Core Viewpoint - Beijing Wina Star Technology Co., Ltd. (Wina Star), a unicorn in the commercial satellite sector, has initiated its IPO process after raising nearly 2 billion yuan in funding, signaling a growing interest in the commercial space industry from capital markets [2][5]. Company Overview - Founded in August 2017 by Gao Enyu, Wina Star specializes in the research and manufacturing of satellite systems, providing a comprehensive "one-stop" service from design to in-orbit delivery [3]. - The company has successfully launched 27 satellites of various types, covering satellite platforms ranging from 10 kg to 1,000 kg, with applications in communication, remote sensing, and scientific experiments [3]. - Notable achievements include the launch of China's first privately developed 0.5-meter resolution optical remote sensing satellite, Tai Jing No. 3, and the first commercial X-band SAR satellite, Tai Jing No. 4 [3]. Production and Commercialization - Wina Star is accelerating its production capabilities, with a smart satellite production line project in Wuxi, Jiangsu, approved by the National Development and Reform Commission, expected to produce over 150 satellites annually in the 200 kg to 500 kg range [3]. - The company has demonstrated its ability to secure system-level orders, winning a contract worth 804 million yuan for the "Huan Tian Satellite Constellation Construction" project, which includes the development and launch of 10 remote sensing satellites [3]. Funding and Investment - Wina Star has completed approximately ten rounds of financing, raising over 2 billion yuan, with investors including state-owned funds and well-known market-oriented investment institutions [4]. Industry Context - The initiation of Wina Star's IPO is part of a broader trend of commercial space companies seeking to enter the capital market, following new regulations from the China Securities Regulatory Commission that include commercial space in the fifth set of listing standards for the Sci-Tech Innovation Board [6]. - Since the introduction of the National Civil Space Infrastructure Medium- and Long-Term Development Plan in 2015, the commercial space industry in China has matured, with several companies transitioning from technology validation to commercialization and seeking public market funding [6].

（原标题：微纳星空开启IPO辅导 上交所重申：支持商业航天企业上市！） 当前，全球商业航天产业正加速成长，成为大国竞逐的新焦点。在商业航天领域，中国是快速崛起 的"新星"，产业赛道正加速进化。 2025年，我国有多款可回收火箭计划首飞；卫星方面，千帆星座等巨型星座持续发射升空，小卫星需求 呈爆发式增长。据市场预计，中国商业航天市场规模今年有望突破2.5万亿元。 回顾2024年，中国商业航天迎来爆发"奇点"。其首次作为"新增长引擎"写入当年的政府工作报告，北 京、上海等地相继出台专项支持政策和行动计划，加码布局商业航天产业。 从地域分布看，北京城南的亦庄，聚集了160多家空天企业，商业火箭整箭研制企业数量占全国75%； 而城北的海淀区，有众多商业卫星制造、测运控和运营企业。这一南一北两块区域，汇聚了200多家重 点企业，核心研发单位占全国一半以上。 目前，北京拥有国内最全的商业航天产业链条，商业航天领域高新技术企业超300家，核心研发单位、 上市企业和独角兽企业约占全国50%。 中国商业航天起步于2015年，彼时，《国家民用空间基础设施中长期发展规划（2015年—2025年）》出 台，首次提出鼓励社会资本步入航 ...

霍瑞戎履新上交所副理事长后，首次公开发声！ 9月16日，上交所副理事长霍瑞戎在"2025中国资本市场发展论坛暨上市公司论坛"上透露，上交所已与 多家商业航天、人工智能、低空经济企业开展预沟通，推动第五套标准扩围至相关行业领域。加强投资 者适当性管理方面，目前已有475万户投资者开通科创成长层交易权限。 霍瑞戎表示，上交所持续推进"科创板八条""并购六条"等政策落地见效，今年6月以来进一步围绕科创 板"1+6"改革政策，全面加强政策宣贯，积极推动典型案例落地，系统性引导上市公司高质量发展。 据介绍，科创板"1+6"改革政策发布以来，科创板新增受理15家企业IPO申请，其中4家系未盈利企业； 在适用第五套标准方面，1家企业获受理，2家前期已申报企业获注册生效；政策发布至今已有3家未盈 利企业注册生效，为首批新注册科创成长层企业上市奠定了基础。资深专业机构投资者制度启动试水， 新受理企业泰诺麦博披露了资深专业机构投资者相关信息。预先审阅有序推进，已与多家意向企业开展 预沟通，积极推动首家项目提请预先审阅。 霍瑞戎表示，上交所还统筹推进制度、技术、投资端建设等相关工作。制度技术依次就绪，目前各项配 套制度规则已全部发 ...

