春节刚过，昊盛科技集团副总裁林海峰就打点行李准备奔赴安徽合肥。"我们与当地的高频轨卫星合作 项目正在加紧推进当中。"手握珍贵高频轨资源的昊盛科技集团，决定将项目落地合肥，春节前后的一 段时间，林海峰多次往来合肥。 然而，合肥没有选择当时被热捧的火箭制造，而是走了一条看似迂回但更稳健的路：从有明确付费意愿 的下游应用切入，以应用养研发，以市场育制造。 "我们关注的不只是技术有多前沿，而是商业运营模式。离开政府输血后，让企业自己能活得下去。"李 青山说，"那时还没有这么多的卫星发射需求，庞大的生产基地如何消化未来的产能？"经过对头部火箭 企业的深度调研，他们发现大型可回收火箭的商业逻辑并不清晰。 遥感数据应用成为理想的起点。合肥把目光瞄向国土监测、环保督察、农业估产、应急救灾——这些政 府与行业的需求真实且持续，能为数据服务公司带来稳定的现金流。 2021年11月，中国科学院空天信息创新研究院与合肥市政府签署全面合作协议，中科星图"GEOVIS数 字地球全球总部项目"落地合肥。 "我们从下游的应用做起，逐步感知到数据获取、处理环节的痛点，再向卫星测控乃至卫星制造延 伸。"中科星图副总裁李会丹说。 2025年，商业 ...

010 10 10 10 19181 e E t l E ting C / 1 LATE LEA H ● M □四川日报全媒体记者 祖明远科学布局构建"箭星器数"产业生态。目前已集聚九洲北斗、星际荣耀等商业航天产 业链重点企业及关联企业近30家，产业规模超30亿元。预计到2030年，实现商业航天产业规模超200亿元的目标完 善机制将商业航天产业纳入"587+"产业体系，由市级领导担任产业链链长，绵阳科技城管理委员会分管领导担任 执行链长明晰方向制定航空航天产业链图谱，明确上中下游发展的重点领域和细分行业。确定打造以涪城为火箭 发动机、游仙为载人航天器、北川为通航产业、科技城新区为卫星应用、经开区为航空电子元器件的重点产业承 载地在四川星际荣耀航天动力有限责任公司（下称星际荣耀）火箭发动机厂区，工人们正忙着调试设备，为接下 来的大规模组装生产做准备；在绵阳科技城科技创新和产业创新融合发展三处，工作人员忙着走访调研火箭发动 机企业，谋划建设火箭发动机、整箭试车共享平台……2月24日，春节假期后上班首日，绵阳多个商业航天企业与 相关部门又进入了忙碌状态。2026年初，国际电信联盟（ITU）官网公布的信息显示，我国提 ...

周恒 制图 ◎记者 刘怡鹤 10万颗、20万颗、100万颗……这些数字不是天上星星的数量，而是全球计划发射的卫星数量。 尽管这些卫星大多仍处于申报阶段，却一次次刷新了人们对商业航天产业的认识和想象。为何卫星部署 规模呈现爆发式增长？近地轨道空间能否容纳？从普通人的生活到地球生态，大量卫星又将带来哪些改 变？ 上海证券报记者采访专家了解到，在各国锁定太空资源和卫星技术普及化的趋势下，大规模卫星申报和 部署成为必然趋势，奠定广阔卫星应用的基础。未来，"+卫星""卫星+"将如同"互联网+""+互联网"，培 育出繁荣的服务生态。不过，在部署更多卫星的同时，既要打通卫星应用"最后一公里"的商业化堵点， 也要关注尚未被充分认识的潜在影响。 卫星申请数量屡创新高 锁定稀缺太空资源 当地时间2月4日，美国联邦通信委员会（FCC）主席布伦丹·卡尔（Brendan Carr）发布SpaceX轨道数据 中心受理及征求意见公告。他在社交媒体平台上表示："FCC欢迎SpaceX公司提交的轨道数据中心申 请，并开始就此征求意见。" 1月30日，SpaceX向FCC提交了上述申请，内容为"一个拥有前所未有的计算能力的卫星星座，可为先进 的 ...

