Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [1]. Core Insights - Carbon fiber, referred to as "black gold," is categorized into T series (focused on tensile strength) and M series (focused on tensile modulus), with M series being more suitable for space environments due to its high carbon content and modulus [5][19]. - Carbon fiber is utilized in rockets for critical components such as fairings and landing legs, achieving weight reductions of 20%-50%. The Falcon 9 rocket by SpaceX employs carbon fiber in its structures, while the domestic "Weiguang-1" rocket is expected to achieve over 30% weight reduction with full carbon fiber construction by 2028 [5][34][37]. - In satellites, carbon fiber accounts for approximately 15.1% of materials used, primarily in heat sinks and precision structures. Although aluminum alloys dominate at 36.7%, the penetration of carbon fiber is expected to increase due to its low thermal expansion and weight reduction benefits [5][46]. - The M series carbon fiber has high technical barriers, with key bottlenecks in carbonization and graphitization equipment. Companies like Guangwei Composites have a competitive edge in technology and capacity, while others like Zhongfu Shenying and Heshun Technology are also making strides in the M series carbon fiber sector [5][61]. Summary by Sections 1. Carbon Fiber: "Black Gold" Performance - Carbon fiber can be classified based on precursor type, fiber morphology, bundle specifications, production processes, and mechanical properties. The main categories include PAN-based, pitch-based, and viscose-based fibers [13][15]. - Military applications primarily use small bundles of high-modulus carbon fiber, which are essential in aerospace [15][24]. 2. Rocket Applications of Carbon Fiber - Future applications of carbon fiber in rockets are expected to expand to fairings, interstage sections, and landing legs [7][28]. - The D4 rocket uses carbon fiber composites in various critical components, showcasing the material's advantages over traditional metals [33]. 3. Satellite Applications of Carbon Fiber - The increase in satellite weight is expected to drive higher penetration rates of carbon fiber in satellite structures [41][56]. - Carbon fiber is used in satellite components such as heat sinks, precision structures, solar panel supports, and antenna reflectors, benefiting from its excellent thermal and mechanical properties [45][46]. 4. Related Companies - Guangwei Composites leads in M series carbon fiber production with significant capacity and technological advantages, while Zhongfu Shenying and Heshun Technology are also advancing in this field [61][63].