Core Viewpoint - The Shanghai Stock Exchange has released guidelines to support commercial rocket companies in applying for the Sci-Tech Innovation Board, particularly under the fifth set of listing standards, during a critical period of commercialization [1][2]. Group 1: Technical Requirements - The guidelines specify that commercial rocket companies must have a clear focus on "independent research, manufacturing, and launch services for commercial rockets," emphasizing their "hard technology" attributes [1]. - Companies are required to demonstrate significant technological advantages or breakthroughs based on key core technologies, including the development of core technology products and critical components, as well as key performance indicators like payload capacity and multi-satellite launch capability [1]. - Companies involved in national tasks or projects will receive priority support [1]. Group 2: Milestones and Approvals - Companies must achieve a milestone of successfully launching a medium to large reusable rocket with payload into orbit before applying, ensuring no major adverse technical issues affect their ability to undertake launch tasks [1][2]. - It is mandatory for companies to obtain relevant approvals from national authorities during the research and manufacturing process of commercial rockets, and to secure launch permits prior to any commercial rocket launches [1]. Group 3: Market Positioning - The guidelines require that commercial rocket companies hold a leading position in the market and have significant recognition from relevant market entities [2]. - Companies must have a clear target market for their commercial rocket business or products, demonstrating a first-mover advantage over competitors, and be ahead in terms of R&D progress and key performance indicators [2]. - A clear and feasible commercialization plan must be established for the transition from technology validation to large-scale operations [2]. Group 4: Future Directions - The Shanghai Stock Exchange aims to leverage these guidelines to promote the listing of commercial rocket companies on the Sci-Tech Innovation Board, enhancing support for technology-driven enterprises that break through key core technologies [2].

此外，《指引》还要求企业在商业火箭的研发、制造过程具备相关承研承制资质，在商业火箭发射前应 取得发射许可；明确市场空间具体要求，要求商业火箭企业排名靠前、在产业链中占据重要地位，且应 有清晰的目标市场，相较于竞争对手具有先发优势，在研发进度、关键指标等方面位于行业前列等。 具体来看，《指引》明确适用科创板第五套上市标准的商业火箭企业主营业务为"商业火箭自主研发、 制造和提供航天发射服务"，更加看重发行人的"硬科技"属性。要求企业需在拥有关键核心技术基础上 具备明显技术优势或重大突破，关注核心技术产品以及关键部件的自主研发情况，以及运载能力及一箭 多星能力等关键指标。对于承担国家任务、参与国家工程项目的商业火箭企业予以优先支持。据悉，商 业火箭研制及发射业务处于商业航天产业链中游，承担"承上启下"的关键枢纽职能，已成为我国商业航 天产业发展的关键所在。 《指引》还明确了阶段性成果内容，要求商业火箭企业"在申报时至少实现采用可重复使用技术的中大 型运载火箭发射载荷首次成功入轨的阶段性成果"，且后续在技术方面不存在影响承担发射任务的重大 不利事项。在明确可重复使用技术发展导向的同时，《指引》还最大限度提升制度的包容 ...

Core Viewpoint - The article discusses the recent issuance of guidelines by the Shanghai Stock Exchange for commercial rocket companies to apply for listing on the Sci-Tech Innovation Board, emphasizing the importance of technological innovation and market potential in the commercial aerospace sector [2][4]. Group 1: Guidelines for Listing - The Shanghai Stock Exchange released guidelines that allow commercial rocket companies to apply for listing under the fifth set of standards on the Sci-Tech Innovation Board, providing a pathway for these companies to access capital markets [2][4]. - The guidelines specify four key areas: clear technological advantages, defined milestones, necessary approvals from relevant authorities, and substantial market potential [4][5]. - A significant milestone for companies is achieving the successful launch of a medium to large reusable rocket with payload into orbit, which is seen as a critical development direction in the commercial aerospace sector [5][6]. Group 2: Industry Context and Opportunities - The commercial aerospace sector is recognized as a strategic emerging industry in China, with increasing governmental support and recognition in national development plans [9][10]. - The number of commercial rocket companies in China has exceeded 20, with many achieving successful launches of solid or small liquid rockets, indicating a growing industry [9][10]. - The article highlights the need for capital market support to address the current imbalance of "many satellites but few rockets," which is crucial for the development of satellite constellations [10][11]. Group 3: Market Dynamics - The commercial aerospace industry encompasses various activities, including rocket launches, satellite manufacturing, and space tourism, with a potential market size reaching trillions [11]. - Companies in the commercial aerospace sector are increasingly seeking to enter capital markets, with several already listed on the Sci-Tech Innovation Board, indicating a trend towards greater financial backing for the industry [10][11].

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 Shanghai Stock Exchange (SSE) has released guidelines for commercial rocket companies to apply for listing on the Sci-Tech Innovation Board, specifically under the fifth set of listing standards, aimed at promoting technological innovation in the sector [2]. Group 1: Guidelines Overview - The guidelines, referred to as "Guidelines No. 9 for the Application of Listing Review Rules," align with the fifth set of listing standards and address four key areas: significant technological advantages, phased achievements, necessary approvals from relevant national departments, and large market potential [2]. - A specific requirement for phased achievements is that companies must have successfully launched a medium to large reusable rocket that has placed a payload into orbit at least once by the time of application [2]. Group 2: Future Directions - The SSE aims to leverage the release of these guidelines to facilitate the listing of commercial rocket companies that meet the specified standards on the Sci-Tech Innovation Board, thereby enhancing support for technology-driven enterprises that are breaking through key core technologies [2]. - The SSE intends to continuously improve the inclusiveness, adaptability, attractiveness, and competitiveness of its regulatory framework to better serve technological innovation and the development of new productive forces [2].

