1月19日，卫星互联网低轨19组卫星发 射现场。受访者供图 万米高空之上，向"新"聚力的竞赛正在上演。北京时间1月19日，卫星互联网低轨19组卫星在海南商业 航天发射场由长征十二号运载火箭成功发射升空并顺利入轨。 截至2025年底，朱雀三号遥一运载火箭和长征十二号甲火箭均尝试了一级回收试验，虽未完全成功，但 验证了相关技术路径。 短短一周内，中国商业航天以高密度的发射开启了2026年。当前，我国"十五五"规划建议明确提出加快 建设"航天强国"，商业航天正从"补充性力量"逐步向"战略性支柱"迈进。"得益于相关技术的突破迭 代，民营商业航天正加速迈向规模化商业部署的新阶段。"多位业内人士在接受华西都市报、封面新闻 记者采访时表示，国内商业航天企业在相关产业规模与创新能力方面正在快速提升。 银河航天成功发射第二组自研低轨卫星 "此次发射任务是公司持续独立承担卫星互联网太空基础设施建设的第二组卫星发射。"型号总师胡照告 诉记者，卫星互联网低轨19组卫星搭载了银河航天自主研制的低成本、高性能相控阵天线、毫米波天 线、综合电子及能源等多类核心产品。在研制过程中，团队首次实现数字化全流程贯通，并针对批量生 产特点，应用了自 ...

蓝箭航天官网显示，公司是国内领先的航天运输系统创建及运营企业，致力于构建以中大型液氧甲烷运 载火箭为中心的"研发、制造、试验、发射"全产业链条，打造航天领域的科技综合体，为全球市场提供 高性价比、高可靠性的航天运输服务。值得一提的是，在2025年胡润全球独角兽榜中，蓝箭航天以200 亿元企业估值位列第418位。 2025年12月3日，蓝箭航天自主研制的朱雀三号遥一运载火箭成功完成首飞，火箭二级精准进入预定轨 道，此次任务同时开展了火箭一级回收验证。标志着我国在可重复使用运载火箭领域实现一定突破。 2025年12月31日，上交所官网显示，蓝箭航天空间科技股份有限公司IPO上市申请已经被受理；2026年 1月5日，中证协发布"2026年第一批首发企业现场检查抽查名单"，蓝箭航天被抽中现场检查。 商业航天又有利好消息！ 据上交所官网显示，蓝箭航天空间科技股份有限公司科创板IPO审核状态变更为"已问询"。 蓝箭航天成立于2015年，是国内头部民营航天企业之一，专注于液氧甲烷推进剂的中大型运载火箭研发 与运营。2023年朱雀二号遥二火箭成功发射，成为全球首枚入轨的液氧甲烷火箭。 12月底，上交所发布《上海证券交易所发行 ...

Core Viewpoint - The commercial space industry in China is experiencing significant momentum, with several companies, referred to as the "Chinese version of SpaceX," aiming to become the first publicly listed commercial rocket company, all achieving valuations exceeding 10 billion yuan [1] Group 1: Market Dynamics - The recent surge in interest from investment institutions, even those previously uninvolved in the space sector, indicates a strong belief in the potential of the commercial space market, particularly looking towards 2026 as a pivotal investment year [2][3] - Existing shareholders are reluctant to sell their stakes, especially in companies valued at over 10 billion yuan, as they anticipate substantial market growth post-IPO [3] - The commercial space sector is characterized by a long and broad market landscape, with opportunities for stake transfers in segments like commercial radar satellites, which have shown signs of mergers and acquisitions [3] Group 2: Investment Trends - The investment landscape for commercial space has evolved since 2014, with a notable increase in capital influx around 2018-2019, although initial enthusiasm waned due to slow commercial progress [6] - Recent years have seen a resurgence in investment interest, driven by the profitability of companies like SpaceX and the increasing demand for low-orbit satellite launches, with projections indicating a significant number of satellites planned for deployment [6][7] - The introduction of favorable policies, such as the new listing standards for commercial space companies, has bolstered investor confidence and created a more favorable exit environment for capital [7] Group 3: Valuation and Growth Potential - Current valuations in the commercial space sector have risen significantly, with leading companies achieving valuations above 10 billion yuan, although there are concerns about the sustainability of these valuations relative to actual revenue growth [8] - The industry is transitioning from technology validation to large-scale commercialization, suggesting substantial future growth potential as reusable rocket technology matures and satellite networks expand [8] - Investment opportunities remain in critical supply chain segments, including aerospace chips, specialized batteries, and satellite control services, as well as in emerging areas like space computing [9][10] Group 4: Technological Advancements - The focus on cost reduction through reusable rocket technology is crucial for the industry's future, with only a few companies currently possessing the necessary capabilities [10] - The competitive landscape is shifting towards the acquisition of space-based computing power, with major tech companies vying for dominance in this new frontier [10]

