2026，中国A 股将迎来“商业航天年”

Core Viewpoint - The article suggests that 2026 will be the year of commercial aerospace in the A-share market, driven by the anticipated IPO of SpaceX in the US, which is expected to reach a market value of $1.5 trillion [2][3]. Group 1: Industry Trends - The potential for a "commercial aerospace listing boom" in China's A-share market is highlighted, with early investments made by Meihua Venture Capital in companies like Star River Dynamics and Micro Nano Star [4]. - The article emphasizes the importance of investing in emerging trends when they are still undervalued, as demonstrated by the early investment in Star River Dynamics, which was initially viewed skeptically by many [6][10]. Group 2: Investment Philosophy - The essence of investment is portrayed as investing in people, with a focus on the dedication and expertise of the founding team of Star River Dynamics [12][11]. - The article discusses the importance of long-term commitment in investments, citing the journey from the angel round in 2017 to the D round in 2025, where the company has shown significant growth [18][20]. Group 3: Company Achievements - Star River Dynamics has successfully launched its "Vesta-1" rocket and developed the reusable "Cangqiong-50" engine, marking it as the first domestic commercial rocket company to achieve a closed-loop business model [23]. - The company has launched a total of 85 satellites, with its valuation soaring to between 15 billion and 16 billion yuan [24]. Group 4: Future Outlook - Star River Dynamics is preparing for an IPO and is expected to become the "first stock of Chinese commercial aerospace" [27]. - The article anticipates that over 20 companies from Meihua Venture Capital's portfolio will go public in 2026, with an average of 1-2 companies each month [35].