Investment Rating - The report maintains an "Accumulate" rating for the industry [6] Core Viewpoints - The commercial aerospace industry is expected to enter an explosive growth phase over the next two years, driven by technological breakthroughs and policy incentives. The demand for launch services and satellite networking is anticipated to increase significantly, supported by the U.S. "America First" space policy and China's advancements in rocket launch capabilities [9][21] - The establishment of a dedicated regulatory body, the "Commercial Aerospace Administration," and the rapid acceptance of Blue Arrow Aerospace's IPO indicate accelerated policy and capital support for the commercial aerospace sector [11][22] - The integration of artificial intelligence with commercial aerospace is transforming "space computing" from a concept into a commercial reality, enhancing demand for satellite manufacturing and launch services [12][23] Summary by Sections Industry Overview - The industry comprises 142 listed companies with a total market value of 32,882.43 billion CNY and a circulating market value of 28,949.45 billion CNY [3] Key Developments - The successful launch of the "Fengyun-4C" satellite and the "Long March 7" rocket demonstrates China's growing capabilities in aerospace technology [14][30] - The first operational 30 MW pure hydrogen gas turbine marks a significant milestone in aviation equipment, showcasing advancements in green energy technology [13][28] Market Performance - The defense and military industry index rose by 3.05%, ranking second among 31 major industry sectors, with a current PE(TTM) of 78.4 times [41][48] Investment Opportunities - Recommended companies in the missile and military electronics sector include Hongyuan Electronics, Torch Electronics, and Macro Electronics [24] - In the aerospace engine sector, companies like Aero Engine Corporation of China and supporting firms such as Yingliu Co. and Aerospace Technology are highlighted [25] - For military trade, key players include AVIC Chengfei, AVIC Shenyang, and AVIC Xi'an [26] - In the new domain construction, companies like Guolian Aviation and Superjet Co. are suggested for investment in commercial aerospace [27]

Core Viewpoint - The article highlights the impressive photography of the Long March 7 rocket launch by a photographer from Jiangsu, showcasing a rare phenomenon referred to as "space jellyfish" created by the rocket's exhaust plume [1] Group 1: Event Details - The photographer, Gong Yutiao, captured the launch on January 1, which gained significant attention online due to the unique visual effect [1] - Gong prepared for the shoot by arriving in Wenchang, Hainan, on December 26 and spent six hours setting up equipment at a prime location [1] - The rocket launched at 6:40 AM on December 31, and approximately 173 seconds later, the "space jellyfish" effect was observed [1] Group 2: Photographer's Background - Gong Yutiao is a dedicated astrophotographer who has documented various Long March series rockets and special celestial events throughout 2025 [1] - His excitement was evident as he expressed his feelings about the launch, stating, "We rise to the stars and the sea" [1]

Core Viewpoint - The commercial aerospace sector has regained attention, with the Universal Aviation ETF (华宝, 159231) showing strong performance, closing up 3.25% on December 31, 2025, marking a new high since its listing [1][8]. Group 1: Market Performance - The Universal Aviation ETF (华宝, 159231) experienced a six-day consecutive rise, indicating strong market sentiment towards commercial aerospace, satellite navigation, low-altitude economy, and large aircraft sectors [1][8]. - Among the 50 constituent stocks, 90% showed positive performance, with notable gains from 航天坏宇 (14.55%), 爰乐达 (11.61%), 中科星图 (11.07%), and others reaching daily limits [10][11]. Group 2: Technical Developments - In 2025, the China Aerospace Science and Technology Corporation completed a record 73 space launch missions, highlighting advancements in the sector [2][12]. - The successful launch of the 实践二十九号 satellites using the Long March 7 rocket on December 31 marked a significant achievement for China's space program [2][12]. Group 3: Capital Market Developments - The Shanghai Stock Exchange has refined listing standards for commercial rocket companies, facilitating accelerated development in the commercial aerospace sector [3][12]. - A report from Guoyuan Securities indicates that technological iterations are significantly enhancing system efficiency and reducing costs, with advancements in on-board processing capabilities and phased array antenna technology [3][12]. Group 4: Policy Support - The Central Committee's recommendations for the 15th Five-Year Plan emphasize the need to cultivate emerging industries, including the low-altitude economy, with low-orbit satellite constellations being a key focus [5][13]. - Policies from the Ministry of Industry and Information Technology and the Aerospace Administration are steadily advancing satellite frequency resource applications and operational licensing, creating a clear growth path for the industry [5][13]. Group 5: Investment Opportunities - The Universal Aviation ETF (华宝, 159231) and its associated funds cover a broad index of 50 stocks, focusing on military and civilian aerospace capabilities, with over 37% of the index allocated to the aerospace sector [5][13].

