中国卫星（600118）：航天科技集团旗下核心上市平台，拥有小卫星及微小卫星研制批产能力，深度参 与国家卫星互联网项目； 11月19日消息，据中信建投研报称，自2020年以来，全球火箭发射次数连续三年创下新高，全球航天活 动显著增加，呈现出前所未有的活跃态势。在通信卫星领域，我国低轨卫星的建设相对滞后于高轨高通 量卫星。天通一号卫星是我国成熟的GEO卫星星座，已被各行业广泛应用。2024年，我国两大巨型星 座（GW及G60）正式组网开启，标志着星座部署将进入常态化发射的新时代。预计2026年起，我国将 正式进入卫星互联网高频组网阶段，伴随国内卫星互联网建设需求逐步推进，行业整体规模增速有望在 未来几年快速提升，建议优先关注产业上游卫星制造与火箭发射端。重点关注国内各低轨卫星星座的正 式建设、批量组网的时间节点，或将为卫星互联网产业链相关企业业绩逐步兑现分水岭。 相关市场板块分析 卫星制造板块：低轨卫星星座建设进入高速发射期，卫星平台及载荷制造商订单饱满，产能扩张需求迫 切； 火箭发射板块：商业航天发射需求激增，低成本、高频率发射能力成为核心竞争力，民营火箭公司迎来 发展机遇； 地面设备板块：卫星终端、基站及芯 ...

人民财讯12月19日电，中信建投研报称，自2020年以来，全球火箭发射次数连续三年创下新高，全球航 天活动显著增加，呈现出前所未有的活跃态势。在通信卫星领域，我国低轨卫星的建设相对滞后于高轨 高通量卫星。天通一号卫星是我国成熟的GEO卫星星座，已被各行业广泛应用。2024年，我国两大巨 型星座（GW及G60）正式组网开启，标志着星座部署将进入常态化发射的新时代。预计2026年起，我 国将正式进入卫星互联网高频组网阶段，伴随国内卫星互联网建设需求逐步推进，行业整体规模增速有 望在未来几年快速提升，建议优先关注产业上游卫星制造与火箭发射端。重点关注国内各低轨卫星星座 的正式建设、批量组网的时间节点，或将为卫星互联网产业链相关企业业绩逐步兑现分水岭。 转自：证券时报 ...

Group 1 - Global rocket launch frequency has reached new highs for three consecutive years since 2020, indicating unprecedented activity in the aerospace sector [1] - China's low Earth orbit (LEO) satellite construction is lagging behind high-throughput satellites, with the Tian Tong-1 satellite being a mature GEO satellite constellation widely used across various industries [1] - The deployment of two major satellite constellations (GW and G60) in China is set to begin in 2024, marking the start of a new era of regular launches by 2025 [1] Group 2 - SpaceX's acquisition of EchoStar's 50MHz spectrum for $17 billion signifies a strategic positioning in the global direct-to-cell satellite competition, allowing for independent satellite communication capabilities [2][3][4] - This acquisition enables SpaceX to enhance its service capabilities from text to voice and streaming data, aiming to cover remote areas and urban regions through a hybrid model [4][5] - China's policies supporting direct-to-cell satellite development are accelerating constellation networking and commercialization of private rockets, presenting significant opportunities in the commercial aerospace industry [2][6] Group 3 - The construction and operation of giant LEO satellite constellations are characterized by long cycles, high technical integration, and significant risks, with both state-owned and private enterprises in China actively participating [1][17] - The rapid increase in launch frequency for China's GW constellation indicates a shift towards high-density networking, with the interval between launches decreasing significantly [8][10] - The establishment of commercial launch sites in Hainan is expected to enhance the efficiency of commercial rocket launches, with multiple reusable rockets planned for launch [12][29] Group 4 - The commercial aerospace industry in China is projected to enter a rapid development phase, with significant investments and policy support driving the growth of satellite internet and related technologies [6][30] - The market for satellite internet is expected to expand significantly, with projections indicating a market size of approximately 2.8 trillion yuan by 2025 and nearing 10 trillion yuan by 2030 [26][30] - The integration of satellite and terrestrial communication systems is becoming clearer, with satellite internet expected to complement ground communication systems in various applications [26]