中经记者 吴静 卢志坤 北京报道 12月15日，由北京丰台区政府联合航天科技一院、航天科工三院、航天科技十一院共同主办"丰云汇·晓 月问天——2025央地合作推进商业航天高质量安全发展大会"正式举行。 《中国经营报》记者从现场了解到，本次大会汇聚政产学研金等各界200余名代表，通过政策发布、项 目签约、平台揭牌与成果展示等环节，系统展现了丰台区推动商业航天产业集聚与生态构建的布局。 本次大会上集中签约了一批央地合作、产业链协同及金融支持项目，同步发布了商业航天产业基金、专 项金融产品及"一对一空天管家"服务机制，丰台在打造"宇航科技城"、培育商业航天新质生产力方面迈 出实质性步伐。 系统性政策赋能产业创新 丰台区政府党组成员、副区长崔向华在介绍区域产业规划时表示，丰台正着力构建"三片区一基 地"的"3+1"产业空间格局，高标准推进"宇航科技城"建设，打造具备"有平台、有项目、有资金、有场 景、有服务"的"五有"生态体系，为商业航天企业扎根发展提供强有力支撑。 专家普遍认为，目前我国商业航天正处于规模化、商业化发展的关键阶段，必须在技术创新、供应链安 全、合规运营等方面协同发力，实现高质量与安全发展并重。与会代 ...

政策红利仍在持续释放。国家航天局今年11月份印发的《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)》，明确五方面22项重点举措，推进商业航天高质量发展和高水平安全。其中明 确，"鼓励商业航天布局航天产业链相应环节""重点支持商业航天主体开发新技术、新产品，挖掘应用 新场景""完善商业航天发展（000547）投融资体制机制，设立国家商业航天发展基金"等。 上市公司订单呈增长趋势 火箭发射是商业航天的中游环节，也是连接卫星制造和应用服务的关键节点。在火箭发射领域，我国多 家上市公司贡献重要力量，共同推动我国商业航天发展。近期，一批上市公司回应投资者关切时介绍了 业务进展。 有研粉末新材料股份有限公司的3D打印粉末材料直接或间接应用于火箭、卫星、探测器等，该公司相 关负责人表示："目前公司订单呈增长趋势。" 近日，火箭发射活动十分密集。12月13日，快舟十一号遥八运载火箭在酒泉卫星发射中心发射升空，将 迪迩五号空间试验器、希望五号二期卫星顺利送入轨道。12月12日，长征十二号运载火箭在海南商业航 天发射场点火升空，成功将卫星互联网低轨16组卫星送入预定轨道。12月3日，朱雀三号遥一运载火箭 ...

转自：北京日报客户端 "今年3月我们曾在缅甸地震灾区实现无保障团队的情况下连续142小时高清直播任务！"现场技术人员介 绍着已经实现量产的网翎卫星上网机，它比平板大不了多少，安装简便，能自动寻星入网，在各种环境 下能够提供高效便捷的卫星上网服务。 东高地宇航科技城、卫星互联网高品质园区、云岗东风小镇、二七航天智造基地……为商业航天配置空 间资源，北京丰台安排上了！ 丰台企业天兵科技，现场展示了包括TL-3、TL-3H、TL-3M和TL-2在内的多款火箭模型。"自2019年成 立以来，我们已成功实现天龙二号液体运载火箭商业化运行，正积极推进天龙三号大型液体运载火箭， 预计将在今年年底首飞，未来将形成年产超30发的商业发射能力。"天兵科技相关负责人介绍。 12月15日，"丰云汇·晓月问天——2025央地合作推进商业航天高质量安全发展大会"在北京园博园举 行。 大会现场，来自北京电擎科技、华信泰、航天一院、国卫星通、中国通号、北京微电子技术研究所、北 京航空精密机械研究所、航天三院、航天十一院、天兵科技、星途智联等单位的众多商业航天尖端产品 集中亮相，包括航天混合电推进系统、芯片原子钟、惯性导航设备、红外防护系统等 ...

国泰海通晨报 2025 年 12 月 01 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【宏观研究】：外需修复带动供给边际改善，对制造业 PMI 形成支撑。但是原材料、产成品价 格差走阔，反映内需仍需提振。接下来，基建投资修复值得关注。 2、【机械研究】机器人：优必选等企业加码产业布局、斩获大额订单，产业链协同推进，人形机 器人加速产业化。 3、【军工研究】军工：国家航天局发布关于印发《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）》的通知，指出商业航天是推动航天产业发展、建设航天强国的重要力量。 我们认为，近期我国商业航天产业及政策端利好频发，我国商业航天事业有望驶入快车道。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 侯欢(分析师) 021-23185643 houhuan@gtht.com S0880525040074 梁中华(分析师) 021-23219820 ...

