● 杨洁 周欣怡 从地面监测到天地一体，从传统服务到智能管控，近日，深耕航天测运控领域十余年的星图测控，正式 发布"星眼"太空感知星座计划，力图构建天地一体化的监测网络，搭配智能"太空星眼"，为太空中的航 天器装上"导航仪"与"红绿灯"，让数万颗卫星如同地面交通般有序运行。 星图测控董事长胡煜深度参与并见证了中国商业航天从无到有、由弱渐强的十年周期，在接受中国证券 报记者采访时直言："下一个十年将是中国商业航天快速发展的关键期，我们要做国际一流的太空管理 服务商，让太空更有序、更美好。" 行业迈入高质量发展新阶段 近日，国家航天局印发《推进商业航天高质量安全发展行动计划（2025—2027年）》，并宣布设立商业 航天司。国家支持航天发展的信号持续释放，让胡煜倍感振奋。在他看来，这一系列举措不仅明确了商 业航天的战略地位，更意味着，或将有一系列政策设计，推动我国商业航天实现从量的积累迈向质的飞 跃。 安全与高质量成为转型的两大核心关键词。随着全球太空活动空前活跃、轨道资源日趋紧张，太空领域 的资产安全与轨道秩序，已成为全球航天发展的重要命题。胡煜解释，"天上的卫星都是国家资产，必 须保障其在轨实现设计指标、发挥 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company is deeply engaged in the commercial aerospace industry, covering four core areas: constellation construction and operation, aerospace electronic equipment manufacturing, aerospace measurement and control, and satellite application services. The projected net profits for 2025-2027 are estimated at 436 million, 525 million, and 627 million yuan, with corresponding EPS of 0.54, 0.65, and 0.78 yuan per share. The current stock price corresponds to a PE ratio of 82.2, 68.1, and 57.1 for 2025-2027 [2][3] Summary by Sections Business Strategy - The company has planned the construction of specialized commercial satellite constellations, including space computing, space perception, commercial meteorology, and commercial electromagnetic constellations, enhancing multi-layer data perception capabilities on Earth. Additionally, it has developed the "Tianjian" series of rocket electronic systems and the "Tianxing" series of satellite electronic systems to meet the demands of the commercial aerospace electronic equipment market [3] Collaboration and Innovation - The company is collaborating with Zhongke Shuguang to build an open and inclusive space computing network, which will create a "space-ground integrated" collaborative intelligent computing architecture. This aims to achieve interconnection and real-time data processing of computing resources, integrating with national-level computing service platforms to promote innovation and application of "space computing" technology [4] New Initiatives - The subsidiary, Xingtian Measurement and Control, has officially launched the "Xingyan" space perception constellation plan, which aims to provide innovative solutions for space traffic safety management. The plan intends to launch 156 satellites starting in the first half of 2026, forming a global near-Earth orbit detection network to predict collision risks, monitor space debris, and assist in space traffic management [5] Financial Projections - The company's projected revenue for 2025 is 3.992 billion yuan, with a year-on-year growth of 22.6%. The net profit for the same year is expected to be 436 million yuan, reflecting a growth of 23.8%. The gross margin is projected to be 50.7%, and the net margin is expected to be 10.9% [7][9][10]

Market Overview - The A-share market opened lower but rose throughout the day, with major indices such as the Shanghai Composite Index and Shenzhen Component Index showing slight gains. Blue-chip stocks experienced minor adjustments, and trading volume continued to shrink [2] Commercial Aerospace Sector - The commercial aerospace sector is experiencing high demand, with military stocks collectively rising. The sector index approached historical highs, with stocks like Qianzhao Optoelectronics hitting a 20% limit up and achieving a historical price peak [3] - The National Space Administration recently issued an action plan for the development of commercial aerospace from 2025 to 2027, which includes establishing a national commercial aerospace development fund and encouraging long-term and strategic investments [4] Government Initiatives - The action plan emphasizes enhancing government procurement mechanisms for commercial aerospace services and promoting the participation of commercial capabilities in national space missions. Additionally, a company named Xingtum Measurement and Control announced a plan to build a satellite network for space monitoring, with the first test satellite expected to launch in the first half of 2026 [5] Industry Growth Projections - According to data from Zhongshan Industrial Research Institute, the output value of China's commercial aerospace industry is projected to grow from 1 trillion yuan in 2020 to approximately 2.3 trillion yuan by 2024, representing a compound annual growth rate of 22.9%. By 2025, this figure is expected to reach 2.8 trillion yuan [5] - Dongwu Securities forecasts that by 2030, the market size of China's commercial aerospace sector will reach 7.8 trillion yuan, with potential for domestic leading companies to achieve valuations in the hundreds of billions or even trillions [5] 6G Technology Development - The communication sector saw a strong performance, particularly in 6G concepts, with stocks like Dongtian Microelectronics hitting a 20% limit up. The Ministry of Industry and Information Technology has emphasized accelerating 6G technology research and development, with 2025 being a critical year for standardization [6][8] - The global 6G technology market is projected to grow from $1.66 billion in 2024 to $14.94 billion by 2030, with a compound annual growth rate of 43.98% [8] - The integration of artificial intelligence with communication technology is expected to enhance the development of 6G, with major telecom operators leading the hardware industry chain [8]

