国金证券：拥抱千帆星座基建爆发期，锁定高壁垒组件卖水人

Core Viewpoint - The report from Guojin Securities highlights the investment logic in China's commercial aerospace sector, emphasizing the monopolistic position of SpaceX in launch services and the monetization path of the Starlink mega-constellation [1] Group 1: Investment Logic - The core investment logic for China's commercial aerospace can be summarized as embracing the explosive growth period of the "Thousand Sails Constellation" infrastructure and focusing on high-barrier component suppliers [1] - China is currently at a stage similar to SpaceX's network setup from 2018 to 2020, indicating a significant opportunity for investment [1] Group 2: Industry Trends - With the G60 Thousand Sails and GW National Grid entering a phase of intensive launches, satellite manufacturing is transitioning from custom laboratory production to an automotive assembly line model [1] - Before the complete maturity of liquid reusable rocket technology, the most certain alpha returns in the industry will come from high-value, high-barrier core satellite units and payloads [1] Group 3: Supplier Opportunities - Suppliers that can provide generalized power, communication, and attitude control systems are expected to be the first to realize performance gains in this evolving market [1]