低轨卫星星座建设进入加速期，轨道与频谱资源争夺日趋激烈 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 发布日期： 2026-01-09 免责声明 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯一订阅号。其他任 何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大证券研究所品牌名称等相关信息的订阅号均不是光大证 券研究所的官方订阅号。 低轨卫星凭借低延迟、全球覆盖等优势，已成为商业航天发展的核心方向。当前各国正加快推进低轨星座 部署，以抢占有限的轨道和频谱资源。从轨道选择看，LEO轨道因传输损耗小、时延低，尤其适合实时通 信与全球物联网连接；GEO轨道容量趋于饱和，MEO则主要服务于导航等专项需求。频谱方面，行业正从 传 ...

2026 年 1 月 9 日 行业研究 卫星星座组网加速，商业应用不断拓展 ——低轨卫星行业研究系列之四 要点 低轨卫星星座建设进入加速期，轨道与频谱资源争夺日趋激烈。低轨卫星凭借低 延迟、全球覆盖等优势，已成为商业航天发展的核心方向。当前各国正加快推进 低轨星座部署，以抢占有限的轨道和频谱资源。从轨道选择看，LEO 轨道因传 输损耗小、时延低，尤其适合实时通信与全球物联网连接；GEO 轨道容量趋于 饱和，MEO 则主要服务于导航等专项需求。频谱方面，行业正从传统的 C、Ku 频段向 Ka 等更高频段拓展，以支撑高通量数据传输。与此同时，卫星平台与载 荷技术持续升级，推动卫星向低成本、高性能、模块化方向发展，为大规模组网 奠定基础。 卫星平台与有效载荷技术持续突破，推动卫星性能提升与成本下降。卫星平台是 卫星稳定运行的基础，其结构、热控、姿轨控、电源等分系统日益集成化与智能 化。例如，结构分系统采用轻量化材料与模块化设计；热控技术结合被动与主动 手段，适应复杂空间环境；姿轨控系统逐步向星上自主处理演进。有效载荷作为 卫星功能的核心，正向多功能、软件定义方向演进。通信卫星已普遍采用相控阵 天线与处理式转发器，遥 ...

Group 1 - The forum on the development of the aerospace information industry in Hainan was held, focusing on new opportunities and collaborative paths for the industry [1] - Over 100 representatives from government, academia, research institutions, and leading enterprises participated in discussions on technological innovation and industry ecosystem construction [1] - The forum highlighted the progress of the Wenchang International Aerospace City, including the achievement of "nine launches with nine successes" and the goal of regular monthly launches [2] Group 2 - The completion of the reusable rocket assembly and testing factory by Star Glory, capable of producing 24 rockets annually, signifies a significant advancement in local manufacturing [2] - The establishment of a data product certification system marks the beginning of standardized development in the aerospace data sector [2] - Three key directions for development were identified: integrating rocket manufacturing, satellite research, and application enterprises; expanding "Aerospace+" application scenarios; and enhancing international cooperation in the aerospace industry [3]

Summary of Commercial Aerospace Industry and Investment Opportunities Industry Overview - The commercial aerospace sector has been recognized in the government work report as a new growth engine alongside biomanufacturing and the low-altitude economy, indicating significant national attention and policy support for commercial rocket and satellite manufacturing and applications [1][4] Key Developments - AI space computing is emerging as a new application direction, with StarCloud successfully testing a satellite equipped with NVIDIA GPUs, validating the operational capabilities of large language models in space [1][5] - The small satellite industry is maturing, marked by events such as the establishment of NewNet Group, the application of Starlink in the Russia-Ukraine conflict, and Huawei's direct connection to the Tiantong-1 satellite [1][6][8] - Satellite applications are primarily focused on communication, remote sensing, and navigation, with a future trend towards integrated functionalities, which will require higher stability, power, and thermal management for satellite platforms [1][10] Remote Sensing Industry Insights - Remote sensing satellites are categorized by spatial, temporal, and spectral resolution, with a spatial resolution of 0.3 meters achieving military-grade precision [1][11] - The domestic remote sensing industry is maturing, driven by government initiatives and corporate efforts, with a primary business model focused on government clients (To G) [1][12] Regulatory Developments - The establishment of the Commercial Aerospace Office by the National Space Administration aims to streamline management of launch approvals and satellite operation licenses, addressing previous fragmented management issues in the aerospace sector [3] Future Trends and Challenges - The commercial aerospace industry is influenced by international military dynamics, competition in space computing, and domestic policy support, with significant technological breakthroughs expected to lower launch costs and enhance operational capabilities [2][14] - Companies like Yuanxin and Xingwang are planning multiple launches in 2026, indicating a robust future outlook for the industry [2][14] Key Players and Business Directions - Major companies in the remote sensing field include China Star Map and Aerospace Hongtu, focusing on both military and civilian applications, while also developing AI computing payloads [1][13] Conclusion - The commercial aerospace sector is poised for significant growth, driven by technological advancements, regulatory support, and increasing applications across various domains, making it an attractive area for investment opportunities [2][14]

