作为国资控股的综合性证券公司，粤开证券始终将"合规、诚信、专业、稳健"的证券行业文化理念深植 于战略基因之中，以"国家级经开区背景产业投行"为特色，致力于打造粤港澳大湾区精品特色券商。在 产业投资这一核心业务板块上，粤开证券秉持长期主义理念，以"慢投资"为逻辑，在新能源、生物医 药、商业航天、低空经济等前沿领域深耕细作，助力科技型企业的可持续发展，这不仅是业务选择，更 是对行业文化中"专业是特色、稳健是保证"精神的躬行实践。 粤开证券董事长郭川舟近日接受中国证券报记者采访时表示，在中国宏观经济从"要素驱动"向"创新驱 动"跨越的当下，金融支持新质生产力，不能只看短期回报，更要坚守长期价值。粤开证券将依托自身 深厚的产业投资基因，致力于在产业链重点企业、关键环节与核心要素上形成集聚效应，陪伴企业共同 成长，推动硬科技突破，培育新质生产力，以实际行动践行行业文化价值追求。 ● 本报记者 万宇 战略优势： "专业研判"与"国资属性"双轮驱动 当前中国经济正处于新旧动能转换的关键攻坚期，以数字经济、绿色能源、高端制造为代表的新动能正 加速集聚，经济运行总体保持回升向好态势，特别是高技术产业投资持续领跑，体现经济结构的 ...

1月17日12时08分，星河动力谷神星二号运载火箭在酒泉卫星发射中心点火升空，火箭飞行异常，首次 飞行试验任务失利。具体原因正在进一步分析排查。 对于此次失利，星河动力在官微表示，向本次任务的参与各方及所有关心和支持星河动力航天的领导朋 友们致以最诚挚的歉意。公司将始终怀揣对航天技术的敬畏之心，全力查明故障原因，认真严谨组织谷 神星二号的归零与复飞工作，确保后续发射任务的圆满成功。 谷神星二号是星河动力在谷神星一号基础上重点研发的升级型号，火箭采用三级固体串联+液体上面级 方案，起飞质量100t，500km LEO运载能力为1.6t，500km SSO运载能力1.3t、运载效率1.3%，达到了国 际领先水平。谷神星二号支持海陆多种平台发射，在保持灵活性、快速性基础上，通过技术创新与系统 优化显著降低发射成本，发射单价与200吨级中型液体火箭相当。 谷神星一号是星河动力的主力火箭型号，在商业发射市场上占据优势地位。截至目前，星河动力航天已 成功开展21次商业发射交付，将总计89颗不同功能的商业卫星精确送入预定轨道。 1月16日，星河动力谷神星一号海射型（遥七）的成功发射，成为2026年民营商业发射的"开门红"。 ...

Core Viewpoint - Beijing Xinghe Power Aerospace Technology Co., Ltd. (Xinghe Power) faced a launch failure of its Vesta-1 (Remote 19) rocket on November 10, 2023, which did not successfully place its satellite into orbit, marking a setback during a critical period for its A-share IPO preparation [1][2]. Group 1: Launch Failure Details - The Vesta-1 rocket experienced normal flight for its first three stages, but the fourth stage encountered an anomaly and shut down prematurely after 510 seconds, resulting in mission failure [1]. - This incident is not the first for Xinghe Power; a previous launch on September 21, 2023, also failed due to instability caused by an engine component defect [4]. Group 2: Company Performance and Market Position - Despite the recent setbacks, Xinghe Power is one of the leading private rocket companies in China, having completed 22 launch missions with a success rate of approximately 90.9%, successfully placing 85 satellites into orbit [4]. - The company accounts for about 51.3% of the total successful launches in the domestic private rocket sector [4]. Group 3: IPO and Financing Activities - The launch failure occurred shortly after Xinghe Power initiated its IPO counseling process in late October 2023 [5]. - In September 2023, the company completed a record-breaking D-round financing of 2.4 billion yuan, marking the highest single financing amount for a private rocket company in China to date [6]. - Since its establishment in 2018, Xinghe Power has raised over 5.3 billion yuan and was valued at 15 billion yuan by the end of last year [6]. Group 4: Industry Trends - The recent launch failure highlights the challenges faced by the commercial space sector, which is currently experiencing a wave of IPO activities among several leading private rocket companies [5][7]. - The regulatory environment has become more favorable for commercial space enterprises, with new rules allowing unprofitable tech companies to list on the STAR Market, prompting a surge in IPO preparations [7].

