文/梧桐晓编 12月26日，上海证券交易所发布《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》，自发布之日起 施行。为了落实中国证监会《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》，进一步规范科技型企业适用科创板第五套上市标准， 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，上交所制定了《适用指引第9号》。《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。上交所同时发布的该指引《起草说明》概括了该指引的主要内容如下： （一）业务范围以及"硬科技"属性要求。明确主营业务的具体范围为"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。同时，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。 （二）关于明显技术优势。明确企业需在关键核心技术上具备明显优势或重大突破，关注核心技术产品以及关键部件的自主研发情况，运载能力及 一箭多星能力等技术先进性衡量指标。 （三）关于阶段性成果。明确商业火箭企业申报时应当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这一阶段性成果，且 后续 ...

人民财讯12月26日电，12月26日，上海证券交易所发布《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》，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。 ...

(二)关于明显技术优势。明确企业需在关键核心技术上具备明显优势或重大突破，关注核心技术产品以 及关键部件的自主研发情况，运载能力及一箭多星能力等技术先进性衡量指标。 (三)关于阶段性成果。明确商业火箭企业申报时应当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这一阶段性成果，且后续不存在影响承担发射任务的技术方面重大不利事项。 智通财经APP获悉，12月26日，为进一步规范科技型企业适用科创板第五套上市标准，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，上海证券交易所制定了《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》，现予以发布，并自发布之日 起施行。《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。 主要内容如下： (一)业务范围以及"硬科技"属性要求。明确主营业务的具体范围为"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。同时，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。 (四)关于取得批准。商业火箭具有较为系统的审批和监管，明确企业应具备相关承研承制 ...

人民财讯12月26日电，上海证券交易所制定了《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》，现予以发布，并自发布之日起施行。 主要内容为：《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。主要内 容如下： (四)关于取得批准。商业火箭具有较为系统的审批和监管，明确企业应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。 (五)关于行业地位。明确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，并将获得资深专业机构投资者投资入股作为重要考量因素。 (六)关于市场空间。发行人的商业火箭业务或产品应具有清晰的目标市场，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。 (七)关于商业化安排。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，不存在主要业务或产品商业化生产销售预期明显不足等重大不利影响的事项。 (一)业务范围以及"硬科技"属性要求。明确主营业务的具体范围为"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。同时，对于 ...

盘前要闻 1、美结束上届政府针对中国芯片调查 未来18个月不对中国芯片加征额外关税 类型：行业 情绪影响：正面 3、央行：要继续实施适度宽松的货币政策 加大逆周期和跨周期调节力度 类型：宏观 情绪影响：正面 中国人民银行货币政策委员会2025年第四季度例会召开。会议认为，要继续实施适度宽松的货币政策， 加大逆周期和跨周期调节力度。会议指出，加强对扩大内需、科技创新、中小微企业等重点领域的金融 支持。用好证券、基金、保险公司互换便利和股票回购增持再贷款，维护资本市场稳定。 4、八部门发文！关于金融支持加快西部陆海新通道建设，跨境支付迎风口 据悉，美国政府宣布，将在2027年对中国芯片加征关税，结束了上届拜登政府发起的针对中国芯片的贸 易调查。美媒分析称，尽管美国政府称中国在芯片产业中的做法"损害美国利益"，但最终决定至少在18 个月内不对中国芯片加征额外关税。市场分析认为，暂缓加征新关税是美政府寻求稳定中美关系的新信 号。 2、限购再放松，北京又出楼市政策"组合拳"！专家预计多地或跟进类似政策 类型：行业 情绪影响：正面 12月24日，北京市住房和城乡建设委员会等4部门联合印发《关于进一步优化调整本市房地产相关 ...

"中国版SpaceX"箭元科技可复用火箭基地正式落地杭州。 近日，据彭博社报道，埃隆·马斯克旗下S p a c eX计划最早于2 0 2 6年中后期上市，融资将 远超3 0 0亿美元，目标估值约1 . 5万亿美元。而作为"中国版S p a c eX"的箭元科技，也正 式将 我国商业航天领域首个以"回收复用"为核心定位的综合性产业基地 落户杭州钱塘 区，箭元科技也成为杭州招引落地的第一家商业航天火箭总装企业。明年年底，首枚在 杭州钱塘制造的箭元火箭计划发射，杭州将迎来首枚"杭州钱塘箭"。 箭元中大型液体运载火箭总装总测及回收复用基地鸟瞰图 "十五五"规划提出重点加快航空航天等战略性新兴产业的集群化发展，让新兴产业成为 拉动经济增长、优化经济结构的重要引擎，为高质量发展注入强劲动力。中国证监会已 经明确将商业航天纳入科创板第五套上市标准的适用范围，蓝箭航天、星河动力等商业 火箭公司近期已相继启动上市进程。从国家顶层设计到资本市场支持，商业火箭迎来黄 金发展期。 以箭元科技、蓝箭航天、星河动力等为代表的头部商业火箭公司，未来登 陆资本市场的路径明确，发展前景可期。 箭元科技是国内首个规划采用"不锈钢+液氧甲烷"方案 ...

