Group 1 - The Guangdong Provincial Government has issued policies to promote high-quality development in commercial aerospace from 2025 to 2028, focusing on encouraging enterprises to develop core technologies in reusable liquid rocket engines [1] - The provincial government will provide up to 50% matching funding support for national major science and technology projects that meet specific conditions, and will implement a 100% pre-tax deduction policy for corporate R&D expenditures [1] - Liquid fuel rockets are becoming the mainstream choice for the next generation of reusable rockets due to their adjustable thrust, strong restart capability, and high system adaptability [1] Group 2 - Guotai Junan Securities indicates that the current insufficient rocket capacity in China is a core bottleneck for low Earth orbit satellite networking, and developing reusable rockets and liquid fuel technologies is key to enhancing capacity [1] - It is estimated that by 2030, an average of 64 rockets per year will be needed to meet the planned networking requirements, with the rocket market expected to reach a scale of 100 billion by 2030 [1] - CITIC Securities points out that several large-capacity private liquid rockets, such as Zhuque-3 from Blue Arrow Aerospace and Tianlong-3 from Tianbing Technology, are set to make their maiden flights in the second half of 2025, marking a breakthrough in the commercialization of private liquid rockets [1] Group 3 - Srey New Materials has initiated the construction of a project for the industrialization of materials, parts, and components for liquid rocket engine thrust chambers [2] - Taisheng Wind Power's rocket storage tank is a key pressure vessel used for storing liquid rocket propellants, including fuel and oxidizers, and is one of the core components of launch vehicles [2]

8月14日，千帆星座的建设与运营商垣信卫星在中国招投标公共服务平台上发布了《2025年运载火箭发 射服务采购项目一包件二：一箭18星运载火箭发射服务中标候选人公示》，蓝箭航天、天兵科技和中科 宇航入围候选人，综合得分依次为第一到第三。三家火箭公司提供服务次数均为1次，服务/交付周期均 为自合同签订之日起至2026年3月。 某头部火箭公司人士告诉记者："中标的火箭均为可复用液体火箭，预计于年底前完成首飞，第二发进 行组网卫星发射。不过，在前几次发射中，这些火箭都还无法实现重复使用。" 垣信卫星今年已发布三轮招标 7月下旬，垣信卫星发布了《2025年运载火箭发射服务采购项目》招标公告，拟采购一箭10星/一箭18星 两种搭载规格的火箭发射服务，共计7次发射服务、发射卫星94颗，招标金额13.36亿元。 上述三家火箭公司正是这次招标中一箭18星服务的中标候选人，但8月11日垣信卫星发布的另一则公告 显示，这次招标中一箭10星的发射服务因"截至投标截止时间递交投标文件供应商不足3家"失败。某头 部火箭公司人士告诉记者："一箭10星的供应商只有两家，后面可能会转谈判。" 与此同时，垣信卫星随即启动了一箭10星发射服务的第 ...

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 recent tender announcement for rocket launch services by China is a significant event in the commercial space industry, with expectations for substantial opportunities and market activity leading up to 2025 [1][2]. Summary by Sections Tender Details - On July 21, a tender was announced for the procurement of rocket launch services, aiming to launch 94 satellites over 7 missions with a total budget of 1.336 billion yuan (1336 million) [2][4]. Market Dynamics - The tender is exclusively for commercial rocket companies, with the Long March series not participating, indicating a shift towards commercial players in the market [4][9]. - The tender's structure, separating it into two packages, reflects an invitation for commercial rocket companies to engage in large-scale satellite networks [4]. Pricing Insights - The tender sets a price cap of 55,000 yuan/kg for 950 km orbit and 50,000 yuan/kg for 800 km orbit, leading to a bid price of 154 million yuan for the ten-satellite launch and 240 million yuan for the eighteen-satellite launch [6][11]. - The high costs associated with commercial launch insurance, which can be 15%-20% of satellite value, may impact the feasibility of bids from commercial rocket companies [7][10]. Technical Requirements - The two packages have different requirements: the first package only allows rockets with prior successful launches, while the second package permits rockets that can commit to a successful first flight by 2025 [12][15]. - Specific rockets like Zhuque-2E and YL-1 are potential candidates for the first package, while Zhuque-3, Lijian-2, and Tianlong-3 are contenders for the second package [13][14]. Strategic Implications - The tender emphasizes reliability and delivery capability, pushing companies to prioritize technological maturity over aggressive innovation [17][19]. - Cost management is crucial for commercial viability, with the tender prices setting a benchmark for industry standards [19]. - The mixed launch model proposed in the tender may establish a collaborative framework for future satellite network deployments, highlighting the importance of both state and private sector contributions [19].

