Open source securities: “cost reduction and efficiency” has become a key to scale and highly optimistic about commercial aerospace investment opportunities

The Zhitong Finance App learned that Open Source Securities released a research report saying that the recent establishment of the Department of Commercial Space and the introduction of a three-year commercial space development plan fully demonstrates the importance that the top level attaches to commercial space development. At the same time, China's commercial aerospace has initially formed a full-chain ecosystem covering upstream manufacturing, midstream launch and operation, and downstream application services. The bank is highly optimistic about commercial aerospace investment opportunities.

The main views of Open Source Securities are as follows:

As a strategic emerging industry, the country is paying more and more attention to commercial space

As one of the leading countries in the traditional space field, China's development of commercial space has become a key step for China to enhance its comprehensive national strength and seize the high ground for future scientific and technological development. In 2024, commercial space was first included in the “Government Work Report” as a representative of new quality productivity, and commercial space became a national strategic emerging industry; in 2025, the government work report once again proposed “promoting the safe and healthy development of emerging industries such as commercial aerospace, low-altitude economy, and deep-sea technology.” The recent establishment of the Department of Commercial Space and the introduction of the “Action Plan to Promote the High-Quality and Safe Development of Commercial Space (2025-2027)” have also fully demonstrated the importance that the top level attaches to commercial space development.

Low Earth orbit resources are tight, and it has become the focus of commercial space competition

The low-orbit satellite constellation has characteristics such as low latency, high launch flexibility, and low manufacturing costs. It is a new racetrack for the world's major space nations to compete for space resources. According to International Telecommunication Union regulations, countries compete and coordinate the use of satellite orbital positions and critical band resources in accordance with the “first come, first take” rule. Starlink, owned by SpaceX in the United States, is a leader in the construction of the global low-orbit satellite constellation. As of November 1, 2025, SpaceX has launched a total of 10,203 Starlink satellites, accounting for 45% of the total number of satellites launched in the world in 1957 (about 22,000). It is the first time in human history that the “giant constellation” system has launched more than 10,000 satellites. The total number of low-orbit satellites that China has applied for from the International Telecommunication Union (ITU) has reached 51,300. Of these, there are three constellations with more than 10,000 constellations: the GW constellation, the Qianfan constellation, and the Honghu-3 constellation.

The ecology of the entire commercial aerospace industry in China has initially taken shape, and “cost reduction and efficiency” has become the key to scaling up

The scale of China's commercial space market is growing year by year, and it has initially formed a full-chain ecosystem covering upstream manufacturing, midstream launch and operation, and downstream application services. “Cost reduction and efficiency” has become the key to scaling up. The core breakthrough points are: (1) The revolutionary significance of reusable rocket technology is to greatly increase capacity supply by significantly reducing launch costs and shortening mission cycles. Among them, low cost is the core driving force for the space industry to achieve “commercialization”; (2) the development of miniaturized and lightweight satellite technology has effectively reduced the manufacturing and launch costs of satellites, making satellites more widely used. (3) Satellite launch sites continue to expand, gradually entering a new stage of high-density, normalized launches.