以下文章来源于科创板日报 ，作者李佳怡 科创板日报 . 专注科创板和科技创新，上海报业集团主管主办，界面财联社出品。 国内首个瞄准海上回收复用的火箭基地开工在即。 1月9日，《科创板日报》记者实地探访箭元科技位于杭州钱塘区的火箭"超级工厂"施工现场。现场可以看到，项目地块已完成平整，运输车 辆往来穿梭。 该基地选址距钱塘临江码头仅14公里。未来在基地组装完成的火箭可通过水路直达东海发射海域，执行任务后也能经由海路返回基地进行检 修复用。 《科创板日报》记者注意到，继2025年火热不减后，2026年新年伊始，上海、广州等主要城市相继发布产业规划，将商业航天列为重点发展 领域。 杭州落地商业航天产业 箭元科技创始人魏一此前在接受采访时曾表示，这一路径预计能降低约50%的发射周期成本。 据介绍，箭元科技中大型液体运载火箭生产试验及总装总测基地包括回收复用中心、检测检验中心、生产制造中心，项目总投资52亿元，建 成后将具备年产25发火箭的规模化制造能力。 根据计划，今年8月底，箭元科技自主研发的国内首个"液氧甲烷+不锈钢+海上回收"火箭——"元行者一号"将在该基地开始总装测试，年底 首枚"钱塘号"火箭将执行首次飞行及 ...

开年四个交易日，沪指微幅震荡连续录得15个阳线，今日A股窄幅震荡，截至收盘，沪指跌0.07%，深 成指跌0.51%，创业板指跌0.82%，A股全天成交2.83万亿，上日成交2.88万亿。 板块，商业航天概念再度爆发，银河电子4连板，邵阳液压、中国一重（维权）、盛洋科技、华菱线缆 等多股涨停，入选2026年"全球视野·下注中国"十大核心ETF的航空航天ETF(159227)今日飙涨5.26%，开 年以来累计上涨9.96%。 开年四个交易日，2026年"全球视野·下注中国"十大核心ETF累计上涨4%，航空航天ETF(159227)表现亮 眼，尤其是后者今日单日飙涨5%，涨势凶猛。 消息面上： ①星河动力航天将于近期择机实施"谷神星一号海射型（遥七）"商业运载火箭发射任务，任务代号 为"望海潮"。 ②1月7日，中国首个海上回收复用火箭产能基地在杭州市钱塘区开工。项目总投资52亿元，建成后预计 将具备年产25发火箭的规模化制造能力，并满足火箭回收后快速检测、维修与复用的条件。据悉，建成 后的基地将以"元行者一号"火箭为制造主体，该款火箭设计可重复使用20次，此前已实现了发射至回收 的全流程闭环验证。 ②商业航天司成立 ...

数据显示，截至2025年12月31日，中证通用航空主题指数(931855)前十大权重股分别为航天电子 (600879)、海格通信(002465)、中国卫通(601698)、中科星图(688568)、北斗星通(002151)、华测导航 (300627)、航天彩虹(002389)、雷科防务(002413)、华力创通(300045)、西部超导(688122)，前十大权重 股合计占比43.4%。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承担基金投资 所带来的损失。投资人应当认真阅读《基金合同》《招募说明书》等基金法律文件，全面认识本基金的 风险收益特征和产品特性，并根据自身的投资目的、投资期限、投资经验、资产状况等判断 ...

人民财讯1月8日电，据钱塘发布，近日，箭元科技中大型液体运载火箭总装总测及回收复用基地在钱塘 破土动工。这标志着国内首个海上回收复用火箭产能基地，也是首个不锈钢火箭超级工厂正式启航。与 此同时，以这片热土命名的"钱塘号"火箭同步亮相，宣告钱塘叩响星辰之门，开启了商业航天的新篇 章。 据悉，箭元科技中大型液体运载火箭生产试验及总装总测基地包括回收复用中心、检测检验中心、生产 制造中心，项目总投资52亿元，建成后将具备年产25发火箭的规模化制造能力。根据计划，今年8月 底，作为箭元科技自主研发的国内首个"液氧甲烷+不锈钢+海上回收"火箭，"元行者一号"将在这里开始 总装测试，年底首枚"钱塘号"火箭将执行首次飞行及回收任务。 ...

