CITIC Securities: Firmly optimistic about the long-term development of the commercial aerospace industry, the investment side should focus more on core assets.

CGS Securities research report pointed out that Amazon's acquisition of Globalstar is likely to land, SpaceX is increasing its layout in space computing power, global commercial space competition is accelerating, and domestic reusable rockets are also expected to make breakthroughs. Commercial aerospace has "strong policy support + strong resonance between China and the United States + strong industrial trend". It is expected that domestic reusable rockets may break through within the year, and industrial development is expected to further accelerate. It firmly believes in the long-term development of the industry and believes that investment should focus more on core assets, and look for directions of "inflation links" and "marginal additions".