证券日报网讯 2月27日，景兴纸业在互动平台回答投资者提问时表示，公司全资子公司上海景兴参与的 基金有投资上海垣信卫星，根据公开信息，上海垣信卫星科技有限公司主要从事低轨卫星互联网星座的 研发、建设及商业化运营。该公司致力于成为国际化的低轨宽带卫星产业集团及服务商，为全球用户提 供高速实时安全可靠的宽带通信、导航增强、实时遥感和气象预报等综合业务。至于IPO的计划，请关 注垣信自身披露的信息。 （文章来源：证券日报） ...

证券日报网讯 2月27日，景兴纸业在互动平台回答投资者提问时表示，根据公开信息，上海垣信卫星科 技有限公司主要从事低轨卫星互联网星座的研发、建设及商业化运营。该公司致力于成为国际化的低轨 宽带卫星产业集团及服务商，为全球用户提供高速实时安全可靠的宽带通信、导航增强、实时遥感和气 象预报等综合业务。公司作为间接投资方，对垣信卫星的具体经营并不参与，不了解该公司特别具体的 重大合同信息。 （编辑 丛可心） ...

格隆汇2月27日丨景兴纸业(002067.SZ)在互动平台表示，公司全资子公司上海景兴参与的基金有投资上 海垣信卫星，根据公开信息，上海垣信卫星科技有限公司主要从事低轨卫星互联网星座的研发、建设及 商业化运营。该公司致力于成为国际化的低轨宽带卫星产业集团及服务商，为全球用户提供高速实时安 全可靠的宽带通信、导航增强、实时遥感和气象预报等综合业务。 ...

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].

Core Viewpoint - The commercial aerospace industry is experiencing a dual characteristic of "fundamental recovery + event catalysis" in October, driven by satellite launch progress and favorable policies, with a positive outlook for upstream sectors like satellite and rocket manufacturing [1] Industry Performance - As of October 31, 2025, the commercial aerospace sector's listed companies have shown positive signs of order recovery, indicating an approaching industry turning point [2] - Profitability across various segments has improved, with satellite manufacturing returning to profitability, satellite communication revenues increasing, and satellite navigation maintaining stable performance [2] - The asset-liability situation shows clear signs of order recovery, with positive growth in contract liabilities, prepayments, and inventory across segments, suggesting a potential revenue and performance growth turning point in the industry [2] Recent Developments - The technology for reusable rockets is entering a phase of intensive test flights, with several models expected to launch between late 2025 and early 2026, marking a critical turning point for the commercial aerospace sector [2] - The construction of low-orbit satellite internet constellations is accelerating, with significant launches completed, indicating a rapid development phase for China's national low-orbit satellite internet constellation [3] - The opening of satellite operation licenses and national top-level design is creating a synergistic effect, leading to diversified commercial models in satellite communication [3] IPO Activity - Multiple commercial aerospace companies, including Blue Arrow Aerospace and others, have initiated IPO counseling, indicating a trend towards attracting "patient capital" into key technology sectors [4] Investment Focus - Companies involved in satellite manufacturing and satellite internet are expected to see structural growth opportunities as satellite constellations accelerate [5] - Companies intersecting with strategic emerging industries like smart driving and low-altitude economy are likely to gain increased attention due to their relevance to the commercial aerospace sector [5] - Companies that may benefit from special premiums related to market value management are expected to engage in mergers and acquisitions to enhance market expectations and investor communication [6]