2025年12月16日，在多重预期催化下，卫星产业延续强势表现，板块核心标的航天电子再次录得涨停， 成为引领行情的绝对龙头。市场的乐观情绪也清晰地反映在资金流向上，全市场规同标的产业 ETF(159218)连续2日获得资金净流入，累计约6900万元，年内揽金合计约5.7亿元。 展望2026年，一个密集的发射计划表已浮出水面：包括蓝箭航天"朱雀三号"遥二、天兵科技"天龙三 号"、中科宇航"力箭二号"、深蓝航天"星云一号"海上回收等在内的多型民营主力火箭计划首飞。此 外，被定位为"中国版小星舰"的长征十号新一代载人火箭也预计在后续执行发射任务。与此同时，2026 年春节联欢晚会已确定设立海南文昌分会场。参考2025年春晚杭州分会场对机器人产业的巨大曝光效 应，此次航天主题分会场无疑将为商业航天带来前所未有的全民级关注度，极大提升板块的市场热度与 认知度。 【产业链"硬实力"认证：核心供应商资本化加速】 产业的蓬勃发展，正带动产业链核心企业价值重估。据悉，中国电科集团旗下的电科蓝天技术股份有限 公司（专注于宇航电源系统）已成功通过IPO审核。作为卫星、飞船的"心脏"——电源系统的核心供应 【核心催化：一场高规格的产 ...

Core Points - The new generation manned launch vehicle's second tethered ignition test has been successfully completed, marking a significant milestone in the development of the Long March 10 prototype [1] Group 1 - The successful ignition test indicates progress in the development of China's next-generation manned launch vehicle [1] - The Long March 10 prototype has achieved a phase breakthrough in its research and development work [1]

Core Points - The new generation manned launch vehicle's second tethered ignition test has been successfully completed, marking a significant milestone in the development of the Long March 10 prototype [1] Group 1 - The successful ignition test indicates progress in the development of China's next-generation manned launch vehicle [1] - The Long March 10 prototype has achieved a phase breakthrough in its research and development work [1]

Group 1 - The company, Aerospace Intelligent Equipment (300455.SZ), has stated on the interactive platform that it has not participated in the first tethered ignition test of the Long March 10 rocket [1]

Core Viewpoint - The company, Aerospace Intelligent Equipment (300455.SZ), has stated that it has not participated in the first tethered ignition test of the Long March 10 rocket [1] Group 1 - The company confirmed its non-involvement in a significant aerospace event, which may impact its market perception and future opportunities in the aerospace sector [1]

Core Viewpoint - The company, Aerospace Science and Technology Corporation, clarified that it has not provided supporting services for the Long March 10 rocket [1] Group 1 - The company made a statement on the interactive platform regarding its involvement with the Long March 10 [1]

Group 1 - SpaceX is a leading aerospace company founded by Elon Musk, known for its Falcon and Starship rockets [4][5] - The company has not disclosed detailed designs of its products and prefers to protect its core technologies as trade secrets rather than patents [7] - The U.S. aerospace industry is experiencing a transformation, with other companies like Blue Origin and Rocket Lab emerging as competitors to SpaceX [10][12] Group 2 - The Chinese aerospace industry is advancing rapidly, with companies like Landspace and the China Aerospace Science and Technology Corporation making significant progress in rocket development [15][17] - Recent developments indicate that China is close to achieving parity with global aerospace technology, reducing the need to rely on foreign expertise [19] - The potential for a talent migration from the U.S. aerospace sector due to political instability may not significantly benefit China, as the country is not actively seeking to absorb these resources [19]