新浪科技讯 1月7日午间消息，今日，北京箭元科技有限责任公司（以下简称"箭元科技"）中大型液体 运载火箭生产试验及总装总测基地正式落地浙江。 新浪科技讯 1月7日午间消息，今日，北京箭元科技有限责任公司（以下简称"箭元科技"）中大型液体 运载火箭生产试验及总装总测基地正式落地浙江。 据介绍，此次落地的箭元科技中大型液体运载火箭生产试验及总装总测基地，含回收复用中心、检测检 验中心、生产制造中心，总投资52亿元，一期规划用地约7.2万平方米。建成后将形成年产25发元行者 一号火箭的规模化制造能力，实现火箭回收后快速检测、维修与复用。 箭元科技是国内首个突破"液氧甲烷+不锈钢+海上软着陆回收"技术的商业航天企业，通过工业化制造 与创新回收技术实现中大型火箭可回收全复用。其核心产品元行者一号不锈钢液体火箭全箭设计可重复 使用20次，今年5月、7月已分别完成验证型火箭首次海上飞行回收试验及溅落回收发动机与控制系统联 合摇摆热试车，实现发射-回收全流程闭环验证。 责任编辑：江钰涵 责任编辑：江钰涵 据介绍，此次落地的箭元科技中大型液体运载火箭生产试验及总装总测基地，含回收复用中心、检测检 验中心、生产制造中心，总投资5 ...

12月9日中午，当长征四号乙运载火箭在酒泉卫星发射中心一飞冲天，成功将遥感四十七号卫星送 入预定轨道时，远在杭州的魏一收到了这条推送。作为杭州箭元航天科技有限公司（以下简称"箭元科 技"）董事长，这位火箭工程师曾完整参与中国新一代运载火箭研制。眼下，他正筹划着另一件里程碑 式的事件：最快明年年底，让完全"杭州制造"的第一枚可回收火箭"钱塘箭"成功发射，并按预定计划实 施海上回收——真正实现"杭州制造，海上往返"。 今年5月，元行者一号验证型火箭完成首次海上飞行回收试验。 在国内多个城市考察、比较后，箭元科技把生产基地定在了杭州。据了解，该项目总投资52亿元， 建成后将具备年产25发火箭的规模化制造能力。 走进钱塘（新）区前进智造园的一楼大厅，最显眼的就是那枚银光闪闪的"元行者一号"1∶30的模 型。"原型高66米，直径4.2米，起飞质量达到575吨。"说起这些数据，魏一如数家珍。"很多人以为火 箭很高科技、很神秘，"魏一笑着说，"其实它就是个交通工具，我们的火箭在设计上可以实现重复发射 20次，也是国内第一枚对标SpaceX'星舰'的火箭。" 目前，国内注册的火箭相关研发生产企业有40多家，但具备完全回收能力 ...

