Group 1 - The commercial aerospace sector remains a hot topic in the capital market, with the Wande Commercial Aerospace Theme Index achieving an 8-day consecutive rise and a cumulative increase of over 35% since December 24, 2025 [1][8] - In 2025, China achieved a record high in rocket launches, totaling 92, which is over a 30% increase compared to 2024, indicating a new phase of "normalization, high frequency, and large scale" in China's launch capabilities [2] - The IPO progress in the capital market includes the acceptance of Blue Arrow Aerospace's IPO and the approval of the registration for the Electric Science and Technology Blue Sky on the Sci-Tech Innovation Board [4] Group 2 - The development of reusable rocket technology is accelerating, significantly reducing launch costs and improving response efficiency for launch missions. Current costs for some reusable rockets are around $67 million, with potential reductions to between $2 million and $5 million as technology advances [5] - The application of reusable rocket technology is expected to lower the cost of satellite constellation networking in China by over 70%, supporting the demand for high-frequency constellation deployment [6] - A comparison of domestic and international reusable rockets shows varying payload capacities and costs, with SpaceX's Falcon 9 having a launch cost below $1,000 per kilogram, while Blue Arrow's Zhuque-3 costs approximately $4,200 per kilogram [7] Group 3 - As of January 6, 2026, the total financing balance for 30 stocks related to reusable technology in the A-share market reached nearly 29.9 billion yuan, an increase of over 65% since the third quarter of 2025 [9] - Nine stocks that received over 30% increase in financing and were researched by more than ten institutions since the fourth quarter of last year include companies like Rigol Navigation and Srey New Materials [10] - Notable companies such as Jili Rigging and Aerospace Electric have provided products supporting domestic reusable rockets, contributing to their stock performance with significant increases since December 24, 2025 [8][10]

证券代码：301005 证券简称：超捷股份 超捷紧固系统(上海)股份有限公司 投资者关系活动记录表 编号 2026-001 投资者关系活动 类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 参与单位名称及人员 姓名 1、广发证券 代川、孙柏阳、蒲明琪； 2、东吴证券 郭雨蒙； 3、磐泽资产 庄启臣 时间 2026年1月6日 上午10:00-12:00 地点 子公司无锡超捷会议室 上市公司接待人员 姓名 1、公司董事会秘书、财务总监 李红涛 2、公司证券事务代表 刘玉 1、公司收购子公司成都新月的原因是什么？ 公司与成都新月都属于精密制造领域，通过收购成都新月， 公司产品可以向航空航天领域拓展，增加公司的产品应用范围， 受益于航空航天制造业的高景气度，将成为公司业绩的第二增长 点。 2、目前公司商业航天领域产品情况？ 商业航天业务领域广阔，目前业务主要为商业火箭箭体结构 件制造，包括箭体大部段（壳段）、整流罩、发动机零部件等。 3、一枚商业火箭的结构件产品价值量占比大概有多少？ 目前市场上主流尺寸的一枚商业火箭成本中结构件占比在 25%以上。 4、实现可回收之后，哪些产 ...

Core Viewpoint - The commercial aerospace sector is gaining significant attention, highlighted by the recent launch of the Long March 12A rocket, marking China's entry into reusable rocket technology [1][2]. Group 1: Market Reaction - On December 23, several companies in the commercial aerospace sector saw their stock prices surge, including Zhongguang Fanglei, Shenjian Co., Jiuding New Materials, Dongcai Technology, Chuangyuan Technology, and Taijia Co., all hitting the daily limit [1]. - Other companies such as Huafeng Technology, Robotec, and Bowei Alloy also experienced notable increases in their stock prices [1]. Group 2: Technological Developments - The Long March 12A rocket, designed for "first-stage reuse," successfully completed its mission, although the first stage was not recovered [1][2]. - The launch provided critical engineering data for future missions and the recovery of rocket stages, laying a foundation for subsequent launches and recovery efforts [2]. Group 3: Industry Insights - The involvement of the "national team" in the aerospace sector is expected to set technical benchmarks and promote resource integration across the industry, fostering a competitive environment [2]. - Reusable rocket technology is viewed as a key cost-reduction strategy in the commercial aerospace industry, with the cost of new rockets estimated at $50 million, while reusable rockets can reduce costs to $15 million [2]. - Achieving successful recovery of rocket stages is just the first step; further engineering validation and the establishment of a stable, efficient reuse system are essential for realizing the commercial value of reusable technology [2].