Summary of Commercial Aerospace Conference Call Industry Overview - The conference call focused on the **commercial aerospace industry** and its recent developments, highlighting three significant turning points: policy, performance, and technology [1][2][3]. Key Points Policy Turning Point - The establishment of a dedicated bureau for commercial aerospace indicates the government's commitment to the industry, aiming to address challenges in **rocket reusability technology** and integrate advantages from the information and communication sectors [1][4][5]. - The government plans to introduce major companies like **Huawei** and **ZTE** to enhance satellite internet development towards **6G**, leveraging existing mobile communication industry strengths [3][6]. Performance Turning Point - Since August 2025, there has been a significant increase in **launch frequency** due to large-scale new project tenders, with companies like **Chen Chang** and **Zheng Lei** showing marked improvement in their performance during the first three quarters of the year [1][4]. - The commercial aerospace sector has outperformed the broader market, driven by the establishment of new companies and increased launch activities [2][10]. Technology Turning Point - The domestic liquid engine technology for **reusable rockets** is maturing, with breakthroughs expected in the first half of 2026. The industry is adopting a collaborative approach, involving multiple companies to tackle the challenges of rocket reusability [1][4][5][18]. - The **NTN (Non-Terrestrial Network)** system is crucial for the future of satellite internet, with China positioned to develop this system effectively due to its advanced **5G network** and clear **6G roadmap** [3][7]. Additional Insights - The commercial aerospace sector is viewed as a long-term investment opportunity rather than a short-term theme, with significant catalysts expected from the upcoming launches of reusable rockets and the establishment of new companies [10][15]. - The **ground terminal segment** is identified as the most valuable market within the commercial aerospace industry, with significant growth potential as user numbers and application scenarios increase [20]. - The **Shanghai Songjiang Satellite Internet Ecological Conference** revealed plans for over **7,000 satellites** and **500 rocket launches** in the next five years, indicating strong confidence in the industry's future [19]. Investment Recommendations - Investors are advised to focus on companies involved in the **rocket launch supply chain**, **satellite manufacturing**, and **ground terminal development**. Specific attention should be given to the upcoming test flights of new reusable rockets and the results of ground terminal tenders [21][22].

Core Insights - The Beidou satellite navigation system is rapidly integrating into daily life and various industries, serving as a "spatial-time engine" for technological revolution and future development [1][2][5] Group 1: Daily Life Integration - Beidou technology supports common activities such as navigation, food delivery, and ride-hailing, with significant adoption in smartphones and wearable devices [2][3] - In 2024, China's smartphone shipments are expected to reach 294 million units, with approximately 288 million supporting Beidou, resulting in an installation rate of nearly 98% [2] - The wearable device market for Beidou is projected to grow, with annual shipments expected to reach 47.95 million units by 2028 [2] Group 2: Enhanced Navigation Services - Beidou's high-precision navigation capabilities have improved user experience, with daily calls to Beidou services reaching 600 billion times [3] - The integration of Beidou technology in autonomous vehicles and smart public transport systems is transforming urban mobility [4] Group 3: Industrial Empowerment - Beidou is facilitating a full-chain spatial-time service ecosystem, enhancing various industries from transportation to agriculture [5][6] - In aviation, Beidou provides real-time tracking and data reporting for aircraft, while in rail transport, it supports autonomous positioning and operational adjustments [5] - The agricultural sector is seeing over one million Beidou terminal applications, enabling real-time data integration for efficient farming practices [6] Group 4: Future Developments - The next generation of Beidou is set to enhance precision in positioning and timing, supporting digital economy and deep space exploration [7][8] - A timeline for the next generation Beidou system includes key technology breakthroughs by 2025, pilot satellite launches by 2027, and full network deployment by 2035 [8] - The integration of communication, navigation, and remote sensing (referred to as "通导遥") is expected to significantly enhance Beidou's capabilities across various emerging fields [8]

Group 1 - The "2025 Shenzhen (Luohu) Aerospace Industry Conference and Cangyu Space-Based Global Capability Release" was held, marking the official launch of the world's first high-orbit commercial relay satellite project [1] - A total of 203 domestic and international aerospace organizations, research institutes, leading enterprises, and investment institutions participated in discussions on commercial aerospace technology innovation, industrial collaboration, and international cooperation [1][3] Group 2 - Luohu has chosen the aerospace industry as a breakthrough for industrial transformation and upgrading, establishing an aerospace industry innovation service platform that integrates resources from universities, research institutes, and enterprises [3] - The region has also set up a low-altitude economy demonstration base to provide testing and validation space for enterprises, gathering over 50 companies in satellite communication, remote sensing applications, and aircraft manufacturing [3] Group 3 - Li Deren, a recipient of the National Highest Science and Technology Award, emphasized the deep integration of spatiotemporal information with new technologies such as artificial intelligence, big data, and the Internet of Things, which will give rise to new productive forces in low-altitude economy and commercial remote sensing [5] - Christian Feichtinger, Executive Director of the International Astronautical Federation, highlighted the need for international cooperation in the peaceful use of space technology to address global challenges like climate change and disaster response [5] Group 4 - Cangyu Space, the first commercial aerospace company in mainland China focusing on high and medium orbit space-based information system construction and operation, announced the establishment of a research center for instant remote sensing based on relay communication in collaboration with Wuhan University [5] - The company plans to launch the Cangyu-1 high-orbit satellite by 2026, achieving 60% low-orbit coverage and 40% surface coverage, with a goal of completing a constellation of 13 satellites by 2030 for all-weather and all-time coverage [7]

