花旗表示，在全球电力需求被AI数据中心、电气化和可再生能源并网大举推高的背景下，叠加美 联储降息周期降低融资成本，助推电网基建长期项目投资，亚洲市场的最核心电网设备与储能类公司 （尤其是聚焦于高压变压器、GIS和储能系统的相关电力公司）正处在一个"多年的结构性上升周期"开 端。 电网设备ETF（159326）是全市场唯一跟踪中证电网设备主题指数的ETF，指数成分股的行业分布 以输变电设备、电网自动化设备、线缆部件及其他、通信线缆及配套、配电设备为主，拥有较强代表 性，有望受益于AI算力爆发。特高压权重占比高达65%，全市场最高。 截至12月12日10点50分，电网设备ETF（159326）现涨1.88%。持仓股中，中能电气、华菱线缆、 风范股份等股涨停，通光线缆、海联讯、双杰电气、国电南自跟涨。从资金净流入方面来看，电网设备 ETF连续11个交易日获得资金净流入，合计"吸金"7.24亿元。电网设备ETF最新份额达18.48亿份，最新 规模26.47亿元，均创成立以来新高。 12月10日，由国网电力工程研究院联合相关技术企业研制的"电力工程号"卫星在酒泉成功发射并进 入预定轨道。该卫星是首颗面向电网建设与运行全 ...

Group 1: Satellite Developments in China's Energy Sector - The first remote sensing satellite for the electric power industry, named "Electric Power Engineering No. 1," was successfully launched and is designed to meet the full-chain needs of power grid construction and operation [2] - The first energy engineering dedicated satellite, "Electric Power Construction No. 1," has been developed, capable of monitoring major energy projects with millimeter-level precision from space, improving construction accuracy significantly [2] Group 2: Innovations and Patents - He Yuan Gas announced the acquisition of a patent for a process and device to produce ultra-pure carbonyl sulfide from industrial carbonyl sulfide, addressing issues of low purity and incomplete distillation in existing technologies [3] - The patent is not expected to have a significant impact on the company's operations or performance but will aid in the development of ultra-pure gas preparation technology [3] Group 3: Aerospace Collaborations - High Hua Technology has confirmed that its high-reliability sensors and sensor network systems are being used in multiple models of the Long March rocket series, establishing long-term collaborations with key clients such as the China Academy of Launch Vehicle Technology [4]

消息面上，12月10日，我国首颗能源工程专用卫星——电建1号卫星下线。以往，我国重大能源工程质 量的监测，主要是通过在施工场所及周边高山峡谷安设大量监测装置来实现，施工难度大，精准度也有 限。今天下线的这颗卫星可以在太空中以毫米级的精度，确保重大工程建设不差分毫。 卫星ETF易方达(563530)：跟踪中证卫星产业指数，选取50只业务涉及卫星制造、发射、应用等领域的 上市公司。该指数对产业链覆盖全面，一键布局中国太空基建红利。 通用航空ETF易方达(159255)一键打包全产业链龙头，可助力投资者捕捉低空经济投资机会。 同一日，我国电力行业首颗遥感卫星——"电力工程号"在酒泉成功发射，顺利进入预定轨道，我国电网 工程技术领域创新发展再添硕果。此次发射的电力卫星，由国家电网电力工程研究院联合相关技术企业 共同研制，是我国首颗面向电网建设与运行全链条需求的光学遥感卫星。 财通证券指出，文昌超级卫星工厂即将投产，叠加SpaceX计划于明年下半年上市，全球商业航天投融 资与产业化节奏明显加快。当前建议关注商业航天、低空经济与军贸等主线，其中火箭可复用技术进步 将显著降低发射成本，推动星座组网与卫星应用加速发展。 关联 ...

