以下文章来源于创投日报 ，作者李明明 创投日报 . 投资人都在关注的主流媒体平台，《科创板日报》出品。 国产商业火箭发射频次持续加快，"批量上天"态势已现。 今日中午，中科宇航力箭一号遥八运载火箭在东风商业航天创新试验区发射，采用"一箭3星"的方式，将中科卫星03星和04星等卫星顺利送 入预定轨道，发射任务取得成功。此外，仅今年8月，国内就完成9次商业发射任务，全年民商火箭计划排期达至少20次。 近期全球商业航天领域同样动态频出，近日，SpaceX星舰V2完成第11次飞行试验，标志着国际商业航天在可重复使用技术上持续突破，而 这一进展也为全球产业竞争划定了新坐标。 但热闹背后，行业潜藏的多重现实瓶颈愈发凸显。《科创板日报》记者就此采访多名业内专家，从技术突破、产业链配套、生态构建等维度 详解当前产业困境。 技术层面，可重复使用技术的商业化闭环尚未形成。一位业内长期研发航天技术的高管在受访时对《科创板日报》记者指出， 火箭重复使 用是融合归航、变推、回收等多领域技术的复杂工程，尽管国内箭元科技"元行者一号"实现海上软着陆回收、深蓝航天完成百吨级发动机试 车，但与SpaceX已形成的"回收-复用-迭代"成熟模式相 ...

中科卫星03星、04星是中科卫星科技集团有限公司抓总研制的两颗X波段SAR遥感卫星。两颗卫星成功 入轨后将纳入中科卫星科技集团有限公司建设的AIRSAT星座运行，为自然资源、农业农村、应急防 灾、水利建设、城市规划等领域的SAR遥感数据应用提供有力支撑。 本报讯(记者李乔宇)2025年10月19日11时33分，中科宇航技术股份有限公司(以下简称"中科宇航")力箭 一号遥八运载火箭在东风商业航天创新试验区发射，采用"一箭3星"的方式，将巴基斯坦遥感卫星02 星、中科卫星03星和04星共3颗卫星顺利送入预定轨道，发射任务取得圆满成功。这是中科宇航力箭一 号又一次完成国际订单履约，让中国商业火箭成为连接世界、服务全球的太空桥梁。 此次任务是力箭一号运载火箭的第九次飞行。截至目前，力箭一号共将73颗卫星精准送入预定轨道，入 轨载荷总质量超9吨。 ...

史晓宁介绍，针对本次任务两次分离的卫星不同轨道参数要求，团队创新设计了星箭分离段变目标 轨道参数方案，利用火箭剩余的推进剂在保证第一次卫星分离入轨精度的同时，对第二次分离的卫星轨 道参数进行修正，实现两次分离卫星不同轨道参数高精度入轨，提高任务适应性。 "力箭一号在市场方面建立了包括拼车发射、整箭专车发射、外星搭载发射、发射国家任务等多样 化的发射服务能力。"史晓宁说，发射成本已降至每公斤载荷1万美元以内，订单响应周期缩短至6个月 内，发射场测试发射周期约7至10天。（记者宋晨） "本次任务针对卫星的尺寸和重量设计了串联布局，为提高分离安全性设计了卫星支架前舱段导向 分离方案，并通过增加阻力面积提高面积、质量比，从而减少卫星支架前舱段分离体轨道寿命，避免产 生长期留轨的太空垃圾。"力箭一号总设计师史晓宁说。 力箭一号副总指挥孟祥福表示，每一次"一箭多星"任务都是复杂的系统工程， 涉及 到 卫星在火箭 上的布局、分离时序、轨道设计、避免分离后碰撞等诸多挑战。团队多次成功完成这类任务，特别是首 飞实现"一箭六星"，遥二箭实现"一箭二十六星"，创造了当时国内一箭多星发射纪录。 10月19日11时33分，力箭一号遥八 ...

（来源：价值研学社） 要说周五下跌的由头，最扎心的还是川子又来搞事。85名参议员要给老特授权，针对咱们买俄罗斯石油 这事，最高征500%关税。这消息一出来，量化机构的程序就跟打了鸡血似的，一顿猛砸；恐慌的散户 也跟约好了似的割肉；大兄弟也没出来拉一把，尾盘直接就泥沙俱下啦。 但恐慌到冰点的时候常有错杀。到了周五傍晚，剧情大反转！富时A50就跟打了鸡血似的直线往上冲， 美股更夸张，原本夜盘还在低谷趴着，后半夜跟开挂了一样，不仅把跌幅全补回来了，还涨多跌少。后 来媒体揭秘，原来是川子突然改口了，说说高关税不可持续，截止日能延迟。这老特的嘴啊，之前喊打 喊杀的，现在又说不可持续，不管他是真心还是假意，至少让市场情绪有了点缓和的预期。 5.奇瑞放大招，在全球创新大会上展出了全固态电池模组，电芯能量密度 600Wh/kg，续航1200-1300 公 里！这数据啥概念呀？现在主流的液态锂电池也就250-350Wh/kg，全固态直接翻倍，续航直接能 "充电 一次跨半个中国"。虽然量产可能还得等一等，但技术突破的信号够强，固态电池材料，比如电解质、 正极这些相关的公司，可能有修复机会。 6.人形机器人近期催化多。北京副中心发 ...

