点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 目录 国信证券 政 策 护 航 、 技 术 收 敛 带 动 产 业 链 需 求 爆 发 01 产业链核心赛道：卫星，运载火箭, 地面设备与终端应用 02 竞争格局与产业趋势:中美两极格局确立,产业链加速走向成熟 03 投 资 建 议 04 语各必创造正文之后的争需声明及其IG下所有内容 国信证券 1. 行业概况: 政策护航、科技收敛带动产业链爆发 请务必阅读正文之后的免费声明及其项下所有内容 1.1 从"传统航天"到"商业航天" E (三) = 网: NASA及阿波罗登日 资料来源:NASA,国信证券经济研究所整理 请务必阅读正文之后的免费声明及其项下所有内容 ＞ 传统航天（01d Space）: 通常指由政府主导（如NASA、中国航天科技集团CASC）、主要服务于国家战略（国防、科研、国家声 望）的航天活动。其特点是"高可靠性、高成本、低频次" 》 代表机构/企业：NASA（阿波罗时代）、波音（Boeing）、中国航天科工/科技集团。 ＞ 商业航天（New Space）: 指由私营企业主导（或按照市场规 ...

每日经济新闻消息，据北京产权交易所披露，航天科工火箭技术有限公司（以下简称科工火箭）29.5904% 股权正在挂牌转让，转让底价约33亿元，转让方为中国航天三江集团有限公司（以下简称航天三江）。 | 航天科工火箭技术有限公司29.5904%股权 | | | | 点击量:2050次 | | --- | --- | --- | --- | --- | | 原因为分国语 | 请关注:●北交汇投【优质项目稿准推送】 | | | 我感应重 | | 硕目名称 | 航天科 火箭技术有限公司 29.590486887 | 质目编号 | G32025BJ1000988 | | | 转让应价 | 329985.00万元 | 披露公告期 | 目公告之日起不少于20个工作日 | | | 信息披露起她日期 | 2025-12-31 | 信息披露结束日期 | 2026-01-29 | | | 所在地区 | 湖北省武汉市 | 所属行业 | 铁路、船舶、航空航天和其他运输设备制造业 | | | 受托会员 | 机构名称: 航天科工资产管理有限公司 联系人: / 联系电话: | | | | | 交易机构 | 项目负责人:服经理 / 联系电话: ...

根据北京产权交易所披露的信息，航天科工火箭技术有限公司（简称"科工火箭"）29.5904%的股权正以约33亿元人民币的底价挂 牌转让，转让方为其控股股东中国航天三江集团有限公司（简称"航天三江"）。 若此次交易完成，航天三江的持股比例将从目前的56.4347%降至26.8443%，不再拥有控股权。交易条件中明确要求，意向受让 方须承诺在交易完成后办理标的企业名称变更，且不得再以中国航天科工集团有限公司（简称"航天科工集团"）子企业的名义开 展任何经营活动。 这意味着，作为国内首家商业火箭公司，科工火箭将实质上脱离其原有的主要股东体系。 科工火箭成立于2016年2月，是中国第一家以纯商业模式开展运载火箭研发和应用的专业化公司。 其成立之初曾因"火箭发射"的经营范围注册问题而需获得国家工商总局的特批，具有开创性意义。该公司是航天科工集团引入社 会资本、进行混合所有制改革的早期试点项目。 其控股股东航天科工集团是中国航天防务和运载火箭研制领域的核心国有企业。 当前商业航天发射市场竞争激烈，尤其在固体火箭领域。 科工火箭面临来自多家民营公司的直接竞争，例如中科宇航的"力箭一号"、星河动力的"谷神星一号"、星际荣耀的" ...

2025年全球发射次数329次，中国航天占比已将近30%，相当于全球每3枚火箭中就有1枚来自中国。中 国航天全年发射次数达到92次，较2024年68次提升35.3%，成功率高达97.8%，包括航天科技集团73 次，航天科工3次，中科宇航5次，星河动力6次（失败1次），蓝箭航天3次（失败1次），星际荣耀1 次，东方空间1次。 2025年，多型民商火箭开始接连取得发射成果，成为全年发射规模的重要增量来源。据了解，2025年 里，中科宇航的力箭一号共发射5次，共入轨27颗卫星约6吨载荷，并承接了民商火箭的全部外星任务订 单；星河动力的谷神星一号发射6次，共入轨27颗卫星约1吨载荷；蓝箭航天的朱雀二号改进型发射2 次，共入轨6颗卫星近1吨载荷，蓝箭航天的朱雀三号发射1次，首飞未携带入轨卫星；星际荣耀的双曲 线一号发射1次，共入轨1颗卫星近100千克载荷；东方空间的引力一号发射1次，共入轨3颗卫星约500千 克载荷。 除火箭发射外，中国航天在星座组网、商业航天投融资、火箭技术、配套建设等多个维度与领域均实现 了重大突破。 ...

