On July 27th, CITIC Securities offered an analysis stating that during the "15th Five-Year Plan" era, the new generation of communication networks is set to evolve into an integrated "space-air-ground-sea" framework. In this context, commercial space is poised to emerge as a fresh frontier for infrastructure investment.

When it comes to transportation capabilities, reusable rockets, like the Long March 10B, are currently undergoing rigorous technical scrutiny. This is expected to lead to a substantial reduction in launch costs. The period between 2028 and 2030 is projected to witness a surge in low-orbit satellite networking.

In the manufacturing sector, it's estimated that upstream production and capacity expansion will spur over 1.7 trillion yuan in productive investment. As for applications, the industry is likely to witness S-curve growth. Once constellation networking is complete, the industry's focus will pivot from manufacturing and launches to terminal operation services. This shift opens up vast market potential, particularly in scenarios involving direct smartphone connectivity.

Looking to the future, it's prudent to keep a close eye on policy support for transportation capacity provision and the nurturing of commercial demand. For investment strategies, short-term focus can be directed towards events like the re-launch of reusable rockets and IPOs. Meanwhile, the long-term outlook hinges on the scale of commercial applications.