Core Viewpoint - The commercial aerospace sector experienced a strong rebound on January 14, 2026, with significant gains in satellite-related stocks and ETFs, indicating a positive market sentiment towards the industry [1]. Group 1: Market Performance - The Satellite ETF (159206) rose by 5.04%, with key stocks such as Jiayuan Technology hitting a 20% limit up, Haige Communication up 10%, and Zhongke Xingtou increasing over 15% [1]. - The latest scale of the Satellite ETF reached 15.592 billion yuan, marking a new high since its inception [2]. Group 2: Fund Inflows - The Satellite ETF has seen continuous net inflows over the past eight days, with a peak single-day net inflow of 1.886 billion yuan, totaling 7.366 billion yuan in net inflows, averaging 921 million yuan per day [3]. Group 3: Industry Developments - On January 12, 2026, the successful suborbital flight test of the Zhongke Yuhang Lihong No. 1 spacecraft was completed, and on January 13, 2026, 18 low-orbit satellites were successfully launched using the Long March 8 rocket [5]. - China formally applied for frequency resources for 203,000 satellites to the International Telecommunication Union (ITU), which is seen as a strategic move to enhance the country's digital infrastructure [6]. - According to Guojin Securities, 2026 is expected to be a pivotal year for China's commercial aerospace sector, shifting from speculative investments to fundamental performance-based investments [6].

Group 1 - The commercial aerospace sector continues to show strong performance, with significant stock price increases in satellite-related ETFs and individual stocks [3] - The Satellite ETF (159206) reached a record high in scale at 11.769 billion yuan, marking a new milestone since its inception [3] - The Satellite ETF has seen continuous net inflows over the past six days, with a peak single-day net inflow of 1.725 billion yuan, totaling 4.190 billion yuan in net inflows [3] Group 2 - China applied for frequency and orbit resources for over 200,000 satellites, indicating that satellite frequency resource applications have reached a national strategic level [5] - The establishment of the Radio Innovation Institute is seen as a key player in the satellite internet sector, aiming to leverage China's large market to accelerate the industry’s development and compete with SpaceX [5] - The commercial aerospace industry is expected to experience multiple catalysts in 2026, particularly with the launch of reusable and high-capacity rockets, which will enhance satellite communication capabilities [5] Group 3 - The Satellite ETF (159206) focuses on commercial aerospace and satellite communication, and is expected to thrive under the "aerospace power" initiative [5] - The Satellite ETF is the first of its kind in the market, tracking the national commercial satellite communication industry index [6]

规模方面，卫星ETF最新规模达94.26亿元，创成立以来新高。 全市场首只且同类规模最大的卫星ETF，聚焦商业航天+卫星通信，涉及当前热门概念卫星互联网、太 空算力等，有望本轮行情中或将优先且更受益。当前，商业航天已是市场达成共识的主线，场外投资者 可借道联接基金（A类024194，C类024195）把握商业航天投资机遇。 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 产业指数的所有ETF基金。 政策面上，近日，广州印发《广州市加快建设先进制造业强市规划（2024—2035年）》。其中提出，以 建设先进的系列化运载火箭产业基地为牵引，聚焦低成本高可靠运载火箭、互联网卫星星座、航天商业 化应用等核心环节建链强链，打造南方航天城，力争成为中国商业航天新一极。重点突破新型大推力、 高可靠的可重复利用技术，形成可重复、高密度发射能力。开展星座建设论证，夯实整星研制、地面终 端、星座运营管理等基础能力。大力发展卫星通信、遥感地面终端设备制造，推动空天地信息与人工智 能、大数据、5G/6G、物联网等新一代信息技术协同创新，赋能千行百业。 产业层面，中国向国际 ...

Core Viewpoint - The commercial aerospace sector is experiencing significant growth, with the Satellite ETF (159206) rising by 5.47%, marking the highest increase among all ETFs in the market [1]. Group 1: Market Performance - The Satellite ETF has reached a new high in scale, now at 8.24 billion yuan, since its inception [2]. - Notable stocks in the sector include Aerospace Hongtu, which surged by 19.99%, and other companies like Qianzhao Optoelectronics and Zhenlei Technology, which saw increases of 15.81% and 14.87% respectively [2]. Group 2: Fund Inflows and Policy Support - Over the past 10 days, the Satellite ETF has attracted over 3 billion yuan in net inflows [3]. - Guosheng Securities indicates that the commercial aerospace sector is poised for a significant upward trend due to a combination of fundamental improvements and supportive policies, particularly following the government's emphasis on becoming a "strong aerospace nation" [3]. - The sector is expected to accelerate its launch processes this year, supported by recent policy enhancements and technological breakthroughs in reusable rocket systems [3].

