Recent catalysts for the commercial space sector have been continuous. On January 23, the Beijing Municipal Bureau of Economy and Information Technology, along with other departments, jointly issued the "Several Measures of Beijing Municipality on Promoting the Development and Utilization of Commercial Satellite Remote Sensing Data Resources (2026-2030)". The document proposes to strengthen the application of new-generation information technologies such as space-based cloud computing, artificial intelligence, and big data in satellite constellations. Furthermore, the China Academy of Information and Communications Technology is scheduled to hold the 2026 "Star Computing & Intelligent Connectivity" Space Computing Seminar on January 26, where the "Joint Initiative to Advance the Computing Power Star Network" will be released.
As a hot sector in the market, commercial space continues to be propelled by policies, maintaining high levels of investor interest. Institutions point out that the commercial space industry is at a critical turning point, transitioning from a "national strategic direction" to "practical commercial implementation". Breakthroughs in core technological capabilities and the continuous rollout of supportive policies are combining to press the "accelerator" for the sector. On March 5, 2025, commercial space was once again included in the annual Government Work Report, positioning it as a strategic emerging industry.
Policies have been released in multiple regions including Beijing, Shanghai, Hubei, Chongqing, Guangdong, and Hainan to bolster the advancement of the commercial space industry. Data released by the China National Space Administration shows that in 2025, China's commercial space sector maintained rapid development, completing 50 launches throughout the year, accounting for 54% of the country's total space launches. Last November, the CNSA established the Commercial Space Department, marking the arrival of a dedicated regulatory body for China's commercial space industry, which is expected to benefit the entire industrial chain.
Guolian Minsheng believes that substantial support for related fields of commercial space in core regions like Beijing is expected to lead industry development and foster the creation of new leading enterprises in the commercial space chain. Dongxing Securities holds the view that the number of constellation satellite launches in China in 2026 is expected to see further accelerated growth. Private commercial rocket companies are expected to participate deeply, serving as an effective supplement to national teams and bringing market opportunities to related industrial chains such as satellite manufacturing/application and rocket launches.
From the perspective of the global commercial space development landscape, the US company SpaceX, backed by strong capital support and its deep integration across the industry chain, has achieved breakthroughs and large-scale application of rocket recovery technology, significantly reducing launch costs and seizing the initiative in the global commercial launch market. Currently, China's large-payload reusable rockets have entered a concentrated "breakthrough period", while a comprehensive policy support system is simultaneously taking shape. Catalysts such as company IPOs, intensive maiden rocket flights, and accelerated constellation deployment are expected to follow one after another in 2026.
From a valuation logic perspective, the deviation between valuations and revenue levels in the early stages of industry development is reasonable. The forward-looking pricing mechanism of capital markets is continuously driving resource concentration towards this strategic emerging industry. Cao Meng, Vice President of Spacefy, stated that in 2026, China is expected to take significant steps in areas such as the orbital insertion of large-payload reusable launch vehicles and first-stage recovery. The construction of commercial launch sites and the continuous improvement of launch procedures will lay an important foundation for enhancing the efficiency of commercial space launches.
As the infrastructure (rockets, satellites) continues to improve, the investment focus within the industry is rapidly shifting along the development chain. Currently, the most imaginative new axis has emerged—space computing. Thousands of remote sensing satellites generate massive amounts of data daily, and the traditional "downlink-ground processing" model suffers from high latency and significant bandwidth pressure. "On-board intelligent processing" (i.e., introducing AI computing power on satellites for real-time screening and analysis) and "space-based cloud computing" (constructing a network of space-based computing nodes) can fundamentally address this pain point, upgrading satellite constellations from "data collection networks" to "real-time intelligent information networks."
The recently announced policy measures from Beijing explicitly encourage computing power service providers to support satellite data processing, aiming to promote standardized, integrated data processing and sharing to break down data silos. They encourage institutions or enterprises related to computing power and cloud services to provide services for satellite data processing and application, offering support through measures like computing power vouchers.
Zheshang Securities released a research report stating that the space data center industry has progressed from the technical verification phase to the commercial constellation deployment stage, represented by projects like Starcloud-1 and China's "Three-Body Computing Constellation". Estimates suggest that after the first phase of the computing power constellation is completed in 2027, it could directly drive industrial chain output value exceeding tens of billions of yuan, with the long-term potential scale有望 exceeding one trillion yuan.
**Related Concept Stocks** **SHANGHAI FUDAN (01385)**: FPGAs (Field-Programmable Gate Arrays) have wide applications in the aerospace sector, with advantages including high customizability, excellent real-time performance, and good radiation resistance. Huaxi Securities previously indicated that SHANGHAI FUDAN currently possesses four major series comprising dozens of products, ranging from million-gate to billion-gate FPGAs and PSoCs, making it a leading domestic supplier of programmable device chips.
**APT SATELLITE (01045)**: Public information shows that APT SATELLITE is a controlled subsidiary of China Satellite Communications Co., Ltd. The APT SATELLITE Group currently operates the APSTAR-5C, APSTAR-6C, APSTAR-7, and APSTAR-9 satellites, and operates the APSTAR-6D and APSTAR-6E satellites through joint ventures. Zhongyou Securities stated that as the commercialization of space technology accelerates, related enterprises are expected to achieve breakthroughs in scenarios like satellite internet and remote sensing applications, with the industrial ecosystem becoming increasingly mature and the market scale有望持续扩大.
**DRINDA (02865)**: Its latest partner, Shangyi Photovoltaics, has a strong background, with core technology originating from the Shanghai Institute of Optics and Fine Mechanics, Chinese Academy of Sciences. It is a rare domestic specialized manufacturer of batteries for satellites, possessing long-term积累 in spacecraft energy system integration, extreme environment engineering verification, anti-radiation design, and has completed first-principles verification of perovskite materials in the space environment.
**CIMC ENRIC (03899)**: CIMC ENRIC's commercial space business focuses on core equipment for cryogenic and high-pressure storage, transportation, and refueling. Leveraging its积累 in cryogenic and high-pressure technologies from the energy equipment sector, it provides propellant storage, transportation, and gas supply systems for rocket launches domestically and internationally.
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