9月24日傍晚时分，山东日照，运载火箭底部喷薄而出的橘红色火焰瞬间照亮了海面，远处海滩上的观众纷纷按下快门。火箭缓缓上升，随后加速冲向太 空，将12颗低轨卫星送入距离地面600公里的LEO轨道。 这是我国卫星产业尤其是低轨星座加速发展的缩影。但是，新的烦恼、新的挑战也不可避免地到来。一方面是商业困境，在本周举行的2025中国无线电 大会上，业内专家称"今天的卫星通信还没有走出1G时代'大哥大'的困局"，没有形成规模经济，建议全力发展5G/6G NTN（非地面网络），积极探索星地 网络的协同组网和运营。 另一方面，大型低轨星座发展带来的太空交通和频轨资源管理挑战日益严峻，轨道运行安全与空间避碰问题已无法回避，但目前仍缺乏太空交通的管理 规则，而且国内外对于卫星态势感知平台数据的共享仍不畅通。 从供给侧来看，火箭发射、集成电路、卫星制造和通信技术的进步，加速推动卫星产业快速发展。比如在卫星制造方面，卫星小型化、模块化、组件化 已成为可能，进一步降低了成本，缩短了研制周期。从通信技术来看，调制与编码技术、多天线波束赋形技术能力快速发展，而且基于毫米波、太赫 兹、激光通信等星际链路技术也逐步成熟。 从需求侧来看，地震 ...

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has issued guidelines to optimize business access and promote the development of the satellite communication industry, aiming to stimulate commercial space innovation and enhance high-quality development in related sectors [1] Group 1: Satellite Communication Development - Satellite communication allows direct connection without the need for ground base stations, enabling services like phone calls and messaging in areas lacking mobile network coverage [1] - As of September 2023, China Telecom has opened satellite direct connection services for mobile phones and vehicles, with nearly 3 million users of the Tian Tong satellite [3] - In July 2023, the monthly call minutes for the Tian Tong satellite exceeded 1 million, with 35 models of satellite direct connection phones launched, totaling over 23 million units shipped [5] - The MIIT has granted China Unicom a satellite mobile communication business license, with China Mobile's license expected soon, indicating an expansion of direct satellite services to a broader user base [6] Group 2: Integration with Ground Communication - Future developments in satellite communication are expected to integrate with ground mobile communication, expanding applications across various industries, including mobile phones, vehicles, and drones [8] Group 3: Satellite Internet Launches - China has planned to launch over 10,000 satellites to provide global network services, with recent successful launches of multiple low-orbit internet satellites [9] - The Long March 8 rocket has demonstrated high-density launch capabilities, with plans for five more launches before the Lunar New Year [14] - The industry is currently developing new rockets to meet the demand for launching thousands of low-orbit satellites, with several new rocket designs expected to achieve their first flights by the end of 2025 [20][24]

Core Viewpoint - The recent guidance from the Ministry of Industry and Information Technology (MIIT) aims to promote the development of satellite communication services, allowing for direct satellite connectivity in areas lacking mobile network coverage, thus creating significant opportunities in the commercial space sector [1] Group 1: Industry Developments - The MIIT has issued guidelines to optimize business access and stimulate innovation in the satellite communication industry, facilitating high-quality development [1] - Satellite communication, unlike traditional mobile networks, does not require ground base stations, enabling connectivity through high-orbit satellites [1] - The Tian Tong satellite system, consisting of three satellites, provides coverage across China and Southeast Asia [1] Group 2: Company Initiatives - Starting from September 2023, China Telecom has begun offering direct satellite services for mobile phones and vehicles, with nearly 3 million users currently utilizing the Tian Tong satellite services [1] - The MIIT has officially granted China Unicom a license for satellite mobile communication services, with China Mobile's related business licenses expected to be issued soon [1] - The Tian Qi constellation, China's first low-orbit satellite IoT network, was completed in May 2023, offering smaller terminals and lower power consumption for broader and more cost-effective IoT services [1]

