以下文章来源于笔记财经晨会 ，作者笔记小助手 笔记财经晨会 . 有观点的财经晨会 点击上方 蓝字"笔记财经晨会" 关注我们 今日金曲：周杰伦-霍元甲 笔友们早上好！点击上方音频收听详细晨会内容，音频末尾放送今日金曲，也可以留言区点歌哦！ 另外今天有个神秘预告！ 【20251226笔记晨会】 一、权益市场： 美国走的是"民营主导、政府助攻"路线，政府只负责给钱当"天使投资人"，再当大客户捧场，剩下的全靠企业自己卷。 头号种子选手是SpaceX！老板马斯克被网友戏称为"太空马保国" ，绝对实力玩家——猎鹰9号火箭能回收再利用，发射次数多到数不清，回收成功 率高到离谱； 星链计划更是"太空圈地运动" ，截至2025年堆了约9千颗卫星，用户破800万，赚钱能力堪比"太空印钞机"。 （一）商业航天PK：国企引领+民营护航，大战太空"马保国" 1. 美国：民营大佬"单打独斗"，马斯克堪称"太空卷王" 其他选手： 贝索斯的蓝色起源，用新谢泼德号搞太空旅游，让土豪们体验"短暂失重拍朋友圈"； 新格伦火箭正在憋大招，近地轨道运力超70吨，想 抢大型卫星发射的"大蛋糕"；火箭实验室靠着电子号小型火箭，在小卫星市场稳稳占坑。 2. ...

Core Insights - Virgin Galactic is set to conduct its first commercial flight with a crew of three Italian personnel, marking a significant milestone for the company in the space tourism industry [1][3] Company Overview - Virgin Galactic, founded by Richard Branson in 2004, is one of the few private spaceflight companies alongside SpaceX and Blue Origin, catering to wealthy individuals willing to pay for suborbital space experiences [3][6] - The company aims to demonstrate the safety of rocket flights to the public, especially after a tragic incident in 2014 that resulted in a fatality [6] Flight Details - The flight, named Galactic 01, will take place in New Mexico, reaching an altitude of approximately 50 miles (80 kilometers) [1][3] - The mission is defined as a scientific endeavor rather than a typical space tourism trip, with the crew planning to collect biometric data and study the behavior of certain materials in microgravity [3][4] - The flight is expected to last 90 minutes, with the spacecraft being released from a carrier aircraft at around 50,000 feet (15.24 kilometers) [4][5] Future Plans - If successful, Virgin Galactic plans to conduct another flight in early August and aims for monthly flights thereafter [6] - The company anticipates booking its first 1,000 paying customers at a price of approximately $250,000 per seat, with a vision to establish a fleet capable of 400 flights annually [6] Industry Context - The definition of spaceflight is a contentious issue within the industry, with NASA and the U.S. Air Force defining astronauts as those who fly above 50 miles (80 kilometers) [6] - Blue Origin, led by Jeff Bezos, has conducted multiple commercial flights and has criticized Virgin Galactic for not reaching the internationally recognized boundary of space, known as the Kármán line, which is above 62 miles (100 kilometers) [7]

