Group 1 - The core viewpoint is that the demand for satellite lifecycle management is experiencing exponential growth as the global low Earth orbit (LEO) satellite internet enters a phase of deploying tens of thousands of satellites, with significant benefits expected for the measurement and control (M&C) sector [1][2] - The aerospace M&C industry is at a historical turning point due to the large-scale deployment of LEO satellite constellations, leading to a substantial increase in demand for satellite lifecycle management, which requires high-frequency M&C support at every stage [1] - The Chinese government has included commercial aerospace in its work reports for two consecutive years, and local governments are implementing supportive policies to upgrade M&C infrastructure towards global coverage [1] Group 2 - The aerospace M&C sector possesses dual scarcity in terms of technological barriers and resource endowments, requiring breakthroughs in long-distance data transmission, multi-satellite concurrent control, and AI scheduling [2] - Companies like Tianlian M&C have improved their capabilities significantly, achieving 22 downlink control arcs per satellite per day and reducing data latency to seconds [2] - The unique combination of technology and resource advantages allows leading companies to dilute costs through large-scale operations, creating a "Matthew effect" where the strong get stronger [2] Group 3 - The M&C sector is expected to benefit significantly from the advancement of reusable rockets, as the demand for M&C services will increase from the launch phase to the return phase, enhancing the value of M&C per rocket launch [2] - The scarcity of M&C stations and their geographical distribution can lead to supply-demand mismatches, which may drive price increases across the industry as demand grows [2] - Star Map M&C is the only publicly listed company in the three major aerospace sectors (rockets, satellites, and M&C), highlighting its unique position in the market [2]