SpaceX进行星舰的第十一次测试飞行，被称为是通往火星的"终极试炼"。 这场将飞船逼到极限的尝试，将决定SpaceX的下一步，是3代，还是3代plus、pro版。 本次试飞的 "超级重型" 助推器并非全新装备，而是曾执行第八次试飞任务的 "老兵"，采用一级助推器B15-2和二级飞船S38。助推器 33 台猛 禽发动机中有 24 台是经过回收复用的成熟产品。这种 "二手装备再出征" 的配置，本身就是对火箭复用技术的实战检验。 那么，星舰第十一次试飞的使命与挑战是什么？马斯克的下一步如何布局？星链手机，一定要将「苹果」拉上谈判桌吗？以下，Enjoy： 01 星舰二代的"毕业大考" 本次试飞，采用一级助推器B15-2和二级飞船S38。将24台「二手」猛禽发动机搬上试飞，看得出SpaceX对发动机极致性的追求。 被称为"毕业大考"的星舰二代，目标是：首次实现「完整」升空到返回地球的全流程，不再解体与爆炸，得以保存完整结构并被回收。 这场"自找苦吃"的飞行试验，存在着诸多变数，也带来了备受期待的全新任务。 星舰发射前夜，美联邦仍在僵局中停摆，美国联邦航空管理局（FAA）的商业发射许可显得格外重要。关门不「完全停工」为 ...

Group 1 - Blue Arrow Aerospace successfully launched the upgraded Zhuque-2 rocket, achieving the "one rocket, six satellites" feat in the liquid oxygen-methane rocket sector [1] - The company faced challenges in securing long-term funding due to unstable commercial revenue, which hindered loan applications [1] - A breakthrough occurred at the "Zhongguancun Technology and Finance Summit," where Minsheng Bank's Beijing branch developed a new evaluation model to meet Blue Arrow Aerospace's financial needs [1] Group 2 - The financing challenges faced by light-asset technology companies, such as Micro Yuan Synthetic Biology, stem from their reliance on laboratory strains and technology patents, which are not recognized as traditional collateral by banks [2][3] - The average daily establishment of over 300 technology companies in Beijing highlights the growing demand for innovative financing solutions in sectors like artificial intelligence and biomedicine [2] - Industrial and Commercial Bank of China (ICBC) Beijing branch introduced the "Technology 'Two Heavy' Loan," which focuses on providing credit based on government subsidies rather than traditional financial metrics [2] Group 3 - The "Zhongguancun Technology and Finance Summit" serves as a collaborative platform involving multiple government and financial institutions to support technology enterprises [4][5] - The platform employs a "multi-to-one" model, allowing several financial institutions to connect with a single enterprise, enhancing efficiency in financing [5] - Policies incentivizing banks to support technology enterprises have been established, including rewards for banks that successfully integrate equity and debt financing [5] Group 4 - Citic Bank leveraged group resources to provide comprehensive services to companies like Puqi Medicine, demonstrating a collaborative approach to financing [6] - ICBC Beijing branch successfully facilitated pure equity investments for technology companies, breaking barriers for bank participation in equity financing [6] Group 5 - The "Zhongguancun Technology and Finance Summit" has hosted 11 events, connecting over 80 enterprises with financing opportunities, achieving a success rate exceeding 70% [7] - As of July 2025, the loan balance for technology enterprises in Beijing surpassed 1.9 trillion yuan, with a year-on-year growth of 30.5% for small and medium-sized technology enterprises [7] - The trend of private equity funds increasingly supporting hard technology enterprises is evident, with a focus on early-stage investments [7] Group 6 - Blue Arrow Aerospace continues to expand its financing story, with Minsheng Bank providing comprehensive services across the commercial aerospace industry chain [8] - The integration of technology and finance is creating a clear path for growth, as evidenced by the ongoing support for innovative enterprises through the "Zhongguancun Technology and Finance Summit" [8]

