Dec. 22, 2025 产业洞察 进行大规模内部煤渣清洁工程。为增加可回收火箭发射频率，Sp a c eX于2 0 2 5年1 0月，在星舰 (St a rs h i p ) 第 二 级 回 收 火 箭 试 射 中 ， 改 用 液 态 甲 烷 (Li q u i d Me t h a n e ) 代 替 航 空 煤 油 ， 大 幅 减 少 残余燃料清洁次数，进而降低整体发射成本。 相较美国由Sp a c eX主导大型商用火箭发射方向，中国航天局(CNSA)发布多项火箭发射计划， 由CASC发射长征系列火箭，主要将G6 0计划涵盖的低轨卫星、地球观测卫星送至现有卫星轨道 内，以精准执行国家级发射任务。同时，中国火箭大厂亦积极进行可回收火箭发射验证，项目 聚焦在优化垂直降落回收效率。 根据Tr e n dFo r c e集邦咨询最新研究，由于St a rli n k（星链）部署卫星星系需求上升，加上美国 太空军(US Sp a c e Fo r c e )定期发射国防卫星需求，太空厂商Sp a c eX已从部分回收火箭技术，转 往全面回收方向发展。此外，在火箭本体回收、新型燃料推动全球商用火箭发射成本逐渐降低 ...

全信股份（300447.SZ）12月15日在投资者互动平台表示，公司是航天工程线缆领域重要配套商，持续 为长征系列火箭进行配套。 每经AI快讯，有投资者在投资者互动平台提问：全信股份作为特种线缆与连接器供应商，参与长征十 二号甲等火箭项目，是不是有利于公司发展？ （记者 王晓波） ...

广联航空 20251214 摘要 广联航空通过并购跃峰股份，切入商业航天领域，跃峰是长征系列火箭 核心供应商，具备火箭金属结构件加工及柱箱生产能力，为广联航空在 航天领域的技术复用和市场拓展提供支撑。 跃峰股份在长征系列火箭配套中占据重要地位，同时积极拓展商业航天 市场，与蓝箭、星际荣耀等公司合作，提供火箭结构件和注箱等核心部 件，有望受益于商业航天市场的发展。 广联航空在新兴业务领域积极布局，包括燃气轮机、核聚变和具身智能 等，通过技术复用，将航空工业技术应用于这些新领域，并已取得初步 进展，如燃气轮机机匣成套交付。 广联航空提出"海陆空天"战略规划，旨在利用核心技术优势，实现全 空间业务覆盖，包括航空产品制造、商业航天、燃气轮机、核聚变、无 人舰艇及无人地面装备等方向。 广联航空与哈尔滨工业大学合作，成立研究院，共同推进机器人和无人 系统的发展，已在工业机器人、多足机器人及人形机器人方面取得进展， 并利用精密加工能力提升机器人性能。 Q&A 广联航空在董事长解除留置后，公司业务发展有何变化？市场担忧是否得到有 效消除？ 广联航空董事长已于上周末正式恢复工作，目前已回到公司正常工作。整个事 件基本告一段落， ...

商业航天2.0时代，最大的对手还是美国 12月12日，长征12号如期发射。这个直径3.8米，高62米的大块头，起飞质量约430吨，近地轨道一次能运12吨，发动机和未来登月火箭用的同一款，推力 可以精细调节。为何临近年底，中国火箭发射频繁，其背后又有什么战略考量，今天有必要逐一说明。 AI不是压垮地面算力的最后一根稻草，而是把算力推上太空的第一根火柴。 当模型规模从百亿参数走向万亿参数，全球数据中心都在疯狂加电，但仍然供不应求。此时，一个被忽视多年的方向突然爆火：天基算力。 在700–800公里之外，卫星可以获得不间断太阳能供电、极低冷却成本和跨大洲低延迟覆盖，而这些特性，恰好完美适配下一代算力需求。一旦天基算力 规模化，地球将第一次拥有"无限电力+近零冷却成本"的数据中心。 这不是技术幻想，而是产业竞争的新起点。在可预期的未来，商业航天不再是火箭行业，而是"太空版信息产业革命"，至此，商业航天已经从机械重复发 射导弹的1.0时代，正式进入"太空基建"为主的2.0时代。 01 目前火箭发射频率，无法应对商业航天的2.0时代 商业航天产业链分为上游制造、中游发射、下游应用与运营，商业航天时代来临之前，上游制造成本 ...

