明确里程碑节点，商业火箭未盈利企业登科“说明书”来了

Core Viewpoint - The Shanghai Stock Exchange has released guidelines for commercial rocket companies to issue IPOs on the Sci-Tech Innovation Board, providing a pathway for these companies to access capital markets and support technological innovation in the aerospace sector [1][2]. Group 1: Guidelines for Commercial Rocket Companies - The guidelines specify that commercial rocket companies must demonstrate significant technological advantages, including the successful launch of a medium to large reusable rocket payload into orbit as a milestone achievement [1][2][3]. - Companies are required to have relevant qualifications for research and manufacturing, and must obtain launch permits before conducting rocket launches [3]. - The guidelines emphasize the importance of market positioning, requiring companies to have a clear target market and a competitive edge over rivals, along with a feasible commercialization plan [3][4]. Group 2: Industry Context and Strategic Importance - The commercial aerospace sector is recognized as a strategic emerging industry in China, with significant government support reflected in recent economic work reports and action plans aimed at enhancing the development of commercial space capabilities [6][7]. - There are currently over 20 commercial rocket companies in China, many of which have successfully launched solid or small liquid rockets, indicating a growing industry [6][7]. - The commercial rocket industry is seen as crucial for the development of satellite constellations and overall high-quality growth in the commercial aerospace sector, addressing the current imbalance of "many satellites but few rockets" [7][8].