From January 23rd to 25th, the 2026 Beijing International Commercial Space Exhibition was held at the Beijing Yizhuang Beiren Yichuang International Convention and Exhibition Center. A visit through the exhibition halls revealed that every exhibit on display vividly outlined the dynamic and thriving development trajectory of the commercial space industry. The intricate textures of deep space probe components were clearly visible, the industrial solidity of reusable rocket engines was palpable, real-time data charts for low-earth orbit satellite constellations flowed dynamically across screens, and immersive simulations of space travel made one feel as if they were traversing the vast cosmos—each exhibit served as a living testament to the progress in commercial space, silently yet powerfully confirming that China's commercial space sector has moved beyond its initial technology validation phase and is now continuously expanding the boundaries of human space exploration in both imagination and practice through a new posture of industrial development. As technological waves surge forward, the arena of space exploration is being comprehensively empowered by commercial forces. Where the rigorous foundations of traditional space endeavors meet the vibrant energy of commercial innovation, the pace of technological breakthroughs is setting new records, pathways for industrial application are becoming increasingly clear, and a transformative shift in space—from "daring to imagine" to "daring to act," and from technological exploration to industrial implementation—is accelerating dramatically. The "Policy + Technology + Capital" Triple Resonance Commercial space encompasses numerous sectors including rocket launches, satellite applications, and space tourism, representing an essential pathway for the space industry's transition from small-scale, custom production to batch, assembly-line manufacturing models. Its rise is a magnificent journey spanning over a decade, built upon steady accumulation under the guidance of supportive policies. From policy encouragement for social capital to enter the space sector in 2015, to the inclusion of satellite internet in "new infrastructure" initiatives in 2020, and the accelerated deployment of commercial satellites since last year, the commercial space industry has been steadily maturing. For instance, plans such as the "National Civil Space Infrastructure Medium and Long-Term Development Plan (2015-2025)" and the "National Space Administration's Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)" have charted the course for the industry's development. The implementation of satellite internet projects like "China SatNet," "Qianfan Constellation," and "Guowang Constellation" has paved a smooth "stellar path" for commercial space. Data released by the National Space Administration shows that in 2025, China's commercial space sector maintained rapid development, completing 50 launches which accounted for 54% of the country's total space launches for the year. Last November, the establishment of the Commercial Space Department within the National Space Administration marked the arrival of a dedicated regulatory body for the industry, from which the entire industrial chain is expected to benefit. Policy support has provided a solid foundation for the rapid development of the commercial space industry. According to the exhibition organizers, this edition attracted over 300 commercial space enterprises and related institutions from China and abroad, with exhibits covering the entire chain's core segments: launch vehicles, satellite manufacturing, space applications, space services and support, and space investment and financial services. Sun Li, Partner and Vice President of Beijing E-Dynamics Space Technology Co., Ltd. (E-Dynamics), stated, "The growth trajectory of commercial space companies is essentially a series of journeys involving technological攻坚 and industrial implementation. Take E-Dynamics' self-developed Hall electric propulsion system as an example; its primary role is to facilitate flexible orbital adjustments for satellites. E-Dynamics embarked on the R&D path for this technology in 2020, successively overcoming key technical challenges such as magnetic shielding, radiation resistance, and contamination resistance. By 2022, the first system successfully reached space. Today, nearly 80 sets of this system are operating stably in orbit." A relevant负责人 from Jiangsu Deep Blue Aerospace Co., Ltd. (Deep Blue Aerospace) mentioned in an interview that the core advantage of Chinese commercial space companies has shifted from early-stage single-point technological breakthroughs to building autonomous control over the entire industrial chain and large-scale manufacturing capabilities. Deep Blue Aerospace is firmly committed to a path utilizing liquid oxygen/kerosene propulsion, medium-to-heavy lift capacity, and vertical take-off and landing recovery. Its business model focuses on providing cost-effective, highly customized, and high-frequency dedicated "space shuttle" services for the future large-scale deployment of communication and remote sensing satellite constellations. The commercial space sector is characterized by high technology, high investment, high risk, high returns, and long cycles. Companies face numerous challenges during development and particularly require financial capital to顺利度过 the incubation period before mass production. This exhibition featured a dedicated "Space Investment and Financial Services" zone,充分 showcasing the new pattern of deep integration between financial capital and the space industry. Large financial institutions systematically presented comprehensive financial service solutions tailored for commercial space companies, including project financing, supply chain finance, and investment-loan linkage. Pivotal Investment Corp