【西街观察】商业航天IPO标准定向扩围，资本与科技的又一次双向奔赴

Core Viewpoint - The Shanghai Stock Exchange has officially released guidelines for commercial rocket companies to apply for IPOs under the Sci-Tech Innovation Board, marking a significant step in expanding the fifth set of listing standards to the commercial aerospace sector [1] Group 1: Policy and Market Impact - The new guidelines indicate a growing acceptance of unprofitable hard tech sectors in the A-share IPO market, with the fifth set of listing standards reflecting a broader policy support for hard tech innovation [1][2] - The fifth set of listing standards is characterized by greater inclusivity, shifting from strict revenue and profit requirements to a valuation and R&D-based assessment, with a minimum market capitalization of 4 billion yuan and a focus on core technological breakthroughs and phased achievements [1][2] Group 2: Industry Developments - The guidelines specify that commercial rocket companies must achieve significant milestones, such as successfully launching a medium to large reusable rocket payload into orbit, to qualify for IPOs [2] - The commercial aerospace sector is experiencing a surge in companies preparing for IPOs, with several firms like Blue Arrow Aerospace and others expected to complete their IPO guidance by the second half of 2025, indicating a rapid development phase driven by capital and technological advancements [3] Group 3: Market Trends - Emerging sectors like innovative pharmaceuticals, artificial intelligence, and commercial aerospace are attracting significant capital interest, with these industries poised for substantial growth, potentially reaching trillion-yuan market sizes [3]