Core Viewpoint - The aerospace ETF Tianhong (159241) is experiencing active trading with a significant net subscription of 7 million shares, indicating strong market interest in the aerospace sector [1][2]. Group 1: Market Performance - As of November 20, 2025, the aerospace ETF Tianhong (159241) had a turnover rate of 12.25% and a trading volume of 63.468 million yuan, reflecting active market participation [1]. - The tracked index, the National Aerospace Industry Index (CN5082), saw a decline of 1.11%, while constituent stocks showed mixed performance, with Huazhong Technology (300045) leading with a gain of 3.04% [1]. Group 2: Product Highlights - The aerospace ETF Tianhong (159241) offers exposure to aerospace equipment, domestic large aircraft, low-altitude economy, and military information technology stocks, with 99% of its underlying index belonging to the defense and military industry, indicating a higher purity and investment value compared to other military-related indices [3]. Group 3: Industry Events - The 27th China International High-tech Achievements Fair highlighted the aerospace industry, showcasing innovations such as flexible solar wings and laser communication terminals from China Aerospace Science and Technology Corporation, emphasizing the role of aerospace technology in industrial development [3]. - The Ministry of Natural Resources announced the implementation of the "Satellite Navigation Positioning Reference Station Management Measures" starting January 1, 2026, aimed at regulating the construction and operation of satellite navigation stations, with the number of stations increasing from 3,363 to 6,951 [4]. Group 4: Institutional Insights - According to Guoxin Securities, the defense and military industry maintained stable revenue growth in the first three quarters of 2025, with a slight decline in net profit. State-owned military enterprises dominate the industry in terms of asset scale, revenue, and R&D expenses, indicating strong industry control [5]. - The revenue of military state-owned enterprises is closely linked to national defense spending, which is expected to grow steadily, suggesting that the revenue and profitability of these enterprises will also continue to improve [5].

Group 1 - The aerospace ETF (159227) rose by 1.1% with a transaction volume of 0.81 billion yuan, leading its category. Key stocks such as Yaguang Technology and Aerospace Development hit the daily limit, while Guoke Military Industry, Tianhe Defense, and Great Wall Military Industry also saw gains exceeding 3% [1] - The 27th China International High-tech Achievements Fair concluded in Shenzhen on November 16, showcasing significant interest in the aerospace industry. The event highlighted the collaboration between national key projects and specialized innovative enterprises, demonstrating the "Aerospace+" integration and innovation momentum [1] - CITIC Securities believes that China's military industry has evolved from a model reliant on domestic demand to a new development pattern driven by three forces: "domestic demand foundation, foreign trade expansion, and civilian support." This shift is fundamentally reshaping the landscape and boundaries of China's military industry, transitioning from "cyclical growth" to "comprehensive growth" [1] Group 2 - The aerospace ETF (159227) tracks the Guozheng Aerospace Index, with a high concentration of 98.2% in the first-level military industry, making it the highest "military purity" index in the market. It is deeply invested in the aerospace industry chain [1] - The constituent stocks are selected from leading companies in the military sector, covering emerging fields such as large aircraft manufacturing, low-altitude economy, and commercial aerospace, aligning closely with the direction of new productive forces development [1]

