通信：垣信“千帆”出海，全球商业闭环初现

Investment Rating - The report maintains an "Outperform the Market" rating for the communication industry [2]. Core Viewpoints - The signing of a memorandum of cooperation between Shanghai Yuanxin Satellite Technology Co., Ltd. and Brazil's state-owned telecom company Telecomunica es Brasileiras S.A. marks a significant step in the global satellite communication landscape, indicating China's progress in achieving global satellite signal coverage [4][5]. - The "Qianfan" satellite constellation, which is designed to provide comprehensive satellite communication services, is expected to consist of over 14,000 low-orbit broadband multimedia satellites, with 1,296 satellites planned for the first phase [4]. - The report highlights the rapid advancements in satellite internet infrastructure in China, with numerous successful satellite launches and the establishment of ground stations, indicating a robust growth potential in the satellite internet sector [4][6]. - The competition between China and the U.S. in the satellite internet domain is intensifying, with SpaceX leading in satellite launches and establishing a vast satellite communication network, while China aims to launch over 28,000 satellites in the future [4][6]. Summary by Sections Market Performance - The communication sector has shown varying performance, with a notable decline of 26% from November 2023 to March 2024 compared to the CSI 300 index [3]. Related Research - Several reports have been published recently, focusing on the intensifying competition in core technologies, the impact of sanctions, and the opening of value-added telecom services [4]. Investment Highlights - The report emphasizes the emerging trends in domestic satellite To C (consumer) applications, showcasing the potential for commercial viability and the formation of a business ecosystem [5][6]. - New services such as satellite internet packages and mobile satellite communication are being introduced, indicating a growing market for satellite services [6]. Suggested Focus Stocks - The report lists several companies across various segments, including satellite manufacturing, communication security, and ground equipment, which are poised to benefit from the growth in the satellite internet sector [7].