专题：四大证券报精华 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ "对明年的权益市场依旧乐观！"多位基金经理在近期的策略会上公开发声。近期，国泰基金、招商基 金、汇丰晋信基金、长城基金等多家公募机构召开了2026年年度策略会，多位基金经理围绕AI科技、 消费、创新药等多个热门板块的投资机遇展开深度探讨。 融创中国全面境外债务重组完成 彻底化解了债务风险 融创中国境外债务重组迎来新进展。12月23日晚，融创中国公告，公司约96亿美元的现有债务已获全面 解除及免除。公司表示，全面境外债务重组的完成，彻底化解了公司的债务风险。在境外债务重组落地 之前，融创154亿元境内公开债券重组也已完成。截至目前，融创通过境内外债务重组，整体偿债压力 预计下降近600亿元。 华夏幸福最新公告！审议通过调整修订《股东会议事规则》的议案 华夏幸福12月23日晚间公告，公司于12月23日召开第八届董事会第三十七次会议，审议通过了平安人寿 关于调整修订《股东会议事规则》的提案。12月22日晚，华夏幸福公告称，公司董事会会议否决了股东 平安人寿意图增加的五项临时提案。记者注意到，23日的这项提案与此前五项提案 ...

北京商报讯（记者 马换换 王蔓蕾）近日，证监会官网显示，蓝箭航天空间科技股份有限公司（以下简 称"蓝箭航天"）IPO辅导状态变更为辅导验收，公司拟申报科创板上市，辅导机构为中国国际金融股份 有限公司（以下简称"中金公司"）。 蓝箭航天官网显示，公司是国内领先的航天运输系统创建及运营企业，致力于构建以中大型液氧甲烷运 载火箭为中心的"研发、制造、试验、发射"全产业链条，打造航天领域的科技综合体，为全球市场提供 高性价比、高可靠性的航天运输服务。值得一提的是，在2025年胡润全球独角兽榜中，蓝箭航天以200 亿企业估值位列第418位。 据上市辅导备案报告，蓝箭航天成立于2015年6月1日，注册资本3.6亿元，法定代表人为张昌武；公司 控股股东为张昌武及其控制的淮安天绘科技信息咨询中心（有限合伙），占公司14.68%的股份。 ...

"新谢泼德"飞行器此次搭载的6名乘员中，33岁的米夏埃拉·本特豪斯是唯一一名女性。她因在2018 年一次山地自行车事故中受伤截瘫不得不使用轮椅，现在是欧洲航天局的一名工程师。 新华社纽约12月20日电（记者 刘亚南 张永青）美国蓝色起源公司的"新谢泼德"飞行器20日在一次 载人太空飞行中，把6名乘员送入太空，其中包括一名截瘫女性，她也成为首名进入太空的"轮椅使用 者"。 美国中部时间20日8时16分许（北京时间20日22时16分许），"新谢泼德"飞行器从得克萨斯州西部 一处发射场升空，到达距地面约100千米处的地球亚轨道后与运载火箭分离，自主飞行数分钟后在降落 伞缓冲下返回地面。整个飞行过程持续约10分钟。 蓝色起源由美国最大电商平台亚马逊网站创始人贝索斯创办。"新谢泼德"飞行器是可重复使用的运 载火箭和太空舱组合体，除将科研载荷送入太空外，还可用于太空旅游，其飞行高度可达约107千米， 超过距地表100千米的"卡门线"。"卡门线"是国际航天界定义的地球大气层与太空的边界。 蓝色起源公司公布的信息显示，这是"新谢泼德"飞行器第37次太空飞行，也是第16次载人飞行。 ...

Core Viewpoint - SpaceX plans to go public with an IPO aiming to raise over $30 billion and achieve a valuation of $1.5 trillion, potentially breaking the previous fundraising record set by Saudi Aramco in 2019 [1][3]. Group 1: IPO Plans and Valuation - SpaceX is targeting an IPO by mid-2026, although the timeline may shift due to market fluctuations and the development of its Starship rocket [3]. - The company has set a share price of $420 in recent secondary market transactions, leading to a valuation exceeding $800 billion [3]. - Elon Musk emphasized SpaceX's consistent positive cash flow and regular stock buybacks, indicating financial health [3]. Group 2: Space Data Center Initiative - A significant portion of the IPO proceeds will fund Musk's "space data center" initiative, which aims to enhance computational power in space [4]. - Morgan Stanley predicts that launching 100 tons of satellites annually could yield 100 gigawatts of AI computing power by 2026, bypassing traditional data center costs [4]. - SpaceX plans to launch its first two orbital data center nodes by the end of 2025 to validate the technology [4]. Group 3: Competitive Advantages of Space Data Centers - Space data centers benefit from extreme cooling efficiency, with energy costs projected to be one-tenth of terrestrial data centers [5]. - The solar energy available in space is significantly higher than on Earth, providing a stable power source for computing [5]. - Space data centers can achieve millisecond-level latency for global connectivity, enhancing applications like autonomous driving [5]. - SpaceX currently holds 90% of the global launch capacity market, which will lower costs for deploying larger-scale data centers [5]. Group 4: Business Performance and Growth Drivers - Starlink, SpaceX's satellite internet service, is a key revenue driver, with projected revenues of $15 billion in 2025, increasing to $22-24 billion in 2026 [7]. - Starlink has 7.65 million active subscribers globally, with significant contributions from North America and emerging markets [7]. - The Starship rocket's development is crucial for future growth, but recent setbacks in testing may delay timelines [8]. Group 5: Market Reactions and Shareholder Impact - The proposed valuation of $1.5 trillion for SpaceX would surpass Tesla's market cap, despite lower projected revenues [8]. - The IPO announcement has positively impacted the aerospace sector, with related companies seeing stock price increases [9]. - Early investors in SpaceX, including major firms like Fidelity and Alphabet, stand to gain substantial returns from the IPO [9].

