CITIC Securities: Short-term disruptions in overseas commercial aerospace, continuous optimism towards satellite internet and reusable rocket directions.

CITIC Securities' research report pointed out that overseas occasional launch failures and valuation fluctuations are actually normal features of the scaling process of hard technology industries from 0 to 1, and from 1 to 10. Blue Origin's recent failure is a necessary technological obstacle in the process of verifying the recovery and reuse of the New Glenn rocket, and SpaceX's valuation adjustment reflects more on liquidity and expected changes rather than a reversal in industry direction. The sector's short-term emotional shock-induced pullback actually provides a better window for allocation. By 2026, several liquid rockets in China will have intensive maiden flights and recovery tests, which are expected to significantly reduce launch costs and accelerate constellation construction. Suggestions for focus include: 1) Rocket segment: engines, rocket body structures, and other high barrier areas; 2) Satellite segment: payloads, antennas, and laser communication terminals; 3) Ground equipment: civilian terminals and direct-to-mobile technology; 4) Operation services: companies with scarce licensing qualifications.