Das kommerzielle Weltraumfahrtsektor ist in Flammen aufgegangen, und Kapitalgeber konkurrieren um die neue Billionenmarkt-Nische.

From the capital markets to the industrial front, the commercial space sector, a new arena that encompasses market - based space activities such as rocket launches, satellite construction and operation, and space tourism and has the potential to reach the trillions, is accelerating from top to bottom. Looking back at the end of 2025, the commercial space sector has transformed from a new concept in policy documents into a storm that has swept up capital, industry, and the local economy.

In the last month of 2025, the sentiment of investors was repeatedly ignited by the stocks of companies in the commercial space sector.

On the Chinese A - share market, the commercial space sector has been steadily developing since December. The stocks of companies such as Tongguang Cable (300265.SZ), Zhonggang Luonai (688119.SH), Zhongchao Holding (002471.SZ), and Sichuan Jinding (600678.SH) have repeatedly reached their daily highs in a short period.

On December 16, the closing price of Tianli Fuhua (920576.BJ) rose by 18.49%, and the cumulative increase in seven days has almost reached 200%. Reisun Technology (603601.SH) reached its daily high five times in eight consecutive days between December 5 and 16, and the increase during this period was 83.66%.

The day before, the Fengtai District Government in Beijing, together with the First Academy of China Aerospace Science and Technology Corporation (CASC), the Third Academy of China Aerospace Science and Industry Corporation (CASIC), and other state - owned organizations, announced the planning of the "Space Science City".

In line with the exciting investment atmosphere, various players in the value chain have also started to take action. On December 15, the new medium - sized carrier rocket Ceres - 2 Y1 of GalaxySpace made its maiden flight from the Jiuquan Space Launch Center. On the same day, a space test device developed by Ziwei Technology was successfully launched into orbit by the Kuaizhou - 11 rocket.

From the capital markets to the industrial front, the commercial space sector, a new arena that encompasses market - based space activities such as rocket launches, satellite construction and operation, and space tourism and has the potential to reach the trillions, is accelerating from top to bottom.

Looking back at the end of 2025, the commercial space sector has transformed from a new concept in policy documents into a storm that has swept up capital, industry, and the local economy.

The Race

In 2025, the industrial process in the commercial space sector has significantly accelerated.

The Economic Observer learned in the economic zone of Beijing that this region has become an important gathering place for the commercial space industry in China. There are a considerable number of companies in the zone that specialize in building entire commercial rockets.

The commercial space sector refers to space activities that are operated according to market - economy rules and in a commercial manner. Rocket launches, satellite construction and application, and manned spaceflight form the core areas of its value chain.

At the beginning of December, the economic zone of Beijing released the "Ten Points for the Commercial Space Industry" and announced the establishment of an industrial support fund worth 10 billion yuan. In addition, successful commercial rocket launches will be rewarded with a maximum of 5 million yuan per launch.

On December 15, 2025, the Conference on the High - quality Development of the Commercial Space Sector in Xi'an attracted more than 100 companies. At the conference, leading private companies such as iSpace, LandSpace, and GalaxySpace, together with state - owned companies such as the Shaanxi Aviation Industry Group, discussed how to build an industrial ecosystem.

Local governments are also in a race.

On August 22, Guangdong took the lead in releasing the "Several Policy Measures to Promote the High - quality Development of the Commercial Space Sector in Guangdong" and stipulated that the volume of relevant industries in the province should reach 300 billion yuan by 2026. In terms of tax and financial support, companies that develop international and national standards for the commercial space sector will be rewarded with a one - time subsidy of up to 500,000 yuan and 300,000 yuan respectively.

Shandong and Henan released their respective proposals for the "15th Five - Year Plan" on December 8, 2025, and listed the commercial space sector, along with the new energy and new materials sectors, as strategic emerging industrial groups that need to be developed at an accelerated pace. Shandong also made it clear that it wants to explore "science and technology special zones" and apply tolerant and cautious regulation in new areas such as the commercial space sector.

In the industrial field, activities are even more intense.

The Economic Observer found that in August 2025 alone, more than 15 new companies in the commercial space sector were established across China. These include the Jiuquan Commercial Space Development Co., Ltd., a subsidiary of CAS Space in Jiuquan, and a branch of LandSpace in Huzhou. In December, the Fengtai District Government in Beijing announced the planning of the "Space Science City" in cooperation with state - owned organizations.

The capital markets react the fastest. According to public information, numerous financing deals were completed in the commercial space sector in 2025, and several companies raised large amounts of capital. For example, leading companies such as iSpace, GalaxySpace, and Tianbing Technology received large amounts of capital in their recent financing rounds.

In June 2025, the China Securities Regulatory Commission (CSRC) officially included the commercial space sector in the scope of application of the fifth listing standards for the STAR Market, which enables companies that have not yet made profits but have core technologies to be listed on the stock exchange and raise capital.

Fan Na, the vice - president of CAS Space, said at an industry conference in November: "The fifth listing standards have opened a crucial access for companies like ours."

Finding New Coordinates

Some companies choose to compete directly in the core sector of rocket launches, a capital - intensive and high - risk area, while others enter the special segments of the value chain to create a competitive advantage in professional fields.

Linghang Xingjian belongs to the former. While other companies strive for larger and more powerful rockets, it has chosen a unique technological path - the intelligent network - recovery system. This system is designed to receive the returning rocket through an external network to simplify the rocket structure and reduce weight and costs.

