通信行业周报：卫星互联网加速落地，有望形成商业闭环

Investment Rating - The report maintains an "Outperform" rating for the communication industry [2]. Core Insights - The satellite internet is accelerating its implementation, with the potential for overseas commercial closure to occur before domestic markets [24]. - The direct-to-satellite mobile service is being rolled out globally, with progress being similar both domestically and internationally [25]. - The integration of Beidou and low-orbit systems is advancing, potentially leading to a "trinity" space network coverage [26]. Summary by Sections Investment Strategy - Satellite internet is entering an accelerated phase, with Shanghai Yaxin Satellite Technology Co. signing a memorandum with Brazil's TELEBRAS to provide satellite communication services, expected to commence in 2026 [24]. - The conditions for satellite internet construction are becoming favorable, with domestic companies planning to launch reusable rockets by 2025 and significant advancements in launch costs and capabilities [24]. - The mobile direct-to-satellite (DTC) service is being actively promoted by operators, with several domestic manufacturers releasing satellite communication-enabled devices [25]. - The Beidou satellite system is set to enhance its capabilities, with plans for a next-generation system to be completed by 2035, optimizing its satellite constellation [26]. Industry News - The FCC has conditionally approved SpaceX to provide satellite direct-to-mobile services, marking a significant step in the global satellite internet commercial closure [28]. - China plans to complete the next-generation Beidou satellite navigation system by 2035, which will enhance its global positioning and navigation capabilities [29]. - The Chinese government has issued opinions on digital trade reform, aiming to increase the share of digitally deliverable service trade to over 50% by 2035 [32]. - A new action plan for the large-scale application of 5G has been released, targeting a user penetration rate of over 85% by 2027 [33]. Weekly Review and Focus - The communication sector saw a modest increase of 0.69% this week, with significant movements in various sub-sectors, particularly in satellite navigation and AI computing [35]. - Key stocks to watch include those involved in satellite internet and domestic computing capabilities, indicating potential investment opportunities [35].