Core Viewpoint - The release of the "Guidelines" by the Shanghai Stock Exchange marks a significant step in facilitating financing for commercial rocket enterprises, which are in a critical phase of large-scale commercialization, thereby promoting breakthroughs in core technologies and contributing to the construction of a space power nation [1][4]. Group 1: Guidelines Overview - The "Guidelines" consist of fourteen articles that refine the core requirements of the fifth set of listing standards for the Sci-Tech Innovation Board, tailored to the realities of technological innovation in the commercial rocket sector [2]. - The main business focus is on "independent research, manufacturing, and provision of space launch services for commercial rockets," emphasizing the "hard technology" aspect and prioritizing support for companies undertaking national tasks and projects [2]. Group 2: Industry Context - The commercial rocket development and launch business is a key link in the midstream of the entire commercial aerospace industry chain, playing a crucial role in connecting upstream and downstream activities [2]. - Currently, there is a phenomenon of "many satellites but few rockets and insufficient capacity" in China's commercial aerospace sector, making technological breakthroughs and capacity enhancements in commercial rockets essential for large-scale satellite constellation development [2]. Group 3: Market Impact - The release of the "Guidelines" is expected to profoundly reshape the valuation logic of long-cycle, heavy-asset hard technology enterprises in the capital market, providing clear, quantifiable technology validation milestones [3]. - The "Guidelines" emphasize "significant technological advantages" and "large market space," guiding the capital market to shift its evaluation focus towards breakthroughs in key technology nodes, continuous innovation capabilities, and long-term market prospects [3]. Group 4: Financial Support - The "Guidelines" open a clear financing path in the domestic capital market for commercial rocket enterprises, allowing those that are not yet profitable but possess core technologies and growth potential to access equity financing earlier [3]. - The introduction of the "Guidelines" sends a strong signal of support from the national level and regulatory agencies for the development of strategic emerging industries like commercial aerospace, fostering a more inclusive and friendly investment environment [3]. Group 5: Strategic Development - With the ongoing implementation of the "1+6" reform measures of the Sci-Tech Innovation Board, the capital market will provide stronger support for commercial rocket enterprises, accelerating the realization of key core technologies that are self-controllable and gradually narrowing the gap with international leaders [4]. - The commercial rocket industry, linked through the Sci-Tech Innovation Board, will further drive the collaborative upgrade of upstream and downstream sectors such as advanced materials and precision manufacturing, providing solid support for national strategies like satellite internet networking and space resource development [4].

Core Insights - The report highlights the acceleration of the "1+6" reform measures for the Sci-Tech Innovation Board, which provides predictable capital support for future industries such as commercial aerospace, facilitating the scaling development of hard technology companies [1][2]. Policy Changes - The new guidelines from the Shanghai Stock Exchange focus on the "hard technology" attributes of commercial rocket enterprises, emphasizing the need for significant technological advantages and breakthroughs in core technologies [2]. - A milestone requirement is set for companies to achieve the successful launch of a medium to large reusable rocket payload into orbit at the time of application, reflecting a balance between technical authenticity and operational capability [2]. - The guidelines do not prioritize short-term revenue or profit but instead emphasize a clear market target and competitive advantages in the commercial rocket business [2]. Market Impact - The policy is expected to have a long-term structural impact on the A-share market, confirming the industrial logic of the commercial aerospace sector and potentially enhancing the valuation and risk appetite for hard technology assets on the Sci-Tech Innovation Board [2]. - Short-term market sentiment may focus on components related to rocket structures, engine materials, and aerospace electronics, while long-term beneficiaries are likely to be companies with stable supply relationships and integration into the model system of commercial rocket manufacturers [2]. Strategic Direction - The introduction of these guidelines reflects a proactive approach by the capital market to support national strategies and the cultivation of new productive forces, embedding capital market capabilities into the critical growth phase of the commercial rocket industry [2].

刚过去的交易周（12月22日至26日），A股延续前一周的反弹势头，超预期地走强，甚至可以说，提前开启了"跨年红 包"行情。 Wind数据显示，本周有3410家股票累计上涨，为12月以来最好一周。 | 1 日期 | 内地 | | | | --- | --- | --- | --- | | | 上涨家数 | 平盘宝数 | 下跌家数 | | 2025-12-26 | 3.410 | 80 = | 1.976 | | 2025-12-19 | 2.977 | 60 | 2.423 | | 2025-12-12 | 1.781 | 47 | 3.629 | | 2025-12-05 | 2.338 | 74 | 3.043 | | 2025-11-28 | 4.544 | 48 | 862 | | 2025-11-21 | 520 | 9 | 4.922 | | 2025-11-14 | 3.060 | 50 | 2.338 | | 2025-11-07 | 2.977 | 47 | 2,423 | 全A平均股价全周上涨3.15%，周中最高触及27.03元，追平了3个月前——9月18日盘中创下的年内高点，因此下周还有 ...

