Huayuan Securities chief analyst Li Hongtao says commercial space is shifting
from theme-driven to value-driven investing as reusable-rocket
technologies—including Long March-10 and Zhuque-3—come online, speeding the
closure of industry bottlenecks. Wenchang launch pads and a satellite
mass-production “super-factory” have entered commercial operation, materially
boosting launch cadence and batch manufacturing capacity. Business models are
maturing: direct-to-phone connectivity and space-based compute are emerging as
core demand; China’s second‑generation experimental satellite has demonstrated
video calls, forming an initial commercial closed loop. Li projects China’s
commercial-space market could reach trillion-yuan scale and serve as global
infrastructure likened to “6G.” Primary-market funding continues to flow; Li
sees long-term allocation value in the secondary market and recommends focusing
on high-leverage segments such as rocket subsystems, antennas and transceivers,
solar arrays, and inter‑satellite laser links.
