Investment Rating - The report maintains an "Outperform" rating for the commercial aerospace industry, indicating expected growth exceeding the benchmark index by over 10% [1][37]. Core Insights - The first reusable rocket in China, the Zhuque-3, is expected to launch in early December, marking a significant milestone in commercial aerospace development. This rocket is designed for over 20 reuses and aims to support diverse commercial launch scenarios [1][11]. - The establishment of the Commercial Aerospace Administration by the National Space Administration is anticipated to unlock the potential of China's commercial aerospace industry, which currently has over 600 companies. This regulatory body will focus on ensuring safety while promoting industry growth [5][15]. - The Star Map Control has announced the "Star Eye" space perception constellation plan, which aims to enhance satellite collision avoidance through monitoring and data analysis. The first test satellites are scheduled for launch in the first half of 2026 [4][13]. Summary by Sections Industry Dynamics - The Zhuque-3 rocket, developed by Blue Arrow Aerospace, is a large liquid oxygen-methane rocket with a stainless steel structure, designed for high-frequency, low-cost launches. Its landing area is established near the Jiuquan Satellite Launch Center [1][11]. - The Long March 12 rocket has also reached the Jiuquan Satellite Launch Center for pre-launch testing, with multiple key tests completed, including a vertical takeoff and landing test scheduled for June 2024 [3][12]. Market Overview - The overall market saw an increase during the week of November 24-28, 2025, with the Shenwan Communication Index rising by 8.70%. The top-performing sectors included optical cables and the Internet of Things [6][16]. - Notable individual stock performances included Long光华芯 and 博创科技, with increases of 59.33% and 20.84%, respectively [6][29]. Investment Recommendations - The report suggests focusing on companies within the Google Chain, such as 光库科技 and 中际旭创, as well as those in the domestic super node sector like 寒武纪 and 中兴通讯. Additionally, companies in the commercial aerospace sector, including 航天动力 and 通宇通讯, are highlighted for potential investment [5][16].

Core Viewpoint - The "Star Eye" space perception constellation plan aims to provide innovative solutions for space traffic management and establish a new model for space management services [1][2]. Group 1: Industry Context - The current era is marked by unprecedented activity in space, with a rapid increase in global satellite launches and the deployment of large-scale constellations, indicating a new phase of growth in commercial space [1]. - The increasing congestion in orbital space poses significant challenges, including a surge in space debris and heightened collision risks, threatening the sustainable development of the space environment [1]. Group 2: Company Initiative - The "Star Eye" space perception constellation consists of 156 satellites designed to create a global, responsive near-Earth orbit monitoring network [2]. - The company plans to launch 2 experimental satellites in the first half of 2026, followed by 10 engineering satellites in 2027, with additional enhancement and comprehensive satellites to be launched subsequently [2]. - Utilizing the company's independently developed "Observer" space information analysis platform and the space management service platform "Space Cloud," the "Star Eye" will track, orbit, and catalog on-orbit satellites, monitor space debris, analyze satellite orbit data, and predict collision risks, thereby providing precise and efficient space traffic management data services [2].

Core Viewpoint - The "Star Eye" space perception constellation plan by Xingtou Measurement and Control Technology Co., Ltd. aims to provide innovative solutions for space traffic management and establish a new model for space management services [1][2]. Group 1: Industry Context - The current era is marked by unprecedented activity in space, with a rapid increase in global satellite launches and the deployment of large-scale constellations, indicating a new phase of growth in commercial space [1]. - The increasing congestion in orbital space poses significant challenges, including a surge in space debris and heightened collision risks, threatening the sustainable development of the space environment [1]. Group 2: Company Initiative - The "Star Eye" space perception constellation consists of 156 satellites designed to create a global, responsive near-Earth orbit monitoring network [2]. - The company plans to launch 2 experimental satellites in the first half of 2026, followed by 10 engineering satellites in 2027, with additional enhancement and comprehensive satellites to be launched subsequently [2]. - Utilizing the company's independently developed "Observer" space information analysis platform and the space management service platform "Space Cloud," "Star Eye" will track, determine orbits, and catalog on-orbit satellites, monitor space debris, analyze satellite orbit data, and predict collision risks, thereby providing precise and efficient space traffic management data services [2].

