"商业航天"成中国新年热词 低成本太空运输正加速实现。顾行发强调，可重复使用火箭技术是降低发射成本和推动大规模星座部署 与太空旅行普及的关键。虽然2025年底和2026年初，朱雀三号与长征十二号甲接连回收失败，却验证了 百吨级推力调节等关键技术，为后续发射、子级可靠回收积累了宝贵经验。 中新社北京1月28日电 (记者 杜燕 徐婧)今年1月，力鸿一号遥一飞行器完成国内商业航天首次百公里级 亚轨道伞降回收，谷神星一号海射型、长征十二号运载火箭相继成功发射卫星；演员黄景瑜官宣成为中 国首批商业航天太空旅客；中国首个星际航行学院成立……一系列成果密集落地，让"商业航天"迅速成 为新年热词。 2015年，《国家民用空间基础设施中长期发展规划(2015—2025年)》出台，明确鼓励社会资本进入商业 发射领域，这一年被业内称为"中国商业航天元年"。 十年间，硕果累累。谈及商业航天的潜力，北京市政协委员、国际宇航科学院院士顾行发在北京市政协 十四届四次会议期间接受中新社记者采访时这样描述：互联网是"加"，大数据是"乘"，而商业航天则 是"幂"。 数据显示，2023年，中国航天共实施67次发射，将270颗卫星送入太空，其中商业 ...

64年前，钱学森在《星际航行概论》中写道："星际航行是整个现代科学技术最高水平的集中表现，不 是轻而易举的。" 如今，当中国航天向着太空更远处探索，月球科研站稳步推进、系外行星探测提上日程，这份"不是轻 而易举"的事业，面临着最关键的瓶颈——顶尖跨学科航天人才稀缺。 "当前，我国航天事业正从'近地轨道'迈向'深空探测'，其中最迫切的正是对顶尖领军人才的渴求。"中 国科学院大学星际航行学院揭牌仪式上，中国科学院院士、中国科学院国家空间科学中心主任王赤介 绍。 谁能为中国的星际梦破解人才困局？这场关乎国家深空探索格局的"破局之战"，有了答案。1月27日， 我国这一首个以"星际航行"命名的专业化特色学院，在承载着航天初心的中国科学院大学正式揭牌，标 志着我国拥有了专属的"星际人才摇篮"。 从14个一级学科交叉融合，到单项目经费1亿元重金引才；从"科学家+总师"双导师制，到科研实践平台 落地，这所特色学院，藏着中国航天抢占未来科技制高点的雄心，或许也将重塑深空探测的人才格局。 攻克深空"卡脖子"难题，新增22门核心课程 在《星际航行概论》中，钱学森分析，星际航行技术具有高度综合性，它几乎包括了所有现代科学技术 的最新 ...

太空金属3D打印被视作未来航天任务关键赋能技术，可实现航天器零部件在轨快速制造与自主修 复，显著提升深空探测、空间站长期运营及月面基地建设的任务弹性与可持续性。此次太空金属3D打 印实验的成功，标志着中国在该技术领域已达到世界先进水平，为后续发展在轨制造与维护技术奠定了 坚实基础。 据研究团队介绍，本次实验任务实现中国在亚轨道回收技术的突破，并验证了"力鸿"系列飞行器具 备成本低、灵活性高、支持载荷回收等优势。 "力鸿一号"遥一飞行器飞行高度约120公里，目前可提供超过300秒的高品质微重力环境，未来将升 级为最长留轨时间不低于1年、重复使用次数不小于10次的轨道级太空制造航天器，适配在轨制造的高 精度需求，支撑中国在轨制造及微重力物理、空间生命科学、空间材料科学等前沿科学实验。 中国科学院力学研究所透露，该所作为国家战略科技力量的中坚力量之一，长期致力于太空前沿技 术攻关，逐步构建起太空金属制造的基础理论框架与工艺数据库，目前已突破柔性舱体展开与在轨稳定 控制等关键技术，可助力未来推进"太空工厂"建设。 " 力鸿一号 " 遥一飞行器发射。中科宇航 供图 微重力激光增材制造返回式科学实验载荷开舱交付仪式。中国 ...

| 辅导对象 | 辅导机构 | 备案时间 | 辅导状态 | 派出机构 | 报告类型 报告标题 | | --- | --- | --- | --- | --- | --- | | v 中科宇航技术股份有限公司 | 国泰海通证券股份有限公司 2025-08-12 辅导工作完成 广东证监局 | | | | 辅导工作完成报告 关于中科宇航技术... | | | 国泰海通证券股份有限公司 2025-08-12 辅导工作完成 广东证监局 | | | | 辅导进展情况报告 关于中科宇航技术... | | | 国泰海通证券股份有限公司 2025-08-12 辅导工作完成 广东证监局 | | | | 辅导备案报告 关于中科宇航技术 ... | 证监会官网截图 此前在1月17日，中科宇航上市辅导状态变更为辅导验收。 中科宇航成立于2018年12月，是中国科学院力学研究所培育孵化的高新技术企业，主要从事系列化中大型火箭研制、定制化宇航发射、亚轨道科 学试验及太空旅游等业务。公司于2025年8月开启上市辅导，由国泰海通担任辅导机构，至辅导验收共耗时五个月。 据辅导备案报告，中科宇航的控股股东为北京鹏毅君联空间技术中心（有限合伙）（以 ...

