Commercial spaceflight pulls back after volatility, Guanglian Aviation drops over 10%. Institutions: The sector narrative is far from over.

On March 24, the commercial aerospace concept fluctuated and retreated in the afternoon, Guanglian Aviation (300900.SZ) fell over 10%, Xice Testing (301306.SZ), Qianzhao Optoelectronics, Tianyin Electromechanical (300342.SZ), Junda Co., Ltd. (002865.SZ), Electric Science Blue Sky (688818.SH), and Aerospace Development all fell over 5%.

On the news front, during the escalation of the Middle East situation, the Beidou system became a key navigation guarantee for merchant ships from multiple countries against the backdrop of GPS interference, highlighting its global free service and anti-jamming capabilities. Beidou has established a mixed constellation of 35 satellites, with 12 to 15 satellites permanently stationed in the Asian region, possessing unique functions such as short message communication and nanosecond-level timing, with a domestic core technology localization rate of 100%, forming a peer deterrent capability against anti-satellite threats.

Caitong Securities stated that the scarcity of spectrum is forcing an accelerated layout of low Earth orbit satellite internet, with domestic policy dividends frequently emerging to press the accelerator button for the industry. Space computing power is opening a new narrative for commercial aerospace, with several domestic reusable rockets about to make their maiden flights, which is expected to help the industry accelerate towards achieving a commercial closed loop.

In addition, on March 22 at 23:49, the Jielong-3 Remote-10 launch vehicle, developed by the China Academy of Launch Vehicle Technology, was launched from the “Oriental Spaceport” launch ship, igniting and ascending in the coastal waters near Yantai Haiyang. Using the method of launching ten satellites with one rocket at sea, it successfully sent 10 network satellites of the “Micron Space” low Earth orbit satellite system into the planned orbit, and the launch mission was a complete success.

CITIC Securities stated that under the favorable conditions of mature domestic reusable rocket technology and the accelerated IPOs of core companies, the commercial aerospace sector is opening up a new track with a market scale of trillions.