商业航天板块的平均市盈率已经冲到了186.94倍、这意味着投资者为了每1块钱的利润，愿意掏出186块钱的真金白银。 这个数字，比很多科技股还夸张。 但更夸张的是，就在市场为"太空梦"疯狂买单时，一些股价还趴在10块钱以下的公司，早已被社保基金、外资这些"聪明钱"悄悄盯上。 2026年开年，商业航天成了资本市场的"当红炸子鸡"。 政策、技术、资本三重共振，让这个曾经遥不可及的赛道，突然变得触手可及。 尤其是蓝箭航天科创板IPO的申请获受理，更是点燃了市场对商业航天全产业链的关注。 不过，那些正宗的航天公司估值动辄几百亿，普通投资者根本高攀 不起。 于是，市场开始挖掘那些"间接参股"商业航天核心公司的A股上市公司——尤其是股价还在10块钱以下的。 南钢股份，一家主业炼钢的公司，股价只有5块5。 看似和航天八竿子打不着，但它早在2018年就投了5000万给北京星际荣耀，占了2.64%的股份。 星际荣 耀是国内小型智能运载火箭的头部企业，和最近大火的蓝箭航天齐名。 更关键的是，社保基金一零三组合在三季度又加仓了南钢股份100万股，合计持有 1.04亿股，位列第五大股东。 钢铁股身上坐着社保基金，还绑着一家商业火箭公司 ...

太空大航海时代 - 如何把握商业航天新高度 20260112 摘要 如何看待最新的商业航天星座申报情况及其市场影响？ 中国计划申报近 20 万颗卫星，远超此前规模，显示国家在商业航天领 域的战略决心，旨在构建覆盖通信、导航等多领域的立体多功能网络体 系，标志着更高层级的战略意图。 低轨卫星互联网将成为 6G 通信时代的重要基础设施，传统电信运营商 如中国移动、中国电信参与新星座部署，预示未来由运营商和国家部门 共同投资建设。 商业航天板块发展乐观，火箭运载需求上升空间大，蓝箭等公司虽有进 展，但大规模卫星发射计划对运载能力提出更高要求，火箭用途多元， 提升潜力巨大。 马斯克星舰计划预计年产 1,000 枚，高复用率将大幅提升太空物质运力， 推动太空经济发展，催生火箭航班、太空旅游、太空挖矿等新商业模式， 卫星市场也将受益。 卫星技术发展趋势包括高功率（推动太阳能电池板产业）、高带宽（推 动相控阵天线和激光通信技术）、大型化（推动轻量化材料需求），投 资者应关注相关领域优质公司。 Q&A 最新的商业航天星座申报超出市场预期，一次性提交了超过 20 万颗卫星的申 请。这一规模在国内外都是一个绝对的新高度。以往，全 ...

（文章来源：证券日报） 证券日报网讯 1月9日，金明精机在互动平台回答投资者提问时表示，公司全资子公司广州明远投资参 股的广州中雷电科科技有限公司经营状况良好，2024年度实现营业收入5314.97万元，其主营业务为气 象雷达天线、相控阵天线、芯片化相控阵系统、相控阵TR组件、小目标雷达、地轨卫星通信系统的研 发和销售。具体情况详见公司《2024年年度报告》第十节财务报告之"九、在其他主体中的权益"。 ...

从市场端来看，行业应用加速落地。9月份，中国联通、中国移动先后获颁卫星移动通信业务经营许 可。此外，东方航空升级"空中快线"Wi-Fi服务，阿联酋航空宣布全机队安装星链天线，垣信卫星与空 客签约开展低轨卫星飞机互联合作。与此同时，我国低轨卫星发射在2025年迎来密集期，上游卫星制造 与发射的蓬勃发展，也让卫星通信终端设备的成本持续下降，市场需求迎来爆发式增长。 2025年以来，我国商业航天市场利好消息频传，在政策与市场双轮驱动下，卫星通信等领域成为备受看 好的行业"新风口"。 伴随着行业东风，成都盟升电子技术股份有限公司（以下简称"盟升电子"）以技术创新为核心，稳步推 进产品研发与市场落地，在民航机载、海洋通信等领域建立并稳固自身优势，成为国产卫星通信领域的 中坚力量。公司相关负责人近日在接受《证券日报》记者采访时表示："卫星通信产业正迎来规模化商 用的黄金时代。盟升电子加快创新步伐，2025年推进了相控阵天线产品迭代升级，多款相控阵终端产品 持续批量交付。未来，我们还将持续推进高低轨兼容的民航相控阵卫通产品研制。" 卫星通信行业应用加速落地 卫星通信作为商业航天的重要落地应用场景之一，在2025迎来政策、市 ...

