来源：证券市场周刊市场号 文 |水岸 1月上旬，市场对于商业航天的热炒再度进入了一个新的阶段，在板块加速创新高同时，个股更是开启 了扎堆翻倍模式，如鲁信创投11天收出9个涨停，与此同时，顺灏股份、雷科防务、乾照光电等一众个 股也均在近期走出翻倍行情…… 商业航天目前正在向中期甚至更大级别的行情演绎，除了翻倍的高位股，中低位个股更是迎来批量补 涨，这意味着接下来的机会仍将会持续。那么，哪类商业航天核心标的还有机会以及更高的确定性？ 商业航天赚钱效应爆棚 板块与个股均启动加速主升浪 在之前的内容里，笔者即明确表示，商业航天的大级别行情还没走完，最近几天，该板块继续走出了加 速主升浪行情，如自2025年11月24日低点以来，板块已经累计大涨超40%。另外，资金的参与度进一步 增加，如1月9日，商业航天板块成交超过 7000亿元，占全市场成交额超过二成。 个股造富效应更是爆棚，一边是领涨龙头批量翻倍，一边是中低位个股轮动补涨。如2025年11月24日以 来（截至2026年1月9日），一众个股在翻倍同时迭创新高，如飞沃科技、通宇通讯、超捷股份、航天环 宇等。与此同时，一众个股在相对中低位迎来补涨，且换手率显著增加，如联 ...

在政策发布仅4天后，蓝箭航天迅速提交IPO申请并获受理。公司也是科创板第五套标准扩围至商业航天领域后的首家受理企业，因此备受市场关注。 招股书显示，蓝箭航天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。公司搭建了集研发设计、生产制造、测试试验、发 射回收为一体的技术能力体系，完成了基于不锈钢箭体与液氧甲烷动力系统的重复使用运载火箭关键技术攻关。 日前，上交所官网显示，蓝箭航天空间科技股份有限公司（下称"蓝箭航天"）科创板上市申请获受理。公司拟募资75亿元，由中金公司（601995）担任保荐 人。 2025年以来，一场围绕争夺"商业航天第一股"的竞速赛已悄然启幕。据不完全统计，已有星际荣耀、星河动力、天兵科技、中科宇航等多家企业披露IPO辅 导进展，拟在A股上市；国星宇航、福信富通则将目光看向了港股。 商业航天企业上市步伐提速，恰是踏准了资本市场支持"硬科技"的政策节拍。2025年12月26日，上交所发布《上海证券交易所发行上市审核规则适用指引第 9号——商业火箭企业适用科创板第五套上市标准》（简称《指引》），支持正处于大规模商业化关键时期的商业火箭企业，适用第五套上市标准登陆科创 板 ...

以下文章来源于阿尔法工场Green ，作者坚冰至 阿尔法工场Green . 聚焦清洁能源行业，提供最新的绿色能源公司资讯、技术创新和ESG行业趋势。 导语：博取题材风口溢价已然结束，以技术底层通约性延展主业增长边界，或是产业龙头在微利时代的唯一救赎。 1月6日午后，风电龙头金风科技（002202.SZ）的股价在商业航天概念的带动下再度冲高，A股涨停并创下历史新高。 而2026年元旦至今，港股金风科技（2208.HK）的表现同样令投资者侧目。首个交易日股价早盘即现跳空高开，收盘涨幅近 21%。 图源：蓝箭航天招股书 这股突如其来的投资热情，或源于上交所官网一则公告：2025年12月31日晚，民营商业航天公司蓝箭航天空间科技股份有限 公司（简称蓝箭航天）的科创板IPO申请获受理，开启冲刺"商业火箭第一股"的地位。 蓝箭航天主营液氧甲烷发动机及运载火箭的研发、生产与商业发射服务等业务，在过去几年中完成了朱雀系列火箭的关键技 术突破，并成功实现运载火箭入轨。 12月3日，由蓝箭航天研制的朱雀三号重复使用运载火箭成功首飞，二子级火箭顺利入轨，一子级火箭回收失败，这是国内首 次对入轨级运载火箭尝试一子级回收。 本次IPO ...