央视网消息：在甘肃省民勤县，一块边长60米的正方形场地，是为中国第一款可回收火箭朱雀三号建设的回收场坪。12月3日中午，据此三百多公里之外的 酒泉卫星发射基地，朱雀三号首飞的时刻到来，这是中国商业航天历史的重要时刻。"大运力、低成本、可重复使用"，这意味着朱雀三号的首飞，将重新定 义中国人观看火箭发射的预期，不仅要看是否成功入轨，更要看火箭的一子级能否成功地返回地面。 记者：你的任务整个是分为两部分，一个是去，一个是回，去是成功的，但是回收没有成功。 戴政：略有遗憾。 不完整的返回画面中可以看到，朱雀三号距离成功并不遥远。 戴政：分离完了以后，它有一个高空大角度调姿，调完姿以后，在距离地面80公里会做一个点火，这个高空点火段实际上也是非常完美的。在进入40公里以 下的时候它就关机了，这时候会有一个气动滑行段，是一个超音速载入，速度是很快的，我们需要通过火箭上的栅格舵，包括火箭的控制系统把它控住。 点火升空之后，一百三十余秒，火箭一二级分离，二级继续完成入轨任务，一级则开启返程之路。很多人在甘肃民勤的回收场坪等待着它，它也确实准时地 出现在人们的视野当中。 媒体第一时间的报道中，朱雀三号首飞的结果被概括为入轨成 ...

中金发布研报称，全球商业航天蓬勃发展牵引火箭发射需求，国内复用火箭有望逐步成熟。该行指规模 化、可回收的商业火箭有望为空间基础设施建设提供充沛的低成本运力支持，从而进一步夯实商业航天 产业发展基础。箭体和推进系统约占火箭成本的60%~80%，关键结构复用能够有效降低发射成本;同时 新技术应用进一步降低火箭制造成本。 1)箭体和推进系统约占火箭成本的60%~80%，关键结构复用能够有效降低发射成本，该行测算十次复 用情况下Falcon-9发射成本可降至1270美元/千克。2)新技术应用进一步降低火箭制造成本，大推力商业 火箭多数采用可变推力液体发动机，液氧甲烷凭借低成本、少积碳优势有望成为主流燃料;箭体结构采 用不锈钢替换铝合金，复杂结构通过3D打印工艺实现减重、降本。 风险 可复用火箭进展不及预期;卫星互联网发射需求不及预期。 1)商业遥感、通信星座建设牵引火箭发射需求，全球航天发射自2020年的112次增长至2024年的263次， 商业火箭成为全球发射主力。2)2014年以来国内商业火箭企业快速成长，多型火箭已实现连续成功发 射、执行商业发射任务，朱雀三号、天龙三号等可复用箭型计划在2025-2026年密集 ...

