有色金属：低轨卫星结构拆解：单一价值量最大的组件在哪里？

Investment Rating - The report rates the industry as "Positive" [3] Core Insights - The structure of low Earth orbit (LEO) satellites can be divided into satellite platforms and communication payloads, where the platform serves as the "empty vehicle" and the payload as the "cargo" [1][10] - The largest cost component in LEO satellites is the phased array antenna system's TR component, followed by the Hall thruster in the attitude control system [2][11] - Payload value accounts for approximately 50% to 70% of the total satellite value, with the satellite platform contributing about 30% to 50% [2][12] Summary by Sections Low Earth Orbit Satellite Structure Breakdown - The LEO satellite structure consists of satellite platforms and communication payloads, with the platform being the system that carries various payloads [1][10] - The TR component of the phased array antenna system is the most significant cost component, with an estimated total value of over 2.5 million yuan per satellite, representing at least 25% of the total satellite value [2][11] Market Overview - The market performance of the non-ferrous metals sector shows a 2.17% increase over the past two weeks, with a year-on-year increase of 12.64% [14][15] - The lithium mining index has decreased by 5.98% over the past two weeks, with a year-on-year decline of 12.84% [16] Key Company Performance Review - The top ten companies with the highest stock price increases over the past two weeks include Lvxiao Technology (23.42%), Placo New Materials (17.18%), and West Materials (12.22%) [26][29] - The companies with the largest declines include Alloy Investment (-20.27%) and Oriental Zirconium (-15.63%) [27][28] Recent Industry Hotspots - SpaceX is negotiating to sell internal stock, potentially raising its valuation to $350 billion, significantly higher than previous estimates [32] - The Ministry of Finance has mandated that the proportion of new energy vehicles in annual government procurement should not be less than 30% [33]