资管一线 | 震荡不改长期逻辑，商业航天板块火箭、材料等方向或存机遇

Core Viewpoint - The commercial aerospace sector has become a focal point in the capital market due to breakthroughs in reusable rocket technology, accelerated low-orbit satellite networking, and favorable national policies. Despite recent market fluctuations, the long-term growth logic of the industry remains intact, with multiple catalysts expected in 2026 [1][2]. Market Dynamics - The A-share commercial aerospace sector has shown significant volatility, with a cumulative increase of over 55% from December 2025 to January 12, 2026, followed by a decline of over 4% by January 20, indicating a struggle between valuation and performance [2][3]. - The recent strong performance is attributed to a key breakthrough in large reusable liquid rocket technology and supportive policies, including the National Space Administration's action plan for high-quality development in commercial aerospace [2][3]. Investment Opportunities - Despite short-term fluctuations, industry experts remain optimistic about the long-term growth of the commercial aerospace sector, expecting it to benefit from policy, technology, and capital catalysts in 2026. Key investment opportunities are identified in specific sub-sectors [4][5]. - Four main areas of focus include: 1. Rocket technology, where cost reductions are expected to drive demand [5] 2. Core materials, particularly titanium, which is essential for aerospace applications [5] 3. 3D printing technology, which is anticipated to see increased usage as aerospace models evolve [5] 4. Companies in the SpaceX supply chain, which may experience earlier performance releases compared to domestic counterparts [5] Future Trends - The commercial aerospace industry is still in its early stages, with significant potential for growth. Key areas of interest include core components with technological barriers and potential asset consolidation opportunities [6]. - The deployment of low-orbit satellite constellations is expected to create market demand in communication, navigation, and IoT applications, although the commercialization of new models like space computing is still in exploratory phases [6].