上海瀚讯：公司是千帆星座通信分系统供应商及G60星座载荷核心承研单位，负责该星座通信分系统的 保障与支撑，研制并供给相关卫星通信载荷、信关站、卫星通信终端等关键通信设备。 陕西华达：公司三大类产品均应用于商业航天领域，处于行业领先地位，助力星网、千帆星座等国家重 点重大航天项目成功实施。 据证券时报报道，商业航天创新企业轨道辰光近日宣布完成首轮及加轮融资，总额达1.4亿元人民币。 加轮由顺灏股份独家投资1.1亿元，首轮融资则来自联想创投旗下联想中小企业基金的2000万元及团队 跟投的1000万元。作为北京星空院首个孵化落地的产业项目，轨道辰光专注于"926工程"——晨昏轨道 巨型算力卫星星座的建设和运营。此次融资将助力其推进商业航天技术研发及星座部署，进一步提升在 航天领域的竞争力。 分析认为，我国商业航天产业正处于"技术突破"和"规模爆发"双重拐点。技术方面，可重复使用火箭、 卫星互联网 、激光通信终端等取得关键进展，大幅降低发射成本。市场需求端，卫星通信、遥感、导 航等应用加速落地，低轨星座组网带动整星制造、地面终端等环节增长。随着政府工作报告将商业航天 列为新兴产业首位，卫星互联网星座建设正在加速。20 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has announced the restart of the fifth listing standard for unprofitable companies on the Sci-Tech Innovation Board (STAR Market) and the formal implementation of the third standard on the Growth Enterprise Market (GEM) to support high-quality unprofitable innovative enterprises [1][2] - The STAR Market serves as a testing ground for capital market reforms, with the registration system initially piloted there before being expanded to other market segments [1][2] - Among the over 580 companies listed on the STAR Market, only 54 are unprofitable, with just 20 having successfully listed under the fifth standard, indicating that the first four standards are more quantifiable and less risky for companies [1][2] Group 2 - The fifth standard for unprofitable companies has raised concerns due to vague criteria such as "large market space" and "technical advantages," which could lead to inflated prospectuses and misjudgments by reviewers [2] - The rapid development of emerging industries like artificial intelligence and commercial aerospace has made it difficult for unprofitable tech companies to gain market support, highlighting the need for reforms to align capital markets with industry advancements [2] - Regulatory measures have been introduced to facilitate the listing of high-quality unprofitable companies on the STAR Market and GEM, but the higher valuations on these boards compared to the main boards pose potential investment risks [2] Group 3 - Recommendations include strictly adhering to board positioning to prevent unsuitable companies from listing, such as the previous incident with aquaculture companies on the GEM [3] - There is a call for stricter reviews of unprofitable companies' listing applications to filter out pseudo-innovative firms seeking high valuations [3] - It is suggested that shareholders of unprofitable companies should be prohibited from selling shares until the company becomes profitable, which would help mitigate speculative listing impulses and protect market integrity [3]

Core Insights - The Chinese aerospace industry is experiencing rapid growth, driven by significant advancements in technology and strong support from investment institutions [1][2][3] - Investment institutions are playing a crucial role in fostering the development of aerospace companies, particularly through early-stage investments and strategic support [4][5][6] Policy Support - The Chinese government has consistently positioned aerospace as a strategic emerging industry, with numerous policies aimed at promoting commercial aerospace and low-altitude economy [2][3] - Recent policies, including the inclusion of commercial aerospace in government work reports, have laid a solid institutional foundation for high-quality development in the aerospace sector [2][3] Investment Opportunities - The commercial aerospace sector is projected to grow significantly, with global revenue reaching approximately $298 billion in 2018 and a compound annual growth rate of about 7% over the past five years [3] - Investment institutions are optimistic about the prospects of the aerospace industry, particularly in areas such as civil aviation, commercial space demand, and low-altitude economic scenarios [2][3] Capital Empowerment - Investment institutions emphasize the importance of a multi-tiered financing system to support aerospace development, including early-stage investments and public fund participation [4][5] - The concept of "patient capital" is highlighted, as the aerospace industry often requires long-term support for technology commercialization and industrialization [4][5] Successful Investment Cases - Notable investment cases include Galaxy Aerospace, recognized as China's first aerospace unicorn, and Blue Arrow Aerospace, which has developed key technologies in liquid rocket engines [4][5] - Investment institutions have also engaged in various projects across the aerospace value chain, driving innovation and collaboration among upstream and downstream enterprises [5][6] Future Trends - The satellite internet sector and low-altitude economic opportunities, such as drone logistics and eVTOL, are identified as key investment areas for the future [6][7] - The year 2025 is anticipated to mark a significant milestone for the low-altitude economy, with expectations for the commercial operation of eVTOLs [7][8] Collaborative Efforts - Investment institutions are encouraged to strengthen partnerships with research institutions and universities to enhance innovation and technology transfer [8] - The collaboration between public and private investment entities is seen as essential for discovering quality projects and fostering a healthy cycle between primary and secondary markets [8]

