Commercial aerospace has become a key focus in the government work report, demonstrating the national attention to the development of commercial aerospace. The introduction of related policies will further promote the standardization and rapid development of the industry.
According to the Securities Times app, Founder Securities released a research report stating that the current capital markets' expectations for satellite internet are at the beginning of a recovery period. With technological advancements and expanded application scenarios, a new wave of investment boom is expected. Against the backdrop of the accelerated development of global commercial aerospace, China's satellite internet is about to enter the phase of large-scale deployment. Currently, the manufacturing and launch capabilities of satellites and rockets are rapidly improving, while application scenarios such as direct-to-mobile connections and in-flight WiFi on civil aviation aircraft are developing rapidly.
The main points of Zheng Securities are as follows:
Trump's victory in the US presidential election has far-reaching implications for Musk's various commercial plans.
Trump's election may bring policy support for Musk's layout in commercial aerospace and other technology fields. Under Musk's umbrella, progress has been made in aerospace, energy, AI, and other areas, with multi-domain layouts potentially accelerating.
SpaceX's Starlink program is actively advancing and is poised to accelerate the deployment of various SpaceX missions after the Trump election.
The new policy environment may benefit the rapid deployment of plans in various fields such as SpaceX's Starlink program, direct mobile connections, and Mars exploration. Taking SpaceX as an example, the funding situation of foreign commercial aerospace companies reflects the high attention and investment enthusiasm of the capital markets in the commercial aerospace sector, as well as the rapid development of modern aerospace technology and the optimistic expectations of the market for the future development of commercial aerospace.
At the same time, China's domestic commercial aerospace market is also in a rapid development stage.
China is actively laying out two large low-orbit constellations, the "GW Constellation" and the "Qiān Fān Constellation" (G60 Constellation), and has applied for another constellation of ten thousand stars called "Honghu-3". The construction of three major low-orbit satellite internet constellations heralds the upcoming acceleration period of domestic commercial aerospace, which is of great significance for enhancing national strategic competitiveness. China's commercial aerospace industry chain is complete, involving satellite manufacturing, launch services, ground equipment manufacturing, and other multiple links. The companies involved have strong capabilities, possess national strategic value and high profitability, and have good development prospects.
Commercial aerospace has become a key focus in the government work report, showing the national level's emphasis on the development of commercial aerospace, and the introduction of relevant policies will further promote the standardization and rapid development of the industry.
Recommendations:
Satellite Payload - Shanghai Jushri Technologies, Inc (300762.SZ), Anhui Landun Photoelectron (688776.SH), JiLin University ZhengYuan Information Technologies (301117.SZ), China Aerospace Times Electronics (600879.SH), Troy Information Technology (003029.SZ), Zhimingda (688636.SH), Fiberhome Telecommunication Technologies (600498.SH), Thinkplus Mobile (688387.SH), Troy Information Technology (300366.SZ);
Payload Upstream Components - Chengchang Technology (001270.SZ), Zhenlei Technology (688270.SH), Guobo Electronics (688375.SH), Shaanxi Huada (301517.SZ), Fujifilm Holdings Corporation unsponsored ADR (835640.BJ), Fudan Microelectronics (688385.SH), Guizhou Space Appliance (002025.SZ);
Satellite Platforms - Xiamen Changelight (300102.SZ), Aerospace Hi-Tech Holding Group (688523.SH), Beijing Aerospace Shenzhou Intelligent Equipment Technology (300455.SZ);
Satellite Testing - Cisco Ray (688053.SH), West Test & Measurement (301306.SZ);
Ground equipment and terminals - Guangzhou Haige Communications Group Incorporated (002465.SZ), Anhui Landun Photoelectron (300862.SZ), Genew Technologies (688418.SH);
Satellite total assembly - China Spacesat (600118.SH), Shanghai Hugong Electric Group (603131.SH);
Satellite operation - China Satellite Communications (601698.SH).
Risk Warning: Rocket development progress is lower than expected; Starlink progress is lower than expected; New technology integration and capacity building progress is lower than expected.
