商业航天事件点评 北京发布未来 5 年重磅措施，助推商业航天产业发展 glmszqdatemark 事件：2026 年 1 月 23 日，北京市经济和信息化局等四部门发布关于《北京市关 于促进商业卫星遥感数据资源开发利用的若干措施（2026—2030 年）》（以下简 称《若干措施》）。 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 2026 年 01 月 25 日 推荐 维持评级 [Table_Author] 分析师 张宁 执业证书： S0590523120003 邮箱： zhangnyj@glms.com.cn 分析师 崔若瑜 执业证书： S0590525110072 邮箱： cuiruoyu@glms.com.cn 相对走势 -20% 20% 60% 100% 2025/1 2025/7 2026/1 通信 沪深300 相关研究 北京发布未来 5 年重磅措施，助推商业航天产业发展。在《若干措施》中，重点 提及鼓励有能力的企业对卫星数据上下游企业进行并购重组，整合完善地面站网、 数据应用服务产业链环节，打造具备全球竞争力的链主企业；强化空间基础设施 建设，支持企业规划建设具有 ...

1月23日，北京市经济和信息化局，北京市科学技术委员会、中关村科技园区管理委员会，北京市规划和自然资源委员会，北京市政务服务和数据管理局 联合印发《北京市关于促进商业卫星遥感数据资源开发利用的若干措施（2026-2030年）》（以下简称《若干措施》）。 王子霖 摄 《若干措施》明确提出优化金融支持，统筹市内现有财政资金和产业发展基金，鼓励各区及社会资本加大遥感数据资源优质项目投融资支持力度。 具体来看，《若干措施》涵盖加强遥感数据资源基础能力建设、加强遥感数据资源共性支撑能力建设、加强遥感数据资源科技创新能力建设、优化遥感数 据资源开发利用环境、拓展遥感数据资源应用场景等六方面内容。 鼓励对卫星数据上下游企业进行并购重组 关于加强基础能力建设，《若干措施》提出，鼓励互联网企业、地理信息企业基于商业卫星数据开发增值服务，培育"卫星数据+行业"融合型经营主体。 鼓励有能力的企业对卫星数据上下游企业进行并购重组，整合完善地面站网、数据应用服务产业链环节，打造具备全球竞争力的链主企业。 同时，强化政府部门间遥感数据资源共享，探索与科研院校、企业等主体在卫星遥感领域的数据合作机制，探索卫星遥感数据"基础产品+增值服务" ...

Core Viewpoint - Beijing is implementing measures to promote the development and utilization of commercial satellite remote sensing data resources from 2026 to 2030, focusing on expanding international cooperation and market outreach [1] Group 1: Policy Initiatives - The new measures support various entities in actively expanding the international market for remote sensing data resources [1] - The initiative leverages the advantages of Beijing's Free Trade Pilot Zone and the National Comprehensive Demonstration Zone for Service Industry Expansion to test policies [1] - The plan aims to establish Beijing as a pilot for geographic information service export bases [1] Group 2: Strategic Goals - The measures are designed to deepen satellite exports and enhance regulatory frameworks for satellite data sandbox and cross-border flow trials [1] - The initiative contributes to the construction of the "Digital Silk Road" and the "Belt and Road" spatial information corridor, providing a "Beijing solution" [1]

Group 1 - The 2025 Wenchang International Aerospace Forum was held in Wenchang, Hainan, attracting around 500 guests from the global aerospace sector to discuss the development paths and opportunities for commercial aerospace under the backdrop of the Hainan Free Trade Port's full island closure operation [1][2] - Hainan Province has entered a new phase of high-level institutional opening, which aligns with the construction of a strong aerospace nation, presenting significant opportunities for commercial aerospace [1] - The Wenchang International Aerospace City is being developed with a strategy to build a complete ecosystem covering rockets, satellites, data applications, and "aerospace+" initiatives, with regular launch operations already established [1][2] Group 2 - China's commercial aerospace has entered a new stage of innovative and large-scale development, with the operational launch of the Hainan Free Trade Port expected to enhance launch efficiency, optimize industry layout, and deepen international cooperation [2] - The China Aerospace Science and Technology Corporation is focusing on a comprehensive layout of the "star, rocket, launch site, and application" chain, leveraging Hainan's geographical and policy advantages to expand into space tourism and satellite data sectors [2] - During the forum, the Asia-Pacific Space Hainan International Practice Training Center was inaugurated, and multiple strategic cooperation agreements were signed with various organizations, indicating strong industrial attraction and ecological cohesion [2]

