作为战略性新兴产业的商业航天已连续两年被写入政府工作报告。2024年《政府工作报告》提出，"积极打造生物制造、 商业航天、低空经济等新增长引擎"；2025年《政府工作报告》提出，"开展新技术新产品新场景大规模应用示范行动，推动商 业航天、低空经济、深海科技等新兴产业安全健康发展"。2025年以来，上海、黑龙江、广东、山东等地方政府亦纷纷出台举 措，支持商业航天高质量发展。 本报记者 吴晓璐 今年6月份，证监会发布《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》提出，扩大第五套标准适用范 围。根据产业发展和市场需求，支持人工智能、商业航天、低空经济等更多前沿科技领域企业适用科创板第五套上市标准，加 大对新兴产业和未来产业的支持力度。 9月份，上海证券交易所副理事长霍瑞戎公开表示，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。 近日，国家航天局印发的《国家航天局推进商业航天高质量安全发展行动计划（2025—2027年）》提出，到2027年，商业 航天产业生态高效协同，科研生产安全有序，产业规模显著壮大，创新创造活力显著增强，资源能力实现统筹建设和高效利 用 ...

Core Viewpoint - The Chinese aerospace industry is entering a new phase of high-quality development, driven by the "14th Five-Year Plan" which emphasizes satellite internet, commercial aerospace, and new energy aircraft as strategic priorities, supported by continuous policy incentives and capital market responses [4]. Financing Overview - In 2024, the aerospace industry saw 287 financing events, with early-stage financing (seed to A rounds) dominating at 138 events, indicating a vibrant innovation landscape but increasing competition among leading firms [6]. - The financing structure shows a low proportion of mid to late-stage financing, suggesting a trend towards industry consolidation and reliance on mergers and strategic capital integration for future growth [6]. Regional Development - Jiangsu province led the nation with 69 financing events, followed by Beijing with 63, indicating a multi-polar development pattern in the aerospace sector, heavily reliant on regional policy support and talent accumulation [9]. - The three major economic zones (Yangtze River Delta, Beijing-Tianjin-Hebei, and Pearl River Delta) account for over 70% of the financing activities, highlighting their role as core areas for the aerospace industry's acceleration [9]. Project Segmentation - Infrastructure projects dominate with 128 events, while core systems and components accounted for 99 events, and aviation and unmanned aerial vehicles for 60 events, reflecting a balanced development across different segments [10]. - The capital layout in the aerospace sector is shifting from single technology R&D to system-level integration and platformization, with a strategic focus on infrastructure construction [12]. Investment Institutions - A total of 618 investment institutions were screened, narrowing down to 21 GP (General Partners) with significant activity in the aerospace sector, indicating a concentrated interest in this industry [13]. - The majority of GPs in the aerospace field are privately funded, with 16 out of 21 having private backgrounds, reflecting a trend towards private capital involvement in strategic sectors [20]. Management Scale and Currency - The management scale of the identified GPs varies, with one institution managing over 100 billion yuan, while the majority operate within the 5-50 billion yuan range, indicating a diverse scale of operations [23]. - The market is predominantly led by RMB funds, with 10 out of 11 institutions managing funds in this currency, showcasing a localized investment approach [24]. Investment Stage Focus - The GPs primarily focus on growth-stage projects, with a significant portion of their investments directed towards B-C rounds, indicating a preference for more mature companies within the aerospace sector [25]. Performance Metrics - Key performance indicators such as lead investment rates, follow-up rates, and IPO counts are used to assess the effectiveness of GPs in the aerospace sector, with higher rates indicating stronger market presence and investment success [27][29]. - The analysis of average equity stakes reveals insights into the investment style of GPs, with higher stakes suggesting greater influence over projects and potential for successful exits [33]. Conclusion - The report aims to assist LPs in quickly identifying active GPs in the aerospace sector and provides comparative data to evaluate their investment capabilities, while also offering insights for GPs to understand their competitive positioning [39].

Core Insights - The "Investment Chengdu" Global Investment Conference aims to promote the aerospace industry and financial capital integration, enhancing Chengdu's status as a national technology innovation center [1][8] - The event introduced a new "chain leader fund investment" model to attract more social capital and facilitate industry cluster development [3][8] Investment and Industry Development - The conference featured the signing of multiple aerospace industry projects, including the global headquarters of the "Star Calculation" plan, which will establish research, manufacturing, and operation centers in Chengdu [3][4] - Over 20 supply chain companies participated, showcasing the effectiveness of Chengdu's "investment linkage and chain-based investment" approach [3][4] Regional Collaboration - The event highlighted the collaborative development of the Chengdu-Deyang-Meishan-Ziyang region in the aerospace sector, with various stakeholders presenting investment opportunities and regional advantages [4][5] - Sichuan Tianfu New Area promoted its high-tech industrial park, focusing on aerospace and new-generation information technology [5] Industry Participation - The event attracted over 70 leading companies and research institutions in the aerospace field, emphasizing the importance of collaboration between academia, industry, and research [7] - Significant projects were signed during the event, indicating substantial progress in the aerospace industry under the investment linkage mechanism [7] Future Outlook - Chengdu's aerospace industry has surpassed a scale of 100 billion yuan, with over 1,000 operating entities, indicating its unique advantages in commercial aerospace and related fields [8] - The conference is seen as a key initiative to foster new productive forces and enhance Chengdu's role as a hub for innovation in the western region [8]