小枣君这几年一直都在关注卫星互联网这个领域，也写了不少文章进行介绍。对于目前这波行情，我还是建议大家理性看待。 这几天全网热议卫星互联网。主要是源于两件事： 一是中国星网在21天内进行了5次发射，部署了38颗卫星，明显加快了GW星座的部署节奏。 二是传闻有关部门马上要发卫星互联网牌照，三大运营商，加上中国星网以及上海 垣信，都有可能在名单之中。 两件事一叠加，卫星互联网的热度马上就起来了。不仅新闻媒体进入了亢奋状态，资本市场也像打了鸡血，拼命寻找投资标的。 我个人认为，在卫星互联网领域，我们目前所处的局面其实非常困难，面临的挑战也非常巨大，成功概率远比想象中要低。 卫星互联网，说白了就是卫星通信的升级版。以前卫星通信主要是卫星电话、报文、导航定位、电视转播。现在是数据通信时代、互联网时代，使用卫星 来传输数据业务，实现互联网接入，就是所谓的卫星互联网。 我们国家搞民用卫星通信最早还是从尼克松访华的时候开始。当时转播访华新闻，空运了休斯公司的卫星通信设备过来。后来，设备送给我们，我们才开 始边用边学。80-90年代的时候，我们也进行了一些尝试，但技术水平还是非常落后。 哪怕到了2000年之后，我们在民用商业卫星 ...

每经AI快讯，8月27日，工信部印发《关于优化业务准入促进卫星通信产业发展的指导意见》，支持电 信运营商通过与卫星企业共建、共享等模式，深入挖掘天通、北斗等高轨卫星应用潜力，推动手机等终 端设备直连卫星加快推广应用，为广大地面移动通信用户提供基于卫星的话音、短消息业务。鼓励电信 运营商依托低轨卫星互联网，在话音、短消息业务基础上拓展高速数据服务，促进信息基础设施天地融 合发展。 ...

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]

Core Viewpoint - The successful overseas deployment of the Tiantong satellite by China Telecom marks a significant milestone for China's commercial aerospace industry, showcasing the country's capabilities in satellite communication technology and its potential for international expansion [1][3]. Group 1: Company Developments - China Telecom's satellite company has signed a cooperation agreement with ETL in Laos, enabling the Tiantong satellite's mobile direct connection service to operate in the country for the first time [1][2]. - The Tiantong satellite will primarily serve remote areas in Laos, enhancing communication for industries such as mining and agriculture, and providing emergency communication during disasters [2][3]. - The satellite network is expected to bridge the digital divide in Laos, where ground network coverage is limited, with approximately 95% of villages and 70% of the population covered [2][3]. Group 2: Industry Trends - The successful internationalization of the Tiantong satellite is seen as a precursor to further global operations of China's low-orbit satellite constellation, with expectations for accelerated commercial deployment as reusable rocket technology matures [1][5]. - Other Chinese commercial aerospace companies are also pursuing international collaborations, with agreements signed in countries like Thailand and Malaysia to enhance satellite communication capabilities [5][6]. - The commercial aerospace industry is anticipated to experience significant economic benefits as the marginal costs of satellite internet deployment decrease, promoting the growth of China's aerospace sector on a global scale [6].