科创板第五套标准再细化，商业航天“七子夺嫡”第一股

Group 1 - The core viewpoint of the article is that the listing standards for commercial rockets are becoming clearer, with the Shanghai Stock Exchange issuing guidelines for companies seeking to list on the Sci-Tech Innovation Board [1][2] - The fifth set of listing standards primarily requires "market value + stage achievements" without setting performance thresholds, making the definition of stage achievements crucial [2] - The guidelines specify that for companies to qualify under the fifth set of standards, they must achieve the successful launch of a medium to large reusable rocket that places a payload into orbit [2] Group 2 - Blue Arrow Aerospace is currently the fastest company in the IPO process, having recently completed the launch of its reusable rocket [3][4] - The Zhuque-3 rocket, launched by Blue Arrow, successfully entered orbit but failed to achieve recovery due to an engine ignition issue during the landing phase [5][6] - Despite the recovery failure, the Zhuque-3 provided valuable experience for the industry [7] Group 3 - With the new guidelines clarifying the listing standards, Blue Arrow Aerospace is expected to be the first commercial aerospace company to pursue an IPO under the fifth set of standards [8] - At least six other commercial aerospace companies, including Xinghe Power, Interstellar Glory, and Tianbing Technology, are currently in the IPO counseling phase, all of which must achieve orbital success with their reusable rockets to qualify [8] - The expected first flight dates for these companies' reusable rockets are primarily set for 2026, with specific timelines for each company outlined [9][11]