证券研究报告|行业点评报告 [Table_Date] 2025 年 11 月 23 日 [Table_Title] 商业航天：卫星应用多点开花加速拓展 [Table_Title2] 国防军工 行业评级:推荐 [Table_Summary] 事件概述: 事件一：据腾讯网，11 月 22 日，2025 中国 5G+工业互联网大会在武汉开幕。工业和信息化部宣布， 我国卫星物联网业务商用试验正式启动。目标是通过开展商用试验，丰富卫星通信市场供给，激发市场主 体活力，提升行业服务能力，建立安全监管体系，形成可复制可推广的经验和模式，支撑商业航天、低空 经济等新兴产业安全健康发展。 事件二：据腾讯网，即将发布的华为 Mate80 Pro 以上机型有望实现卫星联网功能。此前，华为 WATCH Ultimate 2 成为首款支持北斗卫星语音消息的终端设备，支持在野外无移动网络的环境下，通过卫星发送 最长 10 秒语音消息。 分析与判断: 商业航天的核心是卫星应用，本质是太空数据服务。卫星应用和 6G、AI 等具有天然融合性，当前正 呈现多点开花加速拓展的态势，通导感算一体化、一星多能、星座复用、高中低轨协同、天地一体组网、 ...

Group 1 - The article emphasizes the importance of timely and insightful research reports to identify investment opportunities, particularly in the context of the rapidly evolving AI and semiconductor markets [1] - The global storage chip market is experiencing a structural supply-demand imbalance due to the continuous explosion of AI demand, with a strong investment outlook for this sector [1] - The stock of Xiangnong Chip Innovation has seen a significant increase, with a maximum rise of over 360% following multiple alerts to investors [1] Group 2 - The value of the "dual leaders" in potassium and lithium is expected to be reassessed, with the potential increase in lithium salt production capacity from 40,000 tons to 200,000 tons after the acquisition by Wenkang [2] - The industry is accelerating due to dual drivers of policy and technology, with the satellite internet computing power scheduling space potentially reaching hundreds of billions, prompting institutions to identify beneficiaries of "computing power in space" [2]