Core Insights - The "15th Five-Year Plan" emphasizes the cultivation and expansion of emerging and future industries, aiming to create new pillar industries and strategically position future industries for growth [1] Group 1: Emerging Industries - During the "14th Five-Year Plan," China's emerging industries accelerated development, forming significant scale effects with several trillion-yuan market opportunities emerging by 2025 [2] - The commercial aerospace industry is on the verge of explosion, with advancements such as the successful launch of the Zhuque-3 rocket and accelerated deployment of satellite internet constellations [2] - The low-altitude economy is entering a commercial phase, marked by the issuance of operational certificates for manned civil unmanned aerial vehicles and the promotion of typical application scenarios by the Ministry of Transport [2] - New materials are crucial for breakthroughs in aerospace performance, with innovations in high-strength stainless steel and carbon fiber composites being utilized in key projects [2] Group 2: Energy Transition - China's energy transition has accelerated, establishing the world's largest power infrastructure and renewable energy systems, with plans to increase the share of renewable energy significantly by 2026 [3] - The "15th Five-Year Plan" aims to enhance emerging pillar industries, focusing on innovation in sectors like renewable energy, new materials, aerospace, and low-altitude economy [3] Group 3: Future Industries - Rapid advancements in future industries such as artificial intelligence, quantum information, and biomanufacturing have been noted, with significant breakthroughs achieved during the "14th Five-Year Plan" [4] - The development of 6G technology is prioritized, with expectations for commercial applications to begin around 2030, indicating a deep integration with AI [4][5] - Future industries are characterized by their potential to create new demands and economic forms, with quantum technology and nuclear fusion energy expected to play pivotal roles [6] Group 4: Market Opportunities and Challenges - Emerging industries are entering a rapid growth phase, with key scenarios being validated and replicable business models established, while future industries are still in the exploratory phase [7] - The uncertainty in future industries stems from both technological and commercial aspects, requiring significant R&D investment and policy support [8] - The collaboration between emerging and future industries is essential for driving new economic engines, with a focus on innovation and long-term value creation [9]

Core Insights - During the "14th Five-Year Plan" period, China has made significant strides towards high-level technological self-reliance, with emerging and future industries showing robust vitality and growth potential [1][3] Emerging Industry Development - The emerging industries in China have rapidly developed and formed scale effects, with multiple trillion-yuan markets accelerating formation [2] - By 2025, China's commercial aerospace industry is on the brink of explosion, with significant advancements in reusable launch vehicles and satellite internet applications [2] - The low-altitude economy is also gaining traction, with the issuance of operational certificates for manned civil unmanned aerial vehicles marking the entry into commercial use [2] New Energy Industry - China has established the world's largest power infrastructure and renewable energy system, creating the most complete new energy industry chain globally [3] - The "15th Five-Year Plan" emphasizes the development of emerging pillar industries, including new energy, new materials, aerospace, and low-altitude economy [3] Future Industry Breakthroughs - Significant progress has been made in future industries such as artificial intelligence, quantum information, and biomanufacturing, with key breakthroughs achieved [4] - The integration of 6G and AI is becoming a consensus in the industry, with clear development directions emerging [4] - The biomanufacturing industry has expanded steadily, reaching a total scale of 1.1 trillion yuan, becoming a new economic growth point [4] Dual-Engine Development - Emerging and future industries, while both part of the "long slope, thick snow" track, have different development stages, leading to varying market opportunity release rhythms [6] - Emerging industries are entering a rapid growth phase, with vertical segments expected to explode in the next 3 to 4 years, while future industries will focus on technology and application exploration in the early stages of the "15th Five-Year Plan" [6] Investment and Market Dynamics - The future industries face challenges related to technological and commercial uncertainties, with unclear business models and long investment return cycles [7] - The "15th Five-Year Plan" period is seen as a critical window for future industries, with policy support and technological breakthroughs expected to drive development [7] - Investors are advised to focus on companies' core technology reserves and their progress in validating business value through application scenarios [8]

