Core Viewpoint - Amazon is seeking a 24-month extension from the FCC to meet its satellite deployment deadline due to delays caused by external factors, aiming to compete with SpaceX's Starlink [3][4][9]. Group 1: Satellite Deployment and Network Plans - Amazon has committed at least $10 billion to develop its satellite network, now branded as Amazon Leo, which aims to provide internet services from space [2]. - The company has launched over 150 satellites since April and plans to deploy approximately 700 satellites by July 30, moving towards becoming the second-largest satellite constellation in orbit [7]. - Amazon has booked more than 100 launches and recently secured 10 additional launches with SpaceX and 12 with Blue Origin [5]. Group 2: Challenges and Delays - The company cites a shortage of rocket availability, manufacturing disruptions, and limitations on spaceport capacity as reasons for the delays in satellite deployment [3][6]. - Amazon's request for an extension is also based on the extended development timelines of next-generation launch vehicles, which have exceeded initial projections [6]. Group 3: Competitive Landscape - Amazon Leo's primary competitor is SpaceX's Starlink, which has over 9,000 satellites and approximately 9 million customers, while OneWeb operates with more than 600 satellites [8]. - Amazon has initiated an "enterprise preview" of Leo to select users ahead of a broader commercial launch [8]. Group 4: Regulatory Considerations - The company argues that denying the extension would undermine the FCC's goals of expanding spectrum access and promoting rapid deployment, noting that similar extensions have been granted in the past [9]. - Amazon emphasizes that an extension would facilitate ongoing deployment efforts, while strict enforcement of deadlines could disrupt its plans [10].

（来源：吴说） 特朗普家族关联的加密项目 World Liberty Financial 已与低轨卫星初创公司 Spacecoin 达成合作，探索基 于卫星互联网的 DeFi 应用。Spacecoin 表示，双方合作包含一次代币互换，但未披露具体条款，目标是 在传统金融基础设施覆盖不足的环境中推进支付与结算场景。Spacecoin 正构建低轨卫星网络，已发射 3 颗卫星，定位为去中心化物理基础设施（DePIN）方案。（The Block） ...

股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 据媒体报道，SpaceX在提交给FCC的最新文件中表示，计划在2027年推出大幅改进的第二代直连设备系 统。截至2025年底，第一代星链已为超4亿人提供服务，每月活跃用户超600万。FCC本月已批准SpaceX 的申请，允许其再部署7500颗第二代星链卫星，以提升全球互联网服务能力。 SpaceX计划通过星舰飞船实现每日25次以上的发射频率，支撑每年100万吨卫星部署所需的运载能力。 截至2025年12月，星链在轨卫星总数已超过9000颗，占全球在轨卫星的72%。去年12月，中国向国际电 信联盟（ITU）提交了超20.3万颗卫星的频率与轨道资源申请，创下国内卫星星座申报纪录。这意味 着，未来十年全球将迎来卫星发射高峰。 据机构预测，2026年起中国将正式进入卫星互联网高频组网阶段。中国星网GW星座计划发射12992颗 卫星，千帆星座则计划在2030年后冲刺1.5万颗卫星的全球组网目标。在SpaceX星链产业链中，一批具 备技术壁垒和供应链优势的公司已经深度切入全球供应链，迎来业绩爆发期。 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The commercial aerospace sector is entering a fast track, with a focus on the humanoid robotics industry [1] - The humanoid robotics industry chain is expected to expand, with significant potential for labor replacement, especially in high-risk work environments [12][17] Weekly Market Review - Major A-share indices showed a notable rebound, with weekly changes for the CSI 300, ChiNext 300, Sci-Tech 50, CSI 500, CSI 1000, and the humanoid robotics index being -0.57%, 1.39%, 2.58%, 2.18%, 1.27%, and 1.48% respectively, with the Sci-Tech 50 showing the most significant recovery [2][11] - The humanoid robotics sector has shown an upward trend since the beginning of the year, despite a slight pullback in Q4 2025 due to slower-than-expected expansion of downstream application scenarios [12] Emerging Industry Company Tracking and Industry Events - The establishment of the humanoid robotics and embodied intelligence standardization technical committee by the Ministry of Industry and Information Technology is a positive development for the humanoid robotics industry chain, with key companies including Hengshuai Co., Junpu Intelligent, Anpeilong, Keda Li, Lens Technology, Changying Precision, Sanhua Intelligent Control, Fengmao Co., Top Group, and Wuzhou Xinchun [17] - Guangdong has launched its first provincial-level drone governance system, creating a drone resource pool and a provincial management platform, with related companies including Xindong Link, Wanfu Aowei, Wolong Electric Drive, and Zongshen Power [17] - The recent approval of over 200,000 satellite frequency resources by China to the ITU indicates a strategic move towards satellite internet, with the Wireless Innovation Institute expected to play a key role in integrating industry resources [20]

Starlink 专题：航天商业革命先驱深度解析 20260116 摘要 Starlink 旨在解决全球互联网接入难题，尤其关注偏远地区，通过低轨 卫星提升接入速度，目前下载速度达 200Mbps，目标是 1Gbps，以支 持自动驾驶和人工智能等高阶应用。 Starlink 是 SpaceX 的核心业务，2025 年收入占比达 74%，贡献 123 亿美元，SpaceX 计划 2026 年中后期上市，目标估值 1.5 万亿美元， Starlink 项目估值或达 1 万亿美元。 Starlink 工程架构类似地面互联网，由终端、卫星和地面站组成，技术 关键在于卫星端。低轨卫星在通信延迟和频段资源利用上优于高轨卫星， 但低轨频段资源稀缺，受国际电信联盟严格管理。 截至 2025 年底，Starlink 计划部署 4.2 万颗卫星，已累计发射 10,839 颗，在轨 9,395 颗，占全球活跃通讯卫星总数 89.4%。星链经 历六次迭代，V2 Mini 版本引入星间链路，显著降低通信延迟，并实现 手机直连功能。 地面站是卫星信号接入核心网的关键，截至 2025 年底，Starlink 在全 球部署超过 150 个地 ...

