中信证券：商业航天的投资主线地位即将得到确认

Core Viewpoint - As of December 2025, SpaceX has successfully launched 3,095 Starlink satellites into orbit, indicating a significant advancement in commercial space endeavors and the potential for breakthroughs in launch capacity and cost reduction [1] Industry Developments - Domestic development of a recoverable medium-sized launch vehicle comparable to Falcon 9 is anticipated, which will help overcome current capacity bottlenecks [1] - The launch cost is expected to decrease significantly, accelerating the realization of markets related to satellites, terminals, and computing power [1] Market Opportunities - The commercial space sector is entering a new era, driven by the mass launch phases of China StarNet and the G60 Qianfan constellation, along with the operationalization of the Hainan commercial launch site and commercial launch vehicles [1] - The trend towards high capacity and low cost is set to unlock a trillion-dollar market, presenting substantial growth opportunities for the related industry chain [1] Investment Focus - Current high-potential investment directions include space computing power and recoverable rockets, while low Earth orbit communication satellite networks are the first segments with fundamental logic and order support [1]