航天装备II行业事件点评报告：“千帆星座”发射正式开启，商业航天步入发展快车道

Investment Rating - The industry investment rating is "Overweight" (first time) [2] Core Viewpoints - The launch of the "Qianfan Constellation" marks the beginning of rapid development in the commercial aerospace sector, with plans to deploy 15,000 satellites by 2030 to provide mobile direct connection and multi-service integration [2] - The implementation of three major satellite constellation plans will create significant opportunities for companies in the satellite manufacturing supply chain [2] - Continuous policy support is accelerating the pace of commercial aerospace development, with the government promoting open innovation in this sector [2] - Investment recommendations include focusing on companies involved in satellite assembly (China Satellite), satellite payloads and components (Shanghai Hanhua, Guoguang Electric, Chengchang Technology, Aerospace Electric, Hangyu Micro), and ground equipment and terminals (Haige Communication) [2] Summary by Sections Industry Performance - The "Qianfan Constellation" plan aims to deploy 648 satellites by 2025 for regional coverage, expand to global coverage by 2027, and reach 15,000 satellites by 2030 [2] - The relative returns over the past month, three months, and twelve months are 15.34%, 12.53%, and 9.66% respectively, while absolute returns are 12.65%, 5.05%, and -5.09% [2]