证券研究报告 | 行业周报 gszqdatemark 2025 12 28 年 月 日 基础化工 商业航天乘风起，关注 3D 打印及上游材料 事件：商业火箭企业科创板第五套上市标准发布，全球商业航天有望迎来 "上市潮"。12 月 26 日晚间，上交所正式发布《上海证券交易所发行上 市审核规则适用指引第 9 号——商业火箭企业适用科创板第五套上市标 准》，更好支持尚未形成一定收入规模的优质商业火箭企业适用第五套上 市标准，加快推进商业航天创新发展、主动服务航天强国战略。美国方面， 根据《华尔街日报》和彭博社报道，SpaceX 目标在 2026 年中后期完成 IPO，计划募资规模远超 300 亿美元，目标估值高达 1.5 万亿美元。若实 现，将一举超越 2019 年沙特阿美创下的 290 亿美元纪录，成为世界历史 上最大规模的 IPO。国内方面，根据《《科创板日报》统计，目前已有至少 10 家商业航天企业开启 IPO 进程，5 家主营业务为运载火箭，分别为蓝箭 航天、星际荣耀、中科宇航、星河动力、天兵科技。 商业航天万亿市场，迎来全球共振。商业航天是推动航天产业发展、建设 航天强国的重要力量，目前已进入全球共振阶 ...

Macro Dynamics - The Ministry of Industry and Information Technology emphasizes the construction of computing power network systems and the implementation of the "millisecond computing" initiative by 2026, focusing on high-quality development in the information and communication industry [2] - The National Entrepreneurship Investment Guidance Fund aims to leverage over one trillion yuan in social capital, with a focus on early-stage investments in hard technology sectors such as AI, biopharmaceuticals, quantum technology, and 6G [3] Company Dynamics - The Shanghai Stock Exchange has released detailed rules for commercial rocket companies under the fifth set of listing standards on the Sci-Tech Innovation Board, aimed at supporting the innovation and development of the commercial aerospace sector [5] - The first national standards for large AI models have been implemented, marking a new phase of scientific authority and unified norms in China's large model industry, with over 95,000 calls made to the model for evaluation tasks [6] - As of November 2023, China's total installed power generation capacity reached 3.79 billion kilowatts, a year-on-year increase of 17.1%, with solar power capacity growing by 41.9% [7] - The official response to the closure of the "Zhengzhou Central Porsche Center" indicates that operations will be suspended, with plans to address employee wages and customer issues within specified timeframes [13] - *ST Chang Pharmaceutical has received a notice of administrative penalty for suspected false financial reporting, which may lead to a significant violation forced delisting [15] - Jiufeng Energy has exclusively supplied liquid hydrogen for the Long March 8 carrier rocket launch, which successfully placed 17 low-orbit satellite internet satellites into orbit [16] - Weichuang Electric plans to establish a joint venture in Thailand with Zhejiang Rongtai to expand the mechatronics market for intelligent robots [17]

Core Viewpoint - Jiufeng Energy emphasizes safety as a core value and a critical foundation for supporting the national commercial aerospace strategy, showcasing its commitment to high standards in safety management and product reliability [2] Group 1: Safety Management - The company has established a comprehensive safety system for the commercial aerospace special fuel and gas product guarantee sector, covering installation, debugging, production operation, storage, and transportation [2] - Since March 12 of this year, the company has provided special fuel and gas product support for the Long March series rocket launches at the Hainan commercial aerospace launch site nine times, achieving a 100% success rate in launch missions [2] Group 2: Technical Strength and Product Quality - The company's actions reflect its professional technical strength, reliable product quality, and comprehensive support capabilities, reinforcing its commitment to safety [2]

九丰能源（605090.SH）12月26日在投资者互动平台表示，尊敬的投资者，您好！2025年12月26日7时 26分，我国在海南商业航天发射场使用长征八号甲运载火箭，将卫星互联网低轨17组卫星发射升空，卫 星顺利进入预定轨道，发射任务获得圆满成功。本次发射所用的液氢产品由公司独家供应。感谢您的关 注，谢谢！ （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：26号海南商发长八甲发射用的附加值最高的液氢产品 是公司独家供应的吗？ ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 001331 | 胜通能源 | 42.10 | 10.01% | 26.09万 | | 10.97亿 | | 000407 | 胜利股份 | 5.21 | 3.99% | 168.38万 | | 8.67亿 | | 605090 | 九丰能源 | 41.76 | 2.50% | 51.77万 | 1 | 21.96亿 | | 000593 | 德龙汇能 | 11.59 | 2.11% | 0 32.61万 | | 3.75亿 | | 600635 | 大众公用 | 6.63 | 1.69% | 110.45万 | | 7.33亿 | | 000669 | ST金湾 | 3.06 | 0.33% | 5.95万 | | 1810.22万 | | 601139 | 深圳燃气 | 6.65 | 0.30% | 8.64万 | | 5736.02万 | | 605368 | 蓝天燃气 | 7.78 | 0.00% | 7.53万 | | 5 ...

