(全国两会)航天科学家周斌：让商业航天"既好用、也用得起" 中新社广州2月27日电 (记者 程景伟)"要进一步降低发射成本和应用成本，构建从火箭、卫星研制到发 射服务、应用终端乃至数据开发的完整产业链，让商业航天既好用、也用得起。"全国人大代表、广东 大湾区空天信息研究院总工程师周斌日前接受中新社记者采访时说。 周斌曾先后担任嫦娥三号测月雷达第一副主任设计师，嫦娥四号测月雷达、嫦娥五号月壤结构探测仪、 天问一号火星车次表层探测雷达主任设计师。 近年来，商业航天正激发从新材料、精密制造到电子信息、数据应用的全产业链创新，释放出强劲 的"链"动效应。在周斌看来，中国商业航天产业特别是商业卫星互联网建设，在政策和市场的双轮驱动 下，正展现蓬勃的发展势头，已成为推动经济增长和技术进步的重要力量。 "目前商业航天主要的应用场景包括卫星互联网、卫星遥感、卫星导航等，前景十分广阔。"周斌指出， 像粤港澳大湾区就拥有辽阔的海域，不论是推进海洋经济建设，还是开展海洋环境保护，对卫星通信和 遥感都有着越来越大的需求，下游市场潜力巨大。 周斌建议，要通过政策支持和推动更多商业航天基础设施建设，优化准入政策，给产业发展带来信心和 活 ...

2月12日，一枚欧洲阿丽亚娜6型运载火箭从法属圭亚那库鲁航天中心升空，为美国亚马逊公司的低地轨 道卫星计划（Amazon Leo）部署32颗卫星。此次发射是多国竞相布局卫星互联网的又一缩影。 卫星互联网是一种通过人造地球卫星作为信号中转站，为用户提供宽带互联网接入服务的通信网络系 统。随着技术进步与需求爆发，该系统已从地面通信网络的补充，演变为数字时代的关键太空基础设 施。 太空组网竞争"升温" 美国企业正密集布局卫星互联网。其中，美国太空探索技术公司推进最快，其"星链"项目2019年开始部 署卫星，目前在轨卫星超过9000颗，服务用户超900万，是全球规模最大、部署最快的低轨卫星互联网 系统。 美国亚马逊公司、蓝色起源公司、AST太空移动公司等企业也推出自己的卫星互联网项目，只是在组网 规模、目标客户、应用场景等方面存在差异。例如，蓝色起源公司的卫星互联网项目"泰拉波"系统专门 面向企业级用户，AST太空移动公司则主推卫星与普通智能手机直连服务。 新华社北京2月13日电 新闻分析｜为何各国争相"上天"组网 新华社记者 分析人士认为，卫星互联网具有诸多优势，已成为太空领域的关键基础设施。首先，其覆盖能力有助补 ...

Group 1 - The core viewpoint of the news is that the Chinese government is advancing the low-altitude economy through a series of policies aimed at establishing a comprehensive infrastructure by 2027, with a projected market size of 1.5 trillion yuan by 2025 [1][2][3] - The Ministry of Industry and Information Technology (MIIT) emphasizes that low-altitude infrastructure is crucial for the healthy development of the low-altitude economy, which includes both traditional aviation systems and new-generation communication facilities like 5G and satellite internet [3][4] - The implementation of the new policies is expected to create significant opportunities for various market players, including telecommunications companies, drone manufacturers, and low-altitude service providers, by establishing a complete support service system for low-altitude operations [5][6] Group 2 - The recent policies indicate a shift from conceptual exploration to practical implementation in the low-altitude economy, with cities like Shenzhen, Guangzhou, and Shanghai leading the way in infrastructure development and application testing [2][3] - The MIIT has outlined ten key tasks to enhance low-altitude communication network coverage and improve navigation services, which will involve leveraging existing 5G infrastructure and encouraging collaboration between telecom companies and government departments [4][5] - The low-altitude economy is expected to focus on urban air traffic applications, including urban governance, aerial transportation, and logistics, which are anticipated to be the first to achieve commercial viability [5][6]

到2027年，全国低空公共航路地面移动通信网络覆盖率不低于90%。 工业和信息化部信息通信发展司有关负责人表示，目前，我国已建成全球技术领先、规模最大的信息通信网络，信息通信企业正在积极开展基于5G/5G-A 技术的低空通信、感知等实践探索，形成低空物流配送、水域巡检、警务安防等典型应用场景，但仍面临应用需求待挖掘、技术标准待成熟、产业生态待 完善等挑战。 在此背景下，工业和信息化部会同有关部门研究出台了《意见》，坚持需求牵引和问题导向，持续提升信息通信业技术基础能力、产业供给能力、网络支 撑能力和安全保障能力，为低空经济健康有序发展提供坚实基础。 《意见》围绕低空通信、监视、导航、智能网联系统等信息类基础设施，提出按需推进低空场景通信网络覆盖、探索构建多元探测协同服务能力、助力提 升导航精准服务水平、支撑构建低空智能网联系统等4方面重点任务。 低空基础设施是低空经济发展的重要底座。 工业和信息化部等五部门联合印发的《关于加强信息通信业能力建设 支撑低空基础设施发展的实施意见》（下称《意见》）10日对外发布。 《意见》提出，到2027年，全国低空公共航路地面移动通信网络覆盖率不低于90%，多元融合感知方案进一 ...

