记者丨彭新 编辑丨张星 处于爆发前夜的商业航天领域，迎来顶层管理架构的职能整合。 近日， 国家国防科技工业局（下称"国防科工局"）官网发布的2026年度考试录用公务员公 告，计划招录"商业航天司航天监管岗"。 另据国家公务员局公开招录信息显示，该岗位职级 为"一级主任科员及以下"，职位简介为"承担商业航天领域政策研究、项目管理、重大事项组 织协调、安全监管等工作"。 据了解，商业航天司为国防科工局近期新增设部门，目前正处于人员招募的起步阶段。 这一机构设置的变动，被业界视为国家从体制机制层面破解商业航天复杂监管现状、推动产业 向规范化、规模化转型的关键信号。 图片来源：新华社 职能整合提速 卫星制造商银河航天向记者回应称，国防科工局商业航天司的成立有助于推动产业健康、有 序、高质量发展。公司期待商业航天司的设立持续推动我国商业航天加速发展，加速技术与产 业的融合创新，凝聚力量共同培育产业集群新生态。 此次商业航天司的设立，意在从顶层设计上解决上述职能交叉与分散的问题。据中信证券11月 23日研报，商业航天司的成立将有效整合多部门相关职能，卫星产业发展有望在更高层面实现 统筹协调，商业航天发射审批、卫星运营牌照 ...

根据公开的组织架构，此前卫星产业监管职能呈现"切块"特征：国防科工局作为民用卫星发射主管部 门，主抓卫星工程统筹及发射审批；国家航天局侧重技术论证与支持；工信部下属的信息通信发展司、 信息通信管理局和无线电管理局，则分别负责网络建设政策、市场准入与设备进网以及卫星轨道频率协 调等。 这种多部门并行的管理模式，随着商业航天企业数量增长和发射任务频率加密，审批流程繁琐、标准不 一、协调难度大等问题日益凸显。 （原标题：中国商业航天爆发前夜，商业航天司来了） 21世纪经济报道记者彭新 处于爆发前夜的商业航天领域，迎来顶层管理架构的职能整合。 近日，国家国防科技工业局（下称"国防科工局"）官网发布的2026年度考试录用公务员公告显示，计划 招录"商业航天司航天监管岗"。另据国家公务员局公开招录信息显示，该岗位职级为"一级主任科员及 以下"，职位简介为"承担商业航天领域政策研究、项目管理、重大事项组织协调、安全监管等工作"。 据了解，商业航天司为国防科工局近期新增设部门，目前正处于人员招募的起步阶段。 这一机构设置的变动，被业界视为国家从体制机制层面破解商业航天复杂监管现状、推动产业向规范 化、规模化转型的关键信号。 ...

Group 1 - The military industry is experiencing a period of adjustment, with the aerospace ETF (159227) down by 1.52% as of 14:35 on November 21, 2023, and a trading volume of 207 million yuan, maintaining its position as the largest in its category [1] - Several companies within the aerospace sector, such as Guoke Military Industry, Tianhe Defense, China Marine Defense, and Yaguang Technology, are showing notable gains [1] - A significant increase in reusable rocket technology is expected between the end of 2025 and early 2026, with multiple rockets, including Blue Arrow Aerospace's "Zhuque 3," China Aerospace Science and Technology Corporation's "Liqiang 2," and others, set to make their maiden flights, laying the groundwork for the commercialization of space travel [1] Group 2 - Dongwu Securities highlights a comprehensive improvement in the financial status of the military industry, with enhanced profitability and cash flow, shifting the valuation framework from "theme speculation" to "fundamental pricing" [1] - This trend is particularly evident in the aerospace sector, which is poised for a profound value reassessment as commercial space and low-altitude economies scale up [1] - The "Aerospace Power" strategy is expected to create a trillion-yuan market in emerging sectors, injecting strong new momentum into high-end manufacturing and the national economy [1][2]

