China Post Securities·2025-12-26 05:05Investment Rating - The industry investment rating is "Outperform" [1] Core Insights - The report emphasizes the transition from a "one-time" era to a reusable rocket model, reshaping the commercial aerospace sector. China has elevated commercial aerospace to a strategic level, planning a constellation of thousands of satellites to compete in the space economy. The industry is following the low-cost, high-frequency technology paradigm validated by SpaceX's Falcon 9, with costs potentially dropping below $1,000/kg as operational capacity increases [2][3][4] - The next phase for commercial aerospace is the industrialization of space computing power. With breakthroughs in reusable rockets and mass manufacturing, the sector is entering a scalable era, focusing on commercial pathways for space computing power, which is gaining attention due to its low energy costs and minimal heat dissipation [2][3][4] Summary by Sections Section 1: Transition to Reusable Rockets - The report discusses the policy elevation of commercial aerospace in China, marking a new development stage with significant government support and strategic planning [10][11] - Key challenges include high costs, low launch frequency, and limited payload capacity, which are being addressed through advancements in reusable rocket technology and industrial production [15][21][23] Section 2: Industrialization of Space Computing Power - The report highlights the growing global demand for AI computing power and the limitations faced by ground data centers, positioning space computing as a high-value application area [2][3] - The cost structure of space data centers is analyzed, showing significant capital expenditure (Capex) advantages compared to ground facilities, with a ten-year total cost potentially being less than 50% of ground operations [2][3] Section 3: Investment Recommendations - The report suggests focusing on companies involved in commercial aerospace and space computing, including but not limited to StarMap Control, China Aerospace Science and Technology Corporation, and others [2][3][4]