Commercial spaceflight sees an afternoon surge, with Yunnan Germanium Industry and Galaxy Electronics hitting the daily limit. Analyst: SpaceX Starlink satellites surpass 10,000 units.

（Source: 财闻）

As of the time of publication, the component stocks Yunnan Germanium Industry and Galaxy Electronics both hit the daily limit in the afternoon. Earlier, Shining Smart, Zhongheng Design, Tuori New Energy, and others also hit the daily limit; China Zhongfu Shenying, Tongguang Cable, Great Wall Electric, and Keshun Co., Ltd. also followed with gains.

On March 24, after the commercial aerospace concept suffered a setback in the afternoon, it quickly rebounded. As of the time of publication, the component stocks Yunnan Germanium Industry (002428.SZ) and Galaxy Electronics (002519.SZ) hit the daily limit in the afternoon. Earlier, Shining Smart (301226.SZ), Zhongheng Design (603017.SH), Tuori New Energy (002218.SZ), and others also hit the daily limit; China Zhongfu Shenying (688295.SH), Tongguang Cable (300265.SZ), Great Wall Electric (600192.SH), Keshun Co., Ltd. (300737.SZ), and others also followed with gains.

On the news front, well-known analyst Sawyer Merritt posted that the number of SpaceX Starlink satellites has officially exceeded 10,000. In addition, recently SpaceX CEO Elon Musk confirmed on a social media platform that SpaceX plans to conduct an initial public offering with a valuation exceeding $1.75 trillion. This news significantly boosts global expectations for valuations and attention toward the commercial aerospace sector, and reinforces the validation of the industry’s business model’s feasibility, forming a mapping catalyst for related sectors in A-shares.

In the 2026 government work report for the first time, aviation and aerospace are explicitly listed as a new national pillar industry, with a specific call to accelerate the development of satellite internet. The outline of the 15th Five-Year Plan for the Five-Year Period (2026–2030) for the first time includes China as a space power in the national five-year plan, proposing to accelerate the development of strategic emerging industries such as aviation and aerospace, and to accelerate the formation of satellite internet networks in low Earth orbit. In November 2025, the National Space Administration issued the 《Action Plan of the National Space Administration for Promoting High-Quality and Safe Development of Commercial Space (2025–2027)》, clarifying the industry path for the development of commercial space and providing policy support for subsequent project approvals, resource coordination, and industrial chain supporting measures. In December 2025, the Shanghai Stock Exchange clarified the fifth set of listing standards for commercial rocket companies to be listed on the STAR Market, opening a listing channel for companies that are not yet profitable but hold core technologies.

According to Qichacha data, for all of 2025, the number of registrations of enterprises related to China’s commercial aerospace increased by 54.8% year over year to 25,700.

Great Wall Securities stated that with commercial aerospace being driven by both policy and industry in a two-wheel manner, it is expected to further accelerate. Along with the continuous optimization of costs for China’s rocket launch sites, it may gradually catch up to overseas SpaceX’s progress. At the same time, the construction of domestic mainstream constellations is steadily advancing, and the IPO acceleration of private commercial rockets and constellation construction on the industrial side is also underway. The company remains continuously optimistic that subsequent breakthroughs in the acceleration of domestic commercial aerospace localization will happen, bringing investment opportunities across downstream segments and segments such as space computing power.

大量资讯、精准解读，尽在新浪财经APP