证 券 研 究 报 告 行业周报 人形机器人+航空航天双轮驱动，旋转变压器迎广阔新兴市场 汽车行业周报 投资评级： （ ） 报告日期： 推荐 维持 2026年01月26日 ◼ 分析师：林子健 ◼ SAC编号：S1050523090001 投 资 要 点 ▌人形机器人+航空航天双轮驱动，旋转变压器迎来广阔新兴市场 依托极强的抗冲击抗振特性，旋转变压器有望适配人形机器人关节。旋变采用无接触式电磁感应原理，无 磨损部件仅轴承存在微量损耗，实现近乎无限的使用寿命，无需频繁维护更换，完美契合人形机器人对关 节部件高可靠性、长耐久性、抗复杂工况的严苛要求。人形机器人旋变市场规模有望远超传统旋变市场空 间。我们认为出于人形机器人的抗冲击性要求和寿命要求，人形机器人将会应用旋转变压器用来替代编码 器。我们预测到2030年人形机器人旋变市场规模有望达到61.5亿元，到2035年有望达到471.0亿元市场 规模，2026-2035年CAGR为85.9%。 卫星发射数量快速上升，带动航天领域旋变市场放量。从发射计划数据看，SpaceX将在2033年完成4.2万 颗发射，国网星座将在2035年前发射1.3万颗，千帆星座将在2030年 ...

证 券 研 究 报 告 行业周报 人形机器人+航空航天双轮驱动，旋转变压器迎广阔新兴市场 汽车行业周报 投资评级： （ ） 报告日期： 推荐 维持 2026年01月26日 ◼ 分析师：林子健 ◼ SAC编号：S1050523090001 投 资 要 点 ▌人形机器人+航空航天双轮驱动，旋转变压器迎来广阔新兴市场 依托极强的抗冲击抗振特性，旋转变压器有望适配人形机器人关节。旋变采用无接触式电磁感应原理，无 磨损部件仅轴承存在微量损耗，实现近乎无限的使用寿命，无需频繁维护更换，完美契合人形机器人对关 节部件高可靠性、长耐久性、抗复杂工况的严苛要求。人形机器人旋变市场规模有望远超传统旋变市场空 间。我们认为出于人形机器人的抗冲击性要求和寿命要求，人形机器人将会应用旋转变压器用来替代编码 器。我们预测到2030年人形机器人旋变市场规模有望达到61.5亿元，到2035年有望达到471.0亿元市场 规模，2026-2035年CAGR为85.9%。 卫星发射数量快速上升，带动航天领域旋变市场放量。从发射计划数据看，SpaceX将在2033年完成4.2万 颗发射，国网星座将在2035年前发射1.3万颗，千帆星座将在2030年 ...

Core Viewpoint - Blue Arrow Aerospace has been selected for the first batch of on-site inspections for IPOs in 2026, marking a significant step towards becoming the first commercial aerospace stock in China [1] Company Overview - Blue Arrow Aerospace was established in June 2015 and is primarily engaged in the research, development, and production of liquid oxygen-methane engines and launch vehicles, providing commercial rocket launch services [1][3] - The company has not yet achieved profitability, with an accumulated loss of approximately 4.84 billion yuan as of June 30, 2025 [1][6] - The main revenue sources include rocket launch services and technology development services, with a high customer concentration [1][4] Financial Performance - Revenue from rocket launch services for the years 2022 to 2025 (first half) was recorded as 0, 2.2875 million yuan, 0, and 35.69 million yuan respectively, while technology development service revenue was 727,300 yuan, 264,300 yuan, 2.9142 million yuan, and 0 yuan [4] - The company reported losses of approximately 820 million yuan, 1.22 billion yuan, 916 million yuan, and 635 million yuan during the same periods [6] IPO and Fundraising - Blue Arrow Aerospace plans to raise 7.5 billion yuan through its IPO, with 2.77 billion yuan allocated for reusable rocket capacity enhancement and 4.73 billion yuan for technology improvement projects [2][7] - The company has undergone nine rounds of capital increases since 2022, with the largest single financing of 1.22 billion yuan occurring in December 2023, valuing the company at approximately 17.7 billion yuan [6] Market Potential - The global demand for commercial launch services is expected to grow significantly, with over 60,000 satellites planned for deployment in China, indicating a vast market opportunity for commercial launch vehicles [8] - The company anticipates that as the business develops, inventory levels will increase, with a current inventory balance of approximately 1 billion yuan [8]