● 本报记者 王婧涵 "无论是通信卫星、导航卫星还是遥感卫星，商业航天各项应用都逐步深入到大众的日常需求之中。大 量需求涌现让企业有动力自己发卫星，这促进了商业航天的发展，也意味着行业模式将出现很大改 变。"星图测控董事长胡煜日前在接受中证报记者专访时表示。 经过几年培育，当前我国商业航天已进入快速发展期，面向大众的应用场景不断打开，政策、技术和市 场的协同推动下，作为国家级专精特新"小巨人"企业的星图测控在航天测控管理、航天数字仿真等业务 领域都实现了快速发展。 应用场景向C端延伸 "从2015年中国商业航天元年起，商业航天的发展越来越快。特别是'十四五'以来，从卫星制造、火箭 制造到航天测运控系统、地面配套等各类软硬件，国内从事商业航天的企业越来越多，"胡煜向记者表 示，"这将进一步促进卫星在特种领域及面向大众的C端应用的发展。" 在商业航天领域，卫星主要分为通信卫星、导航卫星和遥感卫星三类，分别代表了商业航天三种主要的 应用场景。近期，我国发射的算力卫星则开启了"太空计算"的新篇章。 "由于卫星的制造成本较高，过去的航天发射往往针对特定需求，面向政府或相关B端用户，进行如自 然资源普查、气象监控等任务。 ...

正是上述原因，此次科创板改革还试点引入资深专业机构投资者制度，希望借助这些机构投资者的专业 判断、真金白银的投入，帮助审核机构、投资者增强对企业科创属性、商业前景的判断，更加有效地识 别优质科技型企业。 对于机构投资者来说，真正考验他们专业能力的时候来了。 6月18日，中国证监会正式发布《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》，在科 创板内部新设科创成长层，为未盈利但前景广阔的科技型企业开辟专属上市通道。科创成长层企业股票 简称后添加"U"（Unprofitable），作为特殊标识。 科创成长层的推出，大幅提升了资本市场对科技创新企业的包容性与适应性，为人工智能、商业航天、 低空经济等更多前沿领域注入源头活水，体现资本市场服务科技创新的应有之义。 需要指出的是，当资本市场向未来科技敞开大门时，当"U"标识企业持续涌入资本市场时，新的投资机 遇实际上也对投资者的专业投资能力也提出了更高的要求和更大的挑战。 科创成长层企业的"U"标识，暗含着企业更难以评估的价值。实事求是地说，很多未盈利科技企业有技 术理论的支撑，但其价值更多被寄望于未来的市场潜力，而非眼前实实在在的利润，投资者不能沿用传 统的市 ...

Group 1 - The report highlights the "1+6" policy system focusing on hard technology, aiming to enhance the inclusiveness and adaptability of the capital market, particularly for high-quality core technology enterprises [2][3] - The introduction of the Sci-Tech Growth Layer and the restart of the fifth listing standard on the Sci-Tech Innovation Board are significant breakthroughs in the capital market's inclusiveness and adaptability [3][4] - The fifth listing standard does not impose revenue or net profit requirements, facilitating the entry of non-profitable but competitive enterprises into the capital market [3][4] Group 2 - The report indicates that all non-profitable technology enterprises will be included in the Sci-Tech Growth Layer, with a unified special identifier "U" for their stock names, enhancing risk disclosure [4] - A new pre-review mechanism for IPOs targeting quality technology enterprises is introduced, which aims to improve IPO efficiency while protecting corporate information and technological security [4]

Group 1 - The core viewpoint of the news is that Beijing Orbit Chuangguang Technology Co., Ltd. has completed a financing round totaling 140 million RMB for its giant computing satellite constellation project, with investments from listed company Shunhao Co. and Lenovo Ventures [1][2] - The funding will be used for key technology research and development, experimental satellite launches, and network operations for the computing satellite constellation [1][2] - The project aims to deploy computing satellites in the Earth's dawn-dusk orbit to create a space data center, providing global users with space-based computing services [1][2] Group 2 - The rapid development of commercial aerospace and artificial intelligence has led to an increasing demand for space computing, prompting countries to consider relocating computing centers to space [2] - The company has made significant progress in key technology research, including the development of new gallium arsenide solar cells to significantly increase satellite power density compared to traditional satellites [2] - The first computing experimental satellite is expected to be launched by the end of this year, which will help address the limitations of ground computing centers and provide computing support for users globally [2]

