通信行业：卫星互联网高速发展，持续看好

Investment Rating - The industry rating is "Overweight (Maintain)" [1] Core Viewpoints - The satellite internet industry is experiencing rapid development driven by national policies, technological advancements, and market demand, with a promising future outlook [3] - Key companies to focus on include Shanghai Hanyun, Haige Communication, Zhenyou Technology, and Chengchang Technology [3] Summary by Sections Recent Industry Performance - On December 5, 2024, the "Qianfan Polar Orbit 03" satellite group was successfully launched, increasing the number of satellites in the "Qianfan Constellation" to 54 [1] - The "Qianfan Constellation" is part of China's low-orbit satellite internet project, with plans to deploy 648 satellites in the first phase, 1296 in the second phase, and over 15,000 in the third phase to provide diverse service integration [1] Key Events - On December 3, 2024, China successfully launched the Communication Technology Test Satellite No. 13, which is primarily used for satellite communication, broadcasting, and data transmission [1] - On November 30, 2024, China's first commercial space launch site successfully conducted its inaugural launch, filling a gap in the country's commercial space launch capabilities [1] - On November 26, 2024, Huawei launched the Mate X6, the world's first mass-market smartphone supporting tri-network satellite communication, including Beidou satellite messaging, Tiantong satellite communication, and low-orbit satellite internet [1]