低轨卫星板块爆发，哪些公司值得关注？| A股2026投资策略③

Core Insights - Low Earth Orbit (LEO) satellite communication has become a new focal point in global competition, paralleling the AI investment boom that began in 2023, with commercial space emerging as a core battleground for technological competition [1] - The investment logic in commercial space is driven by technological breakthroughs, policy support, and capital influx, focusing on advanced manufacturing supply chains that are rooted locally and connected globally [1] Industry Overview - By 2026, China is expected to reach a significant turning point in the construction of its LEO satellite communication network, focusing on autonomous global communication coverage to support emerging fields such as autonomous driving and communication security [2] - The "14th Five-Year Plan" emphasizes the development of commercial space, with a goal of exceeding 10 million satellite communication users by 2030, including new applications like direct satellite connections for mobile phones [2] - Major satellite constellations like China Star Network's GW constellation and Yuanxin Satellite's Qianfan constellation are accelerating, creating clear demands for large-scale construction [2] Market Dynamics - The LEO satellite communication industry is transitioning from a technology validation phase to a large-scale networking phase, with 2026 identified as a critical year for domestic LEO constellation construction [3] - The market for LEO satellites is projected to grow from $12.6 billion in 2024 to $23.2 billion by 2029, with a compound annual growth rate (CAGR) of 13.0%, driven by the demand for low-latency, high-speed connections [5] - The demand for key components such as antennas and RF devices is expected to surge, with the commercial viability of direct satellite connections for mobile devices creating additional market opportunities [6] Investment Opportunities - Companies that can enter the SpaceX supply chain while also meeting domestic LEO constellation construction needs are likely to experience high growth due to dual market benefits [2][7] - The differentiation in the commercial space sector is evident, with companies lacking performance support relying on speculative trading, while those with core technologies and order backing are entering a phase of performance realization [7] - Companies like Tongyu Communication and Xinwei Communication are positioned to benefit from both domestic and global supply chain demands, with significant orders expected as the industry matures [9][10] Key Components and Supply Chain - The LEO satellite communication industry chain consists of upstream core components, midstream satellite manufacturing and launching, and downstream operations and applications [8] - Upstream components, particularly antennas and RF devices, are seen as the most advantageous investment segments due to their strong demand, high technical barriers, and quick revenue realization [8] - Companies that have secured orders from the SpaceX supply chain are particularly noteworthy, as they can benefit from both global demand and domestic construction orders, leading to higher performance certainty [8][11]