Source: East Money Research Center. SpaceX (SPCX) Starship entered Earth orbit for the first time during its fourteenth test flight, completing a "one rocket, 26 satellites" deployment. Multiple institutions pointed out that the commercialization of reusable rockets will accelerate domestic low-orbit constellation buildout, and the commercial space industry chain is standing at the forefront.
Starship Completes One Rocket, 26 Satellites Deployment
On the evening of September 28 Beijing time, SpaceX (SPCX) Starship lifted off from the Starbase facility in Texas, successfully entering Earth orbit for the first time, and released satellites one by one through a deployment mechanism described as a "candy dispenser," smoothly completing the deployment of 26 third-generation Starlink (V3) satellites. SpaceX (SPCX) disclosed in regulatory filings that each third-generation Starlink satellite has a downlink capacity of approximately 1 Tbps, about 10 times the 96 Gbps of the current V2 satellites in service, and future single Starship launches are planned to carry up to 60 such satellites. The company's planned first commercial Starship service is expected to launch in 2028.
It is worth noting that the Starship orbital insertion is not an isolated event. Domestic low-orbit constellation buildout is accelerating in parallel. The Qianfan constellation conducted two launches in two days from September 15 to 16, increasing its in-orbit satellite count to 256, with plans to complete a cumulative 324 satellites in orbit by the end of 2026; China SatNet's GW constellation has a long-term planned scale of 12,992 satellites. At the policy level, the 2026 government work report included "accelerating the development of satellite internet" as a work task for the first time, and the Ministry of Industry and Information Technology also issued guiding opinions on the development of the satellite communications industry. Domestic commercial space is accelerating from technical verification toward large-scale constellation buildout.
Institutions: Commercial Space Faces an Inflection Point for Large-Scale Landing
Commercial space refers to the market-oriented, profit-driven space industry, covering the entire chain including rocket and satellite development, launch services, ground equipment, and operational applications. Currently, SpaceX (SPCX) Starship has reached orbit for the first time and deployed third-generation Starlink satellites, while domestic Qianfan and GW constellations are simultaneously accelerating buildout. Reusable rockets and mass satellite manufacturing are pushing the industry from capability verification toward large-scale operations.
"The commercial reuse of new-model rockets in 2026 is expected to significantly alleviate the two core pain points of cost and launch capacity in low-orbit satellite constellation buildout," AVIC Securities pointed out. This will become a key inflection point for China's commercial space industry moving from "high-cost technology exploration" to "low-cost large-scale commercial landing." Huatai Securities believes that 2026 is the inflection year for reusable rockets, with multiple types of reusable rockets expected to enter normalized, airline-style launches. The decline in per-launch orbital insertion cost will increase launch frequency, driving a revaluation across the entire industry chain including rocket propulsion, rocket body structures, satellite manufacturing, ground equipment, and operations. CITIC Securities pointed out that with continued policy and capital support, commercial space is moving from technical verification toward large-scale application, and 2028 to 2030 may see a peak in low-orbit satellite constellation buildout. The sector's valuation logic is expected to gradually shift from "concept expectations" to "performance growth." CITIC Construction Investment further stated that satellite internet has entered a high-density launch period. Orbital and spectrum resources have a first-come, first-served attribute, and normalized constellation buildout will directly drive demand for upstream satellite manufacturing, ground equipment, and launch services.
Margin Buyers Position Early in Multiple Concept Stocks
According to East Money concept sector data, there are currently 321 A-share stocks involved in the commercial space concept, with a combined total market value of approximately 5.78 trillion yuan. Pengding Holdings leads with a size of 184.615 billion yuan, followed by Lens Technology at 166.808 billion yuan, and AVIC Chengfei at 156.932 billion yuan. Jialichuang, China Satcom, Kinwong Electronic, China Communications Construction, and HGTECH all exceed 90 billion yuan.
Since the beginning of this month, the commercial space concept sector has generally trended weakly, with 78 stocks rising and 243 falling. Jintai Co surged 178% to top the list, Aohong Electronics jumped 91%, Chongda Technology rose 51%, and multiple stocks including Yongxin Zhich, Gaoling Information, and AsiaInfo Security gained more than 20%. On the decline side, multiple stocks including Yi'an Technology, China Mining Resources, and Kairuide (rights protection) fell more than 20%.
From a capital perspective, East Money Choice data shows that since the beginning of this month, a total of 92 commercial space concept stocks have received contrarian bets from margin buyers. Among them, Sinoma Science & Technology received 372 million yuan in leveraged capital additions, while Zhongjing Electronics and Boyun New Material attracted 269 million yuan and 258 million yuan respectively. Chongda Technology, Afarlight Technology, and Tiantong each received over 200 million yuan in net margin buying. Commercial space concept stocks of interest to margin buyers this month (Article Source: East Money Research Center)
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