其中，有望成为中国商业火箭第一股的蓝箭航天，备受市场关注。自去年12月初朱雀三号首飞成功后，蓝箭航天热度飙 升，IPO已于日前火速过审。 登录新浪财经APP 搜索【信披】查看更多考评等级 蓝箭航天一路绿灯的上市进程中，新增了变数。 1月5日，中国证券业协会公布2026年第一批首发企业现场检查抽签名单，随机抽取结果为，洛轴股份、频准激光、粤芯 半导体、汉诺医疗、九安智能、猎奇智能、高凯技术、韬盛科技、中盐股份、锐石创芯、蓝箭航天。其中科创板IPO最 多，共计6家。 上述11家IPO分别由中信建投、中信建投、广发证券、中信证券、申万宏源、国泰海通证券、国泰海通证券、华泰联合 证券、中信建投、广发证券、中金公司保荐。 此次被现场抽查，引发了市场对蓝箭航天IPO进程的担忧。1月6日早间，商业航天板块一度下跌。 2025年，中国证券业协会公布过三批抽查名单，共16家。截至目前，这些首发企业暂无一家通过审核成功上市，但也无 一家撤单，并有6家已通过审核。 如果蓝箭航天被现场检查的"成绩单"不合格，可能阻碍其IPO之路。目前，中科宇航、天兵科技、星河动力、星际荣耀 四家公司在等待IPO被受理。 1月6日，智通财经就上述事宜 ...

Core Insights - The report by Guojin Securities emphasizes that reusability is a key method to reduce launch vehicle costs and is crucial for overcoming bottlenecks in commercial space development [2][4] - The commercial rocket industry is entering a rapid iterative development phase, transitioning from 0 to 1, driven by the frequent launches of reusable rockets [1][4] Group 1: Reusable Rockets Development - Domestic reusable rockets are entering a phase of intensive launches, marking a new stage in low-cost exploration of commercial space [2] - The "Zhuque-3" rocket, developed by Blue Arrow Aerospace, successfully completed its maiden flight, while the Long March 12甲 rocket also attempted recovery during its first flight [2] - Current average launch costs for expendable rockets range from 110 million to 180 million yuan, while some reusable rockets are priced around 67 million USD; with full recovery, costs could drop to 2 to 5 million USD [2] Group 2: Global Competition and Cost Advantages - The Falcon 9 rocket, the world's first orbital-class reusable rocket, has completed 580 launches with a recovery success rate of 534 landings and 501 reuses [3] - Following the normalization of reusability, SpaceX's launch frequency increased significantly from 13 launches in 2019 to 138 in 2024 [3] - The launch cost for Falcon 9 is approximately 18,000 yuan/kg, and if fully reusable, it could drop to 5,000 yuan/kg, significantly lower than current operational rockets [3] Group 3: Demand from Satellite Internet Construction - The construction of satellite internet in China is accelerating, with plans to launch 44,816 satellites, leading to a projected demand for 150 commercial rocket launches per year [4] - Policy support for the commercial rocket industry is evident, with the Shanghai Stock Exchange issuing guidelines for the listing of commercial rocket companies on the Sci-Tech Innovation Board [4] - The commercial rocket industry is transitioning into a new phase of engineering and industrialization, poised for a golden development period alongside the satellite industry [4][6]

