Ge Long Hui·2025-12-29 06:09Core Viewpoint - The new IPO regulations for commercial rocket companies have been implemented, leading to a significant surge in the commercial aerospace sector in the A-share market, with multiple companies experiencing substantial stock price increases [1][4]. Group 1: Market Performance - The commercial aerospace sector saw a collective rise, with notable stock performances: Chaojie Co. up by 16.96%, Guangwei Composites up by 14.37%, and other companies like Wu Zhi Machinery and Aerospace Hanyu also showing gains of over 13% [2][1]. - Year-to-date, the commercial aerospace sector index has surged over 71% [2]. Group 2: Regulatory Changes - On December 26, the Shanghai Stock Exchange released guidelines for the listing of commercial rocket companies on the Sci-Tech Innovation Board, detailing requirements for business scope, technological attributes, and milestone achievements [4][5]. - The guidelines emphasize the need for companies to demonstrate significant technological advantages and successful milestones in reusable rocket technology [5]. Group 3: Industry Context - The policy comes at a pivotal moment for China's commercial aerospace industry, with new generation reusable rockets like "Zhuque-3" and "Long March 12" set to complete critical tests by December 2025, indicating substantial technological advancements [7]. - The demand for launch capabilities is expected to grow due to large-scale satellite internet projects, such as "Guowang" and "G60 Starlink" [7]. Group 4: IPO Progress of Companies - Several companies are in various stages of IPO preparation, including Blue Arrow Aerospace, which has completed its IPO counseling with an estimated valuation of around 22 billion yuan, and Tianbing Technology, which is currently in counseling with an estimated valuation of 22.5 billion yuan [8][7]. - Other companies like Xinghe Power and Zhongke Aerospace are also in the counseling phase, indicating a robust pipeline for future IPOs in the commercial aerospace sector [8]. Group 5: Industry Chain Beneficiaries - The refined IPO standards and accelerated capital processes are expected to benefit companies within the commercial rocket supply chain, particularly those with stable partnerships and the ability to supply key components [11][9]. - Short-term market sentiment may focus on sectors like rocket structural components, engine materials, and aerospace electronics, while long-term beneficiaries are likely to be those with established production capabilities [11].