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

Core Viewpoint - The report from CITIC Securities anticipates that by 2026, the satellite industry chain will accelerate its realization 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] Industry Summary - The 2024 edition of the "Guidance Directory for the Promotion and Application of Major Technological Equipment" specifies that low-orbit mobile direct communication satellites must utilize fully digital phased array antennas with no fewer than 16 beams [1] - CITIC Securities predicts that with the iterative upgrades of satellites, onboard phased arrays and communication payloads are expected to benefit the most, leading to rapid market expansion [1]