商业火箭企业适用科创板第五套上市标准指引来了！ 12月26日，上海证券交易所正式发布《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》(以下简称《指 引》)，支持正处于大规模商业化关键时期的商业火箭企业，适用第五套上市标准登陆科创板，这意味着科创板"1+6"改革举措又一项成果落地。 证券时报记者注意到，《指引》明确商业火箭企业适用科创板第五套上市标准的业务范围，即主营业务为"商业火箭自主研发、制造和提供航天发射服 务"，更加看重发行人的"硬科技"属性。据悉，商业火箭研制及发射业务处于商业航天产业链中游，承担"承上启下"的关键枢纽职能，已成为我国商业航 天产业发展的关键所在。 上交所表示，下一步将以《指引》发布为契机，着力推进符合《指引》标准的商业火箭企业在科创板发行上市，以更大力度支持突破关键核心技术的科技 型企业发展。 2025年6月，中国证监会发布实施《关于在科创板设置科创成长层增强制度包容性适应性的意见》，明确扩大第五套标准适用范围，支持人工智能、商业 航天、低空经济等更多前沿科技领域企业适用科创板第五套上市标准。2025年11月，国家航天局发布的《推进商业航天高质 ...

今天上午，市场主要有三大看点。 上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 一是商业航天产业链全线反弹 ，中国卫星涨停，18只名称中含有"航天"的个股中，有17只上涨， 其中，航天工程涨停，迎来"4天3板"。 二是算力产业链继续轮动 ，前两天是光模块、PCB（印制电路板）板块上涨，昨天是液冷板块大 涨，今天上午轮动到电源设备板块。 其中，麦格米特涨停，股价创历史新高，最新市值为518.7亿 元。 三是半导体产业链 ，存储芯片板块和中芯国际关注度较高。 截至上午收盘，上证指数上涨0.24%，深证成指上涨0.31%，创业板指上涨0.08%。 商业航天板块反弹 今天上午，商业航天板块迎来反弹，带动军工电子、卫星导航、航空发动机等板块上涨。新雷能、 超捷股份等收获"20CM"涨停。 | 成分股 | 星金 | 资金 | 板块分析 | 新闻 | | --- | --- | --- | --- | --- | | 5展开分析 | | 最新 | 涨幅 → | 流通市值 | | 大工股份 | | 22.00 | 22.49% | 13.8亿 | | 次新 920068 | | | ...

声动活泼原创内容 董锴 蓝箭航天朱雀三号可复用火箭型号副总师 采访者 Yaxian 「科技早知道」主播 今天，我国第二款首飞即尝试回收的液氧甲烷火箭——长征十二号甲，成功入轨却未能完美回收。恰如半 个多月前朱雀三号首飞时的情景，「成功入轨」与「成功回收」之间，似乎总隔着一道需要反复跨越的鸿 沟。 我们用两年时间，从图纸变成了首飞成 功的实物，这本身已经是个奇迹。 受访者 12 月 3 日，蓝箭航天自主研制的朱雀三号可重复使用运载火箭也迎来首飞：二级成功进入预定轨道，一级 回收在最后阶段遗憾失利，但整体飞行已是中国商业航天在「回收复用」道路上的一次关键跨越。朱雀三 号从设计之初就对标 SpaceX 的猎鹰 9 号，采用相似的两级构型，并且首飞即挑战回收，同时在推进剂和材 料上选择了液氧甲烷与不锈钢这条更偏向高频复用的技术路线。 本期节目我们邀请到 蓝箭航天朱雀三号总体副总师董锴，从一线工程师视角，系统拆解这次首飞任务的真 实得失，另外我们也深入讨论了为什么中国的可回收火箭普遍走向「猎鹰 9 构型」，朱雀三号此次回收究 竟难在何处，以及可重复使用火箭对中国商业航天未来意味着什么。 本文预计阅读时长 18 分钟。 ...

证券研究报告|行业研究周报 大运载时代：百箭争流，共绘天疆新图景 [Table_Date] 2025 年 12 月 14 日 [Table_Title2] 计算机行业周报 [Table_Summary] 本周观点: ► 一、力箭一号和长征十二号发射验证国内火箭大运 力能力 2025 年 12 月，我国商业航天两大运力平台接连完成 重要发射，验证了本土火箭的大运力能力。力箭一号 以"一箭九星"方式成功发射，标志着该民营固体火 箭进入规模化运营阶段。其 500 公里太阳同步轨道运 力达 1.5 吨，运载系数达 1.12%，达到同级别印度火 箭的四倍以上。凭借高性价比优势，已累计将 84 颗 卫星（总重超 11 吨）送入太空。长征十二号作为我 国最强单芯级火箭，近地轨道运力不低于 12 吨，首 次验证了大规模星座组网发射能力。该火箭采用泵后 摆发动机技术，在 3.8 米直径箭体内实现了四发并 联，支撑了大运力光杆构型。其 5.2 米大直径整流罩 为各类载荷提供了充足空间，成为未来星座建设的主 力运载平台。 谷神星二号（遥一箭）将于 2025 年 12 月 15 日在酒 泉发射中心首飞，采用"三级固体+液体上面级"的 ...

