Commercial space has been booming since the end of 2025 and has become a major theme across the New Year. Many believe that this round of market rally has already reached a high, but in terms of industry chain depth and breadth, the real opportunities are just beginning to unfold.

Let me break down the entire commercial space industry chain to see which links are the most promising.

**Rocket Launch Segment — Focus on Reusability**

In solid rocket engines, companies like Zhongtian Rocket, Feiwo Technology, Guangwei Composite, Xinyu Guoke, and Guoke Military Industry are making efforts. The liquid engine sector is more lively, with Aerospace Power, Srey New Materials, Polytide, Shangda Shares, Jiufeng Energy, and Huashu High-Tech all involved.

Support systems include aerospace electronics, Higer Communications, 712 Research Institute, Suxi Testing, and the Electric Science Institute. Electrical systems feature Sichuan Jinding, Shaanxi Huada, AVIC Optoelectronics, Xinle Neng, and Quanxin Shares. Components are represented by Aerospace Development, Aerospace Intelligent Equipment, Hangyu Micro, Torch Electronics, and Zhenhua Technology. Structural parts are supplied by Longxi Shares, Chaojie Shares, Huawu Shares, Shanghai Hugang, Lijun Shares, Zhongchao Holdings, and Hangyu Technology.

Among these, the most promising is **rocket reusability** — companies like Hailanxin and Yitong Century are focusing on this. Once rocket reusability is successful, the demand for new rockets will decrease, but this also means rockets can be used more frequently. In the long term, this is a key step toward changing the entire industry’s cost structure.

**Satellite Manufacturing — The Main Course**

In chip components, Guobo Electronics, Fudan Microelectronics, and Zhenlei Technology are active. For antennas, Tongyu Communications, Shenglu Communications, and Mengsheng Electronics. Core parts include Aerospace Electronics, Tianyin Mechanical and Electrical, and Leidian Micro Power. Communication payloads involve Xinke Mobile and Shenyu Shares. Ground stations are developed by Putian Technology, Zhenyou Technology, and Tianjian Technology. Satellite assembly is handled by China Satellite, Shanghai Hugang, and Shanghai Hanhxun.

Why is this segment so important? Because once rocket costs decrease, launch volume will explode, and satellite demand will multiply. The reason why China Satellite has performed so strongly this round is precisely because of this core logic.

**Satellite Navigation System**

Navigation chips are produced by Yingfang Micro, Hangyu Micro, and Huali Chuangtong. Navigation systems include Beidou Starcom, Hezhong Sizhui, and Huace Navigation. Satellite operation is managed by China Satcom. This segment is infrastructure-like, with relatively stable growth.

**Terminal Application Services**

Remote sensing data and emergency communications are developed by Aerospace Hongtu, Zhongke Xintu, and Zhenxin Technology. Terminal devices are supplied by China Mobile, Higer Communications, Sanwei Communications, and Xingwang Yuda. This is the closest link to users and the main source of future commercial monetization.

**Anti-Jamming Capabilities**

Companies like Fushida, Hezhong Sizhui, Shenglu Communications, Tianyin Mechanical and Electrical, Zhenxin Technology, Leike Defense, Huali Chuangtong, Beidou Starcom, Guoke Micro, Huace Navigation, Zhenlei Technology, Aerospace Development, China Satellite, and Aerospace Electronics are all laying out in this area. As satellite applications expand, the importance of this direction will gradually become more prominent.

**Where Is the True Expectation Gap?**

The biggest expectation gap is in rocket reusability. Success would mean optimized cost structure; failure still provides valuable information. In the short term, this may be a negative for rocket manufacturing, but in the long term, it signals industry upgrading.

Currently, the hottest segment is satellite manufacturing. As launch volumes increase annually, satellite demand also rises exponentially. The logic is straightforward, which is why companies like China Satellite, Shanghai Hugang, and Shanghai Hanhxun remain strong.

The ultimate goal lies in satellite operation, satellite navigation, and terminal services. These are the final links in the industry chain and the most direct areas for commercial monetization. Therefore, China Satcom’s strategic position is especially important — it controls the lifeblood of satellite operation.

**How Long Can This Theme Be Hot?**

Since its launch in late November 2025, it has spanned across the New Year. Some say the gains are already substantial, but as long as there are no continuous large-scale negative feedbacks, it’s not possible to determine a top. The entire industry chain is still in the mid-stage, and there is a long way to go before satellite application explosions and operational system maturity.

Since early December, those tracking this sector have already benefited greatly. For those only noticing now, the missed opportunity is a matter of mindset; the upcoming opportunities require reflection.

**Next Week’s Market Rhythm**

On Wednesday, the theme will reach a climax overall; on Friday, Hong Kong stocks in the commercial space sector will lead the gains, and Monday is expected to open high. However, intra-day divergence will be intense, and not all stocks will keep pace.

If you haven’t caught the wave outside the market, there are only two strategies: one is to chase the strongest sentiment stocks, letting market sentiment push you; the other is to buy on dips in the intraday chart with moderate volume.

The core stocks with moderate volume are essentially China Satellite and China Satcom. These are two hubs in the entire satellite application industry chain, with large scale, good liquidity, and continuously improving expectations. Their strength often determines the rhythm of the entire sector.

Focusing on core industry chain targets is more worthwhile than blindly chasing high.