Implications of Landspace's Completion of STAR Market IPO Counseling for Commercial Aerospace Industry Investment

This analysis is based on the event of Landspace completing STAR Market IPO counseling [1], combined with industry dynamics and market data, forming the following comprehensive judgments:

1. Accelerated Industrial Capitalization
   : After Landspace completes IPO counseling, it is only one step away from becoming the “first STAR Market commercial aerospace stock”. Previously, multiple commercial aerospace enterprises such as Galactic Power, CAS Space, Spacety, and i-Space have successively推进 IPO-related work [1][3], indicating that the industry is迎来 an IPO wave.
2. Policy Support Plays a Key Role
   : In June 2025, the STAR Market expanded its fifth set of listing standards to cutting-edge technology fields such as commercial aerospace [3], solving the financing problem of “high investment and long cycle” in this industry, and providing an important capital channel for enterprises.
3. Technological Breakthroughs Drive Development
   : The successful first flight of Landspace’s Zhuque-3 Y1 launch vehicle [1][4] marks a breakthrough in domestic reusable launch vehicle technology. This technological breakthrough is the core driving force for commercial aerospace to reduce launch costs and promote commercialization.
4. Positive Market Sentiment
   : On December 23, 2025, the STAR Market Index (000688.SZ) rose by 5.13% [0], reflecting the market’s positive attitude towards the technological innovation sector, especially the commercial aerospace field.

1. Industry Development Enters a New Phase
   : The batch IPOs of commercial aerospace enterprises indicate that the industry is gradually shifting from the technology R&D phase to the commercialization implementation phase, and capital will become an important force promoting industrial scale expansion.
2. Focus on Technical Paths
   : Leading enterprises are all advancing reusable rocket technology, which will become the core of future industry competition, and enterprises with leading related technologies may receive more investment attention.
3. Supply Chain Opportunities Emerge
   : With the increase in rocket launch次数 and the advancement of satellite constellation construction, supporting links in the commercial aerospace industry chain (such as materials, electronic equipment, ground systems, etc.) may usher in development opportunities.

• Opportunities
  :
  • Unobstructed capital channels under policy support provide sufficient development funds for enterprises;
  • Technological breakthroughs reduce launch costs and promote the implementation of commercial applications such as satellite internet;
  • The industrial chain is gradually improved, and opportunities in segmented fields increase.
• Risks
  :
  • Compared with international giants such as SpaceX, the valuation of domestic enterprises still has gaps, and it is necessary to carefully evaluate the development speed and market space [5];
  • Reusable rocket technology is still in the verification phase, and there are uncertainties in commercial applications;
  • Industry competition intensifies, and technical iteration risks are high.

The completion of Landspace’s IPO counseling and the intensive listing of commercial aerospace enterprises reflect that policy support, technological breakthroughs and capital demand jointly promote the industry to enter an accelerated development period. Investors can pay attention to enterprises with leading technology and clear commercialization paths and industrial chain links, but need to fully evaluate valuation and technical risks and grasp the industry development rhythm.