航天 / 太空经济 · A 股SPACE · A-shares
可复用火箭 / 卫星星座。A 股卡位：星载元器件、地面站、推进剂、复合材料。Reusable rockets / satellite constellations. A-share chokepoints: Spaceborne components, Ground stations, Propellant, Composites.
成品 / 应用End Product / App· 28 子节点sub-nodes航天 / 太空经济SPACESPACE航天 / 太空经济大家盯着火箭起降和星座组网 — 但真正的价值藏在星载元器件、地面站、推进剂、复合材料这些没人看的盲区里Everyone watches rocket landings and constellation builds — but the real value hides in the blind spots: onboard components, ground stations, propellants, and composites that nobody pays attention to
中国卫星China Satellite TechnologyA-3.87%¥74.98 · ¥88.7B航天电子CASC Electronics TechnologyA-1.45%¥19.72 · ¥65.1B中国卫通ChinaSatA-4.34%¥32.37 · ¥136.7B北斗星通BDStar NavigationA-0.92%¥33.45 · ¥18.2B海格通信Haige CommunicationsA+0.07%¥13.69 · ¥34.0B航天动力AVIC Aerospace PowerA-3.91%¥24.1 · ¥15.4B光威复材Guangwei CompositesA+1.49%¥28.57 · ¥23.8B
大家盯着火箭起降和星座组网 — 但真正的价值藏在星载元器件、地面站、推进剂、复合材料这些没人看的盲区里Everyone watches rocket landings and constellation builds — but the real value hides in the blind spots: onboard components, ground stations, propellants, and composites that nobody pays attention to
子系统Subsystem· 10 子节点sub-nodes运载火箭(可复用)Launch Vehicles (Reusable)Launch Vehicles (Reusable)运载火箭(可复用)把载荷送上轨道的整箭系统,可复用是降本核心Full rocket systems delivering payloads to orbit; reusability is the core driver of cost reduction
把载荷送上轨道的整箭系统,可复用是降本核心Full rocket systems delivering payloads to orbit; reusability is the core driver of cost reduction
部件Component· 5 子节点sub-nodes火箭发动机 / 推进系统(盲区) ●Rocket Engines / Propulsion Systems (blind spot) ●Rocket Engines / Propulsion Systems (blind spot) ●火箭发动机 / 推进系统(盲区) ●整箭最贵、最难的部件 — 液氧甲烷/液氧煤油/液氢成为复用主流,涡轮泵与喷管是壁垒The most expensive and complex component of the rocket — LOX/methane, LOX/kerosene, and liquid hydrogen dominate reusable designs; turbopumps and nozzles are the key barriers to entry
整箭最贵、最难的部件 — 液氧甲烷/液氧煤油/液氢成为复用主流,涡轮泵与喷管是壁垒The most expensive and complex component of the rocket — LOX/methane, LOX/kerosene, and liquid hydrogen dominate reusable designs; turbopumps and nozzles are the key barriers to entry
材料Material· 2 子节点sub-nodes推进剂 / 燃料(盲区) ●Propellants / Fuels (blind spot) ●Propellants / Fuels (blind spot) ●推进剂 / 燃料(盲区) ●液氧甲烷/液氢/肼系单组元,工业气体巨头才是真正的卖铲人LOX/methane, liquid hydrogen, and hydrazine-based monopropellants — industrial gas giants are the true picks-and-shovels players
液氧甲烷/液氢/肼系单组元,工业气体巨头才是真正的卖铲人LOX/methane, liquid hydrogen, and hydrazine-based monopropellants — industrial gas giants are the true picks-and-shovels players
低温推进剂,大宗工业气体Cryogenic propellants; bulk industrial gases
卫星姿控与上面级常用,毒性高、供应集中Widely used for satellite attitude control and upper stages; highly toxic with concentrated supply chains
材料Material· 1 子节点sub-nodes涡轮泵 / 燃烧室Turbopumps / Combustion ChambersTurbopumps / Combustion Chambers涡轮泵 / 燃烧室高压输送与燃烧,增材制造正在颠覆传统铸造High-pressure propellant delivery and combustion; additive manufacturing is disrupting traditional casting
高压输送与燃烧,增材制造正在颠覆传统铸造High-pressure propellant delivery and combustion; additive manufacturing is disrupting traditional casting
喷管与燃烧室耐高温材料High-temperature materials for nozzles and combustion chambers
部件Component· 2 子节点sub-nodes箭体结构 / 复合材料(盲区) ●Launch Vehicle Structures / Composite Materials (blind spot) ●Launch Vehicle Structures / Composite Materials (blind spot) ●箭体结构 / 复合材料(盲区) ●可复用要求轻量+耐疲劳,碳纤维与预浸料是隐形卡脖子环节Reusability demands lightweight and fatigue-resistant structures; carbon fiber and prepregs are the invisible bottleneck
可复用要求轻量+耐疲劳,碳纤维与预浸料是隐形卡脖子环节Reusability demands lightweight and fatigue-resistant structures; carbon fiber and prepregs are the invisible bottleneck
贮箱、整流罩、级间段的复材原料Composite raw materials for propellant tanks, fairings, and interstages
贮箱与承力结构金属Metals for propellant tanks and primary load-bearing structures
复用回收的着陆控制与制导算法靠惯导+计算机Landing control and guidance algorithms for reusable recovery rely on inertial navigation and onboard computers