Core Viewpoint - Blue Origin's "New Glenn" heavy rocket successfully completed its second orbital flight mission, marking a significant step in its development and a competitive challenge to SpaceX in the commercial space sector [1][3]. Group 1: Launch Details - The "New Glenn" rocket was launched on November 13, 2023, after multiple delays due to adverse weather conditions, successfully entering space and landing its booster on an unmanned platform in the Atlantic [1][2]. - This mission's primary objective was to deliver NASA's ESCAPADE dual Mars orbiter, representing NASA's first Mars exploration mission in five years [3]. Group 2: Development History - Blue Origin was founded by Jeff Bezos in 2000, while SpaceX was established by Elon Musk in 2002, leading to a competitive landscape where Blue Origin has been perceived as a follower [3][4]. - The development of the "New Glenn" rocket has been a lengthy process, with its core technology, the BE-4 engine, being in development since 2011, and the rocket's design evolving significantly over the years [5][6]. Group 3: Funding and Strategy - Blue Origin's funding model relies on Bezos's continuous investment from Amazon stock sales, allowing the company to focus on long-term goals without external financing pressures [6][8]. - The company has made strategic decisions, such as securing contracts for NASA's Artemis lunar program and Amazon's Kuiper satellite constellation, which provide stable revenue and technical validation opportunities [8]. Group 4: Competitive Landscape - The competition between Blue Origin and SpaceX represents two distinct philosophies in space exploration, with Blue Origin adopting a more cautious, incremental approach compared to SpaceX's aggressive innovation strategy [4][11]. - The "New Glenn" rocket has a low Earth orbit capacity of 45 tons, while SpaceX's Starship can carry over 100 tons, highlighting the differences in their design philosophies and operational capabilities [11][12]. Group 5: Future Missions - Upcoming missions for the "New Glenn" rocket include the "Blue Moon Pathfinder 1" in January 2026, which will test a lunar lander prototype, and the deployment of Amazon's first 49 satellites for the Kuiper project [16][17]. - The rocket is expected to conduct up to eight launches per year, emphasizing a business model focused on timely launches, even if payloads are not ready [17].

Core Viewpoint - The establishment of China's first commercial spaceflight propulsion system testing platform marks a significant step towards the realization of space tourism, with the launch of the reusable "Lihong" series spacecraft aimed at providing space tourism services by 2028 [1][3]. Group 1: Challenges in Space Tourism - The transition from concept to norm in space tourism faces three major challenges: the development of reusable launch vehicles, ensuring life support systems for crew safety, and controlling costs [1][2]. - Developing reusable launch vehicles is crucial for reducing costs, but involves complex challenges in materials science, propulsion technology, and control engineering [1]. - Life support systems must be fail-safe due to extreme conditions in space, and any oversight could lead to catastrophic outcomes [2]. - Cost remains a significant barrier, with current prices for space travel being prohibitively high, such as SpaceX's $55 million for orbital travel and Virgin Galactic's $450,000 for suborbital flights [2]. Group 2: Market Potential and Support - Despite the challenges, the space tourism industry shows promising prospects, with companies like Virgin Galactic and Blue Origin already conducting suborbital flights, and SpaceX sending tourists to the International Space Station [3]. - Increased policy support in China is fostering the growth of commercial rocket and satellite companies, with commercial spaceflight being recognized as a new growth engine in government reports [3][4]. - Predictions suggest that the global space tourism market could reach $300 billion by 2030, with China potentially accounting for over 30% of this market [4]. Group 3: Future Outlook - The successful realization of space tourism requires continuous technological optimization, significant cost reductions, and the establishment of regulatory standards [4]. - The industry is expected to evolve from being an exclusive experience for the wealthy to a more accessible market, as ongoing developments in technology and infrastructure progress [4].

