记者今天（29日）从中国航天科技集团获悉，未来集团将实施商业运载能力提升工程，就是要研制具 备国际竞争力的商业运载火箭，实现航班化运输。可重复使用商业火箭方面，形成近地轨道20吨级重 复使用状态运载能力，实现重复使用火箭规模化、商业化成熟应用。重型运载火箭方面，完成重型运载 火箭研制和相关重复使用试验，具备近地轨道百吨级入轨能力。 此外，中国航天科技集团还将实施空间应用产业拓展工程。加强应用技术攻关，构建"感通算用"融合 的一体化空天地信息网络；在应用技术攻关方面，研究高中低轨捷变自适应卫星通信、高精度导航信号 处理及导航增强、多源数据融合与智能分析等技术，实现空天信息体系新概念、新原理和新方法的原始 创新；在构建服务体系方面，构建开放共享的空间应用数据体系，建设卫星应用数智服务云平台，打造 泛在智能的空天信息服务体系，汇聚天空地、通导遥等多源时空信息，为用户提供系统解决方案及综合 信息服务，促进规模化应用。 在开发新场景方面，将面向低轨卫星互联网，培育手机直连、航空互联网、车联网等大众服务。开展低 空航域航线规划、飞行管控等智慧应用。统筹利用低空无人机、临空无人机、超低轨卫星等新型基础设 施，开发新场景。培 ...

Group 1 - The core viewpoint of the news is the launch of the "Multi-Star Interconnection · Commercial Constellation" plan in Langfang, aiming to establish an integrated information service system for air and space by 2027, achieving full coverage of air and space information services along major logistics corridors in the Beijing-Tianjin-Hebei region [2] - The logistics development trajectory in Hebei is evolving from "physical connectivity" to "digital empowerment," transitioning from a "regional hub" to "air-space collaboration" [2] - The "Commercial Constellation" plan enhances logistics capabilities by utilizing satellite networking for comprehensive tracking of goods and optimizing logistics channels, indicating a shift from a two-dimensional logistics system to a three-dimensional one that integrates air and space information [2] Group 2 - Hebei is positioned as a significant base for modern commercial logistics in the Beijing-Tianjin-Hebei collaborative development, focusing on relieving non-capital functions and serving regional circulation [5] - Achievements include attracting eight major express delivery companies to establish northern headquarters in Langfang and expanding the coverage of the China-Europe freight train "friend circle" to over 50 countries in Asia and Europe [5] - The integration of logistics and supply chains is creating new development opportunities, with examples such as a 50% increase in inventory turnover for a pet food company and upgrades in industrial clusters through logistics centers [5] Group 3 - The logistics sector in Hebei is not only facilitating the movement of goods but also driving the flow of data, value, and opportunities, contributing to high-quality regional economic development [5]

Core Insights - The defense and aerospace industry is experiencing sustained high demand, particularly in the two aircraft sectors and commercial aerospace, which are seen as new growth drivers [2][5][13] - The report highlights the increasing frequency of commercial space launches, with companies like SpaceX targeting a valuation of $1.5 trillion as they prepare for an IPO [5][14] - Investment opportunities are identified in various sectors, including domestic demand and overseas expansion, AI-driven upgrades in military technology, and the potential for new materials and technologies in aviation and space [5][15] Industry Overview - The report notes that the demand for high-end aviation equipment is expected to continue, with significant opportunities for domestic engine replacements in the civil aviation market [23] - The commercial aerospace sector is seeing a notable increase in aircraft deliveries, with a reported 44% year-on-year growth in the delivery of wide-body aircraft as of October 2025 [5][13] - The report emphasizes the importance of strategic partnerships, such as the long-term supply agreement between Yingliu Aviation and Ansaldo Energia, which marks a shift towards large-scale collaboration [5][13] Company Analysis - Companies like AVIC Shenyang Aircraft Corporation and AVIC Xi'an Aircraft Industry Group are highlighted for their potential to benefit from increased domestic and international demand [15][29] - The report discusses the strong growth prospects for companies involved in AI-driven military upgrades, recommending a focus on firms like Ruichuang Micro-Nano and AVIC Optoelectronics [15][18] - The financial outlook for key companies is optimistic, with projected earnings growth and favorable valuation metrics, such as a dynamic PE ratio of approximately 40X for Ruichuang Micro-Nano [18][19] Market Performance - The report indicates that the China Securities Military Industry Index has shown a weekly increase of 2.53%, with a year-to-date increase of 27.99% as of the report date [36] - The military sector has outperformed major indices, indicating strong investor interest and confidence in the defense and aerospace markets [36] Investment Recommendations - The report suggests focusing on companies that are well-positioned to capitalize on the expanding domestic and international markets, particularly those involved in military and aerospace technology [15][23] - Specific companies recommended for investment include AVIC Shenyang, AVIC Xi'an, and Ruichuang Micro-Nano, among others, due to their strategic positioning and growth potential [15][18][29]