文 | 刘婧琼 编辑 | 阿至 封面来源 | 企业提供 36 氪获悉，火箭研发与制造商北京宇石空间航天科技有限公司（以下简称 " 宇石空间 " ）近日宣布完成近亿元天使 + 轮融资，此轮融资由千乘资本领 投，华仓资本等机构跟投，老股东麟阁创投继续追加投资， 所筹资金将用于公司火箭产品研发、生产试验基地的持续建设和团队人员扩充。 宇石空间是36氪持续关注的新一代火箭研发与制造公司，今年3月初，36氪曾报道过宇石空间完成数千万元天使轮融资，由麟阁创投领投，鹰潭航天、水 木清华校友种子基金跟投。 宇石空间不锈钢共底贮箱 宇石空间成立于2024年，目前专注于大运力、低成本、快速复用液体火箭的研发和制造，是目前"国内唯一采用不锈钢火箭+'筷子'捕获臂回收方案的团 队"。据悉，AS-1号火箭直径4.2米，一次性运力在15吨以上，回收运力10吨以上；一次性发射成本可低至2万/千克，回收发射单价1万/千克，低于市场平 均水平。公司致力于打破当前商业火箭价格高、产能低的发展困境，为客户提供高性价比的液体火箭，服务海量卫星组网需求，助力太空运力普惠平权。 宇石空间创始团队在火箭总体、动力、结构及回收领域均有深厚的行业经验。创始人 ...

Group 1 - The core viewpoint highlights the recent rebound in technology sectors, particularly in military, pharmaceutical, and TMT industries, with the Sci-Tech Innovation Board ETF (589630) rising nearly 1.5% [1] - The A-share merger and acquisition market has been active this year, with significant participation from Sci-Tech Innovation Board companies, especially in sectors like biomedicine, semiconductors, and new-generation information technology [1] - Data indicates that out of 86 major restructuring events in 2025, 18 involved Sci-Tech Innovation Board companies, showing a significant increase compared to the same period last year [1] Group 2 - Dongwu Securities emphasizes the importance of self-reliance in technology, focusing on sectors such as artificial intelligence, autonomous control, new energy technology, aerospace information technology, and data elements [1] - In aerospace information technology, areas like low-altitude economy, satellites, and commercial space are highlighted as key focus points [1] - The report suggests that the AI sector should concentrate on AI agents, AI applications (like standalone software and smart terminals), humanoid robots, and autonomous driving [1] Group 3 - Western Securities notes that the level of merger and acquisition activity reflects the direction of the industrial cycle, with the highest number of mergers occurring in the automotive, electronics, and machinery sectors in 2024 [2] - The report indicates that the trends in automotive intelligence, semiconductor self-control, and high-end manufacturing are accelerating technological upgrades and industry evolution [2] - It is suggested that if AI commercialization leads to performance improvements through mergers and acquisitions, it could create a mainline market trend; otherwise, it may only represent a short-term thematic opportunity [2] Group 4 - The Sci-Tech Innovation Index ETF from Guotai (code: 589630) tracks the Sci-Tech Innovation Index (code: 000680), which includes representative stocks from the Sci-Tech Innovation Board, with an average market capitalization of approximately 11 billion [2] - The index focuses on technology innovation companies, covering more early-stage innovative firms and emphasizing hard technology sectors [2] - Investors without stock accounts can consider Guotai's linked ETFs for the Sci-Tech Innovation Board Comprehensive ETF [2]

证券研究报告：国防军工 | 公司点评报告 发布时间：2025-06-09 股票投资评级 买入|首次覆盖 个股表现 -35% -28% -21% -14% -7% 0% 7% 14% 21% 28% 35% 2024-06 2024-08 2024-10 2025-01 2025-03 2025-06 陕西华达 国防军工 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 54.09 | | --- | --- | | 总股本/流通股本（亿股）1.08 / 0.42 | | | 总市值/流通市值（亿元）58 / 23 | | | 52 周内最高/最低价 | 68.96 / 39.10 | | 资产负债率(%) | 36.5% | | 市盈率 | 125.30 | | 第一大股东 | 陕西电子西京电气集团 | | 有限公司 | | 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:王煜童 SAC 登记编号:S1340523070004 Email:wangyutong@cnpsec.com 陕西华达(301517 ...