此次新规的出台，标志着资本市场对商业航天的评价体系从"技术突破"向"可靠交付"转型。《指引》强 制要求企业证明其技术自主性与产业链地位，倒逼商业火箭公司必须跨越从技术示范到规模化商用的鸿 沟，只有真正具备将商业卫星准确送入轨道并产生经济效益的能力，才能通过科创板的上市"大考"。 凤凰网科技讯(作者/刘毓坤)12月27日，凤凰网科技独家获悉，上交所于昨日正式发布《上海证券交易所 发行上市审核规则适用指引第9号——商业火箭企业适用科创板第五套上市标准》，即日起正式施行。 这也是监管层首次针对商业火箭企业登陆科创板设立明确的细分审核依据。该指引的核心变化在于， 将"采用可重复使用技术的中大型运载火箭发射载荷首次成功入轨"确立为上市的核心门槛，并对"载 荷"的定义进行了严格限定。 新规显著提高了对商业化实战能力的考核权重，明确要求"发射载荷"必须是具备功能性的有效载荷，而 非仅仅证明运力的模拟配重。此举旨在剥离单纯的工程技术验证与具备可持续盈利预期的商业交付能 力。在行业实践中，仅搭载模拟配重的飞行试验虽然能验证基础入轨能力，但无法检验星箭接口、分离 释放及在轨运行等商业任务中的关键高风险环节，因此不能直接等同于具备 ...

图片来 源：视觉中国 智通财经记者｜马悦然 商业火箭企业适用科创板第五套上市的标准，有了更为细化的规定。 12月26日晚，为支持尚未形成一定收入规模的优质商业火箭企业在科创板发行上市，上交所发布《上海 证券交易所发行上市审核规则适用指引第9号——商业火箭企业适用科创板第五套上市标准》（下称 《指引》）。 其中提出，出台有关规定，是为了鼓励商业火箭企业开展关键核心技术产品研发创新，增强制度的包容 性、适应性，加快推进商业航天创新发展、主动服务航天强国战略。 上述《指引》共有十四条，主要内容涵盖业务范围以及"硬科技"属性要求、明显技术优势、阶段性成 果、取得批准、行业地位、市场空间、商业化安排等方面。 片来源：上交所官网 图 《指引》指出，发行人的核心技术产品，应当属于国家商业航天领域科技创新战略和相关产业政策鼓励 支持的范畴，主营业务为商业火箭自主研发、制造和提供航天发射服务。承担国家任务、参与国家工程 项目的商业火箭企业予以优先支持。 《指引》第五条，对发行人的业务能力作出明确要求。 其规定，发行人的主要业务或产品应当处于持续研发或科技成果转化阶段，在申报时至少实现采用可重 复使用技术的中大型运载火箭发射载荷 ...

上交所12月26日晚间发布《上海证券交易所发行上市审核规则适用指引第9号——商业火箭企业适用科创板第五套上市标准》(下称"《指引》")。 下一步，上交所表示，将以《指引》发布为契机，着力推进符合《指引》标准的商业火箭企业在科创板发行上市，以更大力度支持突破关键核心技术的科 技型企业发展，持续提升制度包容性、适应性和吸引力、竞争力，更好服务科技创新和新质生产力发展。 《指引》遵循科创板第五套上市标准相关要求，结合商业火箭领域科技创新实际情况，对明显技术优势、阶段性成果、取得国家有关部门批准以及市场空 间大等四方面作出具体规定。 其中，将适用科创板第五套上市标准的阶段性成果明确为："在申报时至少实现采用可重复使用技术的中大型运载火箭发射载荷首次成功入轨"。 ...

12月26日，上交所发布《上海证券交易所发行上市审核规则适用指引第9号——商业火箭企业适用 科创板第五套上市标准》，支持正处于大规模商业化关键时期的商业火箭企业适用第五套上市标准登陆 科创板。 指引共十四条，对商业火箭企业适用科创板第五套上市标准作出了细化规定。一是细化明显技术优 势要求。明确主营业务为"商业火箭自主研发、制造及航天发射服务"，更加看重发行人的"硬科技"属 性。要求企业需在拥有关键核心技术基础上具备明显技术优势或重大突破，关注核心技术产品以及关键 部件的自主研发情况，以及运载能力及一箭多星能力等关键指标。对于承担国家任务、参与国家工程项 目的商业火箭企业予以优先支持。 三是规定取得国家有关部门批准。要求企业在商业火箭的研发、制造过程具备相关承研承制资质， 在商业火箭发射前应取得发射许可。 (责任编辑：华青剑) 四是明确市场空间具体要求。要求商业火箭企业排名靠前、在产业链中占据重要地位，取得相关市 场主体的较高认可。发行人的商业火箭业务或产品应该有清晰的目标市场，相较于竞争对手具有先发优 势，在研发进度、关键指标等方面位于行业前列。发行人应当为商业火箭业务或产品从技术验证到规模 运营制定清晰明确 ...

