On July 10th, the Long March 10B carrier rocket achieved a successful maiden flight, accomplishing the world's first controlled, net-based sea recovery of a rocket's first stage. This marks a pivotal milestone in the industrial development of China's commercial space sector.
The success of this reusable launch mission is expected to significantly reduce satellite launch costs in China, thereby accelerating the pace of satellite constellation deployment. The resulting capital expenditures are anticipated to generate substantial investment prospects.
Brokerage Perspectives on the Sector
According to a report from CITIC Securities, future focus should be on the private reusable commercial rocket sector. It is recommended to monitor the progress of recovery technology validation by reusable rocket companies and the scaling up and implementation of satellite manufacturing capacity expansion. The report also suggests keeping an eye on the IPO processes of private commercial space enterprises around 2026-2027.
Huatai Securities believes that domestic reusable rocket technology has achieved a historic breakthrough from zero to one. With continued advancements in recovery technology, multiple types of reusable rockets are expected to enter a stage of regular, "flight-like" launch operations. The cost-reduction effects and increased launch frequency enabled by reusable rockets will benefit the entire space industry, driving its rapid development in China. The firm advises investors to pay attention to investment opportunities in the space sector.
Everbright Securities states that the breakthrough in reusable rocket technology is a critical turning point for commercial space moving towards scaled commercial operations. The industry logic is expected to unfold along the main path of "reusable rockets reducing costs, accelerated satellite constellation deployment, formation of integrated space-air-ground networks, and expansion of downstream application scenarios." In the short term, launches like the Long March 10B and Zhuque-3 will provide significant catalysts for the sector. In the medium term, the deployment of the GW and Qianfan constellations will gradually drive demand for satellite manufacturing and launch services. In the long run, future applications such as 6G integrated space-air-ground networks, space-based computing, space-based solar power, and in-orbit services will continue to open up market potential.
Key Players in the Commercial Space Arena
Companies in the commercial space sector involving Hong Kong stocks include: Guoxing Yuhang (IPO application filed): According to HKEX disclosures, Chengdu Guoxing Yuhang Technology Co., Ltd. has submitted a listing application to the HKEX, with Guotai Junan International as the sole sponsor. On June 5th, 2026, Chengdu Guoxing Yuhang and Tencent Cloud formally signed a "Star Computing" plan strategic cooperation agreement. The two parties will focus on the "Star Computing" AI cloud service field, jointly building a cloud service system covering multi-dimensional space, promoting the integration of AI and cloud services, accelerating the upgrade of commercial high-end computing power and the digital industry, and deeply collaborating in areas such as AI agent scenario implementation and enterprise digital transformation, assisting various industries in intelligent upgrading.
CIMC ENRIC (HKEX: 3899): The company's commercial space business focuses on core equipment for low-temperature and high-pressure storage, transportation, and refueling. Leveraging its accumulated expertise in low-temperature and high-pressure technologies within the energy equipment field, it provides propellant storage, transportation, and gas supply systems for domestic and international rocket launches.
Junda Co., Ltd. (HKEX: 2865): Huatai Securities views the company as the first professional N-type TOPCon battery leader in the photovoltaic industry to achieve a dual listing in both A-shares and H-shares, while also rapidly entering the high-growth commercial space track. Its core photovoltaic battery business, relying on technological leadership and a globalized production layout, achieved a return to profitability in Q1 2026, becoming one of the few companies in the industry to turn a loss into a profit during the same period. Its commercial space business has been rapidly established through precise equity investments, making it a rare platform company in China that simultaneously possesses core space-based photovoltaic technology and satellite manufacturing capabilities, which is expected to open up a second medium-to-long-term growth curve for the company.
GOLDWIND (HKEX: 2208): LandSpace's application for a STAR Market IPO has been accepted. According to GOLDWIND's 2023 annual report, the company holds an 8.3% stake in LandSpace Technology Co., Ltd. Public information shows that LandSpace was founded in 2015 and is one of China's first private commercial rocket enterprises. In 2023, its Zhuque-2 Yao-2 rocket successfully achieved orbit, becoming the world's first liquid methane-fueled rocket to do so.
Shanghai Fudan Microelectronics (HKEX: 1385): FPGA chips have long been standard equipment for space satellites. The company is a technological leader in high-end FPGAs in China. For instance, demand from commercial space companies like SpaceX may drive growth in STMicroelectronics' professional chip business and boost its performance amid a sluggish recovery in demand for analog chips.
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