Recently, the commercial space concept has become a hot topic in the A-share market. The commercial space sector index hit a record high, with several related stocks posting staggering gains. For instance, Aerospace Hi-Tech Development secured seven daily limit-ups in 11 trading sessions, while even *ST Chengchang (001270.SZ) recorded nine daily limit-ups in 13 sessions.
On December 16, multiple A-share companies issued risk warnings, clarifying that their "core businesses are not involved in commercial space" or that their "products are not directly applied in commercial space." Several companies with "Aerospace" in their names—including Aisino Co.,Ltd. (600271.SH), Changzheng Engineering Technology Co.,Ltd. (603698.SH), Beijing Aerospace Changfeng Co.,Ltd. (600855.SH), Shanghai Aerospace Automobile Electromechanical Co.,Ltd. (600151.SH), and Shaanxi Aerospace Power Hi-Tech Co.,Ltd. (600343.SH)—disclosed after consecutive stock price surges that their core operations do not include commercial space activities and that they have no immediate investment plans in the sector.
Amid this speculative frenzy, investors are questioning whether this is a short-term thematic rally fueled by policy tailwinds or a prelude to the industry entering a phase of tangible earnings delivery.
China’s commercial space sector, as a representative of new productive forces, has entered a growth phase, with its overall industrial scale and ecosystem ranking among the global leaders. The commercial space supply chain spans upstream satellite manufacturing, midstream launch services and ground equipment, and downstream application services.
According to an official from the China National Space Administration, the country now hosts over 600 commercial space enterprises covering the entire industrial chain—from rocket and satellite manufacturing to application services—while fostering new space economy segments like in-orbit manufacturing and space agriculture. China’s commercial space market has expanded from RMB 1.02 trillion in 2020 to RMB 2.34 trillion in 2024, achieving a compound annual growth rate of 23.5%. It is projected to reach RMB 7–10 trillion by 2030, driven by surging downstream demand (e.g., satellite internet), sustained policy support, and breakthroughs in rocket and satellite technologies.
Recently, the China National Space Administration established a dedicated Commercial Space Department and unveiled the "Action Plan for High-Quality and Safe Development of Commercial Space (2025–2027)." The plan outlines the creation of a national commercial space development fund to guide capital toward "long-term, strategic, and value-driven investments," signaling accelerated growth for the sector under specialized oversight and state-backed funding.
Experts note that commercial space has already formed industrial clusters in regions like Beijing-Tianjin-Hebei, the Yangtze River Delta, and the Pearl River Delta, integrating a complete supply chain from R&D to application services. With ongoing policy support and the exploration of new models like in-orbit services and space computing, commercial space is poised to become a key driver of economic growth, offering vast market potential.
A strategist at GF Fund pointed out that while policy tailwinds have heightened market expectations for upstream segments like rocket and satellite manufacturing, downstream applications and overall profitability remain in early stages. Although some firms have begun generating modest commercial space revenue, the scale is limited, and profitability hinges on large-scale launches and mature applications. The current market enthusiasm for commercial space stocks is primarily driven by policy-induced optimism, compounded by the sector’s small market caps and susceptibility to capital flows—a hallmark of thematic speculation. Listed companies linked to the commercial space theme should proactively disclose critical details such as "commercial space revenue contribution," "core technology maturity," and "order feasibility" to mitigate information asymmetry and curb speculative trading.
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