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Putin’s Pride Dented as India’s Moon Landing Highlights Russia’s Decline_我的网站

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India this week celebrated landing successfully on the moon – a massive, globally recognized accomplishment years in the making and a demonstration of the country’s developing scientific and technological prowess. But in Moscow, which saw a similar high-profile attempt fail just days earlier, the victory rubbed salt into its recent wound.
India’s achievement meant it joined the U.S., China and the Soviet Union as the fourth country to land a spacecraft on the moon and highlighted its growing capabilities as a force in space.
Among the praise from world leaders, the Kremlin issued an official statement from Russian President Vladimir Putin, who dutifully offered his “heartfelt congratulations” to Prime Minister Narendra Modi and the Indian space program.
"This is a big step forward in space exploration and, of course, a testament to the impressive progress made by India in the field of science and technology," the statement read.
Yet for Putin, the achievement carries the consequence of further embarrassment. His own lunar mission came to an abrupt halt earlier in the week when a thruster fired for 43 seconds too long, ending a much-needed chance to assert Russian power and pride at home and abroad. And that was the beginning of a week in which he was forced to attend an international summit by videoconference for fear of arrest on an outstanding warrant for international human rights violations. It also preceded by days the suspicious sudden death of an emerging political foe. More broadly, the latest black eye comes as the 70-year-old autocrat is seeing challenges to his leadership for the first time in a nearly quarter-century rule, growing cynicism about his unprovoked invasion of Ukraine, limited economic expansion prospects and a potentially destabilizing reelection bid next year.
Almost unavoidably, the setback in space would be seen by some as emblematic of the country’s larger struggles.
“Russia’s bedraggled space program mirrors the state of the nation itself, including the surprisingly poor performance of the Russian military in its war on Ukraine,” Leroy Chiao, a former NASA astronaut, wrote in an opinion piece. “Instead of making his nation a ‘great power’ again, Putin has shown the world just how badly Russia is in decline. The lamentable state of Moscow’s space program is just the latest confirmation of that.”
There were reasons to think the atrophy was not as severe. Russia, for the most part, has been a reliable partner on the International Space Station despite geopolitical tumult and for years was tasked with ferrying astronauts to and from the orbiting laboratory. Beyond that, major successes have been elusive – especially more recently.
Challenges for Russia’s space program include Western sanctions and an ongoing brain drain, according to Kari Bingen, the director of the Center for Strategic and International Studies’ Aerospace Security Project.
“The Russians haven't done this in decades,” Bingen says. “The sanctions that have been levied against their aerospace industries and against their space program – they are having an impact. I'd also say there is a brain drain happening in Russia. Putin is sending his young people to fight an illegal war, not to go into the aerospace sector.”
The loss of bright minds to sustain the program “will have longer-term implications for their technical abilities but also for their standing as a space power within the international community.”
One of those implications is a pact signed in March 2021 by China and Russia to jointly explore the moon as they solidified a larger “no-limits” strategic partnership they would announce less than a year later. Russia’s ability to contribute to those efforts was questionable even before its most recent failure, which comes amid signs of cracks between Beijing and Moscow over Ukraine.
But, as importantly, it’s another dent in Putin’s ambition to project Russia as an international power. During the last decade, he pursued such a goal through meddling in foreign affairs like Russia’s intervention in Syria’s civil war, testing the defenses of the NATO alliance and interfering in the 2016 U.S. elections as well as working to undermine Western interests in hot spots like Iran, Afghanistan or North Korea. At home, Putin set out to foment nationalistic pride, spending fortunes on public infrastructure projects like roads and bridges and massive sports complexes surrounded by newly constructed villages to bring the world to Russia for events like the Olympic Games and international soccer’s World Cup.
With regard to space, Putin set out to build a state-of-the-art launch complex. But, perhaps foreshadowing the difficulties that would beset the Russian program, the project was plagued by cost overruns and endemic corruption widely reported within the country that saw the price balloon past $2 billion and dozens of officials fired or jailed before the facility even opened.
Now, with the value of the ruble having plunged and the war effort requiring an ever-growing capital commitment, the failure of the moon mission has proved just the opposite: a testament to Russia’s inability to compete globally as it works in the shadow of Soviet successes launching the first satellite, orbiting the first astronaut and successfully landing an unmanned spacecraft on the moon in the last century.
“Russia’s Cold War legacy will be just that – a legacy – unless they can actually do this themselves,” Victoria Samson, the Washington office director for Secure World Foundation, a nonprofit that promotes the peaceful exploration of outer space, told CNN.
Yuri Borisov, the head of Russia’s state-controlled space agency, blamed the fiasco on the long gap since its last lunar mission, which was in 1976, when Russia was a part of the Soviet Union.
“The negative experience of interrupting the lunar program for almost 50 years is the main reason for the failures,” Borisov said.
Others have pointed to systemic problems, like uneven and inexperienced leadership, the reliance on substandard building materials and chronically low salaries within the sector for various failures. And, of course, something as simple as foolish pride can’t be eliminated. Some speculated that Russia’s rush to beat India to the moon could have led it to ignore issues that arose during the mission.
“It looks like things weren’t going according to plan, but they decided not to change the schedule to prevent the Indians from coming first,” noted Vitaly Egorov, a popular Russian space blogger.
But it also shows just how difficult it is to land on the moon, given that this was India’s second attempt after a failed mission in 2019 following an Israeli moon mission that met a similar fate in 2019.
“India’s accomplishment today is a good reminder that space missions are risky and that the technology is hard,” Bingen says.
And not everyone characterized the Russian space program’s decline as so severe.
Henry Hertzfeld, a research professor of space policy and international affairs at George Washington University, says the country is still quite capable in space.
“It isn't easy," Hertzfeld says. “All nations run the risk of failure at one point or another.”
Despite the possible dent in Russia’s pride, Borisov said Monday that abandoning the lunar program would be “the worst decision” and that the country should commit to more space missions as the U.S., China and other nations weigh both the political, scientific and commercial advantages of a lasting presence on the moon.
Hertzfeld says he won't write off another moon landing attempt from Russia in the future. 
“It comes at an awkward time for them with India being successful a few days later,” Hertzfeld says. “But I think given their history, given the history of the Soviet Union – they’ve landed on the moon before – it wouldn’t surprise me if they came back again at some point with another attempt.”
。    　　8月26日，“旗手”券商异动冲高，锦龙股份、湘财股份两股涨停，长江证券、招商证券、广发证券等涨幅居前。券商ETF华宝（512000）爆量冲高，一举突破10日、20日、半年线等多条均线。　　头部券商中报业绩高增并计划大手笔分红，叠加券商并购重组迎来重要进展，共同提振板块情绪。　　券商中报密集披露，头部券商业绩全面超预期。中信证券上半年归母净利润233.43亿元，同比增长69.60%，创历史同期最好水平；国泰海通证券上半年盈利202.6亿元，同比增长28.74%；中信建投证券归母净利润76.39亿元，同比增长69.44%。与此同时，多家上市券商公布了中期分红预案，目前已披露的10家券商合计拟派现近170亿元。　　此外，8月24日，东方证券召开临时股东会，审议通过发行股份及支付现金购买上海证券100%股权的合并重组方案，获得高票通过。紧随其后，中金公司换股吸收合并东兴证券、信达证券事项将于明日上会，合并后中金公司总资产将突破万亿。　　站在当下，券商业绩全面高增，估值却处于相对低位，这种“业绩与估值”的背离吸引市场关注。业内人士认为，当前券商板块配置价值有望进一步提升，尤其是综合型龙头券商和在某些特色领域（如科创债、中小微债等）具备差异化优势的券商，超额收益机会值得重视。　　截至8月25日，券商ETF华宝（512000）跟踪的中证全指证券公司指数市净率PB（LF）仅1.25倍，位于近10年13.21%分位点。国泰海通等业绩强劲的头部券商甚至沦为“破净”。　　光大证券认为，在量能收缩和市场情绪回落的背景下，A股的上涨斜率或将改变，市场可能转向震荡格局。