Core Viewpoint - The Shanghai Stock Exchange has officially released guidelines to support commercial rocket companies in meeting the fifth set of listing standards on the Sci-Tech Innovation Board, marking a significant step in the ongoing reforms aimed at enhancing the capital market's inclusivity and adaptability for high-tech industries [1][5]. Group 1: Guidelines Overview - The guidelines consist of 14 articles that detail specific requirements for commercial rocket enterprises, emphasizing their technological advantages, stage achievements, necessary approvals, and market positioning [3][4]. - Companies must demonstrate significant technological advantages in the development and manufacturing of commercial rockets, focusing on core technologies and key components [3]. - A requirement for companies is to achieve a milestone of successfully launching a medium to large reusable rocket payload into orbit before applying for listing [6][8]. Group 2: Market Context and Implications - The commercial space sector is recognized as a strategic priority for national technological competition and industrial layout, with the guidelines aimed at enhancing the capital market's role in supporting technological innovation [5][6]. - The guidelines are expected to facilitate the listing of commercial rocket companies, which are crucial for the development of satellite constellations and the overall commercial space industry [8][9]. - As of December 26, 2025, the commercial space sector has seen significant growth, with over 20 companies successfully launching rockets, and the sector's stock performance has increased by over 80% since the beginning of the year [10].

作者丨赵云帆 编辑丨张伟贤 近日，上交所发布《上海证券交易所发行上市审核规则适用指引第9号——商业火箭企业适用科创板第五套上市标准》（以下简称《指引》），支持正处 于大规模商业化关键时期的商业火箭企业，适用第五套上市标准登陆科创板，科创板"1+6"改革举措又一项成果落地。 商业火箭行业承担商业航天领域 "承上启下"重要职能 在商业航天"星、箭、场、测、用"的全产业链中，商业火箭研制及发射业务作为商业航天中游核心环节，承担"承上启下"职能。我国商业航天领域存在 着"星多箭少、运力不足"的现象。商业火箭是实现星座组网"从0到1、从1到N"突破的核心支撑，其关键核心技术突破进度与产能提升水平，既是推动商业 航天产业高质量发展的核心引擎，更是保障产业持续发展的关键。受到技术复杂、资金投入大、研发周期长等多种因素影响，我国商业火箭行业正处于大 规模商业化的关键时期，亟需发挥资本市场的支持作用。 根据《行动计划》相关要求，航天运输系统重点支持低成本、高可靠、快响应、可复用的商业运载火箭建设发展。目前，中国商业火箭企业超过20家，多 数已实现固体火箭或小型液体火箭的成功入轨。2025年12月3日，朱雀三号成功完成首飞入轨， ...

近日，上交所发布《上海证券交易所发行上市审核规则适用指引第9号——商业火箭企业适 用科创板第五套上市标准》（以下简称《指引》），支持正处于大规模商业化关键时期的商 业火箭企业，适用第五套上市标准登陆科创板，科创板"1+6"改革举措又一项成果落地。 作者丨赵云帆 编辑丨张伟贤 发展商业航天具有重大国家战略意义 近年来，商业航天作为大国科技竞争与产业布局的战略制高点，其重要性已超越单一产业范 畴，成为关乎国家综合国力重大战略。 2015年，国家发展改革委等多部门联合颁布《国家民用空间基础设施中长期发展规划 （2015—2025年）》。 2023年中央经济工作会议进一步明确将商业航天作为战略性新兴产业，2024年和2025年商 业航天连续两年写入政府工作报告，"十五五"规划建议明确提出"加快建设航天强国"的战略 目标。 2025年11月25日，国家航天局印发《国家航天局推进商业航天高质量安全发展行动计划 （2025—2027年）》（以下简称《行动计划》），首份聚焦商业航天的国家级三年行动路 线图正式出台，我国商业航天发展迎来重要战略机遇期。 商业火箭行业承担商业航天领域 "承上启下"重要职能 为了进一步支持商业航天 ...

每经AI快讯，据上交所12月26日消息，上海证券交易所制定了《上海证券交易所发行上市审核规则适 用指引第9号——商业火箭企业适用科创板第五套上市标准》，现予以发布，并自发布之日起施行。 每经AI快讯，据上交所12月26日消息，上海证券交易所制定了《上海证券交易所发行上市审核规则适 用指引第9号——商业火箭企业适用科创板第五套上市标准》，现予以发布，并自发布之日起施行。 ...

Core Viewpoint - The Shanghai Stock Exchange has officially released guidelines to support the listing of commercial rocket companies on the Sci-Tech Innovation Board, aiming to enhance the inclusivity and adaptability of the listing system in line with the Chinese government's push for the development of the commercial aerospace industry [1][3]. Group 1: Policy and Regulatory Framework - The guidelines are part of the implementation of the China Securities Regulatory Commission's opinions on establishing a growth layer in the Sci-Tech Innovation Board to enhance system inclusivity [1][3]. - The government work reports for 2024 and 2025 emphasize the promotion of commercial aerospace industry clusters, highlighting the importance of commercial rockets in building a strong aerospace nation [1][3]. Group 2: Industry Development and Challenges - The commercial rocket sector is at a critical stage of large-scale commercialization, facing challenges such as high product complexity, significant capital investment, and long R&D cycles [1][3]. - The guidelines specify that companies must achieve significant milestones, such as successfully launching payloads into orbit using reusable technology, to qualify for listing under the fifth set of standards [2][4]. Group 3: Future Directions - The Shanghai Stock Exchange aims to leverage the release of these guidelines to facilitate the listing of commercial rocket companies, thereby supporting the development of technology-driven enterprises that can overcome key technological challenges [2][4]. - The initiative aligns with the national plan for high-quality and safe development of commercial aerospace from 2025 to 2027, focusing on the construction of commercial launch vehicles [2][4].