证券时报记者注意到，《指引》明确商业火箭企业适用科创板第五套上市标准的业务范围，即主营业务 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。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。 上交所表示，下一步将以《指引》发布为契机，着力推进符合《指引》标准的商业火箭企业在科创板发 行上市，以更大力度支持突破关键核心技术的科技型企业发展。 商业火箭企业适用科创板第五套上市标准指引来了！ 12月26日，上海证券交易所正式发布《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，这意味着科创板"1+6"改革举措又一项成果落地。 主营业务明确为商业火箭研制及发射 2025年6月，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》，明 确扩大第五套标准适用范围，支持人工智能、商业航天、低空经济等更多前沿科技领域企业适用科创板 第五套上市标准。2025年1 ...

Core Viewpoint - The Shanghai Stock Exchange has issued guidelines to support the listing of high-quality commercial rocket companies on the Sci-Tech Innovation Board, particularly those that have not yet achieved significant revenue, by refining the fifth set of listing standards for these companies [1][2]. Group 1: Business Scope and Technology Requirements - The guidelines specify that the main business scope for commercial rocket companies includes the independent research, development, manufacturing, and provision of space launch services, emphasizing the "hard technology" attributes of the issuer [1]. - Companies must demonstrate significant advantages or breakthroughs in key core technologies, focusing on the independent research and development of core technology products and key components, as well as advanced technical metrics such as payload capacity and multi-satellite launch capability [2]. Group 2: Milestones and Approvals - Commercial rocket companies must achieve at least one successful launch of a medium to large payload using reusable technology before applying, with no significant adverse technical issues affecting future launch tasks [2]. - Companies are required to possess relevant research and manufacturing qualifications and must obtain launch permits prior to commercial rocket launches [2]. Group 3: Industry Position and Market Space - The guidelines require that commercial rocket companies rank among the top in their field, hold an important position in the industry chain, and receive high recognition from relevant market entities, with investment from experienced professional institutions being a key consideration [2]. - The business or products of the issuer must have a clear target market, possess a first-mover advantage over competitors, and be ahead in terms of research and development progress and key indicators [2]. Group 4: Commercialization Arrangements - Issuers must establish clear and feasible commercialization plans for their commercial rocket business or products, ensuring that there are no significant adverse impacts on the expected commercialization of their main business or products [2].

（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。《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。 （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。 （四）关于取得批准。 商业火箭具有较为系统的审批和监管，明确企业应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。 （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。 主要内容如下： ...

文/梧桐晓编 12月26日，上海证券交易所发布《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》，自发布之日起 施行。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，上交所制定了《适用指引第9号》。《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。上交所同时发布的该指引《起草说明》概括了该指引的主要内容如下： （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 ...

人民财讯12月26日电，12月26日，上海证券交易所发布《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》，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、制造及航天发射服务"，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。 ...

(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。 智通财经APP获悉，12月26日，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，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。《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。 (四)关于取得批准。商业火箭具有较为系统的审批和监管，明确企业应具备相关承研承制 ...

Core Viewpoint - The Shanghai Stock Exchange has issued guidelines for commercial rocket companies to apply the fifth set of listing standards on the Sci-Tech Innovation Board, emphasizing the importance of "hard technology" and specific operational requirements for these companies [1][2]. Group 1: Business Scope and Technology Requirements - The main business scope for commercial rocket companies is defined as "independent research, manufacturing, and provision of space launch services," with a strong emphasis on the "hard technology" attributes of the issuer [1]. - Companies must demonstrate significant advantages or breakthroughs in key core technologies, focusing on the independent research and development of core technology products and critical components, as well as advanced metrics like payload capacity and multi-satellite launch capabilities [1]. - Commercial rocket enterprises are required to achieve at least one successful launch of a medium to large reusable rocket payload into orbit as a milestone before applying, with no significant adverse technical issues affecting their ability to undertake launch tasks thereafter [1]. Group 2: Approval and Market Position - Companies must possess relevant qualifications for research and manufacturing, and must obtain launch permits prior to commercial rocket launches, indicating a structured approval and regulatory process [1]. - It is required that commercial rocket companies rank among the top in their industry, hold significant positions within the supply chain, and receive high recognition from relevant market entities, with investment from experienced professional institutions being a key consideration [2]. - The issuer's commercial rocket business or products should have a clear target market, demonstrating a first-mover advantage over competitors and leading positions in R&D progress and key performance indicators [2]. Group 3: Commercialization Arrangements - Issuers are expected to establish clear and feasible commercialization plans for their commercial rocket business or products, ensuring that there are no significant adverse impacts on the expectations for commercial production and sales of their main business or products [2].

