GUOTAI HAITONG SECURITIES·2026-02-11 13:49Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The successful flight test of the Long March 10 rocket and the Mengtian spacecraft marks a significant breakthrough in China's manned lunar exploration program, with plans to achieve manned moon landing by 2030 [2][4]. - The report anticipates rapid development in new areas of the space economy, including space tourism, smart infrastructure, resource development, and traffic management, positioning commercial aerospace as a core investment direction in the military industry during the 14th Five-Year Plan [2][4]. Summary by Sections - Recent Developments: On February 11, 2026, China successfully conducted a low-altitude demonstration of the Long March 10 rocket and the maximum dynamic pressure escape flight test of the Mengtian spacecraft, validating key functions and performance for future lunar missions [4]. - Future Plans: The lunar exploration program is set to fully launch, with the Chang'e 7 mission planned for 2026 and Chang'e 8 for 2028, aiming to establish an international lunar research station by 2028 and achieve manned lunar landing by 2030 [4]. - Investment Recommendations: Recommended stocks include Aerospace Electronics, Shaanxi Huada, Zhimingda, Guobo Electronics, Guangwei Composite, and AVIC High-Tech, with related stocks such as Chaojie Co., Zhenlei Technology, China Satellite, Aerospace Electric, Zhongtian Rocket, and Sruy New Materials [4].