提及2025年资本市场哪些概念最为火热，商业航天一定占有一席之地。 万得商业航天主题指数自2025年12月以来，截至1月8日，累计涨幅已超60%。近日，航天电器、派克新 材、航天电子等概念股频繁走出涨停板。 股市的升温正反映出经济、产业的发展变化。在科技革命与产业升级浪潮下，商业航天作为新质生产力 的重要代表，已成为国家重点扶持的战略赛道。 年初时段，券商研究机构给出了相当一致的判断：2026年，国内商业航天有望迎来"政策+技术+资 本"三重共振，进入加速产业化和商业化阶段，行业市场空间巨大。 政策全方位持续加码 近年来，商业航天作为大国科技竞争与产业布局的战略制高点，其重要性已超越单一产业范畴，成为关 乎国家综合国力重大战略。"我国商业航天以保障国家安全与产业自主可控为核心战略定位。受轨道频 谱资源稀缺、自主可控需求迫切等因素驱动，发展紧迫性凸显。"招商证券分析师任瞳表示。 那么，商业航天具体包括了哪些行业领域？顾名思义，商业航天是以市场为主导、具备明确盈利模式的 技术与资本密集型产业，涵盖卫星制造、火箭发射、卫星应用等领域，形成了B端工程服务与C端规模 化应用并行的盈利模式。 任瞳认为，相较于传统航天，商 ...

近期，商业航天赛道持续升温，市场关注度与产业活跃度同步高涨。由中国航天科技集团有限公司第八 研究院抓总研制的长征十二号甲可重复使用运载火箭，计划于2025年12月中下旬在酒泉卫星发射中心执 行首次发射任务。另外，第三届北京商业航天产业高质量发展大会暨2026北京国际商业航天展览会定于 2026年1月23日至25日举行。 12月18日，商业航天板块再度走强。"政策、技术、资本、市场四股力量的正反馈循环，叠加外部示范 效应，使赛道确定性大幅提升。"众和昆仑（北京）资产管理有限公司董事长柏文喜对记者表示。 "目前，中科星图在航天电子装备制造、卫星测运控领域形成领先优势，商业航天业务高速增长。"郝雪 涛表示，未来，公司将持续推进商业航天全产业链发展战略，深化各环节能力建设。 此外，还有多家上市公司在投资者互动平台上积极回应投资者关切。12月18日，巨力索具股份有限公司 表示，公司在航天领域的合作深度与广度持续提升，产品已系统性应用于多个航天工程项目。同时，公 司正积极将技术优势延伸至商业航天前沿领域，且已为国内可回收火箭提供了包括捕获臂装置、试验拉 索装置等关键产品支持。 商业航天产业范围广泛。据了解，其产业上游是火 ...

Core Insights - Beijing's economy is making solid progress towards high-quality development, with a focus on new technologies and industries, as highlighted in the recent press conference on the achievements during the 14th Five-Year Plan period [1][5] Economic Growth and Structure - The total economic output of Beijing is expected to exceed 5 trillion yuan, with a significant increase in the value added of the information service industry, which has surpassed 1 trillion yuan, making it the city's largest pillar industry [3][4] - The GDP is projected to grow at an average annual rate of 5.2% from 2021 to 2024, with a total economic increment of approximately 1.4 trillion yuan during the 14th Five-Year Plan [3][8] - By 2024, the per capita GDP is expected to reach $32,000, and the labor productivity is projected to be 444,000 yuan per person, leading among all provinces and cities in China [3][4] Technological Innovation - Beijing is home to over 2,400 artificial intelligence companies, accounting for about half of the national total, solidifying its status as the "capital of artificial intelligence" [6][8] - The city has established 115 unicorn companies and 1,035 "little giant" enterprises, leading the nation in these categories [6][8] - The integration of technology and industry is evident, with significant advancements in sectors such as integrated circuits and new energy vehicles, where the output of integrated circuits is expected to grow by 51.2% compared to 2020 [3][7] Consumer Market Dynamics - The consumer market in Beijing is projected to exceed 3 trillion yuan by 2025, with a notable increase in service consumption, which has grown at an average annual rate of over 7.5% in the past four years [9][10] - The city is actively enhancing its consumption environment, with nearly 2,000 large-scale events planned for 2024, averaging five events per day [9][10] - Investment in high-tech industries has increased, with the proportion of high-tech industry investment rising from 9.5% in 2020 to 22.6% in 2024, marking a historical high [9][10] Rural Development and Integration - Beijing is advancing urban-rural integration, with initiatives aimed at revitalizing rural areas and enhancing local economies, leading to a 20% increase in collective operating income in demonstration villages [10][11] - The total income from rural tourism in Beijing is expected to exceed 3.5 billion yuan by 2024, reflecting the growing appeal of rural areas for leisure and tourism [10][11] Future Outlook - The dual drivers of technological and consumer innovation are expected to continue supporting economic growth, with artificial intelligence, digital economy, and new consumption patterns playing crucial roles in the future [11][12]