Core Viewpoint - The market experienced fluctuations with the Shanghai Composite Index slightly up and the ChiNext Index down over 1%, indicating a mixed performance across sectors and stocks [1] Market Overview - The total trading volume in the Shanghai and Shenzhen markets was 2.05 trillion yuan, a decrease of 97.4 billion yuan from the previous trading day [1] - The Shanghai Composite Index rose by 0.09%, while the Shenzhen Component Index fell by 0.58%, and the ChiNext Index dropped by 1.23% [1] Sector Performance - The commercial aerospace sector saw renewed strength, with stocks like China Satellite, China Satcom, and LeiKe Defense hitting the daily limit [2] - The AI application sector continued its strong performance, with stocks such as Wanshili and BlueFocus also reaching the daily limit [2] - The semiconductor and computing hardware sectors faced adjustments, with stocks like Luyuan Pharmaceutical experiencing significant declines [1][2] Key Events - The successful launch of the Long March 7 rocket on December 31, which placed the Shijian-29 satellite into orbit, marked a historic high for the China Aerospace Science and Technology Corporation, achieving 73 space launches in 2025 [2] - A new policy plan in Chongqing aims to add 200,000 software and information service industry professionals by 2027, which is expected to benefit the AI application sector [2] Individual Stock Highlights - Commercial aerospace stocks such as Aerospace Development and China Satellite saw significant gains, with many stocks maintaining a strong upward trend [5] - Stocks like Shenjian Co. and Daye Co. achieved multiple consecutive trading limits, indicating strong market interest [5] - Some local stocks in Fujian, such as Luyuan Pharmaceutical, faced sharp declines, attributed to profit-taking ahead of the year-end [6] Future Market Analysis - The market is expected to continue its structural differentiation, with a focus on commercial aerospace and AI applications as key areas for investment [8] - The overall market structure remains intact, with potential for recovery in the new year if no significant downturn occurs [8]

Market Overview - The A-share market concluded the year with the Shanghai Composite Index achieving an 11-day consecutive rise, breaking the 4000-point mark for the first time in nearly a decade, with an annual increase of 18.41% [1] - The Shenzhen Component Index rose by 29.87%, the ChiNext Index by 49.57%, the Sci-Tech 50 Index by 35.92%, and the Northern Securities 50 Index by 38.8% [1] - The total trading volume for the year exceeded 400 trillion yuan, marking a year-on-year growth of over 60%, setting a historical record [1] Aerospace Sector - The aerospace sector showed strong performance with stocks like Daye Co. and Tai'er Co. achieving multiple consecutive gains [3] - China Aerospace Science and Technology Corporation announced a record of 73 space launch missions completed in 2025, marking a historical high [3] - The commercial aerospace sector is entering a rapid development phase, with significant advancements in satellite internet and the potential for applications like mobile broadband direct satellite connections [5][6] Artificial Intelligence Sector - The AI large model concept gained traction, with stocks such as Nanxing Co. and Desheng Technology experiencing significant price increases [7] - Meta's acquisition of AI application developer Manus for several billion dollars is seen as a pivotal move, indicating a shift in market focus towards companies with real-world applications and sustainable subscription revenues [7][8] Robotics Sector - The robotics sector remained active, with companies like Fenglong Co. and Daye Co. achieving consecutive gains [9] - Elon Musk announced plans to send a Tesla humanoid robot to Mars by the end of 2026, highlighting the growing interest in robotics within the aerospace context [9] - The global market for robotic dexterous hands is projected to grow significantly, with an expected market size of $30.35 billion by 2030, reflecting a compound annual growth rate of 14.5% [11]