Industry Overview - The aerospace industry is witnessing significant developments with the IPO application of Blue Arrow Aerospace, marking a pivotal moment for commercial space ventures in China [2][3] - The expansion of the Sci-Tech Innovation Board's fifth listing standard to include commercial rocket companies signifies a broader acceptance of diverse industries in the capital market [2] Company Insights - Blue Arrow Aerospace, established in 2015, is a leading commercial aerospace company in China, focusing on the research, production, and launch services of liquid oxygen-methane engines and rockets [3] - The company successfully launched the Zhuque-3 reusable rocket on December 3, 2025, representing China's first attempt at first-stage recovery [3] - Despite currently operating at a loss, Blue Arrow Aerospace meets the requirements of the fifth listing standard, with an expected market valuation of no less than 4 billion [3] - The company aims to raise 7.5 billion for enhancing the production capacity and technology of reusable rockets, which is anticipated to significantly lower launch costs and foster the growth of downstream applications [4] Market Impact - The successful IPO of Blue Arrow Aerospace is expected to instill confidence in capital markets, providing a clear path for similar companies and attracting more venture capital into the sector [4] - The fundraising will focus on improving the capacity and technology of reusable rockets, which is likely to accelerate the maturation of China's commercial aerospace industry and enhance its international competitiveness [4] - The domestic aerospace sector is rapidly advancing, with significant technological breakthroughs and system developments, as evidenced by the successful maiden flights of the Long March 12 and Zhuque-3 rockets [4]

Summary of Conference Call Records Company and Industry Overview - **Company**: 中航西飞 (AVIC Xi'an Aircraft Industry Group) - **Industry**: Aerospace and Defense, specifically focusing on military and commercial aircraft, as well as satellite manufacturing and launch services Key Points and Arguments AVIC Xi'an Aircraft Industry Group - The procurement cost of China's next-generation stealth bomber, if comparable to the US B21 (approximately $69.2 billion), would significantly boost AVIC Xi'an's revenue and enhance China's strategic bombing capabilities [2][3] - The Y-20 transport aircraft is competitive in the global market, with only the US C-17 and Russia's Il-76 as competitors in the 200-ton maximum takeoff weight category. The C-17 has been out of production since 2015, and the Il-76 is in low-rate production, while the Y-20 is in normal production, indicating its potential in international markets [2][3] - AVIC Xi'an is actively expanding its drone business, having signed a letter of intent for 50 units of the HHE100 commercial drone with ZTO Express and a cooperation framework agreement with the Postal Science Research Institute, indicating a move into the low-altitude economy sector [2][4] Blue Arrow Aerospace - Blue Arrow Aerospace's IPO on the Sci-Tech Innovation Board has been accepted, aiming to raise 7.5 billion yuan, primarily for the research and production of liquid oxygen-methane engines and launch services for commercial rockets [2][5] - The successful launch of the Zhuque-3 reusable rocket in December 2025, despite the first stage not being recovered, lays the groundwork for future reusable rocket technology [2][5] - In the first half of 2025, Blue Arrow reported revenue of 36.43 million yuan but incurred a net loss of 597 million yuan, indicating a phase of high R&D investment [2][5] - The Shanghai Stock Exchange has issued guidelines to support the listing of large launch vehicle companies that utilize reusable technology, with at least 10 commercial space companies, including Blue Arrow, in the IPO process [2][5] Chinese Commercial Satellite Market - The Chinese commercial satellite manufacturing and launch market is projected to be robust, with multiple companies establishing satellite manufacturing facilities capable of producing 200 to 500 satellites annually [2][6] - By the end of 2030, the number of satellites awaiting launch in China is expected to exceed 21,000, with demand for over 15,000 satellites anticipated between 2030 and 2035, highlighting significant growth potential in the coming years [2][6] - The successful development of reusable rocket technology is expected to significantly reduce the cost of launching low-orbit satellites, facilitating rapid mass production and economies of scale in the commercial satellite sector [2][6] Additional Important Information - The anticipated increase in rocket launches in 2026, with over 100 launches expected, marks a critical period for the rapid development of domestic commercial space endeavors [2][5] - The global interest in commercial space exploration is underscored by SpaceX's plans for an IPO in 2026, potentially valued at $800 billion or more, reflecting high investment enthusiasm in the sector [2][6]

