通信行业：商业航天有望迎来规模化发展的关键拐点

Investment Rating - The report maintains an "Outperform" rating for the commercial aerospace industry, indicating expected growth exceeding the benchmark index by over 10% [1][37]. Core Insights - The first reusable rocket in China, the Zhuque-3, is expected to launch in early December, marking a significant milestone in commercial aerospace development. This rocket is designed for over 20 reuses and aims to support diverse commercial launch scenarios [1][11]. - The establishment of the Commercial Aerospace Administration by the National Space Administration is anticipated to unlock the potential of China's commercial aerospace industry, which currently has over 600 companies. This regulatory body will focus on ensuring safety while promoting industry growth [5][15]. - The Star Map Control has announced the "Star Eye" space perception constellation plan, which aims to enhance satellite collision avoidance through monitoring and data analysis. The first test satellites are scheduled for launch in the first half of 2026 [4][13]. Summary by Sections Industry Dynamics - The Zhuque-3 rocket, developed by Blue Arrow Aerospace, is a large liquid oxygen-methane rocket with a stainless steel structure, designed for high-frequency, low-cost launches. Its landing area is established near the Jiuquan Satellite Launch Center [1][11]. - The Long March 12 rocket has also reached the Jiuquan Satellite Launch Center for pre-launch testing, with multiple key tests completed, including a vertical takeoff and landing test scheduled for June 2024 [3][12]. Market Overview - The overall market saw an increase during the week of November 24-28, 2025, with the Shenwan Communication Index rising by 8.70%. The top-performing sectors included optical cables and the Internet of Things [6][16]. - Notable individual stock performances included Long光华芯 and 博创科技, with increases of 59.33% and 20.84%, respectively [6][29]. Investment Recommendations - The report suggests focusing on companies within the Google Chain, such as 光库科技 and 中际旭创, as well as those in the domestic super node sector like 寒武纪 and 中兴通讯. Additionally, companies in the commercial aerospace sector, including 航天动力 and 通宇通讯, are highlighted for potential investment [5][16].