商业火箭企业IPO迎利好，中大型复用火箭成“硬条件”

Core Viewpoint - The recent issuance of the Shanghai Stock Exchange's guidelines for commercial rocket companies marks a significant step in clarifying the listing path for the industry, emphasizing the importance of reusable technology and successful orbital launches as prerequisites for IPOs [1][2]. Group 1: Listing Guidelines - The guidelines specify that companies must achieve "successful orbital launch of payloads using medium to large reusable rockets" as a hard requirement for listing on the Sci-Tech Innovation Board [2][6]. - The guidelines consist of 14 articles that detail the specific requirements for commercial rocket enterprises, providing a clear roadmap for those aiming for an IPO [1][2]. - The policy aims to signal the importance of technological innovation and directs resources towards companies that possess core technologies and engineering capabilities [2][6]. Group 2: Industry Trends - The commercial space industry is transitioning from state-led initiatives to a market-driven model, focusing on high-frequency, low-cost launches [2][10]. - By 2025, private rocket companies in China are expected to execute 23 launch missions, successfully sending 324 satellites into space, highlighting the rapid growth of the sector [2][10]. - The establishment of clear listing standards is expected to accelerate the capital market entry of commercial rocket companies, injecting strong momentum into the industry for the next decade [4][10]. Group 3: Technological Challenges - While the guidelines do not mandate the completion of rocket recovery technology validation prior to application, they emphasize the adoption of reusable technology as a key competitive factor in the future [6][7]. - The complexity of achieving reliable rocket recovery poses significant challenges, with multiple technical constraints that must be met during the return phase [6][7]. - Successful recovery is seen as critical for meeting the high-frequency, large-capacity, and low-cost launch demands of future satellite internet applications [6][7]. Group 4: Company Developments - Blue Arrow Aerospace and iSpace are leading the charge in developing medium to large liquid rockets, focusing on achieving both successful orbital launches and reliable recovery [8][9]. - iSpace's SQX-3 rocket aims for an integrated goal of achieving orbital launch and sea recovery, marking a significant step in the industry [8][9]. - The upcoming year of 2026 is anticipated to be a pivotal year for commercial space launches in China, with multiple companies preparing for significant milestones [10].