商业航天进入密集催化期，本轮行情有何异同？ 20251225 摘要 可回收火箭技术是本轮商业航天行情的关键驱动，多家机构正进行相关 试验，预计明年国内将有多款可回收运载火箭首飞，显著降低成本并提 高供给端能力，为商业航天应用拓展市场前景。 我国一次性火箭也取得进展，如长征八号等新型火箭已投入使用，通过 脉动生产线等技术提升产能，每年可提供 60 至 80 次商业发射，新建发 射场地也提升了发射工位数量。 卫星制造方面，我国通过产业链协同和批量生产技术降低成本，卫星批 产数量达到 300 颗以上时，成本可降至一半。国内已建和在建卫星产能 可达 3,000 颗以上，满足未来需求。 全球太空资源竞争白热化，以中美为主导。美国 Starlink 计划已建设 1 万多颗卫星，SpaceX 的"星舰"将进一步提高其进入空间能力，加速 太空资源抢占，促使国内加速发展商业航天。 国内正在建设和计划建设多个低轨卫星通信项目，包括星网工程和千帆 星座，两者合计规划约 28,000 颗卫星，未来十几年内每年需要发射 2000 至 3,000 颗以上的卫星。 Q&A 本轮商业航天市场的热度与以往有何不同？ 本轮商业航天市场的热度与以 ...

Core Insights - Beijing is emerging as a significant hub for commercial aerospace, with abundant innovation resources and a leading industrial foundation in China [1][2] - The city aims to enhance its global influence in commercial aerospace through various strategies, including tackling core technology bottlenecks and optimizing industrial layout [1] Industry Overview - Beijing is home to over 300 high-tech enterprises in the commercial aerospace sector, accounting for more than half of the national core R&D units and a majority of the country's aerospace infrastructure and specialized talent [2][3] - The commercial aerospace industry in Beijing encompasses the entire value chain, including rocket launch, satellite manufacturing, ground systems, and satellite application services, making it the most comprehensive in the country [3] Achievements and Innovations - In rocket launches, significant breakthroughs have been made, such as the successful vertical takeoff and landing test by Blue Arrow Aerospace and the normalization of disposable rocket launches, with 12 commercial rocket launches planned for 2024 [2][3] - Beijing has released plans for over 10 commercial satellite constellations, with Galaxy Aerospace successfully launching 8 low-orbit broadband communication satellites, marking a significant step in satellite internet applications [2][3] Market Potential - The commercial aerospace market is vast, with Galaxy Aerospace being the first unicorn in China's commercial aerospace and satellite internet sector, achieving multiple technological breakthroughs [4][6] - Galaxy Aerospace has successfully launched 25 advanced satellites, including China's first satellite with flexible solar wings, and is focused on reducing user costs through innovative technology [6][7] Future Directions - The development of space infrastructure is seen as a new engine for global economic growth, with satellite internet construction accelerating the arrival of the 6G era [7][8] - Galaxy Aerospace is advancing the research and development of satellite internet technology that allows direct mobile phone connections to satellites, creating significant market opportunities [7][8]