人民财讯1月9日电，臻镭科技(688270)1月9日披露股票交易异动公告称，经公司自查，公司目前生产经 营活动一切正常，内外部经营环境未发生重大变化；未来随着行业竞争加剧，公司产品存在销售价格下 降、毛利率降低的风险。从产业周期来看，当前商业航天仍处于产业化初期阶段，受限于火箭运力、火 箭发射成本、发射工位等制约因素，批量化发射组网进展及对公司营收贡献存在不可预见性，敬请广大 投资者明辨信息，理性决策，审慎投资。 ...

臻镭科技1月9日公告，股票交易价格连续3个交易日内收盘价格涨幅偏离值累计达到30%，属于股票交 易异常波动的情形。近期公司生产经营情况正常，内外部经营环境未发生重大变化；未来随着行业竞争 加剧，公司产品存在销售价格下降、毛利率降低的风险。从产业周期来看，当前商业航天仍处于产业化 初期阶段，受限于火箭运力、火箭发射成本、发射工位等制约因素，批量化发射组网进展及对公司营收 贡献存在不可预见性，敬请广大投资者明辨信息，理性决策，审慎投资。 ...

2026 年 01 月 04 日 行业研究 评级：推荐(维持) 最近一年走势 | 行业相对表现 | | | 2025/12/31 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 电力设备 | 1.3% | -1.3% | 41.8% | | 沪深 300 | 2.3% | -0.2% | 17.7% | 相关报告 | 研究所： | | | --- | --- | | 证券分析师： | 邱迪 S0350522010002 | | | qiud@ghzq.com.cn | | 证券分析师： | 李航 S0350521120006 | | | lih11@ghzq.com.cn | | 联系人 ： | 吴亦辰 S0350125030017 | | | wuyc@ghzq.com.cn | [Table_Title] 蓝箭航天 IPO 获受理，商业航天产业化进程加 速 ——电力设备事件点评 《人形机器人行业周报：智元发布全球首款小尺寸 人形机器人启元 Q1，浙江荣泰拟在 H 股上市（推 荐）*电力设备*李航，邱迪，李昂》——2026-01-04 《新能源行业周 ...

Investment Rating - The report maintains a "Recommended" rating for several key companies in the electric equipment and new energy sectors, including Ningde Times, Keda Li, and others [5][6]. Core Insights - The electric equipment and new energy sector experienced a decline of 2.18% in the last week, underperforming compared to the Shanghai Composite Index [1]. - The report highlights significant sales achievements in the new energy vehicle sector, with multiple companies reporting record monthly deliveries in December 2025 [2][14]. - The photovoltaic industry is facing a mixed scenario with rising upstream prices but weak downstream demand, leading to a "price without market" situation [3][38]. Summary by Sections New Energy Vehicles - In December 2025, several new energy vehicle manufacturers reported record sales, including Li Auto with 44,246 units delivered, a year-on-year decrease of 24.4% [15][21]. - Leap Motor achieved a delivery of 60,423 units, up 42% year-on-year, while BYD delivered 420,398 units, reflecting a year-on-year decrease of 17.5% [2][21]. New Energy Generation - The main industry chain prices are on the rise, with silicon material prices testing above 65 yuan/kg, although actual transactions are still based on previous orders [38]. - The report notes a significant reduction in demand, with a 78% decrease in procurement for domestic centralized projects [39]. Electric Equipment and Automation - The report indicates that the sixth batch of State Grid's bidding for power transmission and transformation equipment reached 13.205 billion yuan, with a total of 495 packages awarded [54]. - The largest single package was valued at 399.66 million yuan, with various categories such as switchgear and transformers receiving substantial funding [54]. Commercial Aerospace - Domestic policies are accelerating the industrialization of the commercial aerospace sector, with the National Space Administration incorporating commercial aerospace into the national development framework [4]. Market Trends - The report emphasizes the importance of technological advancements and market dynamics in shaping the future of the electric equipment and new energy sectors, suggesting a focus on companies that can leverage these changes for competitive advantage [40][41].