Group 1: Event Overview - The 27th China International High-tech Achievements Fair (CIHTAF) commenced on November 14, showcasing nearly 5,000 enterprises with over 90% of exhibits being physical products, highlighting advancements in technology such as bionic robots, drones, semiconductors, and new energy [1] - The event featured over 60 premiere activities, with more than 20% of exhibits being showcased for the first time globally, including a space tourism project that attracted significant public interest [1] Group 2: Key Technologies and Innovations - The "National Heavy Equipment" exhibition highlighted breakthroughs in critical technologies, emphasizing China's achievements in aerospace, energy security, and the importance of self-controllable key technologies in driving economic transformation and high-quality development [2] - The "Five New" exhibition in the power equipment sector demonstrated innovations in new power systems and equipment upgrades, showcasing advancements in battery technology and hydrogen production, which are crucial for the green transition [3] Group 3: Semiconductor and Integrated Circuits - The semiconductor and integrated circuit exhibition covered the entire industry chain, with Shenzhen accounting for 14.8% of national integrated circuit production in 2024, and nearly 100 billion yuan in electronic component transactions [5] - Domestic production of mid-to-low-end semiconductor materials has accelerated, while high-end materials remain challenging, necessitating collaborative advancements across multiple fields [5] Group 4: Consumer Electronics Trends - The Asia Consumer Electronics Exhibition showcased the integration of AI technology in smart devices, emphasizing the shift towards more personalized and intelligent consumer electronics, including health-monitoring features in wearables [7][8] - The trend towards health-focused consumer electronics is evident, with products like smart bands and watches providing personalized health insights [8] Group 5: Robotics and AI - The AI and robotics exhibition presented innovations in embodied intelligence and humanoid robots, indicating that the industry is in its early commercial stage but is expected to see rapid advancements due to significant investments in technology and talent [10][11] - The low-altitude economy and commercial aerospace sectors are also in early development stages, with core technologies being critical for future growth [12][13] Group 6: Future Outlook - The event illustrated a comprehensive view of technological advancements across various sectors, emphasizing the interconnectedness of heavy equipment, semiconductors, consumer electronics, AI, and aerospace in driving China's modernization [14][15] - The collaborative evolution of these sectors is seen as a vital foundation for China's technological progress and innovation [15]

Core Insights - The 27th China International High-tech Achievements Fair showcased significant advancements in aerospace, quantum communication, intelligent robotics, and digital technology, highlighting the vitality and innovation of China's high-tech industry [1] Aerospace Industry - The aerospace sector featured prominently, with products like flexible solar wings and laser communication terminals from China Aerospace Science and Technology Corporation, demonstrating the empowering role of aerospace technology across various industries [1] - Asia-Pacific Satellite Broadband Communication (Shenzhen) Co., Ltd. presented the Asia-Pacific 6D satellite, which is currently the largest in communication capacity and output power in the Ku-band high-throughput geostationary satellites, with a total communication capacity of 50 Gbps and over 30,000 network terminal stations [1] - Shenzhen Magic Cube Satellite Technology Co., Ltd. showcased its independently developed Tianmu-1 meteorological satellite and the Magic Eye series radar satellites, achieving a 40% reduction in satellite development costs and a 50% decrease in delivery time through standardized and modular design [1] Quantum Communication - Southern Power Grid Shenzhen Power Supply Bureau, in collaboration with Huawei, unveiled the world's first "flux-integrated" quantum encryption private network, which integrates quantum encryption with optical transmission equipment, already applied in critical power supply stations for the 15th National Games [2] Robotics Industry - The robotics sector displayed a wide array of innovations, including industrial and consumer-grade robots, emphasizing the accelerating penetration of intelligent robotics across various industries [2] - Lingxin Qiaocraft (Shenzhen) Robot Co., Ltd. presented a unique robot band capable of performing multiple songs based on audience requests, showcasing the entertainment potential of robotics [2] - Shandong Guoxing Intelligent Technology Co., Ltd. exhibited a high-obstacle electric explosion-proof four-wheel drive fire-fighting robot, which enhances operational safety for firefighters by detecting hazardous gases and avoiding obstacles [3]

薄如蝉翼的柔性太阳翼，为卫星和空间站供给稳定电能；尺寸袖珍的微纳机器人，可钻血管进行病症治 疗；动作敏捷的"钢铁侠"拳手，献上精彩的拳击赛……在今年的高交会上，5000余项新技术、新成果集 中展示，吸引全球业界目光投向深圳、投向中国。 转自：深圳特区报 深圳特区报记者 闻坤 熊子恒 从小小的"荔枝节"，发展壮大成为"中国科技第一展"，高交会不仅是全球科创力量汇聚与高水平创新资 源对接的大平台，更是深圳、大湾区以及中国对外开放的重要窗口，引领全球科技创新产业创新风向， 推动高水平"走出去"、高质量"引进来"。 11月14日至16日，第27届高交会这个一年一度的大展，汇聚全球前沿科技，将今年的创新热度推向高 潮。 "中国科技第一展"的实力体现在集体亮相的"硬科技"项目。40多家央国企带来的"大国重器"尤为吸 睛："深圳星"亚太6D卫星见证太空探索的中国力量，华龙一号彰显能源领域的自主创新，EH216-S无人 驾驶载人航空器勾勒低空经济的发展蓝图，每一项成果无不彰显着中国创新的硬核实力。 数据会说话：本届高交会吸引全球120多个国家和地区的专业观众，3天累计入场突破45万人次，同比增 长13%；举办重大活动200余 ...

