Investment Rating - The report indicates a positive outlook for the commercial aerospace industry, suggesting that it will outperform the relevant market indices over the next 12 months [13]. Core Insights - The current commercial aerospace market is characterized by a higher density of catalysts and greater impact compared to previous cycles. The involvement of major overseas AI companies in space data centers is expected to create potential application scenarios, leading to a commercial closed loop [3][8]. - The upcoming period will see a concentrated effort in rocket recovery tests, with any successful attempt likely to accelerate industry progress. The report emphasizes that the current market cycle has a higher expected catalyst density, which could lead to sustained momentum beyond previous cycles [8]. - The underlying investment logic remains focused on "high elasticity + anti-deflation," where companies with high value and low financial baselines are expected to show better resilience. The long-term trend in commercial aerospace is anticipated to be deflationary, with key components like phased array antennas and solar power systems being critical to satellite communication performance [3][8]. Summary by Sections Differences in Current Market Cycle - The current cycle has a significantly different catalyst density and impact compared to previous ones, particularly since November 2025, with major AI firms shifting focus to satellite technology [8]. - The report highlights the potential for rapid network formation in commercial aerospace, with multiple rocket launches planned in a short timeframe, indicating a shift towards a more aggressive growth phase [8]. Similarities in Investment Logic - The investment strategy remains consistent, focusing on companies that exhibit high elasticity and can withstand deflationary pressures. The report notes that capital expenditures will not expand indefinitely and will be short-lived, emphasizing the importance of financial baselines in determining company resilience [3][8]. - Key components such as antennas and power systems are highlighted as critical areas for investment, with expectations for increased demand and technological upgrades in these segments [3][8].