Core Viewpoint - Blue Arrow Aerospace is making a significant move towards becoming the first publicly listed commercial aerospace company in China by submitting its IPO application, despite currently being in a loss-making position [1][6]. Company Overview - Founded in 2015, Blue Arrow Aerospace focuses on the research, development, and production of liquid oxygen-methane engines and launch vehicles, as well as providing commercial rocket launch services [3]. - The company aims to raise 7.5 billion yuan through its IPO, with funds allocated for enhancing reusable rocket capacity and technology [3]. Financial Performance - Blue Arrow Aerospace has reported cumulative losses of approximately 3.465 billion yuan from 2022 to the first half of 2025 [5][6]. - Revenue figures for the reporting period are as follows: 782,900 yuan in 2022, 3.9521 million yuan in 2023, 4.2783 million yuan in 2024, and 36.4319 million yuan in the first half of 2025 [6]. - The net profit figures for the same periods are -800.4 million yuan, -1.188 billion yuan, -876 million yuan, and -597 million yuan respectively [6]. Research and Development - The company has invested approximately 2.289 billion yuan in R&D over three and a half years, with annual R&D expenses of 487 million yuan, 830 million yuan, 613 million yuan, and 360 million yuan [7]. - As of June 30, 2025, Blue Arrow Aerospace employed 404 R&D personnel, accounting for 33.28% of its total workforce [7]. Market Context - The commercial aerospace sector is experiencing accelerated competition for IPOs, with several companies, including Yixin Aerospace and Star River Power, also in the listing guidance phase [8]. - The market is expected to grow significantly due to the expanding applications of satellites in communication, navigation, and remote sensing, particularly in 5G and IoT sectors [8]. Policy Support - Since 2025, favorable policies have been introduced to support the IPOs of commercial rocket companies, including the expansion of the fifth set of standards for the Sci-Tech Innovation Board [9]. - The National Space Administration's action plan for 2025-2027 emphasizes the development of low-cost, reliable, and reusable commercial launch vehicles [9]. Investment Challenges - The commercial aerospace industry faces high investment requirements and long return cycles, which place significant demands on companies' financial resources [10]. - Companies must navigate a complex triangle of technological reliability, cost control, and business model innovation to succeed in the market [10].

Core Viewpoint - The commercial aerospace sector is experiencing a significant surge, with multiple stocks seeing substantial gains following the acceptance of Blue Arrow Aerospace's IPO application on the STAR Market, marking a pivotal moment for the industry [1] Group 1: Stock Performance - Asia Pacific Satellite (01045) increased by 24.82%, reaching HKD 3.47 [1] - Aerospace Holdings (00031) rose by 18.33%, trading at HKD 0.71 [1] - Goldwind Technology (02208) saw an 11.41% increase, priced at HKD 14.94 [1] Group 2: IPO Developments - Blue Arrow Aerospace's IPO application was accepted on December 31, 2025, making it the first company to be accepted under the expanded fifth set of listing standards on the STAR Market [1] - Since June 2025, several commercial aerospace companies, including Yixin Aerospace, Zhongke Aerospace, Weina Starry Sky, Tianbing Technology, and Xinghe Power, have submitted guidance materials in preparation for entering the capital market [1] Group 3: Industry Outlook - Shanxi Securities indicates that allowing companies with core technologies but no profits to list for financing suggests a governmental intent to direct funds towards the commercial aerospace industry [1] - The commercial aerospace sector is recognized as a key strategic focus for the nation, entering a new development phase with increasing strategic significance [1] - Future applications from related companies are expected to intensify, injecting long-term growth momentum into the industry chain [1]