作为商业航天领域的新势力，东方空间的实践揭示了民营航天 企业如何在巨头林立的领域中，寻找生存与发展的缝隙。 作者： 王惠 封图： 云上天镜 "作为全球运力最大的固体运载火箭，遥二的成功发射不仅让东方空间实现了从技术验证迈向商业 运营的关键一步，也意味着引力一号系列从商业性质上开始承担组网任务，有助于在一定程度上缓 解中国中长期商业航天市场'星多箭少'的供给压力。"10月11日，东方空间（山东）科技有限公司 （下称"东方空间"）联合创始人、副总裁彭昊旻在接受经济观察报专访时表示。 如果说运力决定了火箭能将多少卫星送上太空，那么价格则决定了有多少卫星能负担得起这张"太 空船票"。彭昊旻介绍，遥一已将单位公斤发射成本从行业传统的10万元至15万元降至4万元以 内。而随着生产模式的优化，遥三及后续型号的成本预计还将进一步降低10%至15%。 作为商业航天领域的新势力，东方空间的实践揭示了民营航天企业如何在巨头林立的领域中，寻找 生存与发展的缝隙。东方空间采取了务实的技术路径，确立了"固液并存、循序渐进"的研制思路。 通过固体火箭快速打开市场，同时布局液体火箭研发以实现长远发展。 埃隆·马斯克旗下的SpaceX（美国太 ...

当中国商业航天陷入"星多箭少"的供需困局时，一家成立仅三年半的民营企业，却以连续成功的火箭发射与不断下探的成本，成为商业航天领域一股不可忽 视的力量。 2025年10月11日10时20分，在山东海阳万米金滩的欢呼声中，引力一号（遥二）·海澜之家号运载火箭（下称"遥二"）拖着焰尾刺破苍穹，将吉林一号宽幅 02B07星、数天宇星01、02星共3颗卫星送入预定轨道。 "作为全球运力最大的固体运载火箭，遥二的成功发射不仅让东方空间实现了从技术验证迈向商业运营的关键一步，也意味着引力一号系列从商业性质上开 始承担组网任务，有助于在一定程度上缓解中国中长期商业航天市场'星多箭少'的供给压力。"10月11日，东方空间（山东）科技有限公司（下称"东方空 间"）联合创始人、副总裁彭昊旻在接受经济观察报专访时表示。 如果说运力决定了火箭能将多少卫星送上太空，那么价格则决定了有多少卫星能负担得起这张"太空船票"。彭昊旻介绍，遥一已将单位公斤发射成本从行业 传统的10万元至15万元降至4万元以内。而随着生产模式的优化，遥三及后续型号的成本预计还将进一步降低10%至15%。 作为商业航天领域的新势力，东方空间的实践揭示了民营航天企业如 ...

Core Insights - Yao Song, at the age of 26, achieved significant entrepreneurial success by founding AI chip company Deep Insight Technology, which was acquired by global FPGA chip giant Xilinx for approximately $300 million, leading to his financial independence [2] - Instead of typical choices like luxury homes or global travel, Yao chose to pivot into venture capital, focusing on the high-risk, high-reward sector of commercial aerospace [4] Group 1: Entrepreneurial Journey - After selling his company, Yao joined venture capital firm Jingwei China as a risk partner, shifting his focus to commercial aerospace, which he views as a sector with substantial potential despite its challenges [4] - Yao's entrepreneurial experience in AI provided him with valuable insights and technical expertise that are applicable to the aerospace industry, particularly in areas requiring precise algorithms for rocket launch and satellite positioning [6] Group 2: Commercial Aerospace Strategy - In 2021, Yao partnered with a classmate from Tsinghua University to co-found a rocket company, taking on the role of co-CEO at Dongfang Space, with an ambitious goal of developing a heavy-lift rocket capable of launching multiple satellites simultaneously [8][10] - This decision was controversial, as most companies were focusing on smaller rockets to mitigate risks, but Yao's strategy aligned with the national demand for large-scale satellite deployment as outlined in the GW constellation plan [10] Group 3: Technological Innovation - Yao's team opted for a challenging "all-solid bundled configuration" for their rocket, a globally pioneering approach that differs fundamentally from existing liquid-fueled rockets [12] - The successful launch of the "Gravity One" rocket in January 2024 set six world records, including being the largest solid rocket and the first bundled rocket launched from the sea, while also reducing launch costs by over 50% [14] Group 4: Industry Context - The urgency of the commercial aerospace sector is underscored by the need for rapid satellite deployment, with a significant gap in the number of commercial satellites launched by China compared to competitors like SpaceX [16][18] - The shift from a state-centric aerospace development model to a dual-driven approach involving both state and private enterprises is crucial for meeting the increasing demand for satellite launches [18] Conclusion - The historical context of China's aerospace achievements suggests that, despite current challenges, the combination of strategic leaders like Yao, experienced technical talent, and a supportive dual-driven system positions the country to potentially close the gap with global leaders in commercial aerospace [20]