【宏观】 外需修复，推升供给——2025年11月PMI数据点评 新出口订单指数反弹，带动供给边际改善。 2025 年 11 月份，新出口订单指数为 47.6% ，边际回升 1.7 个百分点，创下半年以来的最大涨幅。在外需的支 撑下，生产指数升至临界点，但是表现不及近年同期平均水平，且涨幅弱于季节性。企业生产的积极性进一步提升还要内需的推动。从行业看，农副食品加 工、有色金属冶炼及压延加工等行业产需较为活跃，而石油煤炭及其他燃料加工、化学纤维及橡胶塑料制品等行业产需景气水平偏低。同时，原材料采购价格 总体水平加快上涨，反映"反内卷"治理效果持续释放。出厂价格指数虽然边际回升，但是仍处于收缩区间。在内需的疲软之下，制造业企业对原材料的扩大采 购较为谨慎。 建筑业景气指数边际回升，但是仍需提振。 在非制造业，服务业景气度边际回落，降幅强于季节性。究其原因，除了假期效应消退的影响，还与房地产供需 加快调整后，相关行业市场活跃度偏弱有关。建筑业景气指数边际回升，涨幅强于季节性。究其原因，或与四季度新型政策性金融工具落地、部分地方债结存 限额的投放有关。值得一提的是，财政部将提前下达 2026 年新增地方政府债务限额，支 ...

Core Viewpoint - Tianbing Technology's Tianlong-3 large liquid launch vehicle has successfully completed key tests, including "one rocket 36 satellites" transportation and vibration tests, validating the structural stability and dynamic characteristics of the "36 satellite combination" under ground transportation and flight vibration environments [1][3][6] Group 1: Technical Achievements - The successful completion of the "one rocket 36 satellites" ground verification tests significantly enhances China's commercial space launch capabilities, providing solid support for satellite internet infrastructure construction [3][6] - The "36 satellite combination" successfully passed transportation tests that simulated the entire process of moving the rocket from the technical site to the launch site, confirming the structural strength and rigidity of the combination [6][7] - The vibration test conducted on November 14 demonstrated that the combination can withstand intense vibrations during the rocket's flight, ensuring the satellites function properly before reaching orbit [6][8] Group 2: Strategic Developments - The completion of the transportation and vibration tests, along with the earlier successful 36 satellite separation test, forms a complete technical loop for Tianlong-3's multi-satellite launch capability [7][8] - Tianlong-3 is the first large liquid launch vehicle in China to complete the full process verification of multi-satellite launches, which will significantly increase the number of satellites deployed per launch and reduce launch costs [8][11] Group 3: Financial and Market Position - Tianbing Technology has accelerated its activities, including a successful test of the Tianlong-3's sub-stage nine-engine parallel propulsion system, setting a new domestic record for commercial liquid rocket engine thrust [8][9] - The company completed nearly 2.5 billion yuan in financing in October, which will primarily be used for rocket mass production and the development of new-generation engines [9][11] - Tianlong-3 is positioned to meet the demand for over 30,000 low-orbit satellites, supporting the country's satellite network needs [11]

Core Viewpoint - The article emphasizes the proactive role of Shenwan Hongyuan Group in supporting national strategies through diversified financial services, focusing on technology finance, inclusive finance, green finance, pension finance, and digital finance, thereby contributing to high-quality economic development [1][19]. Group 1: Technology Finance - Shenwan Hongyuan Group has invested in high-end engine development for commercial aviation, supporting the C919 aircraft's engine projects, which ensures long-term funding for domestic aviation engine independence [3]. - The group is also involved in low-altitude economy initiatives, financing the W5000 unmanned cargo aircraft, which sets a benchmark in low-altitude logistics with its payload and range capabilities [3]. - Additional investments include support for Tianbing Technology, which has achieved significant milestones in commercial spaceflight, enhancing China's capabilities in satellite launches [5]. Group 2: Inclusive Finance - The group has partnered with Shanghai Construction Group to develop over 1,400 affordable rental housing units in Shanghai, benefiting new citizens and young people [10]. - Collaborations in urban renewal projects in Beijing and Chengdu aim to improve living conditions and upgrade old neighborhoods, aligning with the "housing for all" commitment [10]. - Financial support for small and micro enterprises has been emphasized, with investments aiding truck drivers and the logistics sector, as well as healthcare initiatives to support the aging population [12]. Group 3: Green and Digital Finance - Shenwan Hongyuan Group's futures division has implemented risk management strategies for various industries, including a notable case in the food sector that received media recognition for its effectiveness in stabilizing operations [14]. - Investments in companies like Xijing Technology focus on smart and green solutions, enhancing operational efficiency in global logistics [16]. - The group has also engaged in financing projects that align with national carbon neutrality goals, contributing to the development of new energy solutions [16]. Group 4: Consumer and Regional Development - The group participated as a strategic investor in consumer REITs, achieving a record subscription rate, indicating a deepening of the REITs market in China [17]. - Investments in regional development projects, such as the establishment of high-standard factories in Suzhou, support the growth of intelligent manufacturing in the Yangtze River Delta [17]. - The collaboration with e-commerce and offline resources aims to unlock consumer potential in the southwest region [17].