2025年9月5日傍晚，甘肃酒泉晴空万里，风轻日暖，正是塞上秋高气爽的好时节。 19点39分，酒泉卫星发射中心95A发射工位，倒计时归零，火焰从发射筒底部喷涌而出，一枚运载火箭拔地而起，在暮色 中拉出一道笔直的尾焰。 不久，控制大厅传来确认信息：多颗商业卫星被精准送入太阳同步轨道，任务圆满完成。 谷神星一号发射图，来源：星河动力航天 执行此次任务的，是"谷神星一号"运载火箭。自2023年12月5日成功复飞以来，这一型号已连续取得11次成功发射，并在 这一刻，成为中国发射次数最多、成功次数最多的民营商业运载火箭。 "谷神星一号"背后的民营航天公司，则以稳定、高频的发射成绩，被业内称为民营航天界的"火箭卷王"。 它的名字，叫星河动力。 契机 如果把今天在中国，乃至在全球上演的商业火箭竞赛往前倒推，很多线索，都会指向同一个时间点，2002年。 那一年，在两次前往莫斯科采购退役的洲际导弹作为发射工具失败后，马斯克做出了一个在当时看来近乎鲁莽的决定，不 买火箭了，自己造。 于是，SpaceX诞生了。 但在当时，这个决定并不被视为"创业机会"，而更像一次越界行为。 在当时的行业共识里，火箭从来不是一门创业友好型的生意。一 ...

Core Insights - The Chinese commercial space industry is transitioning from a "technical validation period" to a commercialization and scaling phase, with 2026 marking a pivotal year for the sector [1] - Increased investment from social capital and state-owned funds is driving the market, while challenges such as tight launch site availability and the need for cost-effective solutions are emerging [1][2] - The industry is undergoing a deep reshuffle focused on cost, capacity, and delivery capabilities, moving away from exploratory phases to a more structured competitive environment [1][4] Investment Trends - Recent surges in interest for leading commercial space projects have led to a rapid consumption of existing shares, with state-owned institutions actively seeking to invest [2] - The market's recognition of top commercial space companies is becoming clearer, leading to a more concentrated investment focus [2][3] - The total financing for commercial space reached 18.6 billion yuan in 2025, a 32% increase year-on-year, with rocket manufacturing and satellite applications being the primary areas attracting capital [4] Policy Support - The Chinese government has been increasingly supportive of the commercial space sector since 2015, with recent reports emphasizing the promotion of commercial space industry clusters [3] - New guidelines for commercial rocket companies to access the domestic capital market have improved long-term capital expectations for the sector [3] Industry Dynamics - The number of commercial rocket launches in China exceeded 92 in 2025, marking a 48% year-on-year increase, indicating a significant uptick in industry activity [6] - Major players like Blue Arrow Aerospace and Starry Sky Power are leading advancements in reusable rocket technology, which is crucial for reducing launch costs [7][10] - The competitive landscape is expected to consolidate, with only 5-6 leading companies likely to survive due to the high sensitivity of pricing in the industry [8] Launch Infrastructure - The availability of launch sites is a critical bottleneck, with only 18 operational commercial launch sites as of mid-2025, leading to long wait times for launches [13][15] - New launch facilities are being planned to alleviate the pressure, but the timeline for these developments means that resource constraints may persist in the near term [15] Satellite Manufacturing - The shift from traditional satellite manufacturing to a more industrialized, batch production model is underway, driven by the need for large-scale satellite constellations [16][17] - Companies are adopting advanced manufacturing techniques to enhance production efficiency, significantly reducing the time required to manufacture satellites [18] - The growth of commercial space enterprises is contributing to the evolution of satellite production, with a focus on automation and modular assembly [17][18] Future Outlook - The year 2026 is anticipated to be a critical year for the development of reusable rockets, with multiple models set to compete in the market [12][9] - The industry's focus will shift towards long-term, stable, and low-cost operations, determining the success of commercial space companies [18]