10月19日，据证监会官网信息显示，江苏天兵航天科技股份有限公司（简称"天兵科技"）于10月14日与 中信建投证券股份有限公司签署辅导协议，聘请中信建投证券作为其IPO辅导机构，目前已辅导备案。 当前商业航天企业正加速IPO。除天兵科技外，蓝箭航天、屹信航天等也均于年内启动上市辅导。商业 航天头部企业密集冲刺IPO背后是政策支持力度的加大。 今年6月，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》，以设置专门层 次为抓手，重启未盈利企业适用科创板第五套标准上市。《意见》提及，扩大第五套标准适用范围，根 据产业发展和市场需求，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，加大对新兴产业和未来产业的支持力度。 7月末以来，蓝箭航天、屹信航天、中科宇航、微纳星空等多家头部商业航天企业已启动上市辅导。 多个省份也纷纷推出支持商业航天发展举措，《广东省推动商业航天高质量发展若干政策措施（2025— 2028年）》《山东省加快推动商业航天产业高质量发展的若干措施》等政策相继出台。 辅导备案报告显示，天兵科技注册在张家港经济技术开发区，注册资本为3.91亿元；控股股东 ...

10月17日，证监会官网披露，江苏天兵航天科技股份有限公司（以下简称"天兵科技"）已正式报送上市 辅导备案，辅导机构为中信建投证券股份有限公司。作为我国商业航天领域率先布局新一代液体火箭发 动机和中大型液体运载火箭的头部企业，天兵科技此举标志着国内商业航天在市场化、规模化发展上迈 出关键一步。 技术突破奠定商业化基础 2025年9月15日，天兵科技在山东海阳东方航天港成功完成天龙三号大型液体运载火箭一级动力系统全 系统海上试车，创下国内商业航天液体火箭发动机推力新纪录。这也是我国商业航天首次实施海上热试 车，标志着国产商业火箭已初步具备"一箭多星"批量发射的工程能力，为天龙三号年底前实现首飞及后 续规模化商业应用打下坚实基础。 就在启动上市辅导前，天兵科技刚刚完成Pre-D轮和D轮合计近25亿元人民币融资，投资方包括国裕高 华、济钢集团、东方资产、申万投资、中银资产等多家知名机构。本轮融资将主要用于火箭批产的备产 备料、新一代发动机与火箭的研制。 目前，天兵科技已构建起覆盖从火箭自研、规模制造到专属发射工位的全产业链布局，形成以北京火箭 研发中心、西安动力研发中心、河南火箭发动机智造及动力试验中心、苏州火箭智 ...

Core Viewpoint - Jiangsu Tianbing Aerospace Technology Co., Ltd. (Tianbing Technology) has signed a counseling agreement with CITIC Securities for its IPO, indicating a significant step towards public listing in the commercial aerospace sector [1] Company Overview - Tianbing Technology is a high-tech enterprise specializing in the development of next-generation liquid rocket engines and medium to large liquid launch vehicles, with a registered capital of 391 million yuan [1] - The company has been recognized as a unicorn for three consecutive years and is expected to enter the global unicorn list in 2024, showcasing strong growth potential [1] Development Strategy - The company aims to establish a product development strategy focusing on "three machines and two rockets," supported by strategic centers and platforms across various locations, including Beijing and Xi'an [1] - Tianbing Technology plans to build a supply chain system that radiates nationwide from the Yangtze River Delta and a launch market network that targets global reach [1] Financing Activities - In June of the previous year, Tianbing Technology announced the completion of over 1.5 billion yuan in Series C+ financing, which will primarily fund the maiden flight and mass production of the Tianlong-3 large liquid launch vehicle [2] Industry Context - The commercial aerospace sector is witnessing a surge in IPO activities, with companies like Blue Arrow Aerospace and Yixin Aerospace also initiating listing counseling this year [3] - The China Securities Regulatory Commission has increased support for the commercial aerospace industry, allowing unprofitable companies to apply for listing under the fifth set of standards on the Sci-Tech Innovation Board [3] - Various provinces have introduced policies to promote the high-quality development of the commercial aerospace sector, such as Guangdong and Shandong [3]

