Event Overview - The 2026 Beijing International Commercial Aerospace Exhibition will be held from January 23 to 25, 2026, at the Yichuang International Convention Center in Beijing, co-hosted by the Zhongguancun Yichuang Commercial Aerospace Alliance and Beijing Yichuang Star Arrow Technology Development Co., Ltd. [1] - This exhibition marks the first international commercial aerospace event in the "14th Five-Year Plan" period, aiming to create a platform for the entire industry chain and is expected to gather over 75% of leading domestic rocket manufacturing companies, with more than 300 exhibitors and over 20,000 professional visitors [1][2] Exhibition Highlights - The exhibition will feature four core areas: satellite manufacturing, rocket and launch systems, aerospace applications, and aviation services and support [2] - The third Beijing Commercial Aerospace Industry High-Quality Development Conference will take place concurrently, showcasing the latest innovations in the industry through reports, roundtable discussions, and project signings [2] Global Competition Acceleration - In December 2025, the Zhuque-3 rocket successfully completed its maiden flight, and China has launched several satellites, including the Resource-3 04 satellite and a constellation of low-orbit satellites [3] - Internationally, significant developments include Trump's reaffirmation of the goal to return to the Moon by 2028, SpaceX's plans for an IPO with a target valuation of approximately $1.5 trillion, and advancements in satellite technology by companies like Starcloud and Google [3] Market Growth Projections - According to a report by the Ministry of Industry and Information Technology, China's commercial aerospace market is expected to exceed 2.5 trillion yuan by 2025, with annual output value in rocket launches and satellite manufacturing projected to reach 85 billion yuan by 2030 [4] - The maturation of reusable rocket technology is anticipated to enable China to achieve 100 launches per year by 2030, with a cost of approximately 10 million yuan per launch [4] Industry Chain Companies - In the upstream sector, key players in rocket manufacturing include Superjet Co., Srey New Materials, Aerospace Power, and others, focusing on rocket structure components and engine support [7] - In satellite manufacturing, China Satellite is a leading company, with others like Guobo Electronics and Zhenlei Technology possessing core technologies in satellite payloads [7] Midstream and Downstream Services - The midstream sector benefits from increased launch frequency, with companies providing rocket launch and recovery services, while ground equipment providers like Haige Communication and Zhongke Xingtai offer ground control and data processing services [8] - Downstream applications focus on satellite communication, remote sensing, and navigation, with companies in the low-altitude economy, such as Lijun Co. and Weihai Guotai, also benefiting from industry integration [9]

Core Viewpoint - China's successful launch of the Resource 3-04 satellite using the Long March 4B rocket marks a significant achievement in the country's space endeavors, with upcoming plans for reusable rockets expected to accelerate the industry [1] Group 1: Recent Developments - On December 16, China successfully launched the Resource 3-04 satellite from the Taiyuan Satellite Launch Center [1] - The Long March 4B rocket completed its mission successfully, entering the designated orbit [1] Group 2: Future Plans - The reusable rocket Tianlong 3 and Long March 12A are scheduled for their maiden flights between December 2025 and early 2026, focusing on recovery technology [1] - A concentrated effort on recovery technology trials is anticipated, with any successful test potentially accelerating the industry pace [1] Group 3: Policy and Industry Impact - Recent policies, including a three-year action plan for commercial space and a notification from the Ministry of Industry and Information Technology regarding satellite IoT business trials, are expected to enhance the industry landscape [1] - East Wu Securities believes that recent breakthroughs in reusable rocket technology will significantly advance China's goal of "low-cost, high-reusability" in the aerospace sector [1] Group 4: Long-term Outlook - The developments are expected to benefit related industries such as aerospace manufacturing, new materials, and satellite applications in the short term [1] - In the long term, these advancements will support China's transition from a major space power to a strong space power, providing a critical advantage in the new technological revolution and industrial transformation [1]

Group 1 - The upcoming maturity of over 170 trillion yuan in household deposits next year indicates a significant increase of nearly 20 trillion yuan compared to this year, with 32 trillion yuan in deposits maturing for terms longer than two years [2] - The successful launch of the Resource 3-04 satellite marks a significant achievement for China's space program, being the 617th flight of the Long March series rockets [3] - China's railway system has set a historical record by sending 4.28 billion passengers from January to November, reflecting a year-on-year growth of 6.6% [4] Group 2 - Huawei has undergone a leadership change with Yu Chengdong appointed as the new chairman of Huawei Terminal Co., replacing Guo Ping [5] - Wedbush Securities predicts that Tesla's market value could reach 3 trillion dollars by the end of 2026, driven by its advancements in artificial intelligence [6][7] - In Beijing, the sales area of new commercial housing from January to November has decreased by 4.6% year-on-year, with residential sales down by 6.9% [8] Group 3 - Singapore welcomed 15.5 million inbound travelers in the first eleven months of the year, with China remaining the largest source market [9] - Maserati's Grecale model has seen a surge in sales following significant price reductions, indicating a strong demand in the luxury car market [10] - New Hope Liuhe's IPO application has expired after six months, with CICC as its sole sponsor [11] Group 4 - In Beijing, the added value of strategic emerging industries and high-tech manufacturing increased by 16.5% and 8.4% respectively from January to November [11] - Zhiyuan Robotics has invested in Chidream Technology, a company focused on the development of companion robots [12] - Hainan Free Trade Port is preparing for its upcoming customs operations, with all necessary measures in place for effective management [13]

