据悉，科工火箭成立于2016年，是我国首家采用商业模式开展研发应用的火箭公司，注册资本约8.59亿 元。本次转让前，航天三江集团（航天科工集团全资子公司）持有科工火箭56.43%股权。转让 29.5904%股份后，其持股比例将降至26.84%，控股权随之转移。 科工火箭的整体估值约为112亿元。交易完成后，这家由央企孵化的商业航天领军企业将失 去"航天科工"的身份。 国内首家商业火箭公司即将易主。北京产权交易所信息显示，航天科工火箭技术有限公司（简称"科工 火箭"）29.5904%的股权正以约32.99亿元的底价挂牌转让，转让方为其控股股东中国航天三江集团有限 公司。 以此计算，科工火箭的整体估值约为112亿元。交易完成后，这家由央企孵化的商业航天企业将失去"航 天科工"的身份。 这意味着，需要一个单一买方来完成这笔超过30亿的交易。 《科创板日报》记者注意到，市场上有不少传闻将买方指向了四川国资。2025年9月，全国公共资源交 易平台（四川省）挂出了一则公告，称四川省科技创新投资有限责任公司出于经营业务实际需求，现需 选聘财务顾问中介机构提供某商业火箭发射项目并购的财务顾问服务。 四川是中国航天重要战略基地 ...

以下文章来源于阿尔法工场Green ，作者坚冰至 阿尔法工场Green . 聚焦清洁能源行业，提供最新的绿色能源公司资讯、技术创新和ESG行业趋势。 导语：博取题材风口溢价已然结束，以技术底层通约性延展主业增长边界，或是产业龙头在微利时代的唯一救赎。 1月6日午后，风电龙头金风科技（002202.SZ）的股价在商业航天概念的带动下再度冲高，A股涨停并创下历史新高。 而2026年元旦至今，港股金风科技（2208.HK）的表现同样令投资者侧目。首个交易日股价早盘即现跳空高开，收盘涨幅近 21%。 图源：蓝箭航天招股书 这股突如其来的投资热情，或源于上交所官网一则公告：2025年12月31日晚，民营商业航天公司蓝箭航天空间科技股份有限 公司（简称蓝箭航天）的科创板IPO申请获受理，开启冲刺"商业火箭第一股"的地位。 蓝箭航天主营液氧甲烷发动机及运载火箭的研发、生产与商业发射服务等业务，在过去几年中完成了朱雀系列火箭的关键技 术突破，并成功实现运载火箭入轨。 12月3日，由蓝箭航天研制的朱雀三号重复使用运载火箭成功首飞，二子级火箭顺利入轨，一子级火箭回收失败，这是国内首 次对入轨级运载火箭尝试一子级回收。 本次IPO ...

（编辑 黄力） 本报讯 （记者袁传玺）天眼查工商信息显示，近日，中国航天科技集团商业火箭有限公司发生工商变更，注册资本由10亿 元增至13.96亿元。 ...

图片来源：蓝箭航天官网 智通财经记者 | 陈慧东 中证协1月5日公布了2026年第一批首发企业现场检查抽签名单，蓝箭航天空间科技股份有限公司（下 称"蓝箭航天"）等6家申报科创板IPO企业被抽中现场检查。 智通财经统计发现，2025年年内，多家首发企业被监管部门抽中现场检查。与过去"一查就撤"的情况有 所不同，截至最新，2025年被抽中现场检查的16家企业暂未有撤材料的情况。被抽中的16家企业中，有 6家已通过审核。 2025年最后一日，蓝箭航天正式递交招股说明书，计划于科创板上市，成为商业航天领域首家冲刺国内 资本市场的公司。 蓝箭航天本次拟发行不低于4000万股，占发行后总股本的10%，募集资金75亿元将全部投向可重复使用 火箭产能提升与技术提升两大核心项目。 作为国内液氧甲烷可重复使用火箭的先行者，蓝箭航天在国内民用商业火箭的技术及规模地位均处于头 部。然而，在政策红利与市场蓝海背后，持续亏损的盈利现状、高壁垒的技术难题，也为其上市之路埋 下多重考验。 多名火箭领域的技术人士向智通财经分析，从行业现状来看，蓝箭航天可能至少需要五年甚至更长时间 才能实现盈利。 一名航天一院研发部门人士向智通财经表示，"行 ...