Group 1: Industry News - The U.S. government has decided to end the previous administration's investigation into Chinese chips and will not impose additional tariffs on Chinese chips for at least 18 months, signaling a desire to stabilize U.S.-China relations [1] - Beijing has announced a new real estate policy that reduces the social security or tax payment requirement for non-Beijing families purchasing homes within the Fifth Ring Road from three years to two years, which is expected to be followed by similar policies in other cities like Shanghai and Shenzhen [2] - The People's Bank of China has committed to maintaining a moderately loose monetary policy and increasing counter-cyclical and cross-cyclical adjustments, focusing on financial support for key areas such as domestic demand, technological innovation, and small and medium-sized enterprises [3] - Eight departments, including the central bank, have issued guidelines to support the construction of the Western Land-Sea New Corridor, promoting the use of the RMB in cross-border payments and facilitating trade and investment [4] Group 2: Market Insights - Analysts from Galaxy Securities expect a spring rally and recommend focusing on defensive stocks while being optimistic about policy benefits and industry prosperity in the coming year [7] - Huaxi Securities suggests that the current market uptrend may not be temporary, with the market's height depending on the acceptance of new narratives [8] - Dongwu Securities predicts that the market will continue to rebound towards the end of the year, with technology themes remaining a primary investment focus in the next year [9] Group 3: Market Trends - The humanoid robot sector is experiencing significant catalysts, with companies like Cloud Deep and Ubtech making strides in innovation and potential IPOs, indicating a transformative product similar to computers and smartphones [10] - Samsung and SK Hynix are expected to raise prices for HBM3E memory by nearly 20% next year, driven by increasing demand from the AI industry, suggesting a positive outlook for storage-related sectors [11] - The Tianlong-3 reusable rocket is set to launch, marking a shift towards a new era of commercial reusable rockets in China, with significant developments anticipated in low-orbit satellite internet construction by mid-2026 [12]

Core Viewpoint - The establishment of Arrow Yuan Technology's reusable rocket base in Hangzhou marks a significant milestone in China's commercial aerospace sector, positioning it as a counterpart to SpaceX and highlighting the growing investment and development in this industry [2][4]. Group 1: Company Overview - Arrow Yuan Technology is the first private enterprise in China to plan a reusable medium-to-large rocket using a "stainless steel + liquid oxygen methane" approach, aiming for 20 reuses per rocket and a launch cost of approximately 20,000 yuan per kilogram [4]. - The company's flagship product, the Yuanxing-1 rocket, has successfully completed its first sea recovery test and is on track for its first launch from Hangzhou by the end of next year [4][5]. Group 2: Industry Development - The "14th Five-Year Plan" emphasizes the accelerated development of strategic emerging industries, including aerospace, to drive economic growth and optimize the economic structure [4]. - The China Securities Regulatory Commission has included commercial aerospace in the fifth set of listing standards for the Sci-Tech Innovation Board, indicating a supportive regulatory environment for companies like Arrow Yuan Technology, Blue Arrow Aerospace, and Star River Power [4]. Group 3: Investment and Collaboration - Arrow Yuan Technology has received investment from leading domestic firms such as Nine Wisdom Capital and Tsinghua-related funds, showcasing strong backing from the investment community [6]. - The collaboration between social capital, state-owned capital, and local government in Hangzhou exemplifies a successful model for attracting investment in the commercial aerospace sector [6]. Group 4: Regional Significance - Zhejiang Province is recognized as an early developer of the commercial aerospace industry in China, with plans to become a national aerospace manufacturing stronghold by 2035 [5]. - Hangzhou's strategic focus on advanced manufacturing, including aerospace, is part of a broader initiative to create a significant industrial platform, with Arrow Yuan Technology's base being a key component of this vision [5].

央视网消息：在甘肃省民勤县，一块边长60米的正方形场地，是为中国第一款可回收火箭朱雀三号建设的回收场坪。12月3日中午，据此三百多公里之外的 酒泉卫星发射基地，朱雀三号首飞的时刻到来，这是中国商业航天历史的重要时刻。"大运力、低成本、可重复使用"，这意味着朱雀三号的首飞，将重新定 义中国人观看火箭发射的预期，不仅要看是否成功入轨，更要看火箭的一子级能否成功地返回地面。 记者：你的任务整个是分为两部分，一个是去，一个是回，去是成功的，但是回收没有成功。 戴政：略有遗憾。 不完整的返回画面中可以看到，朱雀三号距离成功并不遥远。 戴政：分离完了以后，它有一个高空大角度调姿，调完姿以后，在距离地面80公里会做一个点火，这个高空点火段实际上也是非常完美的。在进入40公里以 下的时候它就关机了，这时候会有一个气动滑行段，是一个超音速载入，速度是很快的，我们需要通过火箭上的栅格舵，包括火箭的控制系统把它控住。 点火升空之后，一百三十余秒，火箭一二级分离，二级继续完成入轨任务，一级则开启返程之路。很多人在甘肃民勤的回收场坪等待着它，它也确实准时地 出现在人们的视野当中。 媒体第一时间的报道中，朱雀三号首飞的结果被概括为入轨成 ...