商业航天司“官宣”，火箭高频发射或进入常态化阶段

Group 1 - The establishment of a dedicated regulatory body for commercial space in China marks a significant step in the development of the commercial space industry, with over 600 companies currently operating in the sector [1] - The "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)" outlines four core objectives, including support for low-cost technologies, integration of civil and commercial standards, establishment of a national fund, and the creation of a comprehensive safety regulatory system [1] Group 2 - According to招商证券, the commercial space sector is expected to enter a phase of high-frequency launches starting in 2026 following the clarification of the policy framework [2] - The European Space Agency has approved its highest budget ever, totaling approximately €22.1 billion for the years 2026 to 2028, focusing on key scientific, exploratory, and technological projects, as well as increased investment in Earth observation, navigation, and telecommunications [2] Group 3 - Major companies are actively pursuing advancements in space computing, with Starcloud launching the Starcloud-1 satellite equipped with NVIDIA H100 GPU and plans for future satellite launches and a space data center [3] - Google has announced the Suncatcher project, aiming to launch satellites equipped with the latest Trillium TPU by 2027, forming an AI computing cluster of 81 satellites [3] - Elon Musk indicated that expanding the Starlink V3 satellite scale could enable the construction of large data centers in space, with ambitious deployment goals for data centers on the Moon [3] Group 4 - The space industry supply chain is categorized into three core segments: upstream (rocket launches, satellite manufacturing), midstream (constellation networking, in-orbit control), and downstream (emergency communication and diverse application scenarios) [3] - Key companies in the upstream and midstream sectors include Yunnan Zhenye (germanium substrates), Kaipuyun and Aerospace Electronics (laser communication), and various rocket manufacturers [3]