Core Viewpoint - On November 10, 2023, the launch of the Vesta-1 (Yao 19) rocket by Star River Dynamics Aerospace was unsuccessful, failing to place the satellite into orbit due to an abnormal shutdown during the final flight stage after 510 seconds of flight [1]. Company Overview - Star River Dynamics Aerospace was established in 2018 and primarily provides launch services for domestic and international aerospace clients. Its core products include the "Zhishenxing" series of medium to large reusable liquid rockets and the "Gushenxing" series of small solid rockets [2]. - In late September 2023, Star River Dynamics Aerospace completed a Series D financing round, raising a total of 2.4 billion yuan. The funds will be used to accelerate the development and related production, testing, and launch capabilities of the "Zhishenxing" series of reusable liquid rockets and the "Gushenxing II" medium solid rocket [2].

Core Viewpoint - The launch of the Ceres-1 rocket by Star River Dynamics Aerospace was unsuccessful due to an abnormal shutdown during the final stage of flight, with the specific cause under investigation [1]. Company Overview - Star River Dynamics Aerospace is the first private rocket company in China to achieve continuous and stable successful launches, holding the record for the most launches, the highest number of clients served, and the highest success rate among private rocket companies [5]. - The company provides efficient and reliable launch services for domestic and international aerospace clients, with core products including the "Zhishenxing" series of medium to large reusable liquid rockets and the "Gushenxing" series of small solid rockets [6]. Industry Context - The commercial aerospace sector in China is experiencing rapid growth, with a significant increase in launch activities noted in October 2023, including successful launches of multiple satellites [7]. - As of July 2025, the commercial aerospace sector has seen 31 financing events totaling 2.143 billion yuan, with an average single financing amount of 6.9 million yuan, nearing the total for the entire year of 2024 [7]. - On September 25, 2023, Star River Dynamics Aerospace completed a Series D financing round of 2.4 billion yuan to accelerate the development and production of its "Zhishenxing" and "Gushenxing II" rockets [7].

Core Viewpoint - The launch of the Ceres-1 (Yao-19) rocket by Galaxy Dynamics Aerospace on November 10 was unsuccessful due to an anomaly during the final flight phase, which prevented the satellite from reaching its intended orbit [1] Group 1: Launch Details - The Ceres-1 (Yao-19) rocket was launched from the Jiuquan Satellite Launch Center at 12:02 PM on November 10 [1] - The rocket's first, second, and third stages performed normally, and the separation of stages was successful [1] - The fourth stage ignited and flew for 510 seconds before an early shutdown occurred, leading to mission failure [1] Group 2: Company Response - Galaxy Dynamics Aerospace expressed sincere apologies to the mission's clients and supporters for the failure [1] - The company is committed to thoroughly investigating the cause of the anomaly and will rigorously organize the recovery and re-launch of the Ceres-1 [1] - The company aims to ensure that future launch missions are successful [1]

Core Viewpoint - The successful launch of the Vesta-1 rocket by Beijing Xinghe Power Aerospace Technology Co., Ltd. marks a significant achievement in China's commercial space sector, highlighting the potential for collaboration between state-owned and private enterprises in the aerospace industry [1][2]. Company Overview - Liu Jianshe, the president and technical leader of Xinghe Power, has been a driving force in the company's development since its founding, believing in the vast prospects of the commercial space market [2]. - The company has achieved 20 successful launches in just eight years, serving 27 satellite clients and successfully placing 85 different types of commercial satellites into orbit [2][3]. Technological Advancements - Xinghe Power is preparing for significant milestones in the fourth quarter, with the Vesta-2 and Zhi-1 rockets entering critical stages of development, aiming to enhance their launch capabilities [3]. - The Vesta-2 rocket is an upgraded model with parameters reaching international leading levels, designed to support various launch platforms and significantly reduce launch costs [3]. Market Position - Xinghe Power is recognized for its high success rate and cost control in the commercial space sector, achieving a 95% launch success rate and creating multiple milestones for private rocket companies in China [4][5]. - The company has implemented strict quality control and failure mitigation mechanisms, which have been crucial for maintaining its operational success [5]. Future Prospects - The company has recently completed a D-round financing of 2.4 billion yuan, aimed at accelerating the development of reusable liquid rockets and enhancing production and launch capabilities [7]. - Liu Jianshe anticipates a significant demand for low-orbit satellite launches in the next decade, emphasizing the importance of cost and reliability in the sustainable development of the industry [7].

