CITIC Securities research says Chinese reusable rockets have moved from concept
to engineering, a supply-side shift that should materially lower costs and speed
deployment of LEO satellite internet constellations. Routine rocket recovery is
likely to accelerate roll-out of large constellations and reduce construction
cost pressure. Key areas to watch for supply-chain and investment flow:
satellite payloads (including antennas, payload integration, laser‑communication
terminals, solar arrays and power systems); rocket components (engines — incl.
3D printing — and airframe structures); ground equipment (civilian terminals and
direct‑to‑phone connectivity); and operators/servicers holding scarce regulatory
qualifications. The report is constructive on the commercial space sector as
market risk sentiment improves.