买入|首次覆盖 个股表现 -35% -28% -21% -14% -7% 0% 7% 14% 21% 28% 35% 2024-06 2024-08 2024-10 2025-01 2025-03 2025-06 陕西华达 国防军工 资料来源：聚源，中邮证券研究所 证券研究报告：国防军工 | 公司点评报告 发布时间：2025-06-09 股票投资评级 公司基本情况 | 最新收盘价（元） | 54.09 | | --- | --- | | 总股本/流通股本（亿股）1.08 / 0.42 | | | 总市值/流通市值（亿元）58 / 23 | | | 52 周内最高/最低价 | 68.96 / 39.10 | | 资产负债率(%) | 36.5% | | 市盈率 | 125.30 | | 第一大股东 | 陕西电子西京电气集团 | | 有限公司 | | 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:王煜童 SAC 登记编号:S1340523070004 Email:wangyutong@cnpsec.com 陕西华达(301517 ...

Group 1 - A-shares experienced fluctuations and upward trends in early June, with a focus on fundamental investment logic from June to August [1] - Institutions recommend focusing on traditional capacity reduction, the rise of new consumption, and sectors with high industry prosperity, including automotive, non-ferrous metals, retail, beauty care, and chemical pharmaceuticals [1][6] - Short-term fluctuations in Hong Kong stocks are expected, but they possess recovery potential in the medium to long term, making them worthy of investor attention [10] Group 2 - The People's Bank of China has increased its gold reserves for seven consecutive months, with a total of 7.383 million ounces as of the end of May, reflecting a month-on-month increase of 60,000 ounces [2] - Foreign institutions such as Morgan Stanley and Goldman Sachs express optimism about the asset allocation value in China, citing favorable economic growth expectations and relatively low asset valuations [4] Group 3 - Citic Securities emphasizes the importance of fundamental investment logic from June to August, highlighting the supply chain for computing power (AI servers, optical modules, switches, etc.) as a key focus area [5] - Dongwu Securities suggests that short-term thematic rotation may continue, with attention on new consumption, innovative pharmaceuticals, controllable nuclear fusion, AI edge devices, and commercial aerospace [7] - Huatai-PB Fund anticipates an increase in focus on consumption and cyclical sectors, driven by improved Q1 A-share company performance and potential recovery in foreign trade and economic expectations [8] - Huitianfu Fund indicates that the timing for technology growth investments is approaching, with the market sentiment having been released after prior adjustments, particularly in the AI industry chain [9]

Core Insights - The commercial aerospace industry is increasingly recognized as a strategic emerging industry, with significant market potential and social value, as highlighted in the government work report [1] - The industry is expected to rapidly expand, driven by national strategic needs and technological innovation, with a focus on high-quality development and advanced manufacturing capabilities [2] Industry Scale and Development - The commercial aerospace industry chain includes satellite manufacturing, rocket launching, ground stations, and application services, with a shift towards modular design and automated testing in satellite manufacturing [2] - Tianjin has established a production line with an annual capacity of over 100 satellites, aiming to produce 30 satellites in 2024, while Hainan's Wenchang Super Factory is expected to achieve standardized satellite production with an annual output of 1,000 satellites [2] - The transition from customized to mass production of commercial satellites is underway, with a focus on low-latency, low-cost, and high-reliability satellite internet services [2] Application Scenarios - The application of commercial aerospace is diversifying and scaling, with plans to deploy two low-orbit internet constellations by 2025, aiming for a market size exceeding 1 trillion yuan by 2030 [3] - Remote sensing data and deep space exploration are moving towards commercialization, with high-resolution satellite imagery supporting smart city and environmental monitoring initiatives [3] Collaborative Innovation in the Industry Chain - The establishment of a national-level commercial aerospace industry collaborative innovation center in Hainan is underway, aiming to attract leading companies and create a world-class aerospace industry cluster [4] - Strengthening upstream and downstream collaboration is crucial for optimizing resource allocation and reducing redundant R&D efforts, enhancing product design to meet market needs [4] Recommendations for Innovation - Encouraging the formation of cross-sector industry alliances and establishing online collaborative innovation platforms can facilitate information sharing and project cooperation [5] - Leading companies should open up application scenarios and data resources to engage SMEs, universities, and research institutions in innovation efforts [5] Enhancing Corporate Vitality - The commercial aerospace sector has transitioned from the experimental phase to large-scale application, but breakthroughs in core technologies, cost control, and ecosystem development are still needed [6] - Increased R&D investment is essential to overcome key technological bottlenecks and enhance market competitiveness [7] - The introduction of patient capital and supportive policies for private enterprises in major aerospace projects is recommended to foster industry growth [7]

