商业航天行业点评：新年献词首提商业航天，2026年行业更上一层楼

Investment Rating - The report maintains a "Recommended" rating for the commercial aerospace industry [4] Core Insights - The commercial aerospace sector is expected to transition from initial scale expansion to a critical development phase focused on quality improvement and efficiency enhancement by 2026, as highlighted in a recent speech by President Xi Jinping [8] - The introduction of the Shanghai Stock Exchange's guidelines for commercial rocket companies is anticipated to accelerate the IPO process for private enterprises in the sector, particularly those with reusable rocket technology [8] - The efficiency of satellite constellation deployment is expected to improve, driven by advancements in rocket capacity and cost control, with reusable rockets playing a crucial role [8] - The concept of space computing is moving towards practical implementation, with SpaceX planning an IPO in 2026, which may influence domestic developments in space computing [8] Summary by Sections - Rocket Sector: The report indicates that 2026 will see the listing of main rocket manufacturers and a potential turning point for reusable technology, which is expected to enhance the launch capabilities of private companies [8] - Satellite Sector: The report emphasizes that the acceleration of low Earth orbit satellite launches will depend on the management of launch costs and rocket capacity, with reusable rockets being a key driver [8] - Space Computing: The report outlines a government-led initiative to develop a multi-core plan for space computing, focusing on specialized computing constellations and the integration of terrestrial and space computing capabilities [8] - Investment Recommendations: The report suggests focusing on leading companies in rocket components and satellite operations, which are likely to benefit from increased launch capacity and reduced costs [8]