近日，中信证券发布研报指出，随着全球商业航天产业加速发展，作为支撑该领域技术突破的关键——核心材料将迎来规模化放量阶段。报告认为，商业航天对轻量化、高强度、耐高温及抗辐射等性能要求极高，推动了如碳纤维复合材料、高温合金、特种陶瓷和先进半导体材料等关键材料的需求快速增长。特别是在可重复使用火箭、卫星互联网星座、深空探测等新兴应用场景中，这些材料已成为不可或缺的组成部分。中信证券分析称，中国在政策支持与产业链协同效应下，已初步形成较为完整的商业航天材料供应链。随着“十四五”期间国家对空天信息基础设施投入加大，以及民营企业加速布局低轨卫星、运载火箭等领域，相关核心材料企业有望迎来业绩拐点。此外，技术迭代与国产替代进程加快，也将进一步提升本土材料企业的市场竞争力。研报建议关注具备核心技术壁垒、已进入主流航天供应链体系的材料供应商，其长期成长空间广阔。
Recently, CITIC Securities released a research report highlighting that as the global commercial aerospace industry accelerates, core materials—critical enablers of technological breakthroughs in this sector—are entering a phase of large-scale production. The report notes that commercial aerospace demands extremely high-performance materials with properties such as lightweight design, high strength, heat resistance, and radiation shielding, driving rapid growth in demand for carbon fiber composites, superalloys, advanced ceramics, and specialized semiconductor materials. These materials have become essential components in emerging applications such as reusable rockets, satellite internet constellations, and deep-space exploration.According to CITIC Securities, supported by favorable government policies and strong industrial chain collaboration, China has established a relatively complete supply chain for commercial aerospace materials. With increased national investment in space-based information infrastructure during the 14th Five-Year Plan period and private enterprises rapidly expanding into low-Earth orbit satellites and launch vehicles, domestic material suppliers are poised for a turning point in revenue growth. Moreover, accelerating technological innovation and domestic substitution trends are further enhancing the competitiveness of local material companies. The report recommends focusing on material suppliers with strong technical barriers and established positions in mainstream aerospace supply chains, as they offer significant long-term growth potential.
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