卫星互联网建设再加速；机构看好AI终端设备产业链机遇

Group 1: Satellite Internet Development - On September 27, 2025, China successfully launched 11 low-orbit satellites for satellite internet using the Long March 6 carrier rocket from the Taiyuan Satellite Launch Center [1] - The Ministry of Industry and Information Technology (MIIT) issued guidelines on August 27 to promote the development of the satellite communication industry [1] - MIIT granted China Unicom a license for satellite mobile communication business on September 8, indicating regulatory support for the sector [1] Group 2: Aviation Industry Outlook - The aviation industry is expected to see a turning point in volume and pricing in the fourth quarter, driven by strong travel demand during the National Day and Mid-Autumn Festival holidays in 2025 [2] - The civil aviation sector is undergoing "anti-involution" measures, which may support industry pricing through enhanced regulation on pricing, flight slots, and distribution [2] - Low aircraft introductions and engine maintenance are expected to maintain low growth in effective supply, with limited impact from new orders on industry supply [2] Group 3: AI Terminal Equipment Opportunities - The Ministry of Commerce and other departments issued guidelines to boost digital consumption, focusing on the AI terminal equipment industry chain [3] - The guidelines emphasize accelerating innovation in AI terminal products, including smartphones, computers, wearable devices, and smart robots, to stimulate consumption potential [3] - This policy is expected to create a virtuous cycle of "demand driving supply," benefiting upstream industries like chips and sensors, and injecting new momentum into the consumer electronics sector [3]