抢在马斯克之前，"中国版SpaceX"率先开始IPO进程。 2025年12月31日，上交所官网显示，蓝箭航天空间科技股份有限公司（以下简称"蓝箭航天"）IPO上市申请已经被受理；2026年1月5日，中证协发布"2026年 第一批首发企业现场检查抽查名单"，蓝箭航天被抽中现场检查。 | 公司全称 | 蓝箭航天空间科技股份有限公司 | 受理日期 | 2025-12-31 | | --- | --- | --- | --- | | 公司简称 | 蓝箭航天 | 融资金额(亿元) | 75.00 | | 审核状态 | 已受理 | 更新日期 | 2025-12-31 | | 保荐机构 | 中国国际金融股份有限公司 | 保荐代表人 | 田加力,倪佳伟 | | 会计师事务所 | 立信会计师事务所 (特殊普通合伙) | 签字会计师 | 安行,李晓婷 | | 律师事务所 | 上海市锦天城律师事务所 | 签字律师 | 王朝,秦永强,胡艺俊 | | 评估机构 | 北京中同华资产评估有限公司 | 签字评估师 | 赵玉玲,徐兴宾 | 蓝箭航天是上交所发布《上海证券交易所发行上市审核规则适用指引第9号——商业火箭企业适用科创板第五套上市标 ...

Core Viewpoint - Blue Arrow Aerospace's IPO application has been accepted, marking a significant step towards becoming China's first commercial rocket company listed on the stock market [1][5]. Group 1: IPO Details - Blue Arrow Aerospace plans to raise 7.5 billion yuan through its IPO, with 2.77 billion yuan allocated for enhancing reusable rocket production capacity and 4.73 billion yuan for improving reusable rocket technology [3]. - The IPO process has progressed rapidly, taking only five months from the start of guidance to acceptance [5]. - The company has been selected for a site inspection by the China Securities Association, which may impact its IPO timeline [5]. Group 2: Company Background - Blue Arrow Aerospace was founded in 2015 by Zhang Changwu, who has a background in finance, marking a departure from the typical model of aerospace research institutions [7]. - The company has faced challenges during its initial years due to a lack of industry infrastructure and a complex supply chain [8]. Group 3: Technological Advancements - Blue Arrow has developed a competitive edge in the liquid oxygen-methane rocket sector, which significantly reduces launch costs [9]. - The company successfully tested its 80-ton liquid oxygen-methane engine in May 2019, becoming the third in the world to complete full-system testing of a large thrust liquid oxygen-methane rocket engine [9]. Group 4: Financial Performance - Blue Arrow Aerospace has reported significant losses due to high R&D expenditures, with cumulative losses reaching 3.8 billion yuan over three and a half years [13]. - The company’s revenue from 2022 to 2025 is projected to be minimal compared to its R&D costs, which are expected to remain high as it seeks to maintain technological leadership [14]. Group 5: Market Position and Future Prospects - The company aims to capitalize on the growing demand for satellite internet services, with plans to establish production and testing bases in various locations [15]. - Blue Arrow has secured contracts with Chinese Star Network and Yuanxin Satellite for launch services, indicating its role as a key supplier in the market [15][16]. Group 6: Investment and Valuation - Blue Arrow Aerospace has attracted significant investment from various venture capital firms, with a valuation exceeding 20 billion yuan [18]. - The company has seen a shift in its funding sources from purely financial investments to strategic industrial investments, indicating strong market confidence [20][21]. Group 7: A-Share Market Impact - The acceptance of Blue Arrow's IPO has led to a surge in stock prices for several A-share companies that have invested in it, reflecting the market's optimism about the commercial aerospace sector [1][22]. - Multiple A-share companies have disclosed their investments in Blue Arrow, with varying degrees of ownership, indicating a broad interest in the company's potential [23][24].

Core Viewpoint - The article discusses the progress of Blue Arrow Aerospace's IPO on the STAR Market, highlighting its significance as a potential leader in China's commercial space sector and the impact on related A-share companies [1][19]. Group 1: IPO Progress and Financials - Blue Arrow Aerospace's IPO application has been accepted, aiming to raise 7.5 billion yuan, with 2.77 billion yuan allocated for reusable rocket capacity enhancement and 4.73 billion yuan for technology upgrades [2][14]. - The company has experienced rapid development, with its IPO process taking only five months from the start of guidance to acceptance [3]. - Despite the rapid growth, Blue Arrow Aerospace has faced significant financial losses, with cumulative losses of 3.8 billion yuan over three and a half years, and projected losses of 5.97 billion yuan in the first half of 2025 [12][13]. Group 2: Company Background and Technology - Founded in 2015, Blue Arrow Aerospace is recognized as the first private rocket company to successfully launch a liquid oxygen-methane rocket into orbit, often referred to as the "Chinese version of SpaceX" [3][7]. - The company has developed the Zhuque series of rockets, with the Zhuque-2 being the first liquid-fueled rocket to enter mass production and commercial use in China [3][10]. - Blue Arrow's focus on liquid oxygen-methane technology allows for significant cost reductions in launches, as the fuel is one-third the cost of kerosene and has advantages for multiple ignitions [8][9]. Group 3: Market Impact and Investor Interest - The acceptance of Blue Arrow's IPO has led to a surge in stock prices for several A-share companies that have invested in it, including Jin Feng Technology and Nova Star Cloud [1][19]. - Various A-share companies, such as Lu Xin Investment and Century Huatu, have disclosed their equity stakes in Blue Arrow, indicating a growing interest in the commercial space sector [20][21]. - The company has attracted significant investment from major venture capital firms, with early investors betting on the potential of the founder's unique background in finance and aerospace [16][18].

