火箭可回收利 用、"十五五"期间航天科技集团的密集发射计划，在太空竞赛的大背景下，未来几年卫星发射会像"下饺子"一样密 集。 成熟的投资者不禁会问：太空基建里，哪个产业环节最有可能能复刻逆变器、光模块的神话？今天带大家从价值量、 产业链地位、技术壁垒、个股优势四个维度，把卫星和火箭两条线的核心机会挖出来。 先立标准：核心环节必须满足4个硬条件 类比逆变器和光模块，核心环节得同时符合：价值量高、产业链不可替代、格局集中、技术壁垒高。这四个条件，就 像筛选黄金的筛子，能把真正的核心筛出来。 卫星产业链：这两个环节，是真正的"空间核心硬件" 卫星就像太空中的"智能手机"，要实现通信、遥感功能，核心靠的是"硬件配置"。其中两个环节的价值量和技术壁 垒，完全对标逆变器和光模块。 1. 卫星载荷：占整星成本50%-70%，是卫星的"核心芯片" ...

吃顿饭， 听了2个小时商业航天，一脑子的火箭 卫星载荷。 是的，航伟达！继农伟达之后！新的一个伟达。 ...

党的二十届四中全会《建议》提出，"完善新型举国体制，采取超常规措施，全链条推动集 成电路、工业母机、高端仪器、基础软件、先进材料、生物制造等重点领域关键核心技术攻 关取得决定性突破。" 新型举国体制是社会主义市场经济条件下，发挥集中力量办大事制度优越性的重要方式，对 我国加快建成科技强国至关重要。如何充分发挥新型举国体制优势，助力重点领域关键核心 技术攻关取得快速突破？如何进一步完善新型举国体制，提升国家创新体系整体效能？多位 来自科研院所、高校、企业和科技金融领域的专家一起建言献策。 ——编者 （作者为中国科学院院士，中国科学院国家空间科学中心主任、党委书记，记者李君强采访整理） 吴建新：将企业发展融入国家战略 "华龙一号"首台机组自2021年1月投运并网以来，实现了连续安全稳定运行，各项技术经济指标处于全 球领先。江苏神通阀门股份有限公司作为项目参与方，承担了安全壳隔离阀、贝类捕集器、地坑过滤器 等产品的研制任务。这些产品的成功研制，是在新型举国体制下，国家组织产学研用集智攻关取得的成 果。 "华龙一号"技术要求高、研发投入大。建设方案提出后，我们作为民营企业要不要参与？公司内部有不 同声音：有人担心市场 ...

Macro Overview - Overall consumption is improving, with notable increases in automobile retail and high-end liquor prices due to seasonal demand and base effects [4] - Service consumption indicators such as urban population flow and movie box office revenues are also showing improvement, although inter-city migration indices have turned negative year-on-year [4] - Investment in infrastructure is accelerating with special bond issuance, while real estate sales are recovering during the peak season, despite a cooling land market and low construction start data [4] - Production across most industries is declining, with sectors like power generation and steel adjusting due to demand or profit impacts [4] - Inventory levels are primarily focused on replenishment, with industrial prices rising and CPI showing divergence [4] - The dollar index has slightly increased, while the RMB has appreciated moderately [4] Strategy Insights - Market adjustments present opportunities, and the Chinese stock market is expected to continue its upward trajectory [7] - The "transformation bull market" is driven by the demand for assets and capital market reforms aimed at improving investor returns [7] - Recent communication between Chinese and U.S. leaders indicates a stabilization of short-term risks, while a weak dollar and overseas interest rate cuts favor Chinese monetary easing [7] - The consensus on economic expectations is overly cautious, but there are signs of stabilization in revenue and inventory growth for Chinese listed companies [8] - Emerging industries are entering a new capital expenditure expansion cycle, indicating increased certainty in economic development [9] Industry Comparisons - The technology sector remains a key focus, with recommendations for investments in internet, semiconductor, innovative pharmaceuticals, and robotics [9] - Financial stocks are suggested for gradual allocation due to potential increases in dividend returns after recent adjustments [9] - The shift in economic governance is expected to improve supply-demand dynamics for cyclical goods such as non-ferrous metals, chemicals, real estate, and new energy [9] - Recommendations for consumer sectors include national brands in retail and cosmetics, as well as traditional categories like agriculture and food and beverage [9] Thematic Recommendations - Positive outlook on domestic computing power infrastructure and increased penetration of domestic supply chains [10] - Favorable conditions for commercial aerospace investments due to satellite communication license issuance [10] - Anticipation of improved pricing expectations in sectors benefiting from economic governance changes, such as lithium batteries and energy storage [10] - Growth in embodied intelligence with accelerated equity financing in robotics and logistics [10] Hong Kong Dividend Assets - Hong Kong dividend assets are characterized by stable performance and sustainable cash flows, offering higher dividend yields compared to A-shares [15] - The average cash dividend payout ratio for Hong Kong stocks from 2017 to 2024 is 44%, significantly higher than A-shares at 36% [15] - The dividend yield for the Hang Seng Index is 2.9%, compared to 1.9% for the Wind All A Index, indicating a clear advantage for Hong Kong stocks [15] - Hong Kong dividend assets have a lower valuation level, with PE and PB ratios of 7.2x and 0.6x, respectively, compared to 7.9x and 0.8x for the CSI Dividend All Return Index [15] Market Dynamics - Both Hong Kong and A-share dividend assets exhibit defensive characteristics in weak markets, but absolute returns are positively correlated with market performance [16] - Hong Kong dividend assets face higher taxation and are more sensitive to U.S. Treasury yields compared to A-shares [16] - Current market conditions suggest that Hong Kong dividend assets may offer better value for allocation, especially as institutional demand for dividend stocks increases [17] - Long-term trends indicate a strengthening of dividend policies and a low-interest environment, enhancing the appeal of Hong Kong dividend assets for sustained investment [17]