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 ...

Core Viewpoint - The satellite internet industry is experiencing rapid growth, with Zhenyou Technology (688418.SH) reporting a revenue of 350 million yuan in the first half of 2025, driven by advancements in satellite communication technology and participation in national satellite internet infrastructure development [1][2]. Industry Development - The commercial space industry is projected to exceed 2.8 trillion yuan by 2025, with accelerated satellite internet deployment and a full industry chain being established [1][2]. - Recent successful launches of low Earth orbit satellites indicate a significant acceleration in China's satellite internet construction [1]. Policy Support - Guangdong Province has introduced policies to promote high-quality development in commercial space, including subsidies and tax incentives for satellite internet applications in various sectors [2]. - Analysts expect major satellite internet projects to enter an accelerated launch phase between 2025 and 2026, creating new development opportunities in the industry [2]. Company Performance - In the first half of 2025, Zhenyou Technology achieved domestic revenue of 202.08 million yuan and international revenue of 138.75 million yuan, indicating a strong global strategy [3]. - The company has become a key partner in core network business for major satellite groups and has secured multiple projects, including the exclusive supply of core network technology for Tian Tong One [3][4]. Technological Advancements - Zhenyou Technology is actively involved in the development of satellite communication technologies, including direct satellite connections for mobile phones and vehicles, contributing to the industry's growth [2][3]. - The company has also won contracts for high-throughput satellite ground core network systems, establishing a foundation for future 6G integration [4]. Market Outlook - The satellite internet market in China is expected to exceed 45 billion yuan by 2025, with Zhenyou Technology positioned to capitalize on industry growth through strategic planning and technological breakthroughs [4].