资本市场包容性改革为何对商业航天敞开大门？

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced new policies to enhance the inclusivity and adaptability of the Sci-Tech Innovation Board (STAR Market), particularly by establishing a growth tier to support unprofitable companies in cutting-edge technology sectors, including commercial aerospace [1][2]. Group 1: Policy Changes and Industry Impact - The introduction of the growth tier on the STAR Market aims to support companies in high-risk sectors like commercial aerospace, artificial intelligence, and low-altitude economy [2][3]. - Following the announcement of the new policies, several commercial aerospace companies have successfully secured significant funding, indicating increased investor confidence [3]. - The CSRC's measures are seen as a timely boost for companies making investment decisions in the commercial aerospace sector [3]. Group 2: Market Growth and Development - The commercial aerospace industry in China has evolved significantly over the past decade, with the market size projected to exceed 2.5 trillion yuan by 2025, up from 376.42 billion yuan in 2015 [4][7]. - The industry has transitioned from a nascent stage to a more mature phase, with private companies now leading in rocket launches and satellite manufacturing [7][8]. - The first batch of private aerospace companies has become market leaders, with several achieving valuations exceeding 10 billion yuan [7][11]. Group 3: Challenges and Future Outlook - Despite progress, the commercial aerospace sector still faces challenges, including high research and development costs and long return cycles, which complicate financing [9][10]. - The introduction of the growth tier is expected to facilitate access to capital for unprofitable tech companies, thereby supporting long-term development in the commercial aerospace sector [10][12]. - The industry is anticipated to enter a rapid growth phase, driven by policy support, technological breakthroughs, and increasing market demand [12][15].