The "hardcore" features of the satellite index compilation rules: focusing on upstream manufacturing and launch segments
Author: Spring
Introduction: In index investing, the construction rules determine the underlying character of the assets.
The Ping An CSI Satellite Industry Index (025491) can precisely capture the dividends from commercial aerospace infrastructure, with its core strength lying in the strong "foundational" attributes of its underlying index, the CSI Satellite Industry Index (931594.CSI). This article will dissect its logic as a sector allocation vehicle by auditing its constituent composition and sector distribution.
I. The "Hard Constraint" in the Rules: Ensuring Dominance of Manufacturing and Launch Segments
The constituent selection mechanism of the CSI Satellite Industry Index (931594.CSI) reflects a clear industrial orientation: it explicitly stipulates that the combined weight of the satellite manufacturing and satellite launch segments must not be less than 50%. Entering 2026, China's commercial aerospace industry has witnessed a historic upgrade in its top-level architecture. The official operation of the Commercial Aerospace Department under the China National Space Administration marks the industry's transition from early-stage, system-internal research extensions to a pillar of new quality productive forces, now guided by national top-level planning and deeply involved in marketization.
This "strong constraint" ensures the asset portfolio does not deviate from the main axis of aerospace infrastructure due to short-term fluctuations in downstream applications.
II. Manufacturing Sector Weight at 75.68%: Locking in the Profit Upstream of Constellation Networking
Financial audit data as of the end of 2025 shows that, influenced by the index construction rules, the Ping An CSI Satellite Industry Index (025491) exhibits significant "foundational" attributes, with its allocation to the manufacturing sector reaching as high as 75.68%.
Industrialized Mass Production: Against the backdrop of "factory-like production" for low-earth orbit constellations in 2026, a high manufacturing allocation can more directly reflect the demand momentum for satellite payloads.
Order Momentum: This structure ensures the fund can prioritize absorbing the order dividends released from infrastructure construction.
III. Concentration Audit: The Anchoring Role of the Top Ten Holdings
The combined weight of the top ten holdings in the Ping An CSI Satellite Industry Index (025491) reaches 59.70%. This moderate level of concentration reflects its precise positioning in the core assets of the satellite industry:
Core State-Owned Enterprises: Stocks like China Satellite (12.20%) and Aerospace Electronics (11.09%) possess solid moats in the fields of satellite manufacturing and measurement & control.
Private Enterprise Innovation: Private companies like ZL Technology (4.91%) and CAS StarMap (5.54%) have contributed significant excess returns in high-growth areas such as RF chips and remote sensing applications.
IV. Conclusion
The professionalism of the construction rules determines the win rate of the investment. By institutionally locking in the weights of the manufacturing and launch segments, the Ping An CSI Satellite Industry Index (025491) provides investors with an investment solution that removes impurities and focuses on the core.
Risk Disclosure: This article does not constitute any investment recommendation. The market carries risks, and investment requires caution.
The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.
