中大型复用火箭成“硬条件”，上交所发布商业火箭上市指引

Group 1 - The core viewpoint of the news is the issuance of guidelines by the Shanghai Stock Exchange, which establishes that the successful launch of payloads using reusable technology in medium to large rockets is a prerequisite for companies seeking to apply for listing under the fifth set of standards on the Sci-Tech Innovation Board [1][2] - The guidelines emphasize four specific criteria: significant technological advantages, phased achievements, approval from relevant national departments, and substantial market potential [1] - The successful launch of payloads is seen as a strong validation of a rocket's carrying capacity and commercial value, marking a critical milestone for the development of commercial space enterprises and the construction of low-orbit satellite internet constellations in China [1] Group 2 - Non-reusable and small-capacity commercial rocket projects will not meet the fifth set of standards, reinforcing the focus on companies' verifiable and sustainable technological innovation capabilities [2] - The requirement for successful launches indicates a high engineering threshold, as medium to large rockets involve complex technologies across multiple systems, and achieving a successful launch demonstrates a company's capabilities in system integration, reliability, and engineering management [2] - This requirement may affect the listing timelines for some companies, as they may need to wait for one or two more launch windows to meet the application conditions, pushing commercial space enterprises to prioritize technology validation, launch success rates, and long-term sustainability [2]