Core Insights - Elon Musk's SpaceX is a benchmark in the commercial space industry, yet he has never personally experienced space travel, a gap filled by Chinese cryptocurrency entrepreneur Sun Yuchen [2] - Sun Yuchen became the youngest Chinese commercial astronaut by completing a suborbital flight on Blue Origin's New Shepard on August 3, 2025, at a ticket price of $28 million, showcasing a new level of personal marketing [2] - The article discusses Sun's rise from a Beijing University student to a billionaire in the cryptocurrency space, highlighting his strategic moves and the controversies surrounding his wealth accumulation [3][5] Group 1: Background and Rise - Sun Yuchen's wealth story began with his education, where he excelled academically and later engaged with blockchain technology at Ripple Labs, recognizing its potential to disrupt the global financial system [3] - In 2017, he founded the TRON Foundation, raising over $70 million through an ICO during the cryptocurrency market's peak, making him a billionaire at just 28 [3] Group 2: Controversies and Wealth Accumulation - Sun faced backlash in 2018 for selling TRON tokens worth approximately $300 million, leading to accusations of fraud, yet his net worth continued to grow amid market volatility [5] - His diversified strategy included acquiring BitTorrent and launching various tokens, which contributed to his sustained wealth growth [5][6] Group 3: Marketing and Strategic Moves - Sun's $28 million purchase of a Blue Origin flight seat was initially seen as a publicity stunt, but it later proved to be a savvy investment that elevated his personal brand [8] - His marketing strategy involved high-profile expenditures that generated significant media attention, enhancing the visibility of the TRON ecosystem [9] Group 4: Space Flight and Symbolism - The space flight served as a symbolic act, representing TRON's aspirations and community engagement, as Sun carried 1,000 wishes from the TRON community into space [11] - The extensive media coverage from this event provided invaluable brand exposure, transforming Sun's image from a controversial figure to a leader in technological exploration [11] Group 5: Comparison with Elon Musk - The article contrasts Sun Yuchen's approach with Elon Musk's, noting that Musk's focus is on product development and company operations, while Sun leverages personal experiences to enhance community trust in TRON [12][13] - Sun's willingness to take risks, such as his space flight, is interpreted as a demonstration of confidence in his project, which resonates well within the cryptocurrency community [13]

Core Insights - Justin Sun, founder of TRON, successfully completed a historic suborbital space flight aboard Blue Origin's New Shepard rocket, becoming the youngest Chinese commercial astronaut [1][4] - This flight is seen as a tribute to the cryptocurrency industry, with Sun predicting that Bitcoin will challenge the US dollar's global reserve status within the next decade [1][11] Group 1: Space Flight and Its Significance - The space flight was a culmination of a four-year wait, with Sun having purchased the seat for $28 million in 2021, which he donated to Blue Origin's charity for STEAM education [4] - The flight lasted approximately 10 minutes, reaching over 100 kilometers, allowing passengers to experience about 4 minutes of weightlessness and view Earth from space [4] - Sun's journey symbolizes the intersection of technology ambition and future narratives, drawing global attention to the potential of blockchain and space exploration [1][5] Group 2: Tribute to the Cryptocurrency Industry - Sun initiated the "Stars and Sea" campaign, collecting 1,000 wishes from the TRON community to take to space, representing the voices of the TRON ecosystem [8] - This act is a tribute not only to the TRON community but also to all builders, users, and supporters of cryptocurrencies, emphasizing the mission of decentralization and innovation [8] - The flight highlights the growing intersection between commercial space travel and emerging technologies like blockchain [5] Group 3: Future Financial Landscape Predictions - Sun predicts that Bitcoin's status as "digital gold" will become more prominent, with more countries establishing "strategic Bitcoin reserves" in response to high debt and inflation [11][12] - He notes that the market is beginning to reconsider the dominance of the US dollar as the sole global currency, with examples like El Salvador adopting Bitcoin as legal tender [11] - Sun outlines three key technological advancements that will support this narrative: stablecoin cross-border payments, cross-chain interoperability, and the integration of AI with blockchain [12][13] Group 4: Technological Innovations - The TRON network's stablecoin, particularly USDT, has become a crucial payment infrastructure, with an issuance exceeding $82 billion and daily settlement volumes reaching hundreds of billions [13] - Sun aims to break down "asset islands" between blockchains through cross-chain protocols, facilitating seamless flow of funds and information [13] - He believes that AI will pave the way for widespread blockchain adoption by enhancing contract security, user experience, and risk management [13]

