[Table_Author] 赵增辉 熊锋 朱承志 SAC：S0490524080003 SAC：S0490524120004 SFC：BVN394 SFC：BWI629 丨证券研究报告丨 固收资产配置丨点评报告 [Table_Title] 临期低价转债风险或已基本定价 ——可转债周报 20251213 报告要点 [Table_Summary] 当周受外部信用事件扰动，部分低价临期转债显著回调，市场正逐步定价偿债风险。鉴于宏观 稳健与债底坚实，若因担忧过度导致超调或提供布局良机，整体信用风险可控。当周 A 股窄幅 震荡，创业板及中盘风格相对占优，通信、军工等科技制造板块回暖明显，周期类行业相对较 弱，板块拥挤度呈分化特征。可转债市场整体略有走强，大盘与小盘表现优于中盘，估值整体 拉伸，隐含波动率维持高位，行情主要由高价券及科技板块带动。一级市场发行平稳，审核有 序推进，条款博弈仍是焦点，下修分化与强赎频现并存，需警惕情绪扰动对估值结构的影响。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 临期低价转债风险或已基本定价 ...

人民财讯12月17日电，顶固集创（300749）12月17日在互动平台表示，航聚科技专注于空天飞行器热防 护领域特种功能材料研发。产品主要应用于空天飞行器、运载火箭、深海潜航器等航空、航天、航海领 域。为国内具备飞行器热防护设计和仿真、材料研发和生产、风洞检测和整体解决方案能力的头部企 业。在商业航天领域，航聚科技研发的WS系列柔性可复用防热材料已运用于蓝箭航天朱雀三号箭体。 公司参股了航聚科技5.8018%的股权，主要是看好商业航天的前景和航聚科技的发展潜力。 ...

格隆汇12月17日丨顶固集创(300749.SZ)在互动平台表示，公司参股了航聚科技5.8018%的股权，主要是 看好商业航天的前景和航聚科技的发展潜力。在商业航天领域，航聚科技研发的WS系列柔性可复用防 热材料已运用于蓝箭航天朱雀三号箭体。 ...

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【12月17日投资者互动：金宏气体回应商业航天项目气体供应情况】12月17日，有投资者在互动平台向 金宏气体发问，询问公司产品是否参与商业航天项目。 金宏气体回复称，公司一直密切关注航天领域 动态，目前已在产业链部分环节供应相关气体。 同时，公司正积极拓展合作机会，以进一步深化在商 业航天领域的布局。 ...

Core Viewpoint - The commercial space industry, encompassing rocket launches, satellite manufacturing and operation, and space tourism, is experiencing rapid growth and transformation, with a potential market size reaching trillions of yuan, marking a significant shift from policy discussions to a vibrant economic sector by the end of 2025 [1][3]. Market Dynamics - Investor sentiment has been significantly boosted by commercial space concept stocks, with notable price surges in companies like Tongguang Cable and Zhonggang Luoni, reflecting a strong market interest [2]. - The establishment of "Space Technology City" in Beijing, in collaboration with major state-owned enterprises, indicates a strategic push towards developing a robust commercial space ecosystem [2][5]. Government Initiatives - Local governments are actively promoting the commercial space sector, with Guangdong aiming for a 300 billion yuan industry scale by 2026 and offering financial incentives for companies setting international standards [6]. - The Beijing Economic and Technological Development Zone has launched a 10-point plan to support the commercial space industry, including a 10 billion yuan investment fund [5]. Industry Developments - The number of new commercial space enterprises has surged, with over 15 companies established in August 2025 alone, indicating a growing interest in the sector [7]. - Major companies like Star Glory and Blue Arrow are collaborating with local state-owned enterprises to explore ecosystem development [5]. Capital Involvement - The commercial space sector has seen a rise in financing activities, with significant funding rounds for leading companies like Star Glory and Tianbing Technology [8]. - The inclusion of commercial space in the Sci-Tech Innovation Board's listing criteria has opened new avenues for funding, allowing unprofitable companies with core technologies to access capital markets [8]. Competitive Landscape - Companies are adopting diverse strategies, with some focusing on high-capital, high-risk rocket launches, while others are carving niches in specialized segments of the industry [9][10]. - The trend of "R&D in Beijing, production in the Yangtze River Delta" is becoming common among commercial space firms, optimizing their operational efficiency [12]. Market Evaluation - The capital market is increasingly scrutinizing commercial space companies, emphasizing the need for tangible performance and profitability [14]. - Companies like Srey New Materials and Superfast Co. are experiencing growth due to increased orders from the commercial space sector, reflecting a positive market response [15][16]. Role of State-Owned Enterprises - State-owned enterprises are transitioning to compete in the commercial market, focusing on market competitiveness and restructuring to align with commercial objectives [19]. - Collaborations between state-owned and private enterprises are becoming more prevalent, with state-owned firms leveraging their technological advantages while private firms offer efficiency and cost control [20][21]. Future Outlook - The commercial space market is projected to reach $680.25 billion globally, with China's market potentially exceeding 2.5 trillion yuan, highlighting the immense growth potential [21]. - The integration of state-owned and private enterprises is expected to foster innovation and efficiency, positioning them for success in the evolving commercial space landscape [22].

