Cathay Pacific Haitong: Commercial space welcomes intensive catalytic long-term improvement in the military industry

The Zhitong Finance App learned that Cathay Pacific Haitong released a research report saying that the military sector has risen, commercial space has ushered in intensive catalysis, the Suzake-3 reusable launch vehicle has been launched into orbit, the “Thousand Sails Constellation” has reached cooperation with Airbus, and the Fourth Plenary Session of the 20th Central Committee proposed “achieving the goal of building an army for 100 years as scheduled and advancing national defense and military modernization with high quality”, and that the military industry is improving for a long time.

Cathay Pacific Haitong's main views are as follows:

The Fourth Plenary Session of the 20th Central Committee proposed “achieving the goal of building an army for 100 years as scheduled, and advancing national defense and military modernization with high quality”, and that the military industry is improving for a long time.

The 4th Plenary Session of the 20th Central Committee of the Communist Party of China deliberated and approved the “Proposal of the CPC Central Committee on Formulating the Fifteenth Five-Year Plan for National Economic and Social Development”. The plenary session laid out key tasks for the “15th Five-Year Plan” period on national defense and army construction. The plenary session proposed to achieve the goals of 100 years of military building as scheduled, advance the modernization of military governance, and consolidate and enhance the integrated country's strategic system and capabilities. The long-term trend in the military industry is improving.

The military sector rose, and the Suzake-3 reusable launch vehicle was launched into orbit.

1) Last week (12.1-12.5), the Shanghai Composite Index rose 0.37%, the GEM Index rose 1.86%, and the Defense and Military Industry Index rose 3.47%, outperforming the market by 3.11 percentage points, ranking 3/29.

2) Last week (12.1-12.5), the major military industry indices performed well. Among them, China Defense Industry (CITIC) performed the best, rising 3.47%, ranking 1/10.

3) On December 3, the Suzake-3 Yao1 carrier rocket was launched at the Dongfeng Commercial Aerospace Innovation Test Zone. The mission was completed according to the procedures, and the rocket entered the scheduled orbit. Suzake-3 is a next-generation low-cost, high-capacity, high-frequency, and reusable liquid oxymethane launch vehicle independently developed by Blue Rocket for large-scale constellation networking missions. The Suzake-3 Yoichi carrier rocket uses a single-core two-stage tandem configuration. The first and second stage arrow has a diameter of 4.5 meters, a fairing diameter of 5.2 meters, a total arrow length of 66.1 meters, a take-off mass of about 560 tons, and a take-off thrust of 7542 kN. During the flight of this mission, key actions such as rocket takeoff, stage 1 and 2 separation, stage 2 engine start, fairing separation, stage 2 engine shutdown, stage 2 gliding, and secondary starting of the stage 2 engine were all completed as planned, and the performance was stable and reliable.

“Thousand Sails Constellation” reached a cooperation with Airbus.

On December 4, the “2025 Satellite Internet Industry Ecology Conference” was held in Songjiang, Shanghai. At the conference, Shanghai Yuanxin Satellite Technology Co., Ltd. signed a market cooperation agreement with Airbus. This is not only a key step in integrating the “Thousand Sails Constellation” into the global market, but also an example of integrated space-ground communication solutions. According to reports, Airbus will introduce the “Thousand Sails Constellation” to help Airbus enhance the passenger experience and promote the continuous optimization of its fleet's operating efficiency through an airborne high-speed interconnection system.

Risk warning: The risk that the downstream demand situation of the relevant company's military business falls short of expectations; the risk that the related companies' civilian product business performance falls short of expectations.