近期，A股市场表现强劲，自4月8日的阶段性低点以来一路攀升。8月25日，上证指数上涨1.51%，收于 3883.56点，续刷近10年新高。从盘面上来看，科技板块是"领涨主力"，通信、电子、国防军工、计算 机、传媒板块的同期涨幅分别为76.56%、48.20%、44.76%、41.13%、40.55%，医药生物、电力设备亦 录得30%以上的涨幅。实际上，科技股因其"高成长"属性，在A股的近几轮牛市中均扮演着"前锋"的角 色。作为国内领先的公募基金公司，富国基金持续完善科技板块产品线，旗下卫星ETF（认购代码 563233/交易代码563230）今起发行，或是助力投资者精准把握卫星产业投资机遇的利器。 据悉，卫星ETF紧密跟踪中证卫星产业指数（简称"卫星产业"，931594.CSI），其聚焦于卫星全产业 链，精选了50只业务涵盖卫星制造和发射、卫星通信、导航及遥感等关键环节的上市公司证券作为样 本，全面覆盖了从空间段、地面段到用户端的完整产业链条。数据显示，截至8月25日，卫星产业指数 成分股主要包括国防军工（53.45%）、计算机（15.01%）、电子（12.56%）及通信设备（11.63%）等 技术壁垒高、成 ...

2025年8月26日，华力创通(300045.SZ)发布2025年半年度报告。截至2025年8月25日，共有11个机构投 资者披露持有华力创通A股股份，合计持股量达2237.41万股，占华力创通总股本的3.38%。其中，前十 大机构投资者包括中国建设银行股份有限公司-国泰中证军工交易型开放式指数证券投资基金、招商银 行股份有限公司-南方中证1000交易型开放式指数证券投资基金、香港中央结算有限公司、招商银行股 份有限公司-华夏中证1000交易型开放式指数证券投资基金、成都红杏酒家有限责任公司、通用航空 ETF、卫星ETF、富国国证通用航空产业ETF、华宝国证通用航空产业ETF、海通智选B，前十大机构投 资者合计持股比例达3.38%。相较于上一季度，前十大机构持股比例合计上涨了0.98个百分点。 外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达0.21%。 公募基金方面，本期较上一期持股增加的公募基金共计3个，包括国泰中证军工ETF、南方中证 1000ETF、通用航空ETF，持股增加占比达0.36%。本期较上一季度持股减少的公募基金共计1个，即卫 星ETF，持股减少 ...

策略说明: · 恒泰证券研究所基于策略报告《行业轮动下的策略组合报告:基于行业风格延续和切 换视角下的定量分析》(20241007)和《股票型ETF市场概览与配置方法研究:以基于 行业轮动策略的ETF组合为例》（20241013）,构建基于行业和主题ETF的策略组合。 恒泰证券 HENGTAI SECURITIES 研究所 行业轮动ETF策略周报 (20250818-20250824) 证券研究报告·策略周报 证券分析师:张一 S0670524030001 010-83270999-97050 zhangy i@cnht. com. cn 2025年8月25日 证券分析师:李杜 S0670524040001 021-50800937 l idu@cnht. com. cn 图表3: 行业轮动ETF策略建仓以来累计收益率(20241014-20250822) 策略更新: | 基金代码 | ETF名称 | ETF市值 | 持有情况 | 重仓申万 行业 | | 周度择时信号 日度择时信号 | | --- | --- | --- | --- | --- | --- | --- | | | | (亿元) | | 及权重 ...

