老铁们，周末的利好消息直接"炸锅"了！ 就在大家休息的时候，两枚"王炸信号"突然引爆，让整个投资圈都坐不住了。 一边是商业航天板块迎来政策、技术、资本的三重密集轰炸，另一边是国际 白银价格历史性突破了每盎司100美元的大关。 这两个信号，很可能已经为接下来一段时间的A股行情，划出了最清晰的主线。 本周市场其实已经给出了预演，上证50指数连续第9天下跌，沪深300也表现 疲软，但中证1000、中证2000这些代表中小盘股的指数却在悄悄走高。 更明显的是盘面，本周五，A股有超过120家公司涨停，其中有足足40家都来自商业航天及其产业链。 与此同时，和白银、黄金相关的股票也集体大涨。 这 说明，市场的"聪明钱"正在用真金白银投票，他们不在乎权重股是否调整，而是坚决地涌向那些"有政策、有订单、有未来"的板块。 商业航天领域，这个周末的消息密集得让人眼花缭乱。 国家层面，新成立的国家航天局商业航天司已经开始运转，并且发布了《推进商业航天高质量安全 发展行动计划》。 这份文件直接给出了2025到2027年的详细任务表。 文件里提到，要加快商业火箭的研发和发射能力建设。 可回收意味着什么？ 意味着发射成本可能断崖式下降。 ...

1月22日，蓝箭航天科创板IPO进入"已问询"状态。几天前，中科宇航IPO辅导已验收，星河动力、天兵 科技、星际荣耀密集更新IPO辅导进展。至此，"中国版SpaceX"阵营开启"第一股"争夺战。 最新消息显示，SpaceX目标是在今年7月前完成IPO，公司正在物色投资银行。一场贯穿技术、资本与 战略资源的太空竞赛，已悄然升温。 上市进程：五企竞速，蓝箭先一步被问询 目前，五家中国商业航天企业虽同处IPO赛道，但竞跑节奏已明显分化。其中，蓝箭航天凭借最快的推 进速度，暂时领跑这场"商业航天第一股"的争夺战。 值得一提的是，在蓝箭航天递交招股书前，发生多次股份转让和增资，亦有股东清仓撤退。 比如，招股书显示，2025年12月8日，上海科慧分别与诺瓦星云、吴玉培、简江签署《股份转让协议》 约定，将其所持蓝箭航天股份全部转让给后者，共计套现2.61亿元。 其冲刺背后，直接受益于科创板的制度创新。2025年6月，科创板"第五套上市标准"适用范围拓宽至商 业航天等前沿科技领域，为尚未盈利但技术领先的企业打开了资本市场大门。 政策东风之下，蓝箭航天迅速响应，于次月启动辅导备案，仅用5个月便完成验收，速度甚至超过了此 前备受 ...

《中国经营报》：星际荣耀的总部在北京，但在全国布局中，四川被赋予了火箭发动机生产、总装总成 等核心制造任务。最终选择四川，是基于哪些关键考量？ 解放：这可以说是天时、地利、人和的共同结果。首先，四川有深厚的工业与航天底蕴，作为传统 的"三线"建设重点区域，拥有非常丰富和完整的产业配套资源。我们绝大部分产业链的延伸，都能在川 内找到相应的供应商，这为实现火箭的批量化生产提供了坚实基础。其次，四川省及成都、绵阳两地政 府对商业航天这一未来产业的认知度和支持力度都非常大，营造了良好的发展环境。最后，从国家战略 层面看，向西南内陆布局也契合构建战略纵深和"战略腹地"的宏观思路。综合来看，四川占据了产业基 础、政策支持与地理战略的多重优势，是我们的理想选择。 《中国经营报》：提到四川，人们自然会联想到西昌卫星发射中心。但据了解，你们目前的发射任务主 要依托海南文昌基地。未来，四川西昌是否可能成为你们商业发射的选项？ 解放：是的，这确实是行业内非常关注的一个方向。目前，国内获批执行商业发射任务的主要是海南文 昌和甘肃酒泉卫星发射中心。选择文昌，主要是因为其沿海地理位置便于执行"海上发射、海上回收"的 任务模式，安全性更有 ...