Industry Overview - The satellite sector is currently experiencing a weak consolidation, with the satellite industry ETF (159218) down by 1.30% as of 11:09 AM, although there has been a net inflow of nearly 5 million, marking four consecutive days of inflows [1] - Domestic commercial space companies have made significant progress in reusable launch vehicle technology, with Deep Blue Aerospace's "Star Cloud No. 1" and Star River Power's "Wisdom Star No. 1" both completing their engine tests and entering the countdown to their maiden flights, indicating a potential reduction in satellite launch costs [3] - The Long March 7 rocket successfully launched the Remote Sensing Satellite 46 into its designated orbit, which will be used for disaster prevention and resource exploration [3] Company Developments - China Aerospace Science and Technology Corporation is set to launch the "China Space Tour" project, marking a substantial step forward in commercial space tourism [3] - SpaceX has introduced a more affordable Starlink home package in the U.S., reducing the monthly fee to $40, which is expected to enhance user penetration in satellite internet services [3] - Recent financing activities in the commercial space sector, including companies like "Infinite Aerospace" and "Starry Space," indicate continued capital optimism for the industry chain [3] Policy Support - The Ministry of Industry and Information Technology (MIIT) has set clear goals in its guidance issued in August 2025, aiming to develop over 10 million satellite communication users by 2030, providing solid policy support for the long-term development of the industry [3]

Core Insights - The successful sea test of the "Zhishen Star One" reusable liquid rocket by Xinghe Power marks a significant milestone in its development, completing all major ground tests [1] - The rocket has a takeoff mass of approximately 283 tons and a maximum payload capacity of 7 tons for low Earth orbit, targeting the large satellite launch market [1] - The rocket is designed for at least 25 reuse cycles, with its first flight mission planned at the Dongfeng Commercial Space Innovation Test Zone in Gansu [2] Technical Innovations - The engine features a simple and efficient pin-injector technology, allowing thrust adjustment between 50 tons and 20 tons, which is crucial for vertical precision landing [1] - The rocket employs a seven-engine parallel configuration with "single-engine failure" fault tolerance, enabling continued stable flight even if one engine fails [1] Future Plans - The construction of the launch site for the "Zhishen Star One" is nearing completion, which will enable autonomous testing, fueling, and launch capabilities [2] - Recovery tests for the rocket are scheduled to take place in 2026 alongside its launch missions [2]

Core Insights - The successful launch of the Shenzhou 21 manned spacecraft marks a significant advancement in China's autonomous docking capabilities, highlighting the country's ambition to become a "space power" [1] - The recent "15th Five-Year Plan" emphasizes the importance of the aerospace industry in building a modern industrial system, reflecting China's strategic intent to compete globally [1] - The rise of private commercial space enterprises in China is seen as a vital force in addressing the "star many, rocket few" challenge, aiming to inject new momentum into the country's space economy [1] Industry Overview - As of September 2025, China's satellite internet construction has accelerated, with a total of 108 satellites in orbit following the successful launch of the sixth batch of the "Qianfan Constellation" [3] - The demand for satellite launch capacity is surging, with private companies needing to launch 200-300 satellites annually to meet the needs of satellite constellations [4] - The private commercial space sector is increasingly recognized as essential for overcoming the bottleneck in launch capacity, as state-owned enterprises face scheduling constraints [4] Technological Advancements - Companies like Tianbing Technology and Blue Arrow Aerospace are making significant strides in developing high-capacity rockets, with Tianbing's "Tianlong 3" capable of carrying 17-22 tons to low Earth orbit [6] - Blue Arrow's "Zhuque 3" rocket has garnered attention for its innovative design, which combines features from SpaceX's Falcon 9 and Starship, indicating a competitive edge in the market [6] - The focus on reusable rocket technology is driving a revolution in cost reduction, with private rockets potentially achieving launch costs significantly lower than state-owned counterparts [7] Investment Landscape - Capital investment in the commercial space sector is surging, with significant funding rounds completed by companies like Xinghe Power and Tianbing Technology, indicating strong market interest [11] - The introduction of supportive policies by the China Securities Regulatory Commission is facilitating the entry of commercial space companies into the capital market, addressing funding challenges [11] - The strategic investments made by Kunyuan Asset in various private space companies reflect a deep understanding of the long-term potential of the aerospace industry [9][10]

