通信行业周专题：商业航天实现全产业链闭环，应用端关注什么？

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the commercial aerospace sector [1]. Core Insights - The successful launch of China's first commercial launch site in Hainan on November 30 marks a significant milestone, achieving a full industry chain closure in commercial aerospace [6][11]. - By 2025, Hainan Commercial Launch will establish a high-density launch schedule, aiming for monthly launches and supporting low Earth orbit satellite internet construction [2][12]. - Huawei's Mate X6, the first mass-market smartphone supporting tri-network satellite communication, is expected to drive significant user growth in satellite direct connection applications [3][15]. Summary by Sections 1. Commercial Aerospace Achievements - The first launch from Hainan Commercial Launch successfully took place on November 30, with the Long March 12 rocket carrying two satellites into orbit, marking a breakthrough in commercial aerospace capabilities [6][8]. - The Hainan launch site is expected to support a regular launch schedule, with plans for additional launch facilities along the coastline to achieve a weekly launch frequency [11][12]. 2. Satellite Communication Developments - Huawei's Mate X6 will support low Earth orbit satellite internet, with testing expected to begin in the second half of 2025, potentially expanding the market for satellite-connected smartphones [15][17]. - The direct satellite connection smartphone market is projected to grow rapidly, with an estimated 200 million units sold by 2030, driven by decreasing prices [3][17]. 3. Related Companies and Market Potential - Key companies to watch include Shanghai Hanhua, Qian Zhao Optoelectronics, and Zhenyou Technology, which are expected to benefit from the commercial aerospace and satellite internet trends [3][20]. - The report highlights the potential for various direct connection devices and services to accelerate, indicating a clear trend towards the commercialization of satellite internet and aerospace industries [20].