Euro Stoxx 50 futures up 0.90%, German DAX futures up 1.13%, UK FTSE 100 futures up 0.34%.

【股指期貨早盤收盤】滬深300股指期貨（IF）主力合約漲0.50%，上證50股指期貨（IH）主力合約跌0.45%，中證500股指期貨（IC）主力合約漲1.45%，中證1000股指期貨（IM）主力合約漲2.37%。

CITIC Securities says China’s move during the 15th Five‑Year Plan to extend next‑generation communications into integrated air‑space‑sea‑ground networks is turning commercial space into a significant infrastructure investment area. Reusable rockets, represented by Long March‑10B, are entering an intensive technology‑validation phase and are likely to drive material reductions in launch costs; CITIC expects a LEO satellite constellation deployment peak in 2028–2030. Upstream manufacturing and capacity buildout are estimated to require more than 1.7 trillion yuan of productive investment. The industry is likely to follow an S‑curve: after concentrated constellation deployment the sector’s focus should shift from manufacturing and launches to terminal operations and services, with large addressable markets for direct‑to‑handset connectivity. Near‑term market catalysts include reusable‑rocket re‑flights and IPOs; monitor policy actions to shore up launch capacity and cultivate commercial demand, since application scale will determine longer‑term upside.