Group 1 - The core viewpoint of the news is the reopening of the listing channels for unprofitable innovative companies in the A-share market through the introduction of the third listing standard for the ChiNext and the fifth listing standard for the Sci-Tech Innovation Board [1][2] - The policy adjustments have led to a significant increase in IPO acceptance, with 20 companies accepted in the first week following the announcement, and 50% of these from the Beijing Stock Exchange [3][4] - The new regulations include strategic emerging industries such as artificial intelligence and commercial aerospace, indicating a regulatory focus on nurturing hard technology sectors [3] Group 2 - A total of 54 unprofitable companies have received financing support from the Sci-Tech Innovation Board, with a cumulative financing scale exceeding 200 billion yuan, and these companies have shown a revenue growth rate of 24% [4] - The case of He Yuan Bio, which is set to undergo IPO review, exemplifies the challenges faced by innovative pharmaceutical companies, as it has incurred losses exceeding 480 million yuan over the past three years [5] - The investment landscape for unprofitable companies is characterized by high R&D costs, market risks, and valuation volatility, necessitating investors to possess specialized knowledge and risk tolerance [5][6]

Core Viewpoint - The commercial aerospace industry in China is characterized by revolutionary technological breakthroughs, innovative resource allocation, and deep industrial transformation, contributing to economic growth and new production capabilities [1]. Group 1: Industry Development - Since the introduction of the "National Civil Space Infrastructure Medium and Long-term Development Plan (2015-2025)," China's commercial aerospace sector has transitioned from technological exploration to large-scale, industrialized, and ecological development [1]. - The commercial aerospace industry is driven by enterprises, allocating resources such as technology, capital, and talent according to market rules, with a focus on profitability [2]. - Beijing, as the birthplace of China's aerospace industry, houses over 50% of the core R&D units and most of the national aerospace large-scale R&D infrastructure and specialized technical talent [2]. Group 2: Technological Innovations - The successful launch of the "Zhuque-2" rocket by Blue Arrow Aerospace in 2023 marked it as the world's first liquid oxygen-methane launch vehicle to successfully reach orbit [3]. - The successful launch of the "Lingxi 03" satellite by Galaxy Aerospace in July 2023 was notable for being the first satellite in China to use flexible solar wings, validating multi-satellite stacking launch technology [2][3]. - The integration of domestic remote sensing models has enabled precise and intelligent analysis of multi-layer information, enhancing satellite applications [3]. Group 3: Supply Chain and Collaboration - Galaxy Aerospace has expanded its supply chain from over 100 partners in 2018 to more than 1,300 partners today, covering various sectors including precision processing, casting, and electronics [4]. - Over 300 high-tech enterprises in Beijing's commercial aerospace sector span the entire industry chain, forming a "South Arrow North Star" pattern [4]. - Investment in commercial aerospace has been bolstered by policy support and industry funds, with 1 billion yuan invested in seven companies in 2024 [4]. Group 4: Future Prospects - Galaxy Aerospace has successfully launched 25 advanced satellites, including China's first batch of low-orbit broadband communication satellites and the first satellite using flexible solar wings [5]. - The company is accelerating the development of satellite technology that enables direct mobile phone connectivity, having already launched two test satellites with this capability [5].

Core Viewpoint - Jiangsu Province is focusing on integrating technological innovation with industrial innovation to build a globally influential industrial technology innovation center and a competitive advanced manufacturing base [1][3]. Group 1: Research and Development - Jiangsu Province has allocated 2.48 billion yuan for basic research, establishing three provincial basic science centers and initiating 67 key projects through partnerships [2]. - The province is expected to achieve a research and development intensity of 3.35% and a basic research investment ratio of 5.6% by the end of the year [2]. - The province aims to become a significant basic research center in several frontier technology fields by 2035, focusing on interdisciplinary collaboration and key technology breakthroughs [3]. Group 2: Industrial Upgrading - Jiangsu Province is optimizing its industrial structure and enhancing innovation capabilities, with initiatives like the "Technology Innovation Year" series in Wuxi [4]. - Wuxi's Xishan District has seen over 1,500 new technology-based enterprises established in 2024, driven by innovation strategies [4]. - The district is developing specialized industrial parks and focusing on future industries such as humanoid robots and synthetic biology [4]. Group 3: Enterprise Role - Jiangsu Province emphasizes the role of enterprises in driving technological and industrial innovation, implementing policies to enhance corporate innovation capabilities [7]. - By the end of 2024, the number of high-tech enterprises in Jiangsu is expected to exceed 57,000, ranking second in the country [7]. - The province has the highest number of listed companies on the Sci-Tech Innovation Board and leads in the number of "specialized, refined, and innovative" enterprises [7][8].