（文章来源：第一财经） 上交所副理事长霍瑞戎在2025中国资本市场发展论坛上表示，已与多家商业航天、人工智能、低空经济 企业开展预沟通，推动第五套标准扩围至相关行业领域。今年6月份发布的科创板"1+6"改革政策，重启 科创板第五套上市标准，并扩大适用范围。政策发布以来，科创板新增受理15家企业IPO申请，其中4 家系未盈利企业；在适用第五套标准方面，1家企业获受理，2家前期已申报企业获注册生效；政策发布 至今已有3家未盈利企业注册生效。 ...

Core Viewpoint - The Shanghai Stock Exchange (SSE) aims to deepen comprehensive reforms in investment and financing, accelerating a new round of capital market reforms to enhance market attractiveness and inclusivity, thereby better serving technological innovation and the development of new productive forces [2][3]. Group 1: Capital Market Development - As of September 11, the number of Science and Technology Innovation Board (STAR Market) ETFs reached 97, with a total scale of 280 billion yuan [3]. - The STAR Market has become the A-share sector with the highest proportion of index investment, playing a significant role in attracting funds towards new productive forces and guiding long-term capital into the market [3][6]. Group 2: Policy Implementation - The SSE has been actively promoting the "STAR Market Eight Articles" and "M&A Six Articles" policies since June, focusing on the "1+6" reform policies to enhance the quality of listed companies [6][8]. - Over 1,000 enterprises and institutions have been covered in policy promotion activities, with training sessions conducted for 200 market entities, including sponsors and law firms [6]. Group 3: Case Studies and Standards - The SSE has restarted the fifth set of listing standards for the STAR Market, receiving 15 new IPO applications, including four from unprofitable companies [7]. - The introduction of a system for seasoned professional institutional investors has been initiated, with companies like Tianomai Bo disclosing relevant information [7]. Group 4: Institutional Development - All supporting institutional rules have been published and implemented, with 320,000 unprofitable companies included in the STAR Growth Layer [8]. - As of now, 4.75 million investors have opened trading permissions for the growth layer, indicating a robust investor engagement [8]. Group 5: Industry Growth and Innovation - Traditional industries are actively exploring new technologies for transformation, with significant profit growth reported in the steel (235% YoY) and machinery (21% YoY) sectors in the first half of 2025 [10]. - The total R&D investment by real enterprises reached 432.6 billion yuan in the first half of the year, with STAR Market companies investing 84.1 billion yuan, which is 2.8 times their net profit, leading the A-share market [10].

东方航天港"HOS-1"平台首次正式投入使用 济钢集团党委副书记、总经理刘仕君对上证报记者表示，依托扎实的工业制造基础，公司围绕航空航天 产业链条中的制造环节、检验检测和试验环节，生产制造火箭、卫星、飞机、无人机等航空航天产品的 零件、部件、组件、结构件等要求较高的工业产品。如今，济钢已与深蓝航天、星河动力等绝大多数商 业火箭头部企业建立合作，初步构建起覆盖"研发—生产—测试"的航天产业生态链。 位于烟台市海阳的东方航天港是我国第五处火箭发射地，也是唯一的商业航天海上发射母港。自东方航 天港建成以来，已成功保障4型固体火箭18次海上发射任务，将115颗卫星送入太空；国内首艘专业海上 发射船"东方航天港"号配备双冗余动力定位系统，可实现无人远程控制；32万平方米的标准厂房具备年 总装50发火箭的产能，成为我国最大的固体火箭总装基地……形成"天上有星，陆上有箭，海上有船， 空中有网"四位一体的商业航天产业体系。 "年内我们将形成液体火箭海上发射和系统试验保障能力，力争实现一次液体火箭海上发射，填补国内 空白。"东方航天港（山东）发展集团有限公司副总经理张华在发布会对上证报记者说。 截至目前，已有30个总投资达32 ...

Group 1 - Tianbing Technology successfully conducted a test of the Tianlong-3 rocket's first-stage propulsion system at the Dongfang Spaceport in Haiyang, Shandong, marking a significant step in the company's recovery from the June 30 incident and solidifying its position in the domestic commercial aerospace sector [1][2] - The Tianlong-3 rocket features nine engines with a total thrust of approximately 800 tons, making it the most powerful commercial rocket in China to date [2] - The test is seen as a crucial practice for the "safe and healthy development" of the commercial aerospace industry, reflecting the implementation of the new regulations from the National Space Administration aimed at enhancing quality supervision and management of commercial aerospace projects [3] Group 2 - Following the June 30 incident, the company implemented a comprehensive "reset" process, resulting in 127 reliability improvements and growth measures, including the use of new materials to enhance safety factors and the addition of redundant constraint devices [5] - The ongoing tension between innovation and regulation in China's commercial aerospace sector has been a focal point of public discourse, with some companies advocating for a more experimental approach akin to SpaceX's "test by flying" philosophy, while regulatory bodies emphasize compliance and safety [5][7] - Over the past decade, it has become clear that significant achievements in China's private commercial aerospace sector have been realized within regulated national testing facilities, highlighting the importance of structured oversight in mitigating risks [7][10] Group 3 - Prior to the new regulations, there was ambiguity in the supervision and guidance of large-scale tests conducted by private companies, which sometimes led to significant risks and failures [10] - Examples of oversight failures that could have led to mission failures include equipment changes without updated operation manuals and unverified confirmations of checks, underscoring the need for stringent management practices [10][11] - The current primary challenge for the industry is to eliminate basic errors before pursuing more advanced technological breakthroughs, necessitating organized oversight and external evaluations for risk-prone projects [11][12]