Core Viewpoint - The article emphasizes the transformative potential of "hardcore technology" across various sectors, including low-altitude economy, commercial aerospace, artificial intelligence, and deep-sea technology, presenting significant investment opportunities for investors who can understand trends and utilize the right tools [1][2]. Group 1: Investment Opportunities - The low-altitude economy is projected to reach 3.5 trillion yuan by 2035, with eVTOL (electric vertical takeoff and landing aircraft) entering large-scale production [4][5]. - The satellite internet sector is expected to see a market space of 831.3 billion yuan from 2023 to 2027, driven by the urgent need for satellite communication infrastructure [5]. - The humanoid robot market in China could reach 1.6 trillion yuan in industrial manufacturing and 1.9 trillion yuan in service sectors by 2035, indicating a significant growth trajectory [5]. - Deep-sea technology is gaining attention, with government support aimed at high-quality development of the marine economy, marking it as a key area for investment [6]. Group 2: Investment Products - The "空天地海" (Air, Space, Land, Sea) product matrix includes various investment tools such as the General Aviation ETF and Satellite ETF, which are the first and largest in their categories [3][8]. - Active management products like 永赢低碳环保智选A and 永赢高端装备智选A focus on specific sectors within hardcore technology, allowing for targeted investment strategies [3][8]. - The investment strategy emphasizes a combination of passive index funds and actively managed funds to cater to different investor needs and risk profiles [10][12]. Group 3: Market Trends - The military industry has seen a significant increase, with the military index rising over 20% from June to August, indicating a shift towards technology-driven growth rather than speculative trading [4]. - The article highlights the importance of understanding the intersection of "new combat power" and "new productive forces," where military technology converges with civilian markets, creating new investment avenues [4][5]. Group 4: Strategic Insights - The investment approach is based on a forward-looking perspective, focusing on structural opportunities in emerging industries, rather than chasing short-term trends [11][12]. - The investment team combines industry experts and fund managers to ensure informed decision-making based on deep industry insights and market responsiveness [12]. - The commitment to long-term investment and risk management is emphasized as a core principle guiding the investment strategy in hardcore technology [12][14].

Core Viewpoint - The article emphasizes that the investment opportunities in the new era driven by hard-core technology will belong to investors who can understand trends and utilize the right tools [1][2]. Group 1: Investment Opportunities in Hard-Core Technology - The article highlights the ongoing technological revolution across "air, space, land, and sea," driven by advancements in low-altitude economy, commercial aerospace, artificial intelligence, and deep-sea technology [1]. - Historical trends indicate that investors who align with national policy directions and industrial transformations can reap significant rewards, similar to past investments in the internet and semiconductor sectors [1]. - The low-altitude economy is projected to reach 3.5 trillion yuan by 2035, with eVTOL (electric vertical takeoff and landing aircraft) entering large-scale production [6]. - The satellite internet sector is expected to see a market space of 831.3 billion yuan from 2023 to 2027, driven by the need for satellite communication as a foundation for 6G technology [6]. - The humanoid robot market in China is anticipated to reach 1.6 trillion yuan in industrial manufacturing and 1.9 trillion yuan in service sectors by 2035 [6]. - Deep-sea technology is gaining attention, with government support aimed at high-quality development of the marine economy [7]. Group 2: Investment Tools and Strategies - The article discusses the creation of an "air, space, land, and sea" investment matrix by Yongying Fund, which includes six distinct products designed to facilitate investment in these emerging sectors [8][9]. - The matrix consists of both passive index funds and actively managed funds, allowing investors to efficiently target core value segments within the industry [9]. - The index products, such as the General Aviation ETF and Satellite ETF, are the first of their kind in the market, focusing on low-altitude economy and satellite communication respectively [9]. - Active products like Yongying Low Carbon Environmental Selection A and Yongying Advanced Manufacturing Selection A are tailored to capture growth in specific hard-core technology fields [9]. - The investment strategy emphasizes a forward-looking approach, focusing on structural opportunities in emerging industries rather than merely chasing market trends [14][15]. Group 3: Future Outlook - The article concludes with a vision of a future where advancements in eVTOL, humanoid robots, satellite networks, and deep-sea resources significantly transform daily life and economic structures [16]. - Public funds are positioned as key players in supporting national technological independence and industrial upgrades, connecting ordinary investors with capital markets [16].

