技术迭代与资源禀赋构筑行业护城河 航天测运控环节具备技术壁垒与资源禀赋的双重稀缺性。技术层面，企业需突破数万千米超远距离数据 传输、多星并发测控、AI智能调度等关键技术——例如天链测控通过融合毫米波通信与边缘计算，将 单星日下行测控弧段提升至22圈，数据时延控制在秒级;星图测控自主研发的洞察者软件平台，支撑500 颗卫星及10个星座的长期管理，在"一箭41星"任务中实现多目标同时跟踪。资源层面，全球测控站网布 局与频谱资源获取具有强先发优势，如寰宇卫星建成国内"大三角"(新疆、黑龙江、海南)及海外站点组 成的全球网络，境内太阳同步轨道覆盖率达100%，全球覆盖率超85%。这种"技术+资源"的双轮驱动， 使得头部企业可通过规模化运维摊薄成本，形成"强者恒强"的马太效应。 东北证券发布研报称，随着全球低轨卫星互联网进入万颗级部署阶段，卫星全生命周期管理需求呈指数 级增长。该行预计2025年后随着可回收火箭的进展整个卫星互联网行业将迎来加速发展，其中测运控作 为卫星产业核心环节之一，将直接受益需求增长且具备较强确定性。测控方向有望量价齐升，成为未来 卫星互联网行业投资重点，推荐关注唯一上市公司星图测控(920116 ...

[Table_Title] 证券研究报告 / 行业深度报告 商业航天按下加速键，测运控环节如何量价齐升 报告摘要： [Table_Summary] 行业爆发式增长驱动测运控需求爆发。航天测运控行业正站在低轨卫星 互联网规模化部署的历史转折点，随着全球低轨星座计划从数千颗向数 万颗量级跃进，卫星全生命周期管理需求呈指数级增长——单星从入轨 初期的轨道捕获、状态标定，到运营阶段的轨道维持、碰撞规避，再到 退役前的受控再入，每环节均需高频次测控支持。而在政策层面，国家 将商业航天连续两年写入政府工作报告，地方政府密集出台支持政策， 推动测运控基础设施向"天地一体、全球覆盖"升级。预计 2025 年后随 着可回收火箭的进展整个卫星互联网行业将迎来加速发展，其中测运控 作为卫星产业核心环节之一，将直接受益需求增长且具备较强确定性。 技术迭代与资源禀赋构筑行业护城河。航天测运控环节具备技术壁垒与 资源禀赋的双重稀缺性。技术层面，企业需突破数万千米超远距离数据 传输、多星并发测控、AI 智能调度等关键技术——例如天链测控通过融 合毫米波通信与边缘计算，将单星日下行测控弧段提升至 22 圈，数据 时延控制在秒级；星图测控自主 ...

航天测运控系统是航天工程重要分系统之一，是对航天器进行测量与控制的软件系统，是航天器与地面控制中心、用户中心唯一的联系通道。其 功能和性能在很大程度上决定了整个航天器系统的能力。该系统适用于运载火箭、中低轨卫星、同步轨道卫星、深空探测器的测控与信息传输， 具有遥控、遥测、跟踪定位与数据传输等综合功能。 太空作为人类发展的第四空间，太空开发国际竞争愈演愈烈、已成为大国博弈的焦点。为满足航天器更长在轨时间的需求，提升遂行任务能力， 在轨服务与制造技术得到长足发展，各国加大了数字技术和智能技术在航天领域的应用推广力度。 航天测控是航天器升空后天地通信的关键链路，发挥天地之间信息传输的"高速路"作用，是航天产业高度专业化的细分领域。航天测控的主要功 能是对航天器进行跟踪测量、接收星上遥测数据、发送遥控指令进行航天器的姿态控制与轨道控制等。在各国争夺太空资产趋于白热化的背景 下，航天测控已成为航天器应对复杂太空环境、恶劣太空安全形势的关键，是航天器发挥性能、维持寿命的决定性因素，更是太空资产至关重要 的工具。航天测控管理主要通过提供航天任务全生命周期各阶段的测控管理服务，例如轨道确定与控制、碰撞预警与规避，协助运营方提 ...

Investment Rating - The report maintains an "Increase" rating for the industry, indicating an expected increase of over 10% relative to the benchmark index in the next 6-12 months [3][48]. Core Insights - The North Exchange 50 Index has shown a significant increase of 6.84% this week, closing at 1439.63 points, outperforming major indices such as the Shanghai Composite and the ChiNext [3][14]. - The North Exchange has a total of 268 constituent stocks with an average market capitalization of 3.139 billion [3][14]. - The North Exchange has led the A-share market with a cumulative increase of 38.72% year-to-date, surpassing the Hang Seng Index's increase of 21.06% [43]. Summary by Sections 1. North Exchange Market Overview - The North Exchange 50 Index's performance this week was strong, with a closing increase of 6.84% [3][14]. - The top five performing sectors in the A-share market this week were Computer, Defense Industry, Non-bank Financials, Communication, and Electrical Equipment, with increases of 7.70%, 6.90%, 6.66%, 5.53%, and 5.11% respectively [28][31]. 2. New Stocks on the North Exchange - Guangxin Technology (920037) officially listed on the North Exchange on June 26, becoming the 268th listed company, and saw a remarkable first-day increase of 500% [3][36]. 3. Key News from the North Exchange - The North Exchange has recorded a total of 26 stocks that have doubled in value this year, primarily driven by technology innovation companies [43]. 4. Investment Strategy for the North Exchange - The report suggests focusing on several sectors for the second half of 2025, including: 1. Data Centers: Shuguang Jiaochuang (leading in liquid cooling technology) 2. Robotics: Suzhou Axis (leading in needle roller bearings), Audiwei (ultrasonic sensor "little giant"), JunChuang Technology (benefiting from lightweight trends), and Fuheng New Materials (PEEK materials) 3. Semiconductors: Hualing Co. (leading third-party testing in semiconductors) and Kaide Quartz (domestic leader in 12-inch semiconductor quartz devices) 4. Consumer Goods: Taihu Snow (first silk stock of new national goods), Boshenglong (first creative packaging stock), Lusi Co. (first pet food stock on the North Exchange), Kangbiter (first sports nutrition stock on the North Exchange), and Thunder God Technology (leading in AI + glasses applications) 5. Military Information Technology: Chengdian Guangxin (driven by military aircraft upgrades) and Xingtum Control (rare aerospace measurement and control target benefiting from satellite internet construction) [44].