Core Viewpoint - Blue Arrow Aerospace has been selected for on-site inspection as part of the first batch of companies for initial public offering (IPO) checks in 2026, indicating regulatory scrutiny as it moves towards its IPO [1] Company Overview - Blue Arrow Aerospace, founded in 2015 and headquartered in Beijing, focuses on the research, development, and production of liquid oxygen-methane engines and launch vehicles, aiming to establish a comprehensive aerospace technology ecosystem [3] - The company plans to raise 7.5 billion yuan through its IPO, with funds allocated for enhancing reusable rocket production and technology [4][5] Financial Performance - Blue Arrow Aerospace reported revenues of 780,000 yuan, 3.95 million yuan, 4.27 million yuan, and 36.43 million yuan for the years 2022 to the first half of 2025, respectively, while incurring net losses of 800 million yuan, 1.188 billion yuan, 876 million yuan, and 597 million yuan during the same period [3] - The company has maintained high R&D expenditures, totaling approximately 2.29 billion yuan over three and a half years [3] IPO Process - As of December 31, 2025, Blue Arrow Aerospace's IPO status was changed to "accepted" by the Shanghai Stock Exchange, with China International Capital Corporation (CICC) as the sponsor [2] - The company signed a counseling agreement with CICC on July 25, 2025, and received acceptance for its counseling filing on July 29, 2025 [2] Industry Context - Blue Arrow Aerospace is among five domestic commercial aerospace companies focused on launch vehicles that have initiated IPO processes, indicating a competitive landscape in the commercial space sector [6] - The China Securities Regulatory Commission (CSRC) conducts on-site inspections to ensure compliance with IPO requirements, enhancing the quality of information disclosure by companies [6]

Group 1 - The core point of the article is that Blue Arrow Aerospace Technology Co., Ltd. has been selected for a site inspection as part of the first batch of companies for initial public offering (IPO) checks in 2026 [1] - The Shanghai Stock Exchange has accepted Blue Arrow Aerospace's prospectus on December 31, 2025, indicating the company's readiness for the IPO process [1] - Blue Arrow Aerospace is primarily engaged in the research and development, production of liquid oxygen-methane engines, and the provision of commercial rocket launch services [1] Group 2 - The company aims to raise 7.5 billion yuan through this IPO [1]

Core Insights - The Chinese commercial space industry is transitioning from being on the edge of national projects to becoming a center of capital imagination, with the recent implementation of IPO guidelines allowing private rocket companies to enter the capital market [1][3] - The current focus of the market is shifting from technological breakthroughs to engineering capabilities and cash flow certainty, as companies are now required to demonstrate sustainable business models rather than relying solely on financing [3][5] Group 1: Market Dynamics - More than ten companies, including Blue Arrow Aerospace, Star River Dynamics, and others, have initiated or completed listing guidance with local securities regulatory authorities, indicating a dual-track approach of pursuing listings in both A-shares and Hong Kong [3] - The commercial space sector is experiencing a "golden window period" driven by the convergence of policy, market, and capital forces, raising questions about whether this is the dawn of a long-term industry or merely a capital expectation being realized [3][5] Group 2: Company Strategies - Star River Dynamics has established a stable launch rhythm with its "Vulcan" series solid rockets, expanding its applications in commercial remote sensing and low-orbit satellite constellations [4] - Blue Arrow Aerospace is betting on reusable technology with its liquid oxygen-methane engines and medium to large launch vehicles, aiming to mirror SpaceX's early-stage approach [5] - Companies are now focused on proving three key aspects: the closure of their technology loops, the sustainability of their orders, and the resilience of their business models against market cycles [5][11] Group 3: Demand and Infrastructure - The demand for rockets is shifting from being supply-driven to being influenced by the construction pace of low-orbit satellite communication, remote sensing, and navigation constellations, which are now seen as essential infrastructure rather than one-off projects [6][12] - The future of the space industry will be determined by changes in demand structure, moving from exploratory needs to becoming foundational elements of the global digital economy [12][15] Group 4: Competitive Landscape - The competition in the space industry is evolving, with valuation metrics shifting from technological breakthroughs to traditional industrial and utility logic, focusing on launch frequency, cost per launch, and order visibility [13][14] - China's unique advantage lies in its complete supply chain, enabling it to scale production in materials, engines, electronics, and satellite integration, positioning it well for future demand surges [13][15] - The current landscape indicates that the opportunity in Chinese commercial space is not centered on a single "space unicorn," but rather on a comprehensive transition from national engineering to industrial infrastructure [15]

