GUOTAI HAITONG SECURITIES·2026-01-20 11:40Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The launch cycle of the Long March 12 rocket has been shortened, indicating a potential acceleration in China's commercial space launch rhythm. The report anticipates that by 2026, China's commercial space sector will experience rapid growth, becoming a core investment direction in the military industry during the 14th Five-Year Plan [2][4]. Summary by Sections Industry Overview - The Long March 12 rocket, developed by the China Aerospace Science and Technology Corporation, has demonstrated strong performance with a near-Earth orbit capacity of at least 12 tons and a 700 km sun-synchronous orbit capacity of at least 6 tons. The rocket's launch cycle has been optimized, reducing the time by 4 days, showcasing high efficiency in testing and launch operations [4]. Future Outlook - By 2025, significant breakthroughs in manned spaceflight, deep space exploration, and commercial space sectors are expected, with a projected total of 92 launches, setting a historical record. The report highlights that 2026 will bring further surprises and advancements in China's space endeavors, including the construction of space stations and lunar exploration [4]. Investment Recommendations - The report recommends specific stocks for investment, including Aerospace Electronics, Shaanxi Huada, Zhimin Da, Guobo Electronics, Guangwei Composite, and AVIC High-Tech. Related stocks mentioned include Chaojie Co., Zhenlei Technology, China Satellite, Aerospace Electric, Zhongtian Rocket, and Srey New Materials [4].