Core Viewpoint - Beijing Economic-Technological Development Area (Yizhuang) aims to become a world-class commercial aerospace innovation hub by 2030, targeting "thousand enterprises linked, thousand stars launched, and thousand billion revenue" [2][3] Group 1: Industry Development - Over 160 aerospace companies have gathered in Yizhuang, with commercial rocket enterprises accounting for 75% of the national total and internet satellite companies leading in density [2] - A specialized fund for commercial aerospace has been established, with over 60% of municipal-level aerospace funds directed towards Yizhuang enterprises in the past two years [3] - A 14,000 square meter common research base is being developed, with over 20 rocket and satellite companies expressing intent to settle [3] Group 2: Strategic Initiatives - Yizhuang focuses on three core tasks: expanding the industrial cluster, deepening scenario demonstrations, and constructing aerospace districts [2] - The establishment of a reusable rocket technology innovation center and a commercial aerospace alliance has been initiated, enhancing collaborative innovation [3] Group 3: Integration with Urban Development - The integration of aerospace technology with AI and big data is being promoted to create demonstration scenarios in autonomous driving and smart cities [4] - A "Belt and Road" commercial aerospace cooperation initiative will be launched to support enterprises in expanding overseas launch services and satellite operations [4] Group 4: Future Outlook - Yizhuang plans to accelerate key project construction, aiming to build landmark buildings and benchmark factories according to world-class aerospace port standards [4]

Core Viewpoint - The 11th World Radar Expo showcases advanced technologies and products from China Electronics Technology Group Corporation (CETC), focusing on the theme of "Electromagnetic Intelligence for All, Innovation for the Future" [1] Group 1: Advanced Equipment - CETC presents over 100 types of electronic information equipment in the advanced equipment exhibition area, emphasizing the development of digital, networked, intelligent, and unmanned systems to create internationally competitive advanced equipment [2] - Various radar systems are displayed, including ballistic missile early warning radars designed for precise target identification and low-altitude target detection systems that operate independently of visibility conditions [4] Group 2: Digital and Intelligent Systems - The digital and intelligent systems exhibition area highlights CETC's capabilities in enhancing network information systems, promoting real-time integration, and accelerating independent innovation across the entire industry chain [5] - The "Smart Warrior" intelligent unmanned combat vehicle garners attention for its modular design, allowing for various operational configurations based on different mission requirements [7] Group 3: Low-altitude Economy - CETC actively engages in the low-altitude economy, focusing on air traffic management, key electronic equipment, and advanced regulatory systems, proposing a comprehensive low-altitude navigation system for safety and efficiency [8] - The low-altitude economic exhibition area features products such as meteorological drones and general aviation aircraft, with CETC holding a 90% market share in domestic flight training aircraft [10]

Group 1 - The core viewpoint of the articles highlights the rapid growth and transformation of China's commercial space industry, particularly in satellite manufacturing and deployment, with a focus on unlocking the value of satellite data [1][3][4] - China currently has approximately 100 registered satellite constellations, primarily commercial, with large-scale plans like the Qianfan constellation aiming to deploy over 10,000 satellites [1][3] - The industry is transitioning from traditional labor-intensive production to flexible, intelligent manufacturing processes, significantly increasing production capacity [3] Group 2 - The report from CCID Research indicates that the commercial satellite manufacturing sector in China is entering a mass production phase, with companies like Geshihangtian and Yanhai Aerospace ramping up their production capabilities [3][4] - By 2025, it is projected that China will have the second-largest number of satellites in orbit globally, with the satellite manufacturing market value expected to reach between 368.8 billion to 463.7 billion yuan by 2030 [3][4] - The application of satellite data is expanding across various fields, including communication, navigation, and remote sensing, with a notable shift towards international collaboration and service provision [4][5] Group 3 - Industry experts point out that the current usage of satellite data by clients is only a small fraction of the total available data, indicating a need for better alignment between supply and demand in the commercial space sector [5] - There is a call for the establishment of multi-dimensional market trading platforms and enhanced policy support to facilitate the practical application of satellite technologies [5]