Group 1 - The first computing power experimental satellite, "Chenguang No. 1," will be launched, with plans for a space computing center to be established in about five years [1][10][14] - The National Space Administration released a plan for the high-quality and safe development of commercial space from 2025 to 2027, aiming for significant growth in the commercial space industry [1][16] - There are currently 13 commercial space-related companies listed on the Beijing Stock Exchange, with a total market value of 55.193 billion yuan as of November 28, 2025 [1][17][19] Group 2 - The information technology sector saw an average increase of 1.41% this week, with the median P/E ratio dropping to 65.5X [2][26][29] - The automotive industry’s median P/E ratio increased to 32.3X, indicating a positive trend in valuations [3][56] - The biotechnology sector's median P/E ratio decreased to 28.9X, reflecting a mixed performance across industries [2][37] Group 3 - Star Map Control (920116.BJ) reported a revenue increase of 15.57% and a net profit increase of 25.28% for the first three quarters of 2025 [21][23] - Fujida (920640.BJ) achieved a revenue growth of 16.62% and a net profit growth of 55.38% in the same period, indicating strong performance in the RF connector market [22][25] - The overall market capitalization of the technology sector rose from 448.767 billion yuan to 452.243 billion yuan, with a median market cap increase from 2.147 billion yuan to 2.155 billion yuan [3][43][49]

Core Viewpoint - The increasing frequency of human space activities has led to a rise in space debris, necessitating enhanced protection for spacecraft and the development of space situational awareness capabilities to safeguard in-orbit assets and optimize orbital resource utilization [1][5]. Group 1: Space Debris and Risks - Space debris includes all non-functional man-made objects in orbit, with over 44,000 large debris pieces tracked as of 2024, and an estimated 1 million pieces larger than 1 cm posing potential threats to spacecraft [3]. - The kinetic energy of these debris pieces, traveling close to the first cosmic speed (approximately 7.9 km/s), can cause significant damage to spacecraft, ranging from surface damage to system failures or explosions [3]. Group 2: "Star Eye" Space Awareness Constellation - The "Star Eye" space awareness constellation, developed by China Aerospace Science and Technology Corporation, consists of 156 satellites aimed at creating a global near-Earth orbit monitoring network to enhance safety for space activities and innovate space management services [1][4]. - The constellation will utilize various advanced technologies, including wide-field cameras, infrared cameras, and AI-driven collision avoidance systems, to track and analyze potential collision risks between satellites and space debris [3][6]. Group 3: Future Development and Commercialization - The initial phase of the "Star Eye" project plans to launch 12 satellites by mid-next year, with a second phase involving 144 additional satellites to enhance low-cost observational capabilities [4]. - The National Space Administration's recent action plan emphasizes the need for space debris monitoring and collision warning systems, indicating a supportive regulatory environment for the commercial space sector [5]. - The commercial applications of the "Star Eye" constellation include space traffic management, debris monitoring, and lifecycle safety support for spacecraft, which could significantly improve operational reliability and success rates for satellite operators [6].

随着航天强国建设纳入"十五五"规划，中国商业航天正迎来技术突破和产业爆发的黄金发展期。 日前，国家航天局发布了《推进商业航天高质量安全发展行动计划（2025~2027年）》（下称《行动计 划》），商业航天被纳入了国家航天发展总体布局。 太空态势感知作为太空安全的基础支撑，其重要性日益凸显。11月26日，中科星图测控正式发布"星 眼"太空感知星座计划，致力于打造"太空星眼"系统，为破解太空交通管理困局提供了创新性路径，开 创太空管理服务的新模式。 中国科学院院士、空天信息创新研究院学术院长吴一戎表示，商业航天蓬勃发展，太空中的卫星和碎片 急剧增长，亟需清晰的"交通指引"服务。"星眼"星座将为商业卫星运营商、政府及科研机构提供从发射 入轨、在轨运行到寿命末期处置的全流程数据服务和支持，构建卫星健康管理体系，显著提升在轨任务 的可靠性和成功率。 《行动计划》明确，推进产业结构优化。鼓励商业航天布局航天产业链相应环节，做强星箭制造，做大 应用服务，拓展测控运营能力，推动商业航天产业高质量发展。重点支持商业航天主体开发新技术、新 产品，挖掘应用新场景。 中国国际经济交流中心区域和产业经济研究部副部长李金波认为，发展商业 ...

据了解，此次规划的"星眼"太空感知星座由156颗卫星组成。该计划拟从2026年上半年开始，陆续发射 156颗卫星，组成太空感知星座，构建覆盖全球、响应迅速的近地轨道检测网络，为空间站、飞船、卫 星防御太空提供预测碰撞风险、监测太空碎片、辅助太空交通管理。 经济观察网据央视新闻消息，近日，我国新一代太空感知星座发布，在未来，太空"星眼"将为卫星运行 保驾护航。 ...

