On the afternoon of December 30th, the commercial space theme sector suddenly plummeted, dragging down the Huabao Military ETF (512810) into negative territory. Earlier in the morning session, the ETF had surged by up to 1.4%, hitting a new high not seen in over three years.
The Huabao Military ETF (512810) comprehensively covers the core assets of military industry across land, sea, air, and space, including 24 commercial space concept stocks with a combined weighting of 28.64%. In the afternoon, constituent stocks rapidly diverged, with six stocks experiencing price swings exceeding 10%. China Satellite Communications Co.,Ltd. saw its limit-up rally abruptly crash, while China Satellite and Aerospace Development turned negative. Zunlink Technology fell by 5%, and Bright Laser Technologies dropped by 4.8%.
Analysts pointed out that as the year-end approaches, with trading volume shrinking further, short-term sentiment is diverging, and profit-taking may continue to amplify sector volatility. Fundamentally, however, the commercial space sector is frequently receiving positive news and is entering a fast lane of development, indicating high景气度 (prosperity).
On December 26th, the Shanghai Stock Exchange released the "Guidelines for the Application of the Listing Review Rules No. 9 – Application of the Fifth Set of Sci-Tech Innovation Board Listing Standards for Commercial Rocket Enterprises," which took effect immediately upon issuance. According to incomplete statistics, at least 10 commercial space companies have now initiated IPO processes, with 5 of them primarily engaged in launch vehicle businesses.
Shenwan Hongyuan Group pointed out that emerging domains and quality sectors like commercial space and the low-altitude economy are contributing increasingly, collectively supporting expectations for a recovery in the military industry's fundamentals. Xiangcai Securities also stated that, driven by the national goal of becoming a space power during the "15th Five-Year Plan" period, domestic policy, capital, and technology are forming a synergy, propelling the commercial space sector from the technology verification phase into a stage of scaled, commercial operation, therefore maintaining an "Overweight" rating on the military industry.
[Bayi Military, Full Firepower] The Huabao Military ETF (512810) (formerly the National Defense Military ETF), whose code contains "Bayi" (81), covers numerous hot themes such as "Commercial Space + Controlled Nuclear Fusion + Low-Altitude Economy + Large Aircraft + Deep-Sea Technology + Military AI." It is also a margin trading and southbound connect target, making it an efficient tool for one-click investment in core military assets.
Source: Shanghai and Shenzhen Stock Exchanges, etc. Risk Warning: The Huabao Military ETF passively tracks the CSI Military Index, which has a base date of December 31, 2004, and was published on December 26, 2013. Individual stocks mentioned herein are listed solely for the objective presentation of index constituents and are not intended as recommendations for any specific stock, nor do they represent the investment direction of the fund manager or the fund. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, and any form of expression) is for reference only. Investors are solely responsible for any independent investment decisions. Furthermore, any views, analyses, or forecasts in this article do not constitute investment advice of any kind to the reader, and the company assumes no liability for any direct or indirect losses resulting from the use of this content. Investors should carefully read the "Fund Contract," "Prospectus," "Key Fund Information Summary," and other fund legal documents to understand the fund's risk-return characteristics and choose products that match their own risk tolerance. The past performance of a fund is not indicative of its future results, and the performance of other funds managed by the fund manager does not guarantee the performance of this fund. Based on the assessment by the fund manager, the fund's risk rating is R3-Medium Risk, suitable for Balanced (C3) and above investors. Suitability matching opinions are subject to the sales institution. Sales institutions (including the fund manager's direct sales channels and other sales institutions) conduct risk assessments of the above fund according to relevant laws and regulations. Investors should promptly pay attention to the suitability opinions issued by the fund manager. Suitability opinions from various sales institutions may not necessarily be consistent, and the risk rating results for the fund product issued by fund sales institutions shall not be lower than the risk rating result determined by the fund manager. The description of the fund's risk-return characteristics in the fund contract may differ from its risk rating due to different consideration factors. Investors should understand the fund's risk-return profile and carefully select fund products based on their own investment objectives, horizon, experience, and risk tolerance, bearing the risks themselves. The China Securities Regulatory Commission's registration of the above funds does not indicate a substantive judgment or guarantee of their investment value, market prospects, or returns. Fund investment involves risks.
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