Group 1 - The "Vibrant China Research Tour" has highlighted the innovative development of commercial aerospace in Beijing [1] - The "Zhuque-2" is China's first liquid oxygen-methane launch vehicle to successfully reach orbit, powered by the "Tianque" series engines developed by Blue Arrow Aerospace [3] - The upcoming "Zhuque-3" rocket, which features vertical recovery capabilities, is set to conduct its maiden flight in Q4 of this year, aiming to become China's first reusable liquid rocket [3][5] Group 2 - The key technological breakthrough of "Zhuque-3" compared to "Zhuque-2" is its reusability, which is essential for achieving a low-cost, high-frequency, and high-capacity commercial aerospace model [5] - "Zhuque-3" has a larger size with a diameter of 4.5 meters and can carry up to 18 satellites, utilizing a stainless steel structure and equipped with landing legs and grid fins for vertical recovery [5] - The first stage of the rocket accounts for 70% of the total launch cost, indicating significant cost savings through its recovery [5] Group 3 - The confidence in precise recovery comes from the nine-engine parallel propulsion system, which recently achieved a thrust of over 7500 kN during ground testing, setting a new record for China's commercial liquid rocket testing [7] - The propulsion system consists of nine independently adjustable "Tianque-12" engines, allowing for precise thrust control and directional adjustments [7][9] - The recent test demonstrated a full-system operational rehearsal, confirming that "Zhuque-3" is a verifiable and deliverable system, integrating private aerospace capabilities into the national strategic technology framework [9]

作者｜张宇洁 编辑｜彭孝秋 硬氪获悉，近日，北京穿越者载人航天科技有限公司（以下简称"穿越者"）完成数千万元天使+轮融资。本轮融资由 中天汇富、彬复资本联合投资，融资资金将用于加速穿越者壹号（CYZ1）亚轨道载人飞船工程研制及首艘试验船投 产。 穿越者成立于2023年01月11日，是一家集可重复使用载人飞船研制与太空旅游运营为一体的商业载人航天科技企业。 此轮融资距上一轮融资仅过去6个月，在此期间，穿越者实现了多项关键技术突破，包括我国首次载人飞船主动防热 技术地面验证试验，突破了载人飞船传统防热技术不可复用的瓶颈；研发了载人飞船智能飞控计算机；完成了计算机 与改进型预测-校正制导算法的软硬件匹配测试等。 目前，穿越者聚焦研发CYZ1亚轨道载人飞船。CYZ1载人飞船是国内首艘瞄准全可重复使用设计的载人飞船，在国家 神舟飞船及新一代飞船实现返回舱部分可重复使用的研制基础上，以用户体验为核心，吸收国外优秀的设计思路，通 过创新性的飞船构型设计及逃逸、结构、回收等关键系统的可重复使用设计，实现飞船质量99%可重复使用。 同时，CYZ1也将是国内首艘采用先进推式逃逸技术的载人飞船、世界首艘具备百米级高精度返回及无损着 ...

Core Insights - The article highlights the advancements in China's commercial aerospace sector, particularly focusing on Galaxy Aerospace's innovations in satellite technology, including the first satellite using flexible solar wings and the development of a low-orbit broadband satellite network [2][4]. Group 1: Satellite Technology Innovations - Galaxy Aerospace's Lingxi 03 satellite is the first in China to utilize flexible solar wings, which are lightweight and modular, allowing for greater solar energy absorption and easier deployment during launches [2]. - The flexible solar wings can be folded to fit within a rocket, with a thickness of about 1 millimeter and an expanded length of approximately 9 meters when operational [2]. Group 2: Manufacturing and Production Efficiency - The cost of launching a satellite has significantly decreased from over 1 billion yuan to the million-yuan level, enabling mass production akin to automotive manufacturing [3]. - Galaxy Aerospace's production line integrates human-machine collaboration and advanced technologies, allowing for the annual production of 100 to 150 medium-sized satellites and reducing the manufacturing cycle by 80% [3]. Group 3: Supply Chain Development - Since its inception, Galaxy Aerospace has expanded its supply chain from over 100 partners in 2018 to more than 1,300, with a significant portion being private enterprises [3]. Group 4: Achievements and Future Plans - Galaxy Aerospace has achieved several milestones, including the first domestic flexible solar wing satellite, the first mass production of low-orbit broadband communication satellites, and the establishment of a low-orbit broadband communication test network [4]. - The company is currently accelerating the development of satellite technology that enables direct mobile connectivity, aiming to provide satellite internet access in remote areas [5]. - Beijing's commercial aerospace sector is rapidly growing, with over 300 high-tech enterprises and plans to enhance capabilities in reusable rocket technology and expand global market reach by 2026 [5].

