三是需求空间明确放量，万亿市场加速开启。全球低轨星座计划催生海量发射需求，预计至2030年我国 运载火箭市场规模将达632亿美元，产业链各环节协同受益。这种需求爆发不仅体现在卫星制造与发射 环节，更延伸至卫星应用、终端配套等下游领域。 低空经济方面，新修订的《民用航空法》增设"发展促进"专章，从国家法律层面确立支持通用航空与低 空经济发展方向，优化空域资源、推动监管平台建设、健全制度标准，为产业发展奠定法治基石。低空 经济作为战略性新兴产业，市场潜力大，政策支持下，产业链有望迎来价值重估。 1月12日，沪深两市延续涨势，传媒、计算机、国防军工板块涨幅居前。截至10点34分，通用航空ETF 南方(159283.SZ)涨5.71%，中科星图涨15.13%。 申万宏源证券指出，商业航天作为"十五五"期间航天强国建设的核心抓手，已步入政策与技术共振的黄 金发展期。尤其在可重复使用火箭技术突破、卫星星座建设加速的双重驱动下，产业发射成本大幅下 降，叠加低空经济与军工产业的协同赋能，产业链正迎来长期扩容机遇，与通用航空板块的战略配置价 值形成高度呼应。 一是技术变革实现关键突破，破解产业发展瓶颈。以"朱雀三号"可回收火箭 ...

1月8日，沪深两市小幅波动，建筑装饰、国防军工、通用航空、芯片板块涨幅靠前。截至10点35分，通 用航空ETF南方(159283.SZ)涨2.95%，航天电子涨9.03%。低空经济正加速成为国家及地方"十五五"规划 的战略重点，全国已有约30个省、市、自治区将其纳入发展建议，政策支持力度持续加码。在政策规范 与市场扩容的双重驱动下，行业呈现明显的规模化发展趋势：中央空管办近期出台低空飞行服务平台功 能要求与信息交互规范，为产业有序发展奠定制度基础；预计当前1.5万亿元的市场规模有望在2030年 突破2万亿元。应用场景方面，低空物流、文旅等率先实现商业化落地，头部eVTOL（电动垂直起降飞 行器）主机厂不仅订单陆续兑现，还加快海外拓展步伐。与此同时，国资央企密集布局，纷纷成立低空 经济专项公司，推动整机制造、动力系统、飞控等关键环节取得实质性进展，产业链发展路径日益清 晰。行业活力持续释放，多地成功举办低空经济产业大会和博览会，签约项目总投资超44亿元，国际合 作也明显提速。在此背景下，通用航空ETF南方(159283.SZ)全面覆盖低空经济全产业链，有望充分受益 于政策红利、场景拓展与市场高速增长，具备显著的 ...

Group 1: ETF Market Overview - The report highlights the performance of various ETFs, with the Satellite ETF showing a significant increase of 7.72% on the trading day [5][6]. - The top-performing ETFs include the Satellite Industry ETF with a rise of 7.55% and the Satellite ETF from E Fund with a 7.07% increase [5]. - The trading volume for the Satellite ETF reached 38,691.01 thousand yuan, while the Satellite Industry ETF had a trading volume of 50,380.39 thousand yuan [5]. Group 2: Fund Flow Monitoring - The report indicates that the Nonferrous Metals ETF Fund had a net inflow of 270,258.54 thousand yuan on the previous trading day, with a daily increase of 1.23% [8]. - The A500 ETF Leader experienced a slight decline of 0.17% but still had a significant net inflow of 90,435.65 thousand yuan [8]. - The report lists the top ETFs by net inflow, with the Nonferrous Metals ETF leading, followed by the A500 ETF Leader and the CSI 300 ETF [8]. Group 3: Margin Trading Activity - The Securities ETF recorded a financing purchase of 42,272.77 thousand yuan, despite a daily decline of 0.41% [15]. - The report notes that the Sci-Tech Innovation 50 ETF had a financing purchase of 40,667.67 thousand yuan, with a decrease of 1.12% on the trading day [15]. - The margin trading data indicates that the CSI 500 ETF had a financing purchase of 29,028.08 thousand yuan, reflecting a stable interest in this ETF despite market fluctuations [15].

