In the second half of this year, the “good nuclear bombs” in the commercial aerospace investment market really came one after another, and each one was more surprising than the last. In June, the China Securities Regulatory Commission restarted the fifth set of listing standards for the Science and Technology Innovation Board, allowing unprofitable technological innovation companies to go public, and commercial aerospace was included in the scope of support. At the end of October, the full text of the national “15th Five-Year Plan” recommendations was released, proposing for the first time the need to accelerate the construction of a space power. After that, the National Space Administration established the Commercial Aerospace Department. After ten years of wild development, my country’s commercial aerospace industry ushered in a full-time regulatory agency, and began to officially have a department to manage the specific matters of commercial aerospace. On November 25, the National Space Administration issued the “National Space Administration Action Plan for Promoting High-Quality and Safe Development of Commercial Aerospace (2025-2027)”, which included commercial aerospace into the overall layout of national aerospace development and proposed to achieve high-quality development of commercial aerospace by 2027. The action plan not only proposed the establishment of a national The Commercial Aerospace Development Fund guides local governments and social capital to establish investment platforms to solve the “long-term funding” problem for the commercial aerospace industry. Even better, the document states that companies developing commercial satellites no longer need to apply for weapons and equipment scientific research and production licenses, which solves the key access barriers that plague many private enterprises.
Entering December, a piece of news that SpaceX is advancing its initial public offering (IPO) plan instantly detonated the entire commercial aerospace investment market. Investors who are concerned about commercial aerospace, whether it is the primary market or the secondary market, almost everyone is talking about SpaceX’s IPO. The sentiment directly shocked the entire market. SpaceX’s trillion valuation has greatly boosted global capital’s confidence in the commercial aerospace track, creating a more favorable investment and financing environment for my country’s private aerospace companies that have launched IPO guidance (such as Blue Arrow Aerospace, Tianbing Technology, Interstellar Glory, Galaxy Power, etc.).
I thought this was going to explode, but by the end of December, the country implemented two policies a day to support the development of the commercial aerospace industry. First, the National Development and Reform Commission, the Ministry of Finance and other departments jointly issued relevant policies for the launch of venture capital funds, with a fiscal investment of 100 billion yuan from the national level (using ultra-long-term special treasury bond funds), giving full play to the leverage effect, and it is expected to leverage social capital to form a trillion yuan fund scale. What is even more gratifying is that the guiding fund has a 20-year duration, of which 10 years The investment period and 10-year exit period can provide enterprises with a longer period of capital supply through a longer investment period, which perfectly matches the long-term and high-risk characteristics of commercial aerospace projects. This means that the commercial aerospace industry has not only received policy support from the national will, but has also transitioned to all-round and three-dimensional support from specific funds. Immediately afterwards, the Shanghai Stock Exchange immediately issued the “Guidelines No. 9 on the Application of Issuance and Listing Review Rules of the Shanghai Stock Exchange – The Fifth Set of Listing Standards for the Science and Technology Innovation Board Applicable to Commercial Rocket Companies”, which formulated specific and operable listing review standards based on the characteristics of commercial rocket companies. As the first special implementation rules issued for a single industry after the launch of the fifth set of listing standards on the Science and Technology Innovation Board, the document focuses on the commercial rocket track and clearly defines core indicators such as the company’s hard technology attributes, technological advantages, key “phased achievement” indicators, and qualification certification.
After 10 years of running, the commercial aerospace track is gradually ushering in its own “spring”. In the first 10 years, everyone was technology-oriented, and the evaluation system was mainly based on who was the first to go to space, who was the first to successfully enter orbit, and who was the first to successfully recover the rocket. With the frequent introduction of these “good nuclear bombs”, commercial aerospace has ushered in a new stage of development: technological breakthroughs are opening up the road to commercialization, and specialized capital tools provide sufficient “fuel” for this road. Standing at a new historical node, although challenges still exist, there is no doubt that commercial aerospace has entered the “fast lane” of development. Looking back at the commercial aerospace investment market, money from local state-owned assets has been pouring into the commercial aerospace track before, and now there are large national funds entering the market. Will my mother be willing to let her sons’ money go to waste and not be able to withdraw it? So can “spring” be far behind?