子系统Subsystem· 11 子节点sub-nodes卫星星座 / 整星Satellite Constellations / Complete SatellitesSatellite Constellations / Complete Satellites卫星星座 / 整星成百上千颗组网的小卫星与大型通信/遥感卫星Small satellites networked in constellations of hundreds to thousands, plus large communications and Earth observation satellites
成百上千颗组网的小卫星与大型通信/遥感卫星Small satellites networked in constellations of hundreds to thousands, plus large communications and Earth observation satellites
部件Component· 4 子节点sub-nodes星载元器件 / 卫星总线(盲区) ●Satellite Components / Satellite Bus (blind spot) ●Satellite Components / Satellite Bus (blind spot) ●星载元器件 / 卫星总线(盲区) ●整星都买子系统拼装 — 相控阵、星敏感器、反作用轮、星载射频才是高毛利环节Complete satellites are assembled from procured subsystems — phased arrays, star trackers, reaction wheels, and onboard RF are the high-margin segments
整星都买子系统拼装 — 相控阵、星敏感器、反作用轮、星载射频才是高毛利环节Complete satellites are assembled from procured subsystems — phased arrays, star trackers, reaction wheels, and onboard RF are the high-margin segments
通信卫星与直连手机的波束成形核心Core beamforming technology for communications satellites and direct-to-cell connectivity
GNC 子系统,决定指向精度与寿命GNC subsystem that determines pointing accuracy and satellite lifespan
材料Material· 1 子节点sub-nodes星载计算 / 抗辐射芯片Onboard Computing / Radiation-Hardened ChipsOnboard Computing / Radiation-Hardened Chips星载计算 / 抗辐射芯片rad-hard 处理器与 FPGA,空间环境必需Radiation-hardened processors and FPGAs essential for the space environment
rad-hard 处理器与 FPGA,空间环境必需Radiation-hardened processors and FPGAs essential for the space environment
SOI/特种工艺与封装,产能稀缺SOI and specialty process nodes with packaging; production capacity is scarce
部件Component· 2 子节点sub-nodes星载电源 / 太阳能帆板(盲区) ●Satellite Power Systems / Solar Arrays (blind spot) ●Satellite Power Systems / Solar Arrays (blind spot) ●星载电源 / 太阳能帆板(盲区) ●整星功率瓶颈 — 砷化镓多结电池、帆板展开机构、锂电池组都被忽视Power bottleneck of the entire satellite — GaAs multi-junction cells, solar array deployment mechanisms, and lithium battery packs are all overlooked
整星功率瓶颈 — 砷化镓多结电池、帆板展开机构、锂电池组都被忽视Power bottleneck of the entire satellite — GaAs multi-junction cells, solar array deployment mechanisms, and lithium battery packs are all overlooked
空间级高效率光伏,几乎垄断格局High-efficiency photovoltaics for space applications; near-monopoly market structure
阴影期供电与峰值负载Power supply during eclipse periods and peak load management
部件Component· 1 子节点sub-nodes卫星推进(电推/化推)(盲区) ●Satellite Propulsion (Electric / Chemical) (blind spot) ●Satellite Propulsion (Electric / Chemical) (blind spot) ●卫星推进(电推/化推)(盲区) ●保位与变轨靠电推进,氙/氪工质与霍尔推力器供应集中Station-keeping and orbital maneuvers rely on electric propulsion; xenon/krypton propellants and Hall-effect thrusters have concentrated supply
保位与变轨靠电推进,氙/氪工质与霍尔推力器供应集中Station-keeping and orbital maneuvers rely on electric propulsion; xenon/krypton propellants and Hall-effect thrusters have concentrated supply
霍尔/离子推力器工质,稀有气体Propellants for Hall-effect and ion thrusters; rare noble gases
光学/SAR/高光谱成像与对地观测载荷Optical, SAR, and hyperspectral imaging payloads for Earth observation
子系统Subsystem· 3 子节点sub-nodes地面站 / 地面段(盲区) ●Ground Stations / Ground Segment (blind spot) ●Ground Stations / Ground Segment (blind spot) ●地面站 / 地面段(盲区) ●卫星天上飞,数据要落地 — 地面站、VSAT、数据中继与地面即服务是稳定现金流的隐形赛道Satellites fly overhead but data must land — ground stations, VSAT, data relay networks, and Ground Station as a Service are the invisible steady-cash-flow segment
卫星天上飞,数据要落地 — 地面站、VSAT、数据中继与地面即服务是稳定现金流的隐形赛道Satellites fly overhead but data must land — ground stations, VSAT, data relay networks, and Ground Station as a Service are the invisible steady-cash-flow segment
大口径碟天线与电扫地面阵列Large-aperture dish antennas and electronically scanned ground arrays
企业/船舶/航空宽带终端Enterprise, maritime, and aviation broadband terminals
云化地面站网络,按需调度天线Cloud-based ground station networks with on-demand antenna scheduling
运力、发射场基建与在轨加注/维修/拖船等新兴服务Launch capacity, spaceport infrastructure, and emerging in-space services including refueling, servicing, and orbital transfer vehicles
数据来源：沪深快照 2026-06-15（导入自原站）。akshare 实时刷新待接入。仅供研究 · 非投资建议。Source: Shanghai/Shenzhen snapshot 2026-06-15 (imported from origin). Live akshare refresh pending. Research only · not investment advice.