Core Viewpoint - The launch of the "Star Eye" space perception constellation plan by Xingtou Measurement and Control aims to address the challenges of space traffic management and create a new model for space management services [2][3]. Group 1: Space Traffic Management - The "Star Eye" constellation will provide comprehensive data services and support for commercial satellite operators, government, and research institutions throughout the satellite lifecycle, significantly enhancing the reliability and success rate of on-orbit missions [2][3]. - The constellation consists of 156 satellites designed to create a global, responsive monitoring network for near-Earth orbits, utilizing Xingtou Measurement and Control's self-developed "Observer" space information analysis platform [3][4]. Group 2: Collision Risk Mitigation - The "Star Eye" system will monitor satellites and space debris, analyze satellite orbital data, and predict collision risks, thereby providing precise and efficient space traffic management data services [3][6]. - The European Space Agency (ESA) reports over 50,000 pieces of space debris larger than 10 centimeters and approximately 1.2 million pieces between 1 and 10 centimeters, highlighting the urgent need for collision risk reduction [6][7]. Group 3: Future Developments and Opportunities - The first phase of the "Star Eye" project plans to launch a test satellite in the first half of 2026, with an initial backbone constellation of 12 high-performance satellites [3][4]. - The second phase aims to establish a low-cost enhancement constellation of 144 satellites, focusing on rapid cataloging and tracking of maneuvering and newly launched targets [4]. - The National Space Administration's action plan emphasizes the need for space debris monitoring and collision warning systems, indicating a growing demand for space perception services [7][8].

Core Insights - The "Star Eye" space perception constellation plan was officially launched by China Science and Technology Star Map Control Technology Co., Ltd, aiming to create an innovative path for space traffic management and establish a new model for space management services [2] Group 1: Industry Challenges - The current space environment faces unprecedented challenges, including a rapid increase in the number of satellites in orbit, heightened collision risks, and threats to sustainable space development [2] - The importance of space situational awareness is increasingly highlighted as a foundational support for space safety, especially in the context of rising space debris and collision risks [2] Group 2: Company Initiatives - The "Star Eye" space perception constellation will consist of 156 satellites, designed to create a global, responsive near-Earth orbit monitoring network [2] - The constellation will utilize the company's independently developed "Observer" space information analysis platform and space management service platform, "Space Cloud," to track, catalog, and monitor satellites, analyze orbital data, and predict collision risks [2] Group 3: Commercial Value - The space perception constellation is becoming a key infrastructure in the commercial space era, with its core commercial value lying in building a complete ecosystem of "monitoring-warning-service" [3] - The "Star Eye" constellation, driven by AI capabilities, will provide satellite operators with rapid collision warnings and orbit determination, significantly reducing operational risks [3] - Commercial applications extend to three main areas: data services for space traffic management, insurance and risk assessment for quantifying collision probabilities, and launch window optimization for ensuring safety during rocket launches [3]

Core Viewpoint - The launch of the "Star Eye" space perception constellation by Xingtong Measurement and Control aims to provide new solutions for space traffic management amidst increasing satellite launches and collision risks in space [1][5]. Group 1: Industry Context - The global satellite launch frequency is rapidly increasing, with large-scale constellation deployments becoming mainstream, marking a robust development phase for commercial space [3]. - The space environment faces unprecedented challenges, with over 50,000 pieces of debris larger than 10 cm and approximately 1.2 million pieces between 1 cm and 10 cm, posing significant risks to operational satellites [3]. Group 2: Incident Background - Several incidents of space collisions have occurred, including damage to the Shenzhou-20 spacecraft and the Tianhe space station due to space debris, highlighting the urgent need for improved space safety measures [4]. Group 3: Government Initiatives - The national government emphasizes space safety through the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)," integrating commercial space into the overall national space development strategy [5]. Group 4: "Star Eye" Constellation Details - The "Star Eye" constellation consists of 156 satellites designed to create a global, responsive near-Earth orbit monitoring network, utilizing the "Observer" space information analysis platform for tracking and collision risk prediction [5][6]. - The constellation will be built in two phases: the first phase includes 12 high-performance satellites, while the second phase will add 144 low-cost satellites to enhance monitoring capabilities [6]. Group 5: Commercial Applications - The "Star Eye" constellation is positioned as a critical infrastructure for the commercial space era, providing a complete ecosystem for monitoring, early warning, and services, including space traffic management and collision risk assessment [7]. - Compared to ground-based observation methods, space-based perception offers significant advantages in coverage and detection efficiency, with ongoing developments from both domestic and international companies [7]. Group 6: Future Development Plans - Xingtong Measurement and Control plans to enhance space management service capabilities through increased R&D investment and collaboration with industry partners, contributing to a safer and more orderly space environment [8].