来源：股市直击 1月9日消息，市场早盘震荡走强，沪指高开高走站上4100点，深成指涨超1%。商业航天板块持续爆 发，板块内超20只个股涨停，鲁信创投走出11天9板，航天电子录得6天4板。这轮行情主要由以下多重 利好驱动： 一、政策密集催化 1月8日，广州市印发《广州市加快建设先进制造业强市规划（2024—2035年）》，明确提出到2035年打 造具有全球影响力的中国商业航天新一极。规划重点支持可重复使用火箭技术攻关，推动南沙中科宇航 液体火箭总装测试基地和黄埔星河动力火箭总装基地建设，支持开展"五羊系列星座""大湾智通"等卫星 星座建设。这是继2025年10月高层会议首次提出"航天强国"战略后，地方政府层面的具体落地政策，为 产业提供了明确的发展蓝图。 二、产业技术突破 2026年是中国商业航天发射"大年"，预计全年发射次数将突破100次。关键节点包括：朱雀三号（蓝箭 航天）2026年2月中旬复飞+一级回收验证、双曲线三号（星际荣耀）2026年3月下旬首飞、力箭二号 （中科宇航）2026年6月上旬首飞、天龙三号（天兵科技）2026年首飞。东吴证券预测，2026年国内将 掌握火箭回收核心技术，发射成本有望降低7 ...

Group 1 - The commercial space industry in China is set for a busy launch schedule in 2026, with multiple companies planning high-frequency launches, including Dongfang Space's "Gravity One" and "Gravity Two" rockets, and Deep Blue Aerospace's "Nebula One" rocket [1] - The Long March 8 rocket is scheduled to launch the "StarNet Low Earth Orbit 18A-I" payload on January 13, 2026, from Hainan, while other rockets like Long March 3B and Long March 12 are also set for launches in January 2026 [2] - The average launch cost for expendable rockets is reported to be between 110 million to 180 million yuan, while reusable rockets are expected to reduce costs significantly to between 2 million to 5 million dollars as major companies develop recovery technologies [3] Group 2 - As of January 8, 2026, the Zhongzheng Satellite Industry Index (931594) has risen by 4.47%, with notable increases in stocks such as Aerospace Electric (10.01%) and Aerospace Electronics (10.00%) [3] - The Zhongzheng Satellite Industry Index includes 50 companies involved in satellite manufacturing, launching, communication, navigation, and remote sensing, reflecting the overall performance of the satellite industry [3] - The top ten weighted stocks in the Zhongzheng Satellite Industry Index as of December 31, 2025, include China Satellite, Aerospace Electronics, and China Satcom, accounting for 63.64% of the index [4]

本轮行情是国家战略、技术进展、资本市场突破、商业化潜力形成共识等多方面因素共振的结果，明确 指向产业爆发拐点。 国家战略层面，《行动计划》将商业航天纳入国家航天发展总体布局。在"十五五"规划建议中，航空航 天被列为加快发展的战略性新兴产业集群之一。其背景在于，当前部署巨型低轨卫星互联网星座是全球 各国太空竞赛的焦点，必须依赖以低成本、大规模、高频次为特征的商业航天。 我国也规划了上万颗卫星规模的"千帆星座"和"国网星座（GW星座）"。两大星座均于2024年启动发射 组网，并在2025年提高发射频次。更关键的是，我国正稳步推进可重复使用火箭的研制和试验，一旦取 得技术突破，将大大降低发射成本，实现高频发射。 商业航天板块日K线图 ◎记者 刘怡鹤 朱雀三号、长征十二号甲两型可重复使用火箭首飞，国家航天局商业航天司设立，《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）》（下称《行动计划》）印发，《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》落地，蓝箭航天IPO获 受理…… 2025年末，商业航天产业迎来密集利好，A股市场商业航天、卫星互联网板块也在 ...

资本市场上也传来了IPO的重磅进展，2025年12月31日，蓝箭航天IPO获得受理；电科蓝天科创板IPO注 册获同意。 技术面上，星际荣耀自主研发的双曲线三号(SQX-3)可重复使用运载火箭，其核心部件——着陆装置已 在海南星际荣耀航天发射技术有限责任公司顺利完成展开与落震性能考核试验。该试验成功验证了该装 置适应南海恶劣海况的能力，为2026年上半年实现"入轨+海上回收"关键技术突破奠定基础。 火箭发射次数创新高 据央视网报道，2025年我国在载人航天、深空探测、商业航天等领域完成多项突破，实现多个首次。 2025年，中国航天全年发射次数创历史新高，达到92次，发射次数较2024年全年增加超过三成，标志着 我国航天发射能力进入了"常态化、高频化、规模化"的新阶段。 商业航天作为资本市场热点，年后依然强势上涨。截至2026年1月6日，万得商业航天主题指数继续上 涨，自2025年12月24日以来，该指数已实现8连阳，其间累计涨幅超过35%，涨幅稳居万得热门概念指 数前列。 展望2026年，业内人士普遍认为，在政策与技术双轮驱动下，中国商业航天预计将迎来火箭发射的"大 年"。 火箭可回收技术加速验证 作为商业航天 ...