Core Viewpoint - The proposed budget from the White House suggests retiring the SLS rocket and the Lunar Gateway, casting doubt on the future of the Artemis program and signaling a significant shift in U.S. lunar ambitions [1][3][15]. Group 1: SLS Rocket and Lunar Gateway - The SLS rocket and Lunar Gateway were seen as essential components of the Artemis program, representing significant political and financial investments by NASA [3][5]. - The SLS rocket has faced continuous delays and budget overruns, with development costs reaching $24 billion and a per-launch cost of $4 billion, making it one of the most expensive rockets with minimal flight history [5][6]. - The political backing for SLS has been strong due to its distribution of contracts across various states, making it a "Congressional Rocket" that is difficult to cancel without significant political repercussions [6][7]. Group 2: Budget Proposal Implications - The budget proposal reflects a broader trend of budget cuts under the Trump administration, impacting NASA's ability to sustain the SLS and Lunar Gateway projects [7][15]. - The Lunar Gateway, initially envisioned as a critical hub for lunar missions, is now at risk of being abandoned due to its high costs and unclear functional benefits [10][11]. - The proposal to cut these projects indicates a potential strategic pivot towards more immediate and economically viable goals, such as Mars exploration and private space initiatives [15][16]. Group 3: Comparison with China's Lunar Program - The U.S. approach to lunar exploration has become increasingly complex, relying on multiple components like the Lunar Gateway, while China's strategy focuses on a more straightforward execution of lunar missions [19][20]. - China's lunar program emphasizes a clear and efficient path to landing and returning from the moon, contrasting with the U.S. strategy that has become bogged down in political and logistical challenges [20][21]. - The U.S. may risk falling behind in the lunar race as China's lunar missions progress steadily, highlighting the need for a reassessment of U.S. lunar ambitions and strategies [16][19].

Core Viewpoint - The successful development of China's first 10-meter diameter stainless steel storage tank prototype marks a significant leap in the country's heavy rocket manufacturing capabilities, positioning it to compete in the next generation of space exploration and heavy lift systems [1][3][12]. Group 1: Technical Significance - The 10-meter diameter represents a critical threshold in rocket design, as larger storage tanks are essential for heavy rockets, which are necessary for ambitious space missions such as lunar bases and Mars exploration [3][5]. - The introduction of stainless steel as a material for the storage tank signifies a shift in manufacturing philosophy, offering advantages in strength, cost, and reusability compared to traditional aluminum alloys [5][6]. - The prototype is not designed for current rockets but is intended for the next generation of heavy rockets, specifically the Long March 9, which aims to be a reusable system with significant thrust capabilities [6][12]. Group 2: Competitive Landscape - The development of the 10-meter storage tank is a strategic move for China to establish a foothold in the competitive landscape of super heavy rockets, where the U.S. has already made significant advancements with NASA's SLS and SpaceX's Starship [12][13]. - The global race for super heavy rockets is intensifying, with the U.S. focusing on high-reliability systems and commercial deep space capabilities, while China aims to leapfrog existing technologies by directly entering the super heavy and reusable rocket domain [12][15]. - The ability to manufacture large-diameter, modular, and high-temperature resistant structures is crucial for achieving high-frequency, low-cost space launches, which is the future of space transportation [15][16]. Group 3: Industrial Implications - The 10-meter stainless steel storage tank prototype is not merely a component but represents a foundational shift in China's space manufacturing logic, indicating a move towards a more industrialized approach to rocket production [17]. - The successful creation of this prototype demonstrates China's readiness to develop the necessary infrastructure and capabilities to support the next generation of space vehicles, which is essential for maintaining competitiveness in the global space race [16][17]. - The focus on building a robust manufacturing system capable of producing large components is a critical step towards achieving the goal of high-frequency space launches, which will be vital for future missions [15][17].

Core Viewpoint - The Shenzhou-20 manned mission is set to launch on April 24, 2023, at 17:17 Beijing time, with a crew of three astronauts, including Chen Dong as the commander, marking significant progress in China's manned spaceflight capabilities [1][2]. Group 1: Manned Spaceflight Progress - The Shenzhou-20 crew consists of two pilots and one flight engineer, with Chen Dong becoming the first astronaut from the second batch to fly three times, while Chen Zhongrui and Wang Jie are set for their first flights [2]. - China has successfully conducted 20 extravehicular activities (EVA), demonstrating advanced technology and capabilities in this area, reaching an international advanced level [2]. Group 2: Lunar Mission Developments - The development of China's manned lunar mission is progressing smoothly, with the Long March 10 and Dream Chaser spacecraft undergoing initial testing as planned [2]. - Major tests for the lunar mission, including the Long March 10 electrical system matching test and the Dream Chaser's first high-altitude drop test, have been completed [2]. Group 3: Extravehicular Activity Achievements - Key technologies verified during EVAs include spacesuits, airlock operations, robotic arm assistance, and ground support for extravehicular activities [3]. - Successful assembly tasks were completed outside the space station, including the installation of external pump groups and support rods, achieving the complete design functionality of the space station [3]. - The first extravehicular maintenance was conducted to repair damage to the solar wing cables caused by space debris, restoring power generation capabilities [3]. - Proactive measures for space debris protection have been implemented, enhancing the space station's ability to respond to debris threats through multiple inspections and installations of protective devices [3].