A-shares surge by 2.4 trillion yuan in funds rushing in, commercial aerospace provides strong catalytic support, and the three core sectors may see a "simultaneous increase in volume and price" golden turning point!

The three major indices of the A-shares market performed strongly today. By the close, the Shanghai Composite rose 2.70%, the Shenzhen Component gained 4.79%, and the ChiNext Index increased 5.91%. The combined trading volume of the Shanghai, Shenzhen, and Beijing markets exceeded 2.4 trillion yuan, a significant increase of over 700 billion yuan compared to yesterday. Almost all industry sectors advanced, with notable gains in precious metals, advertising and marketing, IT services, components, semiconductors, media, aerospace equipment, software development, and consumer electronics.

On April 7th, at the Hainan Commercial Space Launch Site, the Long March 8 rocket successfully launched the seventh batch of satellites for the Qianfan constellation using the “one rocket, eighteen stars” deployment method, placing the satellites into their designated orbits. Recently, the commercial space sector is expected to see intensive catalysts, with launches of models such as Nebula One, Long March 700B, and Zhurong III. The capital market is accelerating its IPO process, with reports indicating that SpaceX plans to publish its initial public offering prospectus by the end of May. SpaceX is also scheduled to begin its IPO roadshow during the week of June 8th.

Additionally, information from the 2026 Saidi Forum indicates that, according to estimates, China’s core commercial space industry will grow to 1.01 trillion yuan in 2025, an increase of nearly 7% year-over-year. By the end of 2025, the number of commercial space companies in China will have exceeded 600, a growth of over 20%. The number of commercial launches and in-orbit commercial satellites is rapidly increasing. In 2025, China is expected to conduct 50 commercial space launches, accounting for 54% of the total launches, and operate 311 commercial satellites, representing 84% of the total satellites launched in China.

Market-related institutional opinions

Ping An Securities states that aerospace and spaceflight, as one of the country’s important new productive forces, has seen accelerated launch activities in recent years supported by government policies, technological advancements, and supply chain development. Dongxing Securities points out that during the “14th Five-Year Plan” period, commercial space will become a key engine for promoting new productive forces and high-quality technological development domestically. To seize valuable orbital and spectrum resources, China’s satellite constellation launches are expected to further accelerate in 2026.

CITIC Construction Investment notes that the future of commercial space is vast like the stars and the sea. Both China and the U.S. place high strategic importance on commercial space. SpaceX leads in constellation deployment progress, rocket capacity, costs, revenue scale, and valuation. Driven by the strategic value of spectrum preservation and orbit rights, as well as the commercial value of operational services, Chinese policies support the development of commercial space from both industry and capital market perspectives. Domestic development is accelerating, with large reusable rockets beginning intensive maiden flights, gradually overcoming core industry bottlenecks, and speeding up the realization of a closed-loop commercial space industry. The outlook for the commercial space sector remains optimistic, with key focus areas including payloads, antennas and supporting equipment, laser communication terminals, solar wings, and energy systems in the satellite segment; engines, 3D printing of structural components, and related parts in the rocket segment; civilian terminals and direct mobile connections in ground equipment; and companies with rare qualifications in operation services.

Fangzheng Securities states that in 2026, the progress of China-U.S. commercial space will experience a catalytic resonance. In the U.S., SpaceX’s Starship V3 will conduct its first flight in April, significantly improving core indicators such as capacity and reusability compared to V2. Domestically, both state-owned and private rocket companies are ramping up efforts, with the first reusable rocket maiden flights expected in the second quarter. Large-scale satellite bidding is imminent, and the implementation of functions like direct mobile connections will drive further performance upgrades. Satellites are expected to enter a phase of volume and price growth. Fangzheng Securities recommends paying attention to sectors including rocket and satellite assembly and operation, satellite payloads and components, solar wings and energy systems, space computing power, overseas chains, and ground facilities.

Market-related sector overview

1. Rocket manufacturing and launch services are at the core of the industry’s growth. With a significant increase in domestic launch frequency and the normalization of “one rocket, multiple satellites” technology, companies in this segment directly benefit from industry expansion. Fundamentally, rockets are complex structures including airframes, propulsion systems, electrical systems, etc. Solid rockets, due to their short preparation cycle and low launch costs, have recently become a mainstay in commercial launches. Reusable liquid rockets are viewed as the future cost-reduction path. The market’s hype mainly focuses on “launch increment” and “technological iteration.” Companies with core engine self-research capabilities or those providing key valves, pipelines, thrust chambers, and other precision components are seeing significantly improved order visibility. Each successful ignition and orbit insertion of a rocket acts as a direct catalyst for stock movements within this segment.

2. Satellite manufacturing and communication payloads are the largest and most value-added parts of the entire constellation plan. According to domestic satellite internet constellation plans, thousands of low-earth orbit satellites will be launched in the coming years, creating unprecedented demand certainty for satellite manufacturers. Unlike traditional national major engineering satellites, commercial satellites emphasize “standardization, modularization, and mass production” to control costs and meet rapid network deployment needs. Under this trend, demand for satellite platform structures, solar sails, and core communication payloads (such as phased array antennas and onboard transceivers) will grow exponentially. Particularly, phased array antennas, as the core component for broadband communication between satellites and ground terminals, have high technical barriers and large single-satellite value. This sector often exhibits strong technological growth attributes in the capital market, with investor interest mainly driven by expectations of performance realization in a “trillion-yuan-level incremental market.”

3. Ground equipment and terminal applications are key to completing the commercial cycle of spaceflight. As the number of satellites in orbit increases, ground stations, tracking and control stations, and user terminals must be built in tandem or even in advance. The industry chain typically follows a “satellites first, terminals later” pattern. Currently, major domestic operators and terminal device manufacturers are accelerating deployment of satellite communication terminals, including vehicle-mounted antennas, shipborne terminals, and portable satellite phones. Especially with the rise of intelligent new energy vehicles, satellite direct communication functions are gradually becoming standard in high-end models, opening broad consumer markets for related antenna modules and RF chips. Market attention is focused on increasing penetration rates and C-end volume growth. Compared to upstream manufacturing, ground equipment is more likely to achieve scale effects, with performance elasticity expected to be fully realized in the latter part of the industry chain.

Risk warning: The industry information and corporate dynamics mentioned in this article are for reference only and do not constitute any investment advice; business operations and market fluctuations involve uncertainties, so please be aware of related risks.