航天产业12月月报：以星为网联天地——多个低轨卫星互联网星座进入正式建设期

Investment Rating - The report maintains a positive investment rating for the aerospace industry, indicating a favorable outlook for the sector [1]. Core Insights - The satellite internet infrastructure construction is progressing steadily, with successful launches of low Earth orbit satellites, marking significant milestones for China's satellite internet initiatives [2][12]. - The defense and aerospace sectors are expected to experience a recovery in demand, leading to a compensatory growth in the performance of related listed companies [21]. - The report highlights the importance of the recent developments in commercial aerospace, including the successful launch of the Long March 12 rocket at the Hainan commercial launch site, which fills a gap in China's commercial launch capabilities [16][97]. Summary by Sections Recent Developments in Aerospace - The satellite internet construction has accelerated, with multiple successful satellite launches, including the first batch of the "National Network Constellation" [86][90]. - The establishment of the Hainan commercial launch site has enhanced China's launch capabilities, supporting the deployment of low Earth orbit satellite constellations [96][97]. Market Trends and Opportunities - The report emphasizes the growing market for satellite manufacturing and internet applications, predicting a shift from project-based to mass production models for satellite manufacturers [9][22]. - The North Star satellite navigation system's development plan for 2035 aims to enhance service capabilities and expand market applications, particularly in high-precision navigation [104][111]. Investment Recommendations - The report suggests focusing on companies involved in missile and smart ammunition industries, as well as those with cross-industry synergies in emerging sectors like intelligent driving and low-altitude economy [3][21]. - Specific companies to watch include those with mass production capabilities in satellite manufacturing and those involved in the satellite internet infrastructure [9][29].