近年来，在政策鼓励和资本支持下，中国商业航天领域迎来创业热潮，蓝箭航天、星河动力、星际荣耀、银河航天等民营公司 纷纷成立。 但大量火箭、卫星民营企业的试验测试需求却很难得到满足。通俗来说，试验测试相当于做"体检"，是火箭、卫星研发过程中 必不可少的一个环节。比如，一枚火箭从研发到制造、定型、生产，这个过程中需要做大量的试验测试。这一方面能够检验产 品设计是否符合要求，另一方面也能够获得产品的一些特征参数，通过特征参数也能够反向指导设计。 过去，这类试验测试特别是非标研究性试验测试大部分在军工科研院所、高校完成。但这些单位原本就处于任务饱和的状态， 并且做试验测试的成本较高，难以形成工业化的规模效应。面对民营商业航天企业日益增长的非标研究性试验测试需求，李星 看到了其中的市场机会，在2021年正式创办了中星高科。 据了解，中星高科旗下有北京中星试验技术有限公司以及山东、洛阳、成都、天津、上海、海南等多个子/分公司。公司主要从 事航天、航空等领域的试验技术研究与工程应用，特色专业为强度试验技术(包括静、动、热、声强度)、流体试验技术、加速寿 命试验及贮存延寿技术；公司专业还包括环境可靠性试验技术、电磁兼容试验技术 ...

Core Viewpoint - The article highlights the rapid development and investment activities of the private aerospace company, Galactic Glory, in Sichuan, China, particularly focusing on the upcoming launch of the "Double Curve-3" reusable rocket and the establishment of a comprehensive aerospace industry chain in the region [1][2][4]. Group 1: Project Developments - Galactic Glory has signed a project agreement in February with Chengdu's Shuangliu District, involving a total investment exceeding 3 billion yuan, which will enable the production capacity of 20 "Double Curve-3" rockets annually upon completion [2][5]. - The company is set to commence construction of the Chengdu project next month, with expectations to complete the main structure by mid-next year [5]. - The "Double Curve-3" rocket is designed to compete with SpaceX's Falcon 9 and aims to provide launch services for China's low-orbit internet satellite constellation [4]. Group 2: Industry Collaboration and Events - The upcoming 2025 "Invest in Chengdu" Global Investment Conference will focus on aerospace and other emerging industries, aiming to sign significant industrial projects and promote local supply chain integration [6][8]. - The conference will also announce a chain leader fund action plan with a total scale of 60 billion yuan, targeting the satellite industry [6]. - Galactic Glory's chairman expressed optimism about establishing closer ties with industry partners during the conference to enhance collaboration and drive high-quality industry development [6][8]. Group 3: Regional Advantages - Sichuan province is noted for its strong industrial foundation and complete supply chain in the aerospace sector, which is beneficial for the company's operations [8]. - The company has experienced high project execution efficiency across Chengdu, Mianyang, and Deyang, reflecting a favorable business environment [8].

中国证监会主席吴清在2025陆家嘴论坛上表示，将聚焦提升 制度的包容性和适应性，以深化科创板、创业板改革为抓手， 更好发挥科创板"试验田"作用，加力推出进一步深化改革 的"1+6"政策措施。 作者：黄一帆 封图：图虫创意 6月18日，中国证监会主席吴清在2025陆家嘴论坛上表示，将聚焦提升制度的包容性和适应性，以 深化科创板、创业板改革为抓手，更好发挥科创板"试验田"作用，加力推出进一步深化改革 的"1+6"政策措施，统筹推进投融资综合改革和投资者权益保护，加快构建更有利于支持全面创新 的资本市场生态。 具体来看，"1"在科创板设置科创成长层，并且重启未盈利企业适用于科创板第五套标准上市，更 加精准服务技术有较大突破、持续研发投入大、商业前景广阔的优质科创企业，在强化信息披露、 加强投资者适当性管理方面作出安排。 同时，吴清表示，支持科技型上市公司做优做强。"上市是起点不是终点，融资是工具不是目的， 证监会将坚持目标导向、问题导向，不断完善上市公司全链条的监管制度安排。" 吴清解释，"6"即在科创板创新推出6项改革措施，包括对于适用科创板第五套标准的企业，试点 引入资深专业机构投资者制度；面向优质科技企业试点 ...

