垣信和星网接力，互联网全面加速

Industry Investment Rating - Outperform (Maintained) [2] Core Views - The communication industry is experiencing comprehensive acceleration with the relay of Yuanxin and Starnet, leading to a significant boost in internet development [2] - China's large constellation systems are progressing rapidly, with both low-orbit and high-orbit satellite internet constellations entering the deployment phase [4] - Commercial aerospace infrastructure and rocket capabilities are improving, with low-cost launch era approaching [4] - Mobile phone direct-to-satellite services are advancing, with China's low-orbit satellite direct connection expected soon [4][6] Market Performance - Communication industry performance shows a significant upward trend, with a notable increase from -29% to 39% between December 2023 and August 2024 [3] Satellite Internet Development - China's satellite internet is entering a large-scale construction phase, with Yuanxin's "Qianfan Constellation" and Starnet's low-orbit satellites being deployed [4] - As of November 2024, SpaceX has launched 7324 satellites, while China has over 900 satellites in orbit [4] - Yuanxin Satellite Technology has signed a memorandum with Brazil's TELEBRAS to provide satellite communication services, aiming for commercial use by 2026 [4] Commercial Aerospace Infrastructure - China's commercial launch sites are becoming more sophisticated, with Wenchang Commercial Launch Site enabling rapid satellite production and launch [4] - Multiple rocket products are available to meet different satellite launch needs, with Long March 5 having a payload capacity comparable to Falcon 9 [4] - Domestic commercial aerospace companies are expected to launch reusable rockets by 2025, with costs potentially dropping to 10,000 RMB/kg [4] Mobile Phone Direct-to-Satellite Services - SpaceX has partnered with T-Mobile and other international carriers to provide direct-to-satellite services [6] - China Telecom and China Mobile are also advancing in this area, with Huawei expected to launch low-orbit satellite direct connection services by the second half of 2025 [6] Key Companies to Watch - Antennas and chip components: Aerospace Huanyu, Chengchang Technology, Leidian Weili, etc [7] - Communication payloads: Chuangyi Information, Shanghai Hanxun, Xinke Mobile, etc [7] - Satellite manufacturing and key components: Haige Communications, Tianyin Electromechanical, Shaanxi Huada, etc [7] - Ground and user equipment: Aerospace Huanyu, Mengsheng Electronics, Haige Communications, etc [7] - Satellite operations: China Satcom, China Telecom, China Mobile, etc [7]