本报记者 郭冀川 1月23日至25日，2026北京国际商业航天展览会（以下简称"展览会"）在北京亦庄北人亦创国际会展中 心举办。《证券日报》记者深入展馆探访，目之所及的每一件展品，都生动勾勒出商业航天产业蓬勃跃 动的发展脉络。 深空探测器的精密核心部件纹理清晰可见，可重复使用火箭发动机的工业质感扑面而来，低轨卫星星座 的实时数据图表在屏幕上动态流转，太空漫游的沉浸式模拟演示让人仿佛置身于浩瀚星际——展馆里的 每一件展品，皆是商业航天发展的鲜活见证，它们无声却有力地印证着：中国商业航天已跨越技术验证 的萌芽阶段，正以产业化发展的全新姿态，持续拓展人类探索太空的想象与实践边界。 国家航天局公布的数据显示，2025年，我国商业航天保持高速发展态势，全年完成发射50次，占我国全 年宇航发射总数的54%。去年11月份，国家航天局设立商业航天司，这标志着我国商业航天产业迎来了 专职监管部门，产业链有望全线受益。 政策的护航为商业航天产业的快速发展提供了坚实有力的支撑。据展览会组委会公布，本届展览会吸引 了来自海内外的300余家商业航天企业及产业链相关机构参展，展品覆盖运载火箭、卫星制造、航天应 用、航天服务与配套、航天投 ...

Core Viewpoint - Xi'an Xintong Pharmaceutical Research Co., Ltd. (referred to as "Xintong Pharmaceutical") is making a second attempt to list on the Sci-Tech Innovation Board (STAR Market) after its previous IPO registration expired without issuance. The company has core products that have been launched, but it has not yet achieved profitability. The fundraising amount has decreased from 12.79 billion RMB to 9 billion RMB compared to the previous IPO attempt, and there is a significant reduction in R&D expenses expected in 2024 [1][3][6]. Company Overview - Xintong Pharmaceutical is a high-tech enterprise focused on drug research and development for over 20 years, specializing in major liver diseases such as hepatitis B, metabolic dysfunction-related fatty liver disease, and liver cancer [3]. - The company has developed a competitive position in the liver disease new drug development sector and has eight core products for liver disease treatment, with one product already approved for sale [7]. IPO History - The company’s first IPO attempt was accepted on December 6, 2021, but faced delays and ultimately failed to issue shares due to the expiration of the registration approval [3][4]. - The current IPO application has been accepted, and the company aims to meet the fifth listing standard of the Shanghai Stock Exchange, which requires a market value of no less than 40 billion RMB and at least one core product approved for phase II clinical trials [4][5]. Financials - The expected net profits for Xintong Pharmaceutical from 2022 to the first half of 2025 are projected to be negative, with cumulative unabsorbed losses amounting to 34.68 million RMB as of June 2025 [4]. - The company’s operating revenues from 2022 to the first half of 2025 are approximately 1.1 million RMB, 11.98 million RMB, 3.02 million RMB, and 9.77 million RMB, respectively [8]. Fundraising and Use of Proceeds - The company plans to raise 9 billion RMB in this IPO, with allocations of 5 billion RMB for new drug R&D, 2 billion RMB for the construction of an innovative drug production base, and 2 billion RMB for working capital [6]. - Compared to the previous IPO, the funding for new drug R&D has significantly decreased, while the funding for the production base has seen a slight increase [6]. R&D Expenses - R&D expenses for Xintong Pharmaceutical are expected to decline sharply in 2024, with figures of 53.23 million RMB, 62.10 million RMB, and 26.08 million RMB for 2022, 2023, and 2024, respectively [9]. - The decrease in R&D expenses is attributed to reduced trial costs and amortization expenses, which may impact the progress of new drug development and core competitiveness [9][10].

