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

A blue-chip stock with a market value of a trillion RMB—power behind the scenes has been exposed.

Since the fourth quarter of 2025, the satellite industry sector has been riding the updraft. As a leading company, China Satellite has seen its stock price surge by more than twofold in just a few months, and its market capitalization at one point reached 150 billion RMB.

The annual report for 2025 of China Satellite, disclosed on March 30, shows that multiple “bullish retail investors” piled into buying the company—often spending several hundred million RMB each. At the same time, the foreign investment giant UBS Group also added shares in a big way. Judging from the overall performance of the satellite sector, it has continued to fluctuate in recent days—what will its investment value be going forward?

Power behind the scenes exposed

“Bullish retail investors” swarm into China Satellite. The company’s 2025 annual report shows that as of the end of 2025, Yu Junbo held 9.4781 million shares of China Satellite; compared with the end of the third quarter of 2025, the number of shares held increased by 546,000. Besides Yu Junbo, Zhang Xin and Cao Qihua became new top ten tradable shareholders of China Satellite. Their shareholdings were 9.1571 million shares and 8.1582 million shares, respectively.

In addition to the three “bullish retail investors” mentioned above, institutional investors have also been acting frequently. As of the end of 2025, UBS Group became the company’s second-largest tradable shareholder newly entering the list, holding 13.1436 million shares. In addition, the Salo Purple 550 MaoMao private fund and the Yongying High-End Equipment Smart Selection hybrid fund also newly entered the top ten tradable shareholders of China Satellite, with shareholdings of 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 10th-largest tradable shareholder held 3.1796 million shares in the company. This means that in the fourth quarter of 2025, Zhang Xin bought at least 5.97 million shares, while 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 the fourth quarter of 2025 alone, the company’s stock price rose by 156.69%. Since the beginning of 2026, the stock price has risen as much as nearly 30%. Its highest market capitalization at one point exceeded 150 billion RMB.

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 achieved operating revenue of 6.103 billion RMB, up 18.35% year over year; net profit attributable to shareholders of listed companies was 35.5567 million RMB, up 27.38% year over year.

Funds flowing into satellite-themed ETFs

UBS Group not only added shares of China Satellite, but also made large purchases of multiple satellite-themed ETFs.

More specifically, as of the end of 2025, UBS Group held 45.1436 million units of the Yongying CSI National Defense Commercial Satellite ETF. It also held more than 20 million units each of the Foshan CSI Satellite Industry ETF and the China Merchants CSI Satellite Industry ETF, and held more than 13 million units of the GF CSI Satellite Industry ETF.

By combining analyses based on fund periodic reports, exchange-traded announcements, and similar materials, it is found that UBS Group mainly concentrated its purchases of satellite-themed ETFs in the second half of last year.

Taking the Yongying CSI National Defense Commercial Satellite ETF as an example: at the end of June 2025, UBS Group did not appear in the top ten holders list for the ETF, and the 10th-largest holder held 750,000 units. By the end of 2025, UBS Group held 45.1436 million units of the Yongying CSI National Defense Commercial Satellite ETF.

Looking at fund flows this year, according to calculations by Choice, as of April 1, the satellite-themed ETFs had net inflows of over 24 billion RMB for the year to date. Among them, the Yongying CSI National Defense Commercial Satellite ETF had net inflows of 14.105 billion RMB, while the Foshan CSI Satellite Industry ETF had net inflows of over 4.5 billion RMB.

What opportunities are there in the satellite sector?

Satellite-themed ETFs have continued to adjust recently—how will the story unfold going forward?

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

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

Second, the status of reusable rocket tests. In 2026, multiple test launches of reusable rockets may be seen, indicating that domestic commercial spaceflight continues to make progress toward low-cost and high-reliability goals;

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

Fourth, the IPO progress of major domestic and overseas commercial spaceflight companies. The listing of relevant companies may increase market attention toward the sector; and fifth, progress in new branches of commercial spaceflight represented by space computing power. If successful, it may raise the upper bound of the sector’s forward-looking value.

“Commercial spaceflight is a growth industry driven by clear national-level demand, supported by broad commercial prospects, and propelled by rapid technological iteration.” Zou Chengyuan, fund manager of Southern Fund, said its focus is on the weak links in the industrial chain and the relationship between supply and demand exceeding. In the commercial satellite manufacturing end, it will focus on antennas, laser communications, and power system components in the payload and platform.

In the view of Lü Xin, fund manager of GF Fund, in 2026, the satellite industry is expected to resonate across three dimensions—policy, demand, and supply—and form a sustained catalyst for the sector. From the policy side, the issuance of satellite internet licenses, the establishment of commercial spaceflight companies, and the long-term strategy of the “15th Five-Year Plan” all support the acceleration of satellite industry development. From the supply side, successful launches of high-payload commercial rockets may open up future bottlenecks in available launch capacity. As for the demand side, commercial application scenarios such as satellite internet and space computing power open up long-term growth space for the industry.

However, Fang Yihang, fund manager of East Money Fund, reminds that in the short term, due to market sentiment and sector rotation, commercial spaceflight-related targets may experience periodical fluctuations.

(Source: Shanghai Securities News)