KAIYUAN SECURITIES·2025-12-11 06:45Investment Rating - The investment rating for the industry is "Positive" (maintained) [1] Core Insights - The commercial aerospace industry is increasingly recognized as a strategic emerging industry, with growing government emphasis on its development as a key measure for enhancing national strength and seizing future technological and economic development opportunities [4][24] - The global commercial aerospace market is entering a golden era of development, driven by low Earth orbit (LEO) satellite internet, characterized by technological integration and collaborative innovation across the entire industry chain [13][22] - The competition for low Earth orbit resources has intensified, with major countries vying for satellite positions and frequency bands under the "first come, first served" principle [5][30] Summary by Sections 1. Government Emphasis on Commercial Aerospace - Commercial aerospace has been included in China's top-level design framework, marking its elevation to a strategic emerging industry in government reports [24][28] - The establishment of the Commercial Aerospace Administration and the introduction of a three-year action plan for its development highlight the government's commitment to this sector [7][28] 2. Competition for Low Earth Orbit Resources - Low Earth orbit is identified as a core strategic resource for commercial aerospace, with satellites in this orbit offering low latency and reduced signal loss, making them ideal for internet services [30][31] - SpaceX's Starlink leads the global LEO satellite constellation development, having launched over 10,203 satellites, which is 45% of all satellites launched since 1957 [5][38] - China has applied to the International Telecommunication Union (ITU) for a total of 51,300 low Earth orbit satellites, with three major constellation plans exceeding 10,000 satellites each [36][47] 3. Formation of a Comprehensive Commercial Aerospace Ecosystem - The commercial aerospace market in China is growing annually, forming a complete ecosystem that covers upstream manufacturing, midstream launch and operation, and downstream application services [6][54] - The key to scaling in this industry is "cost reduction and efficiency enhancement," with reusable rocket technology significantly lowering launch costs and shortening mission cycles [6][55] - The expansion of satellite launch sites is leading to a new phase of high-density and normalized launches [6][54] 4. Investment Recommendations - The report highlights several companies as beneficiaries of the commercial aerospace sector, including West Materials, Superjet Co., and Aerospace Power in the rocket industry chain, and companies like Zhongke Xingtou and Aerospace Hongtu in the satellite industry chain [7]