空天一体，临点已至

Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook for investment opportunities [5]. Core Insights - The commercial aerospace industry is approaching a critical point for closing the loop, with expectations for rapid growth. The core component of this industry is satellites, and the launch speed is primarily determined by launch costs. The key bottleneck lies in reusable rocket technology. A breakthrough in this technology will significantly accelerate the launch speed of low-orbit satellites in China. Coupled with the ongoing development of the AI industry, the construction of space computing power is becoming a trend, leading to a substantial opening of the commercial aerospace application market [1][9]. - The Chinese government has placed significant emphasis on the development of commercial aerospace, with supportive policies emerging frequently. The industry has been included in government work reports for two consecutive years, highlighting its importance as a new growth engine [12][14]. - The successful launch of the Zhuque-3 rocket marks a significant milestone in China's reusable rocket technology, which is expected to progress from stage 1 to stage 10. This development is crucial for the industry to reach a volume production critical point [16][15]. Summary by Sections Commercial Aerospace Industry Development - The commercial aerospace industry is nearing a critical point for closing the loop, with expectations for rapid growth driven by advancements in reusable rocket technology and the increasing demand for space computing power [1][9]. - The Chinese government has prioritized commercial aerospace in its development plans, with multiple supportive policies and initiatives aimed at fostering industry growth [12][13]. Reusable Rocket Technology - The Zhuque-3 rocket's successful launch demonstrates the potential for reusable rocket technology in China, with future goals to reduce launch costs to approximately 20,000 RMB per kilogram [16][15]. - The report draws parallels with SpaceX's Falcon 9, which has achieved significant cost reductions through reusable technology, suggesting that similar advancements in China could lead to a sustained decrease in launch costs [17][18]. Space Computing Power - The report highlights the increasing trend of deploying computing power in space, with companies like Starcloud leading initiatives to establish space-based data centers. This shift is expected to alleviate the growing demands on terrestrial data centers [19][20]. - The anticipated advancements in rocket technology and the establishment of space computing infrastructure are expected to create a robust ecosystem for commercial aerospace applications [30][31].