In mid-September, the commercial space industry witnessed a series of successful launches, with high-frequency networking missions significantly bolstering market confidence. On September 21, the commercial space sector demonstrated robust activity, as evidenced by the Wind Commercial Space Concept Index climbing 1.31%, accompanied by gains in several key constituent stocks. Analysts have observed a notable shift within the sector: it is transitioning from a concept-driven phase to an order-driven market, where industrial profitability is beginning to materialize amidst divergent performances. Upstream supporting enterprises are at the forefront, reaping early benefits from the accelerated pace of constellation deployment, experiencing a surge in orders. In contrast, midstream and downstream segments focused on overall integration and data applications are facing performance challenges. As reusable rocket technology advances into a crucial engineering validation phase, the investment rationale for the sector is evolving from being event-driven to focusing on performance delivery, with orders increasingly flowing to enterprises that possess clear and demonstrable supporting capabilities.