Core Viewpoint - The integration of commercial and civil remote sensing satellites in China has significantly enhanced the emergency response speed for disaster monitoring and mitigation, creating a unified platform for efficient data utilization [1][2]. Group 1: Satellite Resources and Capabilities - China currently has over 400 remote sensing satellites in orbit, covering optical, hyperspectral, infrared, and microwave types, enabling all-weather and all-time Earth observation [1]. - The National Space Administration has established a virtual satellite constellation and an emergency response mechanism for civil and commercial remote sensing satellites, leveraging the advantages of different satellite technologies [1]. Group 2: Emergency Response and Data Utilization - The "space taxi" model allows for rapid scheduling and data sharing among remote sensing satellites, transforming dispersed data into actionable disaster monitoring information [2]. - By 2025, the National Space Administration is expected to conduct 159 domestic and international remote sensing emergency disaster monitoring operations, completing over 5,700 satellite imaging tasks and providing more than 23,000 high-quality remote sensing images domestically and over 1,600 images internationally [2].

Core Viewpoint - The article discusses the implications of Hainan's recent closure and its potential as a free trade zone, highlighting both opportunities and risks associated with this transition [4][5][7]. Group 1: Economic Opportunities - Hainan's closure represents a significant leap towards a higher level of openness, offering a unique environment characterized by "zero tariffs, low tax rates, and simplified tax systems" [5][7]. - The potential for Hainan to become a new Singapore and the heart of the RCEP (Regional Comprehensive Economic Partnership) is emphasized, contingent on overcoming development bottlenecks [8]. - The introduction of the policy allowing "30% value-added processing to be exempt from tariffs" is seen as a key to reshaping the real economy in Hainan [17]. Group 2: Industrial Challenges - Hainan's economic structure is described as "dumbbell-shaped," with a weak industrial base, relying heavily on agriculture and low-end tourism [9][10]. - The risk of falling into "industrial hollowing" is highlighted, where the economy could become overly reliant on service sectors without a solid manufacturing foundation [11][14]. - Historical examples suggest that economies lacking a robust industrial backbone ultimately face challenges in employment and income stability [14][15]. Group 3: Strategic Development Areas - Three key sectors for development are identified: luxury goods assembly, biomedicine, and future technologies like aerospace and deep-sea industries [19][22][25]. - The luxury goods sector can benefit from a model where high-value assembly occurs in Hainan, leveraging its tariff exemptions [20][21]. - The biomedicine sector can utilize special policies in Boao Lecheng to import and assemble advanced medical devices, enhancing local capabilities [22][24]. Group 4: Logistics and Connectivity - Hainan's geographical isolation poses challenges for becoming a global shipping hub, as it is not located on major shipping routes [28][30]. - The article suggests that Hainan should focus on creating a "functional platform" rather than merely competing on logistics speed [34]. - Strategies include leveraging "seventh freedom rights" for air travel and establishing a competitive fuel pricing model to attract international shipping [35][41]. Group 5: Unique Selling Propositions - Hainan's potential lies in offering unique privileges that cannot be found elsewhere in China, particularly in healthcare, education, data access, airspace, and culture [52][53]. - The establishment of international medical facilities and educational institutions can attract both domestic and international students, capturing significant educational spending [57][59]. - The development of a "digital nomad zone" with unrestricted internet access aims to attract global talent, enhancing Hainan's appeal as a destination for professionals [61]. Group 6: Future Challenges - The article outlines a "triangle dilemma" that Hainan must navigate: overcoming geographical disadvantages, avoiding industrial homogenization, and preventing economic hollowing [64]. - The success of Hainan will depend on integrating high-level open policies with unique local resources to create a vibrant economic ecosystem [65].

