主要内容包括，一是业务范围以及"硬科技"属性要求。明确主营业务的具体范围为"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。同时，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。 二是关于明显技术优势。明确企业需在关键核心技术上具备明显优势或重大突破，关注核心技术产品以及关键部件的自主 研发情况，运载能力及一箭多星能力等技术先进性衡量指标。 三是关于阶段性成果。明确商业火箭企业申报时应当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 轨这一阶段性成果，且后续不存在影响承担发射任务的技术方面重大不利事项。 本报讯 （记者毛艺融）为进一步规范科技型企业适用科创板第五套上市标准，支持尚未形成一定收入规模的优质商业火箭 企业在科创板发行上市，12月26日，上海证券交易所（以下简称"上交所"）官网发布《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》），自发布之日起施行。 从制定背景来看，2025年6月份，中国证监会发布实施《关于在科创板设置科创成长层 增强制度包容性适应性的意见》。 意见明确，扩大第 ...

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].

Core Viewpoint - The Shanghai Stock Exchange has released guidelines for commercial rocket companies to issue IPOs on the Sci-Tech Innovation Board, providing a pathway for these companies to access capital markets and support technological innovation in the aerospace sector [1][2]. Group 1: Guidelines for Commercial Rocket Companies - The guidelines specify that commercial rocket companies must demonstrate significant technological advantages, including the successful launch of a medium to large reusable rocket payload into orbit as a milestone achievement [1][2][3]. - Companies are required to have relevant qualifications for research and manufacturing, and must obtain launch permits before conducting rocket launches [3]. - The guidelines emphasize the importance of market positioning, requiring companies to have a clear target market and a competitive edge over rivals, along with a feasible commercialization plan [3][4]. Group 2: Industry Context and Strategic Importance - The commercial aerospace sector is recognized as a strategic emerging industry in China, with significant government support reflected in recent economic work reports and action plans aimed at enhancing the development of commercial space capabilities [6][7]. - There are currently over 20 commercial rocket companies in China, many of which have successfully launched solid or small liquid rockets, indicating a growing industry [6][7]. - The commercial rocket industry is seen as crucial for the development of satellite constellations and overall high-quality growth in the commercial aerospace sector, addressing the current imbalance of "many satellites but few rockets" [7][8].

（六）关于市场空间。发行人的商业火箭业务或产品应具有清晰的目标市场，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。 12月26日，据上交所网站，上交所制定了《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。 （七）关于商业化安排。发行人应当为商业火箭业务或产品从技术验证到规模运营制定清晰明确、切实 可行的商业化安排，不存在主要业务或产品商业化生产销售预期明显不足等重大不利影响的事项。 《指引》共十四条，对商业火箭企业适用科创板第五套上市标准作出了细化规定。主要内容如下： （一）业务范围以及"硬科技"属性要求。明确主营业务的具体范围为"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。同时，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。 （二）关于明显技术优势。明确企业需在关键核心技术上具备明显优势或重大突破，关注核心技术产品 以及关键部件的自主研发情况，运载能力及一箭多星能力等技术先进性衡量指标。 （三）关于阶段性成果。明确商业火箭企业申报时应当至少实现采用可重复使 ...

Group 1 - The Shanghai Stock Exchange has released guidelines to support commercial rocket companies in meeting the fifth listing standard on the Sci-Tech Innovation Board, marking another achievement of the "1+6" reform initiative [1] - The development of commercial aerospace is of significant national strategic importance, with the government emphasizing its role in enhancing national strength and competitiveness [2] - The commercial rocket industry plays a crucial role in the commercial aerospace sector, addressing the current imbalance of "many satellites but few rockets" and is essential for the high-quality development of the industry [3] Group 2 - The capital market is accelerating the development of the entire commercial aerospace industry chain, with various companies successfully listing on the Sci-Tech Innovation Board, indicating a growing trend in this sector [4] - The China Securities Regulatory Commission has introduced measures to enhance the inclusivity of the Sci-Tech Innovation Board, allowing commercial rocket companies to apply for the fifth listing standard, which has led to several IPO applications [5] - The guidelines provide a clear pathway for commercial rocket companies to access capital markets, which will help them overcome technological challenges and promote the development of reusable rockets [6][9] Group 3 - The guidelines specify requirements for commercial rocket companies, including having significant technological advantages, achieving milestone results, and obtaining necessary approvals from relevant authorities [6][7] - The milestone requirement for companies applying for the fifth listing standard is to have successfully launched a medium to large reusable rocket with payloads, which is crucial for validating their commercial viability [8] - The guidelines aim to enhance the adaptability and inclusivity of the listing process, focusing on the functional design of products rather than mandating recovery tasks during initial flights [9]

【导读】上交所发布相关规则指引，商业火箭企业适用科创板第五套上市标准 中国基金报记者 邱德坤 12 月 26 日，上海证券交易所制定的《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》）发布，并自发布之日 起施行。 上海证券交易所方面称，此举是为了落实中国证监会《关于在科创板设置科创成长层 增强制 度包容性适应性的意见》，进一步规范科技型企业适用科创板第五套上市标准，支持尚未形 成一定收入规模的优质商业火箭企业在科创板发行上市，加快推进商业航天创新发展、主动 服务航天强国战略。 更加看重发行人 " 硬科技 " 属性 《指引》共十四条，对商业火箭企业适用科创板第五套上市标准作出细化规定，主要内容包 含七条。 一是业务范围以及 " 硬科技 " 属性要求，《指引》明确主营业务的具体范围是 " 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。同时，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。 二是关于明显技术优势，《指引》明确企业需在关键核心技术上具备明显优势或重大突破， 关注核心技术产品以 ...