Core Viewpoint - The successful launch of the Kuaizhou-1A rocket marks a significant achievement for China Aerospace, demonstrating its capabilities in commercial space launches and expanding its international client base [2][3]. Group 1: Launch Details - On December 10, the Kuaizhou-1A rocket successfully launched nine satellites, including the "Jixing" GaoFen 07B01, C01, D01, SPNEX, Slippers2Sat, and 813 satellites, into their designated orbits [2]. - This mission represents the 11th flight of the Kuaizhou-1A rocket, which has successfully placed a total of 84 satellites into space, with a cumulative payload mass exceeding 11 tons, leading the market share in commercial rocket launch services [2]. Group 2: International Orders - The recent launch included satellites from international clients, specifically from Egypt, Nepal, and the UAE, indicating a diversification of demand compared to domestic clients [2][3]. - The SPNEX satellite, developed by the Egyptian Space Agency and the Egyptian Academy of Scientific Research and Technology, focuses on climate change monitoring and ionosphere changes [2]. - The Slippers2Sat satellite is an educational project aimed at providing science education support to marginalized groups in Nepal [3]. Group 3: Competitive Advantages - The Kuaizhou-1A rocket has a strong competitive edge in terms of launch capacity, interface versatility, and operational flexibility, which are crucial for attracting international clients [4]. - The company has served a total of 32 satellite clients, with 26 domestic and 6 international, covering regions including China, Europe, North America, South Asia, the Middle East, and North Africa [3]. Group 4: Technological Innovations - The Kuaizhou-1A employs a distributed integrated electronic system based on high-speed real-time Ethernet, which simplifies the system complexity and transitions from customized to generalized systems [5]. - Intelligent design in control algorithms allows for self-detection and dynamic adjustment of target orbits, ensuring successful satellite deployment even under significant deviations [5]. - The rocket's control system utilizes standardized components, reducing the number of devices on the rocket and ground by over 50% and 80%, respectively, enhancing versatility and portability [5]. Group 5: Future Developments - The company plans to validate rocket recovery and reuse technologies through the Lihong series vehicles, aiming to implement parachute recovery and precise control of debris landing points to further reduce launch costs [6].

Core Viewpoint - The successful launch of China's first orbital reusable rocket, Zhuque-3, represents a significant step in the country's commercial space industry, aiming to compete with SpaceX's Falcon 9 and Starship [1][5]. Group 1: Rocket Launch and Technology - Zhuque-3, developed by China Blue Arrow Aerospace Technology Co., is designed to master rocket recovery technology, with the second stage successfully entering the designated orbit while the first stage recovery failed [1][5]. - The rocket stands 66 meters tall and weighs 570 tons, comparable to a 22-story building and 95 adult African elephants, respectively [2][9]. - The recovery plan involves the first stage landing vertically on a platform 400 kilometers away from the launch site, highlighting the technical challenges of rocket recovery [2][9]. Group 2: Comparison with SpaceX - A direct comparison between Zhuque-3 and SpaceX's Falcon 9 reveals key differences: Falcon 9 uses an aluminum-lithium alloy shell, while Zhuque-3 employs stainless steel, which is sturdier but heavier [3][10]. - Zhuque-3's engine uses liquid oxygen and methane, which burns without carbon residue, making it more advanced than Falcon 9's kerosene-based fuel [3][10]. Group 3: Economic Implications - The development of reusable rockets could significantly reduce launch costs, with traditional rockets costing up to 51,000 yuan per kilogram, Falcon 9 reducing it to 22,000 yuan, and SpaceX's Starship potentially lowering it to 1,400 yuan per kilogram [11]. - Mastering recovery technology could transform rockets from costly research projects into profitable ventures, making space travel more accessible to the public [11]. Group 4: Production and Team Efforts - The production of Zhuque-3 involved over a hundred technicians working in shifts around the clock, showcasing the dedication and effort behind the project [12][13]. - Advanced 3D printing technology allows for the production of the Tianque 12A engine in just 3-4 days, streamlining the manufacturing process [12][13]. Group 5: Content Creation and Audience Engagement - The creator @ZhiNanCaiJing has gained significant attention by documenting the launch and recovery process, with videos attracting millions of views and showcasing the rocket's development journey [1][7]. - The content aims to engage a dedicated audience and elevate the quality of information shared about the aerospace industry, reflecting a trend in content creation on platforms like Douyin [8][14].

