两大商业航天明星企业，IPO有新进展

Core Viewpoint - The recent updates on the IPO counseling progress of Beijing Xinghe Power Aerospace Technology Co., Ltd. and Star Glory Aerospace Technology Group Co., Ltd. indicate that the IPOs in the commercial aerospace sector are advancing normally [8][16]. Group 1: Beijing Xinghe Power Aerospace Technology Co., Ltd. - Beijing Xinghe Power updated its IPO counseling progress, with Huatai United Securities as the counseling institution [1][9]. - The company was registered for IPO counseling with the Beijing Securities Regulatory Bureau in October 2025, joining the IPO queue for commercial rocket companies [4][12]. - Founded in 2018, Xinghe Power is the first private commercial rocket enterprise in China to achieve mass production and high-density launches [4][12]. - The CQ-50 main engine of the reusable liquid launch vehicle, Zhi Shen Xing-1, completed over 10,000 seconds of cumulative testing in 2025, achieving a significant breakthrough with a wide thrust range capability of 32% to 105% [4][12]. - Xinghe Power has completed various tests, including the second-stage power system test of Zhi Shen Xing-1 and the first-stage seven-engine parallel test on a sea platform, with the large ground test of this rocket model now concluded [4][12]. - The Yao Yi rocket has completed assembly and testing and is set to commence its maiden flight [4][12]. - On January 20, Xinghe Power successfully conducted a full-system hot test of the CQ-90 main engine for the Zhi Shen Xing-2 reusable launch vehicle at the Niutoushan engine test site in Chizhou, Anhui [4][12]. Group 2: Star Glory Aerospace Technology Group Co., Ltd. - Star Glory updated its IPO counseling progress, with Tianfeng Securities and CITIC Securities as the counseling institutions [4][15]. - Established in October 2016, Star Glory successfully launched its independently developed SQX-1 rocket in 2019, becoming the first private commercial launch vehicle company in China to achieve orbit [15]. - The company has planned a technology development path from solid to liquid, small to large, and from sky to ground, with a focus on both solid and liquid rockets [15]. - Star Glory's development strategy includes a phased approach of "application generation, development generation, pre-research generation, and exploration generation," implementing a strategy of "small steps, rapid iterations, and continuous evolution" [15].