Strategy Overview - Hengtai Securities has developed an ETF strategy based on industry rotation and thematic investments, referencing previous reports from October 2024[2] - The strategy includes a combination of industry and thematic ETFs to optimize investment performance[2] ETF Holdings and Performance - The total value of the ETFs held is approximately 144.96 billion CNY, with significant allocations in sectors such as communication equipment (73.61%) and gaming (81.29%)[3] - The strategy achieved a cumulative net return of about 2.04% from August 11 to August 15, 2025, underperforming the CSI 300 ETF by 0.64%[3] - Since October 14, 2024, the strategy's cumulative return is approximately 9.26%, with an underperformance of 1.20% relative to the CSI 300 ETF[3] Weekly Recommendations - For the week of August 18 to August 22, 2025, the recommended sectors include communication equipment, precious metals, and gaming[12] - New positions will be added in communication equipment ETF, industrial metals ETF, and innovative pharmaceuticals ETF, while continuing to hold positions in gold stocks, gaming ETF, and satellite ETF[12] Risk Considerations - There is a risk of rapid style shifts within a week, which could impact ETF performance[7] - Some ETFs may experience abnormal increases in discount rates, posing additional risks to investors[7]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The strategy is based on the research reports "Strategy Portfolio Report under Industry Rotation: Quantitative Analysis from the Perspective of Industry Style Continuity and Switching" (20241007) and "Research on the Overview and Allocation Methods of the Stock - type ETF Market: Taking the ETF Portfolio Based on the Industry Rotation Strategy as an Example" (20241013) to construct a strategy portfolio of industry and theme ETFs [2] - In the week of 20250811, the model recommends allocating sectors such as joint - stock banks, games, and semiconductors. In the next week, the strategy will newly hold products like Game ETF, Science and Technology Innovation Chip Design ETF, and Satellite ETF, and continue to hold products like Bank ETF, Financial Real Estate ETF, and Gold Stock ETF [2] - As of last weekend, some ETFs and the trading timing signals of the underlying indexes gave daily or weekly risk warnings [2] 3. Summary by Relevant Catalogs Performance Tracking - During the period from 20250804 to 20250808, the cumulative net return of the strategy was about 2.62%, and the excess return relative to the CSI 300 ETF was about 1.41% [3] - From October 14, 2024, to the present, the cumulative out - of - sample return of the strategy was about 7.08%, and the cumulative excess relative to the CSI 300 ETF was about - 0.79% [3] Future 1 - Week Recommended ETFs (20250811 - 20250815) | Fund Code | ETF Name | Holding Status | ETF Market Value (billion yuan) | Heavy - Positioned Shenwan II Industry and Weight | Weekly Timing Signal | Daily Timing Signal | | --- | --- | --- | --- | --- | --- | --- | | 512800 | Bank ETF | Continue to hold | 151.38 | Joint - stock banks (44.73%) | 1 | - 1 | | 159869 | Game ETF | Transfer in | 73.17 | Games (81.29%) | 1 | 1 | | 588780 | Science and Technology Innovation Chip Design ETF | Transfer in | 2.77 | Semiconductors (95.73%) | 1 | 1 | | 159940 | Financial Real Estate ETF | Continue to hold | 7.99 | Securities (29.12%) | 1 | - 1 | | 517520 | Gold Stock ETF | Continue to hold | 46.34 | Precious metals (41.51%) | 1 | 1 | | 510000 | Central Enterprise ETF | Continue to hold | 1.21 | State - owned large - scale banks (18.11%) | 1 | 1 | | 512690 | Wine ETF | Continue to hold | 152.39 | Baijiu (85.37%) | - 1 | - 1 | | 159206 | ZETF | Transfer in | 1.33 | Military electronics II (34.22%) | 1 | 1 | | 159786 | VRETF | Transfer in | 1.32 | Optoelectronics (26.64%) | 1 | 1 | | 159652 | Non - ferrous 50 ETF | Transfer in | 5.21 | Industrial metals (49.34%) | 1 | 1 | [9] Near 1 - Week ETF Holdings and Performance (20250804 - 20250808) | Fund Code | Current Holding Status | ETF Name | ETF