2025年的中国商业航天，正以一种前所未有的加速度，驶入产业化的快车道。一个最直观的信号，是来 自资本市场的"真金白银"。截至发稿，南都湾财社记者不完全统计，仅在今年的前五个月，中国商业航 天领域已公开披露及可估算的融资金额，累计已超过10亿元人民币。 这股资本的"热钱"，不乏大手笔。3月，专注于可回收火箭研制的江苏深蓝航天有限公司（下称"深蓝航 天"）宣布完成近5亿元新一轮融资；同月，头部民营火箭公司星际荣耀也顺利完成数亿元的D轮融资首 批交割。 在卫星应用端，更有企业拿下8亿卫星星座大单。今年5月，北京微纳星空科技有限公司（下称"微纳星 空"）中标"环天卫星星座建设"项目，中标金额高达8.04亿元人民币。 值得注意的是，资本的热情不仅持续灌溉着火箭、卫星等"主战场"，也在大量涌入以eVTOL（电动垂直 起降飞行器）为代表的"低空经济"新赛道。 如果说融资数据是衡量市场信心的"温度计"，那么一系列系统级订单的落地的动作，则更像是产业从技 术验证迈向规模化、商业化发展的里程碑。在这股由政策、资本与市场需求共同驱动的浪潮下，中国商 业航天正呈现出怎样的全新图景？在"百舸争流"的喧嚣之下，又面临着哪些必须跨越的" ...

6月11日，广州从化，力箭二号液体运载火箭一级动力系统试车成功。受访者供图 南都讯 记者 李芷琪 6月11日，力箭二号液体运载火箭一级动力系统试车在中科宇航液体动力系统试验 中心进行，试车任务取得圆满成功。此次试车是力箭二号工程研制阶段的重大标志性地面试验之一，对 力箭二号关键技术进行了充分验证，为首飞发射轻舟货运飞船初样试飞船奠定了坚实的动力基础，确保 了火箭飞行的可靠性和稳定性。 作为国内规模领先、功能完备的大型液体动力系统试验基地，试验中心具备200吨级液体火箭发动机专 业测试及400吨级动力系统综合测试能力，以适应批量生产和动力研发试验验证需要，对商业火箭可回 收关键技术发展至关重要。 该试验中心地处广州市从化区，被列入2023年广东省重点项目，其高效落地与快速投用离不开政府部门 在政策及资源方面给予的高度重视与支持。 中科宇航液体动力系统试验中心地处广州从化，被列入2023年广东省重点项目。受访者供图 中科宇航液体动力系统试验中心是国内唯一同时具有液体发动机试车、火箭动力系统试车能力的试验机 构，也是华南地区唯一的液体运载火箭动力系统、液体发动机试验中心，将本着前沿、共享的原则，向 全球科研机构、大 ...

今年，一批商业火箭、商业卫星将陆续升空，中国航天正迎来"技术突破"和"规模爆发"双重拐点。 2015年，国家发展改革委等多部门联合颁布《国家民用空间基础设施中长期发展规划（2015—2025 年）》。这一年，被业内称为"中国商业航天元年"，商业航天发展迎来战略机遇期。 10年来，从基础设施建设到在轨卫星数量，从科技创新水平提升到人才体系建设，我国商业航天政策体 系持续完善、应用场景不断拓宽、全产业链快速发展，曾经遥不可及的航天科技，正借助商业力量走进 千家万户，赋能千行百业。 构建多元竞合新生态 与传统航天工业单纯依靠国家投入与牵引的单轮驱动模式不同，商业航天的显著特点是实现国家战略与 经济效益的双轮驱动。经过多年探索，我国商业航天参与主体日益多元，不仅有承担战略科技重任的国 家队，更有混合所有制企业、民营企业等，构建起产业链完备、市场竞争充分的发展格局。 日前，中国航天科技集团有限公司第六研究院自主研发的140吨级重复使用液氧甲烷发动机整机试验取 得圆满成功，标志着我国在开式液氧甲烷发动机领域达到新高度。该发动机将在天地往返运输系统、可 重复使用运载器以及大运力火箭等关键领域发挥核心作用，为商业航天发展筑牢 ...

