应以长期视角看待商业航天发展

Core Viewpoint - The recent submission of satellite network data by multiple domestic satellite operators to the International Telecommunication Union (ITU) has sparked significant interest in China's commercial space sector, leading to a strong market response with nearly 50 related stocks hitting the daily limit on January 12 [1]. Group 1: Policy and Strategic Context - China's "14th Five-Year Plan" has identified aerospace as a strategic emerging industry, with the establishment of a Commercial Space Administration by the National Space Administration in November last year, marking a comprehensive inclusion of commercial space in national aerospace development [1]. - Various regions are actively establishing industrial funds and implementing special policies to layout the entire commercial space industry chain [1]. Group 2: Market Dynamics and Opportunities - The ITU's requirement for the deployment of 203,000 satellites within 14 years sets a clear and urgent goal for China's commercial space sector, creating substantial demand across satellite manufacturing, rocket launching, and the entire upstream and downstream industry chain [1]. - The historical context shows that major technological revolutions resonate deeply with capital markets, where compelling narratives drive market enthusiasm and financial capital acts as a catalyst for innovation [3]. Group 3: Comparative Analysis with Global Trends - The U.S. has successfully cultivated commercial space giants like SpaceX by delegating near-Earth transport tasks to the market, which has significantly reduced launch costs through innovative technologies [2]. - China's commercial space development is seen as inevitable due to its comprehensive and mature technological system, combined with the rapid iteration and scale advantages of its manufacturing sector [2].