Group 1 - The core point of the article is that Jiufeng Energy (605090) successfully supplied liquid hydrogen for the launch of 17 low-orbit satellite internet satellites using the Long March 8A rocket at the Hainan commercial space launch site on December 26, 2025 [1] Group 2 - The launch was completed successfully, with the satellites entering their designated orbits [1] - Jiufeng Energy is the exclusive supplier of the liquid hydrogen product used in this launch [1]

Macro Strategy - The core viewpoint of the report indicates that the Q3 2025 US GDP grew at an annualized rate of +4.3%, significantly exceeding Bloomberg analysts' consensus expectation of +3.3% and the Atlanta Fed's GDPNow estimate of +3.5% [1][7] - The strong consumer spending and reduced inventory drag were the main contributors to this growth, with inventory changes being the largest marginal contributor to the acceleration in GDP growth [1][7] - Despite the strong GDP data, the market's initial reaction suggested overheating, leading to a temporary cooling of interest rate cut expectations, which later reversed as asset prices adjusted [1][8] - Looking ahead, the report anticipates a significant cooling in Q4 2025 GDP growth due to government shutdown impacts, with short-term interest rate cut expectations depending on upcoming employment and inflation data [1][8] Fixed Income - The report notes that during the week of December 15-19, 2025, the yield on the 10-year government bond rose slightly from 1.8425% to 1.835% [2][9] - It emphasizes that the bond market's response to economic data has been muted, reflecting a focus on policy expectations rather than fundamental economic performance [9] - The report suggests that while there is limited immediate need for significant liquidity release through reserve requirement cuts, the possibility of easing policies in early 2026 remains [11] Industry Insights - Jiufeng Energy is focusing on expanding its commercial aerospace special gas market share through the development of its launch site and partnerships with rocket companies [19][20] - The company has completed the first phase of its Hainan commercial aerospace launch site project, with core products undergoing multiple launch validations, indicating a strong operational track record [19][20] - Jiufeng Energy's profit forecasts for 2025-2027 are set at 1.56 billion, 1.80 billion, and 2.13 billion yuan, respectively, with corresponding PE ratios of 18.0, 15.6, and 13.2 [19][20]

Group 1 - The article emphasizes the importance of efficiently filtering key announcements to aid investment decisions, highlighting the service "Announcement Selection" that provides deep insights into complex terms and reveals investment opportunities [1] Group 2 - On December 22, the article noted that Tongyu Communication's satellite communication products achieved small-scale applications in low-orbit satellites, leading to a significant stock price increase of 6.31% on December 24 and reaching a historical high by December 25 [2] - The article reported that Jiufeng Energy signed an agreement with China Long March Rocket Co., resulting in a stock price surge, with a cumulative increase of nearly 15% over two trading days [2] - The article mentioned Taiji Co., which saw a stock price increase of 2.95% after a change in actual control to Hubei State-owned Assets Supervision and Administration Commission [2] Group 3 - A company engaged in specialized equipment and digital twin technology secured a 1.5 billion yuan domestic computing power procurement project [3] - An industry-leading company in lithium batteries received a significant order for electrolyte solvents, marking the third major order since the fourth quarter [3] - A company in the semiconductor sector formed a joint venture with CATL to establish an automotive domain control chip company [3]

Market Overview - The A-share market experienced an overall increase on December 25, with the Shanghai Composite Index closing at 3959.62 points, up 0.47%, the Shenzhen Component Index at 13531.41 points, up 0.33%, and the ChiNext Index at 3239.34 points, up 0.3% [1] - The total trading volume in the A-share market reached 19440.6 billion yuan, an increase of 466.79 billion yuan compared to the previous trading day [1] Capital Flow - The main capital in the A-share market saw a net outflow of 204.39 billion yuan for the day, with an opening net outflow of 128.96 billion yuan and a closing net outflow of 22.58 billion yuan [2] - The CSI 300 index recorded a net outflow of 79.88 billion yuan, while the ChiNext saw a net outflow of 51.51 billion yuan and the STAR Market a net outflow of 16.01 billion yuan [4] Sector Performance - The defense and military industry led the sectors with a net inflow of 61.72 billion yuan, followed by machinery equipment with 60.79 billion yuan and the automotive sector with 39.51 billion yuan [6][7] - The electronic sector experienced the largest net outflow of 81.47 billion yuan, followed by retail with 50.64 billion yuan and telecommunications with 44.44 billion yuan [7] Individual Stocks - Goldwind Technology saw the highest net inflow of 8.29 billion yuan among individual stocks [8] - Institutions actively participated in several stocks, with Hainan Development showing a net institutional buy of 288.69 million yuan, while Tianji Co. had a net institutional sell of 21.35 million yuan [10][11]

证券日报网讯12月25日，九丰能源（605090）在互动平台回答投资者提问时表示，公司为了推动特种气 体在商业航天领域的配套与融合，夯实航天特气的先发优势，于2023年在海南设立了控股子公司即海南 九丰特种气体有限公司，作为海南商业航天发射场特燃特气配套项目的实施主体。目前，海南商业航天 发射场特燃特气配套项目(一期)已顺利投产，已为海南商发八次火箭发射配套供应液氢、液氧、液氮、 氦气等特燃特气资源，产品品质顺利通过发射验证，为海南商发后续常态化、高密度发射奠定了重要基 础。同时，为匹配火箭发射端、星箭产业园区(卫星超级工厂)的特燃特气快速增长需求，公司积极推进 海南商业航天发射场特燃特气配套项目扩能计划(二期)。 ...