Group 1: High-tech Industry Highlights - The 27th China International High-tech Achievements Fair showcased significant advancements in aerospace, quantum communication, intelligent robotics, and digital technology, reflecting the vibrant innovation in China's high-tech industry [1] - The aerospace sector featured prominently, with China Aerospace Science and Technology Corporation presenting flexible solar wings and laser communication terminals, highlighting the empowering role of aerospace technology in industrial development [1] - Asia-Pacific Satellite Broadband Communication (Shenzhen) Co., Ltd. displayed the Asia-Pacific 6D satellite, which is currently the largest communication capacity satellite in China, with a total communication capacity of 50 Gbps and over 30,000 network terminal stations [1] Group 2: Technological Innovations - Southern Power Grid Shenzhen Power Supply Bureau, in collaboration with Huawei, unveiled the world's first "flux-integrated" quantum encryption private network, which integrates quantum encryption with optical transmission equipment [2] - The Fujian exhibition group introduced China's first "air-rail integrated" low-altitude logistics safety hub solution, providing a full-chain service from route planning to real-time scheduling [2] - The robotics industry showcased a variety of products, including industrial and consumer-grade robots, indicating the rapid penetration of intelligent robotics across various sectors [2] Group 3: Specialized Robotics Applications - Shandong Guoxing Intelligent Technology Co., Ltd. presented a high-obstacle electric explosion-proof four-wheel drive firefighting robot, demonstrating the practical value of humanoid robots in specialized operations [3] - The robot is equipped with a four-wheel independent suspension and adaptive intelligent track chassis, enhancing its ability to navigate complex terrains while reducing safety risks for firefighters [3]

[Table_yemei1] 热点速评 Flash Analysis [Table_Title] 研究报告 Research Report 18 Nov 2025 电子 Technology CHTF 2025 前沿聚焦：科技成果落地激活市场新动能 CHTF Intelligence-Inspired Embodied Ecosystem Forum: Technology Commercialization Unleashes New Market Momentum 姚书桥 Barney Yao [Table_summary] (Please see APPENDIX 1 for English summary) 事件 barney.sq.yao@htisec.com 2025 年 11 月 14 至 16 日，第二十七届中国国际高新技术成果交易会在深圳国际会展中心开展。本届高交会以"科技 自立自强，创新驱动未来"为核心主题，吸引全球 103 个国家和地区的 5200 余家企业、科研院所参展，展示超 2.3 万 项高新技术成果。值得关注的是，当前科技市场已清晰呈现从概念炒作转向实用落地的阶段性特征，客户群体 ...

Group 1: High-tech Industry Highlights - The 27th China International High-tech Achievements Fair showcased significant advancements in aerospace, quantum communication, intelligent robotics, and digital technology, reflecting the vitality and innovation of China's high-tech industry [1] - The aerospace sector featured prominently, with China Aerospace Science and Technology Corporation presenting products like flexible solar wings and laser communication terminals, highlighting the empowering role of aerospace technology in industrial development [1] - Asia-Pacific Satellite Broadband Communication (Shenzhen) Co., Ltd. displayed the Asia-Pacific 6D satellite, which is currently the largest communication capacity satellite in China, with a total communication capacity of 50 Gbps and over 30,000 network terminal stations [1] Group 2: Innovative Solutions and Technologies - Southern Power Grid Shenzhen Power Supply Bureau, in collaboration with Huawei, unveiled the world's first "flux-integrated" quantum encryption private network, which integrates quantum encryption with optical transmission equipment [2] - The Fujian exhibition group introduced China's first "air-rail integrated" low-altitude logistics safety hub solution, providing a full-chain service from route planning to real-time scheduling [2] - The robotics industry showcased a variety of products, including industrial and consumer-grade robots, indicating the accelerating penetration of intelligent robotics across various sectors [2] Group 3: Specialized Robotics Applications - Shandong Guoxing Intelligent Technology Co., Ltd. presented a high-obstacle electric explosion-proof four-wheel drive firefighting robot, demonstrating the practical value of humanoid robots in specialized operations [3] - The robot is equipped with independent suspension and adaptive intelligent tracks, enhancing its ability to navigate complex terrains while reducing safety risks for firefighters through its detection and obstacle avoidance capabilities [3]

