Ren Hongdao, an analyst at CITIC Construction Investment Securities, said that at present, China's high-capacity recyclable rockets have entered a centralized “breakthrough period”, and a full-chain policy support system is also being formed simultaneously. Catalytic factors such as the completion of IPOs by enterprises in 2026, the intensive first rocket flight, and the acceleration of constellation networking will follow. Judging from the valuation logic, the deviation between valuation and revenue levels in the early stages of industry development was reasonable, and the forward-looking pricing mechanism of the capital market continues to drive the concentration of resources in this strategic emerging industry. Looking forward to the future, commercial aerospace will gradually shift from conceptual hype to performance implementation. The entire industry chain is expected to usher in a golden window for high-quality development around the three core lines of rocket manufacturing, satellite networking, and downstream applications.

Ren Hongdao, an analyst at CITIC Construction Investment Securities, said that at present, China's high-capacity recyclable rockets have entered a centralized “breakthrough period”, and a full-chain policy support system is also being formed simultaneously. Catalytic factors such as the completion of IPOs by enterprises in 2026, the intensive first rocket flight, and the acceleration of constellation networking will follow. Judging from the valuation logic, the deviation between valuation and revenue levels in the early stages of industry development was reasonable, and the forward-looking pricing mechanism of the capital market continues to drive the concentration of resources in this strategic emerging industry. Looking forward to the future, commercial aerospace will gradually shift from conceptual hype to performance implementation. The entire industry chain is expected to usher in a golden window for high-quality development around the three core lines of rocket manufacturing, satellite networking, and downstream applications.