到2027年，全国低空公共航路地面移动通信网络覆盖率不低于90%。 低空基础设施是低空经济发展的重要底座。 工业和信息化部等五部门联合印发的《关于加强信息通信业能力建设 支撑低空基础设施发展的实施意见》（下称《意见》）10日对外发布。 《意见》提出，到2027年，全国低空公共航路地面移动通信网络覆盖率不低于90%，多元融合感知方案进一步完善成熟，低空导航服务水平持续提升，研 制不少于10项信息类基础设施标准，面向城市治理、物流运输、文旅等领域形成一批典型低空应用场景。 《意见》围绕低空通信、监视、导航、智能网联系统等信息类基础设施，提出按需推进低空场景通信网络覆盖、探索构建多元探测协同服务能力、助力提 升导航精准服务水平、支撑构建低空智能网联系统等4方面重点任务。 根据《意见》，在充分利用现有公众移动通信设施等基础上，综合采用地面移动通信、卫星通信与其他通导监技术等多元化技术手段，支撑低空应用发 展。结合低空经济发展规模，围绕关键技术、网络部署、应用适配等方面加强试验验证，做好技术和产业储备，探索形成可复制推广的解决方案和经验做 法。 朱克力对第一财经表示，此次政策最突出的亮点，在于坚持集约复用、多元协同的建 ...

Core Insights - SpaceX is shifting its focus to building a "self-expanding city" on the Moon, with a potential timeline of less than 10 years for this goal, while Mars colonization may take over 20 years [1] - The global competition for space resources is intensifying, with increased capital inflow expected in related sectors, driven by initiatives like the Moon and Mars city plans [1] Industry Developments - In the satellite internet sector, following China's proposal for over 200,000 low Earth orbit satellites, Musk announced a plan for one million satellites, with 2026 anticipated to be a peak year for commercial launches [1] - The space solar power project is currently in the technology validation phase, and if integrated with SpaceX's lunar base energy system, it could create a closed energy loop between space and Earth [1] - Both Chinese and American companies are proposing plans to deploy AI satellite data centers in space to meet the growing global demand for AI computing power [1] Market Outlook - The commercial space industry is expected to enter a boom period from 2026 to 2027, with accelerating demand for launch services and satellite networking [2] - The commercial space sector will facilitate the emergence of new business models such as space tourism and space manufacturing, with Morgan Stanley predicting the global space economy will exceed $1 trillion by 2030, and Bank of America forecasting a $2.7 trillion industry by 2040 [2] - In the A-share market, the commercial space sector is transitioning from technology validation to industrialization, presenting opportunities for valuation increases in related stocks, particularly in satellite internet, space computing, space solar power, and commercial rockets [2]

[Table_Date] 2026 年 02 月 08 日 [Table_Title] 关注商业航天，坚定算力基建扩张 证券研究报告|行业点评报告 [Table_Title2] 通信 [Table_Summary] 1、关注商业航天，持续进展催化市场关注度上升 当前时点，国内低轨卫星批量发射已进入实质阶段，与商业航天 高度重合，在相关政策、产业驱动，卫星网络作为 6G 网络建设基 础，当前时点建设确定性较强。伴随可回收火箭预研阶段开启首 个发射项目，后续多家商业火箭可回收发射计划有序进展，商业 航天进入加速落地阶段，卫星互联网发展势头迅猛，星座常态化 发射，实现通信容量增大，时延降低，同时有望看到手机宽带直 连卫星与低轨卫星网联智能驾驶系统的相关应用快速落地。卫星 通信、卫星物联网相关受益标的。 2、四部门发文加快培育数据流通服务机构 当前时点，面临近期的流动性担忧以及外围风险厌恶情绪传 导，我们预计市场仍将保持震荡，板块建议相对谨慎，中性配 置。 尽管短期市场对海外加大资本开支背景下 AI 相关收入的疑 惑，以及对 AI 软件板块受挫，但是我们认为目前 AI 发展阶段 仍处于 Scale up 和 Scal ...

