有这样一家商业航天公司——中国技术集团(01725)，是香港联合交易所主板上市公司，立足粤港澳大湾区，专注航天科技与高端制造领域。总部设于中国 广州，并在中国北京、中国香港及阿联酋迪拜设有多个分支机构，初步构建起辐射中东北非、联动国内外的业务网络。从前端卫星研制到末端应用消费的全 链条、全球布局，中国技术集团也因此被认为是中国商业航天出海第一股。 中国技术集团聚焦航天工业同时，正在布局储能工业和精密智造板块。 商业航天爆发期 2025年底，国家航天局先后印发商业航天三年行动计划并设立商业航天司。行动计划中明确，到2027年，商业航天产业生态高效协同，科研生产安全有序， 产业规模显著壮大，创新创造活力显著增强，资源能力实现统筹建设和高效利用。 围绕上述目标，《行动计划》明确增强创新创造动能、高效利用能力资源、推动产业发展壮大、做好行业管理服务、加强全链条安全监管等五方面22项重点 举措。《行动计划》提出，引导培育耐心资本。完善商业航天发展投融资体制机制，设立国家商业航天发展基金，鼓励地方政府、金融机构、社会资本联合 成立投资平台，引导资本坚持做长期投资、战略投资、价值投资。 当前我国商业航天企业数量超600家， ...

从蓝箭朱雀三首飞看后续商业航天投资机会 20251207 摘要 蓝箭公司可回收火箭测试成功，标志着其具备规模化发射能力，或将加 速科创板上市进程，超出市场预期，未来数月多家火箭公司将进行类似 测试，构成重要投资方向。 SpaceX 估值快速增长至 8,000 亿美元，得益于商业场景拓展至天上算 力和深空经济，预示美国资本市场对太空经济的高度认可，中国需加速 发展以争取全球领先地位。 商业航天产业链关键环节包括火箭发射企业（如蓝箭、长 12 甲）、卫 星及其应用（如上海港湾的太阳翼能源系统）、外延片制造商（如干照 光电）和衬底企业（如云南锗业）。 星网一代增强型卫星已启动招标，预计 2026 年底进入部署阶段，二代 实验星明年初发射验证，中期启动招标，元信公司计划融资以支持卫星 发射，未来两年卫星需求庞大。 算力上天需求显著提升商业航天规模，StarCloud 和北京轨道晨光分别 计划到 2030 年和 2035 年实现百吉瓦和 16 吉瓦算力上天，技术突破是 关键，未来两三年将有更多实验卫星验证。 Q&A 近期商业航天领域的投资机会和市场前景如何？ 商业航天目前正处于一个初步认知阶段，类似于 2024 年年底 ...

Core Insights - The company, Shengbang Security (688651.SH), has announced its "integrated air-space-ground" security strategy, establishing partnerships with key enterprises across the industry chain, including satellite manufacturing, communication operations, and terminal applications [2] Strategic Developments - The company has made strategic investments in satellite manufacturing unicorn, Weina Starry Sky, and satellite communication equipment provider, Xingzhan Measurement and Control, to deepen cooperation in satellite internet security, low-altitude economy scenarios, and emergency rescue [2] - These collaborations lay a solid foundation for future participation in satellite constellation construction and the expansion of satellite application scenarios [2] Future Focus - The company will continue to focus on core aspects of satellite internet and deepen investment cooperation within the industry chain, exploring new directions such as 6G and cloud computing [2] - Recent years have seen increased R&D investment aimed at consolidating technological barriers and broadening the product matrix to meet the demands of integrated air-space-ground development [2] R&D Priorities - R&D efforts are concentrated in three core areas: 1. Deepening the core technology system, focusing on the iteration of advantageous technologies such as vulnerability and weakness detection, and application security defense [2] 2. Layout in emerging sectors, with R&D resources prioritized for satellite internet security, including the recent launch of a 200G high-speed link encryption gateway product [2] 3. Enhancing the integration of AI and cybersecurity in research and development [2]

Summary of Key Points from the Conference Call on Commercial Aerospace and Satellite Internet Industry Overview - The commercial aerospace industry is experiencing multiple turning points, driven by increased policy support and positive performance changes in key companies during Q3 2025, indicating an acceleration in industry development [1][2][12]. Core Insights and Arguments - **Turning Points in Commercial Aerospace**: Three turning points identified include: 1. **Policy Support**: The establishment of commercial aerospace agencies announced by the State Council [2]. 2. **Performance Changes**: Positive Q3 performance from key beneficiary companies [2]. 3. **Technological Developments**: Focus on reusable rocket technology and NTN standard systems, with several domestic companies planning intensive launches by the end of 2025 [2][6]. - **Global Competition in Reusable Rocket Technology**: - SpaceX's Falcon 9 and Starship are operational, while Blue Origin's New Glenn has achieved first-stage recovery [3][4]. - Domestic companies like Blue Arrow are also preparing for multiple launches, marking a new phase in global commercial aerospace [1][3]. - **Challenges in Computing Power in Space**: - Issues such as bandwidth limitations, complex space environments, and equipment depreciation pose challenges for deploying computing power in space, necessitating exploration of solutions [5]. - **2026 Commercial Aerospace Outlook**: - The first year of the "15th Five-Year Plan" is expected to see significant changes, including reduced satellite launch costs and increased launch capacity due to the intensive launch schedule of domestic companies [6][12]. - **Significance of Zhuque 3 Launch**: - Zhuque 3, a commercial rocket, launched ahead of state-backed projects, showcasing advancements in domestic aerospace technology and boosting confidence in the sector [7][8]. Additional Important Insights - **Global and Chinese Launch Performance**: - As of November 2025, there have been 277 global orbital launches, with China leading in numbers, having completed 72 launches, surpassing the total for the previous year [9][12]. - **SpaceX Starship Testing Progress**: - SpaceX's Starship project has faced challenges but is crucial for the Artemis program and the global heavy-lift market, highlighting the difficulties even leading companies face in technological innovation [10]. - **Recent Breakthroughs in China's Reusable Rocket Technology**: - Significant advancements have been made, with companies like Blue Arrow achieving rapid progress in developing reusable rockets, aiming to reduce launch costs by 80-90% [11]. - **Policy Support in the US and China**: - Both countries have implemented supportive policies for the commercial aerospace sector, enhancing the industry's competitiveness and commercialization [12]. - **Key Technologies of Blue Origin's New Glenn Rocket**: - New Glenn features a height of 98 meters and a payload capacity of over 50 tons, designed for reusability to lower overall launch costs [13][14]. - **Challenges Faced by Rocket Lab**: - Rocket Lab's Neutron rocket development has been delayed, with plans for a 2026 launch, emphasizing the need for innovative designs to reduce costs [15]. - **Current Status of Domestic Private Rocket Companies**: - These companies have developed a robust ecosystem, with leading firms achieving multiple successful launches and diversifying their technological approaches [16]. - **Launch Site Resource Constraints**: - There is a shortage of launch site resources in China, prompting expansions and new constructions to meet growing demand [17]. - **Investment Directions in the Rocket Industry**: - The rocket industry value chain includes high-tech materials, manufacturing, and launch services, with potential investment opportunities in companies preparing for IPOs [18].