Core Viewpoint - The Chinese aerospace industry is entering a new phase of high-quality development, driven by the "14th Five-Year Plan" which emphasizes satellite internet, commercial aerospace, and new energy aircraft as strategic priorities, supported by continuous policy incentives and capital market responses [4]. Financing Overview - In 2024, the aerospace industry saw 287 financing events, with early-stage financing (seed to A rounds) dominating at 138 events, indicating a vibrant innovation landscape but increasing competition among leading firms [6]. - The financing structure shows a low proportion of mid to late-stage financing, suggesting a trend towards industry consolidation and reliance on mergers and strategic capital integration for future growth [6]. Regional Development - Jiangsu province led the nation with 69 financing events, followed by Beijing with 63, indicating a multi-polar development pattern in the aerospace sector, heavily reliant on regional policy support and talent accumulation [9]. - The three major economic zones (Yangtze River Delta, Beijing-Tianjin-Hebei, and Pearl River Delta) account for over 70% of the financing activities, highlighting their role as core areas for the aerospace industry's acceleration [9]. Project Segmentation - Infrastructure projects dominate with 128 events, while core systems and components accounted for 99 events, and aviation and unmanned aerial vehicles for 60 events, reflecting a balanced development across different segments [10]. - The capital layout in the aerospace sector is shifting from single technology R&D to system-level integration and platformization, with a strategic focus on infrastructure construction [12]. Investment Institutions - A total of 618 investment institutions were screened, narrowing down to 21 GP (General Partners) with significant activity in the aerospace sector, indicating a concentrated interest in this industry [13]. - The majority of GPs in the aerospace field are privately funded, with 16 out of 21 having private backgrounds, reflecting a trend towards private capital involvement in strategic sectors [20]. Management Scale and Currency - The management scale of the identified GPs varies, with one institution managing over 100 billion yuan, while the majority operate within the 5-50 billion yuan range, indicating a diverse scale of operations [23]. - The market is predominantly led by RMB funds, with 10 out of 11 institutions managing funds in this currency, showcasing a localized investment approach [24]. Investment Stage Focus - The GPs primarily focus on growth-stage projects, with a significant portion of their investments directed towards B-C rounds, indicating a preference for more mature companies within the aerospace sector [25]. Performance Metrics - Key performance indicators such as lead investment rates, follow-up rates, and IPO counts are used to assess the effectiveness of GPs in the aerospace sector, with higher rates indicating stronger market presence and investment success [27][29]. - The analysis of average equity stakes reveals insights into the investment style of GPs, with higher stakes suggesting greater influence over projects and potential for successful exits [33]. Conclusion - The report aims to assist LPs in quickly identifying active GPs in the aerospace sector and provides comparative data to evaluate their investment capabilities, while also offering insights for GPs to understand their competitive positioning [39].

Core Insights - The commercial aerospace sector in China has experienced significant milestones, including successful vertical takeoff and landing tests of reusable rockets and the launch of the first batch of network satellites [1][2] - The 2024 Government Work Report highlights commercial aerospace as a "new growth engine," indicating strong policy support and a collaborative approach between top-level design and local exploration [1] Group 1: Technological Breakthroughs - The primary challenge facing China's commercial aerospace industry is cost control, with current launch costs reaching tens of millions of dollars per mission [1] - To achieve large-scale commercialization, launch costs need to be reduced to the million-dollar range, necessitating increased R&D investment and optimization of designs [1] - The application of new materials and technologies, such as 3D printing and composite materials, is essential for significantly lowering manufacturing costs [1] Group 2: Market Demand and Application Expansion - Beyond traditional satellite launches, the commercial aerospace sector must explore additional application scenarios, including space tourism, mining, and manufacturing [2] - A robust downstream market, including satellite internet and remote sensing data services, is crucial for supporting the industrialization of commercial aerospace [2] - Industry stakeholders need to achieve breakthroughs in developing the downstream market to foster demand [2] Group 3: Industry Chain and Innovation Ecosystem - The current commercial aerospace landscape in China suffers from an incomplete industry chain and insufficient upstream-downstream collaboration [2] - As a technology-intensive industry, establishing a strong innovation ecosystem is vital, requiring increased research investment and collaboration between academia and industry [2] - The rise of commercial aerospace is not only about industrial development but also reflects the nation's overall strength, making it imperative to overcome cost barriers and enhance the industry ecosystem for large-scale commercialization [2]