太空基建不断加速，持续看好商业航天和卫星产业链

Investment Rating - The industry investment rating is "Outperform the Market - A" [4] Core Insights - The importance of aerospace and satellite technology is increasingly recognized, with the acceleration of space infrastructure construction benefiting the related industry chain in the long term [2][12] - The report highlights significant recent developments in the commercial aerospace and satellite industry, including the launch of new satellite networks and rockets, which are expected to enhance the application potential of satellite infrastructure [1][11] - The report suggests focusing on incremental directions in space infrastructure, such as space computing power, 3D printing, terminal direct connection, and inter-satellite connectivity, as well as value-enhancing segments in low Earth orbit satellites [2][12] Summary by Sections Industry Performance - The report indicates that the industry has shown a relative return of 14.7% over the past month, 9.2% over three months, and 23.8% over twelve months, with absolute returns of 16.5%, 11.2%, and 47.4% respectively [6][13] Recent Developments - The report details various recent events, including the launch of the "TeraWave" satellite communication network by Blue Origin, which will consist of 5,408 low Earth orbit satellites, and the successful launch of multiple satellites by different companies [1][11] - It also mentions the approval of policies in Beijing to support the development of commercial satellite remote sensing data resources from 2026 to 2030, indicating a favorable regulatory environment for the industry [1][11] Investment Focus - The report recommends paying attention to companies involved in satellite and space asset management, safety, and applications, as well as those engaged in testing and simulation services [2][12]