中信证券:商业航天可回收技术降本增效,应用端静待花开

智通财经
4 hours ago
【中信证券:商业航天可回收技术降本增效,应用端静待花开】中信证券指出,“十五五”时期,新一代通信网向“空天地海”一体化延伸,正推动商业航天成为基础设施投资的重要增量。运力端,以长十乙为代表的可回收火箭正进入技术验证密集期,发射成本有望大幅缩减,2028-2030年正将迎来低轨卫星组网高峰。制造端,根据我们测算,上游制造与产能建设将带来1.7万亿以上的生产性投入。应用端,行业或呈S型成长曲线,待星座集中组网后,产业重心自制造发射转向终端运营服务,手机直连等场景市场空间广阔。展望后续,建议关注政策层面在运力供给层面的补足及后期商业需求的培育;投资层面,短期可关注可回收火箭复飞、IPO事件催化,而商业化应用规模决定了长期空间。

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