Sou Hu Cai Jing·2026-01-07 16:56Core Insights - The Chinese satellite internet industry is entering a critical phase of policy support, technological breakthroughs, and commercial expansion in 2026, following a record 92 launches in 2025, including significant contributions from both state and commercial entities [1][4][31] - The market for satellite internet has surpassed a trillion-dollar scale, driven by diverse applications across various sectors, including aerospace, maritime, and emergency communications [4][5] Industry Overview - The satellite internet industry is characterized by a dual-track development approach, with high and low orbit satellites evolving at different stages [2][4] - The scarcity of orbital spectrum resources is a key factor influencing development priorities, with low Earth orbit (LEO) resources entering a phase of "stock competition" [5][6] Structural Characteristics - China's LEO satellite internet construction is in a phase of large-scale network deployment, with plans for over 25,000 LEO satellites, supported by policy and market demand [5][6] - The high orbit satellite sector has matured, providing comprehensive coverage and laying the groundwork for expanding applications in aviation and maritime sectors [5][6] Application Scenarios - The integration of high and low orbit satellite services is creating a complementary ecosystem, with applications in low-altitude economies, autonomous driving, and satellite broadcasting [6][7] - The high orbit sector is expected to rapidly expand into new commercial markets, leveraging its broad coverage and communication capabilities [6][7] National and Commercial Dynamics - The industry is transitioning from government-led initiatives to a market-driven model, with state-owned enterprises focusing on core technologies and high orbit satellite construction, while commercial companies drive low orbit satellite development [7][8] Future Outlook - The Chinese satellite internet industry has significant growth potential, with advancements in technology and commercial applications expected to enhance its global competitiveness [8] Value Chain Analysis - The satellite internet industry can be segmented into satellite manufacturing, launch services, and operational services, with a clear division of roles among state-owned and private enterprises [11][25] - The satellite manufacturing sector is dominated by state-owned enterprises for large satellites, while private companies are emerging in the small satellite segment [14][17] Launch Services - The satellite launch sector is experiencing a transformation characterized by scale expansion, technological upgrades, and cost optimization, with a notable increase in launch frequency and capacity [20][23] - The demand for LEO satellite constellations is straining existing launch capacities, necessitating improvements in commercial rocket launch frequency and efficiency [23][24] Operational Services - The operational segment is primarily led by state-owned enterprises, with increasing participation from private companies in ground equipment manufacturing and satellite communication services [25][26] - The issuance of satellite internet licenses is expected to accelerate the growth of operational services, particularly in emerging markets [28][31] Investment Landscape - The financing landscape for the satellite internet sector has been heating up since 2019, with a significant increase in notable financing events and amounts in 2024 [31] - The reintroduction of policies allowing unprofitable companies to list on the Sci-Tech Innovation Board is anticipated to spur a new wave of IPOs in the satellite internet sector [31][32]