联通获卫星移动通信业务经营许可，继续强 CALL 商业航 天 20250908 摘要 中国联通获卫星通信运营牌照标志着卫星互联网从国家战略转向商业运 营，加速手机直连卫星等应用落地，利好应急、海事及偏远地区通信。 中国低轨道卫星组网显著提速，2025 年已发射 71 颗卫星，远超 2024 年全年 10 颗，后续高频发射将加速"星网"组网进程。 商业火箭领域，长 12 和长 8GAI 已常态化使用，民营火箭企业获 G60 项目支持，大运力火箭首飞在即，火箭运载能力将进一步提升。 震有科技与运营商合作建设信关站核心网系统，受益于卫星通信业务爆 发，按人头收费模式预计带来显著业绩增长，刚果金 15 亿美元订单亦 构成支撑。 超捷股份受益于商业火箭拐点，股价已翻倍，主业汽车零部件业绩改善， 同时绑定蓝箭、天兵等领先企业，并成立子公司超杰智法进军机器人领 域。 卫星生产制造环节，臻镭科技、诚达科技和信科移动具备长期发展潜力， 信科移动与蓝箭宏擎合作加强，巩固其行业地位。 空天计算市场潜力巨大，卫星调度算力市场空间保守估计 500 亿，中性 估计 700 亿，乐观估计 1,200 亿，普天科技深度参与"星算计划"，具 ...

Core Viewpoint - The company reported a revenue of 4.41 billion yuan for the first half of 2025, focusing on optimizing operational strategies and expanding market presence despite challenges [1] Group 1: Satellite Communication Business - The satellite communication service revenue reached 93.46 million yuan, contributing significantly to the company's overall growth [2] - The subsidiary, Haiwei Tong, is expanding its commercial satellite network capabilities to meet increasing customer demands [2] - The recent issuance of satellite internet licenses by the Ministry of Industry and Information Technology is expected to boost domestic low-orbit satellite deployment and market demand [2] Group 2: Tower and Operations Revenue - The tower and operations revenue grew by 12.59%, with the subsidiary, Xinzhan Technology, achieving a revenue of 86.65 million yuan [3] - The company has over 10,000 communication tower sites, enhancing asset management and operational efficiency through a new information management system [3] - International expansion efforts have been initiated, with market research completed in Malaysia and Indonesia [3] Group 3: Edge Computing and AI Integration - The company is positioning itself as a key player in edge computing infrastructure, which is becoming increasingly important for AI applications [4] - The communication rooms are expected to serve as critical nodes in the national computing network, offering shared edge infrastructure and intelligent computing services [4] Group 4: Overseas Business Growth - The overseas communication business generated 238.13 million yuan, maintaining steady growth [5] - The company is enhancing its competitive edge by focusing on market and product management capabilities, particularly in Europe and North America [5] - New product testing and market promotion efforts are underway, with high-power wireless coverage products gaining customer interest [5] Group 5: Future Outlook - The company plans to focus on core strategic customer needs and accelerate the conversion of commercial opportunities into orders for sustained overseas growth [6]