CITIC Securities: optimistic about the future performance of the commercial aerospace sector.

The research report from CITIC Securities stated that the future of commercial space exploration is vast and promising, and both China and the United States have placed high strategic importance on commercial space exploration. SpaceX is leading in terms of constellation deployment progress, rocket capabilities and costs, revenue volume, and valuation. Under the strategic value of frequency allocation in orbit and the commercial value driven by operational services, China's policies are jointly supporting the development of commercial space exploration from both the industrial and capital market aspects. Domestic development is showing an accelerated catching-up trend, with large reusable rockets beginning frequent maiden flights, potentially gradually overcoming core industry bottlenecks and accelerating the closure of the commercial space industry loop. Optimistic about the future performance of the commercial space sector, the focus in the satellite sector will be on payload overall, antennas and accessories, laser communication terminals and accessories, solar panels and energy systems. In the rocket sector, the focus will be on engines and their 3D printing, as well as arrow body structural components. In the ground equipment sector, the focus will be on civil terminals and direct mobile connections, and in the operational services sector, the focus will be on companies with scarce qualifications.