Investment Rating - The report assigns a "Buy" rating to the stocks of Dongyangguang (600673.SH) and Jingtai Holdings (02228.HK) [4] Core Insights - The commercial aerospace industry is entering a phase of global resonance, with China's commercial aerospace market expected to grow from 2.3 trillion yuan in 2024 to 2.8 trillion yuan in 2025 [2] - China has applied for frequency resources for over 200,000 satellites, indicating a significant expansion in satellite constellations [1] - The focus on 3D printing and upstream materials is crucial for the aerospace sector, particularly in the manufacturing of rocket engines and satellite components [3] Summary by Sections Industry Overview - The commercial aerospace market is projected to reach a scale of 2.8 trillion yuan by 2025, with significant contributions from various satellite constellation projects [2] - China is actively developing large-scale satellite constellations, with several projects aiming to deploy thousands of satellites [2] Technological Focus - The report emphasizes the importance of 3D printing technology in the aerospace sector, particularly for rocket engines, which can significantly reduce costs and production time [3] - Key materials identified include high-temperature alloys, 3D printing metal powders, and advanced composite materials for satellites [3] Investment Targets - Key investment targets include Dongyangguang and Jingtai Holdings, with projected earnings per share (EPS) increasing significantly from 2024 to 2027 [4] - The report highlights specific companies involved in critical materials and technologies, such as high-modulus carbon fiber and 3D printing materials [6]