Citic Securities Construction: with the launch of policy, technology, and ecology, commercial aerospace has entered a new stage of "network acceleration + quality foundation."

Guotai Junan Securities' research report stated that policy regulation, technological breakthroughs, and ecological synergy are driving China's commercial aerospace industry into a turning point of high-quality development. The policy regulation is clear: on July 21, the National Space Administration released new regulations on the quality of the entire life cycle of commercial aerospace, specifying the "lifetime accountability system" and independent evaluation of high-risk projects, forcing companies to transition from "barbaric growth" to a dual-drive of technology and management, accelerating industry reshuffling; technological breakthroughs are speeding up: Yuexin satellite's 1.336 billion yuan launch service tender releases network acceleration signals; ecological synergy expansion: on July 22, the National Space Administration led the opening of 50 new members of the commercial aerospace innovation consortium, complementing the industry chain shortcomings with a mechanism of "technology research-sharing, data sharing, and risk-sharing." As of July, the Qianfan constellation has launched a total of 90 network satellites. It is expected that starting in the second half of this year, various types of private large liquid rockets will experience a concentrated first flight, and China's satellite internet construction may begin to accelerate.