国金证券：关注商业火箭核心“铲子股”及新技术路线带来的机会

Group 1 - The core viewpoint of the article highlights the increasing urgency for satellite launches due to the limited orbital resources governed by the "first come, first served" rule of the International Telecommunication Union, with Chinese satellite constellations planning nearly 30,000 satellites [1] - Cost is identified as a key factor limiting rocket launch efficiency, and the development of reusable technology is essential for reducing costs in the domestic commercial space sector [1] - The year 2026 is anticipated to be a milestone for reusable commercial rockets, with both state-owned and private enterprises, such as Long March 12A and Zhurong 3, attempting recovery [1] Group 2 - The core value of rockets is concentrated in the engine and airframe structure, with 3D printing technology being suitable for the complex structures of engines, enabling cost reduction and efficiency improvement [1] - Domestic companies like Blue Arrow Aerospace are actively applying these technologies [1] - Investment recommendations focus on "shovel stocks" related to commercial rockets and opportunities arising from new technological routes [1]