Investment Rating - The report rates the computer industry as "Recommended" [2] Core Insights - The low Earth orbit (LEO) satellite sector has officially entered a "super-large constellation" competition phase, accelerating the global power struggle for satellite resources. China's application for 200,000 satellite frequency and orbit resources marks a strategic elevation in satellite resource allocation, while SpaceX continues to expand its Starlink constellation with an additional 7,500 satellites, indicating a shift from technical validation to a strategic game focused on scale, first-mover advantage, and resource positioning [2][3] - SpaceX's expansion of the Starlink constellation reflects that the low Earth orbit communication business model has completed initial validation and is now entering a phase of scale enhancement. The decision to increase satellite density and network redundancy aims to improve system capacity, service quality, and user experience, establishing significant competitive barriers in the low Earth orbit communication field [3] - The application potential for low Earth orbit satellites is broadening, positioning them as a new generation of global information infrastructure. These satellites can provide broadband connectivity to areas where traditional networks cannot reach, with applications in remote communication, maritime operations, aviation broadband services, and emergency communication. The strategic value of low Earth orbit satellites will continue to grow as coverage density increases and latency decreases, supporting long-term investment logic for industry chain companies [4] Summary by Sections - **Event Overview**: China applied for over 200,000 low Earth orbit satellite frequency and orbit resources, significantly surpassing previous domestic plans. This shift indicates a transition from demonstration phases to a long-term, systematic capacity positioning [1] - **Investment Recommendations**: Beneficiaries include companies involved in rocket manufacturing, satellite technology, and related services, such as Aerospace Power, Superjet, Western Materials, and others [5][6]