6月18日，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》，标志着资 本市场服务科技创新的改革迈入深水区。 科创成长层重点服务技术有较大突破、商业前景广阔、持续研发投入大、目前仍处于未盈利阶段的科技 型企业。 不盈利也可以上市，是设立科创板并试点注册制的标志性改革之一。目前，累计有54家未盈利企业在科 创板上市，其中有22家企业上市后实现盈利，成功摘掉了"未盈利"的帽子。2024年，这54家企业共实现 营业收入1744.79亿元。 站在科创板开板六周年的新起点上，在科创板设置科创成长层，是支持科技创新的又一次重大制度创 新。 此外，科技成长层集中管理未盈利企业，一方面有利于为增量制度改革提供更可控的"试验空间"，可以 试点一些更具包容性的政策举措；另一方面也通过特殊标识"U"、风险揭示书等投资者保护机制筑起防 火墙，便于投资者更好识别风险，更好保护投资者合法权益。 上市是起点不是终点，融资是工具不是目的。科创成长层的设立，本质是资本市场对科技创新规律的深 度适配，是要破解"技术强、盈利弱"企业的融资困境，构建"科技—资本—产业"良性循环，引导市场 从"唯盈利"转向"重技术含金量"。 展 ...

Core Viewpoint - Beijing is emerging as a leading hub for commercial aerospace, boasting the most comprehensive rocket manufacturing industry chain and over 70% of the country's commercial rocket enterprises [1][2]. Group 1: Industry Overview - Beijing has over 300 high-tech enterprises in the commercial aerospace sector, with more than half of the top 100 commercial aerospace companies, listed firms, and unicorns in the country [1]. - The "South Arrow North Star" pattern is forming in Beijing, with the southern part focusing on rocket manufacturing and the northern part on satellite manufacturing, showcasing a complete industrial chain [2]. Group 2: Key Companies and Developments - Star River Dynamics plans to launch approximately 7 to 8 rockets this year, potentially becoming the first private company to achieve double-digit launches annually [1]. - Blue Arrow Aerospace, located near Star River Dynamics, is the first domestic commercial aerospace company to obtain complete qualifications for rocket research, production, and testing, and recently successfully launched the Zhuque-2 rocket [2]. Group 3: Government Support and Future Prospects - The Beijing government is integrating commercial aerospace scenarios into its 2024 technology work plan, promoting applications in various sectors and supporting the establishment of the Zhongguancun Yichuang Commercial Aerospace Alliance [3]. - The industry is expected to flourish in the next 5 to 10 years, with a diverse range of developments anticipated [3].

Group 1 - The China Securities Regulatory Commission (CSRC) has proposed the establishment of a growth tier on the Sci-Tech Innovation Board (STAR Market) and the reintroduction of the fifth listing standard for unprofitable companies [2][3] - The fifth standard allows technology companies that meet national strategic goals and have high market recognition to go public with a minimum expected market value of 4 billion yuan, even if they are not profitable [2][3] - Currently, 39 hard-tech companies have opted for the fifth standard to apply for listing, with 20 of them being innovative biopharmaceutical firms that have raised substantial funds for new drug development [2][3] Group 2 - The emergence of companies like Deepseek and Yushu Technology signifies China's breakthroughs in key technologies across various sectors, including AI, low-altitude economy, biotechnology, quantum computing, commercial aerospace, and chip development [3] - These companies typically have long investment periods and may struggle to achieve profitability initially, necessitating continuous high-intensity funding to maintain their exploratory capabilities and competitive edge [3][4] - The reintroduction of the fifth listing standard is timely, as it allows these companies to access capital markets and avoid missing critical development opportunities [3][4] Group 3 - Listing not only serves the purpose of financing but also opens new avenues for technology companies, enabling them to leverage various capital market tools for exponential growth [4] - The CSRC's initiative to support high-quality unprofitable innovative companies is a necessary step to enhance the attractiveness of the capital market for investors [4][5] - The introduction of index products linked to a basket of quality technology growth tier stocks is recommended to diversify investment risks and attract long-term capital to support the growth of China's technology industry [4] Group 4 - The global competition in capital markets means that if these companies cannot list in A-shares, they may seek opportunities elsewhere, which could deprive Chinese investors of growth dividends from domestic quality firms [5] - A comprehensive deepening of capital market reforms and an increase in institutional inclusivity and adaptability are essential to support innovation and face global competition effectively [5]