更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 星链-2026 年哪些关键事项和投资方向值得期待? 20260104 摘要 0&A 2026 年商业航天市场有哪些关键事项需要关注? 2026 年商业航天市场的关键事项主要集中在政策、技术和资本三个维度。首先, 政策层面,政府对商业航天的支持态度明确,并且未来将继续优化和调整围绕应 用的政策。例如,2025年三季度工信部发放了卫星运营牌照,并推动卫星物联 网商用政策。预计 2026年这些支持性政策将进一步深化。 技术层面,在火箭环 节,国内可重复使用火箭技术有望取得突破,实现火箭发射入轨及一子级回收。 此外,星网二代系统的立项和核准也值得关注,这将为行业打开更大的空间。星 网二代系统计划参与全球市场竞争,目前已开展早期卫星关键技术验证试验,并 预计在 2026年上半年通过国家立项核准。 资本层面,头部公司资本运作事件是 焦点。国内头部商业火箭公司预计将在 2026年完成 IPO,而 SpaceX 也可能在同 年完成 IPO。此外,中国国家发改委牵头发起的总规模超过万亿的创业引导基金 争 男 一 2026 年的投资策略应如何制定? 2026 年的投资策略 ...

Investment Rating - The report maintains a "Positive" outlook on the satellite internet industry [2] Core Insights - The report highlights the rapid growth of commercial space launch sites in China, with 18 operational and 7 under construction, totaling 25 sites as of July 2025 [6][34] - It emphasizes the importance of the testing and launch command monitoring systems as critical technological platforms for launch sites [7][46] - The report identifies investment opportunities in the supply of refueling and gas systems, which are essential for rocket launches [7][69] Summary by Sections 1. Comparison with US Starlink - China's satellite internet is entering a construction phase, with the Starlink project by SpaceX being a benchmark, operating around 7,000 satellites [5][19] - As of July 2025, China has launched 6 groups of satellites totaling 47 for China Star Network and 5 groups totaling 72 for Qianfan constellation [23][26] 2. Growth of Commercial Launch Sites - The report notes the rapid increase in the number of commercial launch sites in China, with significant local government and industry support [6][34] - The report lists six major operational launch sites and additional sites in preparatory stages [34][35] 3. Testing and Launch Command Monitoring Systems - The testing and launch command monitoring system is crucial for tracking spacecraft and sending operational commands [7][46] - The report draws parallels with SpaceX's integrated monitoring systems, which include ground stations and a fleet of support ships [51] 4. Refueling and Gas Supply Systems - The refueling and gas supply systems are described as the "blood vessels" of launch sites, essential for providing propellants and gases during launches [7][69] - The report details the complexity and scale of these systems, which involve extensive pipeline networks and various components [69][70] 5. Investment Strategy - The report suggests that the demand for commercial launch sites exceeds supply, indicating a significant investment opportunity in this sector [7][69] - It highlights the ongoing interest from local policies and industry capital in expanding launch site capabilities [7][34] 6. Related Companies - The report lists several companies involved in ground monitoring stations, on-board monitoring equipment, and refueling systems, including: - Ground Monitoring Stations: Aerospace Universe, Zhongke Xingtu, and Leike Defense [8][56] - On-board Monitoring Equipment: Tianjian Technology, Guorui Technology, and Mengsheng Electronics [8][59] - Refueling and Gas Systems: Jiufeng Energy, Hangyang Co., and Aerospace Morning Glory [8][77]