12月4日至5日，2025卫星互联网产业生态大会在上海举办。 大会现场，七大上海卫星互联网创新载体集中亮相，包括中国科学院微小卫星创新研究院、上海垣信卫星科技有限公司、上海航天空间技术有限公司、 复旦大学空间互联网研究院、上海霄元创新中心、上海市无线电监测站及新微泛在（上海）通信技术服务有限公司。这些载体聚焦组网架构、空间感知等关 键技术方向，将通过培育创新实验室，为技术攻坚提供坚实支撑，进一步提升上海卫星互联网的技术创新与应用转化能力。 会场产业成果展示区同步呈现上海"星、箭、端、网"全产业链实力："千帆星座卫星"模型直观展现星座布局；上海电信、移动、联通及中国铁塔带来便 携式卫星通信终端与相控阵天线；白盒子、上海瀚讯、电信一所等企业展出核心基带芯片与通信载荷；复旦大学、上海交通大学、上海大学、新岸线等高校 企业介绍了卫星互联网前沿技术的最新研究成果。 优化产业生态：签约合作激活集群效应 作为卫星互联网领域年度行业盛会，本次大会以"1+3+2"架构展开——1场主论坛、3场专题分论坛及2场产投对接活动，吸引政府部门代表、两院院 士、产业领军者、金融投资机构负责人等超1000人参会，现场氛围热烈，亮点纷呈。 聚 ...

Group 1 - The company has entered the low Earth orbit satellite communication sector, indicating a strategic expansion into a growing market [1] - The product offerings include satellite communication terminals and phased array antennas, showcasing the company's technological capabilities [1] - The successful entry into the satellite communication market highlights the company's commitment to innovation and diversification [1]

Core Insights - The event "Yiqi Tongxing: Sky and Space Soaring" successfully held in Beijing Economic and Technological Development Zone focused on the commercial aerospace industry, addressing four core needs: technological breakthroughs, capital connections, policy implementation, and resource integration [1] - The conference facilitated five cooperation intentions and three financing connection needs, aiming to build an open, collaborative, and sustainable industrial ecosystem [1] Group 1: Event Overview - The event was organized by multiple departments within the Beijing Economic and Technological Development Zone, aiming to explore new paths for industrial development and promote collaborative growth in the "Three Cities and One Area" [1] - Over 180 representatives from various sectors, including commercial aerospace companies, financial institutions, and universities, participated in the conference [1] Group 2: Industry Insights - Experts shared practical insights on new trends, opportunities, and challenges in the commercial aerospace industry, addressing the unclear paths for company listings and detailing supportive policies for commercial aerospace enterprises [2] - A representative from Yuanhang Capital emphasized the importance of focusing on core technological breakthroughs and deepening the industrial chain to meet the financing and development needs of private commercial aerospace companies [2] Group 3: Policy Interpretation - The policy interpretation session provided detailed insights into talent cultivation, innovation incentives, and financial support, clarifying application paths for various policies [2] - The "Talent Ten Articles" 2.0+ and "Science and Technology Innovation Twenty Articles" 2.0 policies were highlighted, including a 15% subsidy for R&D expenses exceeding a 20% increase [2] Group 4: Company Innovations - Representatives from Beijing Xinghe Power Aerospace Technology Co., Ltd. and Beijing Rongwei Technology Co., Ltd. showcased their innovations, including the development of reusable liquid rockets and advancements in satellite internet core payloads [3] - A strategic cooperation agreement was signed between Beijing University of Science and Technology and Beijing Yizhuang Star Arrow Technology Industry Development Co., Ltd. to focus on testing and research of key materials for rockets [3] Group 5: Collaborative Discussions - A closed-door salon focused on "Commercial Aerospace Industry Collaboration and Co-Creation" facilitated deep discussions among leading companies on key topics such as reusable rocket technology standards and supply chain integration [4] - The event successfully established multiple industry collaboration agreements, enhancing the cooperative framework within the aerospace sector [4] Group 6: Service Initiatives - The Yiqi Service Port has addressed over 9,000 requests related to policy consultation, resource connection, and financial support since its establishment, significantly contributing to the commercial aerospace sector [5] - The Beijing Economic and Technological Development Zone aims to create a robust commercial aerospace innovation cluster, with over 170 companies and an industry scale exceeding 30 billion [6]

