基金有风险，投资需谨慎。本文所包含的分析基于各种假设，不同假设可能导致分析结果出现重大不同。在任何情况下，本文中的信息或所表述 的意见并不构成对任何人的投资建议。 消息方面，航天8院研制的长征12号甲火箭将在酒泉发射基地进行入轨回收一级火箭试验，若成功将代表我国成为全球第二个拥有可回收技术的 国家，航天科技集团将成为继SpaceX 、蓝色起源之后第三家拥有可回收火箭技术的公司，可回收火箭技术将大幅度降低商业航天运力成本。 此外，太空算力革命已来！美国初创公司Starcloud宣布，其于11月中旬发射的卫星已成功在轨道上完成人类首次大语言模型训练，成为太空AI计 算里程碑。该卫星搭载英伟达H100芯片，目前运行谷歌开源模型Gemma。 国盛证券表示，太空算力是一种将数据中心和计算能力部署到太空轨道的技术，通过卫星及其搭载的计算硬件进行在轨数据处理。其利用星间高 速激光通信实现数据传输和实时处理，并将结果传回地球。太空算力已具有商业价值潜力，且相关项目已开始推进并具有一定方法论支撑， AI"上天"不再遥远，抢占先机是未来胜负手的关键。 卫星ETF（159206）聚焦商业航天+卫星通信，有望在"航天强国"背景下率先 ...

消息方面，北京时间2025年12月9日6时11分，我国在太原卫星发射中心使用长征六号改运载火箭，成功将卫星互联网低轨 15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。此次任务是长征系列运载火箭的第613次飞行。 12月9日，卫星ETF（159206）红盘冲击4连涨。成分股陕西华达(301517)20CM涨停，盟升电子(688311)、乾照光电 (300102)、佳缘科技(301117)、航天宏图(688066)等个股跟涨。 | 序号 | 代码 | 名称 | 涨跌幅 | 成交量 | 成公餐加 | | --- | --- | --- | --- | --- | --- | | 7 | 301517 | 陕西华达 | 20.00% | 1786万 | 10.73亿 | | 2 | 688311 | 盟升电子 | 4.92% | 394万 | 1.46亿 | | 3 | 300102 | 乾照光电 | 4.75% | 8935万 | 21.99亿 | | ব | 301117 | 佳缘科技 | 4.63% | 1169万 | 6.29亿 | | 5 | 688066 | 航天宏图 | 2.83% | ...

消息方面，朱雀三号即将首飞，中国商业航天迎来里程碑时刻！这款可重复使用火箭若成功回收，将助力我国成为全球第 二个掌握该技术的国家。随着商业航天司设立，政策、技术、资本三重共振，产业链正加速腾飞。 业内人士认为，目前我国商业航天顶层设计持续完善，其发展也在"星、箭、场、测、用"各个环节取得多点突破。面 向"十五五"时期，资本投入、技术突破和市场扩张有望共振，商业航天产业正进入新一轮高速发展期。 华泰证券表示，商业航天板块迎来"政策面""业绩面"和"技术面"的三重拐点。政策面，十五五规划首提建设航天强国目 标；业绩面中国星网今年实现密集组网，垣信重启发射，组网任务迫切，有望带动上游卫星制造等环节业绩兑现；技术面 国内民商火箭公司继续加快IPO步伐，朱雀三号、天龙三号等首次发射节点将近。建议关注卫星互联网及其配套产业链。 卫星ETF（159206）聚焦商业航天+卫星通信，有望在"航天强国"背景下率先爆发。卫星ETF（159206）也是全市场首支 的卫星ETF，其联接基金A类024194，C类024195。 注：卫星ETF（159206）成立日期为2025/3/6，早于同类产品，卫星ETF同类指追踪国证商用卫星通信产 ...

| | | Wind热门概念指数 | | | | --- | --- | --- | --- | --- | | 中船系 5.41% | 商业航天 卫星互联网 拼多多合作 小红书平台 5.22% | 5.18% | 6.16% | 5.66% | | 航母 | 卫星导航 | 军工信息化 | WEB3.0 | 十大军工集 | | 4.70% | 4.83% | 4.78% | 4.80% | 4.43% | 规模方面，卫星ETF最新规模达13.73亿元。 航空航天、低空经济都是十五五规划建议中明确提出加快打造的战略性新兴产业集群，预计未来将催生 出数个万亿级甚至更大规模的市场，板块投资价值凸显！ 卫星ETF（159206）聚焦商业航天+卫星通信，在卫星产业链中超配卫星制造，有望在"航天强国"背景 下率先爆发。卫星ETF（159206）也是全市场首支的卫星ETF，其联接基金A类024194，C类024195。 通用航空ETF（159206）聚焦低空经济+无人机，受"新质战斗力"+"新质生产力"双重提振，显著受益 于空天地一体化的快速发展。通用航空ETF（159378）也是全市场首支且同类规模最大的通用航空 ETF ...

