谁是商业航天金矿中的“卖铲人”？丨每日研选

Core Insights - The commercial aerospace sector is experiencing increasing momentum, with a notable rotation within the industry as national satellite constellations like StarNet (GW) and Qianfan (G60) enter a phase of intensive networking [1] - The investment logic is shifting towards satellite manufacturing, particularly focusing on high-barrier, high-value core component suppliers, as the technology for reusable rockets matures and costs decrease [1] Demand Certainty - The demand for satellite launches is expected to grow significantly, with an estimated average of 499 launches per year in China from 2026 to 2029, and potentially reaching thousands annually after 2030, compared to the current average of approximately 171 launches [1] - StarNet has recently achieved a rapid launch pace of "three times a week," indicating an acceleration in deployment [1] Transition to Mass Production - The satellite manufacturing sector is transitioning from "custom" to "mass production," benefiting companies that can provide standardized, reliable core components [2] - The most certain returns in the industry are expected to come from high-value, high-barrier satellite core components and payloads, with suppliers of standardized power, communication, and attitude control systems positioned as key players [2] Technological Breakthroughs and Policy Support - There is strong anticipation for technological breakthroughs in reusable rocket technology, despite it not being fully matured [2] - Commercial aerospace has been recognized as a strategic emerging industry, with numerous supportive policies being introduced at both central and local levels [2] Investment Focus - Investors are encouraged to focus on "high-barrier component suppliers," particularly core suppliers for satellite platforms and payloads, including: - Communication payloads and chips, which are essential for satellite operations, with relevant companies including Guobo Electronics, Zhenlei Technology, and Shanghai Hanyun [3] - Ground terminals and core network components, covering critical parts, chips, and testing instruments, with notable companies such as Huali Chuantong and Haige Communication [3]