Core Insights - The official launch of Hainan's zero-tariff and low-tax policy marks a significant step towards higher levels of openness, but it poses both opportunities and risks for policymakers, entrepreneurs, and residents [3][5] - The success of Hainan's free trade zone will depend on its ability to transition from a policy-driven economy to one that fosters industrial growth and innovation [5][9] Industry Challenges - Hainan's economic structure is characterized by a weak industrial base, primarily reliant on agriculture and low-end tourism, lacking a robust manufacturing sector [7][9] - The risk of "deindustrialization" looms if Hainan attempts to bypass traditional manufacturing in favor of high-end services without a solid industrial foundation [7][9] Economic Opportunities - The introduction of a 30% value-added tax exemption for processing and manufacturing presents a unique opportunity to revitalize Hainan's economy by attracting high-value industries [9][11] - Potential growth sectors include luxury goods assembly, biomedicine, and advanced technology, leveraging Hainan's unique geographical and regulatory advantages [11][15][17] Strategic Positioning - Hainan must transform from a geographical outlier to a functional hub by creating a platform for international trade and logistics, similar to Dubai's model [19][22] - The implementation of the "seventh freedom" in aviation could enhance Hainan's connectivity and attractiveness for international logistics [22][25] Consumption and Market Differentiation - Hainan's tourism strategy must evolve beyond low-cost offerings to focus on unique privileges and high-value experiences that cannot be found elsewhere in China [35][37] - Key areas for differentiation include healthcare, education, data access, airspace management, and cultural experiences, which can attract both domestic and international consumers [37][38][40][42][45] Future Outlook - Hainan faces a complex challenge of overcoming its geographical disadvantages, avoiding homogeneous competition, and preventing industrial hollowing [47] - The future success of Hainan will hinge on integrating high-level open policies with its unique resources, aiming for a transformation from a policy landscape to a thriving industrial ecosystem [47]

Group 1 - The mechanical equipment index increased by 1.80% during the week of December 8-12, 2025, driven by domestic policy details that support the development of space computing capabilities [1] - The National Space Administration issued a plan to promote high-quality and safe development of commercial aerospace from 2025 to 2027, focusing on satellite data security and efficient utilization [1] - The Central Economic Work Conference reiterated the goal of building an "Energy Power" and provided strategic guidance for the development of controllable nuclear fusion, aiming to create a multi-layered solution for energy transition and security [2] Group 2 - In Q3 2025, global semiconductor equipment shipments increased by 11% year-on-year, reaching $33.66 billion, with strong investments in advanced technologies supporting AI computing [3] - China's semiconductor equipment sales in Q3 2025 amounted to $14.56 billion, a 13% year-on-year increase, maintaining its position as the largest market [3] - The establishment of a multi-crystalline silicon capacity integration and acquisition platform was officially announced, aimed at addressing the issue of excessive competition in the photovoltaic industry [3]

Core Points - The letter from General Secretary Xi Jinping to Tianjin University on its 130th anniversary emphasizes the importance of cultivating talent and achieving technological self-reliance, inspiring students and faculty to contribute to national development [1][2][3] - The university's commitment to fostering a sense of national responsibility and innovation in education aligns with the broader goal of building a strong educational and technological nation [1][2][3] Group 1 - Tianjin University, founded in 1895, is recognized as China's first modern university, and its history reflects a commitment to national service and education [1] - The university's leadership expresses a determination to enhance talent cultivation and align educational goals with national strategic needs, focusing on producing innovative and globally-minded graduates [1][2] - Faculty and students are motivated to engage in research that supports national goals, such as the "dual carbon" targets and technological advancements [3][4] Group 2 - The response from students and alumni highlights a collective responsibility to uphold the university's legacy and contribute to scientific innovation and national development [2][3] - The emphasis on integrating education with industry and research is seen as crucial for fostering a talent pool that meets the demands of the economy and society [3][4] - The commitment to addressing key technological challenges and enhancing research capabilities is underscored by various academic leaders, reflecting a unified approach to achieving national objectives [3][4]

Core Viewpoint - The Hainan Provincial Government has issued a three-year action plan (2025-2027) to accelerate the development of a modern industrial system with unique advantages, focusing on the commercial aerospace industry chain [1] Group 1: Industry Development - The plan emphasizes the cultivation of a complete commercial aerospace industry chain, particularly around the Wenchang International Aerospace City [1] - Key initiatives include the establishment of major aerospace innovation bases and the expansion of rocket, satellite, and data chains [1] - The plan aims to enhance the core capabilities of commercial aerospace launch sites and expedite the construction of the second phase and supporting facilities of the launch site [1] Group 2: Infrastructure and Projects - The construction of a satellite super factory and the initiation of projects such as the satellite component manufacturing center and rocket major segment manufacturing center are highlighted [1] - The plan encourages the introduction of commercial aerospace companies to develop assembly and testing capabilities, promoting integrated development of satellites, rockets, and launch sites [1] Group 3: Innovation and Revenue Goals - The plan aims to leverage leading industry players and innovation platforms like the Hainan Satellite Data and Application Research Center and the Hainan Aerospace Technology Innovation Center for technological breakthroughs and application of results [1] - By 2027, the revenue of the Wenchang International Aerospace City aerospace industry cluster is projected to reach 10 billion yuan [1]