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商业航天行业事件点评:海南发射场“双工位”接力,卫星互联网加速发射
Minsheng Securities·2025-08-05 06:59

Investment Rating - The report maintains a "Recommendation" rating for the commercial aerospace industry [5] Core Viewpoints - The commercial aerospace industry is entering a high-density launch era, with significant advancements in satellite internet deployment and launch capabilities [1][2] - The GW constellation has completed the deployment of seven satellite groups, while the Qianfan constellation has successfully launched five times, with a total of 90 satellites in orbit [3][4] - The development of satellite internet is becoming clearer, with technological innovations in manufacturing and the operationalization of commercial launch sites significantly reducing launch costs and increasing capacity [4] Summary by Sections GW Constellation Deployment - The GW constellation plans to launch a total of 12,992 satellites, with 10% expected to be launched by 2030, averaging 1,800 launches per year thereafter [1] - As of 2025, six groups of low-orbit satellites have been launched, indicating a trend of dense launches starting from late July [1] Qianfan Constellation Progress - The Qianfan constellation has successfully launched its fifth batch of network satellites, marking the first collaborative operation between commercial satellite constellations and launch sites [3] - The "one rocket, multiple satellites" technology has matured, demonstrating the capability of launching 18 satellites simultaneously [3] Investment Recommendations - The report suggests focusing on companies involved in satellite manufacturing, rocket development, and ground operations, including names like Xi'an Huada, Zhongtian Rocket, and China Satellite [4]