民生证券：海南发射场“双工位”接力 卫星互联网加速发射

Core Viewpoint - The successful launch of the low Earth orbit satellite group 07 by the Long March 12 rocket from the Hainan commercial space launch site marks a significant milestone in China's commercial space industry, indicating the validation of high-frequency launch capabilities at the country's first commercial launch site [1][2]. Group 1: Satellite Internet Development - The GW constellation has completed the deployment of seven satellite groups, with a total of 12,992 satellites planned, including 6,080 in the GW-A59 sub-constellation and 6,912 in the GW-A2 sub-constellation [3]. - The launch frequency has increased significantly, with three satellite groups successfully launched within nine days, signaling the onset of a high-density launch era for satellite internet [2][3]. - The development path of the satellite internet industry is becoming increasingly clear, supported by technological innovations in manufacturing and the operationalization of commercial launch sites [6][7]. Group 2: Hainan Commercial Launch Site - The Hainan commercial launch site has successfully completed four launches, demonstrating its capability for high-frequency launches through a dual-position "relay" launch system [4]. - The second phase of the Hainan commercial launch site project has commenced, which includes the construction of two additional launch positions, aiming for an annual launch capacity of 16 [4]. Group 3: Qianfan Constellation Progress - The Qianfan constellation has completed five launches, with a total of 90 satellites in orbit, showcasing the successful collaboration between commercial satellite constellations and launch facilities [5]. - The Qianfan constellation employs a "one rocket, multiple satellites" technology, indicating the maturity of China's satellite stacking and launch capabilities [5]. Group 4: Investment Opportunities - Companies to watch in the satellite sector include Shaanxi Huada (301517.SZ), New Ray Energy (300593.SZ), and China Satellite (600118.SH), among others [8]. - In the rocket sector, notable companies include Zhongtian Rocket (003009.SZ) and Srey New Materials (688102.SH) [8]. - Ground and operational companies of interest include Alliance Electronics (688311.SH) and China Satcom (601698.SH) [8].