Core Viewpoint - The satellite industry in China is experiencing rapid growth, driven by advancements in commercial space activities and government support, positioning it as a key area of international competition [5]. Group 1: Market Performance - As of 11:25, the Satellite ETF (159206) increased by 0.83%, with constituent stocks such as GuoDun Quantum reaching the daily limit up [3]. - Notable stock performances include: - GuoDun Quantum (688027) at 613.20, up 20.00% - Shaanxi Huada (301517) at 48.28, up 5.16% - China Satellite (600118) at 44.12, up 3.81% [4]. Group 2: Industry Developments - The Shenzhou 21 manned flight mission press conference highlighted the successful progress of various lunar mission components, including the Long March 10 rocket and the Dream Boat manned spacecraft [3]. - On October 16, a successful launch of 12 low-orbit satellite internet satellites was conducted using the Long March 8A rocket, marking a significant achievement in commercial space endeavors [3]. Group 3: Strategic Insights - Industry experts emphasize that the aerospace sector is a core frontier industry in the current international competitive landscape, with China's satellite industry rapidly advancing and benefiting related enterprises [5]. - The designation of "Aerospace Power" alongside "Manufacturing Power" indicates the strategic importance of the aerospace industry at the national level [5]. - The development of commercial space is essential for achieving the "Aerospace Power" goal, transitioning from "task-driven" to "demand-driven" activities, which will promote industry scale upgrades [5]. - The planning for satellite constellations during the 14th Five-Year Plan period anticipates a significant increase in rocket launches and satellite demand, presenting business opportunities in rocket and satellite manufacturing [5].

Group 1 - The demand for computing power is surging both domestically and internationally, with Huawei reporting that AGI will be the most transformative driving force in the next decade, predicting a 100,000-fold increase in total computing power by 2035 [3] - China's "Star Computing Plan" aims to deploy 2,800 satellites to build a computing network, with the first 12 satellites of the "Trinity Computing Constellation" successfully launched, marking the entry into the networking phase [3] - By 2030, the "Trinity Computing Constellation" is expected to expand to a scale of 1,000 satellites, achieving a total computing power of 100 billion billion operations per second [3] Group 2 - The satellite internet sector is accelerating in China, providing integrated services across air, space, land, and sea, which can expand traditional internet services to larger areas and promote cross-domain information integration [4] - The Satellite ETF (159206) is the first and largest of its kind in the market, with a fund size of 1.063 billion yuan as of September 17, 2025 [4] - The Ministry of Industry and Information Technology has released a draft for mandatory national standards for intelligent connected vehicles, establishing a safety baseline for product functionality and interaction [3]

Group 1 - The first and largest satellite ETF in the market (159206) has gained significant attention, with a strong performance in the satellite sector on August 26, showing an increase of over 1.42% [1] - The satellite ETF (159206) has a fund size of 286 million yuan as of August 25, 2025, and tracks the National Index for Commercial Satellite Communication Industry [5] - The ETF focuses on commercial aerospace and satellite communication, with a weight of 64% in satellite manufacturing [5] Group 2 - The satellite internet sector is expected to have far greater potential than traditional ground networks, providing communication support for remote areas and disaster response, and integrating with IoT and low-altitude economy technologies [4] - A senior technical expert indicated that the issuance of satellite internet licenses marks a significant step towards commercial operations in China's satellite internet field [3] - The commercial aerospace industry in China is entering a peak launch period, with a successful launch of a group of 10 low-orbit satellites on August 26, 2025 [5]

Group 1 - The military industry sector is experiencing renewed activity, with significant gains in military information technology, military-civilian integration, and commercial aerospace sectors [1] - The General Aviation ETF (159378) rose by 1.78%, with constituent stock Chengxi Aviation increasing over 14%, while the Satellite ETF (159206) increased by 1.69%, with constituent stock Jiayuan Technology hitting the daily limit [1] - Guojin Securities expresses optimism for the military sector, anticipating a reversal in industry prosperity in the second half of the year, driven by upcoming military parades and military trade opportunities [1] Group 2 - Recent advancements in unmanned equipment, including the first disclosure of drone "swarms" and ground machine "wolf packs," signify breakthroughs in China's army's intelligent construction [2] - The launch of low-orbit satellites and the upcoming tests of new recoverable commercial rockets are expected to significantly reduce costs and boost satellite development [2] - The low-altitude economy and commercial aerospace are emerging as new productive forces within the military industry, benefiting from the recovery of traditional military sectors and expanding civil market demands [2]