5月21日，国家金融监督管理总局等八部门联合发布《支持小微企业融资的若干措施》，明确提出构建"新三板挂牌— 北交所上市"梯度培育体系，为创新型中小企业打开资本市场新通路。这项政策组合拳不仅为小微企业融资破局提供 新解法，更标志着中国多层次资本市场服务实体经济迈入新阶段。 "直联机制实现了阶梯式培育，企业先在新三板规范运营，再带着合规基因登陆北交所。"东源投资首席分析师刘祥东 分析称，这种设计既降低企业合规风险，又提升市场整体质量。以人工智能企业为例，其技术迭代快、融资需求强的 特点，与资本市场高效对接的需求高度契合；而低空经济、商业航天等新兴产业，也正通过资本市场加速商业模式成 熟。 股权融资破冰：专精特新企业迎来资本春天 "政策明确支持小微企业股权融资，相当于为北交所构建了庞大的优质企业蓄水池。"北京利物投资管理有限公司创始 人常春林指出，新三板作为北交所"孵化器"的作用将进一步凸显。东方财富Choice数据显示，2024年新三板新增挂牌 企业达133家，同比激增40%，近三年累计新增1058家，形成北交所上市资源的"活水源头"。 数据揭示资本市场服务实体经济的成效：2024年新三板挂牌企业实现营收1.71 ...

Group 1 - The Global Space Intelligence Conference was held in Beijing, focusing on the collaboration between industry and finance in the commercial space sector [1] - The forum discussed the current state of commercial space development, industry challenges, and potential solutions [1] Group 2 - Zhao Wenbo from the National Space Administration highlighted that there are approximately 100 satellite constellations planned in China, with over 60,000 satellites to be launched, compared to around 34 constellations and approximately 56,000 satellites planned internationally [4] - The future of remote sensing satellites is predicted to evolve towards enhanced functionality and performance, with a focus on high spatial, temporal, spectral, and radiation resolution [4] Group 3 - Deep Blue Aerospace's chairman, Huo Liang, emphasized the need for infrastructure to support reusable rocket development, including testing facilities and launch towers [5] - There is a call for the establishment of a certification and management system for commercial space to enhance public safety [5] - The importance of "patient capital" and "technological faith" for long-term investment in reusable rocket development was stressed [6] Group 4 - Dou Mingming from Zhongshang discussed the challenges faced by the commercial space industry, including a fragmented supply chain, redundant satellite planning, and difficulties in achieving a commercial closed loop [7] - He suggested that collaboration between general partners (GP) and limited partners (LP) in both primary and secondary markets is essential to help companies overcome these challenges [7] - Companies are encouraged to strengthen international cooperation and learn from successful overseas firms [7] Group 5 - The 2025 Commercial Space Industry Collaboration TOP List was announced, ranking the top ten influential cities, investment institutions, and industrial parks in China's commercial space sector [8] - The top ten cities include Beijing, Shanghai, and Xi'an, with Wuxi noted as the fastest-growing city [8] - The leading investment institutions include Matrix Partners, Yuanhang Capital, and Shenzhen Capital Group [8] - The top industrial parks include Zhongguancun Science City and Beijing Economic-Technological Development Area [8]

【导读】军工板块再度反弹，航空航天产业迎来新发展机遇 中国基金报记者 李树超 张玲 在经过短暂调整后，日前，军工股再度反弹，其中，航空航天板块在5月22日表现活跃。 业内人士认为，航空航天在国防军工领域占据着举足轻重的地位。随着全球经济格局加速演进，我国航 空航天产业将迎来前所未有的发展机遇。商业航天、商用飞机和低空等领域将成为航空航天产业增长新 引擎，投资价值值得关注。 军工股再度反弹，航空航天表现活跃 5月22日上午，军工板块再度反弹，航空航天板块表现活跃。截至当日收盘，国证航天指数上涨 0.15%，其中，四创电子、海特高新涨停，国睿科技、内蒙一机、威海广泰等涨幅较多。 业内人士认为，在现代国际社会体系中，国防军工是国家安全与发展的基石，而航空航天在国防军工领 域占据着举足轻重的地位。随着全球经济格局加速演进，我国航空航天产业将迎来前所未有的发展机 遇。 数据显示，2023年中国航空航天核心产业规模超过1.9万亿元，五年行业复合增速为4.93%。初步估算， 2024年中国航空航天核心产业市场规模突破2万亿元。 国泰海通证券研究所军工行业首席分析师彭磊、军工行业资深分析师杨天昊表示，近年来，全球地缘政 治局 ...