以下文章来源于i黑马 ，作者i黑马 i黑马 . 让创业者不再孤独@i黑马 都说2025是 A 股的GPU 年，2026会是什么年？ 2026年，是 A 股的商业航天年。 因为2026年在美股会有 SpaceX 上市。目前他们在一级市场上面，已经 8000亿美金 了。 据说 SpaceX 上市后的市值，会达到 1.5万亿美金 。 所以，可能也会引起 中国 A 股出现"商业航天上市热" 。 梅花创投很早就在商业航天领域布局了。先后投资了做火箭的星河动力、做卫星的微纳星空，以及数字太空，数字太空，中科天算等企 业。 吴世春 梅花创投合伙人、黑马加速导师 很多热潮，都是在无人问津时布局，在人生鼎沸处退出。 每次想到 星河动力 ，都会感受到其创业与投资的本质魅力。 在所有人不看好的时候选择相信，在漫长的等待中做好坚守。 2017年底，刘百奇他们几个带着一张火箭设计图纸找到我。 当时第一反应是 新鲜 ，随即就是 审视 。 那时候， " 民运航天 "还是个新鲜词，大家都觉得造火箭是国家队的事。 一个无公司、无产品、无收入的 " 三无公司 "造火箭，在很多同行眼里简直是天方夜谭。 我问他们： 你们连公司都没有，凭什么能做成？ ...

Core Viewpoint - The Chinese commercial aerospace industry is transitioning from a technology validation phase to a commercialization and scaling phase, with 2026 marking a critical turning point for the industry [2][3]. Group 1: Investment Trends - There is a surge in social capital and state-owned fund investments in leading commercial aerospace projects, with a notable increase in inquiries about the transfer of existing shares [4]. - The demand for old share transfers has significantly increased since the second half of 2025, indicating a growing interest from institutions in entering the commercial aerospace sector [5]. - The commercial aerospace sector is now recognized as a strategically significant emerging industry, with state-owned capital increasingly participating in this space [4][5]. Group 2: Policy and Market Dynamics - The government has been actively promoting the development of commercial aerospace, with recent reports emphasizing the need for industry cluster development [6]. - The introduction of specific listing standards for commercial rocket companies on the Sci-Tech Innovation Board has opened up new funding avenues for these firms [6][7]. - The overall financing in the commercial aerospace sector reached 18.6 billion yuan in 2025, a 32% increase year-on-year, with rocket manufacturing and satellite applications being the primary areas attracting investment [7]. Group 3: Industry Competition and Challenges - The commercial rocket launch industry is undergoing a significant reshuffle, with at least 10 companies initiating IPO processes, indicating a rapid acceleration in the market [8]. - The number of rocket launches in China exceeded 92 in 2025, marking a 48% increase, reflecting the industry's growing capabilities [9]. - The competition is intensifying, particularly around the development of reusable rockets, which are crucial for reducing launch costs and achieving market dominance [10][11]. Group 4: Technological Advancements - The focus on reusable rockets is becoming critical, with companies aiming to reduce launch costs significantly, targeting a cost of under 20,000 yuan per kilogram [11][12]. - The domestic reusable rocket technology is still in a catch-up phase, with various companies pursuing different technical routes [13]. - By 2026, multiple models of reusable rockets are expected to compete, with significant advancements anticipated in the first half of the year [14][15]. Group 5: Satellite Manufacturing Evolution - The traditional model of satellite manufacturing is shifting towards batch production, driven by the large-scale requirements of low Earth orbit satellite constellations [18][19]. - Companies are adopting industrialized production methods to enhance efficiency and reduce manufacturing cycles, with some firms achieving an 80% reduction in production time [20]. - The growth of satellite manufacturing capabilities is essential for supporting the deployment of large satellite constellations, which is becoming a critical aspect of the commercial aerospace landscape [19][20].