Group 1: Company Overview and Financial Performance - The company achieved a revenue of 815 million yuan in Q3 2025, a year-on-year decrease of 3.34% [3] - The net profit attributable to shareholders was 25.27 million yuan, down 50.91% year-on-year [3] - Operating cash flow improved significantly, reaching 71.01 million yuan, indicating better cash management [3] Group 2: Profitability Improvement Strategies - The company plans to optimize cost structure and enhance operational efficiency through supply chain management and production efficiency improvements [4] - Focus on high-margin businesses, particularly in satellite communication and microwave antennas, to reduce reliance on low-margin traditional businesses [4] - Continued investment in R&D, with 65.43 million yuan allocated to maintain technological advantages [3][4] Group 3: Market Strategy and Competitive Positioning - The company has established a high-end and regional strategy in overseas markets, targeting areas with clear communication upgrade needs [5] - Core competitiveness is built on high-quality products, reliable delivery, and deep customer collaboration [5] - The company aims to capture structural opportunities in global markets, especially in regions where domestic competitors face restrictions [5] Group 4: Satellite Communication Product Development - Significant progress in R&D for phased array antennas and ground terminals in the satellite communication sector [6] - Current orders are primarily small-scale due to delays in low-orbit satellite launches, but demand is expected to accelerate as deployment increases [6] - The company has established a satellite factory in Hubei and a R&D base in Chengdu to support future order releases [6] Group 5: Future Technology and Product Layout - The company is preparing for 6G technology, focusing on low-orbit satellite internet systems and related applications [7] - Current technology reserves include multi-beam, ground-to-air, and microwave technologies, aligning with future 6G applications [7] - Product layout includes ground terminals and macro WiFi, with a strong outlook for future 6G segments [7] Group 6: Capital and Product Layout in Satellite Communication - Strategic investments include 30 million yuan in a key satellite component company and a 50 million yuan fund for satellite communication core enterprises [8] - The product range covers "star-ground-end" applications, including ground station terminals and satellite communication payloads [8] - The company expects to maintain a competitive edge in the satellite communication field as the national low-orbit satellite internet construction accelerates [8]

Group 1 - The core focus of the article is on the strategic importance of building a modern industrial system and strengthening the foundation of the real economy, as outlined in the "Suggestions" for the 15th Five-Year Plan [1][2] - The manufacturing sector is emphasized as a critical component of the economy, with a call to maintain a reasonable proportion of manufacturing to enhance economic resilience [2][3] - Traditional industries, which account for approximately 80% of the manufacturing value added, are identified as the backbone of the industrial system, with initiatives aimed at upgrading key sectors such as chemicals, machinery, and shipbuilding [2][3] Group 2 - The article highlights the potential for market expansion in traditional manufacturing through transformation towards intelligent, green, and integrated development, estimating an additional market space of around 10 trillion yuan over the next five years [3][4] - New strategic emerging industries, including new energy, new materials, aerospace, and low-altitude economy, are projected to create several trillion-level markets, contributing significantly to economic growth [4][5] - The article discusses the importance of fostering innovation in emerging and future industries, with a focus on technologies such as quantum science, biomanufacturing, and hydrogen energy, which are expected to become new economic growth points [4][5]

Core Viewpoint - The company has established a comprehensive layout in the "satellite-ground-terminal" ecosystem, with products including satellite antennas, ground stations, ground terminals, phased array antennas, millimeter-wave antennas, and integrated networking technology, benefiting from national 6G and satellite constellation construction policies, indicating long-term growth potential [1] Group 1 - The company has entered the low Earth orbit satellite supply chain and secured overseas orders [1] - The company has invested in Blue Arrow Hongqing (Honghu Satellite Constellation) and established new companies and industrial funds to enhance satellite-ground collaboration capabilities [1] - The aim is to improve the full industry chain layout from satellite design to terminal, thereby enhancing market competitiveness [1]