Summary of Commercial Aerospace Conference Call Industry Overview - The conference call focused on the **commercial aerospace industry** and its recent developments, highlighting three significant turning points: policy, performance, and technology [1][2][3]. Key Points Policy Turning Point - The establishment of a dedicated bureau for commercial aerospace indicates the government's commitment to the industry, aiming to address challenges in **rocket reusability technology** and integrate advantages from the information and communication sectors [1][4][5]. - The government plans to introduce major companies like **Huawei** and **ZTE** to enhance satellite internet development towards **6G**, leveraging existing mobile communication industry strengths [3][6]. Performance Turning Point - Since August 2025, there has been a significant increase in **launch frequency** due to large-scale new project tenders, with companies like **Chen Chang** and **Zheng Lei** showing marked improvement in their performance during the first three quarters of the year [1][4]. - The commercial aerospace sector has outperformed the broader market, driven by the establishment of new companies and increased launch activities [2][10]. Technology Turning Point - The domestic liquid engine technology for **reusable rockets** is maturing, with breakthroughs expected in the first half of 2026. The industry is adopting a collaborative approach, involving multiple companies to tackle the challenges of rocket reusability [1][4][5][18]. - The **NTN (Non-Terrestrial Network)** system is crucial for the future of satellite internet, with China positioned to develop this system effectively due to its advanced **5G network** and clear **6G roadmap** [3][7]. Additional Insights - The commercial aerospace sector is viewed as a long-term investment opportunity rather than a short-term theme, with significant catalysts expected from the upcoming launches of reusable rockets and the establishment of new companies [10][15]. - The **ground terminal segment** is identified as the most valuable market within the commercial aerospace industry, with significant growth potential as user numbers and application scenarios increase [20]. - The **Shanghai Songjiang Satellite Internet Ecological Conference** revealed plans for over **7,000 satellites** and **500 rocket launches** in the next five years, indicating strong confidence in the industry's future [19]. Investment Recommendations - Investors are advised to focus on companies involved in the **rocket launch supply chain**, **satellite manufacturing**, and **ground terminal development**. Specific attention should be given to the upcoming test flights of new reusable rockets and the results of ground terminal tenders [21][22].

相关公司方面，中国卫通是我国卫星通信运营龙头，受益于国内卫星互联网的加速部署。上海沪工子公 司沪航卫星是一家专注于商业卫星配套产品及服务的公司，业务包括商业卫星总装集成、航天产品核心 部件设计及制造等关键领域。 据中科宇航消息，12月3日，国内最大针栓式液氧煤油发动机力擎二号110吨长程试车完成，累计试车时 间达140秒，单次最长稳定工作120秒，所有测试指标均一次达成。继发动机地面验证成功后，该公司计 划于近日择机开展力鸿一号遥一飞行器的亚轨道飞行试验任务。此次试验将重点验证返回式载荷舱的再 入大气层返回减速与回收技术，同时进行火箭子级返回精确落点控制的关键技术验证。 东吴证券认为，国内可回收火箭时代开启，有望迎来密集突破期。截至目前，承担两大星座卫星发射任 务的长征十二号、长征八号甲、长征六号改等"国家队"火箭因兼顾国家其他航天任务排期紧张，大运 力、低成本、高可靠的可回收火箭迫在眉睫。2025年底开始，朱雀三号、天龙三号、引力二号、双曲线 三号、智神星一号等一批新型号商业火箭将按计划发射，这批可复用火箭如果实现可回收，有望助力国 内低轨卫星星座组网加速落地。 ...

