中经记者 方超 石英婧 上海报道 在发展新质生产力的时代浪潮中，空天经济成为多地推动产业转型升级的重要方向。 近期，山东、上海、江苏、苏州、芜湖等省市密集出台商业航天与低空经济专项政策，通过全产业链布 局、创新招商模式、加速场景落地，推动两大新质生产力典型赛道从"概念探索"迈向"实践深耕"。 赛迪智库商业航天产业形势分析课题组预计，2025年我国商业航天产业将迎来转型升级期，市场规模有 望突破2.5万亿元。 "各地竞相发展空天经济，是对产业结构战略转型机遇的把握。"江苏省城市经济学会副会长丁宏对《中 国经营报》记者表示，空天经济的持续发展，关键在于依托核心技术突破所形成的"护城河"，地方发展 相关产业需以市场真实需求为根本导向。 聚链成势抢占空天经济高地 发展空天经济，政策是先导，布局是关键。各地立足自身资源禀赋，以精准政策锚定发展方向，以全链 思维构建产业生态，推动商业航天与低空经济实现从"单点突破"到"集群发展"的跨越。 在商业航天领域，多地明确目标、压实举措，打造空天经济"增长极"。山东省发布的《山东省加快推动 商业航天高质量发展的若干措施》提出，到2027年，力争具备年产100发运载火箭、150颗商业 ...

Core Insights - The "Aerospace Economy" is emerging as a new industry globally, representing a new form of productive forces that integrates airspace resources with aviation, aerospace technology, and information technology to promote economic development [2][3] - The year 2025 marks a milestone in China's "Aerospace Economy," with the government emphasizing the development of commercial aerospace and low-altitude economy as strategic emerging industries [2][3] - The market for China's commercial aerospace is projected to grow from approximately 376.4 billion yuan in 2015 to over 2.8 trillion yuan in 2025, indicating a robust growth trajectory [3] Industry Developments - Morgan Stanley predicts that the global space economy will exceed $1 trillion by 2040, with China's growth curve being particularly steep [3] - The integration of technologies such as liquid rockets and recovery technology is expected to lead to a "commercial explosion" in the aerospace sector, reshaping the industry landscape [3] - The FOF ecosystem developed by Kunyuan Asset is designed to cover multiple cutting-edge fields, including artificial intelligence, advanced manufacturing, and biomedicine, showcasing significant collaborative advantages in the aerospace economy [4] Key Players - Changguang Satellite, a key partner in Kunyuan Asset's FOF ecosystem, operates the "Jilin-1" satellite constellation, which is the largest commercial remote sensing satellite constellation in China [4][6] - Shanghai Yuanxin Satellite focuses on building a low-orbit satellite communication constellation, addressing fundamental issues of connectivity and speed in the information age [5][6] - The collaboration between Changguang Satellite and Yuanxin Satellite creates a powerful ecological synergy in the aerospace information industry, enhancing capabilities in emergency response and data transmission [6] Investment Strategy - The FOF ecosystem model of Kunyuan Asset aims to attract "patient capital" and "smart capital" to support long-term investments in the aerospace industry, which requires significant and sustained funding [7] - The investment approach emphasizes linking with top-tier partners in specialized fields to identify and empower early-stage technologies, ensuring access to high-potential assets [7] - Since its establishment in 2014, Kunyuan Asset has successfully listed 12 portfolio companies on various stock exchanges, demonstrating its ability to navigate market cycles and capture leading enterprises in golden sectors [8] Future Outlook - The aerospace economy is not just an opportunity but a marker of human civilization's advancement, with companies in Kunyuan Asset's ecosystem actively contributing to this vision [8][9] - The combination of a trillion-level market space, breakthrough technological innovations, and comprehensive policy support is expected to drive the industry's development [9] - The ongoing investment in the aerospace sector is anticipated to accelerate the formation of a virtuous cycle of "capital + technology + industry," positioning Chinese innovative enterprises to seize new opportunities in the aerospace industry [9]

Core Insights - Satellite baseband chips are crucial for integrated air-ground communication, with market growth accelerated by the explosion of low-orbit constellations and the maturation of direct satellite connection technology [1][15] - Chinese companies, represented by Huawei HiSilicon and Unisoc, are making significant technological breakthroughs, laying the foundation for a self-controlled industrial chain [1][15] - By 2028, the Chinese satellite baseband chip market is expected to exceed 28 billion yuan, forming a tripartite structure among the vehicle networking, consumer electronics, and low-altitude economy sectors [1][15] Industry Overview - Satellite baseband chips are the core components of satellite communication systems, responsible for digital signal conversion, modulation, demodulation, protocol control, and data processing [2][4] - The industry has evolved from reliance on imports to achieving significant domestic innovation, with key milestones including the launch of the first fully autonomous "Navigation No. 1" chip in 2008 [6][8] Current Market Analysis - The penetration rate of smartphones supporting satellite communication is projected to rise from less than 10% in 2023 to over 30% by 2025 [1][15] - The demand for vehicle-mounted satellite communication chips is expected to maintain an annual growth rate of over 50% due to the rapid development of smart connected vehicles [1][15] - The market for satellite communication chips in the low-altitude economy is anticipated to surpass 10 billion yuan in the next three years [1][15] Competitive Landscape - The industry exhibits a "pyramid" competition structure, with leading companies like Huawei HiSilicon and Huali Chuantong at the top, followed by firms like Unisoc and Hezhong Star [17][19] - The overall landscape is characterized by military-driven innovation, civilian market expansion, and breakthroughs in technology, with a focus on high-reliability military chips and consumer applications [19] Future Trends - The industry is expected to undergo a transformation driven by technological autonomy, expanding application scenarios, and collaborative development across the supply chain [22][25] - Key advancements include the development of multi-mode compatible chips and quantum-safe encryption technologies, which will help break foreign technology monopolies [24][26] - The satellite baseband chip sector is becoming a core infrastructure of national digital economy strategy, with projections indicating a potential market impact exceeding 3 trillion yuan [27]