The commercial aerospace sector has gone from rapid growth to a sharp correction, and the market is indeed experiencing a reshuffle. But if we extend the time horizon and look back at the previously leading stocks, we will find that even after suffering three or four limit-down hits recently, their gains remain substantial compared to earlier increases. Isn't this also a rational return to value?

From a long-term perspective, where is the ceiling of the commercial aerospace track? One set of data is enough to illustrate this. The number of satellite orbits applied for domestically has reached 203,000. What does this represent? Massive industry demand and market space. In addition, domestic space base construction is ongoing without pause, from the offshore recovery base in Hangzhou Qiantang District to infrastructure investments in other regions, reflecting the strong financial backing from the national level driving this industry. The regulatory stance is also very clear—CSRC has even initiated the fifth set of Sci-Tech Innovation Board issuance plans for commercial aerospace companies, Blue Arrow Aerospace has submitted an IPO application, and China Academy of Space Technology has completed listing guidance. This indicates that policy support is strong and the certainty is not to be underestimated.

Recent industry developments are even more exciting. On January 12, the "Lihong-1" suborbital spacecraft successfully completed its first flight, pointing towards space manufacturing and experimental fields—frontier areas of technological competition. On January 13, the Long March 8甲 carrier rocket achieved "seven consecutive wins," not only validating rocket reliability but also implying that optimized launch procedures could lead to increased efficiency and lower costs. Data from Beijing Yizhuang shows the industry's growth pace: over 40 launches are expected in 2026, compared to 24 in 2025. This accelerated growth indicates that commercial aerospace has entered a new phase of high-frequency, normalized launches. On January 17, the Long March 2D carrier rocket's "one rocket, three satellites" launch further demonstrated the progress in launch capacity by sending domestic and foreign satellites into orbit simultaneously.

For investors, how to position in this track? First, mindset is crucial—commercial aerospace is a high-investment, high-risk, high-return field that cannot be mastered overnight. Second, selecting companies should follow certain standards: only those with core technologies, stable orders, and deep ties to industry leaders are worth attention. Third, IPO events often amplify industry confidence; the completion of China Academy of Space Technology's listing guidance is a noteworthy signal.

Regarding the prospects of China Academy of Space Technology's listing, this is indeed a significant event in the commercial aerospace sector. As a leading domestic commercial launch vehicle company, its entry into the capital market will have a demonstration and boosting effect on the entire industry chain. So, which listed companies are linked with China Academy of Space Technology and could be focal points?

Yuexiu Capital is at the forefront. Its industry fund indirectly holds about 2.49% of China Academy of Space Technology, the highest among A-share listed companies with equity participation. This fund has also invested in high-quality industry projects like Aerospace Feihong and Micro-Nano Starry Sky, with substantial layout across the upstream and downstream of the commercial aerospace industry chain.

Aerospace Huantuo has signed a strategic cooperation framework with China Academy of Space Technology, involving deep collaboration in constellation construction, rapid constellation networking technology, and space tourism—areas with significant growth potential.

GaoHua Technology should also be on the radar. It not only has product supporting relationships with China Academy of Space Technology but also maintains stable supply chain relationships with downstream clients like Blue Arrow Aerospace and Tianbing Technology. Currently, it has sufficient orders, ensuring future deliveries, which directly reflects market recognition of its products.

Suyuan Testing is an important technical service provider for China Academy of Space Technology. It offers multi-dimensional environmental testing equipment such as thermal vacuum, mechanical, and climate tests, along with comprehensive one-stop testing solutions, playing a key role in R&D and testing phases.

Xinyao Da holds China Academy of Space Technology shares indirectly through partnership firms, but the proportion is relatively small. Guangbai Shares participated in Series B financing through a wholly owned subsidiary, but the official statement clarifies there is no direct equity relationship. The connection between these two is relatively weak.

Haoneng Shares, although also a small shareholder and key supplier, its actual business volume and influence still need further tracking.

The outlook for commercial aerospace is bright, but the road will not be smooth. Short-term fluctuations cannot change the long-term trend. Genuine investors need to spend time understanding the company's fundamentals and business logic, rather than following hype. Only then can they grasp the true value points within the industry upgrade cycle.