Key Points AST SpaceMobile can now bid as a prime contractor for missile defense projects. The company generates little revenue and has a market cap of $40 billion. The stock is wildly overvalued right now. 10 stocks we like better than AST SpaceMobile › Shares of AST SpaceMobile (NASDAQ: ASTS) popped again this week, according to data from S&P Global Market Intelligence. The company is a start-up working to build a satellite constellation that can beam internet connectivity directly to smartphon ...

值得关注的是，2025年Starlink在手机直连卫星（Direct to Cell，DTC）业务上取得了快速且突破性的进展，打造了由650多颗卫星组成的第一 代DTC星座，已在六大洲投入运营。更关键的是，Starlink去年通过收购获得了宝贵的移动通信频谱资源，从而具备了撇开传统运营商、独立 向用户提供DTC服务的可能性。马斯克曾暗示："用户未来可以不再依赖传统运营商，而是通过Starlink实现真正的'全球漫游'"。 新年伊始，Starlink披露了2025年"战绩"，表现相当亮眼：用户规模实现爆发式增长，2025年新增用户规模相当于过去数年净增规模的总和； 业务覆盖新增35个国家/地区，已在全球155个国家/地区提供连接服务；超过1400架商用飞机装备了Starlink系统，乘客体验网速超过200Mbps； 已连接全球超过15万艘船舶，2025年为2000万名邮轮乘客提供高速网络服务…… 2026年，Starlink将打造新一代DTC卫星星座，系统总容量相比第一代星座大幅提升，从而"在大多数环境下，实现完整的5G蜂窝网络连接， 其体验可与当前的地面服务相媲美"。 至此，"狼"真的来了。Starlink ...

Core Viewpoint - AST SpaceMobile has seen a significant stock increase of 244% in 2025, positioning it as one of the top-performing stocks globally, as it aims to provide direct internet access to smartphones through its satellite technology [1]. Group 1: Company Overview - AST SpaceMobile is focused on building a satellite constellation that will enable direct internet connectivity to smartphones, eliminating the need for traditional satellite dishes [3]. - The company has successfully launched six satellites into orbit and plans to deploy an additional 40-50 satellites to establish a working service in key markets including the United States, Europe, and Japan [3]. - AST SpaceMobile is collaborating with telecommunications carriers like Verizon to bundle its services, which is expected to accelerate revenue growth once the satellite constellation is operational [4]. Group 2: Financial Considerations - The company has incurred nearly $1 billion in cash flow losses over the past year, indicating significant financial challenges as it continues to develop its technology [3]. - Despite the potential for substantial future revenue, with projections of tens of millions of customers generating billions annually, the current market capitalization stands at $24 billion with minimal revenue generation [7]. - Even if AST SpaceMobile achieves $1 billion or $5 billion in revenue, it will still face a premium valuation due to the high costs associated with building and launching its satellite infrastructure [7].

Group 1 - Starlink, owned by Elon Musk, is providing free satellite internet service in Venezuela until February 3, 2025, to support connectivity amid political turmoil following a U.S. military operation [1][2] - The announcement of free service coincided with reports of a U.S. military operation that led to the arrest of President Nicolás Maduro [3] - Starlink has positioned itself as a vital communication tool during emergencies and conflicts, enhancing its global presence [2][5] Group 2 - Starlink operates in over 115 countries and has the largest constellation of low-Earth-orbit satellites, making it a dominant player in the satellite internet sector [5] - The demand for reliable broadband in underserved regions has increased, further solidifying Starlink's market position against competitors like Amazon-backed Project Leo [5]

Core Viewpoint - SpaceX is planning to go public in 2026 with a potential valuation of $1.5 trillion, which would make it the largest IPO in history [1][2]. Company Overview - SpaceX is closely associated with Elon Musk and is known for its rocket launches, with about 70% of its revenue coming from Starlink, a satellite internet service [3][4]. - Starlink has grown significantly, reaching over 8 million subscribers, up from just 1 million a few years ago, indicating its rapid expansion as a global telecom platform [4]. Financial Projections - SpaceX's revenue was estimated at $1.4 billion in 2020, with a projected increase to $15.5 billion by 2025, reflecting a substantial growth trajectory [8]. - The company aims for a public market valuation of $1.5 trillion, which would imply a trading multiple of approximately 100 times sales based on current revenue estimates [9]. Market Comparisons - The closest comparable public company is Rocket Lab, which has a market cap of about $30.3 billion, highlighting the significant scale difference between SpaceX and its competitors [5]. Business Model Insights - SpaceX's business model includes three main components: rocket launches for NASA and other payloads, revenue from Starlink, and the development of reusable rockets, which could drastically reduce launch costs from $1,500 per kilogram to under $100 per kilogram [7][9]. - The success of the fully reusable Starship rocket is critical for SpaceX's future, as it could enable the company to carry larger payloads and enhance its competitive edge [8]. Investment Sentiment - Analysts express skepticism about the high valuation, suggesting that a $1.5 trillion valuation may not be justified based on current revenue and growth trends [10]. - There is a consensus that potential investors should consider waiting for a better entry point post-IPO, as initial hype may inflate the stock price temporarily [10][11].