Core Viewpoint - Blue Arrow Aerospace has received approval for its IPO application on the Shanghai Stock Exchange, aiming to raise 7.5 billion yuan, shortly after the exchange's new guidelines for commercial rocket companies were released [1][2]. Company Summary - Blue Arrow Aerospace is a leading commercial aerospace company in China, focusing on the research, production, and launch services of liquid oxygen-methane engines and rockets. The company aims to establish a full industry chain centered around medium to large reusable liquid oxygen-methane launch vehicles [2]. - The company's revenue from 2022 to 2024 was 780,000 yuan, 3.95 million yuan, and 4.28 million yuan, respectively, with net losses of 800 million yuan, 1.188 billion yuan, and 876 million yuan. In the first half of 2025, the company reported revenue of 36.43 million yuan and a net loss of 597 million yuan [2]. - The Zhuque-2 series medium liquid oxygen-methane rocket has entered mass production and commercial use, while the Zhuque-3 medium to large reusable rocket is set to make its maiden flight on December 3, 2025, marking China's first attempt at first-stage recovery [2]. Industry Summary - Since June 2025, the capital market for commercial aerospace has accelerated, with several companies, including Blue Arrow Aerospace, preparing to enter the market. The A-share commercial aerospace sector has seen a significant increase, with the index rising by 52.32% as of December 31, 2025 [4]. - The industry is experiencing a rapid capitalizing process, driven by breakthroughs in reusable rocket technology and an increase in low-orbit satellite launches, which are facilitating a more frequent and normalized launch schedule [4]. - By the end of 2025, several new commercial rocket models are expected to have their maiden flights or recovery tests, potentially leading to a transformative phase in China's rocket recovery era in 2026 [4].

Core Viewpoint - The new IPO regulations for commercial rocket companies have been implemented, leading to a significant surge in the commercial aerospace sector in the A-share market, with multiple companies experiencing substantial stock price increases [1][4]. Group 1: Market Performance - The commercial aerospace sector saw a collective rise, with notable stock performances: Chaojie Co. up by 16.96%, Guangwei Composites up by 14.37%, and other companies like Wu Zhi Machinery and Aerospace Hanyu also showing gains of over 13% [2][1]. - Year-to-date, the commercial aerospace sector index has surged over 71% [2]. Group 2: Regulatory Changes - On December 26, the Shanghai Stock Exchange released guidelines for the listing of commercial rocket companies on the Sci-Tech Innovation Board, detailing requirements for business scope, technological attributes, and milestone achievements [4][5]. - The guidelines emphasize the need for companies to demonstrate significant technological advantages and successful milestones in reusable rocket technology [5]. Group 3: Industry Context - The policy comes at a pivotal moment for China's commercial aerospace industry, with new generation reusable rockets like "Zhuque-3" and "Long March 12" set to complete critical tests by December 2025, indicating substantial technological advancements [7]. - The demand for launch capabilities is expected to grow due to large-scale satellite internet projects, such as "Guowang" and "G60 Starlink" [7]. Group 4: IPO Progress of Companies - Several companies are in various stages of IPO preparation, including Blue Arrow Aerospace, which has completed its IPO counseling with an estimated valuation of around 22 billion yuan, and Tianbing Technology, which is currently in counseling with an estimated valuation of 22.5 billion yuan [8][7]. - Other companies like Xinghe Power and Zhongke Aerospace are also in the counseling phase, indicating a robust pipeline for future IPOs in the commercial aerospace sector [8]. Group 5: Industry Chain Beneficiaries - The refined IPO standards and accelerated capital processes are expected to benefit companies within the commercial rocket supply chain, particularly those with stable partnerships and the ability to supply key components [11][9]. - Short-term market sentiment may focus on sectors like rocket structural components, engine materials, and aerospace electronics, while long-term beneficiaries are likely to be those with established production capabilities [11].