朱雀三号重复使用火箭总设计师 张晓东：我们在接近最高点的时候，栅格舵打开，然后再入，再是再入的 三台发动机点火，这是从80公里到40公里，进行减速之后，进入大气段，这些在当时看，我认为还是比较 完美的。 央视新闻客户端消息，12月3日，由蓝箭航天研制的朱雀三号重复使用运载火箭成功首飞，二子级火箭顺 利入轨，一子级火箭回收失败，这是国内首次对入轨级运载火箭尝试一子级回收。近日，总台央视记者独 家专访了朱雀三号总设计师张晓东，首次对外披露了朱雀三号回收验证的关键技术细节。 0:00 / 2:00 12月3日中午12时，朱雀三号点火起飞，经过约133秒的飞行后，一子级火箭分离，并按计划开展垂直回收 技术飞行验证。 张晓东介绍，火箭一子级经历了可回收火箭最具挑战性的"超音速再入气动滑行阶段"。同时，火箭在再入 点火段及气动滑行段均实现了对着陆场坪回收点的高精度制导控制。遗憾的是，火箭在距离地面几公里的 位置、发动机最后一次点火时，出现了异常燃烧，火箭未能实现软着陆。 朱雀三号重复使用火箭总设计师 张晓东：再次点火，我们采取了一个相对保守的设计方案，当时认为问题 不大，但是问题还是出现在最后一个环节。 虽然没能成功实现 ...

全球能实现火箭回收的公司屈指可数，SpaceX和贝索斯的蓝色起源公司是其中的佼佼者。而朱雀三号距离火箭回收的成功，实际上只差一步。正因如此， 马斯克对朱雀三号的关注也由来已久，甚至曾表示，朱雀三号可能在未来五年内超过猎鹰9号。马斯克曾在社交媒体上评论了朱雀三号等国产可复用火箭， 认为这些火箭在猎鹰9号的基础上加入了星舰的一些技术特性，可能会超越猎鹰9号。这一评论再次将中国商业航天的技术推向了全球的聚光灯下。 蓝箭航 天，作为中国商业航天的重要力量，正在成为SpaceX和蓝色起源的最大竞争对手。这一切要从蓝箭航天的创始人张昌武说起。张昌武虽不是航天科班出 身，毕业于清华大学经济管理学院，曾在金融行业工作，但他并未因此放弃自己的航天梦想。2014年，全球低轨卫星发射需求激增，而运载工具严重不足， 恰逢国家出台鼓励民间资本进入航天领域的政策，张昌武果断决定跨界造火箭，放弃了金融事业，投身航天。 倒计时，5、4、3、2、1，点火！朱雀三号火箭成功首飞，成功入轨，标志着中国商业航天的重要技术突破。这次发射是中国商业航天首次同时完成了入轨 +回收的任务，也是国内首次实现全新总体布局的重复使用液氧甲烷运载火箭入轨飞行。此外 ...

以下文章来源于科创板日报 ，作者宋子乔 科创板日报 . 专注科创板和科技创新，上海报业集团主管主办，界面财联社出品。 全球正处于低轨卫星密集发射前夕，无论是深入人心的低轨卫星互联网部署竞赛，还是马斯克等大佬热捧的算力基建"上天"，助力宏愿达成 的一个关键道具必不可缺，那就是低成本、大运力、高频次的运载火箭。 这也是为何朱雀三号迎来了如此高的关注热度。朱雀三号是民营火箭企业 蓝箭航天 自主研制的新一代大型液氧甲烷运载火箭，面向大型星 座组网任务。12月3日中午，朱雀三号遥一运载火箭在东风商业航天创新试验区发射升空，这是中国首次进行可重复使用火箭的轨道级发射 与回收验证，被视作中国商业航天从"一次性使用"迈向"可重复使用"的关键一步。尽管其首次回收尝试未能成功，但已成功入轨并获取了极 为宝贵的真实飞行数据。 由于在技术选择与战略目标上与SpaceX高度相似，蓝箭航天有"中国版Space X"之称。放眼当下， 国内商业航天如火如荼，据山西证券研 报，相关企业数量超600家。 在火箭发射、卫星制造与运营、地面服务三大领域，已经涌现了一批具有国际竞争力的本土公司，并据各自技术 路线和市场定位形成了差异化的特色。 除了蓝 ...