Core Viewpoint - The report emphasizes the critical role of commercial rockets in achieving low-cost and large-scale access to space, highlighting the development status, technological pathways, and cost-reduction strategies in the commercial rocket sector [5][10]. Group 1: Global and Domestic Development of Commercial Rockets - The global demand for rocket launches is driven by the booming commercial space industry, with the number of launches expected to grow from 112 in 2020 to 263 in 2024, making commercial rockets the primary launch vehicles [5][7]. - Since 2014, domestic commercial rocket companies have rapidly developed, with several models achieving consecutive successful launches. Reusable rockets like Zhuque-3 and Tianlong-3 are expected to have their maiden flights in 2025-2026, significantly enhancing domestic launch capacity [5][16]. Group 2: Cost Reduction and Efficiency - Launch costs account for approximately 30%-40% of the total cost of satellite constellation construction. The commercial model has significantly reduced costs, with SpaceX's Falcon 9 achieving a unit launch cost of $3,000 per kilogram [5][20]. - The turnaround time for commercial rockets has been reduced to under 100 days, compared to the traditional 20-month cycle, making them more suitable for rapid and frequent launches [5][20]. Group 3: Reusability and Technological Advancements - Reusability is key to reducing costs, with the structure and propulsion system accounting for 60%-80% of rocket costs. Falcon 9's launch cost could drop to $1,270 per kilogram with ten reuses [6][27]. - New technologies, such as variable thrust liquid engines and the use of stainless steel instead of aluminum alloys, are being adopted to further lower manufacturing costs [6][35]. Group 4: Policy Support and Market Growth - The U.S. has established a robust legal framework for commercial space, fostering the growth of commercial rockets since 1984. Similarly, China's policies since 2014 have encouraged private investment in commercial space ventures [10][15]. - The commercial launch service market is projected to reach $9.3 billion in 2024, with the U.S. market alone expected to grow to $6.1 billion, more than doubling since 2021 [15][20]. Group 5: Future Prospects and Industry Dynamics - The domestic commercial rocket sector is expected to accelerate growth, with major models entering regular launch phases and reusable rockets set for intensive launches in 2025-2026 [16][20]. - The increasing number of satellite launches, driven by large-scale constellation projects, positions commercial rockets as the mainstay for low Earth orbit (LEO) launches, with Falcon 9 capable of providing over 2,000 tons of LEO capacity in 2024 [25][26].

Summary of Key Points from the Conference Call Industry Overview - The commercial space industry is transitioning from the introduction phase to the early growth phase, with significant growth expected in satellite orders and launch numbers by 2026, potentially driven by the advancement of the second-generation satellite network system [1][2] - The global demand for space launches has significantly increased since 2020, with commercial rockets gradually replacing state-led rockets, particularly highlighted by SpaceX's Falcon 9 becoming a major launch force [1][5] Technological Advancements - Breakthroughs in reusable rocket technology, such as the successful launch of the Zhuque-3 rocket, have drastically reduced launch costs to below 10,000 RMB per kilogram, narrowing the gap with SpaceX's Falcon 9 [1][3] - Liquid engines are crucial for reusable rockets due to their re-fuelability and adjustable thrust, with liquid oxygen-methane being particularly suitable for commercial rocket development [3][19] Investment Opportunities - Investors should focus on the satellite internet operation and application segments, which are expected to drive future satellite launch quantities and industry scale, with market potential significantly exceeding that of rocket launches and satellite manufacturing [1][4] - The satellite communication application market is projected to be ten times larger than the rocket launch and satellite manufacturing markets, indicating substantial growth potential [4] Market Dynamics - In 2024, the commercial space launch market reached a size of $9.3 billion, with the U.S. market tripling to $6.1 billion, highlighting the rapid growth and potential of the commercial space sector [9] - China's commercial space sector is developing rapidly under policy support, but there remains room for optimization in payload capacity and launch costs compared to the U.S. [1][12] Competitive Landscape - The U.S. has established a supportive environment for commercial rocket companies through policies and funding, such as NASA's significant investments in commercial crew and cargo projects [6][7] - China has also implemented various policies since 2014 to support the development of commercial space, creating a favorable environment for emerging companies [8] Cost Structure and Economic Advantages - Commercial rockets offer significant economic advantages, with launch costs constituting 30% to 40% of total costs in typical low Earth orbit constellations. Reducing these costs is critical for enhancing economic viability [13] - The cost of launching with SpaceX's Falcon 9 has been reduced to below $3,000 per kilogram, while traditional rockets remain significantly more expensive [12][13] Future Trends - The shift from customized to industrialized satellite production is shortening development cycles, necessitating alignment between launch schedules and satellite production timelines [14] - Reusable technology is expected to significantly reduce operational costs, with methods like SpaceX's vertical recovery becoming widely adopted [15][18] Material and Manufacturing Innovations - The use of stainless steel and composite materials is increasing in the commercial space sector to lower costs and improve performance, with 3D printing technology also being utilized to reduce production cycles [22] Monitoring and Control Systems - The evolution of monitoring and control systems has transitioned to a more integrated approach, with commercial companies increasingly taking on overflow launch demands, benefiting from the growth in domestic space launch needs [23][24] Key Focus Areas for Investors - Investors should pay attention to high-value component suppliers, monitoring and control systems, and operational segments within the satellite internet industry, as these areas present significant investment potential [25]