国金证券：SpaceX，可重复使用运载火箭发射冲向火星

Core Viewpoint - The report from Guojin Securities highlights the investment logic in China's commercial aerospace sector, emphasizing the monopolistic position of SpaceX in the launch segment 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 satellite constellation infrastructure and focusing on high-barrier component suppliers [1] - China is currently at a stage similar to SpaceX's network setup phase from 2018 to 2020 [1] Group 2: Industry Trends - With the G60 Qianfan and GW National Grid entering a period 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 chain 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 [1]