Group 1 - Japan's SPACE ONE announced the launch of its small rocket "KAIROS" No. 3 on February 25, 2025, from the "Space Port Kii" in Wakayama Prefecture, following previous failures of KAIROS 1 and 2 [2] - Samsung and SK Hynix have begun delivering paid samples of their sixth-generation high bandwidth memory (HBM4) to NVIDIA, with final negotiations ongoing and production expected to be finalized in Q1 2026 [2] - China successfully launched the Resource Satellite 3-04 using the Long March 4B rocket from the Taiyuan Satellite Launch Center, marking the 617th flight of the Long March series [2] - Unitree Technology has received authorization for the design patent of its fitness equipment "PUMPMAX," which features adjustable resistance from 4 to 70 kg and supports multiple training modes [2]

Group 1 - The CN5082 Aerospace Industry Index shows mixed performance among its constituent stocks, with AVIC Chengfei leading at a 5.37% increase, followed by Shanghai Hanxun at 4.19%, and AVIC Shenyang at 0.32% [1] - The Aerospace ETF (159227) has a latest price of 1.19 yuan, with a turnover rate of 7.61% and a transaction volume of 1.59 billion yuan during the trading session [1] - On December 16, China successfully launched the Resource 3-04 satellite using the Long March 4B rocket, marking the 617th flight of the Long March series [1] Group 2 - Dongfang Securities anticipates a resonance between the satellite and rocket sectors, predicting a normalization of rapid satellite launch and networking [2] - The manufacturing speed and efficiency of low-orbit satellites are expected to improve significantly due to the popularization of intelligent and modular production, alongside breakthroughs in mobile direct connection technology [2] - The Aerospace ETF (159227) closely tracks the CN Aerospace Index, covering key industry chain segments such as aerospace equipment, satellite navigation, and new materials, with a high weight of 56.5% in commercial aerospace concepts [2]

Market News - The U.S. stock market closed mixed, with the Dow Jones down 0.63%, the Nasdaq up 0.23%, and the S&P 500 down 0.24%. Tesla rose over 3%, reaching a new high since its IPO, while Meta increased by over 1% [1] - International oil prices fell significantly, with U.S. crude oil down 2.99% at $55.12 per barrel and Brent crude down 2.86% at $58.83 per barrel. Gold prices also declined slightly [1] - European stock indices closed lower, with Germany's DAX down 0.68%, France's CAC40 down 0.23%, and the UK's FTSE 100 down 0.68% [1] Industry Insights - China's successful launch of the Resource No. 3 satellite marks a significant step in the space economy, which is expected to grow into a new industry involving satellite communication, navigation, and tourism. The satellite communication industry is projected to reach between 200 billion to 400 billion yuan by 2030, with a compound annual growth rate of 10% to 28% [2] - Tesla has begun testing autonomous taxis without safety drivers, while XPeng Motors has received a license for L3 autonomous driving tests in Guangzhou. This marks a critical step towards commercializing L3 autonomous driving in China, with the potential to generate significant economic value in the coming years [3] - SK Hynix's internal analysis indicates a severe imbalance in the storage market, predicting that DRAM supply shortages will persist until 2028, which is more severe than previous forecasts. This situation is expected to benefit companies in the storage industry as demand continues to rise, particularly driven by AI applications [4][5]

