In the past month, a return of 48%. Liu Tingyu from Yongying Fund: 2026 will become the first year of accelerated development for China's commercial aerospace industry, with market height and sustainability expected to exceed expectations

Recently, the commercial aerospace sector has been active, with a slight pullback today. At the same time, the news that China has applied for 200,000 satellites all at once has attracted significant market attention. How will the future of the commercial aerospace market unfold? On January 12, Liu Tingyu, manager of Yongying Fund, shared his outlook on the commercial aerospace sector. The investment notebook representative has summarized the key points as follows: The competition for space resources has entered a heated stage, and industrial construction is urgent. The global technological competition has entered deep waters and is likely to continue for a long time. The "race" in the global commercial aerospace sector has fully commenced, and the urgency of building China's satellite communication industry is becoming increasingly prominent. The commercial aerospace industry, which has both strategic and commercial value, will become one of the decisive factors in the future great power competition. The year 2026 will mark the beginning of accelerated development for China's commercial aerospace industry. The coming year will see a dense occurrence of sector events, and the height and sustainability of the market are expected to exceed expectations. In the future, global computing power satellites are expected to become a massive constellation comparable to low Earth orbit communication satellites. In the next three months, various models of rockets will intensively conduct orbit insertion or recovery tests, and the satellite communication networking process is expected to accelerate significantly. The curtain is about to rise on large-scale infrastructure and commercial applications of satellite communication. Liu Tingyu is the fund manager at Yongying Fund. He has 7 years of experience in the securities industry and currently serves as the fund manager of the company's index and quantitative investment department. He previously worked as a quantitative analyst at Pengyang Fund Management Co., Ltd. and as an assistant fund manager in the index and quantitative investment department at Yongying Fund. As of now, the total asset scale of the public funds he manages is approximately 21.355 billion yuan. Among the products he manages, the Yongying Guozheng Commercial Satellite Communication Industry ETF Initiating Connected Fund mainly targets off-market investors and tracks the Guozheng Commercial Satellite Communication Industry Index. This index benefits from industry trends such as satellite internet and has performed outstandingly recently. According to data from Tian Tian Fund, as of January 12, 2026, the Yongying Guozheng Commercial Satellite Communication Industry ETF Initiating Connected Fund has increased by over 96% in the past 6 months, over 67% in the past 3 months, and 48% in the past month. Taking the A share of this fund (Yongying Guozheng Commercial Satellite Communication Industry ETF Initiating Connected A) as an example, its growth rates over the past 6 months, past 3 months, and year-to-date are all ranked in the top 0.6% of similar products, demonstrating sustained leading performance. Earlier, Liu Tingyu mentioned in a live broadcast on December 31 of last year that investors who have not yet laid out in the commercial aerospace sector need not worry excessively. He pointed out that looking at the whole year of 2026, there are still many structural opportunities in the commercial aerospace field, and the industry index is unlikely to sustain a one-sided rise; instead, fluctuations may provide investors with more relaxed layout opportunities. On January 6, Zhang Lu from Yongying Fund, who also focuses on the commercial aerospace sector, stated that humanoid robots and commercial aerospace are expected to achieve technological breakthroughs in the near future, profoundly reshaping industrial forms and social life through stronger intelligence and broader application scenarios. Earlier, he pointed out that these two directions are both core directions of new productive forces, are in a period of industrial chain transformation, and are approaching mass production or acceleration windows, while both are related to the "Musk concept," thus presenting significant investment opportunities in the coming years. The following content is sourced from Liu Tingyu's public sharing at Yongying Fund, organized and edited by Investment Workbook (WeChat ID: touzizuoyeben): The competition for space resources is heating up, and the construction of the satellite communication industry is urgent According to the official website of the International Telecommunication Union (ITU), from December 25 to 31, 2025, China officially submitted an application to the ITU for frequency and orbital resources for an additional 203,000 satellites, covering 14 satellite constellations, including medium and low Earth orbit satellites. Based on the existing approximately 100 registered constellations and a planned total of over 60,000 satellites, the