Tracking concepts of Hong Kong stocks | Trillions of market potential waiting to be unleashed. Commercial spaceflight will reach a turning point in 2026 (with related concept stocks).

LanJian Aerospace has signed formal launch service contracts with China Star Network and Yuanxin Satellite, and will provide mass launch services in the future. The commercial prospects are very promising. The "GW Constellation" and "Qianfan Constellation" are two large satellite internet projects planned in China. Among them, the GW Constellation is a broadband internet satellite constellation operated by China Star Network, with plans to launch approximately 12,992 satellites. The plan includes approximately 10% satellite deployment in 5 years, completing the launch of all satellites by 2035. As of now, there have been 17 network launches, with 136 satellites in orbit. The Qianfan Constellation, operated by Yuanxin Satellite, plans to launch approximately 15,000 satellites. As of now, 6 network launches have been completed with 108 satellites in orbit. On January 8th, the General Office of the People's Government of Guangzhou released the "Guangzhou Accelerating the Construction of an Advanced Manufacturing Strong City Plan (2024-2035)", proposing to create a globally influential commercial aerospace hub in China by 2035. The focus will be on key reusable rocket technologies to provide a solid foundation for the development of medium and large liquid rockets, opening up to national research institutes, enterprises, and universities. China Securities Co., Ltd. pointed out that, with the support of national policies and breakthroughs in industry technology, the commercial aerospace industry is expected to enter a new era. Key areas in the commercial aerospace industry include remote sensing and its applications, satellite measurement and control systems, CAE simulation/satellite testing, interstellar transmission processing modules, communication modules, data processing platforms, and new scene expansion focusing on space computing power. Additionally, the report suggests that commercial aerospace is currently a resonance cycle between state-owned and private enterprises. Securities analyst Ren Hongdao from China Securities Co., Ltd. stated that China's large-cap reusable rockets have entered a concentrated "breakthrough period", where the entire policy support system is also taking shape. By 2026, factors such as completion of IPOs by enterprises, increased rocket launches, and accelerated satellite constellation deployments are expected to catalyze the industry. Looking at valuation logic, the deviation of initial valuations and revenue levels in the industry's early development is reasonable, as the forward-looking pricing mechanism of capital markets continues to drive resources towards this strategic emerging industry. Looking ahead, commercial aerospace will gradually transition from conceptual speculation to performance realization, focusing on the core themes of rocket manufacturing, satellite networking, and downstream applications, with the entire industry chain expected to enter a period of high-quality development. Zheshang released a research report stating that the space data center industry has transitioned from technology verification to a phase of commercial constellation deployment represented by Starcloud-1 and the Chinese "Three-Body Computing Constellation". According to estimates, after the first phase of computing power constellation is completed in 2027, it can directly drive the industry chain's output value to over tens of billions of RMB, with long-term scale expected to exceed trillions of RMB. Over the next five years, major constellation plans will continue to launch satellites. The report recommends focusing on four major sub-segments: radiation cooling systems, space photovoltaic energy systems, radiation-resistant chips/server packaging, and inter-satellite laser communication. Hong Kong-listed commercial aerospace industry chain-related companies: Goldwind Science & Technology (02208): Blue Arrow Aerospace has had its Science and Technology Innovation Board (STAR Market) IPO application accepted. According to Goldwind Science & Technology's 2023 annual report, the company holds an 8.3% stake in Blue Arrow Aerospace Space Technology Co., Ltd. Public information shows that Blue Arrow Aerospace was established in 2015 and is one of the first private commercial rocket companies in China. In 2023, its Zhuque-2 YZ-2 rocket successfully entered orbit, becoming the world's first liquid methane rocket to achieve orbit. SHANGHAI FUDAN (01385): FPGA chips have always been a standard for space satellites. The company is a leader in high-end FPGA technology in China. For example, demand from commercial aerospace companies like SpaceX may drive growth in professional chip business of STMicroelectronics and boost the company's performance at a time when demand for analog chips is weak. CIMC ENRIC (03899): CIMC ENRIC's commercial aerospace business focuses on core equipment for low-temperature and high-pressure storage and transportation, relying on its accumulated low-temperature, high-pressure technology in the energy equipment field to provide propellant storage and gas supply systems for domestic and foreign rocket launches. APT SATELLITE (01045): According to public information, APT SATELLITE is a subsidiary of China Satellite Communications Group Co., Ltd. APT SATELLITE Group currently operates the Asia-Pacific 5C, Asia-Pacific 6C, Asia-Pacific 7, and Asia-Pacific 9 satellites, and operates the Asia-Pacific 6D and Asia-Pacific 6E satellites through joint ventures. Zhongyin Securities stated that as the commercialization of space technology accelerates, related companies are expected to achieve breakthroughs in satellite internet and remote sensing applications, and the industry ecosystem is maturing, with market size expected to continue to expand. Hainan Drinda New Energy Technology (02865): The latest partner, Shangyi Optoelectronics, has a strong background, with core technology originating from the Shanghai Institute of Optics and Fine Mechanics of the Chinese Academy of Sciences. It is a rare professional manufacturer of satellite batteries in China, with long-term accumulation in spacecraft energy system integration, extreme environmental engineering verification, and radiation-resistant design, and has already completed the first principle verification of perovskite materials in space environments. Sinolink's report indicates that this cooperation will deepen the company's research and development accumulation of perovskite and layered batteries in different space scenarios at the technological level, and is expected to empower production and operation dimensions in industrialization advancement. The complementary resources of both parties have taken the lead in positioning the industrialization track of space photovoltaics.