CITIC Construction Investment: With the market risk appetite recovering, we are optimistic about the commercial space sector’s subsequent performance.

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Deep Tide TechFlow message: On July 18, a China Securities Construction Investment research report said that, from an industrial progress perspective, China’s reusable rockets completing the key leap from plan to engineering will bring a deep, supply-side transformation to industries such as low-earth-orbit satellite internet. In the future, with rockets returning on a routine basis, the deployment pace of large constellations such as China Star Network’s GW and Yuangxin Qianfan’s constellation is expected to accelerate rapidly, and construction cost pressure is expected to drop significantly. Commercial space is seeing dense catalysts; as market risk appetite recovers, the report expects the commercial space sector to perform further going forward. For the satellite segment, focus on payload overall, antennas and related support, laser communication terminals and related support, and solar wings and energy systems; for the rocket segment, focus on engines and their 3D printing, as well as rocket structural components; for the ground equipment segment, focus on civilian terminals and direct-to-mobile-related; and for the operations and services segment, focus on companies with scarce, exclusive qualifications. (Jin Ten)
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