通信行业周观点：千帆星座海外业务落地，关注卫星产业出海机遇

Investment Rating - The industry investment rating is "Outperform the Market" [3] Core Viewpoints - The report suggests focusing on investment opportunities in 6G construction, satellite internet, and low-altitude economy industries. The low-altitude economy is entering a new development stage with eVTOL pilot projects in six cities. The completion of a 6G prototype test by China Telecom Research Institute provides a practical basis for satellite-ground integration research, which is expected to promote 6G technology applications. Shanghai Yanshin Satellite Technology Co., Ltd. has signed a memorandum of cooperation with Brazil's state-owned telecommunications company, marking the beginning of overseas business operations [35][36]. Summary by Sections 1. Core Viewpoints and Investment Suggestions - The report emphasizes investment opportunities in 6G, satellite internet, and low-altitude economy sectors. It highlights the significance of the eVTOL pilot projects and the completion of the 6G prototype test, which supports the integration of satellite and ground communication [35][36]. 2. Industry Dynamics - Low-altitude Economy: The central air traffic management committee will conduct eVTOL trials in six cities [40]. - 5G: The 2024 China 5G+ Industrial Internet Conference was held in Wuhan [41]. - 6G: China Telecom completed a prototype test for 6G technology [42]. - Satellite Internet: Yanshin Satellite has initiated overseas business with a partnership in Brazil [42]. - SpaceX successfully conducted its sixth test flight of the Starship [42]. - Vehicle-road cloud: China Unicom released its integrated solution for smart connected vehicles [44]. - Data Elements: The National Data Bureau is soliciting opinions on the construction guidelines for national data infrastructure [45][46]. 3. Market Review - The report notes a decline in the communication industry, with the SW communication industry index down 3.78%, ranking 29th among 31 industries. The average daily trading volume decreased by 19.82% compared to the previous week [48][55]. The current PE ratio for the SW communication industry is 19.41, significantly below the historical average of 34.04 [53].