Core Viewpoint - Blue Arrow Aerospace's IPO application has been accepted, marking a significant step towards becoming China's first commercial rocket company listed on the stock market [1][5]. Group 1: IPO Details - Blue Arrow Aerospace plans to raise 7.5 billion yuan through its IPO, with 2.77 billion yuan allocated for enhancing reusable rocket production capacity and 4.73 billion yuan for improving reusable rocket technology [3]. - The IPO process has progressed rapidly, taking only five months from the start of guidance to acceptance [5]. - The company has been selected for a site inspection by the China Securities Association, which may impact its IPO timeline [5]. Group 2: Company Background - Blue Arrow Aerospace was founded in 2015 by Zhang Changwu, who has a background in finance, marking a departure from the typical model of aerospace research institutions [7]. - The company has faced challenges during its initial years due to a lack of industry infrastructure and a complex supply chain [8]. Group 3: Technological Advancements - Blue Arrow has developed a competitive edge in the liquid oxygen-methane rocket sector, which significantly reduces launch costs [9]. - The company successfully tested its 80-ton liquid oxygen-methane engine in May 2019, becoming the third in the world to complete full-system testing of a large thrust liquid oxygen-methane rocket engine [9]. Group 4: Financial Performance - Blue Arrow Aerospace has reported significant losses due to high R&D expenditures, with cumulative losses reaching 3.8 billion yuan over three and a half years [13]. - The company’s revenue from 2022 to 2025 is projected to be minimal compared to its R&D costs, which are expected to remain high as it seeks to maintain technological leadership [14]. Group 5: Market Position and Future Prospects - The company aims to capitalize on the growing demand for satellite internet services, with plans to establish production and testing bases in various locations [15]. - Blue Arrow has secured contracts with Chinese Star Network and Yuanxin Satellite for launch services, indicating its role as a key supplier in the market [15][16]. Group 6: Investment and Valuation - Blue Arrow Aerospace has attracted significant investment from various venture capital firms, with a valuation exceeding 20 billion yuan [18]. - The company has seen a shift in its funding sources from purely financial investments to strategic industrial investments, indicating strong market confidence [20][21]. Group 7: A-Share Market Impact - The acceptance of Blue Arrow's IPO has led to a surge in stock prices for several A-share companies that have invested in it, reflecting the market's optimism about the commercial aerospace sector [1][22]. - Multiple A-share companies have disclosed their investments in Blue Arrow, with varying degrees of ownership, indicating a broad interest in the company's potential [23][24].

Core Insights - The report by Guojin Securities emphasizes that reusability is a key method to reduce launch vehicle costs and is crucial for overcoming bottlenecks in commercial space development [2][4] - The commercial rocket industry is entering a rapid iterative development phase, transitioning from 0 to 1, driven by the frequent launches of reusable rockets [1][4] Group 1: Reusable Rockets Development - Domestic reusable rockets are entering a phase of intensive launches, marking a new stage in low-cost exploration of commercial space [2] - The "Zhuque-3" rocket, developed by Blue Arrow Aerospace, successfully completed its maiden flight, while the Long March 12甲 rocket also attempted recovery during its first flight [2] - Current average launch costs for expendable rockets range from 110 million to 180 million yuan, while some reusable rockets are priced around 67 million USD; with full recovery, costs could drop to 2 to 5 million USD [2] Group 2: Global Competition and Cost Advantages - The Falcon 9 rocket, the world's first orbital-class reusable rocket, has completed 580 launches with a recovery success rate of 534 landings and 501 reuses [3] - Following the normalization of reusability, SpaceX's launch frequency increased significantly from 13 launches in 2019 to 138 in 2024 [3] - The launch cost for Falcon 9 is approximately 18,000 yuan/kg, and if fully reusable, it could drop to 5,000 yuan/kg, significantly lower than current operational rockets [3] Group 3: Demand from Satellite Internet Construction - The construction of satellite internet in China is accelerating, with plans to launch 44,816 satellites, leading to a projected demand for 150 commercial rocket launches per year [4] - Policy support for the commercial rocket industry is evident, with the Shanghai Stock Exchange issuing guidelines for the listing of commercial rocket companies on the Sci-Tech Innovation Board [4] - The commercial rocket industry is transitioning into a new phase of engineering and industrialization, poised for a golden development period alongside the satellite industry [4][6]