海南省常务副省长、文昌国际航天城理事会理事长巴特尔致辞表示，琼港商业航天合作正步入前所未有 的历史性战略机遇期。他希望琼港双方打造商业发射创新、卫星智造产业、航天文旅融合、国际合作示 范"四个共同体"，探索建立符合国际商业航天规则的投融资体系，打造"香港研发、海南智造、全球应 用"的卫星产业新范式，共建具有国际标识度的航天文旅品牌矩阵，探索中国商业航天国际化发展新路 径。 香港特区政府政务司副司长卓永兴表示，近年中国航天取得了举世瞩目的成就。特区政府致力以香港所 长贡献国家所需，大力支持本地大学和科研机构巩固基础科研优势，包括进行与航空航天科技相关的研 究、争取参与国家航天及其他科技项目。他又表示，海南省是商业航天大省，特区政府十分欢迎海南省 来港，就火箭链、卫星链的商业合作寻找合作项目。特区政府将尽力支持两地商业合作。 中国旅游集团总经理范云军表示，香港与海南同处南海之滨，同为自贸港，旅游业都是支柱产业，在航 天旅游领域具有高度协同性和互补性，合作空间广阔。他认为，未来两地应持续增强创新创意、细节服 务、科技赋能的能力，联合打造"航天+旅游"IP生态，为更多游客创造快乐体验，共建专业化、市场 化、国际化的航 ...

证券代码：003009 证券简称：中天火箭 债券代码：127071 债券简称：天箭转债 陕西中天火箭技术股份有限公司 投资者关系活动记录表 | | | | | □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（请文字说明其他活动内容） | | 参与对象 | 投资者网上提问 | | 时间 | 年 月 日（周四）下午 2025 6 5 14:30-17:30 | | 地点 | 公司通过深圳证券交易所"互动易"平台（https://irm.cninfo.c | | | om.cn）召开业绩说明会 | | 上市公司接待人 | 董事长/党委书记程皓 | | | 独立董事邵芳贤 | | 员姓名 | 党委副书记/董事会秘书宁星华 | | | 财务总监张晓东 | | 投资者关系活动 | 一、公司董事长程皓介绍公司基本情况。 | | | 二、公司就投资者在本次说明会中提出的问题进行了回 | | | 复。 | | | 1.根据公司公开信息显示，2024 年公司整体业绩出现下 | | | ...

证券代码：300455 证券简称：航天智装 北京航天神舟智能装备科技股份有限公司 投资者关系活动记录表 答：尊敬的投资者您好！感谢您的提问！一，立足核 心技术，持续开展研发与转化。公司的主要优势业务 领域集中在轨道交通、航空航天、核工业三大块业务 板块，将会持续在智能感知、基础 IC 产品、测试与 仿真、特种装备等领域加大投入，提升核心技术储备， 促进技术成果转化。二，积极把握市场机会，依托五 院积极参与商业航天、人工智能等新兴产业。目前公 司针对商业航天市场推出的多款高可靠处理器及微 系统产品已经上架了五院东方红天选超市，供商业航 天用户选购；同时也积极响应五院"CAST+AI·R 专项 行动"工作安排，力争与公司特种行业机器人业务实 现协同发展。三，面对当前商业航天低成本、批量化、 短周期等特点，公司将进一步自我革新，将外在压力 转化为内在动力，持续加大改革力度，从内部管理上 优化业务流程，加强成本管控，确保公司基本面稳健， 实现可持续发展。谢谢！ 4.近日央视报道了我国首套铁路货运智能巡检机器 人在国能集团投入使用，请问公司是否参与了相关研 发工作？能否介绍一下该产品。 答：感谢这位投资者的关注与提问！ ...

Group 1 - The aerospace and aviation industry index (CN5082) has shown a slight increase of 0.25% as of June 6, 2025, with notable gains in stocks such as AVIC Shenyang Aircraft (600760) up by 1.67% and AVIC Xi'an Aircraft (000768) up by 1.22% [1] - The Aerospace ETF (159227) has also increased by 0.20%, with a latest price of 1.01 yuan, and has ranked in the top third among comparable funds over the past week [1] - The trading volume for the Aerospace ETF reached 20.76 million yuan with a turnover rate of 8.39%, indicating active market participation [1] Group 2 - According to AVIC Securities, themes such as low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military intelligence have been highly active since the beginning of the year, suggesting a potential for continued development and performance improvement in the military industry [2] - The top ten weighted stocks in the aerospace and aviation industry index as of May 30, 2025, include Guangqi Technology (002625) and AVIC Shenyang Aircraft (600760), collectively accounting for 52.51% of the index [2]