卫星互联网行业：国内星座加速组网，星箭场全产业链发力

Investment Rating - The report maintains a "Positive" outlook for the satellite internet industry in China as it enters a new phase of accelerated networking and industrialization by December 2025 [2]. Core Insights - The satellite internet industry in China is rapidly evolving, with significant contributions from both state-owned and private enterprises, leading to the formation of various satellite constellations such as GW and Qianfan [4][36]. - The domestic satellite internet sector is expected to see a surge in satellite launches, with China Star Network (GW constellation) completing 17 satellite launches by December 10, 2025, totaling 125 satellites in orbit [4][36]. - The report highlights the growing demand for satellite payloads, emphasizing the need for cost-effective mass production of satellites and the importance of key component suppliers [4][38]. - The commercial space launch sector is experiencing a shortage of launch slots, benefiting companies involved in the construction of launch facilities [5][56]. - Private rocket companies are crucial in addressing the launch capacity bottleneck for large-scale satellite constellations, with several companies making significant advancements in reusable rocket technology [6][38]. - The report outlines a strategic investment approach for the "14th Five-Year Plan" period, indicating that commercial space will be a key driver of high-quality technological development in China [7]. Summary by Sections 1. Satellite Internet Development - The satellite internet industry is transitioning into a broadband internet phase, with significant advancements in satellite constellations and payload technologies [18][20]. - The report identifies three phases of satellite internet commercialization, highlighting the evolution from competing with terrestrial networks to integration with them [18][19]. 2. Satellite Payload Opportunities - The report identifies key components in satellite payloads, including onboard base stations, routers, phased array antenna systems, and laser inter-satellite links, which are critical for the development of satellite internet [38][39]. - The integration of satellite and terrestrial networks is emphasized, with a focus on creating a comprehensive communication architecture [38][41]. 3. Commercial Launch Facilities - The report notes the current shortage of launch slots in China's commercial space sector, with only one operational commercial launch site, leading to increased demand for new facilities [5][56]. - The ongoing construction of the second phase of the Hainan commercial launch site is expected to significantly increase launch capacity by 2026 [5][56]. 4. Private Rocket Companies - The report highlights the strategic importance of private rocket companies in overcoming the launch capacity challenges for satellite constellations, with several companies actively pursuing reusable rocket technologies [6][38]. - The potential reduction in launch costs through advancements in reusable technology is noted, with estimates suggesting costs could drop from approximately 100,000 RMB per kilogram to below 30,000 RMB [6][38]. 5. Investment Strategy - The report outlines an optimistic investment strategy for the satellite internet industry, anticipating accelerated growth in satellite launches and the involvement of private companies in supporting high-frequency launch demands [7].