西南证券：商业航天为2026年最具确定性核心主线 投资逻辑切换至以网络建设为核心

Group 1 - The core viewpoint of the report is that commercial aerospace has officially entered a construction phase, marking the beginning of a new cycle of "constellation-level Capex" in the communications industry, which is expected to be the most certain core theme in 2026 [1] - The investment logic in commercial aerospace has shifted from thematic-driven to network construction-focused Capex cycle, driven by the strategic importance of low Earth orbit satellites as key infrastructure for the 6G "integrated space-ground" network [1] - The construction phase's industrial logic should focus on three key nodes: faster, cheaper, and more frequent satellite launches, with the gradual removal of constraints such as rocket capabilities, launch facilities, and ground communication systems [1][2] Group 2 - A clear causal loop in commercial aerospace investment is necessary, transitioning from "cost reduction and efficiency improvement" to "application expansion," which will drive sustainable satellite deployment and enhance satellite communication quality and coverage [2] - The demand for high-speed optical connections is increasing as the scale of computing clusters expands and communication bandwidth requirements rise, making optical modules a critical component in AI computing infrastructure [3] - Liquid cooling is becoming a key structural increment in AI computing infrastructure upgrades due to the rising power density of AI servers, with traditional air cooling solutions reaching efficiency and space constraints [4]