Huayuan Securities chief analyst Li Hongtao says commercial space is shifting from theme-driven to value-driven investing as reusable-rocket technologies—including Long March-10 and Zhuque-3—come online, speeding the closure of industry bottlenecks. Wenchang launch pads and a satellite mass-production “super-factory” have entered commercial operation, materially boosting launch cadence and batch manufacturing capacity. Business models are maturing: direct-to-phone connectivity and space-based compute are emerging as core demand; China’s second‑generation experimental satellite has demonstrated video calls, forming an initial commercial closed loop. Li projects China’s commercial-space market could reach trillion-yuan scale and serve as global infrastructure likened to “6G.” Primary-market funding continues to flow; Li sees long-term allocation value in the secondary market and recommends focusing on high-leverage segments such as rocket subsystems, antennas and transceivers, solar arrays, and inter‑satellite laser links.(金十数据)