Core Viewpoint - The Long March series of rockets achieved a record of three successful launches in one day, marking significant advancements in China's satellite deployment capabilities [1][3][9]. Group 1: Launch Details - On December 9, 2023, at 6:11 AM, the Long March 6 modified rocket successfully launched 15 low Earth orbit satellites for satellite internet, with all satellites entering their designated orbits [3]. - At 11:41 AM, the Long March 4B rocket successfully launched the Remote Sensing Satellite 47, which is primarily used for land surveys and urban planning [9]. - At 11:08 PM, the Long March 3B rocket successfully launched the Communication Technology Test Satellite 22, which is intended for satellite communication, broadcasting, and data transmission [14]. Group 2: Mission Significance - The launch of the 15 low Earth orbit satellites is part of China's efforts to enhance its satellite internet capabilities, which could have implications for global connectivity [3]. - The Remote Sensing Satellite 47 will support various applications, including environmental management and disaster reduction, indicating a focus on utilizing satellite technology for public welfare [9]. - The Communication Technology Test Satellite 22 will facilitate advancements in communication technologies, showcasing China's commitment to improving its telecommunications infrastructure [14].

Core Insights - The 27th China International High-tech Achievements Fair (High-tech Fair) showcases 5,000 new products and technologies, with 90% being physical exhibits and 20% being debut displays, highlighting the innovation vitality in technology [4][12] - The event attracted over 450,000 visitors from more than 120 countries and regions, marking a 13% year-on-year increase, and facilitated 1,023 supply-demand matches and investment projects worth over 170 billion yuan [13] Group 1: Robotics and AI - A significant focus on robotics is evident, with over 500 companies participating in the "robotic team," showcasing a variety of robots from playful robotic dogs to industrial robotic arms, indicating a shift from conceptual to practical applications in daily life [6][8] - The event featured a robot fighting competition that drew large crowds, demonstrating public interest in robotics and AI technologies [1][4] Group 2: Aerospace and Medical Innovations - The China Aerospace Science and Technology Corporation displayed significant achievements, including models of the Long March series rockets and flexible solar wings, reflecting advancements in aerospace technology [10] - Shenzhen Polytechnic University presented medical innovations aimed at addressing health challenges faced by astronauts, indicating a growing focus on space-related healthcare solutions [10][12] Group 3: Regional Economic Innovations - The fair introduced a "Regional Economic Technology Innovation Achievements Zone," showcasing breakthroughs in clean energy, digital economy, and high-end equipment from various regions, emphasizing the importance of regional contributions to technological advancements [12] - Exhibits included cutting-edge technologies such as the "China Circulation No. 3" model and graphene composite fibers, attracting significant attention from attendees [12] Group 4: Global Engagement and Investment - The event served as a platform for global procurement and investment, with over 3,000 investment institutions, including Morgan Stanley and Goldman Sachs, seeking promising Chinese enterprises [13] - The fair's activities included over 200 major events, facilitating extensive networking and collaboration opportunities among international buyers and Chinese technology firms [13]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The 27th China Hi-Tech Fair showcased over 23,000 high-tech achievements, indicating a shift from concept hype to practical implementation in the technology market, with a focus on actual product value rather than mere technical gimmicks [38][39] - Key areas of focus included AI terminals, intelligent equipment, and commercial aerospace, highlighting significant technological advancements and market trends [38][39] Summary by Sections Robotics - The robotics exhibition featured breakthroughs across the entire industry chain, including the Fourier X3 exoskeleton rehabilitation robot and the Unitree B2 quadruped robot, showcasing advanced capabilities and applications in industrial scenarios [39] Commercial Aerospace - The commercial aerospace zone highlighted China's advancements in the "space economy," with notable products like the Long March series rockets and flexible solar wings, which achieved a photoelectric conversion efficiency of 33.5% [39] - The Yizhuang Star Arrow's reusable rocket demonstrated significant cost reductions and enhanced capabilities, with a single launch cost of 28 million yuan, only one-third of traditional rockets [39] Semiconductors - The semiconductor exhibition featured Montage Technology's DDR5 memory interface chips, which support a transmission rate of 8400Mbps and have a global market share of 36.8%, leading the industry for three consecutive years [40] New Energy Charging - Innovative technologies in the new energy charging sector were showcased, including Pisen's 140W Megawatt Flash Charging Hub, which supports multiple fast charging protocols and can charge various devices simultaneously [42] AI PCs - The AI PC sector saw advancements with Liulian Intelligent's MTN25C-140H-YD model, featuring a heterogeneous computing architecture and high-performance specifications, enabling local offline deployment of large AI models [43] Shenzhen-Hong Kong Integration - The Yingwu Intelligent YIVTOL S-ZERO ultra-light eVTOL aircraft was highlighted for its innovative lightweight structure and advanced safety features, with plans for mass production by 2026 [44] AI Technology Penetration - AI technology has penetrated various industries, achieving significant breakthroughs in applications such as the China Southern Power Grid's intelligent inspection system, which boasts a 99.2% accuracy rate in identifying transmission line defects [45]

