中信证券：随着卫星迭代升级 星载相控阵、通信载荷等最有望受益

Group 1 - The core viewpoint is that by 2026, the satellite industry chain is expected to accelerate due to the participation of private commercial rocket companies in the Tianfan and GW constellation networking, along with significant reductions in transportation costs as recovery technologies mature [1] - According to the "Guidance Directory for the Promotion and Application of Major Technological Equipment (2024 Edition)", low-orbit mobile direct communication satellites are required to use fully digital phased array antennas with no less than 16 beams [1] - As satellite iterations and upgrades occur, onboard phased arrays and communication payloads are anticipated to benefit the most, leading to rapid market expansion [1]