商业航天产业发展 20260108 摘要 国内商业航天火箭公司主要分为液体火箭和固液并存两种发展路径，蓝 箭、天兵和深蓝专注于液体火箭，中科星河、星际荣耀和东方空间则固 液并存。蓝箭采用一氧甲烷路线，中科宇航和星河的液体火箭发展迅速。 商业火箭公司面临资质困境，自 2022 年底至 2025 年 5 月未发放新的 固体或液体总体技术科研生产许可资质。市场竞争激烈，火箭需满足运 力需求和价格优势，中科宇航与星河占据商业卫星搭载市场大部分份额。 中国版 09 构型的大型、中大型运载火箭包括长 12B、长 10B/C 以及朱 雀 3 等，采用单杆多级捆绑设计以提高运力并降低成本。长 12B 的造价 与发射成本将比长五小一半以上，天龙 3 具备更高的运载能力。 固体火箭在大规模组网业务中成本劣势明显，引力 1 号单次发展成本至 少 1.5 亿元，而朱雀二 E 价格约为 8,000 万元。资本市场更看重液态燃 料方案的性价比优势，一吨级别区间仍是黄金运力。 液体火箭发动机的自主生产研制能力至关重要，蓝箭的天鹊 12、天兵的 天火 12、深蓝的雷霆、星际荣耀的焦点以及星动力的苍穹等发动机已完 成长续航试车。天龙 3 的天 ...

蓝箭航天招股书显示，2023年及2024年，公司收到大额股权融资款项，因此筹资活动产生的现金流入显著增加。 新华财经北京1月7日电2025年末，蓝箭航天科创板IPO获受理，正式冲刺"商业火箭第一股"，拟募资75亿元。1月5日，中证协公布2026年第一批首发企业现 场检查抽签名单，其中蓝箭航天在内的11家公司被抽中现场检查。 透过蓝箭航天IPO，可以观察到当前行业的一些现状：政策红利释放、资本信心增强、技术突破加速、市场需求爆发等多重因素影响下，商业火箭迎来发展 机遇期，但行业何时能够实现从"技术验证"向"商业闭环"跨越？ 中航证券航空航天首席分析师方晓明表示，当前市场的需求是比较明确和紧迫的，随着技术突破、政策适配、生态成熟，行业有望进入规模化兑现的时期， 从具体时点看，重点关注2026年可重复使用技术的进展，预计在其技术取得突破后，2028年前后有望形成稳定的低成本批量发射能力。 资本市场"长期供血" 商业航天具备高风险、高收益、高投入、高技术、长周期的特征，决定了需要长期且巨额的资金投入。相关数据显示，2024年商业航天融资热度最高。2024 年融资事件达138个，披露融资金额202.39亿元，均为历史新 ...

Core Viewpoint - The Shanghai Stock Exchange has released guidelines to support commercial rocket companies in listing on the Sci-Tech Innovation Board, marking a significant step for China's commercial space industry as it seeks to enhance its competitiveness and technological capabilities [1][2]. Group 1: Guidelines Overview - The guidelines consist of 14 provisions focusing on four main areas: technological advantages, phased achievements, necessary approvals from relevant authorities, and significant market potential [2]. - The guidelines emphasize the importance of "hard technology" attributes for companies, requiring them to have relevant qualifications in research and manufacturing, and to obtain launch permits before commercial rocket launches [3]. - Companies must demonstrate significant technological advantages and have achieved specific milestones, such as successfully launching a reusable medium to large rocket payload into orbit [3][4]. Group 2: Industry Context and Support - The guidelines aim to enhance the inclusivity and adaptability of the capital market, supporting the development of commercial rockets as a key component of China's space industry [2][6]. - The commercial space sector is seen as a vital force in advancing the aerospace industry and achieving national strategic goals, with a projected market potential reaching trillions [6][7]. - The guidelines are part of a broader trend of increasing support for commercial space enterprises, with several companies already preparing for IPOs under the new standards [7][8]. Group 3: Market Position and Commercialization - Companies seeking to list must hold a prominent position in the industry, have a clear target market, and demonstrate a competitive edge over rivals [5]. - The guidelines also require companies to have a clear commercialization plan from technology validation to large-scale operations [5]. - The capital market's support is crucial for overcoming challenges in technology complexity, funding, and long development cycles, which are currently hindering the large-scale commercialization of commercial rockets [7][8].

