国防军工行业跟踪分析：重视商业航天行业近期的几点变化

Investment Rating - The industry investment rating is "Buy" with expectations of stock performance exceeding the market by more than 10% over the next 12 months [2][17]. Core Viewpoints - The report emphasizes the importance of recent changes in the commercial aerospace sector, including organizational structure improvements, supply chain standardization, and the establishment of commercial satellite and rocket companies, which are expected to alleviate bottlenecks in development and enhance coordination between manufacturing and application [2][4][11]. Summary by Sections Organizational Structure Optimization - The establishment of China Aerospace Science and Technology Corporation's commercial satellite and rocket companies, with registered capitals of 1.2 billion CNY and 1 billion CNY respectively, reflects an increased focus on commercial aerospace [4][5]. - The commercial satellite company is jointly held by several key aerospace institutes, which is expected to streamline the development bottlenecks between satellite manufacturing and application [5][6]. Supply Chain Standardization - The formation of commercial satellite and rocket companies is a significant step towards standardizing the supply chain, which is crucial for mass production [9]. - The report highlights the need for a new supply chain model to meet the growing commercial demand, drawing comparisons with international players like SpaceX [9]. Scene Standardization - The report discusses the importance of standardizing application scenarios, particularly in the context of direct satellite connectivity, which is seen as a new growth phase for the satellite internet industry [10]. - Recent regulatory proposals aim to promote and standardize terminal devices that connect directly to satellites, expanding the market beyond just mobile devices to include various IoT applications [10]. Investment Recommendations - The report suggests focusing on key players across the aerospace value chain, including satellite manufacturing leaders like China Satellite, and rocket manufacturing firms such as A-share market enterprises and private companies [11].