Core Insights - The third Xiong'an Future City Scenario Conference released the first batch of scenario demands, covering 564 items across 9 cutting-edge areas, with a total investment of 9.29 billion yuan [1] - The demand list includes 41 items related to aerospace information, with an investment of 1.06 billion yuan [1] Group 1: Satellite Internet and Beidou Applications - The "Satellite Internet+" scenarios include demands for satellite communication on CNOOC drilling platforms, integrated water monitoring for the Juyun River, and intelligent monitoring for the South-to-North Water Diversion project [1] - The "Beidou+" scenarios encompass underground space positioning and navigation in the Xiong'an startup area, safety monitoring for electric bicycles in Haidian District, and communication navigation for the Baihetan hydropower hub [1] Group 2: Aerospace Manufacturing Services - The aerospace manufacturing service scenarios include environmental simulation experiments for polar aerospace equipment in Zhangjiakou and verification of aerospace material preparation, as well as secondary ignition verification for reusable rocket engines in Caofeidian [1]

Summary of Conference Call Notes Company and Industry Involved - The focus is on **信科移动 (Xinke Mobile)** and the **satellite internet industry** in China, particularly in relation to competitors like **华为 (Huawei)** and **中兴 (ZTE)** Core Points and Arguments 1. **Market Concerns**: There are rumors among investors that: - Chinese satellite internet may not achieve commercialization - Xinke Mobile's second-generation satellite payload is inferior to those of Huawei and ZTE - As a result, Xinke Mobile's stock dropped by 8.4% in early trading [1] 2. **Starlink's Validation**: - Starlink has demonstrated the commercial and strategic value of global communication infrastructure - Xinke Mobile, leveraging China's manufacturing advantages, is expected to be economically competitive with Starlink once satellite and rocket capabilities are established [1][2] 3. **User Preferences**: - Overseas users are seeking alternatives to US-based services for reasons of economic viability and information security [1] 4. **Competitive Landscape**: - Xinke Mobile's main competitor in the domestic satellite internet and 6G industrialization process is Huawei - Xinke Mobile is a key player in developing communication protocols for the satellite network, holding a significant position in the global 5G NTN standards [1] 5. **Progress and Partnerships**: - Xinke Mobile has completed payload in-orbit verification, leading ahead of competitors like Huawei and ZTE [2] - The second-generation system involves numerous suppliers, with the final market share dependent on technology, cost, and efficiency [2] 6. **Feasibility and Future Plans**: - The second-generation system has completed feasibility studies, with Xinke Group planning approximately 30,000 satellite launches [2] - The system will adopt a 5G NTN framework, which is expected to unify standards for 6G and global satellite internet [2] Other Important but Overlooked Content - There is a concern among end-users and some satellite manufacturers regarding the collaborative culture of certain companies, which may affect partnerships and market dynamics [2]

Investment Rating - The mechanical equipment sector is rated as "stronger than the market" based on its relative performance compared to the CSI 300 index [2][25]. Core Insights - The mechanical equipment sector experienced a decline of 3.49% this week, while the CSI 300 index increased by 0.08%. The best-performing sub-sector was other automation equipment, which rose by 2.93% [2][3][4]. - The report highlights the potential growth in the satellite internet industry, particularly with SpaceX's application to launch up to 1 million satellites, which could enhance AI applications and create a stable business model in China [2]. - In the semiconductor equipment sector, ASML's recent performance exceeded expectations, indicating strong demand and a positive outlook for global wafer fabrication capacity [2]. - The humanoid robot segment is expected to benefit from advancements in hardware architecture and AI capabilities, with companies like Tesla planning to ramp up production of humanoid robots [2]. - The report also discusses the advancements in nuclear fusion technology, with the FLAME device achieving significant experimental progress, potentially offering a more economical path for commercialization [2]. Summary by Sections Mechanical Equipment Sector - The sector's PE-TTM valuation decreased by 3.35%, with notable declines in refrigeration and air conditioning equipment (-7.41%) and printing and packaging machinery (-7.09%) [2][8]. - The report recommends focusing on companies such as North Huachuang (002371) and Shengmei Shanghai (688082) in the semiconductor equipment space [2]. Commercial Aerospace - Companies to watch include Western Materials (002149), Yingliu Co., Ltd. (603308), and Srey New Materials (688102) as the low-orbit satellite network evolves into a "space information infrastructure platform" [2]. Semiconductor Equipment - ASML's Q4 2025 results showed a net sales of €9.7 billion and a gross margin of 52.2%, with a strong order backlog indicating sustained demand [2]. Humanoid Robots - The report emphasizes the advancements in humanoid robots, particularly with Tesla's Optimus robot, which is set to begin mass production by the end of 2026 [2]. Nuclear Fusion - The report highlights the progress in fusion technology, particularly the FRC approach, which could significantly reduce construction costs compared to traditional methods [2].