新政破解商业航天企业融资痛点，业内期待更多耐心资本

Core Viewpoint - The introduction of the fifth set of standards for the Sci-Tech Innovation Board has significantly boosted the development expectations and confidence in the commercial aerospace industry, leading to increased business expansion and investment in technology research and development [1][3]. Group 1: Policy Impact - The new policy has encouraged major companies like Zhongke Aerospace, Blue Arrow Aerospace, and Yixin Aerospace to initiate IPO guidance, marking the beginning of the "IPO first tier" in the commercial aerospace sector [4]. - The policy has also enhanced the confidence of early-stage investment institutions, allowing unprofitable companies with core technological strengths to list, thus addressing the exit bottleneck in the primary market [4][8]. - The government has recognized commercial aerospace as a "new growth engine" in its work reports, emphasizing its strategic importance in economic transformation and technological innovation [5]. Group 2: Market Dynamics - In 2024, the commercial aerospace sector is expected to see a record high of 138 financing events, with disclosed financing amounts reaching 20.239 billion yuan, indicating a growing interest in satellite applications, rocket manufacturing, and satellite manufacturing [9]. - The industry is in need of "patient capital" that can support companies through the entire cycle of technological challenges, mass production, and application development [10]. - Companies are focusing on reducing costs as a core objective, which is essential for accelerating the commercialization process in the aerospace industry [11]. Group 3: Future Outlook - The market for rocket launches in China is projected to exceed 110 billion yuan by 2030, with significant growth expected in the reusable rocket market as private companies achieve breakthroughs in vertical recovery and reusability technologies [11].