Group 1 - Sun Yuchen, the founder of TRON, became the youngest Chinese commercial astronaut after successfully completing a suborbital space flight on Blue Origin's New Shepard [1][3] - The flight lasted approximately 10 minutes, with passengers experiencing about 4 minutes of weightlessness, showcasing the safety and experience maximization of commercial space travel [4] - Sun Yuchen's journey reflects his adventurous spirit and commitment to innovation, having previously established TRON as a significant player in the blockchain industry with over 320 million global users [6] Group 2 - The flight is part of a broader trend in commercial space travel, with Blue Origin having successfully conducted over 10 crewed flights, sending more than 70 people to the edge of space [6] - Sun Yuchen's participation in the flight emphasizes the importance of STEM education, as he donated the auction funds for the flight to support global youth education initiatives [3][6] - The success of this mission not only enhances the global reputation of Chinese entrepreneurs but also serves as an inspiration for young innovators to engage in technology and exploration [4][5]

Group 1 - Sun Yuchen, a prominent 90s entrepreneur in China, is set to become the youngest Chinese commercial astronaut by participating in Blue Origin's New Shepard spaceflight [1] - TRON, founded by Sun Yuchen, has become a globally influential blockchain platform with over 300 million users and a total issuance of 81.6 billion USDT on-chain, indicating its significant role in the global stablecoin ecosystem [1] - The total settlement amount of TRON's on-chain stablecoin is expected to surpass Visa this year, highlighting its position as a crucial infrastructure for new payment systems [1] Group 2 - On July 17, SRM Entertainment, a Nasdaq-listed company, changed its stock ticker from "SRM" to "TRON," marking a significant recognition of TRON's global influence and enhancing the voice of Chinese entrepreneurs in international finance and technology [3] - Sun Yuchen's commitment to education is evident as he donated $28 million for a Blue Origin flight seat to support youth STEM education, showcasing his dedication to breaking boundaries [3] - Sun Yuchen's journey from 300 million users to Nasdaq recognition exemplifies his relentless pursuit of dreams and serves as an inspiration for others to explore and break through in their respective fields [3]

Group 1 - Blue Origin, founded by Jeff Bezos, announced a new passenger list for its space tourism program, with Sun Yuchen, founder of TRON, set to fly on the New Shepard rocket [1][3] - Sun Yuchen purchased the seat for $28 million in 2021, donating the entire bidding amount to Blue Origin's "Club for the Future" to support global youth STEM education [1][3] - The New Shepard rocket will take passengers to approximately 75 kilometers before the capsule separates and continues to over 100 kilometers, allowing for about 4 minutes of weightlessness during a total journey time of around 10 minutes [3][6] Group 2 - The commercial spaceflight industry is thriving, with Blue Origin successfully completing 13 crewed flights and sending over 70 people to the edge of space [6] - Sun Yuchen's participation highlights the shift of commercial space travel from an exclusive dream to a more accessible reality for the public [6] - Sun Yuchen aims to inspire more young people to engage in technology and innovation through this space flight, emphasizing the collective mission of space exploration for humanity [6][4]

Core Points - Blue Origin, founded by Jeff Bezos, announced a new space journey passenger list, with Sun Yuchen, founder of TRON, set to become the youngest Chinese commercial astronaut [1][3] - Sun Yuchen purchased a seat on Blue Origin's New Shepard for $28 million in 2021, donating the funds to support global youth STEM education [1][5] - The space journey will last approximately 10 minutes, with passengers experiencing about 4 minutes of weightlessness after reaching over 100 kilometers [3][7] Company and Industry Insights - Sun Yuchen's journey represents a significant milestone for the blockchain industry, as he becomes the first Chinese entrepreneur to take blockchain innovation into space [5][6] - TRON has achieved over 300 million global users and a USDT issuance of 81.6 billion, with daily active addresses exceeding 3 million [5][6] - Blue Origin has successfully conducted 13 crewed flights, sending over 70 individuals to the edge of space, indicating the growing accessibility of commercial space travel [7][8] - Sun Yuchen aims to inspire young people to engage in technology and innovation through his space flight, linking it to the importance of STEM education [7][8]