Core Viewpoint - The 27th China International High-tech Achievements Fair showcases the transformation and industrialization of aerospace technology, highlighting over a hundred cutting-edge aerospace achievements across various sectors such as commercial aerospace, low-altitude economy, robotics, electronic information, and new energy [1][3]. Group 1: Event Overview - The event took place from November 14 to 16 in Shenzhen, featuring China Aerospace Science and Technology Corporation's first exhibition themed "Transformation and Industrialization of Aerospace Technology" [1]. - The exhibition included significant aerospace technology exhibits such as Long March series rockets, flexible solar wings, laser communication terminals, and renewable energy materials [3]. Group 2: Forum Highlights - The first "Aerospace Technology Achievement Transformation and Industrialization Forum" was held, gathering various innovative resources for in-depth industry discussions and creating a high-level platform for connecting aerospace technology with the Guangdong-Hong Kong-Macao Greater Bay Area market, talent, and capital [3]. - New entities such as the Shenzhen Aerospace Technology Achievement Transformation Centers and Shenzhen Aerospace Xinyu Technology Co., Ltd. were officially established, aiming to facilitate the transition from commercial aerospace to low-altitude economy [3]. Group 3: Technology Demonstrations - A roundtable discussion featured insights on innovative mechanisms for technology achievement transformation, promoting industrial upgrades and ecosystem building [5]. - Live demonstrations included projects like the Jiutian Hangyu low-altitude comprehensive flight service management platform and hydrogen energy industrialization projects, fostering direct exchanges between technology supply and demand [5]. - The forum also unveiled several new aerospace technology products, showcasing China's solid capabilities in the aerospace sector [5].

Core Viewpoint - The 27th China International High-Tech Achievements Fair (High-Tech Fair) serves as a significant platform for showcasing cutting-edge technology and facilitating technology transfer, featuring over 5,000 exhibitors and extensive international participation [4][5]. Group 1: Event Overview - The High-Tech Fair spans 400,000 square meters with 22 specialized exhibition areas and includes over 200 professional activities and more than 1,000 professional procurement teams [4]. - The event has evolved into a key link for technological innovation and industrial upgrading since its inception in 1999, attracting global attention [4][5]. Group 2: Technological Highlights - This year's fair emphasizes "high, precision, and cutting-edge" technologies, with over 90% of exhibits being physical products and more than 60 launch and roadshow events planned [5]. - The robotics section features over 500 companies showcasing the latest advancements in the robotics industry, including exoskeleton rehabilitation robots and quadruped robots [5]. - The commercial aerospace section highlights significant products from China Aerospace Technology Group, including Long March series rockets and flexible solar wings [5]. Group 3: Global Participation and Trade Facilitation - The fair aims to transition from being "China's top tech exhibition" to "the world's leading innovation exhibition," with major tech companies like Microsoft, Sony, and Intel participating [6]. - Over 30,000 global procurement agents from more than 100 countries are expected to attend, with procurement demand covering various fields such as smart equipment and artificial intelligence [7]. - The fair has set up an international investment negotiation area to connect high-tech projects with global investment institutions, including Morgan Stanley and Goldman Sachs [7]. Group 4: Networking and Collaboration Opportunities - More than 200 activities will take place during the fair, including professional forums and award evaluations, providing extensive networking opportunities for exhibitors and attendees [8]. - Industry leaders and experts will discuss solutions and future trends in cutting-edge fields such as commercial aerospace and artificial intelligence [8].

Core Insights - The commercial aerospace sector in China is experiencing significant stock price movements, with companies like Shanghai Huguang and Shanghai Port Bay hitting the daily limit, and Aerospace Intelligent Equipment rising by 16.57% following a successful satellite launch [1] - The successful launch of 13 low-orbit satellites using the Long March 12 rocket on November 10 marks a pivotal moment for China's commercial aerospace industry, which is expected to see a dual breakthrough in technology and scale by the end of 2025 [1] - The 27th China International High-tech Achievements Fair will take place from November 14-16, showcasing advancements in aerospace technology and products, including reusable rockets and other systems [1] Market Growth - China's commercial aerospace market is projected to grow from approximately 0.38 trillion yuan in 2015 to 2.3 trillion yuan by 2024, reflecting a compound annual growth rate of about 22% [2] - If the market continues to grow at a rate of 25%, it is expected to approach 10 trillion yuan by 2030, indicating substantial growth potential [2]