Core Insights - China's commercial space industry is at a critical turning point similar to SpaceX in 2015, with the recent test flights of Zhuque-3 and Long March 12A marking the transition of reusable rocket technology from experimental to engineering implementation [1][2] - The opening of the fifth set of standards for the Sci-Tech Innovation Board has cleared obstacles for IPOs of rocket companies, indicating a significant market opportunity driven by the rigid demand for satellite internet and the cost revolution brought by reusable technology [1][10][13] Market Opportunity - The satellite internet construction is expected to create a trillion-dollar market, driven by the rapid deployment of satellite constellations such as GW and G60, which plan to deploy up to 44,816 satellites [1][7][9] - The annual replacement demand for nearly 9,000 satellites will create a substantial capacity gap, further fueling the demand for commercial launches [1][7] Technological Development - Reusable rocket technology is identified as the key to breaking the cost bottleneck in space transportation, with China currently in a phase similar to SpaceX's early technical ramp-up [2][18] - The recent test flights of Zhuque-3 and Long March 12A, despite not achieving complete recovery, signify the start of a concentrated exploration period for reusable rockets in China [2] Cost Advantages - The cost advantages of high-frequency reuse are significant, as demonstrated by SpaceX's Falcon 9, which has achieved a marginal reuse cost of $15 million per launch, compared to the average cost of $110 million to $180 million for expendable rockets [5] - If China's commercial rockets can achieve similar breakthroughs, launch costs could be drastically reduced, supporting the large-scale deployment of satellite internet [5] Investment Focus - Analysts suggest that investment should focus on the most valuable segments of the supply chain, particularly engine manufacturing and rocket structure, which will benefit first from high consumption before reusable technology matures [1][18] - The core components of a typical liquid rocket, such as engines and structures, account for a significant portion of hardware costs, with the first-stage engine and structure comprising 77.8% of the total [14][18] Policy and Capital Market - The improvement of policy frameworks and the opening of capital market exit channels are accelerating the transition of commercial space from a storytelling phase to a performance-driven phase [10][17] - The new IPO guidelines for the Sci-Tech Innovation Board directly pave the way for leading commercial rocket companies like Blue Arrow Aerospace and Interstellar Glory [10][13]

