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]

原因大家都清楚，在中美科技竞争这么激烈的时候，通过资本市场支持科技，才能真正发挥大作用，早点实现自主可控。通过A股市场推动"科技-资本-产 业"的良性循环，给自主可控添把火！虽然这次政策看起来是利好科创板，但短期内其实没啥大动静，真要说利好，那就是对科技板块整体有好处。 一、证监会突然调整休市安排，证监会这次给人工智能、商业航天、低空经济这些前沿科技企业开了绿灯，允许它们用科创板第五套标准来上市。其实， IPO从来都不是什么洪水猛兽。今年港股上市的公司这么多，IPO规模都快到千亿港币了，但港股的表现还是比A股强不少。 二、周五的大跌已经确定此次冲击3400点失败，我们反而有点放心了，跌下来，本身就是利好。 全天市场延续弱势震荡，靠着银行、保险、白酒护盘沪指一度翻红，但是受阻5日线附近压力尾盘回落翻绿，科创板延续阴跌，这持续拖累三大指数。 成交量继续缩量1829亿差点跌破万亿成交，对比港股今天直接反弹1.2%，本周市场一直在缩量，量能是影响盘面能否上攻的重要因素，流动性变差很难支 撑起活跃的行情。越来越多的人选择观望，这可以理解。 勉强维持指数小幅上涨，上证是回撤到60日线，还是回补3186点缺口。银行板块的走 ...

1. 【错误率降低1000倍！微软量子计算重大技术突破，可商用】6月19日，微软首席执行官 SatyaNadella分享了，微软在量子计算的重大技术突破成果4D拓扑量子纠错码。与2D相比，4D拓扑 量子纠错码在编码效率、纠错能力、逻辑操作都非常出色，并且每个逻辑量子比特只需要极少的物理 量子比特，可以一次性检查错误，并将错误率降低1000倍。同时，这项全新的量子计算成果将应用 在微软的Azure Quantum量子计算平台中，加速科研、医疗的研发效率。（AIGC开放社区） 2. 【中国首制16000TEU甲醇双燃料集装箱船交付】6月20日消息，由扬州中远海运重工建造的国内 首制16000TEU甲醇双燃料集装箱船"中远海运洋浦"轮，今日在上海长兴岛交付。该船的交付实现了 大型甲醇双燃料箱船建造领域"国内船东第一单、国内船厂交付第一艘、国产甲醇主机第一次实船应 用" 三个历史性突破，标志着我国在该领域跻身世界前列，为全球航运业绿色低碳转型提供了"中国 方案"。（第一财经） 3.【朱雀三号一级动力系统试车试验成功】6月20日消息，蓝箭航天自主研制的朱雀三号可重复使用 运载火箭一级动力系统试车，在东风商业航天创新试验 ...

科创板第五套上市标准扩大适用范围消息发布后，商业航天、低空经济、人工智能等领域的多位企业人 士对中国证券报记者表示，此举将帮助企业加快转化科技成果。 "商业航天具有投入高、周期长的特点，企业难以在较短时间内实现盈利。现阶段亟待A股IPO政策的支 持。"夏东坤说，扩大科创板第五套标准适用范围，对于支持中国商业航天产业来说是一场"及时雨"。 新一轮科技革命和产业变革加速演进，完善更加适配科技创新和产业变革的金融服务体系，资本市场大 有可为。近日，证监会以深化科创板、创业板改革为抓手，提出一系列新举措，加快构建更有利于支持 全面创新的资本市场生态。本报今起推出"打造更适配创新的资本市场"系列报道，多维度、多视角解读 政策精神，关注具体措施落实情况，展现资本市场改革发展新风貌、新气象。 以设置科创成长层为抓手，科创板迎来新一轮改革，重启未盈利企业适用科创板第五套标准上市并扩大 适用范围是其中的重要举措。 市场人士认为，重启并扩大适用科创板第五套上市标准，极大地提升了科创板的制度包容性和对新质生 产力的支持力度，从长期看，也有利于广大投资者分享国家创新发展的成果。 中国证券报记者日前了解到，监管部门将借鉴生物医药行业适 ...

Core Insights - Beijing has the most comprehensive commercial aerospace industry chain in China, with over 300 high-tech enterprises in the sector, accounting for approximately 50% of the core R&D units, listed companies, and unicorns nationwide [1] Group 1: Company Developments - Blue Arrow Aerospace has achieved significant milestones, including the successful launch of China's first liquid oxygen-methane rocket and the completion of a test for the reusable Zhuque-3 rocket's first-stage propulsion system, which utilized the Tianque-12A engine with a total thrust of 7542 kN [2] - The Zhuque-3 rocket is designed for reusability, with a cost reduction of 80% to 90% compared to expendable rockets, and has already completed a vertical landing test at 10 kilometers [4] Group 2: Industry Trends - Beijing is actively promoting innovation in commercial aerospace through various policies aimed at enhancing core technology development, high-level innovation platforms, and optimizing industry layout [4] - The city plans to accelerate the establishment of a reusable rocket technology innovation center, aiming for the first successful recovery and reuse of a rocket by around 2026, while also advancing satellite core component technologies [6]

