KAIYUAN SECURITIES·2025-11-28 05:18Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the continuous prosperity of the AI industry, with significant breakthroughs in domestic AI applications and the acceleration of AI deployment [3][5] - The commercial aerospace sector is expected to enter a high-speed development phase, driven by the newly released three-year action plan aiming for high-quality development by 2027 [5][8] - The establishment of the Commercial Aerospace Department signifies the government's strong emphasis on the commercial aerospace sector [6] Summary by Sections Industry Overview - The report indicates a projected significant growth in the commercial aerospace industry, with a focus on high-quality development and effective market governance [5][8] Key Developments - The first flight of the reusable Zhuque-3 rocket by Beijing Blue Arrow Aerospace is scheduled for November 29, marking a critical advancement in domestic reusable rocket technology [7] - The progress of two national low-orbit satellite internet constellations, with the National Grid Constellation having launched 13 groups of satellites and plans for a total of approximately 1,300 satellites by 2029 [7] Investment Recommendations - Recommended companies include Zhongke Xingtu, Aerospace Hongtu, Putian Technology, and Yaxin Security, with beneficiaries such as Xingtuxi Control, Jiayuan Technology, and Shengbang Security [8]