通信：商业航天发射场投入使用，规模化发射开启

Investment Rating - The report maintains an "Outperform" rating for the communication industry [2] Core Insights - The successful launch of China's first commercial space launch site marks a significant milestone, with expectations for large-scale launches to begin in 2025 [4] - The number of launch sites is increasing, improving the capacity for satellite internet development [4] - Domestic reusable rocket development is accelerating, with significant advancements expected in the near future [4] - The competition between China and the US in satellite internet is intensifying, highlighting the challenges and disparities in satellite deployment and services [4] Summary by Sections Market Performance - The communication sector has shown a performance trend with fluctuations ranging from -29% to +39% compared to the CSI 300 index [3] Key Events - The first successful launch from the Hainan commercial space launch site occurred on November 30, 2024, with the Long March 12 rocket successfully placing satellites into orbit [4] - The launch site situation in China is improving, with the Haiyang offshore launch site expected to conduct over 10 launches in 2024 [4] Satellite Internet Development - Shanghai Yuxin has initiated the construction of a commercial satellite network, currently operating 36 satellites [4] - A memorandum of understanding was signed with Brazil's TELEBRAS to provide satellite communication services, with commercial operations expected by 2026 [4] Rocket Development - China's current low Earth orbit rocket capacity exceeds that of SpaceX's Falcon 9, with the Long March 5 capable of carrying 25 tons [4] - The development of reusable rockets is progressing, with several companies planning to launch reusable rockets by 2025 [4] Competitive Landscape - As of November 2024, the US leads with 108 launches, while China ranks second with 67 launches [4] - SpaceX has launched 7,324 satellites, while China plans to deploy over 28,000 satellites for global coverage [4] Investment Opportunities - Suggested companies for investment include those involved in satellite manufacturing, communication security, and ground equipment [7]