Jin Rong Jie·2025-12-19 12:30Core Insights - The Long March 12A reusable launch vehicle, developed by China Aerospace Science and Technology Corporation's Eighth Academy, is scheduled for its first launch in December 2025 at the Jiuquan Satellite Launch Center [1] - The commercial aerospace industry is entering a critical window for industrialization, driven by increased policy support and technological maturity [1] Market Sector Analysis - Satellite Manufacturing and Launch Services: The demand for satellite manufacturing and launch services is surging due to the acceleration of low-orbit satellite constellation deployment, transitioning the industry from an "investment incubation phase" to a "profit realization phase" [2] - Aerospace Equipment and New Materials: Breakthroughs in reusable rocket technology are driving upgrades in aerospace materials and structural design, leading to increased demand for rocket structural components and high-performance composite materials [2] - Satellite Internet and Communication: The three major telecom operators have received satellite licenses, marking a shift from experimental to large-scale commercial satellite communication, resulting in a surge in demand for ground equipment and satellite terminals [2] - Space Computing and Data Processing: Space computing is becoming a significant supplement to ground computing, with accelerated integration of AI and aerospace, creating new opportunities in satellite computing and data transmission [2] Company Overview - Zhongke Xingtou (688568): A leading domestic enterprise in digital earth product development, with advantages in remote sensing data processing and space big data applications, expected to benefit from national aerospace infrastructure development [3] - Aerospace Rainbow (002389): A core player in the drone sector, actively expanding into aerospace, with its Rainbow series drones gaining international acclaim and exploring synergies with satellite systems [3] - Chengchang Technology (001270): Focused on the development and production of microwave and millimeter-wave phased array T/R chips, positioned to benefit from the surge in RF chip demand due to low-orbit satellite internet construction [3] - Sry New Materials (688102): A leader in high-end metal new materials, with products successfully applied in various commercial rocket models, expected to see market share growth in aerospace specialty materials [3] - Chaojie Co., Ltd. (301005): A leading company in precision fasteners, expanding into aerospace with products entering the commercial aerospace supply chain, potentially providing new growth points due to high-margin aerospace business [4]