Core Viewpoint - The report from Huachuang Securities indicates that China's two major satellite constellations are expected to enter a rapid networking phase by 2026, contingent on the successful recovery and reuse of rockets, which would significantly lower satellite launch costs and accelerate the networking process [1][2]. Demand Side - The satellite internet industry is gaining attention from the Chinese government, with policies being introduced to support its development. The satellite internet aims to provide global broadband access and enhance terrestrial communication networks, forming the basis for the Internet of Things [2]. - The competition for orbital and frequency resources is intensifying, with the U.S. SpaceX's Starlink leading the way by launching over 10,000 satellites. China's two core satellite internet projects, GW constellation and Qianfan constellation, are projected to have a total of 13,000 and 15,000 satellites, respectively [2]. Supply Side - Rocket capacity is crucial for the accelerated construction of satellite networks, with China's current rocket fleet primarily consisting of the Long March series, facing capacity constraints. The bottleneck is attributed to launch frequency, payload capacity, and launch costs [3]. - Several commercial rocket companies, such as Blue Arrow and Tianbing, are developing new models with larger payload capacities, which are expected to take on more launch tasks for the two major constellations. The successful recovery and reuse of rockets is seen as a key method to reduce launch costs [3]. Components - The main components of launch vehicles include structural systems (fairings, tanks, inter-stage sections, engine frames, and tail sections), propulsion systems (propellant delivery pipelines and engines), and control systems. According to statistics, engines account for the largest share of rocket manufacturing costs at 54%, followed by the rocket structure at 24% [4].

来源：国际投行研究报告 蓝箭航天 IPO:中国 SpaceX启航！一位前普华永道会计师任副总拥有 1.140%股份 一位金杜律师任董秘拥有0.0366%股份很亮眼 1 、这是中国版的 SpaceX，此前，马斯克的SpaceX宣布 2026 年即将 IPO，目标估值1.5万亿美元。 2 、上交所在蓝箭航天 IPO受理前几天发布了上交所发布商业火箭企业适用科创板第五套上市标准审核指引，明确了技术等要求，而蓝天火箭正是指引提 出的可重复技术的中国引领者。 3 、公司董事会等组成很有意思。董事长张昌武，1983 年生，中国 国籍，无境外永久居留权，硕士研究生学历，第十四届北京市政协委员，第六届北京 市 大兴区政协委员。2008 年 4 月至 2011 年 9 月于汇丰银行（中国）有限公司任职；2011 年 9 月至 2013 年 7 月于清华大学工商管理专业就读获硕士学 位；2013 年 7 月至 2015 年 5 月于西班牙桑坦德银行亚太战略投资部任职。2015 年 6 月创立蓝箭航天，现任蓝箭航天董事长、总经理。 4 、张晨女士，现任蓝箭航天董事、副总经理，1986 年生，中国国籍，无境外永久居 留权，硕士研究生 ...

有望成为"科创板商业航天第一股"。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，蓝箭航天空间科技股份有限公司（以下简称"蓝箭航天"）的科创板IPO申请于 2025年12月31日获受理，中金公司担任保荐人。 这意味着着，蓝箭航天有望成为"科创板商业航天第一股"。 成立于2015年的蓝箭航天作为一家商业航天企业，主要从事液氧甲烷发动机及运载火箭的研发、生 产并提供商业航天火箭发射服务，致力于构建以中大型可重复使用液氧甲烷运载火箭为核心的"研 发、制造、试验、发射"全产业链条，打造航天领域的科技综合体，成为世界一流商业航天企业。 作为国内液氧甲烷火箭研制先行者和引领者，蓝箭航天是全国较早取得全部准入资质、基于自研液体 燃料发动机实现成功入轨的商业运载火箭企业，并于 2023 年7月实现全球首枚液氧甲烷火箭成功入 轨，于2025年12月实现中国首枚液氧甲烷可重复使用火箭成功入轨。 在商业化方面。 蓝箭航天朱雀二号运载火箭尚处商业化发射初期，分别于2023 年12月和2025年5 月搭载单位D的卫星载荷成功入轨，实现火箭发射服务收入228.75万元和3, ...