国机精工集团股份有限公司投资者关系活动记录表 编号：2025—004 投资者关系 活动类别 ☑特定对象调研□分析师会议 □媒体采访□业绩说明会 □新闻发布会□路演活动 □现场参观□电话会议 □其他 参与单位名称 及人员姓名 中原证券：刘智、石临源 时间 2025 年 5 月 21 日 地点 国机精工会议室 上市公司接待 人员姓名 董事会秘书：赵祥功 证券事务助理：靳晓明 投资者关系活 动主要内容介 绍 1.问：请简单介绍一下公司的主营业务。 答：国机精工在轴承行业和磨料磨具行业开展业务，提供满 足国家战略需求的产品、技术和服务，业务涵盖"新材料、基础 零部件、机床工具、高端装备、供应链管理与服务"五大业务板 块。 一、轴承业务领域 主要分为特种轴承、风电轴承和精密机床轴承等： （一）特种轴承 特种轴承产品应用于航天、航空、兵器、舰船和核工业等领 域，公司具有完善的特种轴承研发、制造、服务体系，圆满完成 中国航天发展史上具有里程碑意义的"东方红""长征""神舟" "嫦娥""天问"等航天工程的轴承配套任务，技术水平居国内 领先，航天领域特种轴承处于国内垄断地位，重点产品配套率 90%以上。随着商业航天的发展，将为 ...

Group 1: Market Performance - The A-share market experienced fluctuations on May 22, with the military industry sector becoming active, leading to a significant rise in the Aerospace and Aviation ETF (159208), which saw an intraday increase of over 1.8% [1] - The National Defense and Military Industry, as well as the Aerospace and Aviation sectors, have shown resilience, with the National Aerospace and Aviation Index rising nearly 7% since the beginning of May [1] Group 2: Industry Insights - The Aerospace and Aviation ETF closely tracks the National Aerospace and Aviation Index, which encompasses sub-sectors such as aerospace equipment, military electronics, and satellite internet, indicating high technical barriers and strong R&D attributes [1] - The manager of Wanji National Aerospace and Aviation ETF, He Fangzhou, noted that the outstanding performance of Chinese equipment in recent overseas geopolitical conflicts has attracted attention, potentially expanding the global military trade market and opening up industry and profit space [1] - Pacific Securities anticipates that 2025 will mark a turning point for the National Defense and Military Industry, with a recovery from the past two years of stagnation, as orders normalize and are released, leading to a "Davis Double-Click" phase for the military sector [1] Group 3: Commercial Aerospace Developments - The successful docking of the Shenzhou-20 manned spacecraft with the Tianhe core module of the space station marks a historic moment in China's aerospace history, indicating a promising year for commercial aerospace enterprises [2] - Supportive policies have been introduced across various regions, and breakthroughs in reusable rocket technology are expected to lower satellite launch costs and improve launch efficiency [2] - Experts believe that China's commercial aerospace industry is on the brink of explosive growth [2]

证券代码：835640 证券简称：富士达 公告编号：2025-043 中航富士达科技股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 5 月 20 日 活动地点：中航富士达科技股份有限公司（以下简称"公司"）在全景路演平 台（https://rs.p5w.net）参与 2025 年陕西辖区上市公司投资者集体接待日暨 2024 年度业绩说明会。 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 回复：2025 年挑战与机遇并存，市场端防务领域需求逐步释放，通讯领域 需求保持稳中有进，同时，对公司的快速交付、成本管理等也提出了新的要求。 问题 2：公司在空天一体和算力高速网领域，有无拳头产品应用，如何看 待目前商业航天、低空经济的市场，公司今年在这些领域能有确定的增长势头 吗？ 回复：公司在航天领域深耕多年，具备研发、生产制造、试验等核心能力。 空 ...

Core Insights - The successful launch of the Kuaizhou-1A rocket on May 21, 2025, marked the seventh flight of this vehicle, delivering six satellites into orbit, primarily for urban planning, environmental monitoring, and meteorological detection [1][2] - China Aerospace Science and Technology Corporation (CASC) has established itself as a leading commercial space company in China, focusing on medium to large rocket development, customized space launches, suborbital scientific experiments, and space tourism [1] - The Kuaizhou-1A rocket has successfully placed a total of 63 satellites into orbit, with a cumulative payload mass exceeding 6 tons, making it the only commercial rocket in China capable of continuous launches with payloads over one ton [1] Company Overview - China Aerospace Science and Technology Corporation is a high-tech enterprise incubated by the Institute of Mechanics, Chinese Academy of Sciences, and is recognized as a domestic leader in the commercial space sector [1] - The company has maintained the largest market share in the commercial rocket launch service sector since 2023, with services extending across China, North America, the Middle East, and Europe, enhancing global competitiveness in the space launch market [1] Satellite Details - The TaiJing-3 04 satellite, developed by Beijing Micro-Nano Star Technology Co., Ltd., is equipped with a visible light camera for remote sensing applications, including land resource monitoring and geographic mapping, showcasing high commercial value [2] - The TaiJing-4 02A satellite, also developed by Beijing Micro-Nano Star Technology Co., Ltd., features a high-resolution SAR imaging system aimed at disaster monitoring, environmental assessment, and resource exploration, enhancing imaging resolution and reliability [2] Future Directions - The company aims to improve rocket flight reliability through optimized technical solutions and quality management measures, focusing on dual-driven strategies to support national strategic goals and market demands [2] - The commitment to developing an efficient and low-cost commercial space system reflects the company's dedication to supporting China's ambitions in becoming a space power [2]