其二，资本赋能，破解融资缺口。 ■ 矫 月 近日，2025第三届商业航天发展大会暨第四届中关村商业航天大会发布的一组数据，勾勒出全球航天产 业的新格局：截至目前，全球共进行了325次航天发射，入轨航天器4026颗。其中，中国发射87次，民 营商业火箭企业执行23次发射任务，入轨航天器324颗。 这组数据绝非简单的数量叠加，而是商业航天从"技术验证"迈向"规模化发展"的鲜明注脚，全球航天进 入"周更发射时代"。但不容忽视的是，商业航天产业化尚存短板，笔者认为，中国商业航天要实现产业 化破局，需构建技术、资本、产业协同联动的发展生态。 其一，技术攻坚，突破关键瓶颈。 从技术层面来看，我国商业航天可回收复用等核心技术尚未成熟，这就要求相关企业进一步加强技术攻 关，一方面要深化协同创新机制，整合科研院所等资源，加速可回收火箭、一箭多星等技术迭代；另一 方面需提升发射场保障能力，破解高密度发射的基础设施制约，同时，加强在轨故障诊断与修复等技术 储备，匹配"周更发射"的常态化运营需求。 商业航天进入规模化量产与运营阶段后，亟待耐心资本补足长周期研发与产能投入的资金缺口。这就要 求进一步完善多元投融资体系，使政府引导基金与 ...

■矫月 近日，2025第三届商业航天发展大会暨第四届中关村商业航天大会发布的一组数据，勾勒出全球航天产 业的新格局：截至目前，全球共进行了325次航天发射，入轨航天器4026颗。其中，中国发射87次，民 营商业火箭企业执行23次发射任务，入轨航天器324颗。 这组数据绝非简单的数量叠加，而是商业航天从"技术验证"迈向"规模化发展"的鲜明注脚，全球航天进 入"周更发射时代"。但不容忽视的是，商业航天产业化尚存短板，笔者认为，中国商业航天要实现产业 化破局，需构建技术、资本、产业协同联动的发展生态。 商业航天进入规模化量产与运营阶段后，亟待耐心资本补足长周期研发与产能投入的资金缺口。这就要 求进一步完善多元投融资体系，使政府引导基金与创投机构形成合力，为企业提供长期资金支持，同时 支持商业航天相关企业发行上市。更关键的是，在资本支持下，商业航天企业需主动探索可持续的盈利 模式。 其三，产业协同，打通全链条壁垒。 我国商业航天产业上下游链路协同有待进一步提升，上游需攻坚关键零部件国产化，降低对外部供应链 的依赖，提升自主可控能力；中游要推进火箭制造、卫星总装的规模化生产，通过量产摊薄成本；下游 则要拓展多元应用场景 ...

Core Viewpoint - The Chinese commercial aerospace sector is poised for a wave of investment and financing, driven by national strategy and technological advancements, as it transitions from a phase of technical breakthroughs to one focused on industrial capacity building [1][2]. Investment and Financing Trends - The commercial aerospace sector has maintained high levels of investment and financing, with companies like Tianbing Technology, Infinite Aerospace, and others making significant progress in areas such as rocket development and satellite manufacturing [1]. - Major players in the industry are initiating IPO preparations to leverage capital markets for advancing their industrial capabilities [1][2]. Industry Dynamics - There is a pressing demand for satellite launches in China, with over 30,000 low-orbit satellites submitted to the International Telecommunication Union (ITU), creating a significant launch demand [2]. - The competition among commercial rocket companies is shifting from individual launch success to building a complete industrial chain that encompasses research, manufacturing, and launch services [2]. Capital Market Role - The inclusion of commercial aerospace in the fifth set of standards for the Sci-Tech Innovation Board has opened up capital channels for unprofitable hard-tech companies, indicating a shift in the role of IPOs from compliance gatekeepers to industry accelerators [2][3]. - The capital market's focus is on identifying companies that can convert technological strengths into industrial capabilities, rather than merely showcasing technology [3]. Criteria for Industrialization Capability - Three key metrics define industrialization capability: 1. Full-chain technological autonomy, essential for cost reduction and efficiency [4]. 2. Scalable manufacturing and launch service capabilities, which are critical for achieving commercial aerospace's value through stable and high-frequency launch services [5]. 3. Rapid iteration and trial-error capabilities, emphasizing the importance of learning and optimizing in a high-risk environment [5]. Future Outlook - The ultimate competition in commercial aerospace will hinge on the integration of talent, technology, products, and market capabilities [6]. - The next five years will be crucial for China's positioning in the global space economy, with IPOs marking the beginning of a new journey rather than an endpoint [6].

