商业航天：空天地一体化新机遇 20250909 摘要 2025 年商业航天加速，星网密集发射，民营火箭公司融资活跃，产业 链迎来投资机遇。政策支持力度加大，如广东省支持可重复使用火箭发 动机等核心技术攻关，卫星互联网牌照预期将推动产业链发展。 卫星发射加速因轨道资源有限，先占先得。国际电信联盟规定申报后 7 年内需启动发射。低轨卫星容量有限，Starlink 已申请超 4 万颗。美国 和欧洲将商业卫星纳入军事体系，加剧资源争夺。 商业航天未来发展方向为空天地一体化通信体系，产业链上下游协同。 技术重点为可重复使用液体火箭发动机、低成本卫星及载荷。关注国际 项目如 Starlink 和欧洲 LS2，及时调整战略布局。 中国卫星产业链自 70 年代起步，2023 年后星网和 G60 取得进展。截 至 2025 年 8 月，发射量仍有提升空间。产业链在技术突破和提升空间 方面存在潜力，尤其是在发射场、火箭端以及卫星领域。 卫星互联网发展迅速，长征火箭向国网倾斜，新牌照发放受政府支持。 运营商如电信、移动获频段使用权，核心网仍由三大运营商建设运营， 他们在卫星互联网领域保持强话语权。 Q&A 近年来商业航天在国内的发 ...

Group 1: Policy Support for Enterprises - A series of favorable policies introduced in August-September 2025 provide strong momentum for enterprise development across various sectors including finance, technology, and social security [2] - The "Guiding Opinions on Financial Support for New Industrialization" issued by multiple government departments supports mining enterprises in accelerating resource production while ensuring strategic resource supply [4] - The new policies enhance funding for innovation, facilitate rapid market introduction of new products, and support mergers and acquisitions to promote industrial chain collaboration and transformation [6] Group 2: Technological Empowerment - The Guangdong Provincial Government's policies encourage enterprises to focus on core technology breakthroughs in aerospace, including reusable liquid rocket engines and low-cost satellites from 2025 to 2028 [8] - Support for technology projects includes guidance on direction and funding, with up to 50% matching funds for eligible national major technology projects and 100% tax deductions for R&D expenditures [10] Group 3: Social Security Regulations - New social security regulations effective September 1, 2025, invalidate any agreements between employers and employees to not pay social security, potentially increasing labor costs but also creating new opportunities [13] - Companies can reduce costs by leveraging local social security rate adjustments and applying for unemployment insurance subsidies for retaining employees [13] Group 4: Legal Support for Enterprises - Legal firms play a crucial role in helping enterprises navigate complex regulations, ensuring compliance, and mitigating risks through contract reviews and legal documentation [15] - By balancing the rights of employers and employees, legal advisors contribute to a stable working environment, enabling enterprises to thrive under favorable policies [15]

Core Viewpoint - Guangdong Province is implementing policies to promote high-quality development in the commercial aerospace sector from 2025 to 2028, leveraging its advantages in application scenarios, industrial support, and market mechanisms to create an integrated commercial aerospace industry ecosystem [1] Group 1: Infrastructure Development - The measures support enterprises in investing in satellite constellations for commercial use, providing a "green channel" for project approval and coordination of satellite frequency resources [2] - Financial support includes 10% funding for ground station network construction, with a cap of 2 million yuan per station and a maximum of 10 million yuan per enterprise annually [2] - The initiative aims to expand satellite application industries by promoting significant application scenarios in various fields such as low-altitude economy, mobile communication, and emergency rescue [2] Group 2: Industry Cluster Development - The measures encourage the development of rocket and satellite products, including financial rewards for the first set of major technical equipment, with up to 30% of sales price as a reward [3] - Support is provided for batch manufacturing of satellite application terminals and components, with funding for technology upgrades capped at 1.5 million yuan per project [3] - Local governments are encouraged to develop differentiated commercial aerospace industrial parks to promote the clustering of upstream and downstream enterprises [3] Group 3: Innovation Enhancement - The measures promote core technology breakthroughs in areas such as reusable liquid rocket engines and satellite communication, prioritizing support for related research projects [4] - Financial backing includes up to 50% matching funds for national major science and technology projects, alongside tax deductions for R&D expenditures [4] - The establishment of high-level research institutions and collaborative innovation platforms is encouraged to facilitate technology transfer and application in the commercial aerospace sector [4]

Core Viewpoint - Guangdong Province has released a set of 21 specific policy measures aimed at promoting the high-quality development of the commercial aerospace industry from 2025 to 2028, focusing on infrastructure, innovation, market cultivation, and financing mechanisms [1][3]. Group 1: Infrastructure Development - Support for satellite constellation construction, including a "green channel" for project approval and coordination of satellite frequency resources [1][4]. - Financial support for ground station network construction, with a 10% funding support based on total investment, capped at 2 million yuan per station and 10 million yuan per enterprise annually [1][4]. Group 2: Innovation Enhancement - Encouragement for enterprises to focus on key technologies such as reusable liquid rocket engines and low-cost satellites, with provincial funding support of up to 50% for qualifying projects [2][4]. - Implementation of a tax deduction policy for R&D expenditures, allowing 100% pre-tax deductions [2][4]. Group 3: Market Cultivation - Implementation of a tiered cultivation plan for enterprises, supporting applications for national high-tech enterprise status and tax reduction policies [2][7]. - Financial rewards for enterprises recognized as national manufacturing champions or specialized "little giants" [2][7]. Group 4: Financing Mechanisms - Increased financial support for major commercial aerospace projects, including the use of long-term special bonds and local government bonds [9][10]. - Establishment of specialized funds to support cutting-edge aerospace technology and major project development [9][10]. Group 5: Talent Support - Recruitment of leading talents in the commercial aerospace sector, with support for high-level talents to enjoy local resident benefits [10][11]. - Promotion of applied talent training through partnerships between enterprises and educational institutions, including the establishment of training bases [10][11].