Core Viewpoint - The successful launch of the Zhuque-3 rocket marks a significant step in China's commercial space industry, despite the failure of the recovery test, providing valuable data for future improvements [1][2]. Group 1: Zhuque-3 Rocket Overview - Zhuque-3 is a new generation of low-cost, high-capacity, and reusable liquid oxygen-methane launch vehicle developed by Blue Arrow Aerospace [1]. - The rocket features a two-stage design with a diameter of 4.5 meters and a total length of 66.1 meters, powered by Blue Arrow's self-developed Tianque series engines [1]. - The first stage is equipped with a control system for vertical landing recovery, although the recovery attempt failed due to an abnormal combustion incident [1]. Group 2: Industry Implications - The test flight provided critical engineering data that will support the optimization of future rocket designs and enhance overall reliability [2]. - The launch is seen as a confidence booster for China's commercial space sector, indicating that the mission execution met expectations despite the recovery setback [2]. - The upcoming launches of two additional reusable rockets in December highlight the increasing frequency of such missions in China's commercial space landscape [3]. Group 3: Future Prospects - The industry anticipates a shift towards regular operational flights of reusable rockets, with ongoing improvements based on data collected from test flights [2][3]. - The successful collection of key data during the Zhuque-3 mission fills a gap in China's capabilities regarding large rocket vertical recovery [3]. - Continuous iteration and technical enhancements are expected to bring China closer to achieving reliable reusable launch vehicle operations [3].

Market Overview - The unexpected decline in the US ADP data has led investors to believe that the Federal Reserve will cut interest rates next week, with the "bad news is good news" narrative resurfacing [3][4] - US stocks saw broad gains, with nearly 350 companies in the S&P 500 rising, while small-cap stocks outperformed with a nearly 2% increase [3] - The 10-year US Treasury yield fell by 2.7 basis points, and the dollar dropped nearly 0.5%, reaching a one-month low [3] - Ethereum surged approximately 5.7% and Bitcoin rose by 2.08% [3] Key Developments - The US November ADP report showed an unexpected drop in employment by 32,000, marking the largest decline since March 2023, with small businesses experiencing significant layoffs [4][15] - The ISM services sector expanded at its fastest pace in nine months, with the price index hitting a seven-month low and the employment index reaching a six-month high [4][15] - Microsoft reportedly lowered its AI software sales targets, leading to a nearly 3% drop in its stock price, although the company later denied the claims [5][15] - Meta has hired Apple's design executive Alan Dye, indicating a potential talent shift in the tech industry [16] Industry Insights - Salesforce expects a revenue increase of over 10% this quarter, raising its full-year guidance, driven by strong AI application performance [16] - Anthropic is preparing for an IPO as early as 2026, with internal reports indicating a 50% productivity increase due to AI integration [17] - The Trump administration is reportedly considering a directive to support the robotics industry, which has led to significant stock price increases for companies like iRobot [18] - The successful launch of China's Zhuque-3 rocket marks a milestone in the commercial space sector, despite a failure in the first-stage recovery [18][23] Commodity Market - Copper prices reached a historical high, with LME orders surging to the highest level since 2013, driven by increased demand in Asia [20][36] - Glencore plans to increase its copper production to 1.6 million tons annually over the next decade [20] - The EU is pushing for a "70% European manufacturing" standard for critical goods, which could increase annual costs for businesses by over €10 billion [20] Domestic Developments - China's November RatingDog services PMI slightly decreased to 52.1, with new export orders showing significant improvement [21] - The Chinese government is focusing on promoting new urbanization as a key driver for domestic demand and industrial upgrades [14]

Core Viewpoint - The launch of Zhuque-3 rocket marks a significant milestone in China's commercial space industry, showcasing advancements in reusable rocket technology despite the failure of the recovery attempt [2][6]. Group 1: Launch and Technical Achievements - Zhuque-3 successfully entered the designated orbit with its second stage, representing China's first attempt at a simultaneous "orbital + recovery" mission in commercial space [2]. - The rocket is the world's first to utilize a "liquid oxygen-methane propellant + stainless steel body" combination and successfully achieve orbit, indicating a major breakthrough in rocket technology [3]. - The rocket's diameter of 4.5 meters allows for more engines to be installed, increasing launch thrust and improving flight stability [5]. Group 2: Challenges and Learning Outcomes - The failure of the recovery attempt highlights the complexities and challenges of rocket recovery technology, often referred to as the "final mile" in space missions [12]. - Despite the recovery failure, the mission provided valuable data on high-altitude wind fields and thrust adjustments, which will inform future improvements [6][12]. - The difficulties faced during recovery, such as engine thrust regulation and environmental stability, underscore the high technical barriers in achieving successful rocket landings [13]. Group 3: Market Implications and Future Prospects - The goal of Zhuque-3 is to reduce the cost of launching payloads to below 20,000 yuan per kilogram, enhancing China's competitive edge in the global space market [17]. - The commercial space industry is evolving towards a model where reusable rockets are becoming a standard capability, significantly impacting cost structures and operational efficiency [15][20]. - The establishment of a dedicated regulatory body for commercial space by the National Space Administration is expected to streamline operations and enhance industry stability [19][20].