A Decade of Commercial Spacecraft Development: Accelerating Growth and Charting a New Blueprint; 11 Industry Chain Stocks with Concentrated Holdings

Securities Times Data Treasure launches “Emerging Industries” report, focusing on the commercial aerospace industry, reviewing achievements in 2025, and exploring potential investment opportunities.

First time positioning aerospace as an “Emerging Pillar Industry”

The 2026 government work report states that efforts will be made to cultivate and strengthen emerging and future industries. Implementing industrial innovation projects, encouraging central enterprises and state-owned enterprises to lead the opening of application scenarios, and developing new pillar industries such as integrated circuits, aerospace, biomedicine, and low-altitude economy.

This is the first time the government work report has designated aerospace as an “Emerging Pillar Industry.” Previously, “Commercial Space” had been included in the government work report for two consecutive years.

Commercial space is an important part of the space industry, covering upstream research and manufacturing, midstream rocket launches, downstream satellite communications, space tourism, and other application scenarios. As early as October 2015, the “Medium- and Long-term Development Plan for National Civil Space Infrastructure (2015–2025)” was issued, encouraging social capital to enter the space sector.

Since then, China’s commercial space has embarked on a decade-long journey from startup to scaled growth. 2025 marks the end of the 14th Five-Year Plan, with China’s commercial space industry delivering impressive results. 2026 is the beginning of the 15th Five-Year Plan, and driven by promising prospects, cost optimization, and overseas demonstration effects, China’s commercial space industry will accelerate its development.

In 2025, commercial space achieved over half of launches for the first time

Multiple indicators hit new highs

In the industry’s view, cultivating and expanding commercial space is a strategic high ground in great power competition. In 2025, both the national space team and private enterprises made concerted efforts, overcoming challenges at various launch sites, and achieved breakthroughs in rocket launches, constellation construction, reusable technology verification, and more.

In terms of rocket launches, 2025 saw China’s highest-ever number of launches and spacecraft in orbit. According to “China Aerospace” data, China conducted 92 space launches in 2025, successfully placing 377 satellites into orbit, an increase of over 35% compared to the previous year.

Meanwhile, 2025 was also a year of accelerated development for commercial space, with 50 launches completed, marking the first time that launch missions accounted for over half of total launches; 311 commercial satellites were placed into orbit, accounting for over 80% of all satellites launched that year. Among private companies, GalaxySpace, CAS Space, LandSpace, Star Glory, and Dongfang Space collectively launched 16 times in 2025, setting a new record.

In constellation construction, the “State Grid” (GW) and “Qianfan” (G60) large-scale constellation projects accelerated, sending 126 and 54 satellites into space respectively in 2025. Constellations like Geely, Tianshi, and YunYao are also progressing, continuously narrowing China’s gap with overseas countries in space infrastructure.

In reusable technology, China accelerated breakthroughs in reusable launch vehicle technology in 2025, with Zhuque-3 completing its first flight.

In January this year, China conducted a total of 8 space launches. The static fire test of Long March 12乙 carrier rocket was successful, and the LiHong-1 YaoYi spacecraft completed suborbital flight; China applied for frequency and orbital resources for over 200,000 satellites with the International Telecommunication Union (ITU). Reports indicate that in 2026, China will surpass 100 launches, with over 60 commercial launches.

Policy and capital drive dual momentum

Building a robust industry ecosystem

Commercial space is gradually becoming the backbone of China’s space industry, and its steady growth relies on supportive policies and the steadfast presence of “patient capital.”

On the policy front, multiple regions including Beijing, Shanghai, Tianjin, Guangdong, and Hubei have introduced special support policies and action plans to boost commercial space. In November 2025, the China National Space Administration issued the “Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025–2027),” integrating commercial space into the national space development framework. In December of the same year, the Shanghai Stock Exchange clarified that commercial rocket companies in the critical period of large-scale commercialization could apply the fifth set of listing standards for the STAR Market, opening the door for industrial capital.

Under policy support, the listing process for commercial space companies has accelerated: LandSpace’s IPO has entered the “questioning” stage, CAS Space has completed guidance acceptance, and Star Glory, GalaxySpace, and Tianbing Technology are undergoing IPO guidance.

Meanwhile, “patient capital” continues to increase, and financing for commercial space remains active. The “China Commercial Space Industry Development Report (2025)” states that total financing reached 18.6 billion yuan in 2025, a year-on-year increase of over 30%, demonstrating long-term confidence from capital. Investors include Sequoia China, Matrix Partners, Goldwind, Eagle Fund, Shanghai Port Group, and others.

Market size continues to expand

11 industry chain stocks see concentrated holdings

According to the “2026 Outlook on China’s Commercial Space Industry Development” report by CCID Consulting, the market size of China’s commercial space in 2025 was 2.83 trillion yuan, up 21.7% year-on-year; it is expected to reach 3.5 trillion yuan in 2026, with growth continuing over 20%.

The expanding market provides long-term return potential for “patient capital” and promotes steady progress toward high-quality development. Tian Lihui, Dean of the Financial Development Research Institute at Nankai University, emphasized in an interview with Securities Times that as commercial space moves from the “startup” to “growth” stage, national strategic capital should act as a “ballast stone,” correcting market failures in long-cycle, high-risk areas, and playing three key roles: acting as “patient capital” to support companies through difficulties; serving as “connective capital” to guide upstream and downstream industry chain collaboration; and functioning as “signal capital” to mobilize market-based funds and build a healthy industrial capital ecosystem.

From the A-share market perspective, according to Wind data, over 70 stocks are involved in commercial space, including those holding stakes in commercial space companies and those involved in the industry chain. As of March 5, these stocks have averaged nearly 1.5% gains this year, with Zhaochi Co., Ltd. and Goldwind Technology leading, both up over 37%. Zhaochi indirectly invested in Star Glory.

Regarding shareholding changes, 11 stocks saw a decrease in shareholder numbers compared to the end of last year, mainly in defense, machinery, and communications sectors.

Five stocks experienced a decline of over 10% in shareholder numbers, including Boyun New Materials, AVIC Western Aircraft, Xingwang Yuda, Chenxi Aviation, and Shaanxi Huada.

Boyun New Materials reported a decline of over 19% in shareholder numbers from last year’s end, with a slight increase of over 2% in share price this year. The company’s self-developed carbon/carbon throat lining material has been successfully used in China’s “Kuaizhou” series of commercial solid launch vehicles.

AVIC Western Aircraft’s shareholder count decreased by over 15% from last year’s end, with a cumulative increase of over 14% in share price this year. Its commercial space-related technologies are applied in rocket fairings, satellite composite structures, large onboard composite antennas, optical instrument covers, and solar sails.

Among these 11 stocks, Yuhuan CNC, AVIC Western Aircraft, and Chaojie Co. have seen net active capital inflows this year, with Chaojie receiving nearly 1.2 billion yuan in net active funds.