Liu Zhigao, the founder and deputy chief designer of the company, believes that future competition will not be based on one - time carrying capacity but on the ability to provide flight - like services. With more than 15 years of experience in the overall development of space systems, he considers high - frequency, low - cost, and high - reliability service the core of the commercial space sector.

Therefore, Linghang Xingjian is currently building an "AI - Rocket Design System" and using digital twin technology to optimize the rocket design. The company's goal is to make its maiden flight in December 2027 and reduce the launch cost to less than 7,000 yuan per kilogram, which will be a fraction of the current average market cost.

More companies decide to become "specialists" in the industrial ecosystem.

On November 4, 2025, the Xiguang Aerospace Technology (Sichuan) Co., Ltd. was established with a capital of 180 million yuan. This company, fully controlled by Zhongke Xiguang Aerospace, specializes mainly in the manufacturing and test - and - operation management of small and microsatellites.

An employee of the company revealed that they have already received the first orders from the fields of agricultural monitoring and maritime communication and plan to launch the first six experimental satellites into orbit in the first half of 2026.

The employee also explained that the company does not want to build rockets or operate a large - scale satellite constellation. Its real goal is to be the "eyes" and "ears" on the satellite platform and provide customized remote - sensing and communication payloads for specific industries.

This focus strategy is also evident in the upper part of the value chain. In December 2025, a company named "Huantian Intelligence" in Chengdu, Sichuan, is building the "Huantian Constellation", which includes optical and radar satellites. This company has decided to start with high - resolution earth remote - sensing because the business model in this area is relatively clear and the willingness to pay of governments and companies is clear.

According to the company's plans, it first wants to meet the needs in emergency management, forest monitoring, and urban planning in south - western China and then think about expansion. In 2022, the "Huantian Constellation" successfully launched ten high - resolution optical satellites into orbit twice, and the data is now being used in the digital management platforms of several local governments.

The choice of technological route by companies has a direct impact on their financing strategy and survival ability. Companies that choose the core sector usually need continuous large amounts of capital, while companies that focus on special segments may be able to achieve a balance in cash flows earlier.

On December 15, the founder of a young company specializing in satellite power supply systems in Jinan, Shandong, told the Economic Observer: "We meet with different investors every quarter and often participate in industry events." Since 2025, his team has visited twelve industrial areas in seven provinces and finally decided to build the research center in Huairou, Beijing, and the production facility in Wuxi, Jiangsu.

The reason for choosing Huairou is that there are institutes of the Chinese Academy of Sciences there that can solve the problems of leading technologies, while Wuxi has a well - developed manufacturing industry and is suitable for mass production.

The Economic Observer learned that this layout model of "research in Beijing, production in the Yangtze River Delta" will become a popular choice for many companies in the commercial space sector.

The Capital Driver

Since the second half of 2025, investors in the capital markets have been looking at the listed companies in the value chain of the commercial space sector more closely and are looking for the segments that can actually make profits.

Companies in the upper parts of the value chain that produce materials and core components are the first to feel the improvement.

The representative for stock exchange affairs of Sree New Materials (688102.SH) explained during an institutional visit at the beginning of December that the company's orders from the commercial space sector have increased significantly since the second quarter of this year.

Official information shows that the inner walls of the rocket engine nozzles produced by this company have already been used in the reusable vertical take - off and landing tests of the Zhuque - 3 rocket of LandSpace.

The market has confirmed this trend with real investments. Since December 2025, the stock price of Sree New Materials has achieved a cumulative increase of over 33% and reached a new high. A similar scenario has also played out at Chaojie Co., Ltd. (301005.SZ). This traditional company for automobile fastening parts has entered the aerospace field through its subsidiary Chengdu Xinyue and built a production line for structural parts of 10 commercial rockets per year.

Currently, Chaojie Co., Ltd. supplies structural parts such as fuselage segments and fairings in series, and its customers include leading private rocket companies in China. Since structural parts account for up to 25% of the total cost of a rocket, this means that the relevant suppliers will have a secure growth space in the mass production of commercial rockets.

A more profound change is taking place in the field of satellite construction. With the start of the mass production of satellites by the China Satellite Network Group Co., Ltd. and the "Qianfan Constellation" in the G60 Economic Zone in Shanghai, satellite production is changing from the traditional "project - method" to the "assembly - line model".

At a satellite construction company of CASC, the work of an engineer has changed. His team now starts to produce satellites in series instead of building them individually. His department received orders for more than 200 small satellites in 2025, which is more than twice the sum of the past three years.

This change has directly affected the supplier companies. Since 2025, the number of orders for satellite test systems of Holleywell (688682.SH) has increased significantly. This company's test - system business started with national projects such as the Beidou Satellite Navigation System and the GaoFen Satellites, and the demand from the commercial space sector is now becoming a new growth driver.

Information from the marketing department of Holleywell shows that the company may have sold only one or two test systems per year before, but now it has to supply several systems per month. The mass production of satellites places higher requirements on the efficiency and reliability of the test process, and this is their chance.

The capital markets are now re - evaluating the value of these companies. A series of listed companies from traditional industries have experienced a "re - evaluation" of their corporate values after entering the commercial space sector.

Take Hualing Cable Co., Ltd. (001208.SZ) for example. The special cable produced by this company has already entered the supply chain of several commercial rocket companies. In the first three quarters of 2025, the company's sales volume... (The text seems incomplete here)