Core Viewpoint - The Chinese commercial space industry is experiencing a "capacity spring," with advancements in technology, capital, and policy potentially accelerating the development of satellite launch capabilities faster than expected [2][5]. Group 1: Recent Developments in Satellite Launch Capabilities - On October 17, 2025, Shanghai Yuanxin Satellite Technology Co., Ltd. successfully launched the sixth batch of satellites for its "Qianfan Constellation," bringing the total number of satellites in orbit to 108 [3]. - Major telecommunications operators in China, including China Telecom, China Mobile, and China Unicom, have received licenses for satellite mobile communication services, enabling direct satellite connections for mobile phones [3]. - The domestic satellite internet market is reaching a significant milestone, but the "capacity" segment remains constrained, necessitating the involvement of private rocket companies to alleviate the bottleneck [3][4]. Group 2: Progress of Private Rocket Companies - Beijing Tianbing Technology Co., Ltd. announced the successful sea test of its "Tianlong-3" large liquid rocket, which has a near-Earth orbit capacity of 17 to 22 tons and can launch up to 36 satellites in one go [4][7]. - Blue Arrow Aerospace successfully completed the first phase of its "Zhuque-3" rocket's launch preparations, including static ignition tests, and is preparing for its official orbital launch [4][9]. - Beijing Zhongke Aerospace Technology Co., Ltd. reported progress on its "Liqian-2" liquid rocket, which is designed for medium payloads and aims to support China's space station logistics [9][10]. Group 3: Market Dynamics and Investment Trends - The demand for satellite launches is increasing, with estimates suggesting that the "Qianfan Constellation" requires at least 200 to 300 satellite launches annually, necessitating multiple rockets with capacities exceeding 10 tons [6]. - Recent funding rounds have seen significant investments in private rocket companies, with Star River Dynamics raising 2.4 billion yuan in its D round and Tianbing Technology securing nearly 2.5 billion yuan in Pre-D and D rounds [13][14]. - The Chinese Securities Regulatory Commission has opened a window for IPOs in the commercial space sector, prompting several companies to initiate IPO preparations [14][15]. Group 4: Technological Innovations and Cost Reduction Strategies - The use of 3D printing technology in the manufacturing of rocket components is being explored to reduce costs, with Tianbing Technology's "Tianlong-3" rocket utilizing this approach to achieve significant cost savings [21][22]. - The focus on reusable rocket technology is seen as a key strategy for cost reduction, with companies like Arrow Technology aiming for high reuse rates to lower overall launch costs [19][20]. - The competitive landscape is expected to intensify as more private companies successfully launch their rockets, with cost efficiency becoming a critical factor for securing future contracts [22].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has restarted the fifth listing standard for the Sci-Tech Innovation Board, accelerating the IPO process for commercial aerospace companies, particularly in artificial intelligence, commercial aerospace, and low-altitude economy sectors [1] Group 1: Commercial Aerospace Companies - Blue Arrow Aerospace has a valuation of 20 billion yuan and is the only domestic company with a full chain of liquid rocket R&D capabilities, having launched the commercial operation of its mature liquid rocket, Zhuque-2 [1] - Yixin Aerospace has a valuation exceeding 8 billion yuan and specializes in satellite communication payloads, achieving a weight control of under 50 kg per satellite payload with a 40% reduction in power consumption [2] - Zhongke Aerospace has a valuation of 11 billion yuan and is considered a mixed-ownership model for the "national team" in commercial aerospace, with its solid rocket, Lijian-1, already in commercial operation [2] Group 2: Launch Cost Comparisons - The launch cost of Zhuque-3 aims to be reduced to 20,000 yuan/kg, down from 40,000-50,000 yuan/kg for Zhuque-2, while Tianlong-3 has already achieved a launch price of 20,000 yuan/kg [3] - The unit launch costs for Lijian-2 and Lijian-2 Heavy are projected to be 30,000 yuan/kg and 15,000 yuan/kg respectively, indicating a trend towards competitive pricing in the commercial launch market [3] Group 3: Low Earth Orbit Satellite Communication - Huawei's Mate 80 is expected to incorporate low Earth orbit satellite communication, potentially accelerating the commercialization of low Earth orbit satellites [4] - The integration of satellite communication services into consumer markets is anticipated to increase user numbers significantly, which will help distribute the construction and operational costs of low Earth orbit satellite systems [4] Group 4: Investment Opportunities - Companies such as Blue Arrow Aerospace, Yixin Aerospace, and Zhongke Aerospace are initiating IPO guidance filings, marking a significant acceleration in the commercial aerospace sector [5] - Suggested companies for investment include satellite firms like Shaanxi Huada, Shanghai Gangwan, and rocket companies like Chaojie Co. and GaoHua Co. [5]