国防军工行业跟踪分析：长六改火箭成功发射，我国商业航天景气可期

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The successful launch of the Long March 6 modified rocket on December 5 indicates a promising outlook for China's commercial aerospace industry [2] - The Long March 12 rocket's successful maiden flight on November 30 fills the gap of having a commercial launch site in China, enhancing the foundation for the commercial aerospace sector [2] - By 2030, it is predicted that China's annual satellite launch volume could reach between 1,500 to 2,000 satellites, leading to a demand for at least 150 to 200 rocket launches per year [2] Summary by Sections Industry Overview - The Long March 6 modified rocket successfully launched, delivering the Qianfan polar orbit 03 satellite group, marking a significant achievement for China's commercial aerospace sector [2] - The Long March 12 rocket's successful launch at Hainan's commercial launch site represents a milestone in China's commercial launch capabilities [2] Market Performance - The Qianfan satellite constellation has increased its operational satellites to 54, enhancing its ground communication capabilities [2] - The satellite launch technology, particularly the "one rocket, multiple satellites" approach, is being effectively applied, laying the groundwork for future stacked launches [2] Investment Opportunities - The report suggests focusing on leading companies within the domestic satellite and launch vehicle supply chain, including Shanghai Hanhua, Guangwei Composites, and others [2][5] - The report highlights the potential for significant growth in the satellite communication sector, particularly with the upcoming launches of the GEN1 and GEN2 satellites by 2025 and 2027, respectively [2]