number of newly added satellites has achieved a breakthrough in magnitude. On the other hand, the U.S. Federal Communications Commission has approved the next-generation satellite constellation plan, authorizing SpaceX to deploy and operate an additional 7,500 satellites. These two events point to one reality—competition for space resources has entered a heated stage, and industrial construction is urgent. The commercial aerospace industry will become one of the decisive factors in future great power competition Currently, the competition in the global technology sector has entered deep waters and is likely to continue for a long time. The rapid advancement of the U.S. in the low Earth orbit sector objectively compels China to accelerate its deployment pace; otherwise, it will face the dilemma of frequency resource encroachment and widening technological gaps. SpaceX not only leads in the number of satellites in orbit and launch speed, but its Starlink global user base has surpassed 9 million, with a new round of valuation exceeding $1.5 trillion, and it is expected to go public in 2026; meanwhile, SpaceX's Starship test flight has been successful, further consolidating its technological advantage. In addition, India and Russia have also successfully launched heavy-lift rockets, and the "race" in the global commercial aerospace sector has fully commenced, making the urgency of building China's satellite communication industry increasingly prominent. The commercial aerospace industry, which has both strategic and commercial value, will become one of the decisive factors in future great power competition. China's large-scale application for satellite frequency and orbital resources reflects the elevation of leading entities and demonstrates national will. At the same time, it fully opens up the market's imagination for the long-term total demand for satellite manufacturing and rocket launches, further enhancing the growth elasticity and sustainability expectations of the entire industry 2026 will become the first year of accelerated development in commercial space industry, with market height and sustainability expected to exceed expectations Looking ahead, 2026 will mark the first year of accelerated development for China's commercial space industry. In the coming year, there will be a dense occurrence of sector events, and the height and sustainability of the market are expected to exceed expectations. In terms of policy, the National Space Administration has released a three-year action plan related to commercial space and established a Commercial Space Administration. The Ministry of Industry and Information Technology issued the "Guiding Opinions on Optimizing Business Access to Promote the Development of the Satellite Communication Industry," proposing to develop over 10 million satellite communication users by 2030. The Shanghai Stock Exchange has released special guidelines for the listing of commercial rocket companies on the Sci-Tech Innovation Board. The curtain is about to rise on large-scale infrastructure and commercial applications for satellite communications. Regarding satellite networking, satellites have entered a normalized launch phase. The successful orbit insertion of the Zhuque-3 marks a key resolution to the long-standing core bottleneck faced by China's commercial space industry—insufficient large-capacity supply. In the next three months, various models of rockets will intensively conduct orbit insertion or recovery tests, and the satellite communication networking process is expected to accelerate significantly. The second-generation StarNet satellites are expected to begin bidding in 2026, and Yuanxin's 2026 launch plan exceeds expectations, with a super factory capable of producing over 1,000 satellites per year completed. The subsequent launch rhythm of the two major constellations is expected to continue to accelerate. In terms of satellite applications, satellite communication serves as the technical foundation for 6G communication and provides necessary foundational support for autonomous driving, low-altitude economy, Internet of Things, and space computing power. In the future, global computing power satellites are expected to form a constellation of a scale not less than low-orbit communication satellites. Beijing plans to build a GW-level large-scale space data center in the dawn-dusk orbit, while the Zhejiang "Trisolaris Computing Constellation" project aims to establish a thousand computing satellites. Major domestic mobile phone manufacturers are successively releasing new models with direct satellite connection capabilities and starting public testing. All three major operators have obtained satellite internet business operation licenses issued by the Ministry of Industry and Information Technology, and large-scale capital expenditures by operators are worth looking forward to. Source: Investment Workbook Pro, Author: Wang Li For more insights from industry leaders, please follow↓↓↓ Risk Warning and Disclaimer The market has risks, and investment should be cautious. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial conditions, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment based on this is at one's own risk.