信达证券认为，卫星通信已经逐步成为商业航天落地应用场景之一，庞大的C端卫星通信市场有望催生 商业航天需求，加速我国卫星产业链发展，卫星通讯技术的迭代+卫星牌照发放为"空天一体化"应用按 下加速键。 10月10日午后，三大指数延续下跌态势，国防军工板块跌幅收窄。截至13时30分，航空航天ETF （159227）跌幅收窄至0.25%，成交额率先破亿。持仓股方面，长城军工涨停，建设工业涨超7%，内蒙 一机涨超6%，北摩高科、中国海防、中航成飞等跟涨。 消息面上，工业和信息化部近日向中国移动颁发卫星移动通信业务经营许可。目前，继中国电信后，中 国移动、中国联通两家基础电信企业均已获得卫星移动通信业务经营资质，可依法开展手机直连卫星等 业务，深化应急通信、海事通信、偏远地区通信等场景应用，丰富通信服务与产品供给。 航空航天ETF（159227）跟踪国证航天指数，深度布局航空航天产业链。全球地缘局势升温推动国防开 支刚性增长，同时商业航天（如火箭发射、太空旅行）进入产业化阶段，打开万亿级市场空间。航空航 天产业兼顾技术壁垒与盈利确定性。投资者可通过该产品一键配置高门槛行业，分享政策红利与技术升 级的双重收益。 （文章来源 ...

Investment Rating - The report maintains a "Positive" outlook on the satellite internet industry, anticipating that the industry index will outperform the market index by over 5% in the next six months [7][51]. Core Insights - The satellite internet sector is entering a new phase of accelerated networking, driven by significant advancements in satellite launch capabilities and technology upgrades [3][20]. - The GW constellation, China's first large-scale satellite internet project, aims to deploy a total of 12,992 satellites to create a global broadband network, with recent launches demonstrating a rapid increase in deployment frequency [3][21]. - The integration of satellite internet with terrestrial 5G/6G networks is expected to create a comprehensive communication architecture, enhancing service delivery in remote areas and emergency scenarios [4][24]. Summary by Sections Market Performance - The computer industry index rose by 3.37% from September 8 to September 12, 2025, outperforming the CSI 300 index by 1.99 percentage points [15][18]. - Notable gainers included Chunzhong Technology (up 52.91%), Kaipu Cloud (up 36.96%), and Xinjun Network (up 30.81%) [18][19]. Recent Developments - The successful launch of the seventh batch of GW constellation satellites on August 4, 2025, marked a significant milestone in China's satellite internet development, showcasing enhanced launch capabilities [3][20]. - The report highlights the importance of technological breakthroughs in satellite manufacturing and launch services, which have significantly reduced costs and production cycles [22]. Investment Opportunities - The satellite internet industry is expected to benefit from strong policy support, technological advancements, and capital investment, with a target of over 10 million satellite communication users by 2030 [5][27]. - Short-term investment focus should be on satellite manufacturing and rocket launch services, while long-term strategies should consider satellite operations and application services [27][28]. - The report emphasizes the potential for significant market growth, estimating that the satellite internet sector could create a market space exceeding 200 billion yuan by 2027 [25][26]. Global Expansion - Chinese companies are actively pursuing international partnerships, particularly in Belt and Road Initiative countries, to enhance their global service capabilities in satellite internet [26]. - The report notes successful collaborations with multiple international telecom operators, demonstrating China's competitive edge in satellite internet technology [26].

Investment Rating - The investment rating for the defense and military industry is "Positive" [2] Core Viewpoints - The report suggests that 2025 may be a significant year for the military industry, characterized by a "dual-cycle resonance, industry turning point, and a year of military investment" [5] - The satellite communication sector is becoming a key application area for commercial aerospace, driven by the issuance of satellite communication licenses and technological advancements [3][4] - The report highlights the acceleration of the commercial aerospace industry due to supportive policies and the upcoming IPOs of several key players [4][19] Summary by Sections Industry Performance - From September 8 to September 12, the defense and military index rose by 2.14%, outperforming the broader market by 0.62 percentage points [3][33] - Year-to-date, the defense and military index has increased by 16.90%, ranking 16th out of 29 sectors [34][38] Key Developments - China Unicom has received a satellite mobile communication business license, allowing it to provide satellite communication services in several provinces [10][13] - Huawei has announced satellite communication patents and is expected to begin testing low-orbit satellite internet systems in the second half of 2025 [14][15] - The report notes that there are currently 14 commercial reusable rockets under development in China, with several expected to conduct their maiden flights in 2025 [18][20] Investment Focus - The report emphasizes the importance of "new combat capabilities" and "value reassessment" in the military sector, suggesting a focus on companies involved in new generation combat systems, unmanned equipment, satellite internet, and missile production [5][58] - Key beneficiaries include companies like AVIC Shenyang Aircraft Corporation, Huazhong CNC, and Shaanxi Huada [5][58] Market Catalysts - The report identifies several catalysts for growth, including the acceleration of the 14th Five-Year Plan and the initiation of the 15th Five-Year Plan [5][59] - The ongoing geopolitical tensions and conflicts are expected to increase military spending and create new demands in the military industry [5][59]

Core Viewpoint - Chengdu is emerging as a national leader in the aerospace industry, with significant advancements in production capabilities and a robust industrial cluster supporting this growth [2][3]. Industry Overview - The core aerospace industry market size in China has surpassed 2 trillion yuan in 2024, with expectations to double by 2029, highlighting the strategic importance of this sector for national security and local economic transformation [3]. - Chengdu's aerospace sector has seen a compound annual growth rate of nearly 20% over the past three years, with revenues from regulated enterprises exceeding 150 billion yuan [5]. Regional Strengths - Chengdu is home to over 1,500 aerospace companies, forming a complete industrial chain from aircraft assembly to engine manufacturing, and is recognized as a top-tier city in terms of comprehensive industrial competitiveness [5][8]. - The Chengdu Qingyang Economic Development Zone (QYEDZ) is pivotal, generating 74.8 billion yuan in aerospace revenue, accounting for half of the city's and one-third of the province's total [8][12]. Technological Innovation - QYEDZ is focusing on technological innovation to enhance its aerospace industry, with initiatives to integrate local educational resources and promote collaboration between universities and enterprises [12][14]. - The establishment of a national-level technology innovation center in the defense sector is expected to bolster the region's capabilities in aerospace manufacturing [12][14]. Service and Infrastructure Development - QYEDZ is implementing a "service over招商" (investment attraction) approach, emphasizing the importance of service quality in fostering business growth and industrial cluster development [15][18]. - The region is enhancing its service ecosystem through innovative mechanisms, such as expedited administrative processes for businesses, which have significantly improved operational efficiency [15][17]. Future Prospects - Chengdu aims to establish itself as a national leader in aerospace production, leveraging its industrial foundation and innovative capabilities to attract talent and investment [19]. - The ongoing development of the aerospace sector in Chengdu is expected to contribute significantly to the national aerospace landscape, positioning the city as a key player in the global aerospace industry [19].