中国基金报记者 晨曦 综合整理 2025陆家嘴论坛正在进行中，监管重磅发声来了！ 6月18日上午，中国证监会主席吴清出席2025陆家嘴论坛开幕式，并发表主题演讲。 来看吴清此次演讲的重点内容： • 深化科创板改革，推出"1+6"政策措施 吴清表示，证监会将聚焦提升制度的包容性和适应性，以深化科创板、创业板改革为抓手， 着力打造更具吸引力、竞争力的市场体系和产品服务矩阵。更好发挥科创板"试验田"作用， 加力推出进一步深化改革的"1+6"政策措施，统筹推进投融资综合改革和投资者权益保护，加 快构建更有利于支持全面创新的资本市场生态。 具体而言，"1"是在科创板设置科创成长层，并且重启未盈利企业适用于科创板第五套标准上 市，更加精准服务于技术有较大突破、持续研发投入大、商业前景广阔的优质科创企业，在 强化信息披露、加强投资者适当性管理方面作出安排。 "6"是在科创板创新推出6项改革措施，包括对适用于科创板第五套标准的企业，试点引入资 深专业机构投资者制度；面向优质科技企业试点IPO预先审阅机制；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；支持在审未盈利科 技企业面向老股东开 ...

Group 1 - The 2025 Lujiazui Forum was held in Shanghai on June 18-19, focusing on financial openness and high-quality development amid global economic changes [1][3] - The Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, emphasized the need to enhance the role of the Sci-Tech Innovation Board as a "testing ground" for reforms [1][4] Group 2 - The integration of technological and industrial innovation requires better utilization of the capital market's hub function, as highlighted by the rapid development of frontier technologies [4][5] - The capital market can provide comprehensive services from venture capital to public offerings, catering to different stages of enterprise development [5][6] Group 3 - Significant structural changes in China's capital market have facilitated a virtuous cycle among technology, capital, and industry, with a multi-tiered market system effectively covering tech innovation [6][7] - A-share listed companies' R&D investment reached 1.88 trillion yuan in 2024, accounting for over half of the total R&D expenditure in society [6][7] Group 4 - The CSRC plans to deepen capital market reforms and enhance the ecosystem to support comprehensive innovation, focusing on the Sci-Tech Innovation Board and the Growth Enterprise Market [8][10] - New measures include the introduction of a growth layer on the Sci-Tech Innovation Board and the support for unprofitable tech companies to list under specific standards [8][9] Group 5 - The CSRC aims to strengthen the synergy between equity and debt financing to better serve tech innovation, including the development of innovative bond products [9][10] - There is a focus on nurturing patient capital and long-term investments, encouraging participation from social security funds and insurance capital in private equity [9][10] Group 6 - The capital market will support technology-driven listed companies in enhancing their core competitiveness and operational performance, ensuring better returns for investors [10][11] - The CSRC is committed to creating a more open and inclusive capital market, facilitating foreign investment and enhancing the participation of global investors [10][11]

"6"即在科创板创新推出6项改革措施，包括对于适用科创板第五套标准的企业，试点引入资深专业机构 投资者制度；面向优质科技企业试点IPO预先审阅机制；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；支持在审未盈利科技企业面向老股东开展增资扩股等 活动；完善科创板公司再融资制度和战略投资者认定标准；增加科创板投资产品和风险管理工具等。同 时，也将在创业板正式启用第三套标准，支持优质未盈利创新企业上市。 进一步强化股债联动服务科技创新的优势。大力发展科创债，优化发行、交易制度安排，推动完善贴 息、担保等配套机制，加快推出科创债ETF，积极发展可交换债、可转债等股债结合产品。吴清表示， 将批复全国首批2只数据中心REITs注册，下一步将继续支持科技企业利用知识产权、数据资产等新型 资产开展资产证券化、REITs等融资，进一步盘活科技创新领域存量资产。 中国证监会：加力推出进一步深化改革的"1+6"政策措施 (总台央视记者 张道峰 白廷俊) 2025陆家嘴论坛今天在上海举行，中国证监会主席吴清介绍，将继续充分发挥科创板示范效应，加力推 出进一步深化改革的"1+6"政策措施。 来源： ...

