电力设备事件点评：蓝箭航天IPO获受理，商业航天产业化进程加速

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Views - The report highlights that Blue Arrow Aerospace's IPO has been accepted, accelerating the commercialization process of the aerospace industry. The company aims to raise 7.5 billion yuan for enhancing the capacity and technology of reusable rockets [7] - The successful launch of the world's first liquid oxygen-methane rocket (Zhuque-2) in July 2023 and the first reusable liquid oxygen-methane rocket (Zhuque-3) in December 2025 marks significant milestones for Blue Arrow Aerospace, which is a leading player in China's commercial aerospace sector [7] - The report anticipates that the commercialization of the aerospace industry will drive the development of the space industry, creating new markets for space energy and applications such as space photovoltaics and space computing [7] Summary by Sections Recent Performance - The electric equipment sector showed a performance of 41.8% over the past 12 months, outperforming the CSI 300 index, which had a return of 17.7% [4] Investment Highlights - The report emphasizes the rapid expansion of the rocket launch market, with a projected 341 launches globally in 2025, a 25% increase year-on-year, and 90 launches in China, a 30% increase [7] - The Chinese commercial aerospace industry is expected to enter a golden development period from 2025 to 2030, with a market size projected to reach 8 trillion yuan by 2030 [7] - The report suggests that companies in the aerospace supply chain are likely to see synchronized improvements in performance and valuation due to the acceleration of the commercialization process [8]