1月28日，中国航天科技集团商业火箭有限公司（以下简称"中国商火"）消息显示，中国商火近期召开 2026年度工作会议。会议强调，2026年是"十五五"开局之年，也是中国商火夯实基础、全面发力的关键 之年。中国商火将深化资源统筹，誓保首飞和回收成功。 此前，中国航天科技集团有限公司于1月15日召开的2026年度工作会议提出，2026年要统筹宇航重大工 程实施与产业化转型，深入推进载人登月、深空探测等重大工程，全力突破重复使用火箭技术，加速推 动航天强国建设。 2025年以来，已有两枚国产可重复使用火箭实现首飞入轨，预计2026年，多枚火箭将陆续首飞并尝试回 收。 技术攻坚合力形成 在发力重复使用火箭技术突破的队列中，既有国有企业，也有民营企业。 同时，多枚国产可重复使用火箭即将首飞。2026年，双曲线三号以及星云一号等国产可重复使用火箭亦 有望陆续首飞并尝试回收。北京星河动力航天科技股份有限公司相关负责人告诉《证券日报》记者， 2026年，智神星一号完成首飞后，公司也将对其开展回收尝试。 新机遇将持续涌现 可重复使用火箭技术突破是商业航天降本的关键，能大幅压缩发射成本，进而催生卫星组网、太空基建 等多元应用场景 ...

"商业航天"成中国新年热词 低成本太空运输正加速实现。顾行发强调，可重复使用火箭技术是降低发射成本和推动大规模星座部署 与太空旅行普及的关键。虽然2025年底和2026年初，朱雀三号与长征十二号甲接连回收失败，却验证了 百吨级推力调节等关键技术，为后续发射、子级可靠回收积累了宝贵经验。 中新社北京1月28日电 (记者 杜燕 徐婧)今年1月，力鸿一号遥一飞行器完成国内商业航天首次百公里级 亚轨道伞降回收，谷神星一号海射型、长征十二号运载火箭相继成功发射卫星；演员黄景瑜官宣成为中 国首批商业航天太空旅客；中国首个星际航行学院成立……一系列成果密集落地，让"商业航天"迅速成 为新年热词。 2015年，《国家民用空间基础设施中长期发展规划(2015—2025年)》出台，明确鼓励社会资本进入商业 发射领域，这一年被业内称为"中国商业航天元年"。 十年间，硕果累累。谈及商业航天的潜力，北京市政协委员、国际宇航科学院院士顾行发在北京市政协 十四届四次会议期间接受中新社记者采访时这样描述：互联网是"加"，大数据是"乘"，而商业航天则 是"幂"。 数据显示，2023年，中国航天共实施67次发射，将270颗卫星送入太空，其中商业 ...

□四川日报全媒体记者 宁宁 新年伊始，一场贯穿技术、资本与战略资源的商业航天竞赛，已悄然升温。英国《金融时报》报道，马斯克正在 加速推动SpaceX在今年7月前完成首次公开募股（IPO），目标估值高达1.5万亿美元，计划融资超300亿美元。若 成行，这将成为人类历史上规模最大的IPO。 聚焦国内，继2024年低空经济、2025年人形机器人之后，商业航天接棒成为2026 开年科技"爆点"，引爆A股"开门 红"行情，带动单日成交额接连刷新历史纪录。与此同时，多家行业头部企业密集更新IPO辅导进展。 商业航天何以在此时爆发？行业热潮之下，四川作为国家布局的航天战略基地，如何抢抓机遇？ 商业航天驶入快车道，离不开多重因素共同驱动。 供给端政策利好不断。从国家层面看，商业航天连续两年被写入政府工作报告，国家航天局设立商业航天司，公 布推进商业航天高质量安全发展行动计划（2025—2027年）。 从地方层面看，20多个地方政府出台涉及商业航天发展的产业政策，多地设立商业航天专项基金，科创板针对商 业航天行业重启第五套上市标准……政策、资本、市场三重力量叠加，商业航天迎来发展机遇。 需求端呈现爆发式增长。目前中国已累计申报 ...

编者荐语： 不能把太空拱手让给星链。 以下文章来源于华商韬略 ，作者华商韬略 华商韬略 . 作者：张静波 来源：华商韬略（ID：hstl8888） 美国德州，马斯克旗下星舰基地。数千名工程师，正在墨西哥湾畔，如冲锋般日夜赶工。而就在马斯克领 衔的这支舰队一路狂飙之际： 中国，终于放大招了。 聚焦标杆与热点、解构趋势与韬略 01 一鸣惊人 2025年岁末，国际电信联盟（ITU）官网一则消息，引爆全球： 中国一次性提交了约20.3万颗低轨/中轨卫星的频率与轨道资源申请！ 这件事到底有多炸裂呢？先看一组数据： 截至2026年初，全球在轨卫星数量大约1.4万颗，这其中六成以上、近9400颗，属于马斯克旗下星链计划。 按计划，星链发射总数约为4.2万颗。 换句话说，中国一次申请数量就相当于星链计划的5倍，更是目前全球在轨卫星总数的15倍。 虽然这只是申请，申请不一定得到批准，批准也不一定如数实际部署，但这一消息还是迅速引发全球震 动，甚至刺激了诸如美国的太空行动。 美国联邦通信委员会（FCC）在中国申请消息公布后，火速批准了SpaceX额外部署7500颗星链卫星。 与此同时，马斯克宣布：将4400颗星链卫星从550公里 ...

