Key takeaways from commercial space field trip

研报英文原文证据摘录

Key takeaways from commercial space field trip

Global Research

23 July 2026ab

First Read

EquitiesChina Aerospace & Defense

Key takeaways from commercial space field trip China

Aerospace

Kunlun Li

More space computing constellations Analyst

Over the past two days, we organized a China commercial space tour in Shanghai and kunlun.li@ubs.com

Suzhou, during which we visited six companies and met with two industry experts. Our +86-21-3866 8894

key takeaways are as follows: 1) More space compute constellations have been Robin Xu

announced recently, supported by both continued government-led projects and private- Analyst

sector participation; most projects have taken a pragmatic "space data processed in S1460511010012

space" approach in their first step, as we mentioned in our previous industry primer bin.xu@ubs.com

+86-21-3866 8872(link). 2) Perovskite solar cells are building a track record for space application and will be

a key differentiator in industry competition; domestic market leader has proven its ability Phyllis Wang

to penetrate overseas markets. 3) With industry demand expanding rapidly, equipment Analyst

providers (e.g. machine tool) should benefit first and see strong order intake growth. S1460517100001

phyllis.wang@ubs.com

+86-21-3866 8964

Space compute: More space computing constellations have been announced

recently during WAIC Grace Wang

Analyst

Drinda (002865.SZ/2865.HK): The company expects satellite revenue to achieve RMB

S1460525030001

200m in 2026 and RMB 2bn in 2027 (this compares with RMB 40m worth of satellites grace-zb.wang@ubs.com

launched last year) supported by its strong backlog. The company is also the major +86-21-3866 8857

satellite provider to Shanghai government-led project "Star Nexus". The "Star Nexus"

Tao Wang