Commercial Space Summer Outlook: Primary Market Hot, Secondary Cold — How to Understand the "Narrative Reconstruction" Behind the Scissors Gap?

The commercial space sector is undergoing its most dramatic "narrative shift" since 2018. The secondary market is chilling (sector PE-TTM fell from 132.6x at the start of the year to 94.4x, with a -26.64% single-month decline in July), while the primary market is booming (financing volume of 15.13 billion yuan, a single 5.037 billion yuan Series D+ round in the rocket segment, and Yuanxin Satellite launching a new round of no less than 5 billion yuan).