国防军工行业跟踪分析：垣信与TELEBRAS达成合作，千帆服务实现出海

Investment Rating - The industry investment rating is "Buy" [7] Core Viewpoints - The report highlights a collaboration between Shanghai Yuanxin Satellite Technology Co., Ltd. and Brazil's state-owned telecommunications company TELEBRAS, aimed at bridging Brazil's digital divide and facilitating its economic digital transformation [3] - The "Qianfan Constellation" has achieved its first overseas commercial application, marking the official launch of China's satellite internet services abroad. The project will provide satellite communication services to remote and underdeveloped areas in Brazil, supporting the country's public policy for digital inclusion [4] - The global satellite internet industry landscape is expected to change gradually, with promising prospects for international cooperation in the satellite internet sector. The report notes that Starlink currently dominates the Brazilian satellite internet market with a market share of 45.9%, serving approximately 224,000 users [4] - Investment suggestions include focusing on leading companies in the domestic satellite and launch vehicle industry chain, such as Shanghai Hanyun, Guangwei Composites, Ruichuang Micro-Nano, and others [4] Summary by Sections Industry Overview - The report discusses the strategic partnership between Yuanxin Satellite and TELEBRAS, which is part of a broader initiative to enhance Brazil's broadband internet access through satellite technology [3][4] Market Dynamics - The report indicates that the satellite internet market is evolving, with increasing international collaboration and competition. The Brazilian government is actively promoting broadband access, planning to establish 28,000 network access points within five years [4] Investment Opportunities - The report recommends investors to pay attention to specific leading companies within the satellite and launch vehicle sectors, which are well-positioned to benefit from the growing demand for satellite internet services [4]