商业航天专题一：多款民营火箭首飞，助力我国卫星组网

Investment Rating - The report recommends a "Buy" rating for the commercial aerospace sector, particularly highlighting the potential of private rocket companies and their impact on satellite networking in China [4][7]. Core Insights - The global satellite frequency and orbit resources are limited, with the US leading in the number of satellites in orbit. China is advancing two large-scale internet satellite constellation projects, aiming for a total of approximately 28,000 satellites [4][43]. - In 2024, a total of 263 space launch missions were executed globally, marking an 18% increase from 2023. The US and China accounted for 86% of these launches, with the US conducting 158 missions and China 68 missions [19][24]. - The commercial aerospace market in China is characterized by a dual development model of "national teams and private teams," with private rocket companies expected to enhance launch capacity and reduce costs significantly [4][45]. Summary by Sections Global Launch Activity - In 2024, 263 space launches were conducted globally, with 258 successful missions. The US accounted for 60% of the launches, while China completed 68 launches, representing 26% of the total [19][24][26]. - SpaceX dominated the commercial launch market, executing 117 missions, which is 67% of the global commercial launch count [24][25]. Satellite Constellation Plans - The US has established significant satellite constellation plans, including SpaceX's Starlink with approximately 42,000 satellites and Amazon's Project Kuiper with over 3,200 satellites. China is also advancing its GW constellation and G60 constellation projects [34][36]. Cost Reduction and Technological Advancements - The cost of satellite launches in China has decreased from approximately 115,000 RMB per kilogram in 2020 to about 75,000 RMB per kilogram in 2024, with expectations of further reductions as reusable rocket technology matures [49][51]. - The successful first flight of several private rockets, such as the Zhuque-3, indicates a growing capacity in the commercial launch sector, which is crucial for meeting the demands of satellite constellation deployments [4][51]. Policy Support and Market Dynamics - Recent government policies have elevated commercial aerospace to a national strategic priority, encouraging private investment and innovation in the sector [48][49]. - The report emphasizes the importance of ongoing policy support to address key challenges in the commercial aerospace industry, particularly in enhancing launch capabilities and fostering technological advancements [4][58].