According to a research report released by CITIC Construction, the commercial aerospace industry holds vast potential, with both China and the United States recognizing its strategic significance. SpaceX stands out as a leader in constellation deployment, rocket capabilities, and cost efficiency. Motivated by the strategic importance of securing frequency bands and preserving orbital slots, as well as the commercial opportunities in operational services, China's policies are fostering the growth of the commercial aerospace sector from both industrial and capital market perspectives. Domestic advancements are accelerating to bridge the gap, with a flurry of large reusable rockets poised for their inaugural launches. These developments are anticipated to overcome industrial bottlenecks and expedite the formation of a closed industrial loop. CITIC Construction maintains a positive outlook on the future performance of the commercial aerospace industry. In the satellite sector, emphasis should be placed on comprehensive payloads, antennas, and associated components; for rockets, attention should be directed towards engines and their 3D printing technologies; in the ground equipment domain, focus on civilian terminals and direct-to-phone connectivity solutions; and within the operational services segment, companies possessing rare qualifications are particularly noteworthy.