Sinolink: The global resonance of commercial aerospace industries is flourishing, suggesting attention to related listed companies within the system's platforms.

Sinolink released a research report recommending to focus on listed companies related to commercial aerospace industry platforms within the system, as well as key private launch vehicle companies that collaborate closely and hold high value in areas such as 3D printing, storage tanks, servos, shell segments and fairings, materials, etc. In addition, the report also recommends paying attention to the launch progress of rocket companies, as well as rocket or satellite industry targets related to successfully launched rocket companies. Sinolink's main points are as follows: The global resonance of the commercial aerospace industry is on the rise. By 2026, Chinese commercial rocket companies are expected to have the maiden flights and recovery verification of multiple medium to large-sized rockets, with intense rocket launches and large-scale satellite networking expected to begin in 2027. From the perspective of first and second-tier industries, the report examines the current development status, technological direction, and investment targets of various aspects of the commercial rocket industry chain. The success record of commercial rockets launches and their corresponding payload capabilities can reflect the competitiveness of these companies in future commercial operations. Companies that successfully complete the launch of large payloads or recoverable flights are expected to gain an early advantage in reliability and cost. The period from 2026 to 2027 is a crucial validation window for Chinese commercial rocket companies. Looking at the launch history, most successfully launched commercial rockets so far have been medium-sized and small solid rockets, with Tianbing Technology and Land Space having records of launching medium and large liquid rockets. In terms of payload capacity, in the absence of recovery, a payload capacity of at least 2.8 tons is needed to achieve profitability for payloads in a near 800 km orbit. In terms of recovery experience, the Juaque No.3 rocket company conducted a first-stage return recovery test in December 2025, with most commercial rocket companies expected to conduct recoverable verifications in 2026. Due to the possibility of sacrificing payload carrying capacity for recovery, some companies may choose to assist satellite networking in the early stages with disposable rockets. In terms of recovery methods, companies such as Space Rock, Great Trek Aviation, and Deep Blue Aerospace are expected to conduct research on the "chopstick" capture arm recovery method. The engine design capabilities, thrust, and parallel capabilities are key focus points for rocket engines. Chinese commercial rocket companies mainly use gas generator cycle engines, with future developments expected to move towards full-flow staged combustion engines and nuclear-powered engines. In terms of engine procurement history, successful launches of small or medium solid rocket engines have mainly been purchased from the Fourth Aerospace Institute, while successful launches of liquid rocket engines have mostly been purchased from the Sixth Aerospace Institute's YF-102. Among private enterprises, only Land Space's TQ-12A and Jiuzhou Yunjian's LY-70 have completed launch and orbital insertion of liquid rocket engines. In terms of development of full-flow staged combustion engines, companies such as Land Space, Jiuzhou Yunjian, and FireSaint Aerospace are progressing with the development of related products. 3D printing has advantages in the manufacture of lightweight, complex, or precision structural components and is one of the important ways for commercial aerospace to reduce costs and shorten lead times. According to data from the China Industry Research Institute, the size of the Chinese 3D printing market in 2024 is approximately 41.5 billion yuan, with the aerospace sector accounting for about 16.7%, equivalent to 6.93 billion yuan. In terms of market structure, equipment, printing services, and raw materials account for 55%, 21%, and 16% respectively. Companies representing equipment include Xi'an Bright Laser Technologies, Farsoon Technologies, Easy Additive, etc.; companies representing printing services include Fei Er Kang, New Shanshang Aerospace, etc.; material representative companies such as Shaanxi Sirui Advanced Materials, Gripm Advanced Materials Co., Ltd., AVIC Meta, etc. On average, structural components account for about 25%-30% of the cost of commercial rockets, with a value of over 25 million yuan, of which storage tanks account for over 60% of the cost. With the increase in thrust of Chinese commercial rocket engines and the improvement of parallel design capabilities, it is expected that structural components such as rocket bodies, storage tanks, and fairings will develop towards a larger scale. Materials may also shift from aluminum alloys with poor weldability but low density to stainless steel with higher strength, lower cost, and higher density. Top domestic private storage tank companies include Tianjin Yuefeng, Huanyu Qiankun, Jiutian Xingge, and Lightyear Exploration, all of which have established collaborations with top commercial rocket companies. In terms of shell segments and fairings, Essence Fastening Systems, Wuxi Paike New Materials Technology, Aisida Aerospace, and Anhui Mengkes are among the top companies. Due to the higher strength of carbon fiber composite materials, and the ability to achieve a weight reduction effect of about 30%, materials for fairings are currently transitioning from metal materials to carbon fiber. The flight control software of rockets is the "brain" of rockets and is mainly developed by rocket companies themselves. Servo systems account for about 6-10% of the value of rockets and are dominated by state-owned enterprises and research institutions, with each large engine nozzle needing to be equipped with 2 sets of servo systems. Currently, commercial aerospace mainly uses electric servos (Falcon 9) and is moving towards electromechanical hydrostatic servos (motor control + hydraulic execution). In addition, there are many relevant companies in the sensor (noise, temperature, etc.) and connector fields. Risk warning: risks of launch failures, risks of core technology breakthroughs falling short of expectations, policy risks, and risks of industry competition and integration.