Double-up stock promoter revealed: "Cow investors" flock to buy in

A “bull stock” with a trillion-yuan market cap—who’s behind the push has been exposed.

Starting in the fourth quarter of 2025, the satellite sector surged on the back of a favorable trend. As a leader in the sector, China Satellite saw its stock price skyrocket more than twofold in just a few months, with its market value reaching as high as 150 billion yuan at one point.

China Satellite’s 2025 annual report disclosed on March 30 shows that multiple “bullish retail investors” piled into buying the company, often spending several hundred million yuan. At the same time, foreign institutional giant UBS Group also increased its stake substantially. Judging from the overall performance of the satellite sector, it has been continuously volatile in recent times—how will its investment value play out next?

Who’s behind the push has been exposed

“Bullish retail investors” crowd into China Satellite. According to China Satellite’s 2025 annual report, as of the end of 2025, Yu Junbo held 9.4781 million shares of China Satellite, an increase of 546k shares compared with the end of the third quarter of 2025. Besides Yu Junbo, Zhang Xin and Cao Qihua became new top-10 circulating shareholders of China Satellite, holding 9.1571 million shares and 8.1582 million shares, respectively.

In addition to the three aforementioned “bullish retail investors,” institutional investors have also been active. As of the end of 2025, UBS Group entered as the second-largest circulating shareholder of China Satellite, holding 13.1436 million shares. In addition, the Savo Luzi 550 Mao Mao private fund and the Yongying High-End Equipment Smart Selection Hybrid Fund also newly entered as top-10 circulating shareholders, holding 10.0263 million shares and 9.5802 million shares, respectively.

According to China Satellite’s periodic reports, as of the end of the third quarter of 2025, the tenth-largest circulating shareholder held 3.1796 million shares of the company. This implies that in the fourth quarter of 2025, Zhang Xin bought at least 5.97 million shares, and Cao Qihua bought at least 4.98 million shares.

From China Satellite’s market trend, since the second half of 2025, driven by positive news for the satellite sector, China Satellite has performed strongly. In particular, in the fourth quarter of 2025, the company’s stock price rose 156.69%. Since the start of 2026, the stock price has risen by nearly 30% at its peak, and its highest market cap has once again broken above 150 billion yuan.

Public information shows that China Satellite mainly engages in the R&D of small satellites and microsatellites, as well as satellite application businesses. In terms of operating performance, in 2025 China Satellite generated revenue of 6.1B yuan, up 18.35% year over year; net profit attributable to shareholders of listed companies was 35.5567 million yuan, up 27.38% year over year.

Capital flows into satellite-themed ETFs

UBS Group not only increased its stake in China Satellite, but also bought several satellite-themed ETFs in large quantities.

Specifically, as of the end of 2025, UBS Group held 750k shares of Yongying Guozheng Commercial Satellite ETF. It also held more than 14.11B shares each of Foshan? Actually?—Foshan? Wait keep original: “富国中证卫星产业ETF、招商中证卫星产业ETF” and their amounts. Continue translation.

To be specific, as of the end of 2025, UBS Group held 45.1436 million shares of Yongying Guozheng Commercial Satellite ETF. It held more than 20 million shares each of the Harvest Funds CSI Commercial Satellite Industry ETF and the China Merchants CSI Commercial Satellite Industry ETF, and held more than 13 million shares of the GF CSI Commercial Satellite Industry ETF.

Based on analyses of fund periodic reports, exchange-traded disclosure documents, and so on, it was found that UBS Group mainly集中 bought satellite-themed ETFs in the second half of last year.

Taking the Yongying Guozheng Commercial Satellite ETF as an example: at the end of June 2025, UBS Group was not among the top-10 holders of the ETF, and the 10th-largest holder held 750k shares. By the end of 2025, UBS Group held 45.1436 million shares of the Yongying Guozheng Commercial Satellite ETF.

Looking at capital flows since this year, according to calculations by Choice, as of April 1, satellite-themed ETFs saw net inflows of more than 24 billion yuan for the year to date. Among them, Yongying Guozheng Commercial Satellite ETF recorded net inflows of 14.105 billion yuan, while Harvest Funds CSI Commercial Satellite Industry ETF recorded net inflows of more than 4.5 billion yuan.

What opportunities are there in the satellite sector?

Satellite-themed ETFs have been adjusting continuously in recent days—how will things unfold going forward?

Zhang Lu, a fund manager at Yongying Fund, said it will focus on five dimensions:

First, the industry development progress of satellite internet itself, including the bidding progress for two major domestic constellations, launch frequency, and satellite-making quality;

二 is the test situation of reusable rockets. In 2026, multiple test launches of reusable rockets may be seen, which indicates that domestic commercial space is continuously progressing toward the goals of low cost and high reliability;

三 is to watch whether there will be a breakthrough on the demand side. In terminal areas such as low-altitude platforms, mobile phones, automobiles, and robots, important satellite application scenarios may emerge in the future;

四 is the IPO progress of important commercial space companies at home and abroad. Listings of relevant companies may drive increased attention to the sector; and five is the progress of new sub-sectors of commercial space represented by space computing power. If successful, it may increase the sector’s upper limit of long-term value.

“Commercial space is a growth-oriented industry driven by clear national-level demand, broad commercial prospects, and rapid technology iteration.” Zou Chengyuan, a fund manager at Southern Fund, said its focus is on the relationship between the industry chain’s weak links and the situation of supply not meeting demand. On the commercial satellite manufacturing side, it will focus on antennas and laser communication and power systems in the payload and platform.

In the view of Lü Xin, a fund manager at GF Fund, in 2026 the satellite industry is expected to see the potential to resonate across three dimensions: policy, demand, and supply, forming continuous catalysts for the sector. From the policy side, the issuance of satellite internet licenses, the establishment of commercial space agencies, the long-term strategy in the “15th Five-Year Plan?actually ‘“十五五”规划””—the “15th Five-Year” plan? keep original: ““十五五”规划” as “the long-term strategy in the “15th Five-Year Plan”.” Continue translation.

From the policy side, the issuance of satellite internet licenses, the establishment of commercial space companies, and the long-term strategy in the “15th Five-Year Plan” all support the satellite industry accelerating development; from the supply side, the successful launch of the Dayun capacity commercial rocket is expected to open up future capacity constraints; on the demand side, opened commercialization application scenarios such as satellite internet and space computing power provide long-term growth space for the industry.

However, Fang Yihang, a fund manager at East Money Fund, reminds that in the short term, affected by market sentiment and sector rotation, targets related to commercial space may experience periodical volatility.

(Source: Shanghai Securities News)

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