Core Viewpoint - The recent advancements in China's aerospace sector, including the launch of new satellites and rockets, indicate a significant growth potential for the commercial space industry, driven by breakthroughs in reusable rocket technology [1][2]. Group 1: Industry Developments - The China Securities High-end Equipment Sub-index 50 has seen a 0.56% increase, with notable stock performances from companies like Putian Technology (up 6.81%) and Western Superconducting (up 5.23%) [1]. - The launch of the first energy engineering satellite, "Electric Power Engineering No. 1," and the first remote sensing satellite for the power industry marks a milestone in China's satellite capabilities [1]. - The successful launch of multiple rockets, including the Long March series achieving a record of three launches in one day, highlights the increasing frequency and capability of China's space missions [1]. Group 2: Market Outlook - Oriental Securities notes that the recent first flights of several rockets could catalyze the commercial space sector, with expectations of a significant reduction in launch costs due to advancements in reusable technology [2]. - The commercial space industry in China is anticipated to enter a new phase of scaled and normalized development, with private rockets expected to effectively supplement launch capacity in the short term [2]. - In the next three to five years, the commercialization of reusable rockets is expected to drastically lower launch costs and increase the frequency of launches [2]. Group 3: Investment Opportunities - The top ten weighted stocks in the China Securities High-end Equipment Sub-index 50 account for 44.74% of the index, indicating concentrated investment opportunities in leading companies within the aerospace and defense sectors [2]. - Investors can consider the China Securities High-end Equipment Sub-index 50 ETF (159638) for exposure to key players in aerospace, military equipment, and satellite navigation [2]. - The availability of the China Securities High-end Equipment Sub-index 50 ETF linked fund (018028) provides an avenue for investors to capitalize on industry rotation opportunities [3].

Core Viewpoint - China has launched its first dedicated satellite for power grid services, marking a significant advancement in the monitoring and management of electrical infrastructure [3][5]. Group 1: Purpose and Need for the Satellite - The dedicated satellite is designed to address the challenges faced by ultra-high voltage projects in extreme environments, such as high altitudes, severe cold, and strong seismic activity [5]. - The satellite aims to enhance the construction management, operation, maintenance, and disaster prevention of power grids [5]. Group 2: Technological Innovations - The satellite features three core technologies that distinguish it from traditional meteorological and oceanic satellites [5]. - It has improved spatial resolution, allowing it to clearly identify targets the size of an A3 paper from over 500 kilometers above the Earth [8]. - The satellite innovatively breaks away from the traditional north-south flight pattern, enabling continuous observation along an east-west trajectory, covering over 200 kilometers of transmission lines in a single pass [10]. - It employs "multi-angle stereoscopic imaging and intelligent fusion processing" technology, facilitating rapid decimeter-level 3D modeling for precise data support in grid planning and obstacle management [12]. Group 3: Future Developments - Following its launch, the satellite will collaborate with ground receiving stations and data processing centers to establish a comprehensive power remote sensing monitoring network, covering 19 business scenarios [15]. - The construction of a satellite constellation for power grids is expected to significantly enhance high-precision three-dimensional observation capabilities across the entire grid [15].

Industry News - The Ministry of Industry and Information Technology released the "Management Measures for Public Service Platforms for Industrial Technology," emphasizing the need for service platforms to clarify their service industry and scope, focusing on sectors such as equipment, petrochemicals, steel, new energy, new materials, new energy vehicles, green environmental protection, artificial intelligence, and new energy storage [2] - China's first energy engineering dedicated satellite, "Electric Power Engineering No. 1," has been launched, capable of monitoring major energy projects with millimeter-level precision, enhancing construction quality assurance [2] - The "Xinjiang Power to Chongqing" project has delivered over 10.12 billion kilowatt-hours of electricity since its operation, significantly supporting energy supply and green development in the southwestern region [3] - The deepest vertical shaft of a pumped storage power station in China, with a depth of 637 meters, has been completed, marking a significant breakthrough in intelligent construction within the pumped storage industry [4] International News - France's nuclear power capacity is expected to recover, with a sustainable surplus in electricity generation for the next two to three years, allowing for exports to neighboring countries and aiding in the country's energy transition [5][6] - Poland's Prime Minister announced that the EU has approved funding for the construction of the country's first nuclear power plant, with an initial allocation of 4 billion zlotys (approximately 7.76 billion yuan) [6] Corporate News - A new 1 million kilowatt unit has been put into operation in Zhejiang, with the project expected to generate approximately 10 billion kilowatt-hours of electricity annually after full production [7]