Market Value (billion yuan) | Near 1 - Week Increase/Decrease (%) | | --- | --- | --- | --- | --- | | 562550 | - | Green Power ETF | 1.21 | 1.50 | | 512800 | Continue to hold | Bank ETF | 151.38 | 1.99 | | 512690 | Continue to hold | Wine ETF | 152.39 | 1.06 | | 159768 | - | Real Estate ETF | 6.13 | 2.14 | | 159940 | Continue to hold | Financial Real Estate ETF | 7.99 | 1.41 | | 515220 | Transfer out | Coal ETF | 80.20 | 3.78 | | 159996 | Transfer out | Home Appliance ETF | 12.72 | 2.55 | | 510060 | Continue to hold | Central Enterprise ETF | 1.21 | 1.42 | | 516550 | Transfer out | Agricultural ETF | 1.87 | 1.76 | | 517520 | Continue to hold | Gold Stock ETF | 46.34 | 8.91 | | - | ETF Portfolio Average Return | - | - | 2.62 | | 510300 | - | CSI 300 ETF | 3819.72 | 1.21 | | - | ETF Portfolio Excess Return | - | - | 1.41 | [10]

Summary of Satellite Internet and Commercial Space Industry Conference Call Industry Overview - The discussion primarily revolves around the **satellite internet** sector, particularly its role as a foundational infrastructure for **6G communication** [1][2][6]. - The **commercial space industry** is highlighted, focusing on the competitive landscape and advancements in satellite deployment [4][9]. Key Points and Arguments - **Satellite Internet Infrastructure**: Communication satellites are positioned in low Earth orbit (200 to 2000 km) to minimize latency and enhance user experience. A comprehensive global coverage requires at least **10,000 satellites**, with SpaceX having launched over **7,000** and planning for **40,000** [2][3]. - **Strategic Importance**: The need for satellite internet has been underscored by its utility in conflict scenarios, such as the Ukraine war, where ground communication infrastructure was compromised [3][16]. - **Global Competition**: There is intense competition for orbital resources, with countries like the US, China, and others vying for satellite deployment. The total demand for satellites exceeds the capacity of **60,000** satellites in low Earth orbit [4][5]. - **Market Growth**: The satellite manufacturing and launch market in China is projected to exceed **870 billion** by **2027**, with an annual growth rate of over **360%** in the next three years [8][9]. - **Technological Advancements**: The reduction in satellite launch costs, particularly through reusable rocket technology, is crucial for the industry's growth. SpaceX's innovations have significantly lowered costs, and similar advancements are expected in China by **2026-2027** [7][10]. - **6G Development**: The transition from 5G to 6G will expand coverage significantly, enabling connectivity in previously underserved areas, including remote and maritime regions [6][18]. - **Investment Opportunities**: The satellite internet sector is viewed as a high-potential investment area, with a projected market size exceeding **10 trillion** in the next decade, driven by satellite services and ground communication equipment [9][28]. Additional Important Insights - **Government Support**: Recent government reports emphasize the importance of commercial space and satellite internet, indicating strong policy support for the sector [9][19]. - **Emerging Applications**: Beyond mobile communication, satellite internet is expected to support applications in **vehicle networking** and **unmanned systems**, broadening its market potential [8][12]. - **Industry Dynamics**: The satellite internet industry is characterized by a long supply chain, with significant multiplier effects on related sectors, including ground equipment and satellite services [9][27]. - **Investment Strategy**: Focus on companies with strong capabilities in satellite manufacturing and launch services is recommended, as they are likely to benefit from the upcoming surge in satellite deployments [26][27]. This summary encapsulates the critical insights from the conference call, highlighting the strategic importance, market potential, and competitive dynamics of the satellite internet and commercial space industry.