Core Viewpoint - Elon Musk commented on China's Zhuque-3 rocket, suggesting it resembles SpaceX's Falcon 9 but incorporates advanced designs from the Starship, indicating potential for future superiority over Falcon 9. However, he noted that Zhuque-3 would require approximately five more years to reach Falcon 9's current maturity, while Starship would already be in extensive use by then. He emphasized the necessity of continuous innovation to remain competitive [1]. Group 1: Zhuque-3 Overview - Zhuque-3 is China's most advanced reusable rocket, developed by Landspace in 2023, aimed at large-scale satellite internet constellation deployment. The rocket is expected to conduct its maiden flight within the year and attempt to recover its first stage [5][7]. - The current version of Zhuque-3 measures 66 meters in length, with a diameter of 4.5 meters and a payload capacity of 11 tons to orbit. Future iterations will extend to 76 meters, increasing payload capacity to over 20 tons, allowing deployment of multiple internet satellites. The target cost is under 20,000 RMB per kilogram, approximately 60% of Falcon 9's current cost [5][7]. Group 2: Technical Developments - In October, Zhuque-3 was showcased at the Dongfeng Commercial Space Innovation Test Area, completing pre-flight quality checks, including fuel loading and engine tests, with positive results. The rocket is now prepared for its flight mission [7][9]. - Zhuque-3 is currently the most prepared domestic reusable rocket for its maiden flight, with other rockets like Tianlong-3 and Long March 12 also targeting their first flights within the year, most of which possess reusable capabilities [9][11]. Group 3: Design Comparisons - Zhuque-3 shares design similarities with Falcon 9, such as the use of nine engines in parallel and landing leg configurations, which is a result of market and technical definitions. However, it is characterized as a distinctly Chinese solution [12]. - SpaceX's Falcon 9 represents the pinnacle of current aerospace technology and commercial integration, achieving an optimal balance of time, cost, and service quality, which is recognized globally [14][15].

Group 1: IPO Overview - JuShuiTan Group Co., Ltd. officially listed on the Hong Kong Stock Exchange on October 21, 2025, under the stock code "6687" [3] - The IPO involved the issuance of 68,166,200 shares, with a subscription rate of 1,952.95 times for the Hong Kong public offering and 22.89 times for the international offering [3] - The company attracted 13 cornerstone investors who collectively subscribed for $130 million (approximately HKD 1.012 billion), including notable firms such as Sequoia China and Blue Lake Capital [3][4] Group 2: Company Background and Market Position - Founded in 2014, JuShuiTan provides a one-stop SaaS product and service platform aimed at enhancing business capabilities and performance while significantly reducing deployment and operational costs [4] - As of 2024, JuShuiTan has become the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4%, surpassing the combined market share of the second to fifth largest competitors [4] - In the e-commerce SaaS market, JuShuiTan ranks first with a market share of 8.7% based on total SaaS revenue for 2024 [4] Group 3: Financial Performance - JuShuiTan's revenue for the years 2022 to 2024 was reported as CNY 523 million, CNY 697 million, and CNY 910 million, respectively, reflecting a compound annual growth rate (CAGR) of 31.9% [5] - The company's gross margin has shown a consistent upward trend, with figures of 52.3%, 62.3%, 68.5%, and 71.8% for the years 2022 to 2024, respectively [5] - By 2024, JuShuiTan achieved full profitability with an adjusted net profit of CNY 48.99 million, and for the first half of 2024, the adjusted net profit was CNY 46.96 million, nearing the full-year profit target [5] Group 4: Starry Sky Dynamics A-Share IPO - Starry Sky Dynamics, established in 2018, has initiated its A-share IPO process with Huatai United Securities [7] - The company is recognized as the first private commercial rocket enterprise in China to achieve mass production and high-density launches, having successfully launched 85 commercial satellites for 27 clients [7] - Starry Sky Dynamics holds a 51.3% share of the total successful launches in the domestic private rocket sector, indicating its leading position in the industry [7][8]