本次科学实验载荷搭载中科宇航"力鸿一号"遥一飞行器进入亚轨道，成功获取太空微重力环境中金属增 材制造的金属构件和全部数据。实验系统突破了微重力条件下金属增材制造成形与控制、全过程闭环调 控、载荷-火箭高可靠协同等关键技术。 太空金属3D打印被视作未来航天任务关键赋能技术，可实现航天器零部件在轨快速制造与自主修复， 显著提升深空探测、空间站长期运营及月面基地建设的任务弹性与可持续性。此次太空金属3D打印实 验的成功，标志着中国在该技术领域已达到世界先进水平，为后续发展在轨制造与维护技术奠定了坚实 基础。 微重力激 据研究团队介绍，本次实验任务实现中国在亚轨道回收技术的突破，并验证了"力鸿"系列飞行器具备成 本低、灵活性高、支持载荷回收等优势。 中新网北京1月24日电 (记者 孙自法)记者1月24日从中国科学院力学研究所获悉，该所研制的微重力激 光增材制造(3D打印)返回式科学实验载荷，近日首次在太空微重力下制造出完整金属构件，标志着中国 太空金属制造技术从"地面验证"阶段迈入"太空工程验证"新阶段。 微重力激 光增材制造返回式科学实验载荷开舱交付。中国科学院力学研究所 供图 "力鸿一号"遥一飞行器飞行高度约12 ...

Core Viewpoint - The article highlights the advancements in space metal 3D printing technology, particularly through the successful completion of a microgravity metal additive manufacturing experiment by the China Academy of Sciences, marking a significant milestone in China's aerospace capabilities [2]. Group 1: Technology and Innovation - The microgravity metal additive manufacturing experiment was conducted using the "Li Hong No. 1" spacecraft, which successfully demonstrated the stability of material transport and forming, as well as high-reliability collaboration between the payload and rocket [2]. - This experiment is the first of its kind in China, showcasing the ability to produce metal components in space, which can enhance the autonomy of spacecraft maintenance and reduce reliance on ground supplies [2]. - 3D printing, also known as additive manufacturing, allows for the construction of objects layer by layer from digital models, significantly lowering initial costs by eliminating the need for molds or tooling [3]. Group 2: Market Potential and Applications - The global 3D printing rocket market is projected to reach approximately $2.9 billion by 2032, indicating strong growth potential in the commercial aerospace sector [5]. - The use of 3D printing in rocket engines, such as the "Tianque" series by Blue Arrow Aerospace, has achieved thrust adjustment ranges of 40% to 110%, demonstrating the technology's versatility [4]. - The integration of 3D printing in satellite manufacturing is rapidly evolving, with applications in optimizing structural design, reducing weight, and integrating functions, which are critical for small satellites [5].

Macro Research - The GDP growth rate for Q4 2025 is projected at 4.5%, showing a slight decline due to base effects, with a dual differentiation of supply exceeding demand and external demand outperforming internal demand [1][2] Real Estate Research - In 2025, the real estate sector is expected to experience a noticeable decline, aligning with earlier predictions that real estate companies will maintain positive cash flow and that the year will be risk-free [1][3] - The rental yield in first-tier cities has increased from 1.6% in 2020 to 1.9% in 2025, while the "rental yield + CPI" has decreased from 4.5% in 2019 to 2.0% in 2025, which is below mortgage rates but slightly above risk-free rates [5][32] - Second-tier cities are showing signs of price stabilization, with rental yields plus CPI improving from 2.3% in 2023 to 2.6% in 2024 and maintaining that level in 2025 [6][33] - By the end of 2025, the proportion of residents willing to buy homes has increased to approximately 16%, with a notable rise in the percentage of declining listing prices [7][34] - The real estate investment is expected to decrease by 17.2% year-on-year, while sales are projected to decline by 12.6%, leading to a positive cash flow for the industry [8] Military Industry Research - The launch cycle of the Long March 12 rocket has been shortened, indicating a potential acceleration in China's commercial space launch schedule [12][13] - In 2025, China is expected to achieve multiple breakthroughs in manned spaceflight, deep space exploration, and commercial space, with a record 92 launches throughout the year [14][27] - The commercial space sector is anticipated to become a core investment direction in the military industry during the 14th Five-Year Plan period, with new rocket types expected to enhance launch capabilities [15][28]

