The Long March 12A (CZ-12A) carrier rocket successfully completed its maiden flight mission this morning (December 23), achieving its secondary orbital insertion target. However, the first-stage rocket recovery test did not meet expectations.
The secondary market reacted swiftly, with the commercial space sector showing divergence. Multiple stocks plunged sharply, including Shanghai Hanxun, which fell over 10%, and China Aerospace Times Electronics Co., Ltd. (600879) and China Satellite Communications, both dropping more than 9%. Aerospace Science and Technology Corp. and Aerospace Intelligent Equipment also followed the downward trend.
Among ETFs, the popular Military ETF Huabao (512810), which passively tracks the CSI Military Index, declined by 1.64% in the afternoon session, ending its four-day winning streak, with real-time turnover exceeding 49 million yuan.
Analysts suggest that the market remains in a volatile phase, presenting potential buying opportunities during pullbacks in popular sectors. Upcoming catalysts include the 3rd Commercial Aerospace Development Conference and 4th Zhongguancun Commercial Aerospace Forum, scheduled for December 24, 2025, in Beijing.
Huafu Securities highlights opportunities in the defense sector, noting that the 15th Five-Year Plan, the Centennial Goal of the People's Liberation Army, and military trade development will drive domestic and international demand from 2026 to 2027. Emerging themes such as commercial space, AI, nuclear fusion, deep-sea technology, and unmanned systems are expected to propel the industry toward high-end and intelligent development.
Military ETF Huabao (512810), covering themes like commercial space, controlled nuclear fusion, low-altitude economy, large aircraft, deep-sea technology, and military AI, serves as an efficient tool for investing in core defense assets. It is also eligible for margin trading and Stock Connect programs.
Data source: Shanghai and Shenzhen stock exchanges.
Risk disclosure: Military ETF Huabao tracks the CSI Military Index (base date: December 31, 2004; launch date: December 26, 2013). Mentioned stocks are for illustrative purposes only and do not constitute recommendations or reflect fund management views. Investors should make independent decisions and bear associated risks. Past performance does not guarantee future results. The fund is rated R3 (medium risk) and suitable for balanced (C3) or higher-risk investors. Regulatory approval does not imply endorsement of the fund's value or prospects.
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