CICC: The robust development of global commercial space industry is driving demand for rocket launches, and domestic reusable rockets are expected to mature gradually.

Zhongjin pointed out that the vigorous development of global commercial space industry is driving demand for rocket launches, and domestic reusable rockets are expected to gradually mature. 1) Commercial remote sensing and communication satellite constellation construction are driving demand for rocket launches, with the number of global space launches increasing from 112 in 2020 to 263 in 2024, making commercial rockets the main force in global launches. 2) Since 2014, domestic commercial rocket companies have grown rapidly, with multiple types of rockets successfully launching and carrying out commercial launch missions. The planned reusable arrow types such as Zhuque-3 and Tianlong-3 are scheduled for intensive first flights in 2025-2026, and we believe they have the potential to become a strong supplement to domestic rocket capacity.