III (PICC) introduced customized insurance products for the first time, covering the entire lifecycle of rocket launches and satellites in orbit. Regarding capital market support, an opinion released by the China Securities Regulatory Commission (CSRC) in June last year proposed expanding the scope of application for the fifth set of listing standards. Based on industrial development and market demand, it supports companies in more frontier technology fields like artificial intelligence, commercial space, and the low-altitude economy to utilize the Sci-Tech Innovation Board's (STAR Market) fifth set of listing standards, thereby increasing support for emerging and future industries. Zhang Cuixia, Chief Investment Advisor at Jufeng Investment, expressed that commercial space companies require massive upfront investment for technology R&D, testing, verification, and industrial chain layout, making profitability difficult in the short term. The fifth set of standards, which focuses on indicators like core technological breakthroughs, market potential, and team capability, opens the door to capital markets for commercial space companies still in the "cash-burning" stage. Several commercial space companies have already initiated A-share IPO processes. Capital markets provide these companies with diversified, low-cost financing tools, helping them break through funding constraints. Currently, with the increasing frequency of domestic commercial rocket launches and accelerating corporate IPO processes, under the triple resonance of "policy + technology + capital," the commercial space industry is at a critical stage transitioning from "quantitative accumulation to qualitative leap." Quenching the Thirst for Capital, Gathering Chain Strength Despite the迅猛 development momentum and widely optimistic market prospects for the commercial space industry, challenges remain. For example, the grand goal of building a complete satellite internet constellation requires long-term and sustained investment. Furthermore, although significant breakthroughs have been made in rocket reusability technology, it still requires engineering validation and large-scale application. Companies participating in the exhibition unanimously emphasized that the industry's most urgent need currently is the support of patient capital and the deep integration of industrial chain resources. Beijing Ziwei Yutong Technology Co., Ltd. (Ziwei Tech) completed its B1 round of financing last December. Ji Li, General Manager of the Investment and Financing Department at Ziwei Tech, stated that for companies, the resource injection from strategic investors and the financial support from financial investors complement each other. At the critical stage of transitioning from technology verification to industrial expansion, strategic investment that fosters industrial synergy and local ecological resources allows a company to collaborate with local partners based on industrial advantages, achieving co-creation, coexistence, and mutual success. Ji Li said, "Taking Ziwei Tech as an example, the B300 series small cargo spacecraft is布局 in Wuxi, Jiangsu, while the C2000 medium cargo spacecraft is布局 in Chengdu and Mianyang, Sichuan. The industrial goal in both cases is to synergize with local优势 resources to achieve standardized, batch production of the spacecraft and enable multi-directional applications. Ziwei Tech is currently in a period of rapid business development. The backing of financial investors plays a significant role in the company's commercial operations, helping to implement in-orbit spacecraft operations and thereby reaching a new level." From the perspective of the global commercial space development landscape, U.S. company SpaceX,凭借强大的 capital support behind it and its own deep布局 across the industrial chain's upstream and downstream, achieved breakthroughs and large-scale application of rocket recovery technology, significantly reducing launch costs and seizing a first-mover advantage in the global commercial launch market. This fully demonstrates that the continuous investment of patient capital is the cornerstone of technological innovation and industrial breakthroughs, while the integration of industrial chain resources is the key link transforming technological advantages into market advantages. Zhongke Star Map Co., Ltd. (Zhongke Star Map) participated in the exhibition协同多家产业链 partners. Among them, Liu Bing, Public Relations Director of Beijing Joint Space Technology Co., Ltd. (Joint Space), stated that Joint Space's main focus is the development of a new generation of high-quality, low-cost commercial satellites. The deep cooperation between Joint Space and Zhongke Star Map, spanning from satellite development to application, represents a beneficial attempt at synergy within the commercial space industrial chain, capable of promoting integrated technological innovation and optimizing resource allocation efficiency. The complexity of the commercial space industrial chain dictates that efficiency gains are highly dependent on close collaboration between all segments. The integration of industrial chain resources, by breaking down information barriers and promoting resource sharing, enables companies to arrange production plans more precisely, flexibly adjust production rhythms based on market demand and upstream/downstream supply conditions, effectively reduce inventory backlog and waiting times, and thereby enhance the operational efficiency of the entire chain. Commercial space is not only a mark of the era characterized by technological攻坚 and industrial iteration but also creates a chain reaction with strategic industries like advanced intelligent manufacturing, digital twins, and superconducting materials. It has已然 become a key strategic pivot point for leveraging technological revolution and empowering industrial upgrading.