Core Viewpoint - The commercial aerospace sector in China is accelerating its pace towards capital markets, with Blue Arrow Aerospace completing its IPO counseling acceptance and preparing to submit its prospectus, aiming to become the first commercial aerospace stock on the Sci-Tech Innovation Board [1][2] Group 1: Industry Developments - Blue Arrow Aerospace is regarded as the leading domestic competitor to SpaceX, completing its counseling acceptance in approximately five months after initiating the process [2] - The China Securities Regulatory Commission (CSRC) has opened a pathway for commercial aerospace companies to list on the Sci-Tech Innovation Board, allowing firms with core technologies but not yet profitable to raise funds [2][3] - Several prominent companies are also pursuing IPOs, including Weina Starry Sky and Xinghe Power, indicating a crowded listing preparation phase [2] Group 2: Technical Challenges - Despite advancements in capital, the industry faces significant technical challenges, particularly in the high-value area of reusable rockets, where Blue Arrow's recent launch experienced issues with the recovery phase [4] - The industry is characterized by low tolerance for errors and high uncertainty in technological iterations, as evidenced by setbacks faced by other companies like Xinghe Power [4] - Continuous and substantial funding is required to match international standards in developing larger capacity rockets and improving launch and testing infrastructure [4] Group 3: Future Outlook - The completion of counseling acceptance by Blue Arrow Aerospace marks the beginning of a competitive race for the title of "first commercial aerospace stock" on the Sci-Tech Innovation Board, but the focus will shift to achieving a balance between technology and profitability [5]

Core Viewpoint - The news highlights the completion of the IPO counseling for Blue Arrow Aerospace, positioning it to become the first publicly listed company in the commercial aerospace sector in China, with a focus on reusable liquid oxygen-methane rocket technology [1][2][3]. Company Overview - Blue Arrow Aerospace, founded in 2015, is one of the earliest private rocket companies in China, focusing on a full industry chain centered around medium to large liquid oxygen-methane launch vehicles [3][12]. - The company successfully launched the world's first liquid oxygen-methane rocket, Zhuque-2, in July 2023, and its Zhuque-3 rocket completed its maiden flight on December 3, 2025, marking significant advancements in reusable rocket technology [4][13]. IPO and Market Position - The IPO counseling for Blue Arrow Aerospace was completed on December 3, 2025, with the expectation to submit the prospectus soon, aiming to be the first commercial aerospace stock on the Sci-Tech Innovation Board [2][12]. - Following Blue Arrow's IPO counseling initiation on July 29, 2025, several other commercial aerospace startups are also preparing for IPOs, indicating a collective push towards capital market entry [2][19]. Technological Advancements - Blue Arrow's Zhuque-3 rocket is designed for reusability, featuring a stainless steel structure and capable of returning to a recovery site for soft landing, with a target of reducing launch costs to below 20,000 RMB per kilogram [5][15]. - The company has achieved full domestic production for key components of the Zhuque-3, including the engine and control systems, which is crucial for cost reduction and operational efficiency [5][14]. Industry Context - The commercial aerospace sector in China is experiencing a wave of capital interest, with Blue Arrow having raised over 500 million RMB in its early years and currently valued at 20 billion RMB [19]. - The competitive landscape is characterized by a significant gap in launch capacity between China and the U.S., with U.S. companies like SpaceX having a much higher payload capacity compared to China's current capabilities [6][15].

Group 1 - The core viewpoint of the news is that Beijing Xinghe Power Aerospace Technology Co., Ltd. has completed its IPO guidance filing, indicating a rapid acceleration in the capitalization process of China's commercial aerospace sector under supportive policies [1] - Xinghe Power, established in 2018, is the first private commercial rocket company in China to achieve mass production and high-density launches of rockets [1] - The company has successfully launched 85 commercial satellites for 27 clients, holding the record for the highest number of launches, clients served, and satellites launched among private rocket companies in China, with a success rate of 51.3% of all successful launches in the private sector [1] Group 2 - In terms of core technology innovation, Xinghe Power has independently developed its main systems and components [2] - The company has established comprehensive facilities that support the entire process from research and development to production, testing, and launch, providing ample capacity for production enhancement [2] - Xinghe Power has implemented a robust quality management and safety control system that covers all processes including rocket design, production, testing, storage, transportation, and launch [2] - The product layout includes a complete matrix of products that cater to various launch service scenarios, including commercial micro-satellites and medium to large constellation launches [2] - The mass-produced "Gushenxing No. 1" targets the micro-satellite market, while the upcoming "Gushenxing No. 2" is designed for medium constellation needs, and the "Zhishenxing" series aims at large constellation launches with high reliability and low cost [2]