Group 1 - Renowned physicist and Nobel laureate Yang Zhenning passed away on October 18, 2025, in Beijing at the age of 103 [1] Group 2 - Wentech Technology responded to the complete interruption of system access for employees at its subsidiary, Anshi Semiconductor (China), stating that the specific reason is unclear and that some access has been restored [3] - The company is taking independent measures to ensure domestic supply chains are maintained for clients in China [3] Group 3 - Chen Zhen, a well-known car reviewer, explained the circumstances of a car accident he was involved in, attributing it to over-reliance on the vehicle's assisted driving features [3] - He emphasized the importance of understanding the limitations of such systems before use [3] Group 4 - Reports indicate that some users of the iPhone 17 Pro and Pro Max are experiencing color fading issues, particularly in the "Starry Orange" and "Deep Blue" colors [3] - Users speculate that UV exposure may be a contributing factor to the fading [3] Group 5 - Huawei's cloud computing BU faced accountability for business fraud and economic misconduct, resulting in the demotion of CEO Zhang Pingan and several other executives [6] - The company maintains a zero-tolerance policy towards fraudulent activities [6] Group 6 - BYD delivered its 100,000th new energy vehicle in Thailand, marking a significant milestone in its international expansion [6] Group 7 - Former COO of Zhiyuan AI, Zhang Fan, has launched a new startup focused on developing task-specific large language models and has completed an angel round of financing [8] - The startup aims to deepen AI technology integration in enterprise scenarios [8] Group 8 - Chery's chairman, Yin Tongyue, stated that the company's revenue from overseas markets is expected to surpass that from domestic markets in the future [9] - Chery is working towards enhancing its governance and operational standards to align with global market expectations [9] Group 9 - Apple plans to reduce production of the iPhone Air by approximately 1 million units due to underperformance in the market, while increasing production of other models [9] - The overall shipment forecast for the iPhone 17 series has been raised from 88 million to 94 million units [9] Group 10 - Porsche appointed Dr. Michael Leiters as the new CEO, effective January 1, 2026, while the current CEO, Dr. Oliver Blume, will continue to lead the Volkswagen Group [9] Group 11 - Reports from South Korea indicate that some Tesla vehicles are experiencing battery management system issues, limiting maximum charging capacity to around 50% [9] - The South Korean government is investigating the matter and may require Tesla to submit a corrective plan [9] Group 12 - NVIDIA announced the production of its Blackwell chips in the U.S., marking a significant milestone in domestic semiconductor manufacturing [9] Group 13 - AI music generation company Suno is negotiating a financing round that values the company at over $2 billion, quadrupling its previous valuation [10] - The company has achieved annual recurring revenue exceeding $100 million [10] Group 14 - Tianbing Technology has initiated the listing guidance process, indicating a move towards market-oriented and large-scale development in the commercial space sector [10] - The company recently completed a significant test of its rocket system, setting a domestic commercial launch thrust record [10] Group 15 - Chery showcased a solid-state battery module with an energy density of 600Wh/kg at its global innovation conference, promising an extended range of 1200-1300 kilometers [10] Group 16 - The user base for generative AI in China has surpassed 510 million, reflecting a significant increase in adoption [10] - The penetration rate of generative AI applications reached 36.5% as of June 2025 [10] Group 17 - Domestic coffee machine sales surged by 75.6% year-on-year from January to August 2025, driven by the growing coffee culture and government subsidies [10] - The coffee machine market in China is projected to reach a scale of 10.6 billion yuan by 2029, with an expected annual growth rate of 28% [10]

Core Viewpoint - The recent recovery of the "Sanmao Ji" private equity product, which had previously seen its net value plummet, signals a potential new investment opportunity in the market as prominent investors express optimism about A-shares [2][5]. Group 1: Performance of "Sanmao Ji" - The net value of the "Sanmao Ji" product managed by Wu Yuefeng has risen to 0.9854 yuan, nearing full recovery from a previous low of 0.3 yuan [1]. - The product experienced a dramatic increase of 171.53% in net value from April 3 to October 10, 2023, with a year-to-date return of 60.72% [6]. - The product's initial scale was approximately 22 million yuan, peaking at over 150 million yuan, showcasing significant growth driven by Wu Yuefeng's influence [5]. Group 2: Market Outlook - Chen Yu from Shennong Investment predicts that the current market is in the second half of a bull market, characterized by high volatility and opportunities for price differences among leading stocks [7]. - According to Fuyong Fund, the A-share market is expected to present structural opportunities amid fluctuations, with a focus on "technology growth + dividend defense" strategies [8]. - Green Fund and Jin Xin Fund share a positive outlook on the long-term potential of A-shares, emphasizing the importance of sectors like semiconductors, AI, and defense [9].

Group 1 - Jiangsu Tianbing Aerospace Technology Co., Ltd. (Tianbing Technology) signed a counseling agreement with CITIC Securities for its IPO on October 14, 2023, and has completed the counseling filing [1] - Tianbing Technology is a leading high-tech enterprise in China's commercial aerospace sector, focusing on the development of new-generation liquid rocket engines and medium-to-large liquid launch vehicles, with a registered capital of 391 million yuan [1] - The company has been listed as a unicorn for three consecutive years and is expected to enter the global unicorn list in 2024, indicating strong growth potential [1] Group 2 - In June 2022, Tianbing Technology announced the completion of over 1.5 billion yuan in Series C+ financing, with funds primarily allocated for the maiden flight and mass production of the Tianlong-3 large liquid launch vehicle [2] - The current trend in the commercial aerospace industry shows a surge in IPO activities, with companies like Blue Arrow Aerospace and Yixin Aerospace also initiating listing counseling this year [3] - The increase in IPO activities is supported by enhanced policy measures, including the China Securities Regulatory Commission's new guidelines for the Sci-Tech Innovation Board, which aim to support emerging industries like commercial aerospace [3]