通信行业周专题：商业航天质变窗口期，密切关注卫星催化

Industry Investment Rating - The report maintains a "Overweight" rating for the communication industry, particularly focusing on the commercial aerospace and satellite internet sectors [3] Core Viewpoints - The commercial aerospace industry is entering a phase of commercialization transformation, with a focus on the Hainan Commercial Launch Site and its dual launch pads, which are expected to support low-orbit satellite internet construction [3][7] - Yuanxin Satellite's "Qianfan Constellation" has achieved regular network launches, with 36 satellites in orbit, and is expanding its commercial applications, including potential overseas markets like Brazil [4][10][11] - The satellite-to-phone direct connection market is projected to reach RMB 141.1 billion by 2035, driven by the potential of low-orbit satellite internet services [4][13] Commercial Aerospace - The Hainan Commercial Launch Site has completed the construction of two launch pads, with the Long March 8 and Long March 12 rockets scheduled for their maiden flights this year [7] - The launch pads are expected to achieve an annual launch capacity of 16 missions per pad, with plans to increase the frequency to one launch per week in the future [7][9] - The Long March 8 rocket completed its first full-scale rehearsal at the Hainan launch site, marking a significant step towards its upcoming launch [8] Yuanxin Satellite and Qianfan Constellation - Yuanxin Satellite's "Qianfan Constellation" has successfully launched 36 satellites in two batches, with plans to deploy 1,500 satellites by 2030 to provide global coverage [4][11][12] - The constellation aims to offer multi-service integration, including satellite-to-phone direct connection, with a projected market space of RMB 141.1 billion by 2035 [4][13] - Yuanxin is in talks with Brazil to introduce its satellite internet services, highlighting its international expansion strategy [10] Market Potential and Key Players - The satellite-to-phone direct connection market is expected to grow significantly, with Starlink projecting a potential market space of RMB 141.1 billion by 2035 [13] - Key companies to watch include Shanghai Hanxun, Qianzhao Optoelectronics, and Zhenyou Technology, which are expected to deliver strong performance this year [5][16] - Core components and ground equipment suppliers such as Xinke Mobile, Zhenlei Technology, and Haige Communications are also highlighted as critical players in the industry [5][16] Future Outlook - The commercial aerospace and satellite internet industries are expected to see accelerated commercialization, with a focus on low-orbit satellite internet and global network coverage [9][12] - The Qianfan Constellation is projected to achieve global network coverage by 2027, with 648 satellites providing regional coverage by 2025 [12]