Catalyzed by favorable policies, the commercial space concept sector has once again begun to attract attention from market investors.
On October 29, commercial space concept stocks in both the Hong Kong and A-share markets surged en masse. Among the leading gainers, DRINDA (02865) saw its H-shares spike immediately after the open, rising more than 20% at one point during the session. By the close that day, the stock was quoted at HK$12.52, up 18.45%. Meanwhile, Hainan Drinda New Energy Technology Co.,Ltd. (002865) also strongly hit the daily limit-up on the A-share market.
The counter-trend activity in the commercial space sector may be linked to several recent positive developments.
Recently, six departments in Shanghai issued the "Shanghai Satellite Internet Industry Innovation Development Action Plan (2027-2030)," proposing that by 2030, Shanghai's core satellite internet industry scale will exceed 80 billion yuan, with more than 3,000 satellites in orbit, over 100 high-quality enterprises and other entities cultivated, and "100+ benchmark demonstration applications" established.
At the 2026 Satellite Application Conference on October 28, Wei Ran, founder of Shanghai Xuntian Qianhe Space Technology Co., Ltd. (hereinafter referred to as Xuntian Qianhe), a subsidiary of DRINDA (02865), stated that "commercial space likely does not need to go through the 'Ford moment' and can instead leap directly into the 'Tesla moment.'" He believes that industrialization and intelligentization in commercial space are occurring simultaneously, which gives it the conditions to leap directly.
Favorable policies have reignited the enthusiasm of funds for going long. Against this backdrop, the performance on October 29 could be said to demonstrate to the market the stock price elasticity of DRINDA (02865).
It is reported that in the commercial space field, DRINDA (02865) has formed a complete business layout of "satellite energy + whole-satellite manufacturing + space computing constellation," with related businesses advancing in an orderly manner.
Frequent Favorable Policies, Emerging Performance Inflection Point
Beyond the catalysis from news developments, DRINDA (02865)'s own fundamentals have also shown signals of approaching an inflection point.
According to the company's recently disclosed third-quarter report, in the first three quarters of this year, the company's revenue and net profit attributable to shareholders were 5.223 billion yuan and -428 million yuan, respectively. Although neither recorded positive growth on a year-over-year basis, looking solely at the third quarter, the company's revenue was 2.042 billion yuan, up 1.17% year-over-year and up 37.38% quarter-over-quarter; during the same period, net profit attributable to shareholders was -175 million yuan, also showing a quarter-over-quarter reduction in losses.
In terms of the photovoltaic main business, policy support is continuing to intensify at the current stage. Public information shows that on October 16, the Ministry of Commerce and the Ministry of Science and Technology issued an announcement soliciting public opinions on the revision of the "Catalogue of Technologies Prohibited or Restricted from Export in China," and implementing temporary registration management for related technology exports. In the photovoltaic field, this covers three major segments — polysilicon manufacturing, wafer manufacturing, and cell manufacturing — with a total of 12 key technologies proposed to be classified into the two categories of prohibited and restricted exports. The scope of technology management also includes key and core equipment that carries the relevant technologies.
In this regard, institutions believe that as export controls on photovoltaic equipment tighten, the scarcity of overseas cell capacity will be further highlighted, which will benefit domestic cell exports and is expected to have a positive impact on DRINDA (02865)'s overseas sales.
Coincidentally, the draft for public comment of the "Photovoltaic Manufacturing Industry Normative Conditions (2026 Edition)" recently issued by the Electronic Information Department of the Ministry of Industry and Information Technology mentions average conversion efficiency thresholds for new and expanded cell capacity: TOPCon no lower than 26.2%, HJT no lower than 26%, and xBC no lower than 26.6%.
In terms of impact, the author believes that stricter industry normative conditions are expected to accelerate the clearing of backward capacity in the industry, and DRINDA (02865), as a leading photovoltaic cell enterprise, is also expected to benefit from this.
In addition to continuously exploring innovative photovoltaic application scenarios, DRINDA (02865) is also actively positioning itself in emerging business areas by leveraging its own technological and industrial accumulation. Currently, Jietai Aerospace and Xuntian Qianhe, both under DRINDA (02865), are respectively pursuing layouts in space photovoltaics and satellites.
According to the Xuntian Qianhe official account, as of September 20, Xuntian Qianhe has successfully delivered 14 satellites, 6 of which have space-based computing capabilities.
After Deep Stock Price Adjustment, Poised for a Rebound with a Lighter Load?
Looking back at the performance of DRINDA (02865)'s H-shares since listing in May last year, it could roughly be described as full of twists and turns. After the stock price hit a historic high in March this year, DRINDA (02865) underwent a half-year-long stock price correction. From a technical perspective, after the previous continuous decline, before this current rally began, the trading volume of DRINDA (02865) had already shown obvious shrinkage characteristics, which may indicate that bearish forces are nearing exhaustion.
After ground-level volume and ground-level prices, with warm news developments on the horizon and signs of quarter-over-quarter improvement in its own fundamentals, the convergence of multiple factors may be precisely the core reason why DRINDA (02865) is now able to launch a violent rebound.
However, from a medium-to-long-term perspective, the main factor determining the future stock price trend of DRINDA (02865) is expected to remain whether its layout in the commercial space field can truly open up a new growth trajectory for it.
In terms of overseas progress, SpaceX's first profitable quarter can in a sense be said to have validated the commercial closed loop of commercial space. Prior to this, in late August, SpaceX and Nvidia announced the joint development of the first-generation Starmind AI satellite (peak computing load 250kW) space-optimized Vera Rubin NVL72 system, with plans for its first launch in Q4 next year and large-scale deployment by 2028. Shortly after, on September 16, SpaceX supplemented Starmind engineering information to the FCC, and on October 1, Google conducted space TPU testing through the SpaceX Transporter-18 mission. These series of signals mark that space computing has entered the factory verification stage.
With such precedents already in place, whether domestic commercial space will, as predicted by frontline industry entrepreneurs, leap directly into the "Tesla moment" is clearly a topic worth continuously and closely tracking.
In terms of the relevant capability foundation, as mentioned at the beginning of this article, DRINDA (02865) has formed a full-chain layout of "satellite energy + whole-satellite manufacturing + space computing constellation," which is expected to make it a relatively certain beneficiary as the industry moves from inception to maturity.
However, it must be acknowledged that the development of commercial space still faces extremely high technical barriers, long-cycle capital investment, and challenges in validating business models. Although overseas giants have achieved phased breakthroughs in areas such as space computing, domestic commercial space — from technology research and development, in-orbit verification, to ultimately achieving large-scale constellation networking and commercial monetization — is by no means accomplished overnight.
As for the companies in the industry chain, exactly when and in what manner they can share in how much market benefit is something that requires long-term tracking.
Looking back at the stock price trend of DRINDA (02865), after experiencing continuous adjustment in the earlier period, from a trading perspective, DRINDA (02865) with a lighter load already possesses the basic conditions for a rebound. Combined with the emergence of a performance inflection point and the密集 implementation of favorable policies, these positive factors together contributed to the violent rebound in the company's stock price on October 29.
However, it may still be too early to immediately assert whether this is a rebound or a reversal. But considering that the main business already shows signs of recovery and that commercial space is a long-slope, thick-snow track, in the long run DRINDA (02865) may well be a "potential stock" with long-term attention value.
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