Core Viewpoint - The Chinese commercial space industry is experiencing a "capacity spring," with advancements in technology, capital, and policy potentially accelerating the development of satellite launch capabilities faster than expected [2][5]. Group 1: Recent Developments in Satellite Launch Capabilities - On October 17, 2025, Shanghai Yuanxin Satellite Technology Co., Ltd. successfully launched the sixth batch of satellites for its "Qianfan Constellation," bringing the total number of satellites in orbit to 108 [3]. - Major telecommunications operators in China, including China Telecom, China Mobile, and China Unicom, have received licenses for satellite mobile communication services, enabling direct satellite connections for mobile phones [3]. - The domestic satellite internet market is reaching a significant milestone, but the "capacity" segment remains constrained, necessitating the involvement of private rocket companies to alleviate the bottleneck [3][4]. Group 2: Progress of Private Rocket Companies - Beijing Tianbing Technology Co., Ltd. announced the successful sea test of its "Tianlong-3" large liquid rocket, which has a near-Earth orbit capacity of 17 to 22 tons and can launch up to 36 satellites in one go [4][7]. - Blue Arrow Aerospace successfully completed the first phase of its "Zhuque-3" rocket's launch preparations, including static ignition tests, and is preparing for its official orbital launch [4][9]. - Beijing Zhongke Aerospace Technology Co., Ltd. reported progress on its "Liqian-2" liquid rocket, which is designed for medium payloads and aims to support China's space station logistics [9][10]. Group 3: Market Dynamics and Investment Trends - The demand for satellite launches is increasing, with estimates suggesting that the "Qianfan Constellation" requires at least 200 to 300 satellite launches annually, necessitating multiple rockets with capacities exceeding 10 tons [6]. - Recent funding rounds have seen significant investments in private rocket companies, with Star River Dynamics raising 2.4 billion yuan in its D round and Tianbing Technology securing nearly 2.5 billion yuan in Pre-D and D rounds [13][14]. - The Chinese Securities Regulatory Commission has opened a window for IPOs in the commercial space sector, prompting several companies to initiate IPO preparations [14][15]. Group 4: Technological Innovations and Cost Reduction Strategies - The use of 3D printing technology in the manufacturing of rocket components is being explored to reduce costs, with Tianbing Technology's "Tianlong-3" rocket utilizing this approach to achieve significant cost savings [21][22]. - The focus on reusable rocket technology is seen as a key strategy for cost reduction, with companies like Arrow Technology aiming for high reuse rates to lower overall launch costs [19][20]. - The competitive landscape is expected to intensify as more private companies successfully launch their rockets, with cost efficiency becoming a critical factor for securing future contracts [22].

Core Viewpoint - The "star-rich, rocket-poor" dilemma in China's commercial space industry is being addressed through advancements in technology, capital investment, and policy support, indicating that the "spring of launch capacity" may arrive sooner than expected [6] Group 1: Recent Developments in Satellite Launches - On October 17, 2025, Shanghai Yuanxin Satellite Technology Co., Ltd. successfully launched the sixth batch of satellites for its "Qianfan Constellation," bringing the total number of satellites in orbit to 108 [3] - As of September 2025, major telecom operators in China have received licenses for satellite mobile communication services, enabling direct satellite connections for mobile phones [3] - The domestic satellite internet market is experiencing significant growth, but the launch capacity remains constrained, necessitating the involvement of private rocket companies to alleviate this bottleneck [3][4] Group 2: Progress of Private Rocket Companies - Beijing Tianbing Technology Co., Ltd. announced successful sea trials for its "Tianlong-3" rocket, which has a near-Earth orbit capacity of 17 to 22 tons and can deploy up to 36 satellites in one launch [4][9] - Blue Arrow Aerospace successfully completed the first phase of its "Zhuque-3" rocket's launch preparations, with plans for its first flight by the end of the year [5][11] - Other companies, such as Zhongke Aerospace and Xinhai Power, are also making strides in their respective rocket developments, with plans for upcoming launches [11][12] Group 3: Market Dynamics and Investment Trends - The demand for satellite launches is high, with estimates indicating that the "Qianfan Constellation" requires 200 to 300 satellite launches annually, necessitating multiple rockets with capacities exceeding 10 tons [8] - Recent financing rounds have seen significant investments in private rocket companies, with Xinhai Power raising 2.4 billion yuan and Tianbing Technology securing nearly 2.5 billion yuan for production and development [16][17] - The Chinese Securities Regulatory Commission has opened a window for IPOs in the commercial space sector, prompting several companies to initiate the listing process [17][18] Group 4: Cost Reduction Strategies - The cost of launching a 10-ton capacity rocket by state-owned companies is estimated at over 200 million yuan, while private rockets aim to reduce this cost to around half [24] - The potential for cost reduction through reusable rocket technology is significant, with estimates suggesting a 40% to 60% decrease in launch costs if successful [25][26] - Companies are exploring innovative manufacturing techniques, such as 3D printing and the use of stainless steel, to lower production costs and improve efficiency [26][27][28]

