市场点评报告：科创板“开闸”商业火箭

Core Insights - The report highlights the acceleration of the "1+6" reform measures for the Sci-Tech Innovation Board, which provides predictable capital support for future industries such as commercial aerospace, facilitating the scaling development of hard technology companies [1][2]. Policy Changes - The new guidelines from the Shanghai Stock Exchange focus on the "hard technology" attributes of commercial rocket enterprises, emphasizing the need for significant technological advantages and breakthroughs in core technologies [2]. - A milestone requirement is set for companies to achieve the successful launch of a medium to large reusable rocket payload into orbit at the time of application, reflecting a balance between technical authenticity and operational capability [2]. - The guidelines do not prioritize short-term revenue or profit but instead emphasize a clear market target and competitive advantages in the commercial rocket business [2]. Market Impact - The policy is expected to have a long-term structural impact on the A-share market, confirming the industrial logic of the commercial aerospace sector and potentially enhancing the valuation and risk appetite for hard technology assets on the Sci-Tech Innovation Board [2]. - Short-term market sentiment may focus on components related to rocket structures, engine materials, and aerospace electronics, while long-term beneficiaries are likely to be companies with stable supply relationships and integration into the model system of commercial rocket manufacturers [2]. Strategic Direction - The introduction of these guidelines reflects a proactive approach by the capital market to support national strategies and the cultivation of new productive forces, embedding capital market capabilities into the critical growth phase of the commercial rocket industry [2].