广东政观丨发力商业航天，广东正抢滩万亿蓝海

Core Viewpoint - The recent release of the "Guangdong Province Measures to Promote High-Quality Development of Commercial Space (2025-2028)" outlines 21 specific measures to support the commercial space industry, highlighting its growing importance and investment potential in China [1][2]. Industry Development - Commercial space is defined as space activities operated under a commercial model, aiming to develop, manufacture, launch, and apply space technology and services, including rocket launches and satellite applications [1]. - The commercial space industry in China has seen significant growth, with the industry scale surpassing 1 trillion yuan in 2020 and projected to reach 2.3 trillion yuan in 2024, with a compound annual growth rate of approximately 22% [4]. - By 2025, the industry is expected to grow to 2.8 trillion yuan, driven by advancements in satellite internet and new commercial rocket launches [4]. Investment Landscape - The commercial space sector has attracted over 200 billion yuan in annual financing, with 138 financing events reported in 2024, totaling 202.39 billion yuan, marking a historical high [6][8]. - The industry chain is complex, encompassing upstream satellite and rocket manufacturing, midstream launch services, and downstream application services, with various revenue models including satellite sales, launch service fees, and value-added services [8]. Regional Development - Guangdong has established itself as a key player in the commercial space sector, with a focus on leveraging its electronic information manufacturing base to create rich application scenarios [9][11]. - The province aims to achieve a commercial space and related industry scale of 300 billion yuan by 2026, supported by a series of policy measures [9][11]. - Major cities like Guangzhou and Shenzhen are leading the development, with Guangzhou's industrial base covering satellite manufacturing, rocket research, launch services, and ground equipment [11][12]. Future Outlook - Experts suggest that Guangdong's unique advantages, such as its low latitude, strong manufacturing base, and economic vitality, position it well to lead in commercial space development [15][16]. - The focus should be on building infrastructure, creating a service ecosystem, and fostering innovation to address current industry challenges and enhance commercialization [16].