将投中网设为"星标⭐"，第一时间收获最新推送 速览投资风口，掌握资本律动。 作者丨 长风 来源丨 东四十条资本 大家好，我是长风。今天给大家带来这一周资本市场的专业投研信息。 焦点回顾： 硬科技赛道，商业航天进入"深水区"。 国庆假期前， 北京星河动力航天科技股份有限公司顺利完成 D轮融资，融资总额共计24亿元。本轮投资方包括：北京市商业航天和低空经济产业投资基金，南京 市创新投资集团及南京六合区各级投资平台，四川产业振兴基金投资集团旗下四川制造业协同基金和 四川区域协同基金，四川成果转化基金，济南中泰交产基金，交融君泓五期南京基金，亦庄中瀛扶摇 基金，池州梅岭池香基金，海南和城航天基金等。国庆假期后，天兵科技宣布完成近25亿元人民币 Pre-D轮和D轮新增融资。两轮融资由国裕高华、济钢集团、东方资产、申万投资、中银资产、贵阳 工业发展基金、北交联合、湖南盛力投资、湖南高新纵横、青水慧星等多家知名机构共同完成。 大健康赛道，核医药最亮眼。 近期，国际化放射性药物治疗公司辐联科技宣布完成7700万美元融 资，其中包括约5000万美元的C轮股权融资和2700万美元的债权融资。本轮股权融资由佳辰资本领 投，跟投方包 ...

编者荐语： 科技趋势强化和产业规划落地或成为十月交易的主线。"十五五"规划将指引中国经济未来的发展方向，也将为资本市场提供重要的投资线索。叠加全球人 工智能行业的快速发展以及国内科技行业的突飞猛进，我们预计十月的资本市场仍将主要围绕科技行业做文章。 申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您的财富保驾护航。 科技趋势强化和产业规划落地或成为十月交易的主线 。 "十五五"规划将指引中国经济未来的发展方向，也将为资本市场提供重要的投资线 索。叠加全球人工智能行业的快 速发展以及国内科技行业的突飞猛进，我们预计十月的资本市场仍将主要围绕科技行业做文章。国民经济 和社会发展五年规划的主要目的是为国民经济与社会发展的远景设定目标、指明方向，它会针对经济、改革、社会发展等领 域制定具体规 划。从五年规划经济结构主要指标的演变看，我国规划侧重点已从关注三次产业比例，逐步转向重视科技创新与研发投入。"十五五"期间 产业结构调整的首要方向是转型升级，同时"反内卷"与服务业发展也需重点关注。 梳理历次五年规划的变迁，可以看到我国对科技创新的重视呈趋势性增强，预计 "十五五"规划对科 ...

