银河证券：商业航天产业规模预计将持续高增

Core Insights - The current development in China's commercial aerospace industry is marked by the emergence of cluster effects in regions like Guangdong, Shanghai, and Beijing, with breakthroughs in key technologies such as reusable rockets, low-cost satellites, and inter-satellite links [1] - According to Blue Arrow Aerospace, the next three years are expected to be a highlight period for China's commercial aerospace, with reusable rocket technology maturing and transportation costs dropping below 30,000 yuan per kilogram, approaching the capabilities of overseas competitors [1] - The supply side is anticipated to see a significant increase in the number of launches, while the demand side is bolstered by Guangdong's new policies that include low-altitude economy and space tourism as initial demonstration scenarios, expanding the application landscape [1] - The low-altitude economy has already made progress in urban air transportation, industrial applications, and agricultural production, and the expected growth in space tourism demand is likely to further enhance the industry's potential [1]