今天上午，摩尔线程再度刷屏A股，位居多个平台的人气榜首位。 当地时间12月10日，美股电力设备龙头GE Vernova涨超15%，盘中股价创历史新高。公司表示，2025财 年的营收指引为360亿美元至370亿美元，自由现金流从30亿美元—35亿美元提高至35亿美元—40亿美 元。2026财年的自由现金流将进一步提升至45亿美元—50亿美元。另外，公司将2028财年的营收指引从 450亿美元上调至520亿美元，调整后EBITDA（息税折旧及摊销前利润）利润率也从14%提高至22%。 GE Vernova首席执行官Scott Strazik表示，随着大型数据中心建设推动电力需求上升，公司预计到年底 将签署80吉瓦的联合循环燃气轮机合同。公司的燃气轮机已经卖光了截至2028年的产能，2029年的产能 也已经卖到只剩10%。 微软CEO萨提亚·纳德拉近期多次公开表示，当前人工智能产业面临的核心瓶颈并非算力过剩，而是电 力短缺。这导致公司大量AI芯片（如GPU）因缺乏足够电力供应而只能闲置在仓库中，无法投入使 用。 继昨天股价突破700元后，摩尔线程上午股价又突破800元，截至午盘，涨近17%，股价报857.7元/股， ...

Core Viewpoint - The article highlights the significant market movements in the electric power infrastructure and commercial aerospace sectors, driven by recent developments and investor interest. Electric Power Infrastructure Sector - The electric power infrastructure chain showed active performance, with flexible DC transmission, grid equipment, and ultra-high voltage sectors experiencing notable increases [5][9]. - Specific stocks such as Tongguang Cable and Zhongchao Holdings saw substantial gains, with Tongguang Cable rising by 19.98% [6]. - The global demand for electricity is expected to surge due to the expansion of AI data centers, which is creating a critical need for upgraded grid infrastructure [9]. - Citigroup's recent report indicates that the global electricity demand is set to expand exponentially, potentially becoming a bottleneck for AI technology development [9]. - The Chinese government's "14th Five-Year Plan" emphasizes the importance of a new energy system, which supports long-term opportunities in ultra-high voltage and smart grid sectors [9]. Commercial Aerospace Sector - The commercial aerospace sector continued its upward trend, with companies like Zhenlei Technology and Keqiang Co. experiencing significant stock price increases [11]. - Recent successful satellite launches and the establishment of new aerospace companies in China are contributing to the sector's growth [12]. - The launch of the first energy engineering satellite in China marks a significant milestone, showcasing advancements in radar remote sensing technology [12].

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]

12月11日早盘，截至10点23分，航空航天 ETF（159227）涨幅0.34%，成交额达1.34亿元，稳居同 类第一。持仓股中，中国卫星、华秦科技、上海瀚讯、光启技术、航宇科技等涨幅居前。 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。当 日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。同日，我国电力行业首 颗遥感卫星——"电力工程号"在酒泉成功发射，此次发射的电力卫星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。 国金证券称，从时间角度看，中国正处于类似Space X 2018-2020年的组网前夜。随着G60千帆与 GW国网进入密集发射期，卫星制造正从实验室定制向汽车流水线式生产转型。在液体可回收火箭技术 完全成熟前，产业链中最确定的Alpha收益来自高价值量、高准入壁垒的卫星核心单机与载荷。能提供 通用化电源、通信、姿控系统的配套商将率先兑现业绩。 航空航天ETF（159227）紧密跟踪国证航天指数，覆盖航空装备、航天装备、卫星导航、新 ...

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].

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。10日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。近日，总台央视记者对这颗卫 星制造基地进行了独家探访。 中国电建集团首席技术专家 张世殊：和其他光学遥感卫星相比，这颗雷达遥感卫星可以全天候观测，能穿云透雨。哪怕地面上山体或工程设施有1毫米的 变化，它都可以看得清清楚楚。用它的火眼金睛传回毫厘不差的高精度影像，可广泛应用于重大工程施工建设以及地震、山体滑坡等自然灾害的预警及救 援。 总台央视记者 古峻岭：这里就是卫星发射前最后的调试环节，这个实验室叫吸波暗室，从天花板到四周的墙面再到地上，都铺满了尖锥状的材料，它能 够有效地吸收各种电磁波，最大程度地避免对卫星调试的干扰。工作人员在调试的时候会和我一样穿着防静电服，戴的帽子也会将头发全部包裹起来，避 免哪怕是头发丝这样细小的杂质对卫星带来不利的影响。 责任编辑：江蓬新 在后面的高台上就是主角——电建1号卫星，它的形状是平板形的，可能很多人印象当中的卫星应该是球状的， ...

Core Viewpoint - The launch of China's first energy engineering dedicated satellite, the Electric Power Construction 1 Satellite, marks a significant advancement in monitoring the quality of major energy projects with millimeter-level precision from space, improving upon traditional ground-based monitoring methods [2][8]. Group 1: Satellite Features - The Electric Power Construction 1 Satellite features a flat design, which is more efficient in a vacuum environment, eliminating the need for aerodynamic shapes [2]. - The satellite is equipped with solar panels made from special materials that enhance light-to-electricity conversion efficiency by over 50% compared to standard photovoltaic panels [2]. - The solar panels are lightweight, with a total weight of just over 400 grams, allowing for a significant reduction in size from 4.8 meters to 2.8 meters for easier rocket transport [4]. Group 2: Core Components - The satellite's main body houses various precision instruments, including a propulsion system for trajectory adjustments and a positioning system to maintain accurate orbital paths [6]. - The satellite's radar remote sensing capabilities allow for all-weather observation, capable of detecting changes as small as 1 millimeter on the ground, which is crucial for monitoring construction projects and natural disaster warnings [8].

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 ...