Core Viewpoint - The news highlights the significant impact of Blue Arrow Aerospace's acceptance for IPO on the Science and Technology Innovation Board, leading to a collective surge in stock prices of several related companies in the A-share market [1] Group 1: Stock Market Reaction - On January 5, following the IPO news, stocks of companies with stakes in Blue Arrow Aerospace experienced substantial increases, with Jin Feng Technology hitting the daily limit, Nova Star Cloud opening at the daily limit, and Srey New Materials rising over 13% at one point [1] - Other companies such as Century Huato, Rongsheng Development, and Zhangjiang Hi-Tech also saw notable stock price increases, with gains of over 8%, 7%, and 3% respectively during the trading session [1] Group 2: Blue Arrow Aerospace IPO Details - Blue Arrow Aerospace's IPO was officially accepted by the Shanghai Stock Exchange on December 31, 2025, marking a significant milestone for the company [1] - The company specializes in the research, development, and production of liquid oxygen-methane engines and launch vehicles, providing commercial rocket launch services [1] - Blue Arrow Aerospace aims to raise 7.5 billion yuan through this IPO, with all net proceeds allocated to projects aimed at enhancing reusable rocket production capacity and technology [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - Blue Arrow Aerospace's IPO represents a significant event in China's private commercial aerospace sector, focusing on the development and production of liquid oxygen-methane engines and launch services for reusable rockets [3][8] - The company aims to raise a total of 7.5 billion yuan, primarily for projects enhancing the capacity and technology of reusable rockets, which is expected to strengthen its delivery capabilities across the entire rocket lifecycle [3][8] - The commercial aerospace sector is experiencing robust growth driven by policy support, marking a critical turning point in commercialization and positioning it as a potential trillion-yuan strategic emerging industry [9][11] Summary by Sections Section 1: Blue Arrow Aerospace's Market Position - Blue Arrow Aerospace is set to become the first private commercial rocket company listed in China, focusing on reusable rocket technology and aiming to establish a comprehensive aerospace technology ecosystem [3][8] - The company has successfully developed over 140 units of its "Tianque" series liquid oxygen-methane engines and achieved significant milestones, including the successful launch of China's first reusable liquid oxygen-methane rocket, "Zhuque-3" [10] Section 2: Industry Trends and Opportunities - The demand for low-cost, high-frequency rocket launches is expected to increase significantly due to the accelerated deployment of satellite constellations, such as the "GW Constellation" and "Qianfan Constellation," which plan to deploy over 12,990 and 15,000 satellites, respectively, by 2030 [9][10] - The commercial satellite internet and remote sensing sectors are anticipated to drive demand for Blue Arrow Aerospace's services, positioning the company favorably within the expanding commercial aerospace market [11] Section 3: Investment Recommendations - Investors are advised to pay attention to companies associated with Blue Arrow Aerospace, including Jin Feng Technology and its supply chain partners such as Srei New Materials and Aerospace Power [11]