在科技创新大潮奔涌向前的今天，商业航天的火箭轰鸣与半导体产业的芯片律动，共同勾勒出中国硬科 技崛起的鲜明轨迹。从北京亦庄"火箭大街"的研发攻坚到酒泉发射场的冲天而起，中国商业航天正迈入 关键突破期；从高纯半导体材料的技术攻关到核心设备的自主可控，半导体产业正加速突破"卡脖子"瓶 颈。对于深耕前沿领域的科创企业而言，技术攻关之路布满荆棘，资金的及时补给与专业的金融陪伴， 是突破发展困境、逐梦前行的关键力量。 民生银行成立30年来，始终坚守"服务大众，情系民生"的企业使命，与国家战略同频共振，用专业相伴 企业发展。近年来，该行将科技金融纳入全行中长期战略核心，以"全周期、全产品、全场景、全数 字、全链条"的"五全"服务模式为指引，精准把握产业发展脉搏，通过体系化、数智化、专业化的战略 部署，为商业航天与半导体等硬核科技产业高质量发展保驾护航。 全周期支持商业航天企业发展 民生银行与商业航天企业的深度共振，得益于其体系化的科技金融服务能力，而这一成熟经验也被精准 复制并适配到半导体赛道。针对半导体产业"长周期、高投入、高技术壁垒、轻资产"的核心特性，该行 将其列为科技金融重点布局领域，延续全生命周期服务理念，为半导 ...

记者丨王达毓 编辑丨蒋韵 视频丨许婷婷 2025年以来，商业航天赛道火力全开。 根据国家航天局数据，2025年我国共完成50次商业航天发射，占全年宇航发射总数的54%。 市场的火爆直观反映在资本市场。 1月23日，商业航天概念反复活跃，28只概念股涨停，瑞华泰、乾照光电、飞沃科技、臻镭科技、东方日升等7股20CM涨 停，中国卫星、航天电子、西部材料、钧达股份等同步涨停。 2025年，商业航天指数（886078.TI）上涨73.13%。其中2025年底启动的行情更使其成为市场"最靓的崽"。 国家队与航天央企的传统主导格局被打破，赛道商业化进程提速，不仅吸引大批VC加码布局，资本市场也迎来不少新的入 局者，产业资本密集入场。 根据投中嘉川CVSource数据，CVC投资商业航天企业事件数由2023年的19起增长至2025年的35起，近乎翻倍。 上述35起事件中，种子轮和天使轮共9起，A轮及A轮系列（包括Pre-A轮、A轮、A+轮）共16起，而2024年投向种子轮、天 使轮、A轮的事件仅为15起。无论从绝对值还是比例来说，2025年CVC投向商业航天都出现了更加投早、投小的趋势。 从被投企业所在地看，北京表现最为突 ...

视频 丨许婷婷 2025年以来，商业航天赛道火力全开。 记者丨王达毓 编辑丨蒋韵 根据国家航天局数据，2025年我国共完成50次商业航天发射，占全年宇航发射总数的54%。 市场的火爆直观反映在资本市场。 1月23日， 商业航天概念反复活跃， 28只概念股涨停 ，瑞华泰、乾照光电、飞沃科技、臻镭 科技、东方日升等7股20CM涨停，中国卫星、航天电子、西部材料、钧达股份等同步涨停。 2025年， 商业航天指数（886078.TI）上涨73.13%。 其中2025年底启动的行情更使其成为市 场"最靓的崽"。 国家队与航天央企的传统主导格局被打破，赛道商业化进程提速，不仅吸引大批VC加码布 局，资本市场也迎来不少新的入局者，产业资本密集入场。 根据投中嘉川CVSource数据，CVC投资商业航天企业事件数由2023年的19起增长至2025年的 35起， 近乎翻倍。 更值得关注的是，持续加码CVC的并非仅有航天产业背景，制造业、能源、自动化、汽车、 AI等原本不在航天圈内的产业资本，正在"跨界"砸钱入局商业航天。 C V C呈现投早、投小趋势 伴随商业航天由技术突破迈向产业化落地，CVC正在加码商业航天赛道。 从时间维 ...

