点击 最 下方 关注《材料汇》 ， 点击"在看"和" "并分享 添加 小编微信 ，遇见 志同道合 的你 特别福利 （欢迎加入 材料汇商业航天交流群，并记住加小编微信 ） 延伸阅读 深度｜商业航天新材料全景图：新材料企业的机遇与投资逻辑（附20+报告） 从碳纤维到不锈钢：可回收火箭材料选型变革，揭秘97%降本核心 从价值链到落地：新材料企业切入商业航天的低风险路径 正文 商业航天是一个 技术密集、资本密集 的宏大产业生态，其核心目标是 利用市场化机制实现太空资源的利用和价值化 ，其 产业链可以从多个维度进行解构。 本文从 "四大产业环节" 与 "三级产业架构与价值" 两种主流视角进行整合梳理。 一、 基于产值分布的四核环节图谱 这是根据美国卫星产业协会（SIA）的行业分类标准，也是产业价值分析的经典模型。其核心特征是： 产业链价值高度集 中于下游。 核心结论： 地面设备制造与卫星运营服务是 产业价值实现的主体 ，合计占卫星产业总规模约92%。而上游的卫星制造与 发射服务虽然产值占比小（合计~9%），但技术壁垒最高，是驱动产业发展的 核心引擎 和当前资本投入的热点。 二、 基于技术流程的全链条细分图谱 为了进行更 ...

Core Insights - Viasat reported significant insider selling by Chairman and CEO Mark D. Dankberg, who sold 100,000 shares for $4.0 million amid a year of substantial stock gains [1][10] - The company has experienced a 361% increase in stock price over the past year, with a market capitalization of $5.52 billion and revenue of $4.58 billion [4][11] Transaction Summary - The transaction involved the indirect sale of 100,000 shares at a total value of $4.0 million, with a post-transaction holding of 1,434,993 shares [2] - The sale was part of a series of disposals, reducing Dankberg's indirect holdings from 1,734,993 shares since July 2025 [7] Company Overview - Viasat specializes in satellite and broadband solutions, providing services across consumer, commercial, and government markets [6][8] - The company generates revenue primarily through subscription-based satellite services, equipment sales, and technology licensing [8] Financial Performance - In the fiscal second quarter ended September 30, Viasat reported sales of $1.14 billion, a slight increase from $1.12 billion the previous year, and a reduced net loss of $61.4 million compared to $137.6 million the prior year [12] Insider Trading Context - The share sale was executed under a Rule 10b5-1 trading plan, indicating a pre-determined schedule and reducing the likelihood of opportunistic market timing [7][10] - Despite the sale, Dankberg retained over one million shares, suggesting confidence in the company's future performance [11]