CITIC Securities Sees Commercial Space as New Infrastructure Investment Increment

CITIC Securities said in a research note that during the 15th Five-Year Plan period, next-generation communications networks will extend toward integrated space-air-ground-sea coverage, helping commercial space become an important incremental area of infrastructure investment. According to Jiemian News, reusable rockets represented by Long March 10B are entering an intensive technology-verification phase, with launch costs expected to fall significantly, while the low-Earth-orbit satellite networking peak is likely to come in 2028-2030. The report estimated that upstream manufacturing and capacity construction will generate more than 1.7 trillion yuan in production-related investment. It added that the industry may follow an S-shaped growth curve, with its center of gravity shifting from manufacturing and launches to terminal operations and services after constellation deployment, and said investors should watch policy support for launch capacity, commercial-demand development, reusable rocket test flights and IPO catalysts.