[Table_Main] 证券研究报告|行业专题 通信 2026 年 01 月 21 日 商业航天 优于大市（维持） 证券分析师 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 李宏涛 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 市场表现 -18% 0% 18% 37% 55% 73% 92% 110% 2025-01 2025-05 2025-09 2026-01 通信 沪深300 相关研究 1.《全低轨星座布局，产业成长带来 长期价值》，2025.11.20 2.《英伟达产品安全存疑，利好国产 算力链全方位闭环》，2025.8.26 3.《组网与技术日益清晰，卫星互联 预计将密集发射》，2025.8.19 4.《星网实现高速发射，组网有望常 态化》，2025.8.14 5.《卫星互联网加速发射，投资机会 进一步显现》，2025.8.11 中美竞逐万亿美元新赛道，五层 解构下的投资蓝图 [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 资料来源：德邦研究所，聚源数据 国家战略 ...

Core Insights - The Sichuan Provincial Government has released the "Sichuan Commercial Aerospace High-Quality Development Action Plan (2025-2030)", aiming to establish a spatial layout led by the Chengdu metropolitan area and Liangshan Prefecture, targeting a commercial aerospace industry scale of over 50 billion yuan by 2025 and 100 billion yuan by 2030 [1][2] Group 1: Strategic Objectives - The plan emphasizes the construction of a collaborative industrial ecosystem to efficiently connect technology, capital, and market demand, featuring a "dual-core leadership and multi-regional collaboration" approach [2] - Liangshan Prefecture will leverage its launch resource advantages to develop a rapid manufacturing and launch capability, while Chengdu will focus on high-standard industrial zones to attract leading enterprises [2][3] Group 2: Development Initiatives - The action plan outlines measures to attract aerospace manufacturing and related enterprises, support in-situ manufacturing, and accelerate the development of industrial support zones to create a symbiotic industrial ecosystem [3] - It encourages both internal cultivation and external attraction of enterprises, promoting investment from large domestic companies and supporting small and medium-sized enterprises in the aerospace sector [3] Group 3: Regional Focus Areas - Different regions will focus on specific areas within the commercial aerospace industry: Chengdu will concentrate on rockets, satellites, and ground systems; Liangshan will focus on rocket satellites and commercial launches; Mianyang will target rocket and engine manufacturing; and other cities will specialize in various aerospace-related sectors [4]