技术筑基，构建全产业链竞争优势 中科星图已从"遥感+数字地球软件商"进化为"卫星+测运控+航电系统+云平台"的全产业链整合者。以 中国科学院空天院为技术依托，叠加中科曙光算力资源，形成"多圈层数据+算力+应用+云生态"的闭环 能力，在测运控与火箭/卫星电子系统等高门槛环节占据领先。 在上游核心部件制造方面，旗下星图天辰成果突出。其基于环形网络的新一代火箭测量系统，由两级环 网组成，解决了传统箭载测量系统的诸多不足，为液体火箭发展提供有力支持。此外，还展示了S频段 相控阵天线等多款产品，展现强大技术实力。 中游卫星测运控领域，星图测控打造的天路应用平台、太空云管理服务平台等产品各具特色。太空云管 理服务平台作为一站式云原生服务平台，以太空大数据为核心驱动，为用户提供全场景、多层次服务， 有效应对太空管理挑战。 下游卫星应用方面，中科星光和中科数测带来创新产品。中科星光的卫星互联网安全产品，能为卫星通 信安全提供完整解决方案；中科数测的卫星网络及系统安全检测智能体，为卫星通信与系统安全提供持 续演进的工程化能力。 创新驱动，引领行业发展趋势 中科星图在技术创新上走在前列。公司副总裁郝雪涛表示，卫星互联网之后将是智 ...

Core Viewpoint - The development of China's commercial space industry is at a critical juncture, with significant opportunities and challenges ahead, particularly in achieving reusable rocket technology and scaling up production efficiency [1][7]. Group 1: Technological Innovation - The demand for large-scale rocket launches is driven by the extensive satellite deployment plans, necessitating improvements in rocket cost-effectiveness and the development of reusable technologies [3]. - Blue Arrow Aerospace's Zhuque-2 rocket became the world's first liquid oxygen-methane rocket to reach orbit, marking a significant step towards reusable rocket technology [3]. - Companies like Tianbing Technology and Galaxy Aerospace are making strides in key technologies, such as multi-satellite launches and advanced satellite designs [3]. Group 2: Efficiency Enhancement - Experts estimate that over the next nine years, China needs to launch more than 25,000 satellites, with a total of over 120,000 satellites in the next twelve years [4]. - The industry consensus is to produce satellites in bulk, akin to automobile manufacturing, to meet the high demand efficiently [5]. - Innovations in production lines have significantly reduced the assembly time for satellites, with some companies achieving a turnaround of 20-25 days for satellite assembly [5]. Group 3: Ecological Support - The establishment of a comprehensive commercial space industry chain at the Dongfang Spaceport in Shandong enhances collaboration and reduces costs [6]. - Beijing is highlighted as a hub for commercial space enterprises, hosting a majority of the country's rocket companies and facilitating a closed-loop from rocket manufacturing to satellite utilization [6]. Group 4: Development Challenges - Many commercial space companies are struggling to achieve profitability, relying heavily on financing and facing challenges in market expansion [7]. - The high cost of rocket launches remains a significant barrier to the industry's growth, with the engine and rocket body costs comprising a large portion of total expenses [8]. - The need for a regulatory framework that supports frequent launches is emphasized, as current resources are limited, constraining launch opportunities [10]. Group 5: Market Demand and Application - The true demand for commercial space lies in the application of satellite services, such as satellite internet and remote sensing, which are essential for sustainable development [11]. - The government is actively promoting the expansion of satellite service applications to stimulate market demand and support the commercial space sector [11][12]. - Recent policy initiatives aim to enhance the commercial space industry's development, encouraging private sector participation and innovation [13].

1月23日至25日，2026北京国际商业航天展览会在北京亦庄隆重举行。星梭科技（北京）有限公司以全 新姿态重磅登场，聚焦"构建太空生态"这一主题，全面呈现了公司在火箭可回收技术、全流量补燃循环 发动机等方面的核心成果。 就在展会圆满落幕之时，"猛犸一号"发动机富氧预燃室点火试验也圆满收官，预计2026年中完成整机生 产并开展全系统试车。该发动机推力、比冲等性能相比国内现有商业火箭发动机有大幅提升，并有望率 先实现国内全流量补燃循环技术的工程应用。 以此为动力的"冰川一号"火箭，将采用9台"猛犸一号"并联布局，起飞重量达1080吨，近地轨道 （LEO）回收运载能力高达28吨，构筑"中国商业航天运载能力新高度"。 通过本次高规格、高密度的产业互动，星梭科技不仅展现了其扎实的技术积淀与商业化能力，更进一步 夯实了在商业航天产业链中的关键地位。正所谓，每一次点火，都是对未知的勇敢叩问；每一次起飞， 皆为文明边界的再度拓展，与时代同行，共铸太空未来。 本届展会以"汇聚全球资源、共促商业航天"为主题，在超过20000平方米的宏大展区内，汇聚了全球300 余家顶尖企业及机构，全面覆盖运载火箭、卫星研制、空间应用、地面服务、 ...