截至2026年1月6日 14:19，中证通用航空主题指数(931855)强势上涨4.62%，成分股华测导航(300627)上 涨13.58%，航天电子(600879)上涨10.02%，北斗星通(002151)上涨10.01%，中国卫通(601698)，合众思 壮(002383)等个股跟涨。通用航空ETF基金(561660)上涨5.17%， 冲击3连涨。最新价报1.34元。 消息面上，2026年中国商业航天预计将迎来火箭发射的"大年"。专攻商业航天市场的5米级直径可回收 复用火箭准备首飞，新一代载人"健将"长征十号甲火箭正在筹备首次轨道级飞行。天龙三号、谷神星二 号、智神星一号、力箭二号、双曲线三号、引力二号等大中型商业火箭蓄势待发，有望在2026年首飞入 轨。此外，商业航天火箭企业的上市进程也正在提速，目前已有至少10家商业航天企业启动IPO进程。 中银证券认为，商业航天主题正突破"升温"期。商业航天领域近期迎来顶层设计完善以及新政策支持， 为产业发展明确了发展蓝图，增强了市场对商业航天长期发展的信心。流动性方面，通用航空ETF基金 盘中换手24.55%，成交1662.07万元，市场交投活跃。 | 股票代码 ...

Investment Rating - The investment rating for the industry is "Positive" and is maintained [7] Core Insights - In 2025, China's space launches reached a record high with a total of 92 launches, significantly up from 68 in 2024, indicating a robust growth trajectory for the commercial space industry [2][4] - The acceleration in launches is attributed to advancements in technology and funding solutions, suggesting that the commercial space sector is poised for rapid development [2][4] - The report emphasizes the importance of monitoring key suppliers within the commercial space industry, particularly leading companies, satellite assembly firms, and core component suppliers [2][4] Summary by Sections Launch Statistics - In 2025, China completed 92 space launches, with 90 successful and 2 failures, marking a substantial increase from the previous year's 68 launches [4] - The second half of 2025 saw a notable increase in launch activity, with 57 launches compared to 35 in the first half [4] Future Projections - The report anticipates that the number of launches in 2026 will continue to rise, potentially exceeding 100 launches, driven by new rocket technologies and the establishment of the Commercial Space Administration [4] Role of Private Enterprises - Private space companies are expected to play a more significant role in 2026, with the Shanghai Stock Exchange introducing new listing rules to support commercial rocket enterprises [4] - The IPO of Blue Arrow Aerospace aims to raise 7.5 billion yuan, with a portion allocated for enhancing reusable rocket capabilities [4] Global Context - The global space launch market also saw an increase, with total launches surpassing 300 for the first time, indicating a competitive landscape [4] - The U.S. accounted for approximately 60% of global launches, highlighting the international dynamics of the space race [4]

Core Insights - The report from Guojin Securities emphasizes the strategic importance of seizing space resources for China, highlighting the current bottleneck in rocket capacity and predicting that 2026 will be the year of reusable commercial rockets, while also focusing on key stocks in the rocket sector and investment opportunities arising from new 3D printing technologies [1] Group 1: Urgency in Satellite Launches - The limited resources in low Earth orbit necessitate urgent satellite launches, as per the International Telecommunication Union's "first come, first served" rule, which pressures China to accelerate its satellite launches [2] - The theoretical capacity of near-Earth orbit is estimated to accommodate only about 60,000 satellites, with SpaceX's Starlink already having launched over 10,000 satellites and aiming for a total of 42,000, thereby occupying a significant portion of low Earth orbit resources [2] - Domestic plans, such as those from Xingwang and "G60," aim to deploy nearly 30,000 satellites, with a requirement to complete 10% of the constellation within nine years to avoid losing resources [2] Group 2: Cost Efficiency in Rocket Launches - High costs currently limit rocket launch efficiency, making reusable rockets a crucial technology for cost reduction, as demonstrated by SpaceX's Falcon 9, which has reduced costs by 60% through first-stage rocket reuse [3] - The cost of satellite launches in China has decreased from 115,000 yuan per kilogram in 2020 to 75,000 yuan per kilogram in 2024, indicating a trend towards lower launch costs [3] - The U.S. leads in rocket launches due to lower costs, with SpaceX's Falcon 9 having a per-kilogram launch cost of 14,000 to 18,000 yuan, and the U.S. is projected to conduct 158 rocket launches in 2024 [3] Group 3: Future of Reusable Rockets - The year 2026 is anticipated to mark the beginning of the era of reusable commercial rockets, with both state-owned and private companies making strides in this technology [3] - Recent attempts to launch reusable rockets, such as Long March 12A and Zhuque 3, indicate progress in this area, with future launches from commercial entities like Tianlong 3 and Lijian 2 also planned for 2026 [3] Group 4: Investment Opportunities in Rocket Components - The core components of rockets, including engines and structural elements, account for over 60% of total costs, making companies involved in these areas attractive investment targets [4] - 3D printing technology is seen as a key trend in the engine sector, with domestic companies actively adopting it to reduce costs and improve efficiency [4] - SpaceX's Raptor engine, which utilizes 3D printing, has achieved a 21% increase in thrust and a 40% reduction in weight, showcasing the potential benefits of this technology [4]