Core Viewpoint - The article emphasizes that commercial aerospace is poised for explosive growth by 2026, driven by government support, technological breakthroughs, capital influx, and market demand [6][8]. Group 1: Policy Support - The establishment of a Commercial Aerospace Department by the National Space Administration and supportive policies from over ten provinces have created a favorable environment for the industry [7][22]. - The government has included commercial aerospace in its work reports for two consecutive years, indicating a strategic focus on this sector [22]. Group 2: Technological Breakthroughs - Key advancements include successful tests of reusable rockets and the transition of satellite production to a "mass production" model, significantly enhancing launch capabilities [23][25]. - The Hainan launch site is now operational, supporting up to 16 high-density launches annually [23]. Group 3: Capital Influx - In 2025, the commercial aerospace sector saw a total financing of 18.6 billion yuan, a year-on-year increase of 32%, with significant investments in satellite applications and rocket manufacturing [28]. - More than ten companies are accelerating their IPO processes, indicating a robust interest from investors [28][29]. Group 4: Market Demand - The demand for low-orbit satellite constellations is increasing, with applications in satellite communication, space computing, and space tourism becoming more viable [7][35]. - The article highlights that there are 286 million non-internet users in China, representing a significant market opportunity for satellite communication services [7]. Group 5: Reusable Rocket Technology - Reusable rocket technology is expected to reduce launch costs by up to 60%, marking a shift towards "flight-like launches" in commercial aerospace [41]. - The first successful tests of vertical landing and recovery for rockets have been completed, with multiple rocket types set to debut in 2026 [42]. Group 6: Industry Structure - The commercial aerospace industry is characterized by a collaborative model involving state-owned enterprises, private companies, and local governments, creating a diversified ecosystem [16][22]. - The article outlines the differences between traditional and commercial aerospace, emphasizing the market-driven approach of the latter [15][16].

Core Viewpoint - The article discusses the resurgence of the commercial aerospace sector in China, highlighting significant developments and investment opportunities driven by government policies and technological advancements [12][42]. Group 1: Market Dynamics - The recent rebound in the A-share market reflects a broader recovery in the technology sector, particularly in the commercial aerospace segment, with over 20 stocks hitting the daily limit up [3][14]. - The Aerospace ETF (159227) has shown a remarkable performance, increasing by 53.64% since its launch in May last year, and has been included in the top ten core ETFs for global investment in China by 2026 [4][14]. Group 2: Industry Developments - Five key commercial aerospace companies, including Xinghe Power and Blue Arrow Aerospace, are progressing towards IPOs, aiming to raise funds for ambitious projects [9][11]. - China's commercial aerospace industry is projected to reach a scale of 2.5 to 2.8 trillion yuan by 2025, with an annual growth rate exceeding 20% and over 600 companies expected to operate in this sector [13][22]. Group 3: Technological Advancements - Significant advancements in technology are being made, such as the construction of the first offshore liquid rocket launch and recovery platform in Yantai, and successful tests of manned spacecraft landing systems [13][21]. - The development of reusable rocket technology is identified as a critical factor for reducing launch costs and enhancing capacity, with expectations for multiple successful test flights in 2026 [43][44]. Group 4: Investment Opportunities - The commercial aerospace sector is viewed as a major investment opportunity, with the potential for substantial returns as the industry matures and expands [36][42]. - The Aerospace ETF (159227) is highlighted as a strategic investment tool, focusing on high-purity military applications and leading commercial aerospace content, with a market size of 2.975 billion yuan and an average daily trading volume of 843 million yuan [41][39].

