行业点评报告 · 通信行业 足星移动通信牌照,卫星通信进程加速 2025 年 09 月 10 日 核心观点 除了面向大众的 To C 直连服务外,卫星运营还包括 To B 模式,即以太空算 力和"星缆计划"为代表的企业级专属服务,更侧重算力调度与数据传输等高 附加值需求。以之江实验室的三体计算星座为例,我们将其商业模式总结为三 大方向:1) 太空算力租赁服务:算力星座可作为"太空数据中心",通过星 间激光链路快速接入,为其他应用卫星提供边缘计算能力,实现太空数据"就 近处理",解决应用卫星"有星无算"的长期痛点。2)太空通信与星缆计划: 通过专属地面站与星间链路,构建"太空光纤"通道,形成低时延、高安全性 的跨域传输网络。该模式类比地面政企专线,面向云计算厂商、大型互联网等 客户,帮助其实现跨境数据传输、算力调度。其核心优势在于低延迟(星间激 光通信的传输路径更接近直线,数据传输速度更快）、安全性(规避跨境地区 安全风险）、以及经济性(使东部高需求地区能够实时调用西部低电价算力资 源),有效补足地面骨干网的短板。 3)智能数据资产变现:可将收集积累的 数据应用于农业、气象、能源、城市治理、低空积极等行业,形成 ...

行业点评报告 · 通信行业 足星移动通信牌照,卫星通信进程加速 2025 年 09 月 10 日 核心观点 除了面向大众的 To C 直连服务外,卫星运营还包括 To B 模式,即以太空算 力和"星缆计划"为代表的企业级专属服务,更侧重算力调度与数据传输等高 附加值需求。以之江实验室的三体计算星座为例,我们将其商业模式总结为三 大方向:1) 太空算力租赁服务:算力星座可作为"太空数据中心",通过星 间激光链路快速接入,为其他应用卫星提供边缘计算能力,实现太空数据"就 近处理",解决应用卫星"有星无算"的长期痛点。2)太空通信与星缆计划: 通过专属地面站与星间链路,构建"太空光纤"通道,形成低时延、高安全性 的跨域传输网络。该模式类比地面政企专线,面向云计算厂商、大型互联网等 客户,帮助其实现跨境数据传输、算力调度。其核心优势在于低延迟(星间激 光通信的传输路径更接近直线,数据传输速度更快）、安全性(规避跨境地区 安全风险）、以及经济性(使东部高需求地区能够实时调用西部低电价算力资 源),有效补足地面骨干网的短板。 3)智能数据资产变现:可将收集积累的 数据应用于农业、气象、能源、城市治理、低空积极等行业,形成 ...

Investment Rating - The report maintains a "Recommended" rating for the satellite communication industry [3]. Core Insights - The satellite communication sector is evolving from traditional voice and emergency connections to a composite infrastructure upgrade that integrates "communication + computing power + data" [6]. - The approval of mobile satellite communication licenses for major telecom operators like China Unicom is accelerating the formation of the satellite communication landscape, enhancing service offerings in emergency communication, maritime communication, and remote area connectivity [5][6]. - The industry is witnessing a shift in value distribution towards downstream applications and terminal segments, with the commercial exploration of operational and service models being central to future development [5]. Summary by Sections Industry Overview - The satellite industry encompasses manufacturing, launching, operational services, and ground equipment, forming a complete closed loop from spacecraft development to commercialization [5]. - According to the Satellite Industry Association (SIA), the global revenue distribution for satellite launch, manufacturing, operational services, and ground equipment in 2024 is projected to be 3.2%, 6.8%, 37.0%, and 53.0% respectively, indicating a shift towards downstream applications [5]. Business Models - The report identifies three main business directions for satellite operations: 1. Space computing power leasing services, acting as a "space data center" to provide edge computing capabilities [2]. 2. Space communication and the "Star Cable Plan," which aims to create a low-latency, high-security cross-domain transmission network [2]. 3. Monetization of intelligent data assets through applications in various industries, forming a "Data as a Service (DaaS)" model [2]. Investment Recommendations - The report suggests focusing on companies such as Putian Technology, Tongyu Communication, Zhenyou Technology, Jinxinno, Zongheng Communication, Zhenxin Technology, Shanghai Hantong, and Shunhao Co., Ltd. as potential investment opportunities in the satellite communication sector [6].