Core Insights - The successful launch of the sixth batch of the "Qianfan Constellation" satellites marks a significant milestone, bringing the total number of satellites in orbit to 108 [2] - The domestic satellite internet market is evolving, with major telecom operators receiving licenses for satellite mobile communication services, indicating a growing demand for satellite connectivity [2] - The commercial space sector is facing a "star-heavy, rocket-light" dilemma, but advancements in private rocket capabilities are expected to alleviate this issue [4] Group 1: Satellite Launch Developments - The "Qianfan Constellation" requires at least 200 to 300 satellite launches annually, necessitating multiple rockets with capacities exceeding 10 tons [5] - Currently, no private commercial rockets in China have successfully launched with a capacity above 10 tons, highlighting a critical gap in the market [5] - Recent developments include successful tests of several private rockets, such as Tianbing Technology's "Tianlong-3" and Blue Arrow Aerospace's "Zhuque-3," which are nearing their first flights [6][7] Group 2: Funding and IPO Trends - Several private rocket companies are actively pursuing funding to support production and development, with significant investments reported, such as 2.4 billion yuan for Star River Dynamics and 2.5 billion yuan for Tianbing Technology [12][13] - The recent regulatory changes have opened up opportunities for these companies to pursue IPOs, with multiple firms already initiating the process [13][14] - The demand for rockets is driven by the rapid growth of satellite companies, which are also seeking substantial funding to support their operations [14] Group 3: Cost Reduction Strategies - The cost of launching rockets is a critical factor, with estimates suggesting that private rockets could achieve costs around 30,000 to 40,000 yuan per kilogram, compared to over 70,000 yuan for state-owned rockets [17] - Companies are exploring various strategies to reduce costs, including the use of 3D printing and innovative materials like stainless steel to enhance manufacturing efficiency [20][21] - The focus on reusability is seen as a key pathway to achieving lower costs, although no private rocket has yet completed a successful reusable launch [18][19]

Core Insights - The frequency of domestic commercial rocket launches is accelerating, with a "batch launch" trend emerging, as evidenced by the successful launch of the Yao-8 rocket carrying three satellites [1] - In August alone, China completed nine commercial launch missions, with a total of at least 20 planned for the year, indicating a significant increase in launch activity [1][2] - However, the industry faces multiple underlying challenges, particularly in technology, supply chain support, and ecosystem development [1][2] Technology and Development - The commercialization of reusable rocket technology has not yet formed a closed loop, with domestic companies still in the single-use technology validation stage [2][7] - The current gap in rocket payload capacity between China and the U.S. is approximately four to six times, with SpaceX's Starship capable of carrying around 150 tons compared to China's Long March 5's 25 tons [3] - China is actively developing heavy-lift rocket technology, with the Long March 9 expected to achieve a low Earth orbit capacity of 150 tons by 2035, aligning with international heavy-lift capabilities [3] Cost and Pricing - The launch costs for domestic solid rockets are currently around 60,000 to 70,000 RMB per kilogram, with expectations that future liquid rockets could reduce costs to over 20,000 RMB per kilogram [3][4] - The average cost of launching a Long March 3B rocket is approximately 39 million RMB per mission, translating to about 70,900 RMB per kilogram [4] - In contrast, SpaceX's Falcon 9 rocket has a launch cost of about 14,000 to 18,000 RMB per kilogram in a fully reusable state, highlighting the cost disparity [5][6] Industry Challenges - The severe shortage of launch capacity is identified as a core issue hindering the industry's scalable development, rather than merely high launch costs [2][8] - The industry requires the development of high-frequency, low-cost, and reliable launch vehicles to support large-scale satellite constellations [7][8] - The current state of domestic rocket production and reliability is insufficient to meet the anticipated explosive demand in the next 2-3 years, necessitating increased investment in R&D and production capabilities [8][12] Future Prospects - The focus on liquid reusable rockets is seen as a key pathway to addressing the challenges of launch capacity and cost [9][10] - Several companies are making rapid progress in vertical recovery technology, with plans for multiple reusable rocket launches and recoveries by 2026 [10][11] - Achieving a transition from single-test launches to scalable production capabilities is crucial for companies to seize industry opportunities [12]