Core Viewpoint - The domestic ETF market is experiencing explosive growth, approaching a scale of 4 trillion yuan, but faces increasing homogenization and competition, prompting some public funds to focus on "first-mover" differentiated products to capture market opportunities [1][2][9]. Group 1: Market Dynamics - The ETF market has seen a surge in new issuances, with over ten public funds competing, leading to intense competition where smaller funds struggle to keep up with larger ones [2]. - Major public funds dominate key broad-based and thematic ETF tracks, while some are exploring niche markets and innovative strategies to differentiate themselves [2][6]. Group 2: Innovative Product Launches - Several "first" ETFs have been launched this year, including the first General Aviation ETF and the first Satellite ETF, both by Yongying Fund, indicating a trend towards innovative product offerings [3]. - Other notable launches include the first ETF linked to a high-dividend strategy and the first ETF focused on the new energy sector in the ChiNext market, showcasing the trend of differentiation among leading public funds [3][4]. Group 3: Growth of Existing Products - The first convertible bond ETF launched by Bosera Fund has seen its scale grow from 6.284 billion yuan to 38.622 billion yuan in just one year, highlighting the potential for significant growth in innovative ETFs [4]. - The unique policy financial bond ETF from Fuguo Fund has also experienced substantial growth, increasing from approximately 7.224 billion yuan to over 43.9 billion yuan within a year [5]. Group 4: Competitive Advantages of "First-Mover" ETFs - "First-mover" ETFs can quickly capture market share and build scale, as seen with the first gold industry ETFs that have gained significant traction since their launch [6]. - These products can create brand loyalty and recognition due to their unique strategies, allowing public funds to compete effectively in a crowded market [7]. Group 5: Challenges Ahead - Despite the advantages, public funds face challenges in nurturing these "first-mover" ETFs, including high initial marketing costs and the risk of low liquidity and strategy obsolescence [8]. - The competitive landscape is shifting towards a focus on existing products, with later entrants potentially leveraging cost advantages to challenge smaller funds [9].

Core Viewpoint - The article discusses the investment strategy and positioning of Yongying Fund's "Intelligent Selection Series," particularly focusing on the advanced manufacturing sector and robotics, emphasizing the importance of recognizing value and understanding risks before making investment decisions [1]. Group 1: Product Positioning and Strategy - Yongying Fund is optimistic about new production capabilities and has developed the "Intelligent Selection Series" to align with national strategic directions, supporting real enterprises while providing investors with tools to seize investment opportunities in high-potential sectors [2][3]. - The "Intelligent Selection Series" combines active research and quantitative investment methods, focusing on "unicorn" industries that are scarce and have significant growth potential [2][4]. Group 2: Historical Context and Development - The company began laying out this product series in 2022, responding to market downturns and aiming for a counter-cyclical investment strategy, launching several products including the popular Yongying Semiconductor Industry Intelligent Selection and Yongying Low Carbon Environmental Protection Intelligent Selection [3][4]. - The advanced manufacturing product was quietly launched in May 2023, reflecting the company's long-term commitment to sectors like robotics and low-altitude economy as they mature [3]. Group 3: Investment Philosophy - The company believes in the unique advantages of capital markets in supporting technological innovation and aims to guide funds towards key technological enterprises, enhancing the integration of technology and industry [4][5]. - The "Intelligent Selection Series" is designed as a tool for investors to capture industry trends, with a focus on specific high-growth sectors, while other technology growth products maintain a more balanced risk distribution [9]. Group 4: Market Dynamics and Recommendations - The company acknowledges the volatility associated with high-growth sectors like advanced manufacturing but emphasizes the long-term growth potential in these areas, encouraging investors to adopt a rational approach rather than chasing short-term gains [10][11]. - The fund manager recommends a systematic investment approach, such as dollar-cost averaging, to mitigate short-term market fluctuations and to align with the long-term growth of the technology sector [12]. Group 5: Future Directions - Yongying Fund plans to continue expanding the "Intelligent Selection Series," focusing on emerging technologies and industries, while enhancing its investment management capabilities to help investors capture significant opportunities in these sectors [15].