行情速递 / Part 01 ①大盘指数，上证指数(-0.01%)/深证成指(-0.97%)/科创50 (-1.58%)/创业板指(-1.79%)/北证50 (-2.00%)/ ②TMT领涨板块，SW集成电路封测(+2.68%)/SW教育出版(+1.67%)/SW半导体材料(+0.94%)/ ③TMT领跌板块，SW通信网络设备及器件(-4.11%)/SW其他通信设备(-4.04%)/SW印制电路板(-3.90%)/ 国内新闻 / Part 02 ①艾邦ARAI眼镜资讯，富采与ALLOS合作推动8吋矽基Micro LED量产/此次合作将整合富采的 LED 结构技术与 ALLOS 的矽基氮化镓缓冲层技术/开发出的 GaN-on-Si LED 外延片在亮度与能效上可望达到传统蓝宝石基板水准/同 时晶圆尺寸提升至 8 吋以上/可增加单片产出面积并提升制程效率/ ②电子发烧友网，近日/乐鑫科技宣布推出其首款 Wi-Fi 6E SoC 芯片/这是一款无线连接协处理器/其核心特点是在单 一芯片子系统内集成了对 2.4 GHz、5 GHz 和 6 GHz 三频段 Wi-Fi 6E 网络/以及经典蓝牙（BR / EDR）和低功 ...

Group 1 - Tesla CEO Elon Musk is pushing for the company's transformation into a robotics company, with the Optimus humanoid robot as a key focus, aiming for a valuation of $25 trillion, significantly surpassing current business value [2] - Huawei is projected to lead the Chinese smartphone market in shipments by 2025, benefiting from price adjustments and government subsidies, despite an overall decline in smartphone shipments in China [3] - Micron Technology plans to acquire PSMC's factory in Taiwan for $1.8 billion to enhance its DRAM production capacity, with the deal expected to close in Q2 2026 [10] Group 2 - Chengdu Xingji Glory's reusable liquid rocket production base is set to be completed by December 2026, with a design capacity of 20 rockets per year, focusing on reducing launch costs through reusability [7] - SK Hynix will distribute record bonuses of over 136 million KRW (approximately 640,000 RMB) per employee, attributed to a historic labor agreement that allows for a percentage of annual operating profit to be included in the bonus pool [12] - Yingfang Micro plans to acquire 100% stakes in Shanghai Xiaokeli and FIRST TECHNOLOGY CHINA LIMITED, with the transaction expected to constitute a major asset restructuring for the company [16]

Core Insights - The global satellite internet constellation is rapidly developing, with major players including Starlink, GW constellation, G60, Honghu-3, OneWeb, and Kuiper, particularly highlighting the advancements of SpaceX's Starlink project which has launched over 10,000 satellites as part of a planned 42,000 satellites [1] - China is also making significant strides with three major satellite constellation plans, including China Star Network (GW constellation), Shanghai Yuanxin (G60 Qianfan constellation), and Blue Arrow Hongqing Technology (Honghu-3 constellation), aiming to launch a total of 116 satellites by October 2025 [1] - The commercial space industry is characterized by market-driven activities where enterprises, including private and mixed-ownership companies, invest, operate, and bear risks across the entire aerospace value chain, covering technology R&D, manufacturing, launching, and application [1] Industry Developments - The report indicates that the launch schedule for national rockets like Long March 12, Long March 8A, and Long March 6 modified is tight due to other national space missions, leading to slower than expected overall launch progress [3] - There is an urgent need for high-capacity, low-cost, and reliable reusable rockets, with new commercial rocket models such as Zhuque-3, Tianlong-3, and others expected to debut by the end of 2025, which could accelerate the deployment of domestic low-orbit satellite constellations [3] - The satellite manufacturing process is evolving towards modular design, automated testing, and mass assembly, which is expected to release production capacity, while rocket launches are transitioning to reusable, low-cost, and high-capacity models, indicating a shift from validation to engineering application and large-scale development [3]

