通信行业专题研究点评：政府工作报告两次提及商业航天，关注相关产业链投资机会

Investment Rating - The report maintains a "Recommended" investment rating for the industry [2][5]. Core Insights - The government work report for 2025 mentions "commercial aerospace" twice, highlighting the rapid development of emerging industries such as commercial aerospace and the Beidou application [5]. - In 2024, China's commercial aerospace sector saw significant growth, with a record 68 rocket launches, including 12 by private companies, and a total of 257 satellites launched, of which 201 were commercial satellites [5]. - The commercial aerospace industry is expected to enter a new phase of large-scale application in 2025, with a market size projected to exceed 2.5 trillion yuan, supported by international cooperation [5]. Summary by Sections Government Report Highlights - The 2025 government work report emphasizes the safe and healthy development of commercial aerospace, marking a transition to large-scale applications [5]. - The report outlines the need for technological breakthroughs and the promotion of new technologies and products in the commercial aerospace sector [5]. Market Outlook - The commercial aerospace industry is anticipated to undergo a transformation and upgrade period, with continuous market expansion expected due to international collaboration [5]. Investment Recommendations - The report suggests focusing on investment opportunities within the relevant industry chain, specifically mentioning China Satellite Communications (601698.SH) and Aerospace Electronics (600879.SH) [5].