Group 1 - General aviation concept stocks have strengthened, with Aerospace Electronics rising over 8%, China Satellite Communications up over 4%, Hongdu Aviation increasing over 3%, and Huace Navigation and Zhongke Star Map both rising over 2% [1] - The general aviation-related ETFs have increased nearly 3% [1] Group 2 - Several brokerages indicate that the low-altitude economy is a strategic emerging industry included in the government work report and is an important component of China's transportation network planning, with various levels of government issuing numerous supportive policies [2] - The market space for the low-altitude economy is accelerating, with the drone low-altitude market expected to exceed 3.1 trillion yuan by 2035, and the manned eVTOL market projected to exceed 500 billion yuan [2]

Core Viewpoint - The low-altitude economy is accelerating towards a large-scale development phase, supported by policy, technological breakthroughs, and industry collaboration, indicating a strong investment logic in the sector [1][2]. Group 1: Policy Developments - The Central Air Traffic Management Office issued regulatory documents in November, establishing standards for national and provincial platforms, which provide institutional support for achieving a market scale of 1.5 trillion [1]. - The establishment of a comprehensive regulatory service platform for low-altitude flight is a significant step towards the commercialization of the low-altitude economy [1]. Group 2: Technological Advancements - Leading companies like Peak Aviation have introduced the world's first zero-carbon water airport solution, while EHang has completed the first urban manned flight in the Middle East, showcasing rapid advancements in eVTOL technology [1]. - The maturity of core technologies in air traffic management, power systems, and aircraft manufacturing is expected to facilitate the commercialization of low-altitude logistics and manned transportation [1]. Group 3: Industry Collaboration - The Jiangxi Aviation Industry Conference and Hunan General Aviation Expo attracted nearly a thousand institutions, resulting in over 4.4 billion in signed agreements, highlighting the collaborative innovation potential within the industry [1]. - The participation of numerous institutions in industry events indicates a growing ecosystem and synergy among stakeholders in the low-altitude economy [1]. Group 4: Market Opportunities - Short-term catalysts include the commercialization of emergency aviation and breakthroughs in safety certification for logistics drones, which are expected to stimulate market activity [2]. - Long-term growth is anticipated as the penetration rate of low-altitude application scenarios, such as urban transportation and logistics delivery, increases, opening up new market opportunities [2]. - The Southern General Aviation ETF (159283.SZ) serves as a convenient tool for investors to capture the benefits of the low-altitude economy's development [2].

Core Viewpoint - The low-altitude economy and commercial aerospace sectors are experiencing significant activity driven by both policy and industry developments, indicating a potential investment opportunity in these emerging markets [2]. Group 1: Low-altitude Economy - The low-altitude economy is recognized as a national strategic emerging sector, benefiting from dual drivers of policy and industry support [2]. - National policies, such as the establishment of the "Low-altitude Flight Comprehensive Supervision Service Platform," are accelerating the standardization of airspace management [2]. - Local governments in regions like Chongqing, Liaoning, and Zhejiang are actively releasing special policies to promote infrastructure and pilot projects in the low-altitude economy [2]. - The expansion of low-altitude operational entities, such as the establishment of the Changsha Low-altitude Industry Development Company, is contributing to the growth of the sector [2]. - The emergence of industry funds, like the 1 billion yuan low-altitude economy fund in Ningbo, is facilitating the "manufacturing + operation" collaborative development across the entire value chain [2]. Group 2: Commercial Aerospace - The successful first flight of the Zhuque-3 rocket marks a new stage in the exploration of reusable commercial aerospace, with upcoming launches of various rockets expected to further enhance the industry [2]. - The acceleration of satellite constellation construction is anticipated, driven by the resolution of bottlenecks in the industry, leading to an explosion in application scenarios [2]. - The Southern General Aviation ETF tracks the CSI General Aviation Theme Index, which encompasses core sectors such as low-altitude economy, satellite internet, aerospace equipment manufacturing, and aviation logistics, positioning it to benefit from the full-cycle dividends of emerging industries [2].

Market Overview - Major A-share indices collectively rose, with the Shanghai Composite Index reaching a ten-year high, closing up 1.04% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2,408.2 billion [1] ETF Performance - The top-performing ETFs were related to the semiconductor sector, with the Sci-Tech Chip Design ETF (588780) leading with a 5.57% increase [2] - Other notable gainers included various Sci-Tech Chip ETFs, all showing significant increases ranging from 4.65% to 4.97% [2] Semiconductor Industry Insights - Nvidia is developing a new AI chip for China, named B30A, which will outperform the currently allowed H20 model [3] - The global semiconductor market is expected to continue its optimistic growth trajectory, driven by AI and domestic substitution trends [3] Declining ETFs - The Hong Kong innovative drug-related ETFs experienced declines, with the Hang Seng Medical ETF falling by 3.82% [4] - Other ETFs in the innovative drug sector also reported losses, indicating a challenging environment for this segment [4] Trading Activity - The Short-term Bond ETF (511360) had the highest trading volume at 23.661 billion [5] - The turnover rate was led by the Benchmark Treasury ETF (511100) at 165.78%, indicating high trading activity [6] New ETF Launches - Two new ETFs are set to launch, focusing on the general aviation industry and the core assets of the ChiNext board, enhancing the diversity of investment options available [7]