每经记者｜杨建 每经编辑｜肖芮冬 ｜2025年12月11日 星期四｜ NO.1 广东国资成立商业航天产业发展公司 近日，广东省商业航天产业发展有限公司成立，法定代表人为杨晨晖，注册资本为2亿元，经营范围包 含：民用航天发射技术服务；微小卫星测运控服务；火箭发射设备研发和制造；火箭控制系统研发等。 股权穿透显示，该公司由广东恒健投资控股有限公司全资持股。广东恒健投资控股有限公司是由广东省 国资委履行出资人职责的国有独资公司，是广东省委、省政府重大战略投资平台和省级国有资本运营公 司。 NO.2 我国成功发射阿联酋813卫星等9颗卫星 12月10日12时03分，我国在东风商业航天创新试验区使用力箭一号遥十一运载火箭，成功将阿联酋813 卫星、吉星高分07B01星、吉星高分07C01星、吉星高分07D01星、东坡15号卫星、驭星二号09星、逸 仙-A星、SPNEX卫星、Slippers2Sat卫星共9颗卫星发射升空，卫星顺利进入预定轨道，发射任务获得圆 满成功。 NO.3 我国首颗能源工程专用卫星下线，可看清毫米变化 12月10日，我国首颗能源工程专用卫星——电建1号卫星下线。以往，我国重大能源工程质量的监测， 主 ...

新华社北京12月10日电 题：一星在轨，看专属"天眼"护航国家电网 "同轨多角度立体成像与智能融合处理"技术是创新亮点之一。通过卫星平台的精准敏捷操控，在一次过 境中即可从多个角度对同一目标进行快速拍摄，可实现快速分米级三维建模，为电网规划、机械化施 工、环保水保管理和通道树障等提供精确的电网设备设施及量化评估数据支持，为电网立体化监测注入 新动力。 研制电力专用卫星，源于电网发展对遥感数据日益迫切的需求。"过去我们依赖通用遥感卫星数据，但 在分辨率、重访周期和数据专属性上常常'捉襟见肘'。"国网电力工程研究院电力卫星资源应用中心负 责人杨知说。 随着西南水电、"沙戈荒"新能源基地等特高压工程加快建设，电网规模持续扩大，输电线路不断延伸至 高海拔、极寒、强震等复杂环境，现有通用光学卫星难以满足。尤其在应对突发灾害时，卫星"看得 清、看得快、看得准"，可有力提升电网抢修和供电恢复的效率。 本次发射的电力工程号卫星由国网电力工程研究院联合相关技术企业研制，是我国首颗为电网建设与运 行全链条需求量身定制的光学遥感卫星，可谓电网工程建设、设备巡检应急的专属天眼。 放眼全球，我国在电网专属遥感卫星的应用上迈出了领先一步 ...

Core Viewpoint - The successful launch of the "Electric Power Engineering" satellite marks China's first dedicated satellite for power grid services, addressing the challenges faced in high-altitude, extreme cold, and seismic areas for power transmission lines [1][3]. Group 1: Purpose and Need - The need for a dedicated satellite arises from the increasing complexity of managing and operating power grids in challenging environments, necessitating advanced monitoring capabilities [5]. - The satellite is designed to enhance the efficiency of monitoring the "West-to-East Power Transmission" project by providing continuous observation over transmission corridors exceeding 200 kilometers [7]. Group 2: Technological Innovations - The satellite features three core technologies that differentiate it from traditional satellites, including the ability to conduct long strip observations along the east-west direction [5]. - It boasts improved spatial resolution, allowing it to identify targets on the ground as small as the size of an A3 paper from an altitude of over 500 kilometers [8]. Group 3: Future Developments - The satellite will utilize "multi-angle stereoscopic imaging and intelligent fusion processing" technology to create precise three-dimensional models, supporting power grid planning and vegetation management [10]. - Following its launch, the satellite will work in conjunction with ground stations and data processing centers to establish a comprehensive power remote sensing monitoring network, enhancing high-precision three-dimensional observation capabilities across various operational scenarios [10].