2025 年 12 月 21 日 基础化工 关注商业航天相关化工材料投资机遇 中美政策力度空前，商业航天迈入黄金发展期 海外方面，马斯克旗下太空探索技术公司（SpaceX）已正式启动 IPO 进程，公司内部股价定为 421 美元/股，对应估值约 8000 亿 美元，较今年 7 月估值水平已接近翻番。与此同时，全球商业航 天卫星发射日趋活跃，截至 2025 年 11 月底，全球已完成 290 次 轨道发射，全年预计突破 320 次，超过 2024 年 261 次的历史记 录，或标志着商业航天卫星产业或正进入加速期。政策层面，美 国特朗普政府于 2025 年 8 月签署《促进商业航天工业竞争》行 政命令，旨在简化发射监管流程、压缩环境评估时限，为 SpaceX 等企业松绑，激发市场活力，同年 12 月，美国政府进一步明确以 2028 年重返月球、2030 年建立月球前哨站为目标的太空计划， 为行业发展持续注入动力。国内方面，"十五五"规划建议明确 提出，要加快新能源、新材料、航空航天、低空经济等战略性新 兴产业集群发展。国家航天局正式设立商业航天司，并发布《推 进商业航天高质量安全发展行动计划（2025—2027 ...

Core Viewpoint - The company is committed to strengthening its position in the functional film market by expanding its product offerings and focusing on key application areas that require import substitution [1] Group 1: Market Research and Development Plans - The company continues to conduct market research on functional films to identify potential areas for development [1] - The company aims to enhance its market position by focusing on reflective functional films and exploring new application scenarios [1] Group 2: Investment in R&D - The company is concentrating its resources and R&D team on increasing investments in optical base films, solid and semi-solid electrolyte base films, and CPI films [1] - The goal is to overcome core technological barriers and achieve industrialization while creating a champion product series [1] Group 3: Focused Application Areas - The company will prioritize four major application scenarios: new displays, semiconductors, 5G, and new energy vehicles and energy storage [1] - It plans to develop critical functional film products that are heavily reliant on imports and urgently need to achieve import substitution in these areas [1]