Market Performance - On December 31, major indices showed volatility, with the Shanghai Composite Index slightly up by 0.09%, while the Shenzhen Component Index fell by 0.58%, the ChiNext Index dropped by 1.23%, and the STAR Market 50 Index decreased by 1.15% [2] - Over 2,300 stocks in the two markets were in the green, with a total trading volume reaching approximately 2.05 trillion yuan [2] AI and Technology Sector - AI application concept stocks led the gains, with BlueFocus (300058.SZ) rising by 20%, iReader Technology (603533.SH) increasing by 10%, and Century Tianhong (300654.SZ) and Chinese Online (300364.SZ) experiencing significant increases [2] - Meta announced the acquisition of the general AI agent platform Manus, marking its third-largest acquisition to date. Manus has processed over 147 trillion tokens and created 80 million virtual computers, serving millions of users [2] Aerospace Sector - The commercial aerospace concept remained active, with Aerospace Universe (688523.SH) rising over 14%, and China Satellite (600118.SH) and Aerospace Development (000547.SZ) both increasing by 10% [2] - On December 31, China successfully launched the Practice-29 satellite using the Long March 7 modified carrier rocket, marking the 623rd flight of the Long March series and a record 73 space launch missions completed in 2025 [3] Aviation and Education Sector - The airport and shipping sector strengthened, with companies like Juneyao Airlines (603885.SH) up by 7.2%, and China Eastern Airlines (600115.SH), China Southern Airlines (600029.SH), and Air China (601111.SH) also seeing gains [4] - The upcoming New Year holiday is expected to drive a surge in passenger traffic, with the Civil Aviation Administration predicting a 4.9% year-on-year increase in passenger throughput from January 1 to 3, 2026 [4] - The education sector also performed well, with Kevin Education (002659.SZ) hitting the daily limit up by 10%, and other companies like Zhonggong Education (002607.SZ) and Dou Shen Education (300010.SZ) showing significant increases [4] - The Ministry of Education plans to advance AI in education, with policies expected to be released next year to promote AI knowledge education and develop a future-oriented education system [4] Declining Sectors - The liquor and pharmaceutical commercial sectors weakened, with companies like Hefei China (603122.SH), Kweichow Moutai (600519.SH), and Gujing Gongjiu (000596.SZ) experiencing declines [5] - The chip and lithium battery sectors also faced downturns, with Saiwei Electronics (300456.SZ) dropping by 9.96%, and other companies like Cambrian (688256.SH), EVE Energy (300014.SZ), and CATL (300750.SZ) also declining [5]

民生证券指出，近期国内商业航天行业利好频出，2025年11月25日，国家航天局印发《国家航天局推进 商业航天高质量安全发展行动计划（2025—2027年）》将商业航天纳入国家航天发展总体布局，力争 2027年基本实现商业航天高质量发展；11月29日，国家航天局设立商业航天司；12月26日，上交所公布 《商业火箭企业适用科创板第五套上市标准》，其中提出1）更好支持尚未形成一定收入规模的优质商 业火箭企业在科创板发行上市；2）"在申报时至少实现采用可重复使用技术的中大型运载火箭发射载荷 首次成功入轨的阶段性成果"，首次而非多次，入轨而非回收。上交所该标准推出有望加快商业航天相 关公司融资、上市进度，商业航天产业化进程与商业化落地进度有望提速。 航天ETF(159267)紧密跟踪国证航天航空行业指数，国证航天由沪深北交易所航空航天行业的证券组成, 以反映该行业证券的整体走势。国证航天航空行业指数精选航空装备、军工电子、地面兵装、航天装备 领域的优质企业，是市场上纯度最高的军工主题指数之一，其在商业航天含量高达64%！国防军工覆盖 度超98%，航天军工覆盖度超90%，航母概念覆盖度超53%，助力投资者一键重仓"海空协 ...