Core Insights - Chongqing is actively developing the aerospace information industry, with the establishment of a private equity investment fund focused on the low-altitude economy, amounting to 2 billion yuan [2] - The fund is a collaboration between central and local entities, featuring a dual GP model and multiple LPs contributing significant capital [2] - A larger capital layout is anticipated, with plans for a 10 billion yuan fund targeting the aerospace information sector [4] Group 1 - The Aerospace Information Low-altitude Economy Private Equity Investment Fund was established in Chongqing's Liangjiang New Area with a total investment of 2 billion yuan [2] - The fund consists of six partners, including two general partners and four limited partners, with significant contributions from state-owned enterprises [2] - The establishment of this fund marks the beginning of a larger capital strategy aimed at the aerospace information industry [3] Group 2 - Chongqing's aerospace information industry has made initial achievements, focusing on satellite internet and integrated navigation and remote sensing [5] - The industry has developed a matrix of enterprises and a supply chain covering chip modules, terminal manufacturing, and system integration [5] - Future plans include enhancing industry connections through events and forums, attracting leading companies, and promoting investment policies [5] Group 3 - The strategy for developing the aerospace information industry in Chongqing is characterized by a sophisticated approach, combining industry expertise with capital operations [5] - The focus is on achieving breakthroughs in communication, navigation, and remote sensing to establish sustainable competitiveness in the aerospace information sector [5]

Group 1 - The construction of low Earth orbit (LEO) satellite constellations is accelerating, with increasing competition for orbital and spectrum resources [4] - LEO satellites are favored for their low latency and global coverage, making them central to commercial space development [4] - The industry is shifting from traditional frequency bands (C, Ku) to higher frequency bands (Ka) to support high-throughput data transmission [4] Group 2 - Satellite platforms and payload technologies are continuously advancing, leading to improved satellite performance and reduced costs [5] - Satellite platforms are becoming more integrated and intelligent, utilizing lightweight materials and modular designs [5] - Payloads are evolving towards multifunctionality and software-defined capabilities, enhancing communication and remote sensing applications [5] Group 3 - Commercial applications of satellites are expanding beyond traditional communication to include IoT, aviation, maritime, and emergency response [6] - Starlink exemplifies this trend with a diverse business model that includes home broadband and mobile services, resulting in rapid user growth and revenue [6] - Future trends such as integrated communication-navigation-remote sensing and AI processing on satellites will further enhance service capabilities and market potential [6]

Investment Rating - The report maintains a "Buy" rating for the aerospace sector, particularly focusing on low Earth orbit (LEO) satellite communications and applications [5]. Core Insights - The construction of low Earth orbit satellite constellations is accelerating, with increasing competition for orbital and spectrum resources. LEO satellites are becoming a core direction for commercial space development due to their low latency and global coverage advantages [1][2]. - The industry is transitioning from traditional C and Ku frequency bands to higher frequency bands like Ka to support high-throughput data transmission. This shift is essential for meeting the growing demand for quality communication services in mobile applications and the Internet of Things (IoT) [1][2]. - The commercial application scenarios for satellites are expanding beyond traditional communication to include IoT, aviation, maritime, and emergency disaster reduction, indicating a significant market potential [3]. Summary by Sections 1. Industry Overview - LEO satellites are favored for real-time communication and global IoT connectivity due to their low transmission loss and delay. The competition for LEO orbital resources is intensifying as countries accelerate their satellite deployment efforts [1][19]. - The report highlights the importance of satellite platform and payload technology advancements, which are driving improvements in satellite performance and reductions in manufacturing costs [2][4]. 2. Commercial Applications - The report emphasizes the diversification of satellite applications, with examples like Starlink, which has developed a multi-faceted business model including home broadband, mobile services, and aviation maritime communication [3][66]. - The advancements in hyperspectral payload technology are opening new avenues for satellite applications in mineral exploration and agricultural monitoring [4][25]. 3. Investment Recommendations - The report suggests focusing on the mobile application and IoT markets, as well as the satellite navigation sector, particularly in areas like vehicle networking and wearable device navigation [4][27]. - It identifies key companies to watch in the satellite and rocket sectors, including Shaanxi Huada, Shanghai Port, and others, as they are positioned to benefit from the upcoming surge in satellite launches [4][66].

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]