智通财经APP获悉，中信证券发布研报称，近期，上交所发布《商业火箭企业适用科创板第五套上市标 准指引》，标志着商业火箭企业登陆资本市场的通道正式打通、标准全面明确。在政策对"承担国家任 务、参与国家工程项目""可重复使用技术""行业地位"的强调之下，头部民营商业火箭企业IPO进程或将 提速。商业火箭作为商业航天的"运载底座"，其产业化进程将直接带动卫星制造、地面设备、空间应用 等上下游环节的需求爆发。 中信证券主要观点如下： 事件： 2025年12月26日，上交所发布《商业火箭企业适用科创板第五套上市标准指引》(下称《指引》)，标志 着商业火箭企业登陆资本市场的通道正式打通、标准全面明确。作为科创板"科创成长层"制度创新的关 键落地举措，《指引》精准匹配商业火箭产业高研发投入、长周期回报的特性，既为优质未盈利企业提 供了融资的支撑，也为资本市场划定了清晰的投资锚点。 以精确标准筛选优质硬科技企业，破解产业融资瓶颈。 该行认为，此次政策设计或将精准破解此前商业火箭企业融资困境，并与商业航天司的设立、《推进商 业航天高质量安全发展行动计划(2025—2027年)》的颁布形成商业航天发展政策合力。 产业层面，政策或 ...

此外，《指引》还要求企业在商业火箭的研发、制造过程具备相关承研承制资质，在商业火箭发射前应 取得发射许可；明确市场空间具体要求，要求商业火箭企业排名靠前、在产业链中占据重要地位，且应 有清晰的目标市场，相较于竞争对手具有先发优势，在研发进度、关键指标等方面位于行业前列等。 具体来看，《指引》明确适用科创板第五套上市标准的商业火箭企业主营业务为"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。要求企业需在拥有关键核心技术基础上 具备明显技术优势或重大突破，关注核心技术产品以及关键部件的自主研发情况，以及运载能力及一箭 多星能力等关键指标。对于承担国家任务、参与国家工程项目的商业火箭企业予以优先支持。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。 《指引》还明确了阶段性成果内容，要求商业火箭企业"在申报时至少实现采用可重复使用技术的中大 型运载火箭发射载荷首次成功入轨的阶段性成果"，且后续在技术方面不存在影响承担发射任务的重大 不利事项。在明确可重复使用技术发展导向的同时，《指引》还最大限度提升制度的包容 ...

Core Viewpoint - The article discusses the recent issuance of guidelines by the Shanghai Stock Exchange for commercial rocket companies to apply for listing on the Sci-Tech Innovation Board, emphasizing the importance of technological innovation and market potential in the commercial aerospace sector [2][4]. Group 1: Guidelines for Listing - The Shanghai Stock Exchange released guidelines that allow commercial rocket companies to apply for listing under the fifth set of standards on the Sci-Tech Innovation Board, providing a pathway for these companies to access capital markets [2][4]. - The guidelines specify four key areas: clear technological advantages, defined milestones, necessary approvals from relevant authorities, and substantial market potential [4][5]. - A significant milestone for companies is achieving the successful launch of a medium to large reusable rocket with payload into orbit, which is seen as a critical development direction in the commercial aerospace sector [5][6]. Group 2: Industry Context and Opportunities - The commercial aerospace sector is recognized as a strategic emerging industry in China, with increasing governmental support and recognition in national development plans [9][10]. - The number of commercial rocket companies in China has exceeded 20, with many achieving successful launches of solid or small liquid rockets, indicating a growing industry [9][10]. - The article highlights the need for capital market support to address the current imbalance of "many satellites but few rockets," which is crucial for the development of satellite constellations [10][11]. Group 3: Market Dynamics - The commercial aerospace industry encompasses various activities, including rocket launches, satellite manufacturing, and space tourism, with a potential market size reaching trillions [11]. - Companies in the commercial aerospace sector are increasingly seeking to enter capital markets, with several already listed on the Sci-Tech Innovation Board, indicating a trend towards greater financial backing for the industry [10][11].

新华财经上海12月26日电（记者 杜康）26日，上交所发布《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》），支持尚未形成一定收 入规模的优质商业火箭企业在科创板发行上市。 12月3日、12月23日，蓝箭航天朱雀三号、航天科技长征十二号甲可重复使用火箭相继发射入轨。据了 解，天兵科技天龙三号、星河动力智神星一号、星际荣耀双曲线三号、中科宇航力箭二号等，均将可重 复使用技术列为核心发展目标。 值得关注的是，《指引》将适用科创板第五套上市标准的阶段性成果明确为："在申报时至少实现采用 可重复使用技术的中大型运载火箭发射载荷首次成功入轨。" 《指引》就商业火箭企业适用科创板第五套上市标准作出细化规定 结合商业火箭领域科技创新实际情况和生物医药领域第五套上市标准企业审核实践，《指引》就商业火 箭企业适用科创板第五套上市标准作出细化规定。《指引》共14条，主要包括以下四方面： 一是细化明显技术优势要求。明确主营业务为"商业火箭自主研发、制造及航天发射服务"，更加看重发 行人的"硬科技"属性。要求企业需在拥有关键核心技术基础上具备明显技术优势或重大突破，关注核心 ...

