上交所发布专项指引，商业航天 IPO 有望提速

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - On December 26, the Shanghai Stock Exchange released guidelines to support commercial rocket companies in listing on the Sci-Tech Innovation Board, marking a significant step towards capitalizing the commercial aerospace industry in China [2][4] - The guidelines are expected to accelerate the IPO process for leading commercial aerospace companies, facilitating capital operations to support industry development [2][4] - The guidelines specify that companies must have a projected market value of no less than 4 billion RMB and must have received approval from relevant national authorities [4] Summary by Sections Event Description - The Shanghai Stock Exchange issued guidelines for commercial rocket enterprises to apply for the fifth listing standard on the Sci-Tech Innovation Board, supporting the commercialization of the aerospace industry [4] Event Commentary - The release of the guidelines is seen as a policy turning point that will aid the development of the commercial aerospace industry. The guidelines include 14 provisions focusing on technical advantages, required achievements, necessary approvals, and market space requirements [9] - Over 600 commercial aerospace companies exist in China, with more than ten already initiating the IPO process. Companies like Blue Arrow Aerospace are nearing the submission of their listing applications [9] - SpaceX's potential IPO could set a benchmark for Chinese commercial aerospace companies, with expectations of raising over $30 billion and a target valuation of approximately $1.5 trillion [9] Investment Opportunities - The release of the guidelines is viewed as a significant marker for the acceleration of capitalizing the commercial aerospace industry, with leading companies likely to experience a surge in IPO activities. There is a recommendation to focus on core suppliers across the industry chain, particularly those related to satellite applications [9]