8月13日，卫星互联网低轨08组卫星于文昌航天发射场发射升空成功入轨。 8月以来，海南商业航天发射场5天内连续完成长征八号和长征十二号火箭发射，创下我国高密 度发射纪录，推动商业航天产业2.8万亿元市场规模加速释放，商业航天正迎来资本与产业的 双重爆发。 目前，我国航天发射次数再创新高，超过去年同期，同时多款新型号/可复用火箭计划在2025 年完成首飞。 叠加证监会"6.18"IPO 新政发布，市场对商业航天产业关注度持续提升，商业航天指数连续上 涨。 Wind数据显示，截至发稿，航空航天ETF天弘（159241）获净申购超3000万份。 该ETF近5个交易日有4日获资金净流入，累计"吸金"超4200万元。截至8月14日收盘，航空航 天ETF天弘（159241）最新份额为4.16亿份，年初至今份额新增率达118.79%，居同标的产品 首位。 资本潮涌 6月18日，证监会重新打开科创板第五套上市标准的闸门， 明确把商业航天纳入"可尚未盈 利"的绿色通道 。 自7月29日起，已有接连三家商业航天企业启动IPO，分别为蓝箭航天、屹信航天、中科宇 航。 蓝箭航天被称为国内"最像SpaceX"的火箭企业。早在2022年 ...

8月13日，卫星互联网低轨08组卫星于文昌航天发射场发射升空成功入轨。 8月以来，海南商业航天发射场5天内连续完成长征八号和长征十二号火箭发射，创下我国高密度发射纪 录，推动商业航天产业2.8万亿元市场规模加速释放，商业航天正迎来资本与产业的双重爆发。 目前，我国航天发射次数再创新高，超过去年同期，同时多款新型号/可复用火箭计划在2025年完成首 飞。 叠加证监会"6.18"IPO 新政发布，市场对商业航天产业关注度持续提升，商业航天指数连续上涨。 Wind数据显示，截至发稿，航空航天ETF天弘（159241）获净申购超3000万份。 该ETF近5个交易日有4日获资金净流入，累计"吸金"超4200万元。截至8月14日收盘，航空航天ETF天弘 （159241）最新份额为4.16亿份，年初至今份额新增率达118.79%，居同标的产品首位。 资本潮涌 今年年初，航天测控管理领域的星图测控（920116.BJ）以"北交所商业航天第一股"的身份成功上市， 以逾550%的涨幅高开。截至8月14日收盘，其股价已经从发行价6.92元飙升至69.7元，涨幅超907%，总 市值超百亿元。 6月18日，证监会重新打开科创板第五套上 ...

| 辅导 对 象 | | 中科宇航技术股份有限公司 | | | | --- | --- | --- | --- | --- | | 成立日期 | | 2018年12月19日 | | | | 注册资本 | | 36.000 万元 | 法定代表人 | 杨教强 | | 注册地址 | | 广州市南沙区翠樱街 1 号 1702 室 (仅限办公) | | | | 控 股 股 东 及持股比 | | | 控股股东为北京鹏教君联空间技术中心(有限合伙),持股比例为 | | | 例 | 27.7476% | | | | | 行业分类 | | C37 铁路、船舶、航空航 | 在其他交易场 所(申请) 挂 | 无 | | | | 天和其他运输设备制造业 | 牌或上市的情 | | | | | | 況 | | | 备 | 注 无 | | | | | 辅导协议签署 2025 年 8 月8日 | | --- | | 日 间 | | 辅导 机 构 国泰海通证券股份有限公司 | | 律 师 事 务 所 上海市锦天城律师事务所 | | 会计师事务所 天健会计师事务所 (特殊普通合伙) | 中科宇航是国内首家混合所有制商业航天企业。据其官网介绍，公 ...

