商业航天系列研究（一）：国家战略与产业趋势共振，看好商业航天2026年投资机会

Investment Rating - The report maintains a positive outlook on the commercial aerospace industry, particularly focusing on the investment opportunities in the rocket supply chain due to existing supply gaps and the long-term potential of rocket manufacturers and satellite industry chains with commercial model advantages [1]. Core Insights - The Chinese commercial aerospace industry is identified as a strategic emerging industry that resonates with national strategies and industrial trends, expected to witness significant developments in 2026, including reusable rocket technology validation and IPO progress of commercial aerospace companies [1]. - The current core bottleneck in the industry is the insufficient launch capacity, which is crucial for the scaled development of the sector. The report highlights that in 2025, the global launch capacity is dominated by the US, with a significant gap compared to China [5][6]. - The report emphasizes the importance of reusable rocket technology, which can transform rockets from disposable assets to reusable ones, significantly reducing launch costs and increasing launch frequency and payload capacity [5][6]. Industry Overview - The commercial aerospace industry in China has developed a complete industrial chain consisting of satellites, rockets, and launch sites, gradually extending to measurement and control and applications [5]. - As of 2025, the US has conducted 193 rocket launches, while China has conducted 92, indicating a competitive landscape where the US currently leads [5]. - The report notes that the US has deployed 3,724 satellites compared to China's 372, highlighting the disparity in satellite deployment capabilities [5]. Investment Logic - Short-term opportunities are identified in the rocket supply chain due to the current launch capacity constraints, with specific recommendations for companies involved in high-value components and materials [6]. - Long-term prospects are focused on the transformation of rocket manufacturers' business models towards launch operations and the anticipated growth in satellite demand once the launch capacity bottleneck is resolved [6].