Core Insights - The report from Guojin Securities emphasizes the strategic importance of seizing space resources for China, highlighting the current bottleneck in rocket capacity and predicting that 2026 will be the year of reusable commercial rockets, while also focusing on key stocks in the rocket sector and investment opportunities arising from new 3D printing technologies [1] Group 1: Urgency in Satellite Launches - The limited resources in low Earth orbit necessitate urgent satellite launches, as per the International Telecommunication Union's "first come, first served" rule, which pressures China to accelerate its satellite launches [2] - The theoretical capacity of near-Earth orbit is estimated to accommodate only about 60,000 satellites, with SpaceX's Starlink already having launched over 10,000 satellites and aiming for a total of 42,000, thereby occupying a significant portion of low Earth orbit resources [2] - Domestic plans, such as those from Xingwang and "G60," aim to deploy nearly 30,000 satellites, with a requirement to complete 10% of the constellation within nine years to avoid losing resources [2] Group 2: Cost Efficiency in Rocket Launches - High costs currently limit rocket launch efficiency, making reusable rockets a crucial technology for cost reduction, as demonstrated by SpaceX's Falcon 9, which has reduced costs by 60% through first-stage rocket reuse [3] - The cost of satellite launches in China has decreased from 115,000 yuan per kilogram in 2020 to 75,000 yuan per kilogram in 2024, indicating a trend towards lower launch costs [3] - The U.S. leads in rocket launches due to lower costs, with SpaceX's Falcon 9 having a per-kilogram launch cost of 14,000 to 18,000 yuan, and the U.S. is projected to conduct 158 rocket launches in 2024 [3] Group 3: Future of Reusable Rockets - The year 2026 is anticipated to mark the beginning of the era of reusable commercial rockets, with both state-owned and private companies making strides in this technology [3] - Recent attempts to launch reusable rockets, such as Long March 12A and Zhuque 3, indicate progress in this area, with future launches from commercial entities like Tianlong 3 and Lijian 2 also planned for 2026 [3] Group 4: Investment Opportunities in Rocket Components - The core components of rockets, including engines and structural elements, account for over 60% of total costs, making companies involved in these areas attractive investment targets [4] - 3D printing technology is seen as a key trend in the engine sector, with domestic companies actively adopting it to reduce costs and improve efficiency [4] - SpaceX's Raptor engine, which utilizes 3D printing, has achieved a 21% increase in thrust and a 40% reduction in weight, showcasing the potential benefits of this technology [4]

智通财经APP获悉，华创证券发布研报称，预计2026年我国两大星座将进入组网加速阶段。若我国火箭 成功实现回收复用，将大大降低卫星发射成本，奠定后续组网进程加速的重要基础。作为大国战略竞争 的关键领域，低轨卫星部署具备迫切性，催生对火箭发射的巨大运力需求，看好商业火箭相关零部件标 的。 华创证券主要观点如下： 零部件：结构、推进及控制系统共同组成 运载火箭主要组成部分包含结构系统(由整流罩、贮箱、级间段、发动机机架、尾舱等部分组成)、推进 系统(由推进剂输送管道以及发动机等组成)和控制系统等。根据航天产业网统计，火箭制造成本中发动 机占比最大，其次是箭体结构，分别占比54%/24%。一子级、二子级、整流罩占比分别为 66%/22%/11%。 风险提示：卫星组网进展不及预期，火箭发射进程不及预期，技术进步不及预期的风险等。 卫星互联网指通过发射一定数量的卫星，形成规模组网辐射全球，实现向地面和空中终端提供宽带互联 网接入等通信服务，是地面通信网络的补充和增强，也是实现万物互联、打造新一代物联网的基础。我 国高度重视卫星互联网产业发展，国家层面政策近期频出。受物理空间制约，空中轨道和频段为先到先 得，正成为大国战 ...

2025年9月5日傍晚，甘肃酒泉晴空万里，风轻日暖，正是塞上秋高气爽的好时节。 19点39分，酒泉卫星发射中心95A发射工位，倒计时归零，火焰从发射筒底部喷涌而出，一枚运载火箭拔地而起，在暮色 中拉出一道笔直的尾焰。 不久，控制大厅传来确认信息：多颗商业卫星被精准送入太阳同步轨道，任务圆满完成。 谷神星一号发射图，来源：星河动力航天 执行此次任务的，是"谷神星一号"运载火箭。自2023年12月5日成功复飞以来，这一型号已连续取得11次成功发射，并在 这一刻，成为中国发射次数最多、成功次数最多的民营商业运载火箭。 "谷神星一号"背后的民营航天公司，则以稳定、高频的发射成绩，被业内称为民营航天界的"火箭卷王"。 它的名字，叫星河动力。 契机 如果把今天在中国，乃至在全球上演的商业火箭竞赛往前倒推，很多线索，都会指向同一个时间点，2002年。 那一年，在两次前往莫斯科采购退役的洲际导弹作为发射工具失败后，马斯克做出了一个在当时看来近乎鲁莽的决定，不 买火箭了，自己造。 于是，SpaceX诞生了。 但在当时，这个决定并不被视为"创业机会"，而更像一次越界行为。 在当时的行业共识里，火箭从来不是一门创业友好型的生意。一 ...