Core Viewpoint - The introduction of the "1+6" policy measures by the China Securities Regulatory Commission aims to break the barriers for high-quality, unprofitable technology companies to access the capital market, reflecting a shift from focusing solely on profitability to recognizing potential growth [1][2]. Group 1: Policy Changes - The new measures include the establishment of a growth tier for the Sci-Tech Innovation Board and the reintroduction of the fifth listing standard for unprofitable companies [1]. - The third listing standard will also be officially implemented on the Growth Enterprise Market to support high-quality, unprofitable innovative companies [1]. Group 2: Market Evolution - The shift from "looking at profits" to "looking at potential" is a significant innovation in capital market system construction, aligning with the evolving industrial landscape and the need for diverse listing standards [2]. - Emerging industries such as artificial intelligence, commercial aerospace, and low-altitude economy are rapidly developing, necessitating patient capital support for technology companies that require long investment cycles [2]. Group 3: Implications for Companies - Breaking down the barriers for unprofitable companies to list is crucial for technology firms to leverage capital market resources, accelerate the transformation of technological achievements, and convert "technological fantasies" into real productivity [3]. - The growth of companies in fields like artificial intelligence and quantum communication will drive the upgrade of industries towards higher-end, intelligent, and green development [3]. Group 4: Investor Protection Measures - To mitigate risks associated with unprofitable technology companies, regulatory measures include the introduction of experienced institutional investors to help assess company value and the implementation of special identifiers for newly registered unprofitable tech companies [3]. - These measures aim to ensure that investors are aware of the risks associated with investing in early-stage companies and to promote rational decision-making [3]. Group 5: Early Results - Since the implementation of the fifth listing standard, over 20 unprofitable companies on the Sci-Tech Innovation Board have achieved profitability and successfully removed their special identifiers [4]. - The focus is on maintaining quality control while balancing market vitality and risk management, fostering a healthy ecosystem for startups, growth companies, and mature enterprises [4].

Core Viewpoint - Hubei province is positioning itself as a national hub for technological innovation, emphasizing self-reliance in technology and contributing significantly to the construction of a strong technological nation [1][2]. Group 1: Technological Innovation and Strategic Positioning - Hubei is recognized as a critical area for intellectual resources, high-level talent, and high-quality technological achievements, aiming to enhance its national-level innovation capabilities [1]. - During the 14th Five-Year Plan, Hubei has made significant breakthroughs in key core technologies, establishing itself as a leader in several strategic fields and becoming the largest base for optoelectronic chip research and production, as well as a major hub for commercial aerospace and new energy vehicles [1][2]. Group 2: Innovation Governance and Policy Framework - The province is innovating its governance models and organizational methods for technology, implementing systems like "ranking and competition" for major research tasks, and establishing a trust-based management system for projects and funding [2]. - Hubei has created a policy framework that promotes innovation vitality and fair competition, focusing on quality, performance, and contribution as core evaluation criteria [2]. Group 3: Integration of Technology and Industry - Hubei is focusing on integrating the innovation chain with the industrial chain to foster new industries, with over 50% of its special steel products and over 40% of fine chemical products being produced in the region [3]. - The province aims to enhance high-quality technological output and improve industrial efficiency by strengthening the role of enterprises as innovation leaders and facilitating the transformation of technological achievements into marketable products [3].

Group 1 - Nanjing government has approved the "Nanjing Embodied Intelligent Robot Industry Development Action Plan (2025-2027)" to enhance the industry scale and innovation system [1][4] - The plan aims to position Nanjing's embodied intelligent robot industry among the top in the country by 2027, with a core industry scale exceeding 10 billion yuan and the cultivation of 5 mass production enterprises [4] - The meeting emphasized the integration of resources to promote the cultivation of quality enterprises, key project attraction, and the transformation of scientific and technological achievements [1][2] Group 2 - Nanjing is focusing on the industrial robot sector as a key area for breakthrough, with major domestic brands like Estun and Huichuan Technology establishing a strong presence in the city [2] - Estun aims to create a 10 billion yuan industrial ecosystem by 2030, leveraging its position as a "chain master" to attract upstream and downstream enterprises [2] - Nanjing has developed a comprehensive industrial chain for robots, with nearly 200 enterprises in the upstream and downstream sectors [2] Group 3 - The city is also enhancing its software industry to support robot development, with recent activities aimed at deepening the application of industrial software in various stages of robot design and management [2] - The action plan includes the establishment of two characteristic industrial clusters and the construction of innovation platforms and alliances [4] - Nanjing is determined not to miss out on emerging industries, reflecting a competitive spirit in the face of urban development challenges [1]

2025.06. 25 根据智联招聘发布数据，低空经济、具身智能、智能制造、芯片领域等新兴和未来产业的职位招聘增 速较高，无人机工程师、机器人调试工程师、算法工程师、机械工程师、半导体工艺工程师、半导体 设备工程师等职业的招聘职位数同比增速均在30%以上。 低空经济、商业航天等硬科技产业链条长、分工精细，报考相关专业需要厘清产业链条，考虑自身兴 趣与产业链中各环节的匹配度。以低空经济为例，eVTOL (electric Vertical Take-off and Landing, 电动垂直起降航空器)只是其中的一个细分领域。 "整条产业链可划分为上游、中游和下游，每个领域有不同的侧重。"天际线eVTOL创始人罗科迪所 说的"上游"，指的是包括研发设计、基础原材料、核心组件与零部件生产等环节所在的行业。他所在 的主机厂商一般被视作为行业中游，而下游则偏应用，通常是一些运营服务商和飞行保障商。罗科迪 建议，如果是对技术方向感兴趣，可以报考航空类的专业，如果想要涉及一些商业相关的领域，也可 以考虑工商管理、市场等方面的专业。 他向记者指出，不同环节对人才的需求存在差异。"整个行业既需要纯技术人才，也需要技术与商业 ...