Market Performance - The Hang Seng Index rose by 2.18% to 26,189.79 points, while the Hang Seng Tech Index increased by 3.38% to 5,702.56 points [1] - The China Enterprises Index gained 2.26% to 9,115.17 points, and the Red Chip Index was up by 1.04% to 4,057.23 points [1] Major Technology Stocks - Alibaba-W increased by 3.15%, Tencent Holdings rose by 3.01%, JD Group-SW went up by 2.69%, and Xiaomi Group-W gained 2.44% [3] - NetEase-S surged by 5.87%, Meituan-W rose by 1.55%, Kuaishou-W increased by 3.13%, and Bilibili-W gained 2.64% [3] - Baidu Group-SW saw a significant increase of 7.45%, with its subsidiary Kunlun Chip submitting a listing application to the Hong Kong Stock Exchange [3] Semiconductor Sector - Hua Hong Semiconductor experienced a strong performance, rising by 9.89% [3] - The company announced plans to acquire 97.4988% of Huali Micro's shares for a transaction value of 8.268 billion RMB, with a fundraising target of 7.556 billion RMB [3] Power Equipment Sector - Goldwind Technology saw a substantial increase of over 17% [3] - Blue Arrow Aerospace's IPO application was accepted by the Shanghai Stock Exchange, aiming to become the first commercial rocket company listed on the Sci-Tech Innovation Board [3] Wall Street Technology - Wall Street Technology's first-day listing saw a surge of over 72% [4] - The public offering phase received a staggering 2,347.53 times subscription, with 49.5386 million shares allocated, representing approximately 17.39% of the total shares offered [4] - The international placement phase also saw significant interest, with 23.5308 million shares allocated, equivalent to 82.61% of the total shares offered [4]

Core Viewpoint - JinWind Technology (02208) saw its stock price rise by 5.82% to HKD 14.19, with a trading volume of HKD 15.606 million, following the news of Blue Arrow Aerospace's IPO application acceptance on the Sci-Tech Innovation Board, marking a significant step for commercial space ventures in China [1][5]. Group 1 - Blue Arrow Aerospace's IPO application has been accepted, aiming to become the "first commercial rocket stock" on the Sci-Tech Innovation Board [1][5]. - The company is currently in a loss-making state and plans to adopt the fifth set of listing standards for its IPO, which now includes the commercial aerospace sector [1][5]. - JinWind Technology holds an 8.3% stake in Blue Arrow Aerospace, indicating a strategic investment in the burgeoning commercial space industry [1][5]. Group 2 - Blue Arrow Aerospace was established in 2015 and is one of the first private commercial rocket companies in China [1][5]. - In 2023, Blue Arrow's Zhuque-2 rocket successfully entered orbit, becoming the world's first liquid methane rocket to achieve this milestone [1][5]. - The Zhuque-3 rocket is scheduled for its first flight test from October 18 to 20, 2025, at the Dongfeng Commercial Aerospace Innovation Test Area [1][5].

Group 1 - JinWind Technology (金风科技) opened over 4% higher, currently up 4.4% at 14 HKD, with a trading volume of 1.3412 million HKD [1] - On December 31, the Shanghai Stock Exchange announced that Blue Arrow Aerospace Technology Co., Ltd.'s IPO application for the Sci-Tech Innovation Board has been accepted, marking a significant step towards becoming the "first commercial rocket stock" [1] - Blue Arrow Aerospace is currently in a loss position and plans to list under the fifth set of standards on the Sci-Tech Innovation Board, which has now expanded to include the commercial aerospace sector [1] Group 2 - JinWind Technology holds an 8.3% stake in Blue Arrow Aerospace [1] - Blue Arrow Aerospace, established in 2015, is one of the first private commercial rocket companies in China [1] - In 2023, Blue Arrow's Zhuque-2 Yao-2 rocket successfully entered orbit, becoming the world's first liquid methane rocket to achieve this milestone [1]

