Recently, the Shanghai Stock Exchange officially released the "Shanghai Stock Exchange Issuance and Listing Review Rules Application Guidelines No. 9- Commercial Rocket Enterprises Applying the Fifth Set of Listing Standards for the Science and Technology Innovation Board" (referred to as the "Guidelines"), adding key achievements to the implementation of the "1+6" reform measures for the Science and Technology Innovation Board. The release of the "Guidelines" will help commercial rocket companies in the stage of large-scale commercialization to open up financing channels in the domestic capital market, and will promote breakthroughs in core technologies in the industry through capital empowerment, injecting strong impetus into the construction of a strong aerospace country. Commercial aerospace, as a strategic high ground for technological competition among major countries, has become an important component of the country's strategic emerging industries. The government work reports for 2024 and 2025 have proposed twice to promote the development of commercial aerospace industry clusters, and the "15th Five Year Plan" emphasizes accelerating the construction of a strong aerospace country. The "Action Plan for Promoting High Quality and Safe Development of Commercial Aerospace (2025-2027)" issued by the National Space Administration in November 2025, in the form of a national three-year action roadmap, clarifies the development direction of commercial launch vehicles as "low-cost, high reliability, fast response, and reusable". Against the backdrop of continuous improvement in the policy system, the commercial aerospace industry is entering a period of strategic opportunities for accelerated development. The "Guidelines" released this time consist of 14 articles, based on the core requirements of the fifth set of listing standards on the Science and Technology Innovation Board, and combined with the actual technological innovation in the commercial rocket field, making systematic and detailed provisions. In terms of business positioning, the main business is clearly defined as "independent research and development, manufacturing, and provision of space launch services for commercial rockets", highlighting the "hard technology" attribute, and giving priority support to enterprises that undertake national tasks and participate in national engineering projects. In terms of core requirements, clear audit standards have been established from multiple dimensions such as technological advantages, phased achievements, compliance approval, industry status, market space, and commercial arrangements. The development and launch business of commercial rockets is at the core of the midstream of the entire industry chain of commercial aerospace, including satellites, rockets, fields, testing, and applications, and undertakes the key hub function of "connecting the top and the bottom". At present, there is a phenomenon of 'too many satellites, too few arrows, and insufficient transportation capacity' in China's commercial aerospace industry. The technological breakthroughs and capacity improvement of commercial rockets are the core support for achieving the large-scale development of constellation networking. Industry insiders also pointed out that this industry has significant characteristics such as high technological complexity, large capital investment, and long research and development cycles. Most enterprises have not yet formed large-scale commercial income and urgently need long-term stable financial support from the capital market. The expansion of the fifth set of listing standards on the Science and Technology Innovation Board is a key measure to accurately solve this development pain point. Tian Xuan, Dean of the National Institute of Finance at Tsinghua University, pointed out in an interview with reporters that the release of the "Guidelines" will profoundly reshape the valuation logic of capital markets for long-term, heavy asset hard technology enterprises. He emphasized that the Guidelines provide a clear and quantifiable technical verification node for the market by clarifying the key milestone event of "the first successful launch payload of a medium to large launch vehicle using reusable technology into orbit" as a phased achievement applicable to the fifth set of listing standards on the Science and Technology Innovation Board; At the same time, the Guidelines emphasize core elements such as "obvious technological advantages" and "large market space", guiding the capital market to shift its evaluation focus to a new valuation paradigm centered on breakthroughs in key technological nodes, sustained innovation capabilities, and long-term market prospects. In terms of cultivating "patient capital" in the commercial aerospace field, Tian Xuan stated that commercial rocket companies require huge and sustained capital investment to support long research and development cycles and asset construction. The "Guidelines" have opened up clear domestic capital market financing paths for such companies, especially the specific application guidelines of the fifth set of listing standards, allowing commercial rocket companies that have not yet made profits but have core technology and growth potential to access the capital market earlier and obtain equity financing support. More importantly, the issuance of the "Guidelines" conveys a firm signal of support from the national level and regulatory agencies for the development of strategic emerging industries such as commercial aerospace, which helps to create a more inclusive and friendly investment and financing environment, guide capital to establish long-term investment concepts, and promote the formation of "patient capital" willing to accompany the growth of enterprises. With the continuous implementation of the "1+6" reform measures on the Science and Technology Innovation Board, the capital market will provide stronger support for commercial rocket enterprises, promote the industry to accelerate the realization of independent and controllable key core technologies, and gradually narrow the gap with the international leading level. At the same time, with the science and technology innovation board as the link, the commercial rocket industry will further drive the collaborative upgrading of upstream and downstream advanced materials, precision manufacturing and other fields, provide solid support for national strategies such as satellite Internet networking, space resources development, and make the self controllable "space transportation capacity" the bottom line for building an aerospace power. (New Society)