Core Viewpoint - The Shanghai Stock Exchange has released guidelines for commercial rocket companies to issue IPOs on the Sci-Tech Innovation Board, providing a pathway for these companies to access capital markets and support technological innovation in the aerospace sector [1][2]. Group 1: Guidelines for Commercial Rocket Companies - The guidelines specify that commercial rocket companies must demonstrate significant technological advantages, including the successful launch of a medium to large reusable rocket payload into orbit as a milestone achievement [1][2][3]. - Companies are required to have relevant qualifications for research and manufacturing, and must obtain launch permits before conducting rocket launches [3]. - The guidelines emphasize the importance of market positioning, requiring companies to have a clear target market and a competitive edge over rivals, along with a feasible commercialization plan [3][4]. Group 2: Industry Context and Strategic Importance - The commercial aerospace sector is recognized as a strategic emerging industry in China, with significant government support reflected in recent economic work reports and action plans aimed at enhancing the development of commercial space capabilities [6][7]. - There are currently over 20 commercial rocket companies in China, many of which have successfully launched solid or small liquid rockets, indicating a growing industry [6][7]. - The commercial rocket industry is seen as crucial for the development of satellite constellations and overall high-quality growth in the commercial aerospace sector, addressing the current imbalance of "many satellites but few rockets" [7][8].

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。 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。 主营业务明确为商业火箭研制及发射 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1 ...

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the **Chinese commercial aerospace industry**, highlighting the significant policy support and growth potential by 2027, particularly in the development of **low-cost reusable rockets** [1][2][3]. Core Insights and Arguments - **Policy Support**: The Chinese space agency has introduced an action plan to promote high-quality development in commercial aerospace, aiming for substantial industry growth by 2027 [2][3]. - **Cost Reduction**: Reusable rockets can significantly lower launch costs. For instance, SpaceX's Falcon 9 can be reused over 100 times, resulting in a launch cost of approximately **$10,000 per kilogram**, compared to China's Long March series at **$30,000 per kilogram** [1][4][8]. - **Technological Advancements**: The **Zhuque-3**, China's first reusable liquid oxygen-methane rocket, represents a major technological advancement despite its initial launch not being fully successful. It achieved a high-precision recovery, indicating progress in reusable technology [1][6]. - **Market Demand**: The commercial aerospace sector is driven by international satellite communication needs, with projects like Europe’s Link and Musk's Starlink capturing significant market share [1][9]. Development Goals - The action plan outlines several key objectives: - Encourage companies to invest in **chip manufacturing**, application services, and customer operations [3]. - Achieve a **2% GDP contribution** from the commercial aerospace sector by the end of the 14th Five-Year Plan [10]. - Increase the number of rocket recoveries beyond the previous five-year period and reduce satellite manufacturing costs by **50%** [11]. Challenges and Considerations - **Technical Challenges**: Reusable rockets face several technical hurdles, including: - High-precision recovery landing [5]. - Thermal protection design due to high-speed returns [5]. - Ensuring the safety and reliability of reused components [5]. - Comprehensive lifecycle management from manufacturing to decommissioning [5]. Industry Chain Components - The commercial aerospace industry consists of three main segments: - **Upstream**: Satellite and rocket manufacturing [12]. - **Midstream**: Rocket launch services and ground equipment operations [12]. - **Downstream**: Satellite applications, including communication and navigation services [12]. Market Outlook - The commercial aerospace market in China is rapidly evolving, with numerous companies engaged in small satellite development and private rocket enterprises like Blue Arrow and Tianbing Technology emerging [13]. - By **2030**, China aims to launch over **3,000 satellites annually**, with increasing launch frequencies projected from **62 in 2022** to **68 in 2024** [15]. Conclusion - The Chinese commercial aerospace industry is poised for significant growth driven by policy support, technological advancements in reusable rockets, and increasing market demand for satellite services. The successful implementation of these strategies could lead to substantial economic benefits and enhanced global competitiveness [1][7][11].