CITIC Securities: With the correction of market sentiment, we are optimistic about the future performance of the commercial aerospace sector.

The report from CITIC Securities Investment Research stated that, from the perspective of industrial progress, China's reusable rockets have made a crucial leap from the concept to engineering, which will bring about deep-seated changes to the supply side of industries such as low-orbit satellite internet. In the future, the normalization of rocket recovery will accelerate the deployment pace of large constellations such as China Star Network GW and Yuanshin Qianfan, while significantly reducing construction costs. The commercial space industry will be catalyzed with increasing frequency, and with the market recovering, the future performance of the commercial aerospace sector looks promising. In terms of satellite components, key areas of focus include overall payload, antennas and related equipment, laser communication terminals and related equipment, as well as solar panels and energy systems. For rocket components, focus is on engines and their 3D printing, as well as arrow body structural components. Regarding ground equipment, emphasis is on civilian terminals and direct connectivity through mobile phones, while operational services will focus on companies with rare qualifications.