Core Insights - Beijing is emerging as a hub for commercial aerospace, with over 300 high-tech aerospace companies and 46 top commercial aerospace enterprises establishing operations in the city, indicating a robust industrial ecosystem covering rockets, satellites, measurement and control, and applications [1][3] Company Highlights - Star River Dynamics, based in Beijing Economic and Technological Development Zone, has developed the Gushenxing-1 rocket, which holds the record for the most launches, the highest number of satellites deployed, and the highest success rate in China's private aerospace sector [1] - Blue Arrow Aerospace, one of the earliest private rocket companies in China, successfully launched the upgraded ZQ-2E Y2 rocket, deploying six satellites into their designated orbits [3][5] Industry Development - The "Rocket Street" in southern Beijing is home to nearly 60 upstream and downstream companies, showcasing a full-process capability from rocket design to assembly and testing [5] - The northern part of Beijing, centered around Haidian District, focuses on satellite development, constellation networking, and data applications, gradually forming a collaborative satellite industry cluster [5] - The "South Rockets, North Stars" industrial pattern is rapidly taking shape in Beijing, symbolizing the collective efforts of numerous dreamers contributing to the future of China's commercial aerospace [5]

编辑 | 小白 在技术迭代与政策共振的推动下，航空航天、低空经济和商业航天三大领域正从幕后走向台前，跃升 为备受资本市场瞩目的新增长方向。 未来10年的投资蓝海。 它们不仅承载着国家战略转型的关键使命——从"航天大国"迈向"航天强国"，也孕育着数万亿级的市 场空间。对于普通投资者而言，通过ETF基金来参与这些领域的投资，已成为分享产业红利的重要途 径。 作者 | 紫枫 风云君注意到，今年多家基金公司不约而同地发布多只这3大领域的ETF，今天我们将系统梳理目前 能交易的相关ETF基金，给咱们的老铁们多一些投资这3大新质生产力重要领域的工具。 ...

Core Insights - The 2025 Shenzhen (Luohu) Aerospace Industry Conference and Cangyu Space-based Global Capability Launch was held, marking the initiation of the world's first high-orbit commercial relay satellite project [1][4] - Cangyu Space, a leading enterprise in commercial aerospace, aims to fill the gap in China's data relay satellite system market by establishing a global space-based information transmission system [3] Group 1: Industry Development - The conference attracted over 200 participants, including government agencies, international space organizations, industry experts, and investment representatives, focusing on accelerating the aerospace industry through technological innovation and international cooperation [1][2] - The Luohu District has chosen the aerospace industry as a key area for industrial transformation, establishing an innovation service platform that integrates resources from universities, research institutions, and enterprises [2][5] Group 2: Company Initiatives - Cangyu Space has signed contracts with Great Wall Industry Corporation and Aerospace Science and Technology Corporation for the first satellite and supporting launch vehicle, officially starting the construction of the high-orbit commercial relay satellite project [4] - The company plans to launch the Cangyu-1 high-orbit satellite by 2026, achieving 60% low-orbit coverage and 40% surface coverage, with a goal of completing a constellation of 13 satellites by 2030 for all-weather coverage [4] Group 3: Collaborative Efforts - Cangyu Space has established a research center in collaboration with Wuhan University to enhance the integration of education, technology, and talent, aligning with national reform initiatives [4] - The Luohu District is actively supporting the aerospace sector through policies, talent acquisition, capital investment, and spatial resources, aiming to foster innovation and industrialization in the aerospace field [5]

Group 1 - The aerospace industry is recognized as a leading and complex field of high-tech integration, requiring the overcoming of numerous technical challenges from design to launch of commercial rockets [1] - Star River Power has become the first private rocket company in China to achieve continuous and stable launch success, utilizing 3D printing to reduce production cycles to under one month and costs to about one-tenth of traditional methods [3] - Beijing is a hub for aerospace development, housing over 50% of the country's core research units and a significant portion of national aerospace infrastructure and specialized talent [3] Group 2 - Beijing has released plans for over 10 commercial satellite constellations, with Galaxy Aerospace successfully launching 8 low-orbit broadband communication satellites, marking the establishment of China's first low-orbit broadband communication test constellation [4] - The commercial aerospace sector in Beijing includes over 300 high-tech enterprises, with nearly half of the top 100 commercial aerospace companies and unicorns located in the city, indicating a comprehensive industry chain [4] - The "South Arrow North Star" pattern is beginning to take shape in China's commercial aerospace landscape, covering the entire industry chain from launch vehicles to satellite applications [4]