Core Viewpoint - 2025 marks a pivotal year in China's commercial aerospace development, transitioning from a pioneering phase to a stage of scaled growth, with significant increases in launches and company registrations [1][2]. Group 1: Industry Growth and Market Dynamics - Since 2025, China has completed 87 space launches, with 23 conducted by private commercial rocket companies, successfully placing 324 spacecraft into orbit [1]. - The number of commercial aerospace-related companies in China has surged to 93,000, with 24,800 registered since 2025, reflecting a 57.5% increase compared to the same period in 2024 [1]. - A new wave of competitive private aerospace companies has emerged, including Blue Arrow Aerospace, Tianbing Technology, and others, as they prepare to enter the capital market [2]. Group 2: Reusable Rocket Development - The commercial aerospace industry faces supply chain challenges, particularly in upstream infrastructure, with a pressing need for breakthroughs in private rocket capabilities to address capacity shortages [4]. - Blue Arrow Aerospace achieved significant technical milestones with the Zhuque-3 rocket, including the first domestic reusable liquid oxygen-methane rocket flight, despite some recovery test failures [5]. - Tianbing Technology's Tianlong-3 rocket has reached cost competitiveness with SpaceX's Falcon 9, with plans for mass production and further cost reductions as reusable technology matures [5][6]. Group 3: Satellite Internet Initiatives - China is advancing two major satellite internet projects, GW constellation and Qianfan constellation, aiming to deploy thousands of low-orbit satellites to compete with SpaceX's Starlink [9][10]. - The GW constellation has accelerated its deployment pace, reducing the launch interval from months to days, indicating a significant improvement in efficiency [9]. - Despite progress, both constellations have yet to deploy 1% of their planned satellites, highlighting the urgent need for enhanced rocket launch capabilities [10]. Group 4: IPO Trends and Policy Support - Over 10 commercial aerospace companies have initiated IPO processes, with several targeting the A-share market, reflecting a surge in interest and investment in the sector [15][16]. - The establishment of the Commercial Aerospace Administration aims to streamline regulatory processes and enhance the development of the satellite industry [16][17]. - Recent policy changes have lowered entry barriers for satellite development, allowing companies to innovate without weight restrictions, thus stimulating the private sector [17]. Group 5: Technological Innovations in Satellite Manufacturing - Companies like Galaxy Aerospace are adopting advanced manufacturing techniques to enhance satellite production efficiency, significantly reducing costs and production times [12]. - The integration of computing and AI capabilities into satellites is expected to revolutionize data processing and transmission, improving operational efficiency [13].

Core Insights - The commercial space industry in China is entering a significant phase of development, transitioning from initial growth to large-scale operations by 2025, with a notable increase in the number of companies and launches [2][10] Group 1: Industry Growth and Market Dynamics - By the end of 2025, China is expected to have completed 87 space launches, with 23 conducted by private commercial rocket companies, successfully placing 324 satellites into orbit [2] - The number of commercial space-related companies in China has surged to 93,000, with 24,800 registered since 2025, marking a 57.5% increase compared to the same period in 2024 [2] - The emergence of competitive private companies such as Blue Arrow Aerospace, Tianbing Technology, and others is reshaping the industry landscape and enhancing global competitiveness [3] Group 2: Rocket Development and Technological Advancements - The industry faces challenges in the supply chain, particularly in upstream infrastructure, with a pressing need for breakthroughs in private rocket capabilities to meet demand [4] - Recent test launches of the Zhuque-3 and Long March 12 rockets have shown progress, although recovery attempts faced challenges [4][5] - Tianbing Technology's Tianlong-3 rocket is positioned to compete with SpaceX's Falcon 9 in terms of cost, with significant advancements in reusable technology and production capabilities [5][7] Group 3: Satellite Internet Initiatives - China is advancing two major satellite internet projects, GW constellation and Qianfan constellation, aiming to deploy thousands of low-orbit satellites by 2024 [10][11] - The GW constellation, led by China Star Network, has accelerated its deployment schedule, significantly reducing the time between satellite launches [10] - Despite progress, both constellations have yet to deploy a significant percentage of their planned satellites, highlighting the need for enhanced rocket launch capabilities [11] Group 4: IPO Trends and Regulatory Environment - Over 10 commercial space companies have initiated IPO processes, with Blue Arrow Aerospace completing its guidance acceptance for the Sci-Tech Innovation Board [15][16] - The majority of these companies were established between 2015 and 2018, coinciding with favorable government policies promoting private sector involvement in commercial space [16] - Recent regulatory changes, including the establishment of a dedicated regulatory body for commercial space, are expected to streamline approvals and enhance industry coordination [16][17] Group 5: Manufacturing and Innovation in Satellite Production - Companies like Galaxy Aerospace are leveraging advanced manufacturing techniques to significantly reduce satellite production costs and timeframes [13] - The shift from traditional manufacturing to intelligent production methods is enabling rapid deployment of satellites, enhancing the overall efficiency of the industry [13][14] - Innovations in satellite design, including embedding computational capabilities, are set to transform data processing and communication in space [14]