Group 1: Market Overview - The A-share market opened lower but rebounded, with major indices like the Shanghai Composite Index and Shenzhen Component Index showing slight gains, while large-cap stocks experienced minor adjustments [1] - The overall market saw more stocks rising than falling, although trading volume continued to shrink [1] Group 2: Commercial Aerospace Sector - The commercial aerospace sector is experiencing high growth, with military stocks rising collectively and the commercial aerospace index approaching historical highs [2] - The National Space Administration's recent action plan aims to enhance the investment and financing mechanisms for commercial aerospace, including the establishment of a national development fund [4] - The commercial aerospace industry in China is projected to grow from a value of 1 trillion yuan in 2020 to approximately 2.3 trillion yuan by 2024, reflecting a compound annual growth rate of 22.9% [4] - By 2030, the commercial aerospace market in China is expected to reach 7.8 trillion yuan, with potential for local leading companies to achieve valuations in the hundreds of billions or even trillions [5] Group 3: 6G Technology Development - The communication sector is seeing a strong performance, particularly in 6G technology, with significant stock price increases [7] - The Ministry of Industry and Information Technology emphasizes the acceleration of 6G technology research, with 2025 being a critical year for standard development [9] - The global 6G technology market is projected to grow from $1.66 billion in 2024 to $14.94 billion by 2030, with a compound annual growth rate of 43.98% [9] - The integration of artificial intelligence with communication technology is expected to enhance the development of the 6G hardware industry [9]

Core Insights - China's commercial space industry is entering a golden development period with significant technological breakthroughs and industrial growth as it is included in the national space development plan [1][2] - The "Star Eye" space awareness constellation plan aims to provide innovative solutions for space traffic management and enhance satellite operation reliability [1][6] Industry Development - The commercial space sector has been included in government work reports for two consecutive years, indicating its importance as a new industry [2] - The market size of China's commercial space industry is projected to reach 2.3 trillion yuan in 2024, with estimates of 2.5 trillion to 2.8 trillion yuan in 2025 [2] - Total financing for the commercial space sector is expected to exceed 20 billion yuan in 2024, with projections of 25 billion to 28 billion yuan in 2025 [2] - The industry is anticipated to enter a significant acceleration phase by 2025, driven by advancements in reusable rocket technology and satellite manufacturing [2][3] Action Plan Highlights - The "Action Plan" outlines 22 key measures across five areas to promote high-quality development in the commercial space sector [3] - Emphasis is placed on optimizing the industrial structure, encouraging innovation, and enhancing collaboration between upstream and downstream players [3][5] - The plan aims to establish a support mechanism for commercial satellite operations, including policies for launch, tracking, and decommissioning [5] Space Traffic Management - The "Star Eye" constellation will consist of 156 satellites to monitor near-Earth orbits, track satellites, and analyze space debris [6] - The increasing number of satellites and debris poses significant risks, with over 50,000 pieces of debris larger than 10 cm and approximately 1.4 billion pieces between 1 mm and 1 cm [5][6] - The development of autonomous space awareness capabilities is crucial for safeguarding in-orbit assets and ensuring sustainable space operations [6]

Group 1: Commercial Aerospace Industry - The commercial aerospace sector is experiencing high growth, with military stocks showing strength and commercial aerospace leading the gains, approaching historical highs [1][3] - The National Space Administration of China has issued an action plan for the development of commercial aerospace from 2025 to 2027, which includes establishing a national commercial aerospace development fund and encouraging long-term investments [3] - The commercial aerospace industry in China is projected to grow from a value of 1 trillion yuan in 2020 to approximately 2.3 trillion yuan by 2024, with a compound annual growth rate of 22.9% [3] - By 2030, the market size of China's commercial aerospace sector is expected to reach 7.8 trillion yuan, with potential for local leaders to achieve valuations in the hundreds of billions or even trillions [4] Group 2: 6G Technology Development - The telecommunications sector is seeing a strong performance, particularly in 6G concepts, with significant stock gains and indices approaching historical highs [5] - 2025 is identified as a critical year for the initiation of 6G standard research, with the Ministry of Industry and Information Technology emphasizing accelerated development and investment in 6G technology [7] - The global market for 6G technology is projected to grow from $1.66 billion in 2024 to $14.94 billion by 2030, with a compound annual growth rate of 43.98% [7] - The integration of artificial intelligence with communication technology is expected to enhance the development of the 6G hardware industry chain, with major telecommunications operators leading this growth [7]