Core Viewpoint - The Ministry of Industry and Information Technology of China has issued guidelines to optimize business access and promote the development of the satellite communication industry, proposing 19 measures to enhance market openness and encourage private enterprises to utilize satellite resources [1][2]. Group 1: Market Expansion and Application Scenarios - The guidelines support the accelerated development of low Earth orbit (LEO) satellite internet and the establishment of satellite internet systems, aiming for high-quality development and global broadband coverage [2]. - There is encouragement for telecom operators to explore direct satellite connections for terminal devices, enhancing services like voice and messaging through satellite networks [2]. - The guidelines promote the application of satellite communication in emergency services, ensuring that national emergency communication needs are prioritized [3]. Group 2: Industry Ecosystem Development - The guidelines emphasize the need for breakthroughs in key core technologies related to satellite communication, enhancing the supply of essential components and reducing user costs [4]. - An open and shared standard system for satellite communication is to be established, promoting collaboration among industry players to achieve standardization and compatibility [4]. Group 3: Resource Optimization - The guidelines propose innovative management of frequency and orbital resources to support the development of low Earth orbit satellite constellations, including the issuance of radio station licenses and frequency usage permits [4].

Core Viewpoint - The recent surge in interest surrounding satellite internet in China is driven by two main events: the rapid deployment of satellites by China Star Network and the anticipated issuance of satellite internet licenses to major telecom operators [1][19]. Group 1: Satellite Internet Development - China Star Network has accelerated its deployment of satellites, launching 38 satellites in 21 days, indicating a significant increase in the pace of its GW constellation deployment [1]. - The anticipated issuance of satellite internet licenses could include major players such as the three major telecom operators, China Star Network, and Shanghai Yuxin [1][26]. - The current landscape for satellite internet is challenging, with a low probability of success due to high costs and technical difficulties associated with low Earth orbit (LEO) satellite constellations [3][10]. Group 2: Historical Context and Technological Challenges - The development of satellite communication in China began in earnest after the Wenchuan earthquake, leading to increased investment in satellite communication technologies [4]. - China's first high-throughput satellite, Zhongxing 16, was launched in 2017, with subsequent satellites achieving higher capacities, such as Zhongxing 26, which has a capacity exceeding 100 Gbps [5]. - The operational logic and technology of LEO constellations differ significantly from medium and high orbit satellites, requiring a large number of satellites for global coverage [8][9]. Group 3: Economic and Strategic Considerations - The cost of maintaining a LEO constellation is substantial, and commercial viability is crucial for sustaining operations, especially given the need for continuous satellite replenishment [10][18]. - The establishment of China Star Network is partly driven by the need for a domestic satellite constellation, similar to the Beidou system, to enhance national capabilities in satellite communication [17]. - The demand for satellite communication is increasing due to the digital transformation of society and the need for coverage in remote areas, as well as for emergency and defense applications [14][15][16]. Group 4: Regulatory and Market Dynamics - The upcoming satellite internet licenses are linked to the first-class basic telecommunications business, indicating a move towards commercial operations in satellite internet [25]. - The three major telecom operators are unlikely to develop large-scale LEO constellations but may focus on specific services using medium and high orbit satellites [26]. - The success of domestic satellite constellations will depend on technological advancements, funding, and support from the national level and the industry chain [26].

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has issued guidelines to optimize business access and promote the development of the satellite communication industry, encouraging telecom operators to collaborate with satellite companies to explore the potential of high-orbit satellite applications [1] Group 1 - Telecom operators are supported to deepen the exploration of applications for high-orbit satellites like Tiantong and Beidou through co-construction and sharing with satellite enterprises [1] - The guidelines aim to accelerate the promotion and application of direct satellite connections for mobile devices, providing voice and short message services based on satellite technology to ground mobile communication users [1] - Telecom operators are encouraged to leverage low-orbit satellite internet to expand high-speed data services on top of voice and short message services, promoting the integrated development of information infrastructure [1]

Group 1 - The Ministry of Industry and Information Technology (MIIT) is set to issue "satellite internet" licenses, which has generated significant interest and inquiries among the public [2] - A business license is a legal permit issued by the government or regulatory bodies that allows organizations or individuals to conduct specific commercial activities, ensuring market access and compliance with regulations [3] - The MIIT's role includes issuing licenses for telecommunications and internet services, ensuring that companies have the necessary technical capabilities and compliance qualifications to operate legally [3] Group 2 - The upcoming satellite internet licenses are expected to fill gaps in existing licenses for China Unicom and China Mobile, allowing them to legally conduct satellite-based mobile services [6] - Companies like Xingwang and Yuanshin are likely to obtain A13-1/2 operational licenses, which would significantly benefit their business development, especially for Yuanshin's focus on satellite internet services along the Belt and Road countries [6] - The rapid deployment of China's satellite constellation, particularly by Xingwang, is anticipated to enhance the country's satellite internet capabilities, with the issuance of operational licenses expected to accelerate the development of this sector [7][8]

