CITIC Construction Investment pointed out that looking back at 2025, China's commercial space industry will enter a stage of large-scale deployment. The GW constellation and Qianfan constellation will have more than 100 satellites in orbit, and low Earth orbit satellite internet will enter a period of intensive networking; private rocket companies plan to complete the maiden flights of various types of rockets, entering the national-level constellation launch market and providing low-cost capacity; the Ministry of Industry and Information Technology has issued satellite communication business licenses to the three major operators, promoting the penetration of terminal direct satellite connection technology into the consumer market. With the successful maiden flight of China's first commercially reusable rocket, Zhuque-3, into orbit, it is expected to enter a new phase of normalized high-frequency launches starting in 2026. It is recommended to pay attention to investment opportunities related to low Earth orbit satellite internet and the rocket launch industry chain