GUOTAI HAITONG SECURITIES·2026-02-02 09:17Investment Rating - The report does not explicitly provide an investment rating for the commercial aerospace industry Core Insights - The commercial aerospace sector is witnessing significant advancements, including the construction of China's first common testing platform for commercial aerospace, focusing on reusable rockets and new aerospace products [9][10] - In January 2026, China launched 8 rockets successfully placing 26 satellites into orbit, while the US launched 12 rockets with 271 satellites [6][9] - The commercial aerospace index experienced a weekly decline of 9.22%, with a trading volume of 436.5 billion yuan, down 16.05% from the previous week [28][31] Summary by Sections 1. Rocket and Satellite Launch Dynamics - In January 2026, China launched 8 rockets, successfully placing 26 satellites into orbit, while the US launched 12 rockets with 271 satellites [6][9] 2. Industry Development Dynamics - The first common testing platform for commercial aerospace is under construction, focusing on reusable rockets and new aerospace products [10] - A 240-ton reusable liquid oxygen kerosene engine successfully completed a 200-second long test on January 29, 2026, achieving international leading performance [13][14] - Yushi Space delivered its first 70m reusable stainless steel liquid rocket, AS-1, on January 26, 2026, marking a significant milestone for Hunan Province [16][17] - The first commercial aerospace professional park in Shenzhen was inaugurated, enhancing the region's aerospace manufacturing capabilities [19][20] - The China Aerospace Science and Technology Corporation held a conference to promote collaboration across the commercial aerospace industry chain [22][23] 3. Industry Financing Progress - The private commercial spacecraft developer "Star Development" completed an A++ round of financing on January 29, 2026, aimed at accelerating spacecraft development and enhancing transport capabilities [24][25] 4. Capital Market Performance - The Wind Commercial Aerospace Index (8841877.WI) saw a weekly decline of 9.22%, with a trading volume of 436.5 billion yuan [28][31] - Among the listed companies, *ST Chengchang, Feili Hua, and Aerospace Science and Technology saw weekly gains of 15.48%, 3.30%, and 1.55% respectively, while Chaojie Co., Holiwo, and Yaguang Technology experienced declines of -19.17%, -19.17%, and -18.82% [31][32]