中国银河证券：移动+卫星网络并进 低空基建持续加码

Core Viewpoint - The implementation opinions released by the Ministry of Industry and Information Technology and other departments aim to enhance the infrastructure for low-altitude economy, with a target of achieving at least 90% ground mobile communication coverage for low-altitude air routes by 2027 [1] Group 1: Infrastructure Development - The opinions emphasize the need for demand-driven development, focusing on areas with conditional low-altitude flight activities to promote the coordinated development of information infrastructure and low-altitude applications [1] - A multi-faceted approach will be adopted, utilizing existing public mobile communication facilities and integrating ground mobile communication, satellite communication, and other technologies to support low-altitude applications [1] - The plan includes the establishment of at least 10 information infrastructure standards by 2027, targeting typical low-altitude application scenarios in urban governance, logistics, and cultural tourism [1] Group 2: Communication Network Enhancement - The demand for 5G-A integrated sensing base stations is expected to rise, driven by the need for low-altitude communication network coverage in areas below 300 meters [2] - The opinions call for optimizing existing 5G infrastructure through beam optimization, antenna adjustments, and new base station construction to enhance low-altitude mobile communication network coverage [2] - Collaboration between telecom operators and relevant national departments is encouraged to align with the development scale and scenario needs of low-altitude applications [2] Group 3: Navigation and Positioning Accuracy - The traditional ground 5G base stations primarily serve ground users, leading to signal blind spots and interference in low-altitude coverage [3] - The opinions specify the need for new base stations and optimization measures to provide continuous coverage for low-altitude air routes, addressing signal blind spots and frequent switching issues [3] - Satellite communication will work alongside ground stations to reduce latency and improve navigation accuracy and drone positioning [3] Group 4: Investment Recommendations - Companies such as China Mobile, China Unicom, and China Telecom, as well as satellite internet-related firms like Huace Navigation, Zhonghaida, and Fenghuo Communication, are recommended for investment [3] - Low-altitude infrastructure companies like Huagong Technology and Xinke Mobile are also highlighted as potential investment opportunities [3]