低轨卫星加速发展，军工ETF（512660）涨超2%

Group 1 - The low Earth orbit (LEO) satellite communication is entering a critical phase of large-scale deployment and commercialization, boosting the fundamentals of the military industry, with the military ETF (512660) rising over 2% [1] - The acceleration of satellite development is driven by the global digitalization process, existing blind spots in terrestrial communication networks, and emerging application scenarios such as low-altitude economy, ocean communication, emergency rescue, and IoT wide-area connectivity [3] - LEO satellites are becoming a core pillar for building the next-generation integrated information infrastructure due to their unique advantages of low latency, high bandwidth, wide coverage, and low dependence on ground stations [3] Group 2 - Enhanced on-board processing (OBP) capabilities allow satellites to have stronger data routing and computing functions, reducing reliance on ground stations, while mature phased array antenna technology significantly improves user terminal performance and portability [4] - The widespread use of reusable launch vehicles alleviates launch bottlenecks, leading to a continuous decrease in the cost of transmitting per bit, establishing an economic foundation for large-scale user access [4] - Policies supporting the construction of LEO satellite constellations have been included in several national strategies, with clear growth paths created for various segments of the industry chain [4] Group 3 - The alleviation of capacity bottlenecks in the industry chain is expected to benefit the manufacturing sector, with ground equipment revenue projected to account for the highest share of global satellite industry revenue in 2024 [7] - As OBP technology is realized, the dependence of constellations on ground stations is expected to decrease, indirectly compressing satellite operating costs and increasing the revenue share of satellite manufacturing and services [7] - There is anticipated growth in demand for consumer broadband terminals, IoT terminals, and specialized communication devices for industries, providing unprecedented market opportunities for domestic companies with core hardware R&D and large-scale delivery capabilities [7] Group 4 - The military ETF (512660) covers the entire military industry chain, ranking first among similar products, and reflects the overall performance of representative listed companies in the defense and military sectors [9][12] - The military industry is expected to enter a new growth cycle during the 14th Five-Year Plan period, with increased demand for new-generation main battle equipment and new operational capabilities, leading to a sustained boom until 2027 [9] - The military industry is transitioning to a high-quality development phase, with improvements expected on both supply and demand sides, and foreign trade in military products becoming a cornerstone of growth [9]