二 | 在这样的预期下，资金往往会流向估值合理、具备业绩支撑且与市场景气度高度相关的板块。券商作为资本市场的核心中介，其景气度与市场活跃度及改革深化紧密相连，成为震荡市中值得关注的领域。

三 | *　　券商ETF华宝（512000）被动跟踪中证全指证券公司指数，一键囊括49只上市券商股，是集中布局头部券商、同时兼顾中小券商的高效率投资工具。场外投资者可关注联接基金（A类 006098、C类007531）。　　数据来源：沪深交易所、Wind等。

四 | 截至2026.8.25，锦龙股份、湘财股份、长江证券、招商证券、广发证券在中证全指证券公司指数中的权重占比分别为0.3%、0.53%、1.51%、3.45%、3.34%。　　机构观点来源：光大证券20260809《短期内市场或继续反弹，关注三条业绩主线》。　　ETF基金费用相关说明：投资者在申购或赎回基金份额时，申购赎回代理机构可按照不超过0.5%的标准收取佣金，场内交易费用以证券公司实际收取为准，不收取销售服务费。联接基金费用相关说明：华宝中证全指证券公司ETF联接基金（A类）申购费率（前收费）为申购金额200万元（含）以上时1000元/笔，100万元（含）~200万元时0.6%，100万元以下时1%；赎回费率为持有天数7日以下时1.5%，持有天数7日（含）~180日时0.5%，持有天数180日（含）~1年时0.25%，持有天数1年（含）以上时0%；不收取销售服务费。

五 | 华宝中证全指证券公司ETF联接基金（C类） 不收取申购费，赎回费率为持有天数7日以下时1.5%，持有天数7日（含）以上时0%；销售服务费为0.4%。　　风险提示：券商ETF华宝（512000）及其联接基金被动跟踪中证全指证券公司指数基日为2007.6.29，发布于2013.7.15。中证全指证券公司指数2021~2025年年度涨跌幅分别为-4.95%、-27.37%、3.04%、27.26%、2.54%；2021~2025年年度波动率分别为24.46%、23.47%、21.17%、36.95%、20.53%。

六 | 指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表现。

七 | 本产品由华宝基金发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金的风险收益特征，选择与自身风险承受能力相适应的产品。基金管理人评估的券商ETF风险评级为R3-中风险，适合适当性评级C3及以上投资者。

八 | 基金管理人管理的其他基金业绩不构成基金业绩表现保证。基金过往业绩不预示其未来表现，基金有风险，投资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且基金销售机构所出具的基金产品风险等级评价结果不得低于基金管理人作出的风险等级评价结果。基金合同中关于基金风险收益特征与基金风险等级因考虑因素不同而存在差异。

九 | 投资者应了解基金的风险收益情况，结合自身投资目的、期限、投资经验及风险承受能力谨慎选择基金产品并自行承担风险。中国证监会对本基金的注册，并不表明其对本基金的投资价值、市场前景和收益做出实质性判断或保证。基金有风险，投资须谨慎。责任编辑：杨红卜。

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