消息面上，12月15日，北京丰台区联合中国航天科技集团一院、中国航天科工集团三院等"国家队"力 量，宣布筹建"宇航科技城"。与此同时，产业链上的各方也开始行动。12月15日，星河动力旗下新一代 中型运载火箭谷神星二号Y1箭在酒泉卫星发射中心执行首飞任务。同一天，紫微科技自主研发的空间 试验器搭载快舟十一号火箭成功发射入轨。从资本市场到产业一线，商业航天，这个涵盖火箭发射、卫 星制造与运营、太空旅游等市场化航天活动、潜在规模达万亿级的新赛道，正在经历一场自上而下的加 速度。 中银证券研究团队认为，商业航天主题正突破"升温"期。商业航天领域近期迎来顶层设计完善以及新政 策支持，为产业发展明确了发展蓝图，增强了市场对商业航天长期发展的信心。近期，我国卫星互联网 低轨卫星组网发射明显提速，未来国内商业航天进入常态化、高频次发射阶段后将对产业链上下游形成 实质性利好。 流动性方面，航空航天ETF盘中换手8.74%，成交1.91亿元。拉长时间看，截至12月17日，航空航天ETF 近1周日均成交2.98亿元。 航空航天ETF（159227）紧密跟踪国证航天指数，覆盖航空装备、航天装备、卫星导航、新材料等关键 产业链环节，商 ...

从资本市场到产业一线，商业航天，这个涵盖火箭发射、卫星制造与运营、太空旅游等市场化航天活 动、潜在规模达万亿级的新赛道，正在经历一场自上而下的加速度。站在2025年的尾声回望，商业航天 已从政策文件中的新兴词汇，演变为一场席卷资本、产业与地方经济的风暴。 2025年末最后一个月，投资者的情绪再三被商业航天概念股点燃。 A股市场上，12月以来的商业航天板块持续发酵。通光线缆（300265.SZ）、中钢洛耐（688119.SH）、 中超控股（002471.SZ）、四川金顶（600678.SH）等多只概念股密集涨停。 12月16日，天力复合（920576.BJ）收盘上涨18.49%，7个交易日累计涨幅近200%；再升科技 （603601.SH）在12月5日至12月16日期间曾连续8个交易日内出现五次涨停，区间涨幅达83.66%。 就在此前一天，北京丰台区联合中国航天科技集团一院、中国航天科工集团三院等"国家队"力量，宣布 筹建"宇航科技城"。 与上述火热投资氛围相呼应的是，产业链上的各方也开始行动。12月15日，星河动力旗下新一代中型运 载火箭谷神星二号Y1箭在酒泉卫星发射中心执行首飞任务。同一天，紫微科技自主研发 ...

Core Viewpoint - The commercial space industry, encompassing rocket launches, satellite manufacturing and operation, and space tourism, is experiencing rapid growth and transformation, with a potential market size reaching trillions of yuan, marking a significant shift from policy discussions to a vibrant economic sector by the end of 2025 [1][3]. Market Dynamics - Investor sentiment has been significantly boosted by commercial space concept stocks, with notable price surges in companies like Tongguang Cable and Zhonggang Luoni, reflecting a strong market interest [2]. - The establishment of "Space Technology City" in Beijing, in collaboration with major state-owned enterprises, indicates a strategic push towards developing a robust commercial space ecosystem [2][5]. Government Initiatives - Local governments are actively promoting the commercial space sector, with Guangdong aiming for a 300 billion yuan industry scale by 2026 and offering financial incentives for companies setting international standards [6]. - The Beijing Economic and Technological Development Zone has launched a 10-point plan to support the commercial space industry, including a 10 billion yuan investment fund [5]. Industry Developments - The number of new commercial space enterprises has surged, with over 15 companies established in August 2025 alone, indicating a growing interest in the sector [7]. - Major companies like Star Glory and Blue Arrow are collaborating with local state-owned enterprises to explore ecosystem development [5]. Capital Involvement - The commercial space sector has seen a rise in financing activities, with significant funding rounds for leading companies like Star Glory and Tianbing Technology [8]. - The inclusion of commercial space in the Sci-Tech Innovation Board's listing criteria has opened new avenues for funding, allowing unprofitable companies with core technologies to access capital markets [8]. Competitive Landscape - Companies are adopting diverse strategies, with some focusing on high-capital, high-risk rocket launches, while others are carving niches in specialized segments of the industry [9][10]. - The trend of "R&D in Beijing, production in the Yangtze River Delta" is becoming common among commercial space firms, optimizing their operational efficiency [12]. Market Evaluation - The capital market is increasingly scrutinizing commercial space companies, emphasizing the need for tangible performance and profitability [14]. - Companies like Srey New Materials and Superfast Co. are experiencing growth due to increased orders from the commercial space sector, reflecting a positive market response [15][16]. Role of State-Owned Enterprises - State-owned enterprises are transitioning to compete in the commercial market, focusing on market competitiveness and restructuring to align with commercial objectives [19]. - Collaborations between state-owned and private enterprises are becoming more prevalent, with state-owned firms leveraging their technological advantages while private firms offer efficiency and cost control [20][21]. Future Outlook - The commercial space market is projected to reach $680.25 billion globally, with China's market potentially exceeding 2.5 trillion yuan, highlighting the immense growth potential [21]. - The integration of state-owned and private enterprises is expected to foster innovation and efficiency, positioning them for success in the evolving commercial space landscape [22].