Investment Rating - The report indicates a positive investment outlook for the commercial aerospace industry, particularly in satellite manufacturing and satellite internet sectors, as they are expected to experience significant growth in the coming years [12][14]. Core Insights - The commercial aerospace industry is witnessing a recovery, with overall revenue growth of 12.76% year-on-year in the first three quarters of 2025, marking an end to the downward trend observed since 2023 [31]. - The satellite manufacturing sector has shown a remarkable recovery with a year-on-year revenue increase of 85.28%, driven by the completion of satellite system projects and increased orders [32]. - The satellite communication sector is expected to see a shift towards diversified business models, with government-led applications in disaster response and maritime communication leading the way [76]. - The report highlights the emergence of "space computing" as a new frontier, with significant investments from global tech companies aiming to establish space-based data centers [77][80]. Summary by Sections 1. Commercial Aerospace Sector Analysis - The satellite manufacturing sector is experiencing a strong recovery, with a 85.28% increase in revenue year-on-year [32]. - The satellite navigation and measurement control sectors are also growing rapidly, with approximately 16% growth [31]. - The satellite communication sector has ended its decline, achieving a 5.35% year-on-year growth [31]. 2. Investment Opportunities - The report suggests focusing on companies involved in satellite manufacturing and satellite internet, as the construction of satellite constellations accelerates [12]. - Companies intersecting with emerging industries like smart driving and artificial intelligence are also highlighted as potential investment opportunities [12]. 3. Recent Developments - The report notes that multiple commercial aerospace companies have initiated IPO guidance, indicating a robust interest in the sector from investors [10]. - The opening of satellite operation licenses is expected to stimulate market activity and create a new landscape for satellite communication [76]. 4. Future Outlook - The report anticipates that 2025 will be a pivotal year for the commercial aerospace industry, with increased policy support and resource allocation expected to drive growth [14]. - The integration of satellite internet with terrestrial 5G/6G networks is projected to create a comprehensive information network [76].

中航证券发布研报称，10月，商业航天产业呈现"基本面修复+事件催化"的双重特征。短期看，卫星发 射进度和政策利好仍是行情主要驱动力，卫星制造、火箭制造等上游产业链关注度持续抬升，相关企业 业绩也有望率先落地；中长期，随着星座大规模部署建设、可回收火箭技术突破、以及天地一体化应用 落地，下游通信、遥感等应用领域需求有望迎来释放，叠加太空算力、低空经济等新领域的拓展应用， 行业整体有望在震荡中实现重心上移。 中航证券主要观点如下： 截至2025年10月31日，商业航天产业上市公司2025年三季报已披露完毕，整体表现出了订单修复的积极 信号，行业拐点已然临近。具体如下： 利润表上，各细分领域表现均迎来改善。具体来看，卫星制造领域迎来恢复式增长，净利润扭亏为盈； 卫星通信应用收入有所增长，但盈利能力修复仍需时日；卫星导航表现稳健，是当前细分赛道中供需结 构最稳定的领域；卫星遥感收入增速小幅提升，利润微增，商业化变现能力仍待加强；卫星测控收入与 净利润均快速增长，是成长性相对更强的赛道。 资产负债表上，订单修复信号明显。各细分领域合同负债及预收款项、存货等均实现正增长，表明商业 航天板块短期需求侧订单明显修复，在"十四 ...