Investment Rating - The report does not explicitly state an investment rating for the commercial aerospace industry Core Insights - The commercial aerospace sector is experiencing significant advancements, with successful launches and developments in various projects, indicating a robust growth trajectory for the industry [3][4][5][9][14][19] Industry Developments - The successful launch of the Lihong-1 suborbital vehicle on January 12, 2026, marked a significant milestone, demonstrating capabilities for microgravity scientific experiments and in-situ exploration [5][6] - The successful launch of the Vesta-1 rocket on January 16, 2026, which deployed four satellites into low Earth orbit, highlights the growing capabilities of China's commercial space sector [9][10] - The completion of the static fire test for the Long March 12B rocket on January 16, 2026, confirms the reliability and feasibility of this new generation reusable rocket [14] - The Beijing Rocket Street project, the first common testing and research production base for commercial aerospace in China, has been completed and is set to enhance the industry ecosystem [16][17] - Zhongke Aerospace has completed its IPO guidance work, indicating a positive trend for capital market participation in the commercial aerospace sector [19] Financing Progress - Sade Satellite completed a B-round financing on January 14, 2026, which will accelerate its development in the commercial satellite manufacturing sector [20][21] Capital Market Performance - The Wind Commercial Aerospace Index experienced a weekly decline of 4.39% during the week of January 12-16, 2026, with a trading volume decrease of 2.64% [25][28] - Among the listed companies in the commercial aerospace sector, 25.40% saw their stock prices increase during the same week, indicating some resilience in the market despite the overall decline [25][28] Industry Conference Preview - Upcoming conferences include the Third Beijing Commercial Aerospace Industry High-Quality Development Conference from January 23-25, 2026, and the Second Commercial Aerospace Industry Development Conference in March 2026 [32][33]

Core Viewpoint - The recent report from Dongfang Securities highlights that the recent adjustments in the commercial aerospace sector do not alter the long-term industry trends, with the C919 large aircraft's international certification process accelerating, and the military industry sector showing a resonance of internal and external demand, emphasizing its investment value [1][7]. Group 1: C919 Aircraft Development - The C919 has received flight test recognition from the European Union Aviation Safety Agency (EASA), which is crucial for its entry into European and international markets [2][8]. - EASA's certification is considered a key pass for the C919, which has already completed passenger transport for millions domestically, validating its market potential [2][8]. Group 2: Commercial Aerospace and Technological Advancements - The China Aerospace Science and Technology Corporation's 2026 annual meeting emphasized the need to advance major projects like manned moon landings and deep space exploration, while also focusing on breakthroughs in reusable rocket technology [3][9]. - Recent technological breakthroughs in the commercial aerospace sector include successful static fire tests and suborbital flight tests, indicating a rapid development trajectory for the industry [3][9]. - The competition for near-Earth orbital resources is intensifying, with low Earth orbit satellite constellations becoming a new arena for major powers, prompting China to accelerate the large-scale and systematic construction of these constellations [3][9]. Group 3: Military Industry Investment Opportunities - Dongfang Securities indicates that the "14th Five-Year Plan" has commenced, with new equipment construction plans soon to be clarified, highlighting the military sector's investment value [4][10]. - In the short term, attention should be given to areas related to unmanned and counter-unmanned equipment, deep-sea technology, and operational information technology following the implementation of the "14th Five-Year Plan" [4][10]. - In the long term, military enterprises have significant growth potential in civil aviation and commercial aerospace, with the acceleration of high-end Chinese equipment exports likely to expand the military trade market [4][10]. - Investment targets include various fields such as commercial aerospace, aerospace engines and turbines, new domains, military electronics, and military trade/main equipment [4][10].

Group 1 - The successful completion of the suborbital flight test by the Li Hong No.1 spacecraft marks a significant achievement for the commercial space sector in China, particularly for private companies like Beijing Ziwei Yutong Technology Co., Ltd. [1] - The Di Er No. 7 spacecraft has successfully returned with genetically modified plant samples, demonstrating the potential for space-based agricultural research and development [2] - The company plans to conduct a series of flight tests in 2026, including the D6 reusable suborbital spacecraft and the launch of China's first unmanned commercial space station, indicating a robust pipeline of upcoming projects [2] Group 2 - The "Beijing Action Plan for Accelerating the Innovative Development of Commercial Aerospace (2024-2028)" aims to expand into new areas such as space tourism, manufacturing, and resource utilization, highlighting the strategic direction for the industry [3] - The development of unmanned laboratories in space is expected to lower costs and increase flexibility for scientific experiments, providing more opportunities for research [3] - Several commercial space companies in Beijing, including Ziwei Technology, are planning manned flight tests, with the concept of a "space bus" becoming a potential reality [3]