有投资者在互动平台向 信科移动提问：请问贵公司在商业卫星方面近两年的研发费用投入及研发成果 方面有哪些？公司的主要产品在 商业航天中处于什么水平？主要的商业合作单位(公司)有哪些？ 信科 移动回复称， 卫星互联网是公司战略布局方向，目前公司已发布了系列化星载基站、星载 相控阵天线 等核心产品，在业内具备一定的先发优势和竞争优势。具体研发投入情况、客户合作情况请以公司披露 的定期报告及公开信息为准。 ...

格隆汇1月27日｜有投资者在互动平台向信科移动提问：请问贵公司在商业卫星方面近两年的研发费用 投入及研发成果方面有哪些？公司的主要产品在商业航天中处于什么水平？主要的商业合作单位(公司) 有哪些？ 信科移动回复称，卫星互联网是公司战略布局方向，目前公司已发布了系列化星载基站、星 载相控阵天线等核心产品，在业内具备一定的先发优势和竞争优势。具体研发投入情况、客户合作情况 请以公司披露的定期报告及公开信息为准。 ...

证券日报网讯1月26日，信科移动在互动平台回答投资者提问时表示，卫星互联网是公司战略布局方 向，目前公司已发布了系列化星载基站、星载相控阵天线等核心产品，在业内具备一定的先发优势和竞 争优势。 ...

Group 1 - The successful launch of 19 low-orbit satellites by the company Galaxy Space using the Long March 12 rocket marks a significant achievement in China's commercial space sector [1] - The satellites are equipped with core technologies developed by Galaxy Space, including phased array antennas and millimeter-wave technology, showcasing advancements in digital and automated production processes [3] - The company has successfully launched over 40 satellites, establishing a commercial closed loop and indicating a shift from experimental exploration to ecosystem cultivation in China's commercial space industry [3] Group 2 - The rapid growth of space infrastructure construction is highlighted, with increasing demand for satellite broadband and direct satellite connectivity for mobile phones [3] - Galaxy Space has developed a complete industrial ecosystem for satellite production, including components research, manufacturing, and integration testing, positioning itself for future growth in the space infrastructure market [3] - The company is actively pursuing technological innovation to embrace the upcoming 6G era, having successfully tested satellites with direct mobile connectivity capabilities [3]

Market Overview - The commercial aerospace sector experienced a collective decline on January 13, with indices such as aerospace (BK0480) and commercial aerospace (BK0963) dropping by 6.87% and 5.72% respectively, while the aerospace ETF Tianhong saw a decline of 9.37% [1][10] - This follows a strong performance on January 12, where the A-share commercial aerospace index rose over 6%, with more than 90 related stocks hitting the daily limit or increasing by over 10% [3][12] Company Responses and Risk Disclosures - Multiple companies, including Aerospace HuanYu and XinKe Mobile, issued risk warnings on January 12, clarifying their business boundaries and the limited impact of commercial aerospace on their overall revenue [3][12] - XinKe Mobile stated that its satellite internet revenue constitutes only 2%-3% of its total income, emphasizing that its main business remains mobile communication network equipment and services [4][13] - Aerospace HuanYu reported that its commercial aerospace business contributes approximately 3% to total revenue as of September 30, 2025, and highlighted the need for time to validate new technologies in the market [4][15] Industry Insights - Experts suggest that the commercial aerospace sector is still in its early stages, with significant growth potential but requiring a cultivation period of about five years [8][18] - The sector is recognized as a strategic emerging industry in China's 14th Five-Year Plan, with the establishment of a dedicated commercial aerospace department by the National Space Administration [7][18] - Recommendations for regulatory measures include enhancing information disclosure, monitoring abnormal trading, and improving investor education to promote rational market development [7][18] Future Outlook - The market for commercial aerospace in China is projected to reach a trillion-level scale, but the industry is still primarily driven by state-owned enterprises, with private capital facing challenges [8][19] - Companies are advised to focus on the commercialization of technology and the development of civil products to enhance their market position [8][19]

