CITIC Securities International: China's satellite internet enters a period of high-density launches, emphasizing investment opportunities in commercial aerospace.

The report from CITIC Securities Research pointed out that since the end of July 2025, the launch frequency of China's GW constellation has significantly increased. The launch interval has been shortened from one to two months for groups 01-05 stars to 3-5 days for groups 05-07 stars, indicating a significant increase in network speed. This may indicate that China's satellite internet is beginning to enter a rapid networking phase. In addition, the bidding for the launch of the Qianfan constellation has also been launched, and Hainan Commercial Development has normalized the launch work for the 1st and 2nd launch positions. Large private liquid rockets will also gradually make their maiden flights, and reusable experiments are steadily progressing. Private rocket companies have begun IPO guidance, and China's commercial aerospace industry is entering a period of rapid development.