Core Insights - Hainan International Commercial Launch Company is planning to procure liquid oxygen, liquid nitrogen, helium, and liquid methane for its launch operations from 2026 to 2028, with a total budget of approximately 247 million yuan [1] - The Hainan commercial launch site has successfully completed 12 launch missions to date, contributing to China's commercial space industry, which is experiencing rapid growth and is projected to reach a scale of 2.5 to 2.8 trillion yuan [3] - The site aims to complete over 20 launch missions in 2026 and is advancing its second phase of construction while initiating the third phase of planning [4] Group 1 - The procurement project includes a budget of 126 million yuan for liquid oxygen and liquid nitrogen, 76.67 million yuan for helium, and 44.41 million yuan for liquid methane, with a service period from April 1, 2026, to March 31, 2028 [1] - In 2026, the launch site successfully completed two missions using Long March 8 and Long March 12 rockets, successfully placing 37 low-orbit satellites into their designated orbits [2] - The commercial space industry in China is projected to achieve an annual compound growth rate of over 20%, with more than 600 commercial space companies operating [3] Group 2 - The Hainan commercial launch site has been operational for 878 days, benefiting from its location in Wenchang, which enhances rocket launch efficiency due to its low latitude [3] - The second phase of the launch site construction is over 50% complete, focusing on the construction of launch pads 3 and 4 [6] - The development of reusable rocket technology is seen as a key driver for reducing launch costs and enhancing the commercial viability of the space industry [6]

1月23日至25日，2026北京国际商业航天展览会在北京亦庄隆重举行。星梭科技（北京）有限公司（展 位号A260）以全新姿态重磅登场，聚焦"构建太空生态"这一主题，全面呈现了公司在火箭可回收技 术、全流量补燃循环发动机等方面的核心成果。 展会三天期间，星梭科技展台始终人流如织，吸引了众多政府代表、行业伙伴、投资机构及航天爱好者 的驻足交流，成为现场备受瞩目的焦点展区之一。公司的前沿成果也吸引了包括智通财经在内的多家权 威财经及行业媒体的密集采访，并获得北京亦庄等官方平台的文章报道，充分彰显了其在业内迅速提升 的影响力与品牌价值。 本届展会以"汇聚全球资源、共促商业航天"为主题，在超过20000平方米的宏大展区内，汇聚了全球300 余家顶尖企业及机构，全面覆盖运载火箭、卫星研制、空间应用、地面服务、核心部件及产业投资等商 业航天全价值链核心领域。多国驻华使节、商务代表，以及红杉资本等国际头部投资机构亦齐聚现场。 当"低成本、高频次"成为商业航天跨越式发展的核心命题，可重复使用火箭技术无疑站在了本届展会聚 光灯下的中央。 星梭科技（北京）有限公司于此展出的全流量补燃循环发动机——猛犸一号（MM-1），及其匹配的、 ...

来源：光明网 1月23日至25日，2026北京国际商业航天展览会在北京亦庄举行。星梭科技（北京）有限公司（展位号 A260）以全新姿态登场，聚焦"构建太空生态"这一主题，全面呈现了公司在火箭可回收技术、全流量 补燃循环发动机等方面的核心成果。 展会三天期间，星梭科技展台始终人流如织，吸引了众多政府代表、行业伙伴、投资机构及航天爱好者 的驻足交流，成为现场备受瞩目的焦点展区之一。公司的前沿成果也吸引了包括智通财经在内的多家权 威财经及行业媒体的密集采访，并获得北京亦庄等官方平台的文章报道，充分彰显了其在业内迅速提升 的影响力与品牌价值。 本届展会以"汇聚全球资源、共促商业航天"为主题，在超过20000平方米的宏大展区内，汇聚了全球300 余家顶尖企业及机构，全面覆盖运载火箭、卫星研制、空间应用、地面服务、核心部件及产业投资等商 业航天全价值链核心领域。多国驻华使节、商务代表，以及红杉资本等国际头部投资机构亦齐聚现场。 当"低成本、高频次"成为商业航天跨越式发展的核心命题，可重复使用火箭技术无疑站在了本届展会聚 光灯下的中央。 星梭科技（北京）有限公司于此展出的全流量补燃循环发动机——猛犸一号（MM-1），及其匹 ...

