CITIC Construction Investment highlighted that, as we reflect on the year 2025, China's commercial spaceflight sector has transitioned into a phase of extensive deployment. The in-orbit satellite counts for both the GW constellation and the Qianfan constellation have surpassed 100, signifying a period of intense networking for Low-Earth Orbit (LEO) satellite internet. Private rocket enterprises are gearing up to achieve the inaugural flights of numerous rocket models, thereby penetrating the national-level constellation launch market and offering cost-effective transportation solutions. The Ministry of Industry and Information Technology has granted satellite communication business licenses to the three leading telecom operators, fostering the widespread adoption of direct-to-satellite terminal technology in the consumer marketplace. With the triumphant maiden voyage and orbital insertion of China's inaugural commercial reusable rocket, the ZQ-3, it is anticipated that starting from 2026, a phase of regularized and high-frequency launches will commence. Hence, it is prudent to focus on the investment prospects within the LEO satellite internet and rocket launch industrial ecosystems.