据彭博社报道，知情人士透露，SpaceX正在推进首次公开募股计划，目标是筹集超过300亿美元(约合人民币 2118亿元)的资金，这将使其成为有史以来规模最大的上市交易。 据两位知情人士透露，SpaceX计划利用首次公开募股 (IPO) 筹集的部分资金来开发太空数据中心，包括购买运 行这些数据中心所需的芯片。马斯克在最近与Baron Capital的一次活动中表达了对这一想法的兴趣。 据知情人士透露，SpaceX在本次二次发行中将每股价格定在420美元左右，使其估值超过此前报道的8000亿美 元。其中两位知情人士表示，该公司允许员工出售价值约20亿美元的股票，而SpaceX也将参与部分股票的回 购。 其中一位知情人士补充说，该估值策略旨在为公司上市前确定其公平市场估值。 "SpaceX多年来一直保持正现金流，并且每年进行两次定期股票回购，为员工和投资者提供流动性，"马斯克在 12月6日在其社交媒体平台X上发帖称。 由埃隆·马斯克领导的SpaceX公司目标估值约为1.5万亿美元(约合人民币10.6万亿元)，这将使SpaceX的募资额 接近沙特阿美在2019年创纪录上市时的募资额。这家石油巨头当时筹集了290亿美元 ...

央广网北京12月10日消息 据中央广播电视总台中国之声《新闻和报纸摘要》报道，由中国科学院 微小卫星创新研究院研制的轻舟货运飞船初样船近日完成多项关键技术验证，进入整体测试阶段。中国 空间站将迎来"商业化货运"时代。 轻舟货运飞船，是由主体的密封舱和后段非密封的尾椎构成，在密封舱里就能够搭载精密的设备仪 器以及生活需要的物资，在后面开放的尾椎上，能够搭载需要进行空间暴露实验的设备。中国科学院微 小卫星创新研究院轻舟货运飞船总设计师常亮介绍，飞船上也携带着可以进行太空实验的小卫星。 常亮：这颗就是我们做的太阳帆板展开的试验卫星，未来可以在太空中进行分离，进行各种各样的 实验。 "送货上门"是"轻舟"的核心使命。它能携带1.8吨的"太空包裹"，稳稳地送到空间站。此外，"轻 舟"飞船能将空间站里产生的生活垃圾、替换下来的废旧设备打包收纳。任务结束时，它会带着整船的 废弃物，按照制定方向坠入地球大气层，在南太平洋的无人海域上空彻底燃烧殆尽。 除了能送能取，"轻舟"飞船的货舱还搭载了可配置冷链系统，相当于一个模块化的"太空冰箱"。每 个模块容积60升，最多配置5个。冷链的温度可在0℃~8℃之间精准调节。无论是保鲜蔬菜水 ...

Core Viewpoint - SpaceX is advancing its IPO plan with a target fundraising of over $30 billion, potentially making it the largest IPO in history, aiming for a valuation of approximately $1.5 trillion [1][4]. Group 1: IPO Plans and Valuation - SpaceX is targeting a valuation close to Saudi Aramco's record set during its IPO in 2019, which raised about $29 billion [1]. - The management team is working towards completing the IPO by mid to late 2026, although it may be delayed until 2027 depending on market conditions [1]. - Current secondary market pricing for SpaceX shares is around $420, leading to a valuation exceeding $800 billion [3]. - If SpaceX sells 5% of its shares at the proposed valuation, it would need to raise $40 billion, surpassing Saudi Aramco's IPO size [4]. Group 2: Revenue Projections and Business Growth - SpaceX expects revenues of approximately $15 billion in 2025, increasing to between $22 billion and $24 billion in 2026, primarily driven by its Starlink business [2]. - The company plans to use part of the IPO proceeds to develop space-based data centers, including the procurement of necessary chips [2]. Group 3: Future Valuation Predictions - Ark Invest predicts SpaceX's enterprise value could reach $2.5 trillion by 2030, with scenarios ranging from $1.7 trillion to $3.1 trillion based on strategic initiatives [5]. - The expansion of the Starlink satellite constellation is expected to generate up to $300 billion annually by 2035, capturing about 15% of global communication spending [5]. Group 4: Technological Innovations and Market Position - The reusability of the Starship is a key factor in SpaceX's valuation, aiming to enhance launch frequency and reduce costs [6]. - Morgan Stanley highlights the potential of space-based data centers as a significant narrative for SpaceX's future growth, with advantages such as extreme cooling and unlimited energy [6][7]. - Competitors in the space data center market include startups like Starcloud and established companies like Axiom Space and Google, which are also exploring similar technologies [7].