Core Insights - Xinghe Power successfully launched the Vesta-1 rocket, delivering a total of 27 satellites and the Aishen Star experimental platform into a predetermined sun-synchronous orbit [1][3]. Group 1: Launch Details - The launch, named "Qiao Qiao Xian," symbolizes the integration of space exploration and poetic ideals, reflecting a cultural significance [3]. - The mission included four satellites with distinct functions: Kaiyun-1 for Earth observation, Zhixing-1 for material verification and imaging, and YunYao-1 for GNSS occultation detection [3][5]. - The Aishen Star platform is China's first commercial rocket upper stage designed for long-term orbital operation, enhancing the utility of the rocket's upper stage [5]. Group 2: Technological Advancements - The Aishen Star platform was adapted from the Vesta-1 rocket's upper stage, enabling it to provide low-cost and efficient in-orbit testing services for new technologies and products [5]. - This innovation marks a significant step in resource reuse within the commercial space sector, potentially opening new pathways for future developments [5]. Group 3: Industry Positioning - Ziyang is establishing itself as a comprehensive commercial rocket hub in Western China, aiming to become a core growth area for the commercial space industry and a benchmark for low-cost manufacturing [7]. - The city is transitioning from merely being a "space delivery service" to a provider of critical core technologies, expanding its role in the space industry [8].

Core Insights - On September 5, China successfully launched the Ceres-1 rocket from the Jiuquan Satellite Launch Center, deploying multiple satellites including the Kaiyun-1, Yuxing-3 08, and Yunyang-1 27, marking the second rocket launch of the day [1][2] Group 1: Satellite Missions - The Kaiyun-1 satellite focuses on Earth observation and spatial perception, tasked with data collection and transmission to support various scientific research initiatives [1] - The Yuxing-3 08 satellite is primarily engaged in the in-orbit verification of new temperature-variable materials, and will later utilize its 5-meter resolution remote sensing camera for Earth imaging tasks [1] - The Yunyang-1 27 satellite is designed to gather information on atmospheric temperature, humidity, pressure, and ionospheric electron density [1] Group 2: Test Platforms and Technologies - The Aishen Star orbital test platform, developed by Xinghe Power Aerospace, is a commercial rocket upper stage that will continue to operate in orbit after completing its primary mission, conducting long-duration in-orbit tests using its atmospheric detection and visible light payloads [2] - The Aishen Star platform has undergone adaptive modifications to enhance its long-term operational capabilities in orbit, providing low-cost and efficient in-orbit testing and validation services for various new technologies, devices, and products [2] - On the same day, China also successfully launched the Long March 3B rocket, which deployed the Shiyan-29 satellite into its designated orbit [2]

Core Viewpoint - Zhongke Aerospace Technology Co., Ltd. (referred to as "Zhongke Aerospace") has initiated its IPO counseling process, despite reporting a projected revenue of 243 million yuan and a net loss of 748 million yuan for 2024, highlighting the growing interest and investment in the commercial aerospace sector in China [1][3][4]. Company Overview - Zhongke Aerospace was established on December 19, 2018, with a registered capital of 360 million yuan, located in Nansha, Guangzhou. The company focuses on the development of medium to large rockets, customized space launches, suborbital scientific experiments, and space tourism [2]. - The company is incubated by the Institute of Mechanics, Chinese Academy of Sciences, and its major shareholders include Beijing Pengyi Junlian Space Technology Center (27.75%) and Beijing Zhongke Lisen Technology Co., Ltd. (26.77%) [2][3]. Financial Performance - For 2024, Zhongke Aerospace is projected to have total assets of 1.867 billion yuan, total liabilities of 971 million yuan, and a net asset value of 896 million yuan, with a net loss of 748 million yuan [3][4]. - Despite the losses, the company has seen an increase in net assets and a decrease in total liabilities due to ongoing capital injections [4]. Market Context - The commercial aerospace sector is characterized by high capital requirements and long return cycles. The recent inclusion of commercial aerospace in the "not yet profitable" green channel for IPOs by the Science and Technology Innovation Board has facilitated access to public market funding [1][6]. - In the past month, three commercial aerospace companies, including Zhongke Aerospace, have initiated IPO processes, indicating a trend of increasing interest from public market investors [1][6]. Investment Landscape - The commercial aerospace sector has attracted significant venture capital, with 15 companies in the field completing financing this year. Notable investors include various private equity firms and industry-specific funds [7][8]. - Banks are also playing a crucial role in supporting commercial aerospace companies through credit and equity investments, with institutions like China Bank and Minsheng Bank providing substantial credit lines and customized financial services [9][10].