SHHG(SH:603131) 券商中国·2025-11-07 04:36Core Viewpoint - The commercial aerospace sector in China is experiencing a significant surge, driven by recent developments in reusable rocket technology, supportive government policies, and competitive dynamics in the global market [1][2][4]. Group 1: Recent Developments - Beijing's Xinghe Power Aerospace successfully completed the ground testing of the first stage power system for the reusable liquid rocket, Zhishen-1, marking the completion of all major ground tests and preparing for its maiden flight [2][5]. - The successful static ignition test of the reusable rocket Zhuque-3 has also been completed, indicating readiness for its first launch [5]. - The commercial aerospace concept has gained momentum, with several companies like Shanghai Huguang and others experiencing significant stock price increases [1][4]. Group 2: Policy Support - The 14th Five-Year Plan emphasizes the construction of a manufacturing powerhouse, quality powerhouse, aerospace powerhouse, and other strong nations, highlighting the importance of commercial aerospace [2][6]. - The 2024 Government Work Report aims to actively develop commercial aerospace and low-altitude economy as new growth engines, further reinforcing the policy framework for the sector [6]. Group 3: Global Competition - Elon Musk announced plans to expand SpaceX's Starlink V3 satellite scale and establish data centers in space to address the growing demand for computing power in the AI era, indicating a rising interest in space-based computing resources [2][6]. - The U.S. has launched over 10,000 satellites, significantly impacting global communications, and China is expected to accelerate its launch schedule in the coming years [4][9]. Group 4: Market Potential - The global commercial aerospace market is projected to reach $480.3 billion by 2024, accounting for 78% of the global aerospace economy [9]. - China's commercial aerospace market is expected to grow from 324.44 billion yuan in 2017 to 713.32 billion yuan by 2024, with a compound annual growth rate of 11.9% [9]. - The competition for satellite orbits and frequency resources is intensifying, with countries recognizing the strategic value of low Earth orbit and frequency resources [9]. Group 5: Future Outlook - By the end of 2025, China is anticipated to witness a series of maiden flights for various reusable rockets, including those from China Aerospace Science and Technology Corporation and other private companies [10].