Core Insights - The commercial space industry in China is experiencing rapid growth, becoming a key driver of technological innovation and economic growth, with significant advancements expected by 2025 [1][2] - The industry is characterized by a market-oriented approach, with enterprises leading in satellite manufacturing, launch services, and ground equipment manufacturing across various sectors [2] - A surge in financing events has been observed, indicating strong capital inflow into the commercial space sector, with a total of 31 financing events completed by July 2025, amounting to 2.143 billion yuan [3][4] Industry Development - China's commercial space industry has established three major industrial clusters: Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta, creating a comprehensive industrial system [2] - The frequency and technology of launches have significantly increased, with notable successful launches in October, showcasing the industry's capabilities [2] - By 2030, the market size of China's commercial space industry is projected to reach 7.8 trillion yuan, highlighting its potential for future growth [5] Financing and Investment - Recent months have seen an acceleration in financing activities, with companies like Star Glory Aerospace and Xinghe Power securing substantial funding [4] - The IPO process for several commercial space companies is also advancing, indicating a growing interest from the capital markets [4] - The development of the commercial space industry is supported by multiple factors, including policy incentives, capital influx, enhanced innovation capabilities, and increasing market demand [4]

Core Viewpoint - Jiangsu Tianbing Aerospace Technology Co., Ltd. has officially submitted its listing guidance record, marking a significant milestone in the company's development and a key turning point for China's commercial aerospace industry towards comprehensive industrialization capabilities [1] Group 1: Company Developments - Tianbing Technology has completed Pre-D and D rounds of financing totaling nearly 2.5 billion RMB, which will primarily be used for the preparation of mass production of rockets and the development of new-generation engines and rockets [6] - The company has established a comprehensive aerospace manufacturing system, with the capability to produce 30 Tianlong-3 large liquid rockets and 500 Tianhu series engines annually, providing a solid foundation for large-scale commercial delivery [6] - Tianbing Technology's Tianlong-3 rocket has a near-Earth orbit capacity expected to exceed 20 tons, with a length of 72 meters and a launch weight of approximately 600 tons, directly competing with international mainstream rockets like SpaceX's Falcon 9 [3][4] Group 2: Industry Trends - The commercial aerospace sector in China is transitioning from focusing on single technology breakthroughs to building comprehensive industrial capabilities, with Tianbing Technology leading this shift [1][5] - The launch of the Tianlong-3 rocket signifies a change in the competitive logic and development model of China's commercial aerospace industry, moving from meeting scattered demands to supporting large-scale, standardized satellite constellation deployments [5] - The Chinese commercial aerospace industry is expected to see a surge in demand for satellite launches, with estimates suggesting over 30,000 satellites will need to be launched for low-orbit constellation networks [8]

Core Viewpoint - Tianbing Technology has successfully tested the first stage propulsion system of the Tianlong-3 large liquid launch vehicle, marking a significant advancement in China's commercial space industry and enhancing its capabilities for large-scale satellite internet deployment [1][3][5]. Group 1: Technical Achievements - The Tianlong-3 rocket is designed to carry over 20 tons to low Earth orbit, with a total length of 72 meters and a launch weight of approximately 600 tons, comparable to SpaceX's Falcon 9 [3]. - The successful test verified the operational coordination of various systems and set a new domestic record for thrust in commercial liquid rocket engines [1][5]. - The test was the first of its kind conducted at sea, demonstrating a new paradigm for maritime operations in the commercial space sector [3][5]. Group 2: Innovations and Cost Efficiency - The Tianlong-3 employs innovative technologies such as liquid nitrogen heating and pressurization, reducing the weight of the pressurization system by over 50% and costs by more than ten times [5][8]. - The rocket's first stage features a honeycomb structure that simplifies ground maintenance and enhances fault isolation capabilities [5][8]. - The use of 3D printing technology allows for approximately 90% of the engine components to be produced in a more efficient manner, significantly reducing manufacturing time and costs [8][9]. Group 3: Market Implications - The Tianlong-3's capabilities will shift the focus of China's commercial space launch services from small, customized satellite deployments to large-scale, standardized satellite constellation launches [7][8]. - The rocket is expected to support over 30 launches annually, addressing the growing demand for satellite internet infrastructure in China [6][9]. - The development of the Tianlong-3 signifies a transition in the commercial space industry towards a model driven by industrial efficiency and ecosystem effectiveness, moving beyond mere technological competition [8][9].