Addsino (SZ:000547) Zheng Quan Shi Bao·2025-10-30 19:23Core Viewpoint - Shandong province is leveraging its maritime rocket launch capabilities to establish itself as a leader in the national commercial aerospace industry, aiming to achieve a manufacturing capacity of "100 rockets" and "100 satellites" within three years, targeting an industry scale of 50 billion yuan [1][6]. Industry Overview - The successful launch of the "Gravitational One" rocket by Dongfang Space (Shandong) Technology Co., Ltd. marks a significant breakthrough in Shandong's maritime satellite launch capabilities, with the rocket capable of carrying 6.5 tons to low Earth orbit and reducing launch costs by 30%-40% compared to mainstream domestic rockets [2][3]. - Shandong is developing a comprehensive commercial aerospace industry chain, focusing on three key cities: Yantai, Jinan, and Qingdao, which encompass rocket and satellite manufacturing, launch services, and satellite applications [3][4]. Infrastructure and Capabilities - The "Gravitational One" rocket can complete the entire assembly, testing, and launch process within 5 kilometers at the "Dongfang Aerospace Port," significantly improving launch efficiency and enabling a potential launch frequency of "one rocket per week" [3]. - Jinan Steel Group is a key player in the aerospace supply chain, with a satellite assembly and integration testing base capable of producing 100 satellites annually, and a liquid rocket engine testing base that supports comprehensive testing services [4]. Policy Support - Shandong province has introduced supportive policies to accelerate the development of the commercial aerospace industry, aiming to produce 100 rockets and 150 commercial satellites annually by 2027, with a target industry scale of 50 billion yuan [6][7]. - The province has allocated significant funding for aerospace technology projects and established specialized funds to attract investment in the sector, demonstrating a commitment to fostering innovation and growth [7][8]. Market Activity - The commercial aerospace sector is gaining traction in the capital market, with a record number of financing events and significant investment amounts reported in 2024 and 2025, indicating a shift in investment focus towards commercial viability and operational capabilities [8]. - The investment landscape is evolving, with a transition from early-stage financial investments to a more diverse capital structure involving state-owned enterprises and policy-driven funds, suggesting sustained interest in the sector's growth potential [8].