Core Viewpoint - The launch of the "evening departure, morning arrival" sleeper train from Chengdu to Beijing is set to enhance business travel efficiency and foster collaboration between the Chengdu and Beijing-Tianjin-Hebei regions, viewed as a "conveyor belt for innovative elements" and a "time ledger for business costs" [1] Group 1: Business Travel Efficiency - The new sleeper train will cover the 1800 kilometers between Chengdu and Beijing in 11 hours, allowing for daily two trips [1] - This travel mode enables entrepreneurs to save over ten days of effective working time annually, facilitating same-day communication and next-day arrival for business meetings [4] Group 2: Technological Collaboration - The train service is expected to deepen collaboration between the Chengdu humanoid robot innovation center and the resource-rich Beijing-Tianjin-Hebei region, which houses over 60% of the country's key laboratories and standard organizations in robotics [4] - The train will significantly shorten the time required for technical exchanges, allowing high-end talent to move freely between Chengdu and Beijing [6] Group 3: Healthcare and Medical Technology - The sleeper train is seen as a regional integration accelerator, linking Chengdu's technological innovation capabilities with the robust hospital systems in Beijing-Tianjin-Hebei [10] - It facilitates easier access to top clinical experts and research platforms, enhancing collaboration in medical technology and AI remote surgery [10][11] Group 4: Entrepreneurial Opportunities - The train service is expected to create new industrial opportunities, as companies like Xingti Glory are expanding their operations in Chengdu while maintaining connections with Beijing [18] - The establishment of a rocket assembly base in Chengdu is anticipated to enhance the local aerospace industry and attract investment [18]

Core Viewpoint - The article highlights the rapid development and investment activities of the private aerospace company, Galactic Glory, in Sichuan, China, particularly focusing on the upcoming launch of the "Double Curve-3" reusable rocket and the establishment of a comprehensive aerospace industry chain in the region [1][2][4]. Group 1: Project Developments - Galactic Glory has signed a project agreement in February with Chengdu's Shuangliu District, involving a total investment exceeding 3 billion yuan, which will enable the production capacity of 20 "Double Curve-3" rockets annually upon completion [2][5]. - The company is set to commence construction of the Chengdu project next month, with expectations to complete the main structure by mid-next year [5]. - The "Double Curve-3" rocket is designed to compete with SpaceX's Falcon 9 and aims to provide launch services for China's low-orbit internet satellite constellation [4]. Group 2: Industry Collaboration and Events - The upcoming 2025 "Invest in Chengdu" Global Investment Conference will focus on aerospace and other emerging industries, aiming to sign significant industrial projects and promote local supply chain integration [6][8]. - The conference will also announce a chain leader fund action plan with a total scale of 60 billion yuan, targeting the satellite industry [6]. - Galactic Glory's chairman expressed optimism about establishing closer ties with industry partners during the conference to enhance collaboration and drive high-quality industry development [6][8]. Group 3: Regional Advantages - Sichuan province is noted for its strong industrial foundation and complete supply chain in the aerospace sector, which is beneficial for the company's operations [8]. - The company has experienced high project execution efficiency across Chengdu, Mianyang, and Deyang, reflecting a favorable business environment [8].

