通信行业周报：垣信密集发射54颗卫星，规模化发射带来弹性

Investment Rating - The report maintains an "Outperform" rating for the communication industry [3] Core Views - The satellite internet industry is transitioning from thematic speculation to value investment, with supply-side capabilities and commercial loops beginning to take shape [4] - The satellite internet market in China is expected to reach a trillion-level market by 2031, with the market size exceeding 30 billion yuan in 2025 [4] - The satellite payload will account for 70% of the total satellite cost during the mass production phase, with key investment opportunities in antennas, T/R components, baseband chips, and commercial aerospace support [4] Investment Strategy Satellite Internet Development - Yuanxin Satellite's Qianfan Constellation has completed its third launch, with the interval between launches gradually shortening, indicating the establishment of regular and flight-like launch capabilities [4] - The Qianfan Constellation plans to deploy 648 satellites in the first phase for regional coverage, 1,296 satellites in the second phase for global coverage, and over 15,000 satellites in the third phase, with 10% of the total constellation to be deployed within two years of the first launch [4] - Yuanxin Satellite has signed a memorandum of cooperation with Brazil's TELEBRAS to provide satellite communication services, with commercial operations expected to begin in 2026 [4] Satellite Launch Infrastructure - China's commercial aerospace launch sites, such as the Wenchang Commercial Launch Site, are becoming more sophisticated, enabling local production and use of rockets and satellites [4] - The Wenchang launch site has reduced the rocket launch cycle from 20 days to 10 days, with the capability to meet the launch needs of at least 19 rocket models from over 10 companies [4] Value Investment in Satellite Internet - The satellite internet industry is entering a value investment phase, with a focus on high-value-density segments such as satellite payloads [4] - Key investment opportunities include antennas (e g, Aerospace Huanyu, Mengsheng Electronics), T/R components (e g, Guobo Electronics, Chengchang Technology), and baseband chips (e g, ZTE Microelectronics, Fudan Microelectronics) [4] Industry News Satellite Internet - The third batch of Qianfan Constellation satellites was successfully launched, increasing the number of in-orbit satellites to 54, enhancing continuous communication capabilities [4] - China's first commercial aerospace launch site, the Wenchang Commercial Launch Site, completed its first launch, with an annual launch capacity of 16 launches per launch pad [4] 5G Development - China has built over 4 1 million 5G base stations, with 5G networks extending to rural areas and integrating into 80 major economic sectors [6] - The 5G application scale-up development promotion meeting emphasized the need for systematic advancement, precise policies, and collaborative development to further enhance 5G application capabilities [6] Semiconductor Industry - NVIDIA's Blackwell AI chips are planned to be manufactured in the US, with TSMC preparing for production in 2025, reflecting the intensifying competition in the semiconductor industry between the US and China [6] Weekly Market Review - The communication sector (CITIC) rose by 1 97% this week, underperforming the broader market, with key opportunities in satellite internet and commercial aerospace [7] - Top gainers included Chunxing Precision (26 78%) and ST Zhongjia (15 23%), while top decliners included Ruisi Kangda (-18 28%) and Yitong Technology (-13 21%) [8] Focus List - Key companies to watch in the satellite internet and commercial aerospace sectors include China Telecom, Aerospace Huanyu, Mengsheng Electronics, and ZTE [9] - Long-term focus areas include operators (e g, China Mobile, China Telecom), communication infrastructure (e g, China Tower), and satellite internet-related companies (e g, Chuangyi Information, Mengsheng Electronics) [9]