Guotai Haitong: Commercial spaceflight has become a strategic priority for the country, and the industry chain is gradually becoming more complete and closed-loop.

Guotai Haitong released a research report stating that since the "satellite internet" was included in the new infrastructure, the central government has issued heavy policies supporting the commercial Addsino Co., Ltd. for five consecutive years. The 2025 "Government Work Report" explicitly listed it as a key direction for the "future industry" for the first time. China's commercial aerospace has formed a complete chain covering "upstream manufacturing - midstream launch - downstream application". Remote sensing, navigation, communication and other vertical scenarios have rapidly expanded, the value of data operation is accelerating, and the industry is gradually moving from single-point commercialization to a scalable replicable closed-loop ecosystem, with medium to long-term growth resilience and potential. Guotai Haitong's main points are as follows: Commercial aerospace has risen from marginal exploration to a national strategic focus, and policy top-level design is gradually becoming clearer. Since the "satellite internet" was included in the new infrastructure, the central government has issued heavy policies supporting the commercial Addsino Co., Ltd. for five consecutive years. The 2025 "Government Work Report" explicitly listed it as a key direction for the "future industry" for the first time. At the national level, a full chain system supply from access supervision, quality system to investment and financing support has been established, and local governments have formed a competitive situation through special subsidies, industrial parks, infrastructure construction and other means, the industry development has entered an accelerated stage from "policy incentives" to "institutional support". Yuanle Communication and Beidou Navigation have joined forces to seize deployment opportunities for the car networking market. The bottlenecks in the cost structure and frequency of commercial aerospace are being reshaped by technological innovation. Private enterprise Blue Arrow Aerospace completed the first 10 km VTVL test flight in China, verified multiple core technologies, and has the conditions for engineering prototypes. State-owned aerospace enterprises officially announced the "completely reusable heavy rocket" plan at the 2024 Zhuhai Airshow, with a clear schedule for the first flight in 2030, promoting the systematic advancement of rocket reusability. At the same time, the construction of low-orbit satellite constellations has accelerated, with projects like China StarNet and Qianfan Plan moving forward, seizing the initiative in space resource competition. From "point breakthrough" to "systematic synergy", the industrial chain is gradually forming a closed loop. China's commercial aerospace has formed a complete chain covering "upstream manufacturing - midstream launch - downstream application". State-owned aerospace companies have platformized launch capabilities, the Wenchang Commercial Launch Center has officially come into operation, with overflow of infrastructural capabilities; private enterprises in the rocket/satellite/remote sensing terminal and other sectors are rapidly rising, enhancing synergies. Remote sensing, navigation, communication and other vertical scenarios are rapidly expanding, the value of data operation is accelerating, the industry is gradually moving from single-point commercialization to a replicable closed-loop ecosystem, with medium to long-term growth resilience and potential. Investment recommendation Guotai Haitong believes that rocket reusability and constellation networking are driving China's commercial aerospace into a key inflection point from engineering breakthroughs to large-scale industrial implementation. The top-level design of policies continues to strengthen, commercial aerospace is explicitly listed as a key direction for the "future industry", the national aerospace backbone and local governments collaborate to promote infrastructure, launch capabilities, and system supply system construction; in terms of technological innovation, China has achieved dual breakthroughs in reusable rocket direction with a combination of private prototypes and national aerospace backbone planning, the deployment of constellation projects has accelerated, landmark projects have landed intensively, and the global low-orbit resource competition has entered deep waters; the industrial chain extends from manufacturing and launch to measurement control, ground terminal, and data operation, business models are gradually being verified, and industry prosperity and certainty are increasing simultaneously. Target recommendations It is recommended to pay attention to high-quality companies with core technological capabilities, industrial synergy advantages, and demand elasticity support, and recommend the following targets: Asiainfo Security Technologies(688225.SH), Geovis Technology Co., Ltd(688568.SH), related targets: China Satellite Communications(601698.SH), Shanghai Hollywave Electronic System Co., Ltd(688682.SH), Jiayuan Science and Technology(301117.SZ), WebRAY Tech Group Inc(688651.SH), Beijing SuperMap Software(300036.SZ), GEOVIS INSIGHTER(920116.BJ), Piesat Information Technology(688066.SH), Cetc Potevio Science&Technology(002544.SZ). Risk warning Satellite launches may not meet expectations, and policy catalysis may not meet expectations.