Group 1 - Chengdu is actively promoting "Rongpin Going Global" to attract foreign investment and enhance international market engagement [1][10] - The city is hosting various foreign enterprise roundtable meetings to facilitate communication and provide tailored services for companies [1][6] - Several Chengdu companies, including Guoxing Aerospace and Jimi Technology, are planning or advancing their H-share listings in Hong Kong, indicating a trend towards international capital market engagement [2][3] Group 2 - Guoxing Aerospace focuses on commercial satellite systems and aims to enhance the Chengdu commercial aerospace industry through its potential Hong Kong listing [3][8] - The Hong Kong capital market is characterized by high internationalization, diverse investor structures, and efficient refinancing processes, making it attractive for Chengdu enterprises [5][6] - Chengdu companies are increasingly pursuing dual capital platforms (A+H) to optimize their capital structures and support long-term growth [2][6] Group 3 - Nearly 30 Chengdu enterprises have successfully listed on the Hong Kong Stock Exchange, spanning sectors like electronics, food and beverage, and biomedicine [8][10] - Companies like Kangnuoya have rapidly advanced from small-scale operations to public listings, utilizing funds for product development and clinical trials [8] - The collaboration between Chengdu and Hong Kong is fostering deeper integration of capital, industry, and innovation, enhancing mutual benefits [10]

需要一提的是，银河航天为它打造了"云、边、端"卫星批产测试"利器"——柔性岛式脉动产线，既能适 配传统箱体式卫星，又能兼容开敞式平板卫星；"智慧大脑"则化身"超级管家"，快速完成测试、比对数 据、调度单机，让测试效率大幅提升。 本报讯 （记者李春莲）2025年9月16日9时6分，我国在酒泉卫星发射中心，成功将卫星互联网技术试验 卫星发射升空，卫星顺利进入预定轨道，发射任务获得圆满成功。 本次任务中的一颗卫星互联网技术试验卫星，由商业航天公司银河航天（北京）科技有限公司（以下简 称"银河航天"）承担研制，银河航天持续为中国航天强国建设贡献力量，更向着"空天地海泛在互联"的 6G时代迈进。 "这颗卫星，藏着太多'首次'与'突破'。"随着发射任务的成功，银河航天卫星型号总师胡照表示。作为 全球首款实现创新构型与新型材料工程化落地的卫星，它的核心单机都刻着"自主研发"的印记，是新型 举国体制下，中国卫星（600118）研制领域啃下"硬骨头"的生动见证。 而在银河航天卫星智慧工厂，更能感受到这份"中国速度"。整星生产线高速运转，配套的太阳翼、电缆 等单机产线紧密衔接，流程被大幅精简，单机交付、现场排故"快马加鞭"。 " ...

Group 1 - The core viewpoint highlights the unprecedented vitality and resilience of China's private economy, which has transformed from a minor player to a significant force in the economic landscape over 40 years [1] - The implementation of the Private Economy Promotion Law in 2025 is expected to provide a solid legal guarantee for equal access to production factors and fair market competition for various ownership enterprises [1] - In the first half of the year, the number of newly established private enterprises increased by 4.6% year-on-year, with "new four" economy enterprises accounting for 40.2% of the total [1] Group 2 - The deep integration of industrial and innovation chains has strengthened the hard power of high-quality development in the private economy, with private manufacturing enterprises in Shandong showcasing resilience and vitality through chain-based thinking [2] - Private enterprises are no longer synonymous with low-end manufacturing but are now key players in technological innovation, with 34 private enterprises listed in the Fortune Global 500 and over 220 national-level enterprise technology centers [2] - Private enterprises contribute to over 90% of national R&D investment, illustrating their critical role in the transformation of new and old driving forces [2] Group 3 - The continuous optimization of the market environment has fostered a nurturing ground for the growth of the private economy, with fair competition being the soul of the market economy and the lifeline for private economic development [3] - Measures such as anti-monopoly enforcement and the establishment of financing credit service platforms have effectively stimulated the innovative vitality of private enterprises [3] - The total investment amount of projects being promoted to private capital has reached 10.28 trillion yuan, reflecting market confidence and development opportunities [3]