Open Securities: Three-Year Action Plan for Commercial Aerospace Released, Focusing on Industry Investment Opportunities.

Open Source Securities released a research report stating that the three-year action plan for commercial spaceflight has been launched, aiming to achieve high-quality development of commercial spaceflight by 2027. With the upcoming maiden flight of the Blue Arrow Aerospace Zhuque-3 reusable rocket, the construction of satellite internet constellations is also accelerating. At the same time, commercial spaceflight companies may be established as independent functional departments, and commercial spaceflight in China is expected to enter a period of rapid development. The main points of Open Source Securities are as follows: The three-year action plan for commercial spaceflight has been launched, aiming to achieve high-quality development by 2027 On November 25th, the China National Space Administration issued the "Action Plan for Promoting High-Quality and Safe Development of Commercial Spaceflight (2025-2027)", proposing to accelerate the construction of a new development pattern, adhere to high-quality development, uphold the combination of effective market and proactive government, and uphold coordinated development and safety, integrating commercial spaceflight into the overall layout of the country by 2027. By then, the commercial spaceflight industry ecosystem will be highly efficient and collaborative, scientific research and production will be safe and orderly, the industrial scale will significantly increase, innovation and creativity vitality will significantly enhance, resource capabilities will be coordinated and efficiently utilized, industry governance capabilities will be significantly improved, achieving high-quality development of commercial spaceflight. Commercial spaceflight companies may be established as independent functional departments, entering the substantive preparation stage In the "2026 Civil Service Examination Announcement" issued by the State Administration of National Defense Technology Industry, the position of "Commercial Spaceflight Company Space Regulation Officer" was set up for the first time. The establishment of this position may indicate that commercial spaceflight companies as independent functional departments have been formally established and entered the substantive preparation stage. This position will be responsible for core duties such as policy research in the commercial spaceflight field, project coordination management, coordination of major issues, and safety supervision. The establishment of commercial spaceflight companies signifies the country's high importance to the commercial spaceflight field. The maiden flight of the Blue Arrow Aerospace reusable rocket Zhuque-3 is approaching, and the construction of satellite internet constellations is accelerating The Zhuque-3 carrier rocket independently developed by Blue Arrow Aerospace is scheduled for its first launch on November 29th. If successful, this mission will mark a crucial step for China in reusable carrier rocket technology and fill the technological gap in the domestic large reusable rocket field. In addition, the construction progress of China's two national low-orbit satellite internet constellations -- the State Grid Constellation and the Qianfan Constellation -- continues to exceed expectations. As of now, the State Grid Constellation has completed the launch of 13 groups of low-orbit satellites, and according to the plan, China Star Network will launch approximately 1300 satellites by the end of 2029, completing 10% of the overall satellite deployment within the next five years, and aiming to complete the overall deployment goal of approximately 13,000 satellites by 2035. The Qianfan Constellation has also deployed 6 sets of satellites, setting a record for the number of satellites launched in a single commercial satellite constellation deployment in China, and bringing the number of satellites in orbit to over a hundred, reaching 108. As China's first giant low-orbit commercial satellite constellation to enter the formal networking stage, the Qianfan Constellation is planned for three-phase construction: deploying 648 satellites in the first phase to provide regional network coverage, deploying 1296 satellites in the second phase to achieve global network coverage, and planning to deploy over 15,000 satellites in the third phase to provide diverse integrated services. Investment Recommendation: Recommended Geovis Technology Co., Ltd., Piesat Information Technology, Cetc Potevio Science & Technology, Asiainfo Security Technologies, etc. Benefiting entities include GEOVIS INSIGHTER, Jiayuan Science and Technology, WebRAY Tech Group Inc., Shanghai Geoharbour Construction Group Co., Ltd., Shaanxi Aerospace Power Hi-tech, etc. Risk Warning: Technical progress may fall short of expectations, and market competition risks may intensify.