[CITIC Securities: SpaceX's Record-Breaking IPO Reshapes Valuation System, Continues to Favor Commercial Space Investment Opportunities] According to a report by Jinse Finance, on June 14, CITIC Securities pointed out that SpaceX debuted on Nasdaq with a valuation of $1.75 trillion, raising $75 billion. On its first trading day, its market value surpassed $2 trillion, making it the seventh-largest technology company globally and achieving the largest IPO in history. Its three core businesses—Starlink, reusable rockets, and space AI—have validated a commercial closed-loop model, accelerating the commercialization of the space economy. By 2026, multiple liquid-fuel rockets in China are expected to conduct intensive maiden flights and recovery tests, potentially significantly reducing launch costs and expediting constellation construction. Key areas to watch include: 1) Rocket segment: High-barrier fields such as engines and rocket body structures; 2) Satellite segment: Payloads, antennas, and laser communication terminals; 3) Ground equipment: Civilian terminals and direct-to-mobile technologies; 4) Operational services: Companies with scarce licensing qualifications.