金宏气体回复称，公司持续高度关注航天领域相关动态，目前已在产业链部分环节有相关气体供应。同 时，公司积极拓展相关合作机会，进一步深化在商业航天领域的布局。 格隆汇12月17日｜有投资者在互动平台向金宏气体提问：贵公司产品有没有参与商业航天项目？ ...

1、2025年3月6日微信公众号发布，作为A股主板上市公司上海港湾基础建设（集团）股份有限公司下 属控股子公司，伏曦炘空依托集团雄厚的技术实力和积累，在商业航天能源领域走出了一条创新之路。 伏曦炘空专注于为客户提供轻、廉、高效的空间能源系统解决方案及产品研发服务。其技术团队汇聚了 航天院所、中科院及高校精英，均有着15年以上航天工程经验，确保伏曦炘空能够为卫星、探测器等空 间飞行器提供低成本高性能的能源系统。公司能源系统产品，已成功保障15颗卫星成功发射，所有产品 在轨工作正常。 2、根据2025年7月11日投资者关系活动记录表：公司旗下控股子公司上海伏曦炘空科技有限公司，聚焦 卫星、空间飞行器、无人机等领域的能源需求，专注于为客户提供轻量化、低成本、高性能的空间能源 系统解决方案，并深度参与关键产品研发服务。在技术落地与市场应用层面，该公司已取得显著成果： 其能源系统产品成功助力 15 颗卫星发射入轨，40 余套卫星电源系统、太阳帆板及结构机构持续在轨稳 定运行，充分验证了产品的可靠性与稳定性。2025年上半年，该公司卫星电源系统业务呈现快速增长态 势，订单储备丰盈且增速亮眼，已构建起"研发创新-工程验证– ...

人民财讯12月17日电，金宏气体(688106)在互动平台表示，公司持续高度关注航天领域相关动态，目前 已在产业链部分环节有相关气体供应。同时，公司积极拓展相关合作机会，进一步深化在商业航天领域 的布局。 ...

每经AI快讯，12月17日，金宏气体在互动平台表示，公司持续高度关注航天领域相关动态，目前已在 产业链部分环节有相关气体供应。同时，公司积极拓展相关合作机会，进一步深化在商业航天领域的布 局。 ...

Market Overview - The A-share market showed a general upward trend today, with the Shanghai Composite Index rising by 1.19% to close at 3870.28 points, the Shenzhen Component Index increasing by 2.4% to 13224.51 points, the ChiNext Index up by 3.39% to 3175.91 points, and the STAR 50 Index gaining 2.47% to 1325.33 points [1] - Overall, 3623 stocks rose while 1634 stocks fell, with 198 stocks remaining flat. The total trading volume in the Shanghai and Shenzhen markets reached 181.11 billion yuan, an increase of 87 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included telecommunications, non-ferrous metals, electronics, basic chemicals, and power equipment, with respective gains of 5.07%, 3.03%, 2.48%, 2.15%, and 2.09%. The only sectors that experienced declines were agriculture, forestry, animal husbandry, and fishery, national defense and military industry, and coal, with losses of 0.54%, 0.20%, and 0.11% respectively [1] Concept Sector Performance - The top-performing concept sectors today included optical modules (CPO), lithium mining, lithium battery electrolytes, optical communication, liquid cooling servers, optical chips, lithium extraction from salt lakes, selected rare metals, copper-clad laminates, copper industry, high-speed copper connections, selected industrial metals, stock trading software, and circuit boards. In contrast, sectors such as Hainan Free Trade Port, cross-strait integration, satellite internet, commercial aerospace, and satellite navigation experienced pullbacks [2]