| 序号 | 代码 | 名称 | 现价 | 涨跌幅 ▼ | | | --- | --- | --- | --- | --- | --- | | 1 | 300672 | 国科微 | 119.15 | 10.65% | 14.68亿 | | 2 | 002025 | 航天电器 | 56.85 | 10.00% | 30.77亿 | | 3 | 601698 | 中国卫通 | 43.23 | 10.00% | 102.05亿 | | 4 | 002465 | 海格通信 | 19.06 | 9.98% | 74.93亿 | | 5 | 688270 | 臻镭科技 | 135.70 | 8.24% | 30.54亿 | | 6 | 301005 | 超捷股份 | 162.68 | 7.82% | 25.47 乙 | | 7 | 600879 | 航天电子 | 23.37 | 7.45% | 107.86 Z | | 8 | 002829 | 星网宇达 | 32.26 | 4.30% | 5.65 亿 | | 9 | 002544 | 普天科技 | 36.40 | 4.27% | 15.93亿 | | 10 | 603 ...

Core Viewpoint - The satellite ETF (159206) has seen a significant increase of 2.12%, driven by strong performances from constituent stocks such as Qianzhao Optoelectronics (300102), which rose over 10% [2][3]. Group 1: Market Performance - Qianzhao Optoelectronics (300102) reached a price of 26.30 with a gain of 10.46%, achieving a trading volume of 2.154 billion [3]. - Xunwei Communication (300136) increased by 7.57% to a price of 57.01, with a trading volume of 3.052 billion [3]. - China Satellite (600118) saw a rise of 6.43% to 91.87, with a trading volume of 4.292 billion [3]. - Tianyin Electromechanical (300342) increased by 5.31% to 33.34, with a trading volume of 0.824 billion [3]. - Aerospace Electronics (600879) rose by 3.46% to 20.05, with a trading volume of 2.845 billion [3]. Group 2: Industry Developments - The successful launch of the Practice-29 satellite by the Long March 7 rocket marks a significant achievement in China's space exploration efforts, with the satellite entering its designated orbit [2][4]. - The upcoming year is expected to see a surge in satellite launches, with plans for the "National Grid Constellation" and "Thousand Sails Constellation" exceeding 10,000 satellites, indicating a rapid increase in low-orbit satellite deployment [4]. - Recent government policies are favoring the commercial space sector, with initiatives aimed at promoting high-quality development in commercial aerospace by 2027 [4][5]. Group 3: Investment Landscape - The commercial aerospace sector is experiencing a strategic elevation in importance, with investment in the sector rising from 1.1 billion in 2015 to 34.13 billion in 2024, and the number of companies exceeding 500 [5]. - The industry’s output value has grown from 1 trillion in 2010 to 2.3 trillion in 2024, establishing commercial aerospace as a significant industry [5]. - The satellite ETF (159206) focuses on commercial aerospace and satellite communication, positioning it for potential growth under the "Aerospace Power" initiative [5].

值得关注的是，目前已有至少10家商业航天企业启动IPO进程，其中5家为运载火箭企业，包括蓝箭航天、星际荣耀等。A股多家上市公司已通过直接或间接 方式参投相关企业。 开源证券指出，随着商业火箭企业第五套上市标准要求的细化以及商业航天资本化进程全面提速，中国商业航天产业已进入"资本赋能+技术突破+规模扩 张"的黄金发展期。 | 序号 | 代码 | 名称 | 现价 | 涨跌幅 | | | --- | --- | --- | --- | --- | --- | | 1 | 300782 | 卓胜微 | 84.75 | 11.18% | 25.29亿 | | 2 | 601698 | 中国卫通 | 33.00 | 10.00% | 55.78亿 | | 3 | 600118 | 中国卫星 | 94.09 | 6.92% | 89.31亿 | | 4 | 688002 | 睿创微纳 | 98.51 | 5.02% | 5.38亿 | | 5 | 688375 | 国博电子 | 85.30 | 4.70% | 4.95 Z | | 6 | 300136 | 信维通信 | 53.68 | 4.54% | 67.00亿 | | ...