Core Viewpoint - The successful launch of the Kuaizhou-1A rocket marks a significant achievement for China’s commercial space sector, demonstrating the capability to deploy multiple satellites in a single mission and enhancing the country's position in the global aerospace market [1][3][6] Group 1: Launch Details - The Kuaizhou-1A rocket successfully launched on May 21, 2025, deploying six satellites into their designated orbits, primarily for urban planning, environmental monitoring, and meteorological detection [1][3] - This mission represents the seventh flight of the Kuaizhou-1A rocket, which has successfully placed a total of 63 satellites into orbit, with a cumulative payload exceeding 6 tons [3] Group 2: Satellite Specifications - The TaiJing-3 04 satellite, developed by Beijing Micro-Nano Star Technology Co., is equipped with a visible light camera for remote sensing applications, including land resource monitoring and geographic mapping [3][4] - The TaiJing-4 02A satellite features a high-resolution SAR imaging system, aimed at enhancing remote sensing capabilities for disaster monitoring and resource exploration [3][4] - The Xingrui-11 satellite, developed by Zhongke Xingrui Technology, is designed for high-resolution Earth observation with advanced payload technology [4] - The Xingji Yuan-1 satellite, a micro-nano intelligent satellite, focuses on remote sensing and health monitoring, providing mid-to-high resolution data for various applications [4][5] - The CubeSat 108 001, a 20kg satellite, is part of a larger constellation aimed at advancing space-based meteorological research [5] - The Xiguang-1 02 satellite is a test satellite for new multi-spectral payload technologies, contributing to the development of advanced satellite capabilities [5] Group 3: Company Strategy and Market Position - Since 2023, the company has maintained the leading market share in the commercial rocket launch service sector, with operations extending across China, North America, the Middle East, and Europe [3][6] - The company emphasizes innovation and quality management to enhance rocket flight reliability, aligning its services with national strategic needs and market demands [6]

内容概要：商业航天，一般指以市场化方式提供航天产品和服务的产业，涵盖火箭发射、卫星应用、太 空旅游等领域。航天技术是一国综合实力的体现，各国在航天领域展开了激烈的竞争。在国家商业航天 的大力支持下，我国商业航天活动日益活跃，商业发射次数高速增长，商业航天的广度、规模不断扩 大。2024年我国进行了68次火箭发射，入轨66次，成功率为97%，商业航天市场规模约7133.2亿元。其 中，商业遥感卫星已成为拉动经济增长、丰富日常应用的战略性新兴产业，是世界航天大国战略竞争与 博弈的主阵地。商业航天作为发展新质生产力的重要引擎，从作为战略性新兴产业，商业航天带来的不 仅是技术突破，更是促进了上下游产业的全链条发展。我国商业航天产业链正迎来历史性发展机遇，有 望在"十五五"末或"十六五"时期迎来成熟期。 上市企业：中天火箭(003009)、中国卫星（SH600118）、航天宏图（688066）、中国卫通（601698）、 航宇微（300053）、航天科技(000901.SZ)、天奥电子（002935）、天箭科技（002977）、中兵红箭 （000519）、高德红外（002414）、中海达（300177）、航盟升电子（6 ...

Group 1 - The core viewpoint of the article highlights that Beijing Penghu Wuyu Technology Development Co., Ltd. has recently completed nearly 100 million RMB in Series A financing led by Wuxi Liangxi Science and Technology Industry Mother Fund and Wuxi Liangxi Aerospace Venture Capital Fund [2] - Penghu Wuyu, established in September 2021, focuses on non-terrestrial network (NTN) communication technology in next-generation communication systems, providing cost-effective integrated network solutions globally through its self-developed 5G NTN satellite IoT communication protocol [3] - The company has applied for over 60 invention patents and has achieved large-scale deployment in 15 countries overseas, showcasing its technological advancements and market reach [3] Group 2 - The funds from this round of financing will primarily be used for the research and development of satellite IoT systems, including enhancements in system sensitivity, maximum transmission rates, and multi-user access capacity [4] - The company aims to advance the research of high-low orbit integration and star-ground integration technologies, while developing industry application terminals and cloud platforms for sectors such as industrial IoT, asset monitoring, environmental monitoring, and emergency rescue [4] Group 3 - The investment in Penghu Wuyu is based on its leading position and strong technical capabilities in the 5G NTN technology field, with significant achievements in technology research and large-scale applications in overseas markets, indicating substantial market potential [5] - The team behind Penghu Wuyu is noted for its strong execution and innovation capabilities, making it a highly valuable investment in the sector [5] Group 4 - This investment event reflects the current venture capital ecosystem's high attention to cutting-edge technology fields, supported by government policies promoting the development of commercial aerospace and satellite communication technologies [6] - The investment in Penghu Wuyu not only recognizes its technical strength but also demonstrates confidence in its future market potential, serving as an inspiration for other entrepreneurs to explore innovative paths in emerging sectors [6]