陕西华达科技股份有限公司 投资者关系活动记录表 | 要内容介绍 | 答：公司始终坚持规范运作，重视市值管理工作，并努力 | | --- | --- | | | 通过科学的战略规划、完善的公司治理、高效的经营管理，不 | | | 断提高公司市值管理能力。未来，公司将密切关注相关政策， | | | 结合公司实际，持续做好市值管理相关工作。 | | | 2.公司在新兴技术领域的研发投入如何？ | | | 答：公司历年来持续加大研发投入，制定了中长期科技创 | | | 新发展规划，原有互联产品在集成化、大功率、轻量化、低成 | | | 本等方向取得一系列成果。同时，公司加大在商业航天、低空 | | | 经济、人工智能等新兴领域的新产品研发，逐步由单一元器件 | | | 供应商，向系统集成供应商拓展。 | | | 3.公司与同行业其他公司定位有什么区别？ | | | 答：与同行业可比公司相比，我公司在产品发展方向、客 | | | 户群体、应用领域的侧重点上与其各有不同。公司是国内最早 | | | 从事电连接器的生产商之一，是国家军用电连接器核心企业， | | | 射频同轴连接器的核心单位，公司具备射频、低频全品类连接 ...

Group 1: Industry Overview - China's commercial space industry is experiencing rapid development, with a variety of companies emerging in commercial satellites, rockets, and measurement and control sectors [1][2] - The industry is expected to reach a peak of "hundred arrows and thousand stars" launches by 2025, driven by large-scale low-orbit internet constellations [1][2] Group 2: Policy and Market Dynamics - Commercial space has been included in the government work report for two consecutive years, indicating strong policy support for the industry [2] - Local governments are also implementing measures to promote commercial space development, such as the Shanghai measures to accelerate the cultivation of advanced manufacturing clusters [2] Group 3: Technological Advancements - Companies are focusing on overcoming technical challenges and accelerating breakthroughs in key technologies, such as reusable rocket technology and advanced materials for rocket engines [3][4][5] - The development of new materials, such as high-strength copper alloys, is filling domestic technological gaps and supporting the reliability of liquid rocket engines [5] Group 4: Financial Landscape - The commercial space industry in China is projected to achieve a compound annual growth rate of 22.9% from 2020 to 2024, with an expected market value of 2.8 trillion yuan in 2025 [6] - Significant financing events have occurred in the industry, with 138 financing events in 2024 alone, raising over 20 billion yuan [6] Group 5: Industry Collaboration and Growth - The emergence of industry clusters, such as "Nan Jian Bei Xing" in Beijing and "Qian Fan Xing Zuo" in Shanghai, is facilitating collaboration across the entire value chain from manufacturing to application [6] - Companies are expanding production capacity in response to strong market demand, with expectations of significant growth in satellite and rocket manufacturing [7]

Core Insights - The commercial aerospace sector in China has experienced significant milestones, including successful vertical takeoff and landing tests of reusable rockets and the launch of the first batch of network satellites [1][2] - The 2024 Government Work Report highlights commercial aerospace as a "new growth engine," indicating strong policy support and a collaborative approach between top-level design and local exploration [1] Group 1: Technological Breakthroughs - The primary challenge facing China's commercial aerospace industry is cost control, with current launch costs reaching tens of millions of dollars per mission [1] - To achieve large-scale commercialization, launch costs need to be reduced to the million-dollar range, necessitating increased R&D investment and optimization of designs [1] - The application of new materials and technologies, such as 3D printing and composite materials, is essential for significantly lowering manufacturing costs [1] Group 2: Market Demand and Application Expansion - Beyond traditional satellite launches, the commercial aerospace sector must explore additional application scenarios, including space tourism, mining, and manufacturing [2] - A robust downstream market, including satellite internet and remote sensing data services, is crucial for supporting the industrialization of commercial aerospace [2] - Industry stakeholders need to achieve breakthroughs in developing the downstream market to foster demand [2] Group 3: Industry Chain and Innovation Ecosystem - The current commercial aerospace landscape in China suffers from an incomplete industry chain and insufficient upstream-downstream collaboration [2] - As a technology-intensive industry, establishing a strong innovation ecosystem is vital, requiring increased research investment and collaboration between academia and industry [2] - The rise of commercial aerospace is not only about industrial development but also reflects the nation's overall strength, making it imperative to overcome cost barriers and enhance the industry ecosystem for large-scale commercialization [2]