商报讯(记者叶晓珺)银行业"卷"出新境界——频频"探索"太空。随着招商银行（600036）、浦发银行2颗 卫星成功发射升空，顺利进入预定轨道，意味着太空赛道又有玩家入局。据悉，两颗卫星均隶属于我国 首个全球组网的低轨卫星物联网星座"天启星座"，由国家级专精特新重点"小巨人"企业北京国电高科科 技有限公司自主研发运营。 实际上，此次是招商银行连续第三年发射卫星，其分别于2024年和2025年发射了"招银1号"和"招银2 号"。除了上述两家股份行探索太空以外，平安银行早已将目光投向太空，先后发射了"平安1号"和"平 安2号"物联网卫星。对于银行热衷发射卫星，有业内人士表示，这并非追逐概念热度，而是基于业务升 级、风险防控、服务国家战略等现实需求。 银行业迈向"太空时代" 1月16日，物联网卫星又迎来了两位新成员，分别是招商银行的"招银金葵号"卫星和浦发银行的"浦银数 智"卫星。 其中，前者作为"天启星座"一期系统全球组网增强星，将显著提升星座密度，缩短星座重访间隔，实现 更高频次的全球覆盖通信能力，同时可提升数据传输量，支持更多终端设备并发；后者是"天启星 座"37-40星之一，搭载谷神星一号海射型遥七运载火箭发 ...

Market Performance - The Shanghai Composite Index fell by 0.3%, the Shenzhen Component Index decreased by 1.22%, the ChiNext Index dropped by 1.83%, and the STAR Market Index declined by 1.43% [1][1][1] - Sectors such as satellite internet, CPO, commercial aerospace, and 6G experienced significant declines, while real estate, advanced packaging, and retail sectors saw gains [1][1][1] Technical Indicators - A MACD golden cross signal has formed, indicating potential upward momentum for certain stocks [1][1]

Core Viewpoint - The A-share market has experienced a period of adjustment following a recent continuous rise in indices, with notable corrections in the commercial aerospace sector and active performance in the AI application sector [6][7]. Market Overview - The commercial aerospace sector has shown signs of divergence and adjustment, with multiple companies issuing risk warnings regarding their business activities. This indicates a potential overheating in the sector, prompting calls for improved information disclosure and investor education to guide rational market development [7]. - The AI application sector has benefited from capital inflows as funds from the commercial aerospace sector have shifted towards it. Key concepts such as Generative Engine Optimization (GEO) and AI healthcare have gained traction, with GEO expected to reshape advertising marketing in the AI era, presenting a vast market opportunity [7]. - In the AI healthcare space, there have been significant developments, including increased traffic for Ant Group's AI health assistant and collaborations between OpenAI and major pharmaceutical companies to invest in AI drug research [7]. Policy Adjustments - On Wednesday, the Shanghai and Shenzhen Stock Exchanges announced an adjustment to the financing margin ratio, increasing the minimum margin for investors from 80% to 100%. This change follows a previous reduction in August 2023, aimed at promoting long-term market stability amid recent price increases [8]. Market Outlook - Following a peak trading volume of nearly 4 trillion yuan, the indices are expected to undergo slight adjustments to digest the gains made since December 2022. Future attention will be on the performance of resource and precious metal prices, as well as the impact of AI industry trends on hot topics [10].

Market Overview - The three major A-share indices collectively declined, with the Shanghai Composite Index falling by 0.6% to 4101.52 points [1] - The Shenzhen Component Index decreased by 0.44%, while the ChiNext Index dropped by 1.02% [1] - The North Stock 50 index experienced a significant decline of 2.31% [1] Trading Activity - The total market turnover was 189.52 billion yuan, which represents a decrease of 35.06 billion yuan compared to the previous day [1] - Over 3600 stocks experienced a decline during the trading session [1] Sector Performance - The gold, lithium mining, and other non-ferrous metal sectors saw a counter-trend increase [1] - Hotel and tourism stocks experienced a general rise [1] - Conversely, sectors such as AI applications, military electronics, commercial aerospace, and medical services collectively underwent a correction [1]