2025年最后一个交易日，卫星及航空航天强势领涨！爱乐达大涨逾17%，北斗星通10%涨停，广联航空涨超9%，航天电子、中国卫星双双涨超8%。一键布 局商业航天+卫星导航+低空经济+大飞机的通用航空ETF华宝（159231）场内价格现涨2.32%刷新上市新高，强势冲击六连阳！盘中获实时净申购200万份。 大国之翼，大展鸿图！通用航空ETF华宝（159231）及联接基金（A类：024766；C类：024767）标的指数全面覆盖『军用新质战斗力+民用新质生产力』50 只成份股，涵盖低空经济、大飞机、军用飞机、商业航天、卫星导航、无人机等热门领域，其中航空航天行业占比超37%，重点布局技术壁垒和商业化核心 环节（飞行器制造），是内需+军贸共振下一键配置中国航空航天产业链的利器。 数据来源：沪深交易所 风险提示：通用航空ETF华宝被动跟踪国证通用航空产业指数，该指数基日为2012.6.29，发布日期为2012.12.28，指数成份股构成根据该指数编制规则适时 调整，其回测历史业绩不预示指数未来表现。本文中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息 和交易动向。基金管理人评 ...

华龙证券指出， 低轨卫星资源竞争激烈，产业规模有望快速提升。地球近地轨道，仅可安全容纳，大 约6万到10万颗卫星，而国际电信联盟在轨道和频段资源获取上遵循着"先登先占，先占永得"的原则， 这使得全球低轨卫星资源竞争格外激烈。2025年政府工作报告中，商业航天首次以"安全健康发展"为方 向，强调技术突破与规模化应用，标志着商业航天正式迈入规模化应用新阶段。中国的低轨卫星互联网 建设也在加速推进，目前中国在册的卫星星座共计100个，其中包括商业航天项目88个，国家级战略工 程12个，规划发射卫星6万颗以上。 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、新材料等关键 产业链环节，商业航天概念权重占比高达64%。前十大重仓股中包含了航天发展、中国卫星、航天电 子、中航机载、中航高科等行业龙头。 截至2025年12月31日 10:55，国证航天航空行业指数(CN5082)强势上涨2.12%，成分股广联航空(300900) 上涨9.80%，航天电子(600879)上涨9.24%，中国卫星(600118)上涨8.67%，航发科技(600391)，航天晨光 (600501)等个股跟涨 ...

2025年最后一个交易日，卫星及航空航天强势领涨！爱乐达大涨逾17%，北斗星通10%涨停，广联航空 涨超9%，航天电子、中国卫星双双涨超8%。一键布局商业航天+卫星导航+低空经济+大飞机的通用航 空ETF华宝（159231）场内价格现涨2.32%刷新上市新高，强势冲击六连阳！盘中获实时净申购200万 份。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 2025年最后一个交易日，卫星及航空航天强势领涨！爱乐达大涨逾17%，北斗星通10%涨停，广联航空 涨超9%，航天电子、中国卫星双双涨超8%。一键布局商业航天+卫星导航+低空经济+大飞机的通用航 空ETF华宝（159231）场内价格现涨2.32%刷新上市新高，强势冲击六连阳！盘中获实时净申购200万 份。 消息面上，12月31日6时40分，中国在文昌航天发射场使用长征七号改运载火箭，成功将实践二十九号 卫星A星、B星发射升空，卫星顺利进入预定轨道，发射任务取得圆满成功。这是长征系列运载火箭 2025年收官之战。今年，由中国航天科技集团研制的运载火箭完成73次宇航发射任务，创历史新高。 消息面上，12月31日6时40分，中国在文昌航天发射场使用长征七号改 ...