Group 1 - In 2025, significant technological breakthroughs and major engineering projects were achieved, contributing to collective memories and motivation for progress [1] - The Shenzhou-22 spacecraft successfully separated from the Long March rocket and entered its designated orbit, marking China's first emergency launch mission in its manned space program [3] - The "Snow Dragon 2" paused unloading operations to assist the "Snow Dragon" in icebreaking, successfully completing subsequent unloading tasks together [6] Group 2 - On January 20, 2025, the EAST nuclear fusion experimental device in Hefei, known as the "artificial sun," set a world record by achieving 1 million degrees Celsius for 1066 seconds of "high-quality burning" [9] - The Chinese Academy of Sciences released research results from the Chang'e 6 lunar sample series on July 9, 2025, providing insights into the evolution of the moon's far side and enhancing understanding of solar system body evolution [11] - The "Tianyan-287" superconducting quantum computer, equipped with the same chip as "Zuchongzhi 3," was completed on November 14, 2025, processing specific problems 450 million times faster than the fastest supercomputer [14] Group 3 - On February 20, 2025, China National Petroleum Corporation announced the successful drilling of the first over 10,000-meter deep exploration well, the Shendi Taka 1 well, achieving a depth of 10,910 meters, making it the second deepest vertical well in the world [17] - The first domestically developed 110-megawatt heavy-duty gas turbine, with complete intellectual property rights, entered a new phase of commercialization on September 8, 2025, filling a gap in the domestic market for this power level [19] - The Jiangmen neutrino experiment, the first of its kind in the world, released its first physical results on November 19, 2025, improving the precision of two parameters describing neutrino oscillation by 1.5 to 1.8 times compared to previous records [21]

Group 1 - The General Aviation ETF Huabao (159231) showed a stable performance with an intraday increase of 1.42%, indicating a potential for a three-day winning streak [1] - Among the constituent stocks, Guolian Aviation performed the strongest with a rise of 18.1%, followed by Tianyin Electromechanical and Hualichuangtong with increases of 8.77% and 5.76% respectively [3] - Conversely, Hangfa Power, Aerospace Nanhu, and Aileda showed weaker performance with declines of 1.69%, 1.58%, and 1.4% respectively [3] Group 2 - By December 25, 2025, companies in the aviation equipment sector announced ongoing advancements in core technologies such as aviation oxygen systems and onboard environmental control, enhancing applications in models like CR929 and C919, while strengthening military-civilian integration strategies [3] - The commercial aerospace industry is accelerating, with rapid low-orbit satellite launches and advancements in commercial rocket technology, indicating significant space for industry growth [3] - Internationally, SpaceX plans to go public to raise funds for developing a space data center, enhancing Starship capabilities, and building a lunar base, while Rocket Lab secured an $816 million satellite contract, marking a shift in commercial defense satellite construction [3] Group 3 - The Chinese military industry has evolved from relying solely on domestic demand to a new model driven by "domestic demand foundation, foreign trade expansion, and civilian support," transitioning from "cyclical growth" to "comprehensive growth" [4] - Domestic demand focuses on preparation for combat and modernization of equipment, while military trade abroad continues to gain market share due to cost-effectiveness, and the dual-use of military technology is fostering new trillion-level industries such as commercial aerospace and low-altitude economy [4] - The General Aviation ETF Huabao (159231) and its connected funds passively track the General Aviation Index, with the top ten weighted stocks including Wan Feng Aowei, Aerospace Rainbow, and others [4]

12月25日早盘，军工股继续活跃，高人气军工ETF华宝（512810）直线拉涨超1%，场内价格续创3个半 月新高！ 成份股方面，商业航天概念继续领涨，臻镭科技飙升近14%创历史新高，中国卫星、六九一二涨超 7%。 消息面上，12月24日我国长征火箭创下"一日三发"新纪录，成功完成卫星互联网低轨15组卫星、遥感四 十七号卫星及通信技术试验卫星二十二号的发射任务，标志着商业航天发射能力显著提升。此外，12月 15日AG600全状态新构型完成首飞并入选中国航空科学技术大会年度重大科技进展，进一步巩固我国在 大型特种飞行器领域的技术优势。 兴业证券指出，商业航天产业化持续加速，低轨卫星发射提速，商业火箭技术迭代，优势企业推进登陆 资本市场。我国航天强国战略在政策加持下强势推进，产业链各环节空间巨大。海外商业航天催化不 断，SpaceX计划上市，Rocket Lab获大额卫星合同，标志商业化卫星制造颠覆传统方案。国内卫星产能 约束迎来拐点，文昌超级工厂即将投产，卫星制造能力大幅提升。 中信建投指出，中国军工产业已从依赖国内单一需求演进为"内需筑基、外贸扩张、民用反哺"三轮驱动 的新格局，增长动能更加多元和可持续。国内需 ...