Core Viewpoint - The company is in the process of expanding its market presence in the commercial aerospace sector, with orders showing steady growth [1] Group 1 - The company has indicated that its orders in the commercial aerospace field are currently in a stage of market development [1] - The growth of orders is described as steady, suggesting a positive trend in the company's business activities within this sector [1]

Market Overview - On January 26, the market experienced a decline, with the Shanghai Composite Index falling by 0.09%, the Shenzhen Component Index down by 0.85%, and the ChiNext Index decreasing by 0.91%[4] - The total trading volume on January 26 was 3.28 trillion, an increase of approximately 160 billion compared to the previous trading day[1] Sector Performance - Over half of the sectors saw declines, with non-ferrous metals, coal, and oil sectors leading in gains, while military, automotive, electronics, and social services sectors faced the largest declines[1] - The semiconductor and aerospace sectors, which had previously seen significant gains, experienced notable declines, indicating a rare phenomenon of widespread losses in technology sectors since the beginning of the year[1][2] Regulatory Impact - The primary reason for the market adjustment is attributed to regulatory measures aimed at cooling down the market, particularly following rapid increases in sectors like commercial aerospace[2] - Significant sell orders were observed in large-cap stocks, reflecting the regulatory intent to maintain market stability[2] Fundraising and Investment Trends - In the last week of January, 43 new funds were launched, with equity funds remaining the dominant category, indicating strong investor interest in the market[12] - Since the beginning of the year, 76 new funds have been established, raising a total of 71.94 billion, with an average fund size of 9.47 billion[13] Consumer Trends - In 2025, household appliances, mobile phones, and new energy vehicles showed significant growth, with sales of household appliances increasing by 17.4%, mobile phones by 18.6%, and new energy vehicles by 24.3%[7] - The elderly care services sector also saw substantial growth, with spending on elderly care and nursing home services increasing by 24.9% and 15.4%, respectively[11]

证 券 研 究 报 告 "制造强国"实干系列周报(26/01/25期) 证券分析师： 韩强 A0230518060003 屠亦婷 A0230512080003 王珂 A0230521120002 刘正 A0230518100001 马天一 A0230525040004 戴文杰 A0230522100006 黄莎 A0230522010002 武雨桐 A0230520090001 李蕾 A0230519080008 穆少阳 A0230524070009 李冲 A0230524070001 沈呈熹 A0230524070004 苏萌 A0230524080011 联系人：何佳霖 A0230523080002 2026.1.27 核心观点 www.swsresearch.com 证券研究报告 2 ◼ 商业航天：1）制造及发射端关注份额或价值量在降本趋势下有望维持相对稳定或具备提升潜力的核心标的；2）应用 端关注通信终端基带、射频芯片及相控阵天线配套标的；3）航天科技集团拥有较多体外资产，有较强并购重组预期。 重点关注标的：1）卫星载荷：信科移动+烽火通信+航天电子+上海瀚迅+臻镭科技，2）卫星平台：复旦微电+智明 ...

1月27日，A股三大指数集体下跌，商业航天板块窄幅波动。截至10:29，航空航天ETF（159227）跌幅 0.88%，成交额达2.24亿元，稳居同类第一，持仓股三角防务领涨超6%，航天发展、航亚科技、航发控 制、航发动力等股跟涨。 中银证券表示，国内商业航天正步入政策与基建双重驱动的快车道。"十五五"规划首次将"加快建设航 天强国"列为重点任务，北京火箭大街交付及系列产业大会的举办，标志着我国正从发射能力到产业生 态进行系统性构建。这不仅是技术试验，更是向低成本、高频次商业发射模式的实质性迈进，为下游卫 星互联网等应用铺平道路。SpaceX 的潜在IPO 传闻也揭示了商业航天与人工智能两大前沿科技的深度 耦合趋势。 航空航天ETF(159227)：紧密跟踪国证航天指数，成分股覆盖战斗机、航空发动机、火箭、导弹、卫 星、雷达等全产业链龙头，完美契合"空天一体"的战略方向，涵盖大飞机、商业航天、低空经济等新兴 领域，商业航天含量高达70.19%。前十大重仓股中包含了航天发展、中国卫星、航天电子、中航机 载、中航高科等行业龙头。 航空航天ETF最新规模达31.92亿元，稳居同类第一。 1月23日至24日，第三届北 ...