China Aerospace "China Commercial Space 101" Li

研报英文原文证据摘录

China Aerospace "China Commercial Space 101" Li

Global Research

17 June 2026ab

China Aerospace Equities

ChinaChina Commercial Space 101

Industrial

Kunlun Li

China aerospace commercialization accelerates Analyst

A decade ago, China opened its aerospace industry to private companies; we believe it is kunlun.li@ubs.com

approaching a commercialization inflection point. With reusable technologies nearing +86-21-3866 8894

commercial deployment and new applications emerging (eg, space computing), we see Robin Xu

the commercial space TAM expanding by orders of magnitude. In this report, we review Analyst

recent developments and key industry signposts, assess China's competitive advantages S1460511010012

in commercialization, analyze the ecosystem and supply chain (highlighting key bin.xu@ubs.com

beneficiaries), and profile leading private space companies that have filed for IPOs or +86-21-3866 8872

entered the IPO counselling stage. Phyllis Wang

Analyst

Opportunities in space-based computing, despite limited communication use S1460517100001

phyllis.wang@ubs.com

The commercial space industry has historically focused on three core applications:

+86-21-3866 8964

communication, remote sensing, and navigation. According to FutureSpace, as of Q126

China had launched 1,333 satellites, with remote sensing/communications accounting Zed Sheng

Analystfor 46%/35%. Commercialization has been challenging, with remote sensing primarily

S1460525030003

government-focused, while communications services face low willingness to pay, given

zed.sheng@ubs.com

China's well-developed 5G infrastructure. However, space-based computing could offer +86-21-3866 8730

a new path to commercialization. The rapid growth of AI is driving robust demand for