2025年12月25日，市场全天震荡拉升，三大指数集体收涨，沪指实现七连涨。截至收盘，沪指涨 0.47%，深成指涨0.33%，创业板指涨0.30%。 题材方面，航天航空、电机、造纸印刷等板块涨幅居前，贵金属、能源金属、商业百货等板块跌幅居 前。主力资金上，航天航空、汽车零部件、通用设备等行业概念流入居前。 ETF方面，或受相关消息刺激，卫星、机器人、金融科技等相关ETF表现亮眼！ 【机构：人形机器人正加速从技术研发向规模化商用落地迈进】 中信建投证券表示，美国企业积极布局机器人赛道，形成"模型-仿真-硬件"闭环，资本与技术高度集 中；国内供应链体系完善，加速机器人场景落地，推进全栈式技术发展。机器人领域中美共振局面有望 持续。前期板块回调较为充分，后续Gen3定点、新品发布、宇树IPO进展等事件催化值得重点关注，底 部建议聚焦优质环节，把握确定性和灵巧手等核心变化。 【机构：卫星行业长期成长的确定性正吸引长期资金持续布局】 消息面上，12月24日，商业航天产业联盟科创基金在第三届商业航天发展大会启动。该基金由盈达资 本、清盈科创等联合发起，中关村领创商业航天产业联盟参与合作。基金首次发行规模10-20亿，远期 ...

| 序号 | 代码 | 名称 | 现价 | 涨跌幅 | | | --- | --- | --- | --- | --- | --- | | 1 | 301005 | 超捷股份 | 129.00 | 14.73% | 19.41亿 | | 2 | 688270 | 臻镭科技 | 130.21 | 14.02% | 16.08亿 | | 3 | 600345 | 长江通信 | 32.73 | 10.02% | 7.53 Z | | 4 | 605598 | 郎焼殿町 | 61.30 | 8.94% | 4.37亿 | | 5 | 688387 | 信科移动-U | 10.41 | 8.21% | 7.67亿 | | 6 | 300136 | 信维通信 | 48.38 | 8.16% | 29.53亿 | | 7 | 002792 | 通宇通讯 | 37.30 | 7.46% | 22.27亿 | | 8 | 300342 | 天银机电 | 32.57 | 5.82% | 16.55 Z | | 9 | 600118 | 中国卫星 | 70.50 | 6.62% | 41.32亿 | | 10 | 002446 | ...

Core Viewpoint - The A-share commercial aerospace concept stocks experienced a significant surge, with the satellite ETF (159206) rising over 4%, and several constituent stocks hitting the daily limit up [3]. Group 1: Stock Performance - Chaojie Co., Ltd. (301005) increased by 20.00% with a transaction volume of 3.101 billion [4] - XW Communication (300136) rose by 19.99% with a transaction volume of 5.599 billion [4] - Tianyin Electromechanical (300342) saw a rise of 13.59% with a transaction volume of 3.378 billion [4] - China Satellite (600118) increased by 10.00% with a transaction volume of 9.576 billion [4] - The satellite ETF reached a new high in scale at 3.781 billion [4]. Group 2: Fund Inflows - The satellite ETF achieved a record high of 2.759 billion shares [5] - Over the past 8 days, the satellite ETF experienced continuous net inflows, with a peak single-day net inflow of 0.353 billion, totaling 1.231 billion in net inflows [5]. Group 3: Demand and Supply Dynamics - The average annual satellite launch demand in China has exceeded 1,000 satellites, while the current national team's rocket capacity can only meet a demand of around 100, creating a significant market space for private rocket companies [7]. - The "Qianfan Constellation" is in an intensive launch phase, planning to deploy 648 satellites by the end of 2025, marking a rapid advancement in China's satellite internet [7]. - The period from late 2025 to 2026 is expected to be critical for liquid reusable rockets, potentially alleviating the capacity shortage that has constrained satellite deployment [7]. Group 4: Policy Support - The establishment of the Commercial Aerospace Department by the National Defense Science and Technology Industry Bureau in October 2025 aims to coordinate key commercial aerospace policies and project management [8]. - The Ministry of Industry and Information Technology has issued satellite mobile communication business licenses to major operators, creating a clear monetization path for satellite direct-to-mobile services [8]. - Analysts believe that China's commercial aerospace industry is entering a new phase of rapid development, with trends towards high capacity and low costs leading to a significant market opportunity [8].