长城基金尤国梁：商业航天行业成长空间广阔

Core Viewpoint - The commercial aerospace sector is experiencing significant capital inflow and active stock performance, although there has been a recent cooling off after a period of rapid growth. The industry has substantial growth potential and market space, particularly with low Earth orbit satellite internet gaining traction and proving its business model viability through successful overseas operations like "Starlink" [1][4]. Group 1: Industry Growth Potential - Commercial aerospace is identified as a new industry with considerable growth potential and imaginative space from a long-term perspective [1][4]. - The low Earth orbit satellite internet has already connected a large number of users, and the domestic satellite constellation is rapidly being deployed, which is expected to meet domestic needs and expand into markets along the "Belt and Road" initiative [1][4]. - Global trends in space computing are being explored by major overseas players, with domestic advancements also noted, creating new demand for commercial aerospace [1][4]. Group 2: Industry Chain and Investment Value - The commercial aerospace industry chain is extensive, involving numerous listed companies across various segments, including satellite research and manufacturing, rocket manufacturing and launching, ground equipment and terminal manufacturing, and satellite application and service operations [2][5]. - The long-term development pattern suggests that rocket launches and satellite deployments are akin to "space infrastructure" for future 6G, with ground terminals potentially outnumbering satellites by several orders of magnitude [2][5]. - The potential for direct satellite connectivity technology for mobile phones could create a vast market for satellite connection chips and devices, while satellite application and service operations may yield greater value in the long term, similar to telecommunications operators [2][5].