CITIC Securities: Global commercial aerospace enters a new stage with scale deployment and ecosystem construction as the core.

CICC Securities pointed out that the global commercial aerospace industry has entered a new stage with the core focus on scale deployment and ecosystem construction, with the dual dominance of China and the United States driving the development process. American companies such as SpaceX have established global benchmarks in commercial and technological fields through reusable rockets and giant constellations. China, with comprehensive policy empowerment and breakthroughs in capital system, is driving the industry to achieve structural leaps, with overall valuations surpassing the trillion-dollar threshold. The current competition has shifted from single technological breakthroughs to comprehensive competitions in fields such as engineering of reusable rockets, industrialization of satellite manufacturing, and commercialization of space-ground fusion. With the efficient collaboration of state-owned and private enterprises along the industrial chain, there is a race accelerating to seize frequency resources and compete for the discourse power of integrated standards in the 6G era. In the future, the boundaries of the industry will expand to diverse tracks such as space computing power and tourism, marking the transition of commercial aerospace from a national project to a key ecosystem driving future economic growth and strategic competition.