Core Viewpoint - Jinpeng Technology (02208) experienced a significant stock increase of over 4%, closing at 14 HKD with a trading volume of 1.3412 million HKD, following the news of Blue Arrow Aerospace's IPO acceptance on the Sci-Tech Innovation Board, marking a milestone for commercial rocket companies in China [1] Group 1: Company Information - Jinpeng Technology holds an 8.3% stake in Blue Arrow Aerospace, which is currently in a loss-making state but is pursuing an IPO under the fifth set of standards on the Sci-Tech Innovation Board [1] - Blue Arrow Aerospace, established in 2015, is one of the first private commercial rocket companies in China and successfully launched its Zhuque-2 rocket, becoming the world's first liquid methane rocket to reach orbit [1] Group 2: Industry Developments - The acceptance of Blue Arrow Aerospace's IPO application signifies the expansion of the Sci-Tech Innovation Board's fifth set of listing standards to include the commercial aerospace sector [1] - The Zhuque-3 rocket is scheduled to complete its first flight test phase from October 18 to 20, 2025, indicating ongoing advancements in China's commercial space industry [1]

Core Viewpoint - The Shanghai Stock Exchange has officially released guidelines for commercial rocket companies to apply for IPOs under the Sci-Tech Innovation Board, marking a significant step in expanding the fifth set of listing standards to the commercial aerospace sector [1] Group 1: Policy and Market Impact - The new guidelines indicate a growing acceptance of unprofitable hard tech sectors in the A-share IPO market, reflecting a policy shift that supports the commercialization of hard technology [1][2] - The fifth set of listing standards is characterized by greater inclusivity, moving away from strict revenue and profit requirements to a valuation and R&D-based assessment, with a minimum market value of 4 billion yuan and a focus on core technological breakthroughs and phased achievements [1][2] Group 2: Industry Development - The guidelines specify that commercial rocket companies must achieve significant milestones, such as successfully launching a medium to large reusable rocket with payload into orbit, which aligns with the practical needs of hard tech companies seeking capital market entry [2] - The commercial aerospace sector is experiencing a surge in companies preparing for IPOs, with several firms like Blue Arrow Aerospace and others expected to complete their IPO guidance by the second half of 2025, indicating a rapid development phase driven by capital and technological advancements [3] Group 3: Market Trends - Emerging sectors such as innovative pharmaceuticals, artificial intelligence, and commercial aerospace are attracting significant capital interest, with these industries expected to have trillion-yuan market potential, moving beyond mere speculative concepts [3]

Core Viewpoint - The article highlights the recent favorable policies for the commercial aerospace sector in China, emphasizing the dual support from government initiatives and capital markets to accelerate the industry's development [2][5]. Group 1: National Venture Capital Fund - The National Development and Reform Commission and the Ministry of Finance have launched policies for the National Venture Capital Fund, focusing on key economic regions such as Beijing-Tianjin-Hebei, the Yangtze River Delta, and the Guangdong-Hong Kong-Macau Greater Bay Area [3]. - The fund aims to support cutting-edge industries, including integrated circuits, artificial intelligence, biomanufacturing, future energy, and explicitly includes commercial aerospace, highlighting its core position in the national hard technology industry layout [3]. Group 2: Special Implementation Guidelines for the Sci-Tech Innovation Board - The introduction of special guidelines for the Sci-Tech Innovation Board provides a "green channel" for commercial aerospace companies to access the capital market [4]. - These guidelines are the first to focus on a single industry since the reactivation of the fifth set of listing standards, which previously included support for artificial intelligence, low-altitude economy, and commercial aerospace [4]. Group 3: Current Industry Development and Market Dynamics - The commercial aerospace sector is at a critical development juncture, with simultaneous support from policies and capital markets being timely [5]. - Leading companies in the sector, such as Tianbing Technology, Blue Arrow Aerospace, and Xinghe Power, are in the IPO guidance phase, and the new guidelines will provide clear policy direction to expedite their market entry [5]. - The domestic commercial aerospace industry is transitioning from technological breakthroughs to commercial service, paralleling the semiconductor industry's trajectory from 2020 to 2024, where the Sci-Tech Innovation Board provided significant capital support [5]. Group 4: Strategic Importance of Commercial Aerospace - The recent "14th Five-Year Plan" has incorporated commercial aerospace into the top-level design, establishing the goal of building a "strong aerospace nation," indicating its elevation to a national strategic level [6]. - As a strategic industry that integrates cutting-edge technology, large market scale, and extensive industrial chains, commercial aerospace is expected to become a significant industrial cluster supporting national economic development, akin to shipbuilding, mobile phones, and automobiles [6].