（文章来源：证券日报） 证券日报网讯 1月5日，金风科技在互动平台回答投资者提问时表示，公司通过全资子公司持有蓝箭航 天14908382股，对应4.1412%股份。 ...

（文章来源：证券日报） 证券日报网讯 1月5日，金风科技在互动平台回答投资者提问时表示，公司2024年研发费用为 2476967921.52元，具体请以定期报告为准。 ...

Core Viewpoint - JinWind Technology has successfully invested in Blue Arrow Aerospace, leading to a significant increase in its stock price and market capitalization, driven by the booming commercial aerospace sector [1][2]. Group 1: Stock Performance - On January 5, JinWind Technology's A-shares hit the daily limit, closing up 6.96% at 21.82 yuan per share, with a market value of 921.9 billion yuan [1][2]. - Since the low point in April, the company's stock price has increased by over 80%, while its Hong Kong shares have surged by over 280% during the same period [1]. - The stock price reached a high of 22.44 yuan per share during the trading session on January 5 [2]. Group 2: Investment in Blue Arrow Aerospace - Blue Arrow Aerospace's IPO has been accepted, with a valuation of 20 billion yuan, positioning it to become the first commercial aerospace company listed on the Science and Technology Innovation Board [3][4]. - JinWind Technology holds a 4.14% stake in Blue Arrow Aerospace through its subsidiary Jianghan Asset Management, making it the sixth-largest shareholder [4]. - The investment in Blue Arrow Aerospace is part of JinWind's broader strategy, which includes investments across various sectors such as new energy, equipment manufacturing, and agriculture [5]. Group 3: Financial Performance - JinWind Technology's revenue for the first three quarters of the year reached 481.5 billion yuan, a year-on-year increase of 34.3%, with a net profit of 25.8 billion yuan, up 44.2% [8]. - The company has seen a significant increase in international sales, with revenue of 83.79 billion yuan in the first half of the year, a growth of 75.34% [9]. - The company's core revenue source remains the sale of wind turbines and components, contributing 76.58% of total revenue [8]. Group 4: Broader Investment Strategy - JinWind Technology's investment platform has been active since 2010, with investments in various sectors, including several publicly listed companies [5][6]. - The company has previously invested in notable firms such as Jinli Permanent Magnet and China National Materials, expanding its investment portfolio significantly [6]. - JinWind Technology has also successfully invested in high-growth stocks, such as the 20-fold increase in the stock price of Upwind New Materials [7].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 金風科技股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 本月底法定/註冊股本總額： RMB 4,225,067,647 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02208 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 773,572,399 | RMB | | 1 RMB | | 773,572,399 | | 增加 / 減少 (-) | | | 0 | ...

Core Viewpoint - The Ninghu Expressway Xianrenshan Service Area Wind Power Project has officially been connected to the grid, marking it as the first wind power project at a highway service area in China, showcasing a model for integrated zero-carbon service areas and promoting the scale of "energy and transportation integration" [1][3]. Group 1: Project Overview - The project utilizes GWH171-5.6MW wind turbines, expected to generate approximately 13 million kilowatt-hours annually, and will integrate with existing distributed photovoltaic systems, charging facilities, and energy storage systems to create a smart energy system [1][4]. - The project aims to achieve over 100% self-sufficiency in green electricity and carbon neutrality, with nearly 100% rates for green electricity consumption and replacement, establishing the service area as a "green hub" on the highway [1][4]. Group 2: Implementation Challenges - The service area experiences high traffic, with an average daily vehicle flow of about 30,000 and pedestrian flow of approximately 70,000, necessitating careful planning and execution of the installation to minimize traffic disruption [2][4]. - The project team from Goldwind Technology employed a sand table planning approach and customized transportation solutions to significantly reduce traffic impact during the installation process [2][4]. Group 3: Future Collaborations and Goals - The successful implementation of this project is a result of collaboration between Goldwind Technology and Jiangsu Communications Control, with plans for a zero-carbon tunnel project in 2024, which will utilize GWH191-4.55MW turbines to generate over 23 million kilowatt-hours annually [5]. - By October 2025, the Ministry of Transport has established 19 pilot zero-carbon highway service areas, aiming for 100% green electricity supply through renewable energy sources, with a target of 5 million kilowatts of non-fossil energy capacity by 2027 [3][5].

人民财讯1月5日电，金风科技（002202）1月5日在互动平台表示，根据《蓝箭航天空间科技股份有限公 司首次公开发行股票并在科创板上市招股说明书(申报稿)》，公司通过全资子公司持有蓝箭航天1490.84 万股，对应4.1412%股份。 ...

据上交所信披，蓝箭航天科创板IPO申请已获受理，公司计划集资75亿元人民币。而金风科技对蓝箭航 天具重大持股。蓝箭航天上市前估值逾200亿元人民币，市场对其上市后估值估算介乎600亿至1,000亿 元人民币，大和估算市场对金风的估值溢价达10%(现时金风估值约900亿元人民币)。 智通财经APP获悉，大和发布研报称，金风科技(02208)上周五(2日)盘中曾升逾17%，料源于内地民营火 箭公司蓝箭航天(Land Space)在IPO上取得重大进展。该行予金风港股"持有"评级。 此外，该行预期任何蓝箭航天科创板IPO的正面进展，以及内地商用航天政策正面消息，都可以为金风 带来进一步股价正面催化剂，及对金风带来估值重评的机会。 ...