政策支持不断+行业独角兽批量IPO，2.8万亿商业航天行业有望加速发展

Group 1 - The Hainan Provincial Government has issued a three-year action plan (2025-2027) to accelerate the development of a modern industrial system with unique advantages, focusing on cultivating a complete commercial aerospace industry chain [1] - Blue Arrow Aerospace Technology Co., Ltd. has recently registered for guidance on its initial public offering (IPO) on the Sci-Tech Innovation Board, marking it as the first commercial aerospace company to meet the fifth set of listing standards [1] - The successful launch of Blue Arrow's liquid oxygen-methane rocket, Zhuque-2, and the planned first flight of the reusable Zhuque-3 rocket in 2025 indicate a technological alignment with SpaceX, which will be further enhanced by the upcoming IPO [1] Group 2 - The commercial aerospace market is characterized by a "bipolar" structure between China and the United States, with SpaceX's Starlink having over 5.4 million users across more than 130 countries, while China plans to deploy 37,000 low-orbit satellites [1] - Forecasts suggest that the commercial aerospace market in China will reach a scale of 2.8 trillion yuan by 2025, with the industry chain entering a growth phase and expected to mature by the end of the 14th Five-Year Plan or the beginning of the 15th Five-Year Plan [1] - In the A-share market, the acceleration of commercial aerospace network construction is anticipated to create synergies between rocket launches and satellite manufacturing, highlighting the importance of leading companies in these sectors [2]