Core Viewpoint - The release of the "Guidelines" by the Shanghai Stock Exchange supports commercial rocket companies to list on the Sci-Tech Innovation Board under the fifth set of listing standards, enhancing the capital market's inclusivity and adaptability for the commercial aerospace sector [1][2]. Group 1: Guidelines Overview - The "Guidelines" detail four main areas for commercial rocket companies to qualify for the fifth set of listing standards [2]. - The first area emphasizes significant technological advantages, requiring companies to have key core technologies and notable breakthroughs in their business of "independent research, manufacturing, and launch services for commercial rockets" [2][3]. - The second area specifies that companies must achieve a milestone of successfully launching a medium to large reusable rocket payload into orbit before applying [3]. - The third area mandates that companies obtain necessary approvals from relevant national departments during the research and manufacturing process [3]. - The fourth area outlines market space requirements, stating that companies should hold a leading position in the industry and have a clear target market with competitive advantages [3]. Group 2: Industry Implications - The commercial rocket sector is at a critical stage of large-scale commercialization, necessitating support from the capital market due to high technical complexity, significant funding needs, and long R&D cycles [4]. - The "Guidelines" provide an important financing channel for companies in their growth phase, addressing funding bottlenecks during capacity ramp-up and engineering validation [5]. - The capital influx is expected to accelerate technological advancements and enhance collaboration across upstream and downstream sectors, contributing to the development of a robust domestic space transportation capability [5]. - The Shanghai Stock Exchange aims to promote the listing of commercial rocket companies that meet the "Guidelines" standards, thereby supporting the development of technology-driven enterprises and enhancing the competitiveness of the capital market [5].

Core Viewpoint - The release of the Shanghai Stock Exchange's guidelines for commercial rocket companies marks a significant step in supporting the IPO process for these firms under the Sci-Tech Innovation Board's fifth listing standard, facilitating the growth of the commercial aerospace sector in China [3][4]. Group 1: Guidelines Overview - The guidelines consist of 14 articles detailing seven key areas for commercial rocket companies to meet the fifth listing standard, focusing on business scope, technological advantages, and industry position [4][5]. - The business scope emphasizes the need for companies to engage in the independent research, manufacturing, and provision of launch services for commercial rockets, highlighting the importance of "hard technology" attributes [4]. - Companies must demonstrate significant advantages in core technologies and have achieved key milestones, such as successfully launching a medium to large reusable rocket [4][6]. Group 2: Industry Position and Market Space - The guidelines require commercial rocket companies to hold a leading position in the industry, gaining recognition from relevant market participants and attracting investments from experienced institutional investors [5][6]. - Companies must have a clear target market for their products, showcasing a competitive edge over rivals in terms of research and development progress and key performance indicators [6]. Group 3: Current Market Developments - Following the implementation of the "1+6" reform measures by the China Securities Regulatory Commission, several commercial aerospace companies, including Blue Arrow Aerospace and others, have initiated IPO counseling [7][8]. - Blue Arrow Aerospace has recently updated its IPO counseling status to acceptance, indicating progress in its listing process [8][9]. - The commercial aerospace sector is experiencing rapid industrialization, with significant advancements in liquid engine technology and the establishment of satellite production systems [9][10].