Core Viewpoint - The article highlights the strategic elevation of China's aerospace industry, particularly with the inclusion of "aerospace power" in the recent government report, signaling a significant policy shift and potential investment opportunities in the commercial aerospace sector [1][5]. Policy and Market Dynamics - The upcoming "14th Five-Year Plan" is expected to drive a new round of valuation restructuring in the commercial aerospace sector, with policies increasingly favoring the development of aerospace as a key growth engine [5][6]. - Local governments are integrating aerospace into their long-term development plans, with initiatives such as Shanghai's plan to achieve a space information industry scale exceeding 200 billion yuan by 2025 [5][6]. Industry Growth and Infrastructure - The Chinese aerospace industry is entering a growth phase, with anticipated policy support and resource allocation focusing on space infrastructure, particularly rockets and satellites [6][8]. - The frequency of satellite launches is increasing, with 68 orbital launches expected in 2024, indicating a rapid acceleration in satellite constellation deployment [8][9]. Technological Advancements - New rocket technologies are being developed, with several reusable or partially reusable rockets expected to conduct test flights between late 2025 and 2026, addressing the current supply-demand imbalance in launch capacity [9][11]. - Companies like Blue Arrow Aerospace are focusing on improving launch capacity and reducing costs, with predictions that launch costs could drop below 30,000 yuan per kilogram within three years [11]. Capital Market Activity - The commercial aerospace sector is experiencing heightened interest from capital markets, with several companies completing financing rounds and initiating IPO preparations, reflecting a shift towards commercialization and market maturity [12][13]. - A total of eight commercial aerospace companies are currently in the IPO counseling process, indicating a critical transition from technology validation to commercial operations requiring substantial capital investment [13].

10月23日晚间，新华社发布的党的二十届四中全会公报，明确了未来五年中国经济社会发展"路线图"， 提出"加快建设制造强国、质量强国、航天强国、交通强国、网络强国"，这是中央文件中首次将"航天 强国"与其他"强国"并列表述。 分析人士指出，相比十九届五中全会公报，此次公报新增"航天强国"表述，释放出航天产业被抬升到前 所未有战略高度的信号。 市场反应积极，10月24日，商业航天概念高开，全天持续活跃，通易航天、航天智装（300455）、中国 卫星（600118）等十余只个股涨停，航天环宇、中天火箭（003009）等涨幅超15%。 政策催动万亿规模市场 市场普遍预计，随着"十五五"规划临近，商业航天板块有望迎来新一轮估值重构。 从国际市场看，SpaceX已经证明商业航天的可行性和巨大潜力。中国拥有完整工业体系、巨大的市场 空间和制度优势，有能力在商业航天领域长足发展。国泰君安研报认为，商业航天作为新质生产力的重 要方向，正从导入期转向成长期，政策支持有望推动其快速发展。参考SpaceX估值约2100亿美元，并 结合主要运营商的星座组网计划，国内市场规模有望达万亿级。 赛迪研究院发布的《"十五五"商业航天发展思路与 ...