中信建投研报认为，朱雀三号首飞入轨成功，商业航天可复用探索迈入新阶段，后续天龙三号、力箭二 号、长十二系列、智神星一号等火箭还将陆续首飞，并开展回收试验，有望进一步打通产业瓶颈环节， 带动卫星星座建设加速，进而带来应用端爆发。 通用航空ETF南方（159283）跟踪中证通用航空指数，全面覆盖通用航空全产业链三大核心环节：飞行 器制造、通航基础设施、通航应用服务，重仓航天电子、洪都航空、中航成飞等行业龙头，管理费+托 管费合计为0.2%/ 年，处于市场最低一档。该基金的场外联接A(025692)\联接C(025693)。 消息面上：①商业航天龙头SpaceX计划明年IPO，估值8000亿美元，超越OpenAI 成为美国最大非上市 公司。 ②长征十二号甲运载火箭首飞目标锁定2025年12月，核心在于"可回收"技术的工程化验证；同时，朱雀 三号虽一级回收未软着陆，但首飞入轨成功，落点精度高，验证了算法链路 。 格隆汇12月8日｜今日商业航天板块延续近期涨势，通用航空ETF南方（159283）涨2.5%，冲击三连 阳，累计涨超3%。 ...

Group 1 - The general aviation sector has seen significant gains, with Morningstar Aviation rising over 13%, Zhong Drone increasing over 6%, and AVIC Chengfei up over 4%, contributing to a 1.08% rise in the Southern General Aviation ETF (159283) [1] - The geopolitical uncertainty is expected to increase attention on the military industry, which is poised to benefit from the national strategic deployment as indicated by the "14th Five-Year Plan" [2] - The "14th Five-Year Plan" outlines a new cycle of prosperity for the military industry, with positive statements regarding policy direction and high-quality transformation, which may boost market confidence and consensus [2] Group 2 - The military industry chain's segment density has decreased to a low level, suggesting a favorable environment for growth in the upcoming cycle [2] - The Southern General Aviation ETF (159283) tracks the CSI General Aviation Index, focusing on the aerospace sector within the military industry, and has been receiving continuous net inflows [2]