Zhi Tong Cai Jing·2025-12-11 08:13Group 1 - The core viewpoint of the report emphasizes that the development of private rocket companies and the support from policies significantly impact the commercial aerospace sector in China [1] - The commercial aerospace industry in China is still in its early stages, with high market attention on the development of private rocket companies, which influences the speed of the industry chain's growth [1] - The report suggests that investors should continue to monitor the sector's development and recommends the stock of Holoway (688682.SH) as a potential investment opportunity [1] Group 2 - In 2024, a total of 263 space launch missions were executed globally, marking an 18% year-on-year increase, with China and the U.S. accounting for 86% of the total launches [1] - By the end of 2024, the U.S. is expected to have 75.9% of the total spacecraft in orbit globally, while China will have 1,094 spacecraft, representing only 9.4% of the global total [1] - The competition for satellite orbital positions and key frequency resources is governed by the "first come, first served" principle, and China is accelerating its efforts to catch up with initiatives like the "G60 Star Chain" and GW constellation projects [1] Group 3 - The current disparity between planned rocket launches and actual launch capacity highlights the "many stars, few rockets" issue in China's commercial aerospace market [2] - In 2024, China completed 68 rocket launches, with the national team accounting for 82.4% and private rocket companies for 17.65% [2] - Starting in 2025, several private rockets are expected to make their maiden flights, gradually addressing the capacity issue, while private companies are actively developing reusable rocket technology [2]