Market Overview - The Shanghai Composite Index fell by 0.6%, the Shenzhen Component Index decreased by 0.44%, the ChiNext Index dropped by 1.02%, and the Northern Stock 50 declined by 2.31% [1] - The total market turnover was 1,895.2 billion yuan, a decrease of 350.6 billion yuan compared to the previous day [1] Sector Performance - Precious metals, energy metals, and agricultural chemicals sectors were active, while commercial aerospace and AI application sectors experienced adjustments [1] - The precious metals sector continued to strengthen, with Sichuan Gold hitting the daily limit, and Hunan Silver and Xiaocheng Technology rising nearly 6% [1] - The energy metals sector saw gains, with Huayou Cobalt and Yuanhang Precision increasing over 6% [1] - The agricultural chemicals sector performed well in the morning, with Dongfang Tower rising over 8%, and Baiao Chemical and Lianhua Technology increasing over 7% [1] Notable Declines - The commercial aerospace sector adjusted, with multiple stocks such as Zhongke Xingtou, Tianrun Technology, and Hongxiang Co. falling over 10% [1] - Stocks like Leike Defense, Changjiang Communication, and Aerospace Electronics hit the daily limit down [1] - The AI application sector also faced adjustments, with Tianlong Group, Zhidema, and Hongbo Medicine hitting the daily limit down, and stocks like Tongda Hai and Guangha Communication dropping over 10% [1]

Market Overview - The Shanghai Composite Index experienced a strong rise in the morning, approaching 4200 points, but fell back in the afternoon, closing down 0.31% at 4126.09 points. The Shenzhen Component Index rose 0.56%, and the ChiNext Index increased by 0.82% [1] - The total trading volume in the A-share market reached approximately 4 trillion yuan, setting a new record, surpassing the previous high of 3.7 trillion yuan on January 13 [1] AI Application Sector - The AI application sector continued its active performance, with notable stocks like ZhiDeMai (300785) hitting a 20% limit up, marking an over 80% increase in the last four trading days [2] - Institutions highlighted the broad development potential of AI commercialization, particularly in Generative Engine Optimization (GEO) applications, which are evolving to enhance user interaction and experience [2] - The report emphasized the importance of product implementation with revenue structures in AI applications, suggesting that GEO could adapt to new marketing paradigms in the AI era [2] Semiconductor Sector - The semiconductor sector showed strong performance, with stocks like Canxin (涨近15%) and Jingfeng Mingyuan (涨逾13%) leading the gains [4] - The approval of NVIDIA to export its AI chip H200 to China by the U.S. government was a significant catalyst, with a 25% fee on related transactions [4] - Analysts noted that global semiconductor demand is expected to improve, driven by growth in AI servers and electric vehicles, while cautioning about ongoing high costs in technology-intensive sectors due to U.S. policies [4] Commercial Aerospace Sector - The commercial aerospace sector remained active, with stocks like Qifeng Precision and Liujin Technology seeing significant gains [6] - Recent successful satellite launches, including the Remote Sensing 50 satellite and a batch of low-orbit satellites, have catalyzed interest in the sector [6] - Analysts recommend focusing on satellite manufacturing companies with large-scale production capabilities and commercial rocket companies with advanced technology to address the current launch capacity gap [6]

Market Overview - The total trading volume across three markets reached 2.08 trillion yuan, a decrease of 206.7 billion yuan compared to the previous day, with 4,700 stocks showing gains [2]. Sector Performance - The leading sectors in terms of growth included: - Internet Services: +5.87% - Software Development: +5.59% - Cultural Media: +4.77% - Healthcare Services: +3.94% - Gaming: +3.86% - Electronic Chemicals: +3.29% - Education: +3.08% - Communication Equipment: +2.96% - Communication Services: +2.91% - Computer Equipment: +2.82% [3]. Commercial Aerospace Sector - The commercial aerospace sector rebounded strongly after a previous decline, with notable stocks such as: - YF Communication hitting a historical high with a limit-up increase - Galaxy Electronics achieving a limit-up for the eighth consecutive day - Other stocks like Sanwei Tiandi, Jiayuan Technology, and Datang Telecom also reached limit-up [4]. Satellite Launch Success - On January 13, at 23:25, China successfully launched 18 low-orbit satellite internet satellites using the Long March 8A rocket from the Hainan Commercial Aerospace Launch Site, with all satellites entering their designated orbits successfully [6].