Commercial space has become the construction direction the government's work report focuses on, showing the importance attached to commercial space development at the national level. The introduction of relevant policies will further promote the standardization and rapid development of the industry.
The Zhitong Finance App learned that Fangzheng Securities released a research report saying that currently the capital market's expectations for satellite internet are at the beginning of a recovery period. With the advancement of technology and the expansion of application scenarios, it is expected to usher in a new wave of investment. In the context of the accelerated development of global commercial space, China's satellite Internet is about to enter the stage of large-scale deployment. Currently, Starlight's manufacturing and launch capabilities are rapidly improving, and application scenarios such as direct mobile phone connection and in-flight WIFI in civil aviation are developing rapidly.
The main views of Fangzheng Securities are as follows:
Trump's victory in the US election had a profound impact on Musk's various business plans.
Trump's election may bring policy support to Musk's layout in commercial aerospace and other science and technology fields. Musk's companies have made progress in aerospace, energy, AI, etc., and deployed or accelerated in various fields.
SpaceX's Starlink program is being actively promoted. After Trump's election, it is expected to accelerate the deployment of SpaceX's various missions.
The new policy environment may facilitate the rapid deployment of plans in various fields such as SpaceX's Starlink program, direct mobile phone connection, and Mars exploration. Taking SpaceX as an example, the financing situation of foreign commercial space companies shows that the capital market is paying close attention and enthusiasm for investment in the commercial space sector. It also reflects the rapid development of modern aerospace technology and the market's optimistic expectations for the future development of commercial space.
At the same time, China's domestic commercial space market is also undergoing rapid development.
China is actively arranging two large-scale low-orbit constellations, the “GW Constellation” and the “Thousand Sails Constellation” (G60 constellation), and has declared another 10,000 constellations, “Honghu-3.” The construction of the three low-orbit satellite internet constellations indicates that the acceleration period for domestic commercial aerospace is about to arrive, which is of great significance in enhancing the country's strategic competitiveness. China has a complete commercial aerospace industry chain, involving various links such as satellite manufacturing, launch services, and ground equipment manufacturing. The relevant companies are strong, have national strategic value and high profitability, and have good development prospects.
Commercial space has become the construction direction the government's work report focuses on, showing the importance attached to commercial space development at the national level. The introduction of relevant policies will further promote the standardization and rapid development of the industry.
It is recommended to focus on:
Satellite payload - Shanghai Hanxun (300762.SZ), Guoguang Electric (688776.SH), Jiayuan Technology (301117.SZ), Aerospace Electronics (600879.SH), Ji Da Zhengyuan (003029.SZ), Zhimingda (688636.SH), Fenghuo Communications (), Xinke Mobile (USD), Creative Information (300366.SZ); 600498.SH 688387.SH
Upstream payload components - Chengchang Technology (001270.SZ), Zhenlei Technology (688270.SH), Guobo Electronics (688375.SH), Shaanxi Huada (301517.SZ), Fujida (835640.BJ), Fudan Microelectronics (688385.SH), Aerospace Electronics (002025.SZ);
Satellite platforms - Qianzhao Optoelectronics (300102.SZ), Aerospace Huanyu (688523.SH), Aerospace Intelligent Equipment (300455.SZ);
Satellite inspection - Cisco Rui (688053.SH), Western Test (301306.SZ);
Ground equipment and terminals - Haige Communications (002465.SZ), Blue Shield Optoelectronics (300862.SZ), Zhenyou Technology (688418.SH);
Satellite assembly - China Satellite (600118.SH), Shanghai Shanghai Industrial (603131.SH);
Satellite operation - China Satellite Communications (601698.SH).
Risk warning: Rocket development progress falls short of expectations; Starlink's progress falls short of expectations; new technology integration capacity building falls short of expectations.
