消息面上，据央广网，12月26日晚间，上交所公布《上海证券交易所发行上市审核规则适用指引第9号 ——商业火箭企业适用科创板第五套上市标准》（以下简称《指引》），支持正处于大规模商业化关键 时期的商业火箭企业，适用第五套上市标准登陆科创板。科创板"1+6"改革举措又一项成果重磅落地。 受访专家普遍认为，《指引》的制定是资本市场提升制度包容性、适应性和吸引力、竞争力的有力举 措，也将切实增强服务科技创新和新质生产力发展的能力。随着科创板"1+6"改革举措的落地，以商业 航天为代表的未来产业，在资本市场助力下，将进一步推动科技进步和国家竞争力提升。 中泰证券认为，未来两年全球有望进入商业航天产业爆发期，技术迭代加速，发射服务、卫星组网等航 天任务需求有望加速释放。中国商业航天正跨越由"探索验证"迈向"成长爆发"的关键拐点。展望未来， 随着政策与产业体系逐步完善，我国商业航天的火箭高频发射能力与卫星规模化批产能力有望显著增 强。 12月29日，商业航天概念午后延续强势。 热门ETF中，通用航空ETF（563320）震荡走强，截至发稿涨1.97%，成交额超5000万元，换手率 10.49%，盘中交投活跃。成分股中，光威 ...

Core Viewpoint - The aviation industry is experiencing fluctuations, with the general aviation theme index declining by 3.77% as of the report date, indicating a challenging market environment for related stocks [1] Industry Summary - The Shanghai Composite Index experienced a pullback, while the China General Aviation Theme Index saw a significant drop, with key stocks like Tianyin Electric falling over 10% [1] - The General Aviation ETF (563320) closely tracks the China General Aviation Theme Index, which includes 50 companies involved in aviation materials, aircraft manufacturing, infrastructure, operations, and applications, reflecting the overall performance of the sector [1] Investment Insights - Haitong International forecasts steady growth in the general aviation industry in the second half of the year, driven by supply chain improvements and the traditional peak season [1] - Three key investment directions are recommended: 1. Opportunities for leading companies to increase market share 2. Value opportunities from the rising proportion of high-end models, particularly in demand for turbine and special mission aircraft 3. Innovation opportunities arising from new technology applications, including the industrialization of electric vertical takeoff and landing (eVTOL) and hybrid power technologies [1]

Core Insights - The General Aviation ETF (563320) was launched on September 3, 2025, on the Shanghai Stock Exchange, providing investors with a convenient tool to invest in the core industry chain of general aviation and capitalize on the low-altitude economy [1] - The ETF tracks the China Securities General Aviation Theme Index, which includes 50 constituent stocks, with 20 of them related to the low-altitude economy, accounting for 53% of the index's weight [1] - The low-altitude economy has been recognized as a strategic emerging industry by the central government, being included in government work reports for 2024 and 2025, indicating its growing importance and market potential [1] - The China Securities General Aviation Theme Index has shown strong historical performance, with a cumulative increase of 75.54% over the past year, outperforming similar indices [1] - The ETF is managed by Huatai-PB Fund Management, which has over 18 years of experience in ETF operations and manages ETFs with a total scale exceeding 568 billion yuan, ranking among the top in the industry [1] Industry Context - The low-altitude airspace is becoming a competitive growth area for innovative technologies and new business models, and the General Aviation ETF (563320) is expected to help investors seize opportunities arising from policy benefits and technological breakthroughs in the general aviation industry [2]