Core Viewpoint - Satellite communication technology is becoming a focal point in the mobile communication industry, reshaping network access in remote areas and providing connectivity to populations without internet access, thus opening a new chapter in the digital economy [1] Industry Developments - The 2025 Shanghai World Mobile Communication Conference showcased innovations in satellite communication, indicating a shift towards integrating satellite technology into mainstream communication [1] - Geely's commercial space enterprise, Time Space Path, is planning a global low-orbit satellite communication constellation, with an initial deployment of 72 satellites aimed at achieving real-time IoT communication globally [2] - China Mobile launched a series of "satellite IoT" products, including domestically produced satellite communication chips and modules, to enhance connectivity in areas lacking cellular coverage [2] Infrastructure and Collaboration - China Tower is exploring the integration of satellite networks with ground networks, utilizing its extensive ground station resources to enhance satellite signal reception [3] - The company is collaborating with satellite internet firms to optimize network operations and security, demonstrating the strategic value of shared infrastructure [3] Global Expansion - Chinese satellite communication technology providers are accelerating international expansion, with notable agreements such as China Telecom's partnership with Laos for satellite services [4] - Time Space Path has established a joint telecom venture in Malaysia, marking a significant step in the international application of low-orbit satellite communication [4] Market Potential - The global satellite communication market is projected to exceed $40 billion by 2030, highlighting the sector's potential as a key driver of economic growth [5] - The Chinese satellite navigation and positioning service industry is expected to reach a total output value of 575.8 billion yuan in 2024, reflecting a year-on-year growth of 7.39% [6] Challenges and Opportunities - The satellite industry is at a critical juncture, facing both opportunities and challenges, particularly in resource management and technological development [7] - There is a need for enhanced management of satellite frequency and orbital resources, as well as the promotion of international cooperation to build a more open and shared satellite industry ecosystem [7]

Group 1 - The three major indices collectively retreated on May 20, with the General Aviation concept following suit, as the National General Aviation Industry Index (980076.SZ) experienced a drop of nearly 1% before recovering to a decline of 0.25% [1] - Among the index constituents, Shen Cheng Jiao and Digital Zheng Tong rose over 5%, while Hang Fa Control and Nan Wang Technology increased nearly 4% [1] - The General Aviation ETF (159230) fell nearly 1%, with a trading volume of 134 million yuan, making it the top performer in its category, and its latest circulation size is 267 million yuan [1] Group 2 - The General Aviation ETF closely tracks the National General Aviation Industry Index, focusing on the general aviation and low-altitude economy industry chain, with low-altitude economic content at 84.7%, defense and military content at 58.6%, and domestic large aircraft content at 47.4% [2] - Western Securities emphasizes the importance of monitoring domestic low and high orbit constellation progress, alongside breakthroughs in rocket technology and military communication as indirect catalysts [2] - The focus on low orbit includes the initial network completion of StarNet and Qianfan constellations, while high orbit attention is on the commercialized constellations of Tiantong and Beidou, with potential catalysts from new products or value-added services [2]

Group 1 - The core achievement of China's commercial aerospace industry is the signing of a cooperation agreement between China Telecom Satellite Company and ETL of Laos, marking the first overseas deployment of the Tiantong satellite communication service [1] - This milestone not only signifies the international expansion of China's satellite communication technology but also sets a precedent for future global operations of China's low-orbit satellite constellation [1][2] - Several other commercial aerospace companies in China are also actively pursuing international markets, indicating a broader trend of "going global" within the industry [1] Group 2 - The necessity for China's commercial aerospace industry to expand internationally includes breaking regional limitations and enhancing economic benefits through global market penetration [2] - Continuous investment in research and development is essential for improving technological capabilities and maintaining a competitive edge in the international market [2] - The industry must innovate application scenarios to enhance profitability, such as satellite communication for remote areas and emergency rescue operations, thereby increasing service value and market acceptance [3] Group 3 - Deepening international cooperation is crucial for enhancing China's international voice in the aerospace sector, aligning with global trends in space exploration and satellite communication [3] - The ongoing international expansion of China's commercial aerospace industry reflects its robust capabilities and vitality, with the potential to create a new global industrial ecosystem [3]