金吾财讯 | 商业航天板块发力走高，航天控股(00031)涨4.84%，蓝思科技(06613)涨3.09%，大陆航空科技控股(00232)涨1.91%，中航科工(02357)涨1.27%，中国技术集团(01725)涨1.03%，亚太卫星(01045)涨0.34%，西锐(02507)涨0.33%。消息面上，马斯克6月4日正式启动SpaceX IPO路演，对应估值约1.77万亿美元，定于6月12日挂牌。国金证券表示，SpaceX在全球商业航天领域的统治地位，不仅建立在其卓越的内部研发能力上，更构建于一张庞大、精密且高度专业化的外部供应链巨网之上。通过对星链卫星的BOM与底层供应链的拆解，我们总结出以下三大核心卫星产业链趋势：泛工业化与COTS（商用现成组件）替代成为降本核心驱动力；规模效应驱动卫星BOM结构反转，价值量重心向有效载荷倾斜；跨越原材料产能天花板，用第一性原理重构供应链安全。中信证券等机构明确指出，SpaceX的上市可能会重塑整个商业航天板块的估值体系。在A股和港股，商业航天概念股近期表现活跃，资金关注度显著提升。
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