金吾财讯 | 太空概念局部走强，截至发稿，SpaceX（SPCX）涨2.53%，卫讯公司（VSAT）涨1.72%，洛克希德马丁（LMT）涨0.81%，Destiny Tech100（DXYZ）涨0.60%，Planet Labs PBC（PL）涨0.67%。消息面上，商业航天板块正在迎来机构层面的重新估值。长久以来市场多以风险投资的投机视角看待航天企业，这套逻辑正在快速改变。资金流向呈现结构性变化，机构逐步将低地球轨道视作公用事业级基础设施。贝伦伯格近期覆盖航天赛道并维持乐观判断，该行测算，全球航天经济规模2025年突破5000亿美元，2030年有望接近1万亿美元，增长核心驱动力是发射成本大幅下行。入轨成本持续降低之后，大规模卫星星座的商业化经济性才真正成立。资本市场的共识也在转变：航天赛道的重点不再只是火箭制造，核心是火箭所搭建的轨道基础设施。类比90年代光纤建设浪潮、2010年代通信塔建设周期，轨道网络正演变为具备实用价值的底层基础设施。电信运营商更愿意向专业服务商采购太空带宽，而不是投入巨额资金自研航天硬件。
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