● 本报记者 黄一灵 四是明确市场空间具体要求。要求商业火箭企业排名靠前、在产业链中占据重要地位，取得相关市场主 体的较高认可。发行人的商业火箭业务或产品应该有清晰的目标市场，相较于竞争对手具有先发优势， 在研发进度、关键指标等方面位于行业前列。发行人应当为商业火箭业务或产品从技术验证到规模运营 制定清晰明确、切实可行的商业化安排。 12月26日，上交所发布《上海证券交易所发行上市审核规则适用指引第9号——商业火箭企业适用科创 板第五套上市标准》，支持正处于大规模商业化关键时期的商业火箭企业适用第五套上市标准登陆科创 板。 上交所表示，下一步将以指引发布为契机，在中国证监会的指导下，着力推进符合指引标准的商业火箭 企业在科创板发行上市，以更大力度支持突破关键核心技术的科技型企业发展，持续提升制度包容性、 适应性和吸引力、竞争力，更好服务科技创新和新质生产力发展。 三是规定取得国家有关部门批准。要求企业在商业火箭的研发、制造过程具备相关承研承制资质，在商 业火箭发射前应取得发射许可。 指引共十四条，对商业火箭企业适用科创板第五套上市标准作出了细化规定。一是细化明显技术优势要 求。明确主营业务为"商业火箭自主研发 ...

此外，《指引》还要求企业在商业火箭的研发、制造过程具备相关承研承制资质，在商业火箭发射前应 取得发射许可；明确市场空间具体要求，要求商业火箭企业排名靠前、在产业链中占据重要地位，且应 有清晰的目标市场，相较于竞争对手具有先发优势，在研发进度、关键指标等方面位于行业前列等。 具体来看，《指引》明确适用科创板第五套上市标准的商业火箭企业主营业务为"商业火箭自主研发、 制造和提供航天发射服务"，更加看重发行人的"硬科技"属性。要求企业需在拥有关键核心技术基础上 具备明显技术优势或重大突破，关注核心技术产品以及关键部件的自主研发情况，以及运载能力及一箭 多星能力等关键指标。对于承担国家任务、参与国家工程项目的商业火箭企业予以优先支持。据悉，商 业火箭研制及发射业务处于商业航天产业链中游，承担"承上启下"的关键枢纽职能，已成为我国商业航 天产业发展的关键所在。 《指引》还明确了阶段性成果内容，要求商业火箭企业"在申报时至少实现采用可重复使用技术的中大 型运载火箭发射载荷首次成功入轨的阶段性成果"，且后续在技术方面不存在影响承担发射任务的重大 不利事项。在明确可重复使用技术发展导向的同时，《指引》还最大限度提升制度的包容 ...

Core Viewpoint - The article discusses the recent issuance of guidelines by the Shanghai Stock Exchange for commercial rocket companies to apply for listing on the Sci-Tech Innovation Board, emphasizing the importance of technological innovation and market potential in the commercial aerospace sector [2][4]. Group 1: Guidelines for Listing - The Shanghai Stock Exchange released guidelines that allow commercial rocket companies to apply for listing under the fifth set of standards on the Sci-Tech Innovation Board, providing a pathway for these companies to access capital markets [2][4]. - The guidelines specify four key areas: clear technological advantages, defined milestones, necessary approvals from relevant authorities, and substantial market potential [4][5]. - A significant milestone for companies is achieving the successful launch of a medium to large reusable rocket with payload into orbit, which is seen as a critical development direction in the commercial aerospace sector [5][6]. Group 2: Industry Context and Opportunities - The commercial aerospace sector is recognized as a strategic emerging industry in China, with increasing governmental support and recognition in national development plans [9][10]. - The number of commercial rocket companies in China has exceeded 20, with many achieving successful launches of solid or small liquid rockets, indicating a growing industry [9][10]. - The article highlights the need for capital market support to address the current imbalance of "many satellites but few rockets," which is crucial for the development of satellite constellations [10][11]. Group 3: Market Dynamics - The commercial aerospace industry encompasses various activities, including rocket launches, satellite manufacturing, and space tourism, with a potential market size reaching trillions [11]. - Companies in the commercial aerospace sector are increasingly seeking to enter capital markets, with several already listed on the Sci-Tech Innovation Board, indicating a trend towards greater financial backing for the industry [10][11].