Group 1 - President Xi Jinping met with Hong Kong Chief Executive John Lee to discuss the current situation in Hong Kong and the government's work [1] - President Xi Jinping also met with Macau Chief Executive Ho Iat Seng to hear about the current situation in Macau and the government's work [1] - The National Energy Administration announced that national electricity consumption is expected to exceed 10 trillion kilowatt-hours in 2025 [1] Group 2 - The China Internet Network Information Center reported that by the first half of 2025, the number of digital consumption users in China is expected to exceed 958 million, accounting for 85.3% of total internet users [2] - The State Post Bureau reported that from January to November, the postal industry completed a total of 196.75 billion items, a year-on-year increase of 12.9%, with express delivery accounting for 180.74 billion items, up 14.9% [2] - The Ministry of Commerce announced the final ruling on anti-dumping investigations against imported pork and related products from the EU, imposing anti-dumping duties starting December 17, 2025 [2] Group 3 - The Russian Central Bank filed a lawsuit for compensation of over 1.8 billion rubles (approximately 22.66 million USD) against the European Clearing Bank for frozen assets [3] - The Ministry of Human Resources and Social Security reported that from January to November, 12.1 million new urban jobs were created, with an average urban survey unemployment rate of 5.2% [3] - The National Railway Group announced that from January to November, 4.28 billion passengers were transported, a year-on-year increase of 6.6%, setting a historical record for the same period [3]

Group 1 - The Resource No. 04 satellite, developed by the Ministry of Natural Resources, enhances China's three-dimensional earth observation capabilities by forming a satellite constellation with Resource No. 02 and 03 satellites [1][3] - The satellite is equipped with three cameras that capture images from different angles, allowing for the creation of 3D images similar to 3D movies, thus improving the accuracy of land space planning and disaster assessment [1] - The satellite's three-dimensional imaging capability allows for direct land space planning and precise measurement of terrain features, which is beneficial for assessing geological disaster impacts [1] Group 2 - The successful launch of Resource No. 04 will complete the observation network of China's civilian high-resolution optical mapping satellites, further enhancing the country's earth observation system [3] - The satellite constellation enables quicker emergency response capabilities, allowing for timely imaging of disaster areas, such as flood zones, by providing daily satellite passes instead of every three days with a dual-satellite network [5]

Core Viewpoint - The successful launch of the Resource 3 satellite 04 enhances China's capability in obtaining spatial geographic information independently and improves the level of surveying and mapping services [1] Group 1: Satellite Features - The Resource 3 satellite 04 is equipped with three core payloads: a tri-stereo camera, a multi-spectral camera, and a laser altimeter, which collectively enhance the satellite's surveying capabilities [1] - The tri-stereo camera functions like a "3D photographer," capturing images from three different angles to create three-dimensional representations of observed objects [2] - The multi-spectral camera acts as a "fingerprint collector," identifying and analyzing the spectral characteristics of various elements and compounds on Earth, enabling the differentiation of land types and assessment of agricultural productivity and environmental conditions [3] - The laser altimeter serves as a "space ruler," measuring the relative height of ground points with sub-meter precision over distances of approximately 506 kilometers [4] Group 2: Satellite Constellation and Impact - The Resource 3 series, which includes satellites launched in 2012, 2016, and 2020, has broken foreign monopolies on high-precision 3D mapping data, providing China with independent and controllable high-quality satellite mapping data [5] - By December 2025, the Resource 3 series is expected to have acquired 4.03 million valid image data sets, covering an area of 137 million square kilometers, which is about 91% of the global land area, significantly advancing the geographic information industry and remote sensing technology applications [5] - The newly launched Resource 3 satellite 04 will replace the retired Resource 3 satellite 01 and will work alongside satellites 02 and 03 to form a high-resolution 3D mapping satellite constellation, increasing the capability for obtaining national basic surveying data by 1.5 times [5]

Core Viewpoint - The successful launch of the Resource 3-04 satellite enhances China's three-dimensional earth observation capabilities, contributing to improved natural resource management and disaster response [2][6]. Group 1: Satellite Launch and Capabilities - The Resource 3-04 satellite was launched successfully using the Long March 4B rocket, marking the 617th flight of the Long March series [1]. - This satellite is part of a constellation that includes Resource 3-02 and 3-03, aimed at obtaining high-resolution three-dimensional and multispectral images [2][6]. - Equipped with advanced three-line array cameras and high-precision laser altimetry, the satellite can perform high-accuracy three-dimensional mapping of ground targets [2][4]. Group 2: Applications and Benefits - The satellite enhances the ability to conduct land space planning in a more intuitive and realistic manner, allowing for slope calculations and geological disaster assessments [6]. - The three-satellite network significantly improves emergency response capabilities, enabling timely imaging of disaster areas, such as flood-affected regions [8]. - The Resource 3 series satellites serve various sectors, including ecological monitoring, urban planning, and low-altitude airspace management, thereby supporting scientific decision-making across industries [10][15]. Group 3: Efficiency Improvements - The use of satellite remote sensing has drastically increased the efficiency of ecological monitoring, allowing personnel to check up to 50 points daily compared to just 3-5 points previously [13]. - The technology facilitates rapid acquisition of extensive terrain and topographic information, which is crucial for construction project planning and management [15].