Group 1 - Global rocket launch frequency has reached new highs for three consecutive years since 2020, indicating unprecedented activity in the aerospace sector [1] - China's low Earth orbit (LEO) satellite construction is lagging behind high-throughput satellites, with the Tian Tong-1 satellite being a mature GEO satellite constellation widely used across various industries [1] - The deployment of two major satellite constellations (GW and G60) in China is set to begin in 2024, marking the start of a new era of regular launches by 2025 [1] Group 2 - SpaceX's acquisition of EchoStar's 50MHz spectrum for $17 billion signifies a strategic positioning in the global direct-to-cell satellite competition, allowing for independent satellite communication capabilities [2][3][4] - This acquisition enables SpaceX to enhance its service capabilities from text to voice and streaming data, aiming to cover remote areas and urban regions through a hybrid model [4][5] - China's policies supporting direct-to-cell satellite development are accelerating constellation networking and commercialization of private rockets, presenting significant opportunities in the commercial aerospace industry [2][6] Group 3 - The construction and operation of giant LEO satellite constellations are characterized by long cycles, high technical integration, and significant risks, with both state-owned and private enterprises in China actively participating [1][17] - The rapid increase in launch frequency for China's GW constellation indicates a shift towards high-density networking, with the interval between launches decreasing significantly [8][10] - The establishment of commercial launch sites in Hainan is expected to enhance the efficiency of commercial rocket launches, with multiple reusable rockets planned for launch [12][29] Group 4 - The commercial aerospace industry in China is projected to enter a rapid development phase, with significant investments and policy support driving the growth of satellite internet and related technologies [6][30] - The market for satellite internet is expected to expand significantly, with projections indicating a market size of approximately 2.8 trillion yuan by 2025 and nearing 10 trillion yuan by 2030 [26][30] - The integration of satellite and terrestrial communication systems is becoming clearer, with satellite internet expected to complement ground communication systems in various applications [26]

Core Viewpoint - The Chinese commercial space industry is experiencing a "capacity spring," with advancements in technology, capital, and policy potentially accelerating the development of satellite launch capabilities faster than expected [2][5]. Group 1: Recent Developments in Satellite Launch Capabilities - On October 17, 2025, Shanghai Yuanxin Satellite Technology Co., Ltd. successfully launched the sixth batch of satellites for its "Qianfan Constellation," bringing the total number of satellites in orbit to 108 [3]. - Major telecommunications operators in China, including China Telecom, China Mobile, and China Unicom, have received licenses for satellite mobile communication services, enabling direct satellite connections for mobile phones [3]. - The domestic satellite internet market is reaching a significant milestone, but the "capacity" segment remains constrained, necessitating the involvement of private rocket companies to alleviate the bottleneck [3][4]. Group 2: Progress of Private Rocket Companies - Beijing Tianbing Technology Co., Ltd. announced the successful sea test of its "Tianlong-3" large liquid rocket, which has a near-Earth orbit capacity of 17 to 22 tons and can launch up to 36 satellites in one go [4][7]. - Blue Arrow Aerospace successfully completed the first phase of its "Zhuque-3" rocket's launch preparations, including static ignition tests, and is preparing for its official orbital launch [4][9]. - Beijing Zhongke Aerospace Technology Co., Ltd. reported progress on its "Liqian-2" liquid rocket, which is designed for medium payloads and aims to support China's space station logistics [9][10]. Group 3: Market Dynamics and Investment Trends - The demand for satellite launches is increasing, with estimates suggesting that the "Qianfan Constellation" requires at least 200 to 300 satellite launches annually, necessitating multiple rockets with capacities exceeding 10 tons [6]. - Recent funding rounds have seen significant investments in private rocket companies, with Star River Dynamics raising 2.4 billion yuan in its D round and Tianbing Technology securing nearly 2.5 billion yuan in Pre-D and D rounds [13][14]. - The Chinese Securities Regulatory Commission has opened a window for IPOs in the commercial space sector, prompting several companies to initiate IPO preparations [14][15]. Group 4: Technological Innovations and Cost Reduction Strategies - The use of 3D printing technology in the manufacturing of rocket components is being explored to reduce costs, with Tianbing Technology's "Tianlong-3" rocket utilizing this approach to achieve significant cost savings [21][22]. - The focus on reusable rocket technology is seen as a key strategy for cost reduction, with companies like Arrow Technology aiming for high reuse rates to lower overall launch costs [19][20]. - The competitive landscape is expected to intensify as more private companies successfully launch their rockets, with cost efficiency becoming a critical factor for securing future contracts [22].