中信建投：商业航天司落地及行动计划发布，我国商业航天高质量发展有望加速

Core Viewpoint - The establishment of the Commercial Space Administration by the National Space Administration aims to enhance the efficiency of launch approvals and licensing, promoting the standardized and large-scale development of the commercial space industry [1] Group 1: Regulatory Developments - The Commercial Space Administration will serve as a dedicated regulatory body to improve the efficiency of launch approvals and licensing [1] - The release of the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)" outlines four core objectives [1] Group 2: Strategic Goals - The action plan includes support for low-cost technologies such as reusable rockets and smart satellites through open research projects [1] - It aims to promote the integration of civil and commercial standards by sharing national resources like measurement and control stations and testing grounds [1] - Establishment of a national fund to optimize the industrial ecosystem is also a key goal [1] - A comprehensive safety regulatory system covering the entire lifecycle of the industry will be constructed [1] Group 3: Industry Outlook - By 2025, the industry is expected to accelerate with over 100 in-orbit satellites from GW and Qianfan Constellation, and private rocket companies entering the national satellite launch market [1] - The Ministry of Industry and Information Technology will open satellite communication services to operators, promoting consumer-level applications of direct connection technology [1] - Following the clarification of the policy framework, commercial space is projected to enter a phase of high-frequency launches starting in 2026, with low Earth orbit satellite internet and the rocket launch supply chain becoming core beneficiary areas [1]