转自：北京日报客户端 北京将上新更多有意思的工业旅游新地标。记者昨天从市经信局获悉，新发布的《北京市推动工业旅游 高质量发展的实施方案（2025—2027年）》提出，打造融旅游、购物和体验于一体的工业旅游目的地。 到2027年，北京力争实现年工业旅游人数达2000万人次、工业旅游收入达30亿元。 游客在首钢园三高炉观景平台记录工业风美景。 将推"不虚此行"精品游线 "北京将突出超级工厂、时尚前沿、城市复兴、工匠传承和工业记忆五大主题，优化工业旅游资源空间 布局，编制发布具有首都特色的工业旅游名录图谱。"市经信局相关负责人介绍。 本市将打造多个"来京必去"的产业公园。方案提出，支持以首钢园、798·751为代表的工业遗产园区升 级打造会展、演艺、文创新空间，塑造成为"可逛、可玩、可沉浸"的文旅高地。围绕机器人、商业航天 和高级别自动驾驶等领域，打造5个展现新质生产力的产业公园。 方案披露，本市将组织各区、重点企业系统梳理工业遗产、观光工厂等资源，到2025年底，完成首轮普 查，建立全市工业旅游资源数据库和动态管理机制。 针对备受游客喜欢的工业遗产，将加强承载重要文化的工业遗产整体风貌保护，参照历史建筑保护利用 ...

Core Points - China Long March Rocket Co., Ltd. is seeking financing, with a total fundraising amount to be formally disclosed by November 5 [1] - The company was established in 1998 with a registered capital of 219 million yuan and serves as a commercial rocket launch platform under China Aerospace Science and Technology Corporation [1] - In 2024, China is expected to conduct 68 space launches, accounting for approximately 25.8% of global orbital rocket launches, with Long March rockets being the backbone of this effort [1] Financial Performance - Long March Rocket's revenue for 2022, 2023, and 2024 is projected to be 379 million yuan, 510 million yuan, and 598 million yuan respectively, while net profits for the same years are 10.49 million yuan, 16.73 million yuan, and a loss of 68.31 million yuan [2] - As of the end of 2024, the company's total assets are expected to be 1.292 billion yuan, with total equity at 435 million yuan [2] Industry Context - The commercial space sector in China is experiencing significant capital interest, with total financing exceeding 20 billion yuan in 2024, marking a historical high [2] - Notable recent financing events include Starship Glory's 700 million yuan in D+ round funding and Star River Power's 2.4 billion yuan in D round funding [2] - The Aerospace Science and Industry Corporation is also undergoing changes, with a 30.66% stake in Aerospace Science and Industry Rocket being put up for transfer, indicating potential shifts in control [3]

Core Viewpoint - China Chang Zheng Rocket Co., Ltd. is seeking financing for the second time in five years, with a pre-disclosure period ending on November 5, indicating a significant event in the 2.5 trillion yuan industry [1] Company Summary - Established in 1998, China Chang Zheng Rocket has a registered capital of 2.1968 billion yuan and serves as a commercial rocket launch platform under China Aerospace Science and Technology Corporation [1] - The company has experienced fluctuating financial performance, with revenues of 379 million yuan in 2022, 510 million yuan in 2023, and projected 598 million yuan in 2024, while net profits have shown a decline from 10.49 million yuan in 2022 to a loss of 68.31 million yuan in 2024 [2] - As of the end of 2024, the total assets of Chang Zheng Rocket are estimated at 1.292 billion yuan, with total equity at 435 million yuan [2] Industry Summary - The Chinese commercial space industry is gaining significant attention from investors, with total financing exceeding 20 billion yuan in 2024, marking a historical high [3] - Notable financing events include Starry Sky Glory's 700 million yuan D+ round and Star River Power's 2.4 billion yuan D round, indicating robust investment activity in the sector [3] - The overall scale of China's commercial space industry is expected to surpass 2.5 trillion yuan by 2025, driven by the emergence of private enterprises and advancements in satellite and rocket manufacturing [4]