Core Viewpoint - The commercial aerospace sector in China is experiencing significant growth driven by policy support and technological advancements, with a notable increase in market activity and investment opportunities [1][4]. Group 1: Market Activity - The "Lijian No. 2" rocket developed by China Aerospace Technology Co., Ltd. is set for its maiden flight in September 2023, marking a key milestone in commercial space endeavors [1]. - Commercial aerospace stocks have shown strong performance, with several companies reaching their daily price limits and others experiencing gains exceeding 9% [1]. - Since June 2023, there has been a surge in interest in commercial aerospace, with 32 companies related to this sector undergoing institutional research in the past month [1]. Group 2: Technological Developments - The "Lijian No. 2" rocket will play a crucial role in launching the initial test flight of the cargo spacecraft for the manned space station, with components designed for reusability to significantly reduce costs [2]. - Recent technological breakthroughs in the commercial rocket sector include successful flight recovery tests and advancements in reusable rocket systems, enhancing launch efficiency and cost-effectiveness [2][3]. - The transition from single-use to reusable launch systems is expected to optimize costs and improve operational efficiency in the commercial rocket industry [2]. Group 3: Market Size and Growth - The commercial aerospace market in China is projected to grow from a value of 1 trillion yuan in 2020 to approximately 2.3 trillion yuan by 2024, reflecting a compound annual growth rate of 22.9% [4]. - By 2025, the market value is expected to reach 2.8 trillion yuan, indicating robust growth potential in the sector [4]. Group 4: Company Developments - Companies in the aerospace supply chain are increasingly focusing on commercial rockets, with various firms reporting progress in their aerospace-related projects [5][6]. - Specific companies, such as Weihai Guangwei Composite Materials Co., Ltd. and Hunan Feiwo New Energy Technology Co., Ltd., have successfully integrated their products into the commercial rocket sector [6][7]. - Strategic partnerships are being formed between companies to enhance capabilities in rocket structure, storage products, and recovery facilities [7]. Group 5: Investment Opportunities - Industry experts emphasize the need for companies to seize opportunities in the commercial aerospace sector by innovating and overcoming technical challenges related to reusability and efficient engines [8].

Core Insights - Guangdong province is experiencing a surge in commercial aerospace activities, supported by various government policies and initiatives aimed at fostering high-quality development in the sector [1][2][3][4]. Group 1: Government Initiatives - The Guangdong provincial government has issued the "Action Plan for Promoting High-Quality Development of Commercial Aerospace (2024-2028)", targeting a scale of 300 billion yuan for the commercial aerospace and related industries by 2026 [2]. - Zhuhai has released an implementation plan to develop a collaborative commercial aerospace industry layout, aiming to enhance its capabilities and establish itself as a key player in the sector by 2028 [3]. - Various cities in Guangdong, including Guangzhou and Yangjiang, have introduced policies and funding to support the establishment and growth of commercial aerospace companies and infrastructure [1][3]. Group 2: Industry Development - Guangzhou has developed a comprehensive commercial aerospace industry chain, integrating launch services, satellite manufacturing, and aerospace applications, with major companies like China Aerospace Technology Corporation and Geely Aerospace leading the way [2]. - Shenzhen has established a robust industry system encompassing satellite manufacturing, operations, and key components, with a significant market share in the production of civilian vehicle-mounted satellite navigation devices [2]. - The Guangdong (Yangjiang) Aerospace Launch Mother Port project, with an estimated investment of 9.2 billion yuan, aims to create a more efficient and cost-effective launch facility [5]. Group 3: Corporate Engagement - Companies like China Aerospace Technology Corporation are actively involved in manufacturing advanced rockets, contributing to the growth of the aerospace manufacturing sector in Guangdong [4]. - Haige Communications is expanding its business in the satellite internet field, enhancing its competitive edge by broadening its service offerings [4]. - Zhuhai Aerospace Micro Technology Co., Ltd. focuses on the development of aerospace electronics and satellite data applications, indicating a diversification of capabilities within the industry [5].

文：任泽平团队 导读 人类走向群星的时代加速来临 。2023-2024年全球航天发射活动的空前繁荣，无论是发射次数还是总质量，均 创下了自1957年人类首次航天 发射以来的最高纪录。 2024年全球对太空探索和利用能力发生重大改变 ；10月，SpaceX实现超重级火箭助推器回收，标志着人类航天史上里程碑式技术突破。其 估值在逼近3500亿美元的同时，也超越了NASA成为航天事业的领军者。 一家创立仅22年私营企业是如何超越老牌"国家队"的？ 商业化航天需求爆发点和下游应用场景有哪些？ 为什么说 中国和美国是未来人类航天事业的希望 ？ 2015年我国商业化航天起步，2024年写入《政府工作报告》，中国的航天事业在全球仅次于美国，竞争力强，快速赶超。当下，我国航天商 业化正迈向新阶段，2025年预计更多政策出台，推动民营航天领域进步。 航天事业的发展，是 构建 未来 在 太空经济 领域竞争的先发优势 ，是 对十万亿级市场的提前布局 。同时， 探索宇宙是人类科研的共同命 题 ，更是 推动人类命运一体化，求同存异，回归全球化合作的支点 。 商业航天，未来是星辰大海。 目录 1 为什么发展商业航天与太空经济如此重要？ ...