2026年初，A股"春季躁动"悄然提前，商业航空航天、脑机接口等题材持续轮动，崭露头角。 1月22日，上证指数持续调整，商业航天板块回暖，爱乐达、天银机电涨逾12%，北摩高科、博云新材 等多只个股涨停。 伴随着公募基金四季报密集披露，多位基金经理提及，四季度加仓了商业航天等板块；但也有基金经理 坦言，错失了商业航天、机器人等领域在四季度的投资机会，并开始反思未来如何更好地布局那些短期 业绩和估值不完全匹配，但长期空间较大的板块。 商业航天去年四季度表现亮眼，有基金经理错失投资机会 2025年四季度，A股主要指数呈现震荡走势。受益于中国在人工智能及全球产业链中地位的提升，科技 与资源板块表现出较强韧性。 通信设备、半导体及人工智能等板块活跃度较高，国防军工、有色金属、非银金融也录得较好涨幅。相 比之下，食品饮料和房地产等内需相关板块表现偏弱，传媒、计算机和医药生物等板块也有所回调。 商业航天概念在去年四季度放量反弹。国家航天局商业航天司的设立释放出明确的政策支持信号，相关 融资与上市活动活跃。产业层面亦取得积极进展，"朱雀三号""长征十二号甲"等火箭相继首飞入轨，可 回收火箭进入工程验证阶段。 从四季报来看，基 ...

国泰海通证券认为，展望2026年，中国商业航天有望迎来高速发展。1)2025年中国载人航天、深空探 测、商业航天等领域完成多项突破，实现多个首次。航天全年发射次数达到92次，创造历史新高。2026 年，中国航天将迎来更多新的惊喜和突破。从空间站建设到探月探星，再到商业航天发展（000547）， 中国航天正朝着建设航天强国的目标开启新征程。2)作为新质生产力，自主、多元、高效的商业航天将 进一步发挥灵活的商业发射能力，为我国卫星互联网星座快速组网提供核心运力支撑。3)"十五五"时期 以朱雀三号、长征十二号甲为代表的大型火箭批量应用有望打破当前制约我国星座建设的技术瓶颈，我 国商业航天发射节奏有望持续提速，以GW、G60为代表的巨型星座建设有望提速，中国商业航天事业 有望迎来高速发展。 据国家航天局消息，2025年，我国商业航天保持快速发展。全年完成发射50次，占我国全年宇航发射总 数54%。其中，商业运载火箭发射25次；海南商业航天发射场投入使用并实施9次发射，建成以来累计 完成10次发射；其他商业卫星发射16次。全年入轨商业卫星311颗，占我国全年入轨卫星总数84%。 华金证券认为，1)商业航天产业迎来爆发期 ...

Core Viewpoint - The commercial aerospace sector has experienced significant volatility, driven by market enthusiasm and policy support, but also faces challenges related to valuation and regulatory scrutiny [1][2]. Group 1: Market Dynamics - The commercial aerospace sector gained momentum due to clear market opportunities and supportive policies, with notable advancements in reusable rocket technology and satellite internet applications [1]. - The "14th Five-Year Plan" identifies aerospace as a strategic emerging industry, leading to increased capital activity through various local government initiatives [1]. Group 2: Valuation and Regulatory Concerns - The sector has accumulated valuation bubbles, with an average price-to-earnings ratio reaching 96 times, and some leading stocks exceeding 1,000 times, indicating a significant disconnect between earnings and valuations [2]. - Regulatory warnings from the Shanghai Stock Exchange regarding inaccurate and incomplete information disclosures have raised concerns about speculative trading, contributing to market corrections [2]. Group 3: Long-term Outlook and Investment Strategy - Despite short-term volatility, long-term factors such as policy support, technological breakthroughs, and market demand will continue to drive the industry's development [2]. - Investors are advised to adopt a long-term value investment approach, focusing on companies with core technologies and commercial potential, while avoiding those reliant on speculative trading [3].

Core Viewpoint - The commercial aerospace sector has experienced significant volatility in stock prices, driven by market enthusiasm and policy support, followed by a sharp correction due to valuation concerns and regulatory scrutiny [2][3]. Group 1: Market Dynamics - The commercial aerospace sector saw a surge in interest and stock price increases at the beginning of 2026, leading to a wave of trading halts due to abnormal price fluctuations [1]. - The market opportunity became clearer with advancements in reusable rocket technology and the introduction of satellite communication features in consumer devices, attracting substantial capital investment [2]. - The "14th Five-Year Plan" has identified aerospace as a strategic emerging industry, with various local governments establishing funds and policies to support the entire commercial aerospace value chain [2]. Group 2: Valuation and Regulatory Concerns - The commercial aerospace sector accumulated a valuation bubble, with an average price-to-earnings (P/E) ratio of 96 times, and some leading stocks exceeding 1,000 times, indicating a significant disconnect between earnings and valuations [3]. - Regulatory bodies, such as the Shanghai Stock Exchange, have issued warnings regarding inaccurate and incomplete information disclosures by companies, raising concerns about speculative trading practices [3]. - The market correction was exacerbated by shareholder sell-offs and a lack of capital support for inflated stock prices, leading to a significant downturn [3]. Group 3: Long-term Outlook and Challenges - Despite short-term volatility, the long-term development of the commercial aerospace sector is supported by ongoing policy backing, technological breakthroughs, and market demand [3]. - The industry faces challenges in expanding application scenarios and controlling costs, necessitating long-term efforts to enhance technology maturity and optimize cost structures [3].