Core Viewpoint - The year 2025 marks a pivotal transition for China's commercial space industry, moving from initial exploration to large-scale expansion, with significant growth in satellite launches and the emergence of IPO pathways for startups in the sector [4]. Group 1: Industry Growth and Developments - In 2025, China completed 87 space launches, with 23 conducted by private commercial rocket companies, successfully placing 324 satellites into orbit [4]. - The construction of two major satellite internet constellations, "Qianfan" and "Guowang," has accelerated, indicating a robust development trajectory for commercial space ventures [4]. - The commercial rocket sector is focusing on breakthroughs in reusable technology, scaling production capacity, and cost control to establish a sustainable business model [4]. Group 2: Upcoming Launch Plans - In 2026, several leading companies have scheduled intensive launch and development plans, including: - Dongfang Space's "Yinli No. 1" for high-frequency commercial launches and "Yinli No. 2" entering critical R&D phases [6]. - Deep Blue Aerospace's "Xingyun No. 1" rocket is set for its maiden flight around the 2026 Spring Festival [9]. - Xinghe Power's "Zhishen No. 1" has completed assembly and testing, preparing for its first flight [10]. - Zhongke Aerospace's "Liqian No. 2" rocket is also expected to launch soon [10]. Group 3: Infrastructure Expansion - The number of operational commercial launch sites in China is dynamically increasing, with 18 sites currently operational and 7 under construction, indicating a rapid expansion to meet the anticipated high-density launch period [12][13]. - The Hainan commercial space launch site is a focal point, with plans for additional liquid rocket launch pads expected to be operational by the end of 2026 [14][16]. - The rapid construction of launch sites is driven by the need to support large satellite constellation projects like "China Star Network" and "G60 Qianfan Constellation" [16].

Group 1: Achievements in China's Space Industry - The Long March series rockets have successfully surpassed 600 launches, marking a significant milestone for China's space endeavors [1] - The Shenzhou missions have completed emergency tasks, and the lunar exploration is progressing steadily, with the Tianwen-2 mission set to explore asteroid 2016HO3 [2] - The first crewed lunar landing mission is being prepared, with the Long March 10 rocket and the new crewed spacecraft, Dream Boat, set to conduct its maiden flight [1][2] Group 2: Future Plans and Developments - In 2023, the Shenzhou-23 mission will include a crew member conducting a long-term stay in space for over a year, a first in China's space history [1] - The Tianzhou-10 cargo spacecraft will continue to supply astronauts with necessary resources for various scientific experiments in the space laboratory [1] - The Chang'e-7 mission will aim to land on the Moon's south pole to explore environmental conditions and resources, particularly the presence of water [2] Group 3: Commercial Space Initiatives - The commercial space sector is expected to enhance its capabilities with the launch of new rockets like the Lijian-2 and Zhuque-3, focusing on reusable rocket technology [3] - Increased frequency and scale of commercial launches will support the rapid deployment of satellite constellations, contributing to the development of a sustainable space economy [3] - The industry aims to align with global space development trends and national strategic needs, viewing each completed mission as a stepping stone for future endeavors [3]

Core Insights - In 2026, China's space program is expected to achieve significant breakthroughs, including crewed missions to the Chinese space station and the launch of new spacecraft [1][3]. Group 1: Crewed Space Missions - The Shenzhou 23 and Shenzhou 24 missions will send astronaut crews from the Jiuquan Satellite Launch Center to the Chinese space station [1]. - A crew member from the Shenzhou 23 mission will conduct a long-term stay experiment lasting over one year [3]. Group 2: New Spacecraft Developments - The new generation crewed spacecraft "Dream Boat" will make its maiden flight, designed for near-Earth space station operations and crewed lunar exploration [3]. Group 3: Lunar Exploration - The Chang'e 7 lunar probe will be launched to explore the Moon's south pole, focusing on surface environment surveys and water ice detection [5]. - If successful, China could become the first country to discover water on the Moon [5]. Group 4: Deep Space Exploration - The Tianwen-2 probe is set to reach asteroid 2016 HO3 for exploration and sample collection, with a return to Earth expected by the end of 2027 [6]. - Following this, the probe will conduct scientific exploration of main belt comet 311P [6]. Group 5: Commercial Space Development - 2026 will mark a year of accelerated development for China's commercial space sector, with the establishment of the Commercial Space Administration [8]. - New rocket developments, including Lijian-2, Tianlong-3, and Hyperbola-3, are highly anticipated [8].