Core Viewpoint - Chengdu is actively promoting its economic development through the establishment of three new centers aimed at enhancing local enterprises and attracting quality businesses, ultimately striving to build a stronger industrial ecosystem known as the "industrial forest" [4][5][8]. Group 1: Establishment of New Centers - The Chengdu Private Economy Development Promotion Center, Chengdu Investment Promotion Center, and Chengdu Market Scene Innovation Promotion Center have been established since November last year to foster local economic growth [4][5]. - These centers emphasize a dual approach of nurturing local enterprises while attracting external investments to enhance the city's industrial capabilities [5][8]. Group 2: Economic Goals and Strategies - Chengdu aims to increase its economic capacity and improve its per capita GDP ranking among major cities in China, as it currently ranks ninth despite having a GDP that exceeds one-third of the provincial total [5][6]. - The city has received approval for its land spatial planning, which outlines its core functions as a major economic hub [5]. Group 3: Support for Local Enterprises - The centers are designed to assist local companies by addressing their challenges and optimizing the business environment, with over 100,000 enterprises visited as part of this initiative [8][11]. - The private economy contributes approximately 50% of Chengdu's economic output and 60% of its tax revenue, highlighting the importance of supporting local businesses [8][11]. Group 4: Economic Performance and Growth - In the first quarter of 2025, Chengdu's GDP growth rate reached 6.0%, leading among major cities in China, with significant contributions from the private sector and emerging industries [11][12]. - The private economy's added value grew by 6.2%, and new investments in high-tech manufacturing and services showed promising growth rates of 14.6% and 12.4%, respectively [11][12]. Group 5: Innovation and Project Development - Chengdu has implemented new regulations to ensure that government projects incorporate new products and technologies, fostering innovation [10]. - The city has successfully attracted significant projects, with 331 major projects introduced in the first quarter, totaling an investment of 295.9 billion yuan [12].

Milestones - The Long March 8 rocket successfully launched 18 satellites into orbit from China's first commercial spaceport, marking the operational use of the launch site and validating its dual-launch capability [1][3] - The Qianfan constellation, operated by Shanghai Yuanxin Satellite Technology Co., is China's first large-scale low-Earth orbit commercial satellite network, designed for broadband communication and internet access [3] Company Developments - Intuitive Machines' IM-2 lunar lander mission ended prematurely after the lander tipped over, but it completed some scientific tasks before battery depletion, providing valuable experience for future lunar exploration [4][5][6] - Apex Space's first satellite, Aries SN1, has been operational for a year and has been utilized by defense agencies for sensitive payloads [7][8] - Isar Aerospace secured its first Asian customer, ElevationSpace, for its Spectrum rocket, which is set to launch a 200 kg spacecraft in 2026 [9][10] - Maxar Space Systems announced a mysterious commercial GEO satellite order from an undisclosed client, indicating ongoing interest in the GEO market despite a shift towards LEO [11][12] - Thales Alenia Space won an order from SKY Perfect JSAT for the JSAT-31 satellite, which features a fully software-defined design [13][14][15] - NASA praised the success of the Blue Ghost 1 mission as evidence of the Commercial Lunar Payload Services (CLPS) program's effectiveness [16] - Firefly Aerospace's upcoming INCUS mission will deploy three small satellites to study cloud convection, scheduled for launch in 2026 [17][18] - Argotec introduced a modular satellite platform, Hawk Plus, designed for flexible mission requirements [19][20] - Viasat and Space42 signed a memorandum to jointly develop a direct-to-device satellite prototype, aiming to enhance global connectivity [21][22][23] - SES announced a strategic partnership with Lynk Global to enter the direct-to-device market, supporting satellite constellation development [24][25] - Rocket Lab plans to acquire Mynaric to strengthen its position in space communications, with an initial purchase price of $75 million [26][27] - Relativity Space appointed Eric Schmidt as CEO to accelerate the development of the Terran R rocket, which has a backlog of $2.9 billion in orders [28][29][30] - Swissto12 is set to build small GEO satellites focused on the Asian market, utilizing patented 3D printing technology [31][32] - Star Catcher Industries received funding from Space Florida to test its satellite power transmission technology [33][34][35] - Danti is expanding its AI-driven Earth data search engine to a broader government market, integrating various data sources for real-time insights [37][38] Financing Activities - Xingtiangong completed a D-round financing, focusing on the development of its reusable Hyperbola-3 rocket [40][41] - Deep Blue Aerospace raised nearly 500 million RMB for the development of its Nebula series reusable rockets [42][43][44] - SatixFy received £1.8 million from the UK Space Agency to develop advanced satellite reconfiguration software [45][46][47]