《指引》共十四条，对商业火箭企业适用科创板第五套上市标准作出了细化规定。主要内容如下： （一）业务范围以及"硬科技"属性要求。明确主营业务的具体范围为"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。同时，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。 12月26日，据上交所网站，上交所制定了《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。 （五）关于行业地位。明确要求商业火箭企业排名靠前、在产业链中占据重要地位，取得相关市场主体 的较高认可，并将获得资深专业机构投资者投资入股作为重要考量因素。 （六）关于市场空间。发行人的商业火箭业务或产品应具有清晰的目标市场，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。 （七）关于商业化安排。发行人应当为商业火箭业务或产品从技术验证到规模运营制定清晰明确、切实 可行的商业化安排，不存在主要业务或产品商业化生产销售预期明显不足等重大不利影响的事项。 上交所表示，此举是为了落实中国证监会《关于在科创板设置科创成长层 增强制度包 ...

Group 1 - The core viewpoint of the news is the issuance of guidelines by the Shanghai Stock Exchange, which establishes that the successful launch of payloads using reusable technology in medium to large rockets is a prerequisite for companies seeking to apply for listing under the fifth set of standards on the Sci-Tech Innovation Board [1][2] - The guidelines emphasize four specific criteria: significant technological advantages, phased achievements, approval from relevant national departments, and substantial market potential [1] - The successful launch of payloads is seen as a strong validation of a rocket's carrying capacity and commercial value, marking a critical milestone for the development of commercial space enterprises and the construction of low-orbit satellite internet constellations in China [1] Group 2 - Non-reusable and small-capacity commercial rocket projects will not meet the fifth set of standards, reinforcing the focus on companies' verifiable and sustainable technological innovation capabilities [2] - The requirement for successful launches indicates a high engineering threshold, as medium to large rockets involve complex technologies across multiple systems, and achieving a successful launch demonstrates a company's capabilities in system integration, reliability, and engineering management [2] - This requirement may affect the listing timelines for some companies, as they may need to wait for one or two more launch windows to meet the application conditions, pushing commercial space enterprises to prioritize technology validation, launch success rates, and long-term sustainability [2]

Core Viewpoint - The Shanghai Stock Exchange has issued guidelines to support commercial rocket companies in meeting the fifth set of listing standards on the Sci-Tech Innovation Board, aiming to enhance the inclusivity and adaptability of the system for technology-driven enterprises [1][4]. Group 1: Guidelines Overview - The guidelines consist of fourteen articles that detail the requirements for commercial rocket companies under the fifth set of listing standards, emphasizing the importance of "hard technology" attributes [4]. - The main business scope is defined as "independent research, manufacturing, and provision of space launch services for commercial rockets," with a focus on the issuer's technological capabilities [4]. - Companies must demonstrate significant advantages or breakthroughs in key core technologies, including the ability to launch multiple satellites with a single rocket [4][5]. Group 2: Specific Requirements - Companies are required to achieve at least one successful launch of a medium to large reusable rocket with payload into orbit as a milestone before applying [5]. - The guidelines stipulate that commercial rockets must have a systematic approval and regulatory framework, including necessary qualifications and launch permits [5]. - Companies should hold a leading position in the industry, gaining recognition from relevant market entities and attracting investments from experienced professional institutions [5]. Group 3: Market and Commercialization - The guidelines require that the commercial rocket business or products have a clear target market and possess a first-mover advantage over competitors [5]. - A clear and feasible commercialization plan must be established for the transition from technology validation to large-scale operations, without significant adverse impacts on the business [5]. - The Shanghai Stock Exchange emphasizes the need for capital market support for the commercial rocket industry, which has high research and development costs and long cycles, and has not yet achieved large-scale commercialization [9].

12月26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》（下称《指引》），旨在推进科创板第五套上市标准在商业航天等领域扩围工作， 加快推进商业航天创新发展、主动服务航天强国战略。 《指引》共计14条，从业务范围以及"硬科技"属性要求、取得标准、阶段性成果等方面对商业火箭企业 适用科创板第五套上市标准作出了细化规定，对尚未形成一定收入规模的优质商业火箭企业进行精准支 持，科创板"1+6"改革举措又一项成果落地。细化商业火箭企业上市标准要求 为了进一步支持商业航天产业的发展，2025年6月，中国证监会发布《关于在科创板设置科创成长层 增 强制度包容性适应性的意见》，明确提出支持商业航天等前沿科技领域企业适用科创板第五套上市标 准。 三是规定取得国家有关部门批准。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。 四是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，取得相关市场主 体的较高认可。发行人的商业火箭业务或产品应该有清晰的目标市场，相较于竞争对手具有先发优势， 在研发进度、关键指标等方 ...