Core Viewpoint - The article emphasizes the proactive role of Shenwan Hongyuan Group in supporting national strategies through diversified financial services, focusing on technology finance, inclusive finance, green finance, elderly finance, and digital finance, thereby contributing to high-quality economic development [1][19]. Group 1: Technology Finance - Shenwan Hongyuan Group has invested in the development of high-end aircraft engines, supporting the C919 and other aircraft projects, ensuring long-term funding for domestic aviation engine independence [3]. - The group is also involved in low-altitude economy initiatives, financing the W5000 unmanned cargo aircraft, which sets a benchmark in low-altitude logistics with its payload and range capabilities [3]. - Additional investments include support for Tianbing Technology, which has achieved significant milestones in commercial spaceflight, enhancing China's capabilities in satellite launches [5][7]. - The establishment of a science and technology fund in Xinjiang aims to support early-stage and hard-tech enterprises, reflecting the group's commitment to fostering innovation [7]. Group 2: Inclusive Finance - The group has partnered with Shanghai Construction Engineering to develop over 1,400 affordable rental housing units in Shanghai, benefiting new citizens and young people [10]. - Collaborations in urban renewal projects in Beijing and Chengdu aim to enhance living conditions in older neighborhoods, transitioning from basic housing to improved living standards [10]. - Financial support for small and micro enterprises includes funding initiatives that stabilize income for truck drivers, indirectly supporting the logistics sector [12]. Group 3: Green and Digital Finance - Shenwan Hongyuan Group's futures division has implemented risk management strategies for various industries, including a notable case in the green production of lithium carbonate [14]. - Investments in Westwell Technology focus on smart and green strategies, enhancing logistics efficiency globally through innovative projects [16]. - The group has also engaged in financing for electric power solutions that align with national carbon neutrality goals, contributing to the development of smart microgrid technologies [16]. Group 4: Consumer Upgrade and Regional Development - The group participated as a strategic investor in consumer REITs, achieving a record subscription multiple, indicating a deepening of the REITs market in China [17]. - Investments in the Chengdu outlet project and the establishment of an industrial development fund in the Yangtze River Delta aim to stimulate regional economic growth and support smart manufacturing [17]. Conclusion - Shenwan Hongyuan Group's diverse financial tools and strategic investments reflect its commitment to national development goals, enhancing both technological innovation and social welfare [19].

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes a "景气反转" (economic recovery), "价值重估" (value reassessment), and "事件催化" (event-driven catalysts), suggesting that 2025 could be a significant year for military investment, characterized by a "双周期共振" (dual-cycle resonance) and a major turning point in the industry [5][48][49] Summary by Sections Industry Performance - The defense and military industry index decreased by 0.22% during the week of October 27-31, 2025, underperforming the broader market by 0.33 percentage points, ranking 21 out of 29 sectors [3][26] - Year-to-date, the defense and military index has increased by 17.72%, slightly underperforming the broader market indices [29][32] Key Developments - The successful launch of the Shenzhou 21 manned spacecraft on October 31, 2025, marks a significant milestone in China's space exploration efforts, contributing to the country's transition from a space power to a space strong nation [3][15] - The domestic liquid rocket industry is advancing rapidly, with the Tianlong 3 rocket expected to make its maiden flight by the end of 2025, and the Zhihang 1 rocket entering the final assembly phase [4][19][21] Financial Performance - The report indicates that the military sector's performance is improving, with notable profit increases for companies such as Hongyuan Electronics and Hangyu Technology, with year-on-year profit growth of 437% and 26% respectively in Q3 2025 [5][49] - The military sector's valuation is becoming more attractive, with a PE-TTM ratio fluctuating between 76-80, closing at 79.0 on the last trading day of the week [42] Investment Focus - The report suggests focusing on "新质战斗力" (new quality combat capabilities) and "景气反转、低估值" (economic recovery and undervalued stocks) as key investment themes [6][48] - Recommended stocks include major players in the new generation combat systems, unmanned equipment, satellite internet, and commercial aerospace sectors [6][48][49]

Group 1 - The aerospace ETF (159227) has seen a slight decline of 0.26% as of 11:12 AM on October 29, with a trading volume of 121 million yuan, maintaining its position as the largest in its category [1] - The ETF has attracted significant capital attention, with a total net inflow of over 282 million yuan in the past eight trading days [1] - The latest scale of the aerospace ETF has exceeded 1.6 billion yuan, marking a historical high and making it the largest aerospace ETF in the market [1] Group 2 - Tianbing Technology, a leading company in commercial aerospace, successfully completed the separation test of the Tianlong-3 large liquid launch vehicle, achieving a record of 36 satellites separating simultaneously, marking a significant breakthrough in China's commercial aerospace sector [1] - According to estimates from Founder Securities, the demand for rocket launches will significantly increase as the GW constellation aims to achieve the "100 rockets, 1000 satellites" plan by 2028, with nearly 2500 satellites expected to be launched annually by 2035 [1] - The commercial aerospace sector in China is entering a recovery phase, with an acceleration in the industry expected due to breakthroughs in satellite networking and manufacturing [1][2]