证券代码：301306 证券简称：西测测试 西安西测测试技术股份有限公司 2、请介绍一下公司"一站式"服务能力模式。 为了借助公司建立的品牌公信力不断挖掘客户需求，持续 获得新的业务，保持公司的不断持续壮大发展，公司投资建立 了行业先进的电装线，建立从元器件筛选、电装、环境与可靠 性试验、电磁兼容性试验为一体的"一站式"服务能力，为客 户提供高可靠、高效率、低成本的新的服务模式。 公司的电装业务在子公司吉通力展开。电装是指按照硬件 设计资料，通过一定的技术手段将电子元器件、印刷电路板、 结构件、导线、连接器等部件组合成实现设计功能的完整产品。 公司已具备提供元器件采购，PCBA 焊接、装配、测试、技术 支持等全方位服务能力。 投资者关系活动记录表 编号：2025-004 | | 特定对象调研□分析师会议 | | | | --- | --- | --- | --- | | 投资者关系活动 | □媒体采访 | | □业绩说明会 | | 类别 | □新闻发布会 | | □路演活动 | | | □现场参观□其他 | | | | | 兴业证券：董昕瑞； 申万宏源证券：王珂； | | | | 参与单位名称及 | 国泰君 ...

Group 1 - The stock of Holley (688682) has a comprehensive score of 64.92, indicating a strong performance [1] - The main cost analysis shows the following prices: current main cost at 28.31 CNY, 5-day main cost at 28.39 CNY, 20-day main cost at 27.27 CNY, and 60-day main cost at 25.03 CNY [1] - Over the past year, the stock has experienced one limit-up and no limit-down events [1] Group 2 - The short-term resistance level is at 28.65 CNY, while the short-term support level is at 28.11 CNY [2] - The mid-term resistance level is at 29.86 CNY, and the mid-term support level is at 26.04 CNY [2] - The current market trend is unclear, with the main funds waiting for direction [2] Group 3 - On June 10, 2025, the net inflow of main funds was 17.73 million CNY, accounting for 27% of the total transaction volume [2] - The net inflow from large orders was 12.53 million CNY, while the net outflow from retail investors was 2.93 million CNY [2] - Related industry sectors showed declines, including communication services at -2.26%, domestic software at -1.58%, 5G concept at -1.38%, and commercial aerospace at -1.34% [2]

Group 1 - The China Defense Index (399973) has decreased by 2.39% as of June 10, 2025, with leading declines from companies such as Zhongke Xingtou (688568) and others [1] - The Defense ETF (512670) has a latest price of 0.71 yuan, with a trading volume of 2.33 billion yuan and a turnover rate of 4.52% [1] - The Defense ETF has reached a new high in scale at 5.254 billion yuan, with net inflows totaling 494 million yuan over the last five trading days [1] Group 2 - According to GF Securities, China's commercial aerospace sector is experiencing a dual inflection point of "technological breakthroughs" and "scale explosion," with the market expected to exceed 2.5 trillion yuan this year [2] - The upcoming launches of new commercial rocket models and the ongoing development of China's "Starlink" plan, including the Qianfan Constellation, are set to accelerate the low-orbit satellite launch process [2] - The Defense ETF closely tracks the China Defense Index, which includes listed companies under the top ten military groups and those providing equipment to the armed forces [2] Group 3 - As of May 30, 2025, the top ten weighted stocks in the China Defense Index account for 44.58% of the index, with companies like AVIC Shenyang Aircraft Company (600760) and AVIC Optoelectronics (002179) among the leaders [3]

A股商业航天概念异动拉升，长江通信直线涨停，天银机电涨超10%，思科瑞、西测测试、科强股份、 陕西华达、上海瀚讯等跟涨。消息面上，文昌正在筹划建设国家级商业航天产业协同创新中心；与此同 时，我国'千帆星座'计划加速推进，预计2025年发射大量卫星。 ...