6月18日，中国证监会主席吴清在2025陆家嘴论坛上表示，将在科创板创新推出6项改革措施，包括对于 适用科创板第五套标准的企业，引入资深专业机构投资者制度，面向优质科技企业试点IPO预先审阅机 制，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。 （第一财经） ...

6月18日，2025陆家嘴论坛开幕。 6月18日，中国证监会主席吴清在2025陆家嘴论坛上发表主题演讲。来看具体内容： 推出进一步深化科创板改革的"1+6"政策措施 6月18日，中国证监会主席吴清在2025陆家嘴论坛上表示，将聚焦提升制度的包容性和适应性，以深化科创 板、创业板改革为抓手，更好发挥科创板"试验田"作用，加力推出进一步深化改革的"1+6"政策措施，统筹推 进投融资综合改革和投资者权益保护，加快构建更有利于支持全面创新的资本市场生态。 具体来看，"1"在科创板设置科创成长层，并且重启未盈利企业适用于科创板第五套标准上市，更加精准服务 技术有较大突破、持续研发投入大、商业前景广阔的优质科创企业，在强化信息披露、加强投资者适当性管理 方面作出安排。 "6"即在科创板创新推出6项改革措施，包括对于适用科创板第五套标准的企业，试点引入资深专业机构投资者 制度；面向优质科技企业试点IPO预先审阅机制；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；支持在审未盈利科技企业面向老股东开展增资扩股等活动；完善科创板公 司再融资制度和战略投资者认定标准；增加科创板投资产品和风险 ...

Important Market News - In May, the overall balance of supply and demand in the domestic foreign exchange market was stable, with a net inflow of $33 billion from non-bank sectors [1] - The U.S. stock market opened lower, with major indices collectively declining; the Nasdaq fell by 0.91%, S&P 500 by 0.84%, and Dow Jones by 0.7% [1] - COMEX gold futures decreased by 0.37% to $3,404.8 per ounce, while WTI crude oil futures rose by 4.28% to $74.84 per barrel [2] Industry Insights - JD Group aims to apply for stablecoin licenses in major currency countries to reduce cross-border payment costs by 90% and improve efficiency to within 10 seconds [3] - Changxin Storage plans to deliver samples of the fourth-generation high bandwidth memory (HBM3) by the end of 2025 and aims for full-scale production in 2026, indicating a competitive stance against global giants [4] - China's manned space program achieved a significant breakthrough with the successful test of the "Dream Boat" spacecraft, which will support future lunar exploration and space station development [5] Stock Movements - Shunfei Investment plans to reduce its stake in Double Fly Group by up to 900,000 shares, representing 0.4123% of the total share capital [6] - XL Laser (HK) Limited intends to reduce its holdings in Guangku Technology by 80,000 shares, accounting for 0.3211% of the total share capital [6] - The chairman and other executives of He Sheng New Materials plan to collectively reduce their holdings by up to 240,625 shares, which is no more than 0.0970% of the total share capital [7]

Core Insights - The establishment of the Chinese space station on December 31, 2022, marks a significant milestone in China's journey to becoming a space power [1] - The Chinese manned space program aims to operate, apply, and develop the space station effectively, with a goal of landing Chinese astronauts on the moon by 2030 [1] - The communication and control systems for the manned space program have significantly improved, with coverage increasing from 15% in 2003 to nearly full coverage today [2] Group 1 - The Chinese space station has hosted 9 mission crews and conducted 6 space rendezvous [1] - The successful escape flight test of the new generation of crewed spacecraft marks a major breakthrough in the lunar exploration program [1] - The space application system aims to support scientific research by integrating various disciplines into a compact experimental cabinet in space [2] Group 2 - The communication system now allows for smooth audio and video communication between astronauts and ground control, a significant improvement from the early days of the program [2] - The design of the experimental cabinet includes key technologies such as lightweight and high-load structural dynamics to meet future scientific research needs [2] - The goal is to collaborate with scientists to explore the mysteries of the universe and realize the dream of a strong space nation [2]