科技赋能激活新动力，创新底色越擦越亮。贵州高度重视创新驱动，深入推进"科技入黔"，创新平台建 设、关键技术攻关、科技成果转化等多个领域取得显著成效，科技创新有力支撑高质量发展。深入实 施"六大重大科技战略行动"，扎实推动科技创新和产业创新深度融合，重塑科技创新平台体系，在桥梁 建造、矿产资源勘探及精深加工、新能源电池材料等领域突破一批关键技术，综合科技创新水平指数突 破50%。"中国天眼"再创纪录，已发现脉冲星1152颗，超越同期国际同类探测成果总和。在长征火箭、 神舟飞船、国产大飞机C919这些国之重器上，都有"贵州制造"的贡献，众多科技成果正从实验室加速 走向生产线、转化为现实生产力。 产业发展取得新突破，发展结构越转越优。贵州坚持大抓产业、主攻工业，创新推进"富矿精开"，加快 建设"六大产业基地"，锚定数字生产力和绿色生产力，因地制宜发展新质生产力，构建具有贵州特色的 现代化产业体系。工业成为全省经济发展的"顶梁柱"，对经济增长的贡献率从2020年的17.1%提升至 2024年的36.7%。特别是以数字经济、新能源为代表的新兴产业快速崛起，今年前三季度电子信息制 造、汽车制造、新能源电池材料产业增加值分 ...

Core Viewpoint - The recent advancements in China's aerospace sector, including the launch of new satellites and rockets, indicate a significant growth potential for the commercial space industry, driven by breakthroughs in reusable rocket technology [1][2]. Group 1: Industry Developments - The China Securities High-end Equipment Sub-index 50 has seen a 0.56% increase, with notable stock performances from companies like Putian Technology (up 6.81%) and Western Superconducting (up 5.23%) [1]. - The launch of the first energy engineering satellite, "Electric Power Engineering No. 1," and the first remote sensing satellite for the power industry marks a milestone in China's satellite capabilities [1]. - The successful launch of multiple rockets, including the Long March series achieving a record of three launches in one day, highlights the increasing frequency and capability of China's space missions [1]. Group 2: Market Outlook - Oriental Securities notes that the recent first flights of several rockets could catalyze the commercial space sector, with expectations of a significant reduction in launch costs due to advancements in reusable technology [2]. - The commercial space industry in China is anticipated to enter a new phase of scaled and normalized development, with private rockets expected to effectively supplement launch capacity in the short term [2]. - In the next three to five years, the commercialization of reusable rockets is expected to drastically lower launch costs and increase the frequency of launches [2]. Group 3: Investment Opportunities - The top ten weighted stocks in the China Securities High-end Equipment Sub-index 50 account for 44.74% of the index, indicating concentrated investment opportunities in leading companies within the aerospace and defense sectors [2]. - Investors can consider the China Securities High-end Equipment Sub-index 50 ETF (159638) for exposure to key players in aerospace, military equipment, and satellite navigation [2]. - The availability of the China Securities High-end Equipment Sub-index 50 ETF linked fund (018028) provides an avenue for investors to capitalize on industry rotation opportunities [3].

广联航空：跃峰科技产品覆盖长征、朱雀、天龙等国内主流火箭型号。 ...

Core Viewpoint - The successful separation of the Shenzhou-22 spacecraft from the Long March rocket marks China's first emergency launch mission in its manned space program [1] Group 1 - The Shenzhou-22 spacecraft was launched in an unmanned state [1] - The spacecraft carried supplies including space food, medicine, fresh fruits and vegetables, and a device to address the window crack issue from the Shenzhou-20 mission [1] - Additional items included spare parts necessary for the space station [1]

Core Viewpoint - The successful separation of the Shenzhou-22 spacecraft from the Long March rocket marks a significant achievement in China's manned space program, being the first emergency launch mission [1] Group 1 - The Shenzhou-22 spacecraft has successfully entered its designated orbit after separation from the Long March rocket [1] - This mission represents a milestone as it is the first emergency launch task in China's manned space program [1]

Core Points - The Shenzhou-22 spacecraft successfully separated from the Long March rocket and entered its designated orbit, marking a successful mission [1] - This mission represents China's first emergency launch task in its manned space program [1] Summary by Category Mission Success - The Shenzhou-22 spacecraft's successful separation and orbital insertion indicate a significant achievement in China's space exploration efforts [1] Emergency Launch - The mission is notable as it is the first emergency launch task undertaken by China's manned space program, highlighting advancements in rapid response capabilities [1]

Core Points - The Shenzhou-22 spacecraft successfully separated from the Long March rocket and entered its designated orbit, marking a successful mission [1] - This mission represents China's first emergency launch task in its manned space program [1] Summary by Categories Mission Success - The Shenzhou-22 spacecraft achieved successful separation from the Long March rocket and entered the planned orbit, indicating a successful launch operation [1] Significance - This launch is significant as it is the first emergency mission in China's manned space program, showcasing advancements in the country's aerospace capabilities [1]