CITIC Securities: The current development of commercial aerospace is a resonance cycle between state-owned enterprises and private enterprises.

Guosen Securities Research Report believes that in the "14th Five-Year Plan" future industries and emerging pillar industries mentioned in the plan, multiple industries involve military technology, such as commercial aerospace, low-altitude economy, deep-sea technology, future energy, large aircraft in the field of general military industry, and AI, 3C consumer electronics, robots in the civilian sector. We believe that during the "14th Five-Year Plan" period, the above-mentioned areas will become broad trillion-dollar tracks in the market, and the continued growth of military companies will depend on their expansion in these areas. At the same time, the development of the above-mentioned areas will lead to the development of various new technologies, new materials, and new devices, such as additive manufacturing, superhard materials, ceramic-based composite materials, and related companies will also benefit from this. Currently, the commercial aerospace industry is poised to enter a new era with the help of national policy support and industrial technology breakthroughs. The key aspects of commercial aerospace industry involving information technology include remote sensing and its applications; satellite measurement and control systems; CAE simulation/satellite testing; interstellar transmission processing modules, communication modules, data processing platforms, etc.; and new scenario expansions focus on space computing power. In addition, we believe that the current development of commercial aerospace is a resonance cycle between state-owned enterprises and private enterprises.