Core Viewpoint - The "Light Boat" cargo spacecraft developed by the Chinese Academy of Sciences has completed key technology validations and has entered the overall testing phase, aiming to undertake low-cost cargo transportation tasks for the Chinese space station [1][3]. Group 1: Technical Specifications - The Light Boat cargo spacecraft consists of a sealed main cabin and an unsealed tail section, resembling a large sealed box with a pickup truck's cargo bed, allowing it to carry precision instruments and necessary supplies [6]. - The spacecraft can carry 1.8 tons of cargo to the space station and is also responsible for collecting waste and old equipment from the station, ensuring no debris is left behind upon re-entry [11]. Group 2: Features and Innovations - The cargo hold of the Light Boat includes a modular cold chain system, functioning like a "space refrigerator," with each module having a capacity of 60 liters, allowing for flexible configurations up to 300 liters total [13]. - The spacecraft is equipped with AI management for cargo, enabling astronauts to quickly locate items through voice interaction, enhancing efficiency and convenience in space living [15]. Group 3: Economic Aspects - The current transportation cost for this "interstellar delivery" service is approximately 100,000 yuan per kilogram, with expectations that costs will decrease with mass production and the involvement of commercial space ventures [17].

Core Viewpoint - Japan's Aerospace Exploration Agency (JAXA) successfully launched the HTV-X cargo spacecraft to supply the International Space Station (ISS) and demonstrate new technologies, marking a significant advancement in space logistics and operational efficiency [1][3]. Group 1: HTV-X Specifications and Improvements - The HTV-X spacecraft is designed to replace the previous HTV "Kounotori" series, which had nine successful launches from 2009 to 2020, and aims to enhance supply capabilities for the ISS and future space stations [3]. - The HTV-X measures approximately 8 meters in length and 4.4 meters in diameter, with a width of 18 meters when solar panels are fully deployed. It can carry nearly 6 tons of cargo, an increase from the 4 tons capacity of its predecessor [3]. - A modular design allows the HTV-X to pair with various cargo modules, enhancing its versatility for different mission requirements [3]. Group 2: Operational Efficiency and Technological Advancements - The HTV-X significantly optimizes the cargo unloading process, completing all cargo transfers within 24 hours post-docking, compared to 80 hours for the previous HTV model, thereby improving mission efficiency and reducing astronaut workload [4]. - Unlike its predecessor, the HTV-X will not immediately re-enter the atmosphere after unloading; it can remain in orbit for up to 18 months to conduct new technology tests [4]. Group 3: Future Missions and Strategic Importance - During its three-month mission, the HTV-X will release a small satellite and conduct experiments on deployable lightweight antennas and next-generation space solar cells from an altitude of approximately 500 kilometers [5]. - The Japanese Ministry of Defense plans to equip the HTV-X with infrared sensors to test its capability to detect and track hypersonic missile characteristics, indicating its potential dual-use applications [5]. - Future HTV-X missions aim to achieve automated docking capabilities, which are essential for upcoming missions, including those related to NASA's Artemis lunar exploration program [5].

Core Viewpoint - SpaceX's Starship successfully completed its 11th test flight, marking a significant milestone in achieving a fully reusable rocket system and paving the way for future space transportation advancements [1][4]. Group 1: Test Flight Achievements - The 11th test flight of Starship was a complete success, achieving a controlled return to Earth after launch, which fulfills the goal of a complete launch-to-water landing cycle [1][7]. - This flight utilized upgraded Raptor 2 engines and focused on validating critical systems such as thermal protection, engine restart, and payload release [6][11]. - The successful test flight is seen as a graduation for the second generation of Starship, indicating readiness for further development [7]. Group 2: Financial and Technical Aspects - SpaceX has invested over $5 billion in the Starship project, with significant expenditures on the Boca Chica launch site and new facilities in Florida [3][4]. - The potential for reducing launch costs to a few million dollars per flight is highlighted, which could make space transportation as frequent as commercial airline travel [4][11]. Group 3: Strategic Implications - The success of the Starship test flight enhances NASA's lunar mission strategy, as Starship is designated as the lunar lander for the Artemis 3 mission, bringing the U.S. closer to its goal of manned lunar exploration [11][14]. - Each test flight contributes valuable data for future deep space missions, including lunar resupply and Mars transportation, reinforcing the concept of making space travel a routine activity [11][14].