Core Viewpoint - The 27th China International High-tech Achievements Fair showcases the transformation and industrialization of aerospace technology, highlighting over a hundred cutting-edge aerospace achievements across various sectors such as commercial aerospace, low-altitude economy, robotics, electronic information, and new energy [1][3]. Group 1: Event Overview - The event took place from November 14 to 16 in Shenzhen, featuring China Aerospace Science and Technology Corporation's first exhibition themed "Transformation and Industrialization of Aerospace Technology" [1]. - The exhibition included significant aerospace technology exhibits such as Long March series rockets, flexible solar wings, laser communication terminals, and renewable energy materials [3]. Group 2: Forum Highlights - The first "Aerospace Technology Achievement Transformation and Industrialization Forum" was held, gathering various innovative resources for in-depth industry discussions and creating a high-level platform for connecting aerospace technology with the Guangdong-Hong Kong-Macao Greater Bay Area market, talent, and capital [3]. - New entities such as the Shenzhen Aerospace Technology Achievement Transformation Centers and Shenzhen Aerospace Xinyu Technology Co., Ltd. were officially established, aiming to facilitate the transition from commercial aerospace to low-altitude economy [3]. Group 3: Technology Demonstrations - A roundtable discussion featured insights on innovative mechanisms for technology achievement transformation, promoting industrial upgrades and ecosystem building [5]. - Live demonstrations included projects like the Jiutian Hangyu low-altitude comprehensive flight service management platform and hydrogen energy industrialization projects, fostering direct exchanges between technology supply and demand [5]. - The forum also unveiled several new aerospace technology products, showcasing China's solid capabilities in the aerospace sector [5].

Core Insights - The 27th China International High-Tech Achievements Fair (高交会) showcases significant advancements in high-tech industries, emphasizing "high, precision, and cutting-edge" technologies and products, with over 90% of exhibits being physical items and more than 20% being debut displays [1][2] Group 1: Key Technologies and Exhibitors - The 9th hall features critical technologies and products related to national security and technological innovation, including aerospace, high-end marine engineering, and intelligent manufacturing [2] - Notable exhibitors include China Aerospace, China National Offshore Oil Corporation (CNOOC), BYD, and the Shenzhen Advanced Institute of Technology, showcasing their latest technological achievements [2][3] - The "Shenzhen Star," the world's first high-throughput satellite customized for mobile communication, is displayed by Asia-Pacific Satellite Broadband Communication (Shenzhen) Co., highlighting its role in disaster communication [2] Group 2: Innovations in Energy and Computing - CNOOC presents advanced marine energy equipment, including the "Deep Sea No. 1" energy station and "Sea Anemone No. 1" FPSO, showcasing its latest technological advancements in deep-water oil and gas exploration [3] - The Guangming Laboratory has acquired four sets of Huawei's self-developed computing clusters, each containing 384 domestic GPUs, for large model training and multimedia processing, transitioning from NVIDIA due to export restrictions [4] - The Shenzhen Advanced Institute of Technology introduces the HYPIR image restoration model and the HYPVR video enhancement model, which significantly improve the quality of old films and video content [4] Group 3: Medical and Biotechnological Innovations - The "Results Supermarket" at the fair features 125 achievements in fields such as high-end medical devices and brain-machine interfaces, allowing visitors to interactively learn about technological highlights and application scenarios [5][6] - The world's first "imaging" magnetic resonance device, uMRUltra, developed in collaboration with United Imaging Healthcare, has received regulatory approvals and is set for global launch [6] - A novel multi-modal imaging-guided pulsed electric field ablation device is showcased, which integrates various imaging technologies for precise treatment of complex medical conditions [6]