CITIC Securities research says Chinese reusable rockets have moved from concept to engineering, a supply-side shift that should materially lower costs and speed deployment of LEO satellite internet constellations. Routine rocket recovery is likely to accelerate roll-out of large constellations and reduce construction cost pressure. Key areas to watch for supply-chain and investment flow: satellite payloads (including antennas, payload integration, laser‑communication terminals, solar arrays and power systems); rocket components (engines — incl. 3D printing — and airframe structures); ground equipment (civilian terminals and direct‑to‑phone connectivity); and operators/servicers holding scarce regulatory qualifications. The report is constructive on the commercial space sector as market risk sentiment improves.(金十数据)