Huajin Securities·2026-01-14 08:03Investment Rating - The industry investment rating is maintained as "Outperform the Market" [4] Core Insights - The commercial aerospace industry is entering a period of explosive growth, with significant improvements in low-orbit satellite constellation construction and launch capabilities. China plans to launch 12,992 commercial satellites to create a global internet satellite constellation [1] - The demand for liquid rocket engines is increasing due to the trend towards large-capacity and reusable rockets in commercial aerospace, leading to a substantial rise in the demand for liquid propellants [2] - The market for electronic specialty gases is projected to reach $6.023 billion globally by 2025, with a CAGR of 6.39% from 2022 to 2025 [2] - The carbon fiber industry is experiencing structural differentiation, with high-performance carbon fiber demand rising in aerospace, while the mid-to-low-end market faces oversupply and price wars [9] - Advanced structural ceramics and composite materials are critical for high-end equipment in aerospace and other key sectors, with ongoing technological advancements in China [9] Summary by Sections Commercial Aerospace Development - The commercial aerospace sector is witnessing rapid advancements, with the establishment of launch sites and the development of new rocket technologies [1] - The government is promoting the safe and healthy development of emerging industries, including commercial aerospace, through various action plans [1] Market Demand and Growth - The demand for liquid propellants and specialty gases is expected to grow significantly, driven by advancements in rocket technology and increased satellite production [2] - The electronic specialty gas market in China is projected to reach 23 billion yuan by 2024, with a CAGR of 10.31% from 2022 to 2024 [2] Material Applications - High-performance materials such as carbon fiber, advanced ceramics, and quartz glass fibers are increasingly used in commercial aerospace applications [9][11] - Companies like Jiufeng Energy and Guangwei Composites are leading in the domestic market for specialty gases and carbon fibers, respectively, with ongoing projects to meet the growing demand [2][9] Investment Recommendations - The report suggests focusing on companies involved in rocket fuel and satellite production, as well as those producing specialty fibers and advanced materials for aerospace applications [11]