Group 1 - The A-share market indices continued to rise, with significant gains in the communication, electronics, and power equipment sectors, while the defense and military industry saw a rebound after a low opening [1] - The Aerospace ETF (159227) turned positive with a 0.27% increase, achieving a trading volume of 56.69 million yuan, making it the top ETF in its category [1] - The Aerospace ETF has seen a net inflow of 16.43 million yuan on July 7, marking eight consecutive days of net inflows, totaling 191 million yuan [1] Group 2 - The Aerospace ETF tracks the National Aerospace Index, with a high weight of 98.2% in the defense and military sector, making it the purest military ETF in the market [2] - The National Aerospace Index has shown higher elasticity compared to other indices, supported by multiple factors driving the aerospace industry [2] - The military industry is expected to see a new wave of order releases due to the intersection of the five-year plan and enhanced global competitiveness, with China's weaponry gaining strong competitiveness in international arms trade [2]

Government Procurement Measures - The Chinese government has implemented measures in government procurement activities regarding medical devices imported from the EU, requiring that when the procurement budget exceeds 45 million RMB, EU enterprises (excluding EU-funded enterprises in China) must be excluded from participation [1][3]. Trade and Tariff Developments - The Ministry of Commerce has proposed anti-dumping duties on imported brandy from the EU, set to take effect on July 5, 2025, for a duration of five years [4]. - The People's Bank of China is revising the business rules for the Renminbi Cross-Border Payment System (CIPS) to ensure the rules are forward-looking and adaptable to business development [5]. Real Estate Market Stability - The Ministry of Housing and Urban-Rural Development emphasizes the need to maintain stability in the real estate market, advocating for tailored policies to enhance effectiveness and address risks [6]. Energy Sector Updates - The National Energy Administration reported that the maximum electricity load reached 1.465 billion kilowatts on July 4, marking a historical high and an increase of approximately 200 million kilowatts since the end of June [7]. Semiconductor Industry Support - Shenzhen has introduced measures to promote high-quality development in the semiconductor and integrated circuit industry, establishing a 5 billion RMB private equity fund to support the entire industry chain [8]. Poultry Industry Price Decline - The white feather broiler industry has seen significant price drops, with prices for live chickens falling below 3 RMB for the second time this year, and chick prices decreasing by over 50% month-on-month [9]. Corporate Developments - Romoss has announced a temporary halt in operations for six months starting July 7, 2025, due to changing market conditions [10]. - Chipong Microelectronics expects a 104% year-on-year increase in net profit for the first half of the year [11]. - The merger of China Shipbuilding Industry Corporation and China Shipbuilding Heavy Industry Group has been approved by the Shanghai Stock Exchange [12]. Commercial Aerospace Advancements - The "Lijian No. 2" rocket, developed by CASIC, is scheduled for its maiden flight in September, marking a significant milestone in China's commercial aerospace sector [25].

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].

Group 1 - SpaceX is a leading aerospace company founded by Elon Musk, known for its Falcon and Starship rockets [4][5] - The company has not disclosed detailed designs of its products and prefers to protect its core technologies as trade secrets rather than patents [7] - The U.S. aerospace industry is experiencing a transformation, with other companies like Blue Origin and Rocket Lab emerging as competitors to SpaceX [10][12] Group 2 - The Chinese aerospace industry is advancing rapidly, with companies like Landspace and the China Aerospace Science and Technology Corporation making significant progress in rocket development [15][17] - Recent developments indicate that China is close to achieving parity with global aerospace technology, reducing the need to rely on foreign expertise [19] - The potential for a talent migration from the U.S. aerospace sector due to political instability may not significantly benefit China, as the country is not actively seeking to absorb these resources [19]