商业航天：坚定三重拐点，抓住产业浪潮，如何参与投资机会

Summary of Commercial Aerospace Conference Call Industry Overview - The conference call focused on the commercial aerospace industry and its recent developments, highlighting three significant turning points: policy, performance, and technology [1][2][3]. Key Points Policy Turning Point - The establishment of a dedicated bureau for commercial aerospace indicates the government's commitment to the industry, aiming to address challenges in rocket reusability technology and integrate advantages from the information and communication sectors [1][4][5]. - The government plans to introduce major companies like Huawei and ZTE to enhance satellite internet development towards 6G, leveraging existing mobile communication industry strengths [3][6]. Performance Turning Point - Since August 2025, there has been a significant increase in launch frequency due to large-scale new project tenders, with companies like Chen Chang and Zheng Lei showing marked improvement in their performance during the first three quarters of the year [1][4]. - The commercial aerospace sector has outperformed the broader market, driven by the establishment of new companies and increased launch activities [2][10]. Technology Turning Point - The domestic liquid engine technology for reusable rockets is maturing, with breakthroughs expected in the first half of 2026. The industry is adopting a collaborative approach, involving multiple companies to tackle the challenges of rocket reusability [1][4][5][18]. - The NTN (Non-Terrestrial Network) system is crucial for the future of satellite internet, with China positioned to develop this system effectively due to its advanced 5G network and clear 6G roadmap [3][7]. Additional Insights - The commercial aerospace sector is viewed as a long-term investment opportunity rather than a short-term theme, with significant catalysts expected from the upcoming launches of reusable rockets and the establishment of new companies [10][15]. - The ground terminal segment is identified as the most valuable market within the commercial aerospace industry, with significant growth potential as user numbers and application scenarios increase [20]. - The Shanghai Songjiang Satellite Internet Ecological Conference revealed plans for over 7,000 satellites and 500 rocket launches in the next five years, indicating strong confidence in the industry's future [19]. Investment Recommendations - Investors are advised to focus on companies involved in the rocket launch supply chain, satellite manufacturing, and ground terminal development. Specific attention should be given to the upcoming test flights of new reusable rockets and the results of ground terminal tenders [21][22].