Guojin Securities: The three major gears in commercial aerospace are recommended to focus on rocket recycling, 3D printing and other directions

The Zhitong Finance App learned that Guojin Securities released a research report saying that recently, the National Space Administration has established a commercial space department, and related business is gradually being developed, marking that China's commercial aerospace industry has welcomed a full-time supervisory authority. In the future, it will continue to promote the high-quality development of China's commercial aerospace, and the entire industry chain is expected to benefit. China's recyclable rocket technology breakthrough is approaching, and the industry is gradually closing the loop. Currently, the aerospace industry is in a stage of rapid development from 1-10, and recyclable rocket technology is expected to be rapidly broken through as an industry bottleneck. The aerospace field requires extremely high strength, weight reduction, and complex structural integration of components. Naturally coupled with the characteristics of 3D printing, the widespread application of 3D printing is expected to reshape the space age.

Guojin Securities's main views are as follows:

Incident: On December 26, the Shanghai Stock Exchange issued “Application Guidelines No. 9 of the Shanghai Stock Exchange Issuance and Listing Review Rules - Commercial Rocket Companies Apply the Fifth Set of Listing Standards on the Science and Technology Innovation Board”, which aims to promote the expansion of the fifth set of listing standards on the Science and Technology Innovation Board in commercial aerospace and other fields, and accelerate the strategy of promoting commercial space innovation and development and actively serving a space power. It may speed up the IPO process of commercial rocket companies, and the three major gears of the space age are rolling at an accelerated pace.

Support policies are frequent to protect the development of space

In 2014, a policy to encourage private capital to participate in the construction of national civil space infrastructure was introduced, kicking off the construction of the space age. Commercial aerospace 2024-2025 has been continuously included in government work reports, and the level of attention continues to increase. The “15th Five-Year Plan” also places emphasis on the development of the aerospace industry. In November 2025, Xinhua News Agency reported that the National Space Administration issued the “National Space Administration's Action Plan to Promote the High-Quality and Safe Development of Commercial Space (2025-2027)”, which clarifies 22 key measures in five areas to promote high-quality development and a high level of safety in commercial space. Among them, it is clear that “encouraging commercial space to lay out the corresponding links in the aerospace industry chain”, “focusing on supporting commercial space players to develop new technologies and products, and explore new application scenarios”, “improve the institutional mechanism for commercial space development investment and financing, and establish a national commercial space development fund.”

According to a report by Xinhua News Agency in November 2025, the National Space Administration has recently established a commercial space department, and related business is gradually being carried out, marking that China's commercial space industry has welcomed a full-time supervisory authority. In the future, it will continue to promote the high-quality development of China's commercial space, and the entire industry chain is expected to benefit. According to a report by the Financial Federation, on the morning of November 26, the Development and Reform Commission and other departments jointly issued relevant policies to launch the National Venture Capital Fund; in the evening, special rules for commercial rocket companies applying the fifth set of listing standards on the Science and Technology Innovation Board were officially implemented to help the aerospace industry accelerate development.

Overseas giants compete for space computing power, and SpaceX's valuation may be as high as 1.5 trillion US dollars

Agencies such as Nvidia, Google, and SpaceX are investing in space computing power. According to an interface news report, Elon Musk's SpaceX is speeding up its initial public offering (IPO) program. The target valuation is as high as 1.5 trillion US dollars, and plans to raise more than 30 billion US dollars. If the plan is realized, SpaceX will surpass the oil giant Saudi Aramco's previous funding scale of 29 billion US dollars and become the largest IPO in history.

The breakthrough point in China's recyclable rocket technology is approaching, and the industry is gradually closing the loop

China's breakthrough in recyclable rocket technology is on the verge, and the “national team” competes actively and healthily with private enterprises. 1) On December 3, 2025, the Suzake-3 Yao1 carrier rocket was launched at the Dongfeng Commercial Aerospace Innovation Test Zone. The mission was completed according to the procedures, and the rocket entered the scheduled orbit. At the same time, this mission carried out flight verification of a sub-level vertical recycling technology. According to flight measurement data, the first stage of the rocket had an anomaly after ignition in the landing section. A soft landing on the recycling site was not achieved, and the wreckage landed on the edge of the recycling site.

2) On December 23, the Long March 12 A-Yao1 carrier rocket was launched at the Dongfeng Commercial Aerospace Innovation Test Zone. The second sub-stage of the launch vehicle entered the scheduled orbit. The first sub-stage was not successfully recovered, and the flight test mission was basically successful. Although this mission did not achieve the planned first-level rocket recovery target, it obtained key engineering data in the actual flight state of the rocket, laying an important foundation for subsequent launches and reliable recycling of sub-stages.

Guojin Securities believes that the aerospace industry is currently in a stage of rapid development from 1-10. Recyclable rocket technology is expected to be rapidly broken through as an industry bottleneck. Accelerated global competition for space computing power will open up a broad application market for the aerospace industry, and the aerospace industry is expected to continue to perform well in 2026.

3D printing reduces rocket engine production costs and reshapes the space age

The aerospace field requires extremely high strength, weight reduction, and complex structural integration of components, which are naturally coupled with the characteristics of 3D printing. Represented by rocket engines, the manufacturing cost accounts for up to 50% of the total cost of rockets. In pursuit of ultimate performance and cost performance, 3D printing is widely used:

1) Nearly 90% of the components of the 3D printed high-pressure recombustion engine used by Tianbing Technology's Tianlong 2 are manufactured through additive manufacturing. Compared with traditional processes, the engine's manufacturing cycle is reduced by 70%-80%, and the cost and weight are reduced by 40%-50%. 2) Galaxy Power's “Sky” liquid oxygen/kerosene engine uses 3D printing technology to achieve a 4:1 variable transmission ratio and the ability to be reused 50 times. 3) Interstellar Honor's Hyperbolic 2 verification rocket completed the first full-size single-stage vertical take-off and reuse flight test of a liquid rocket in China. Platinum has developed several key engine components for it, effectively shortening the production cycle and reducing costs.

Risk Alerts

The risk of increased competition in the industry; the risk of technological breakthroughs falling short of expectations; the risk that downstream demand falls short of expectations.