Investment Rating - The report maintains a "Positive" outlook for the satellite internet industry in China as it enters a new phase of accelerated networking and industrialization by December 2025 [2]. Core Insights - The satellite internet industry in China is rapidly evolving, with significant contributions from both state-owned and private enterprises, leading to the formation of various satellite constellations such as GW and Qianfan [4][36]. - The domestic satellite internet sector is expected to see a surge in satellite launches, with China Star Network (GW constellation) completing 17 satellite launches by December 10, 2025, totaling 125 satellites in orbit [4][36]. - The report highlights the growing demand for satellite payloads, emphasizing the need for cost-effective mass production of satellites and the importance of key component suppliers [4][38]. - The commercial space launch sector is experiencing a shortage of launch slots, benefiting companies involved in the construction of launch facilities [5][56]. - Private rocket companies are crucial in addressing the launch capacity bottleneck for large-scale satellite constellations, with several companies making significant advancements in reusable rocket technology [6][38]. - The report outlines a strategic investment approach for the "14th Five-Year Plan" period, indicating that commercial space will be a key driver of high-quality technological development in China [7]. Summary by Sections 1. Satellite Internet Development - The satellite internet industry is transitioning into a broadband internet phase, with significant advancements in satellite constellations and payload technologies [18][20]. - The report identifies three phases of satellite internet commercialization, highlighting the evolution from competing with terrestrial networks to integration with them [18][19]. 2. Satellite Payload Opportunities - The report identifies key components in satellite payloads, including onboard base stations, routers, phased array antenna systems, and laser inter-satellite links, which are critical for the development of satellite internet [38][39]. - The integration of satellite and terrestrial networks is emphasized, with a focus on creating a comprehensive communication architecture [38][41]. 3. Commercial Launch Facilities - The report notes the current shortage of launch slots in China's commercial space sector, with only one operational commercial launch site, leading to increased demand for new facilities [5][56]. - The ongoing construction of the second phase of the Hainan commercial launch site is expected to significantly increase launch capacity by 2026 [5][56]. 4. Private Rocket Companies - The report highlights the strategic importance of private rocket companies in overcoming the launch capacity challenges for satellite constellations, with several companies actively pursuing reusable rocket technologies [6][38]. - The potential reduction in launch costs through advancements in reusable technology is noted, with estimates suggesting costs could drop from approximately 100,000 RMB per kilogram to below 30,000 RMB [6][38]. 5. Investment Strategy - The report outlines an optimistic investment strategy for the satellite internet industry, anticipating accelerated growth in satellite launches and the involvement of private companies in supporting high-frequency launch demands [7].

Core Viewpoint - The company focuses on the "integration of air, space, and ground" strategy, emphasizing a technology-driven approach to product development and scene definition [1] Group 1: Company Strategy - The company is committed to a strategy centered around "standard-driven technology, technology-driven products, and product-defined scenarios" [1] - It possesses a comprehensive range of products and technical service capabilities, including satellite-based stations, phased array antennas, ground control stations, dedicated terminals, core networks, network management, and testing instruments [1] Group 2: Industry Position - The company is recognized as a pioneer and significant participant in China's satellite internet industry [1] - It has been deeply involved in the in-orbit verification and network construction of China's low Earth orbit satellite internet [1]

Core Viewpoint - The company focuses on the "integration of air, land, and space" strategy, emphasizing a core logic of "standards-driven technology, technology-driven products, and products defining scenarios" [1] Group 1: Company Strategy - The company possesses capabilities in satellite-based stations, phased array antennas, ground gateways, dedicated terminals, core networks, network management, and testing instruments [1] - It is recognized as a pioneer and significant participant in China's satellite internet industry [1] Group 2: Industry Involvement - The company has deeply engaged in the in-orbit verification and network construction of China's low Earth orbit satellite internet [1]

Core Viewpoint - The company focuses on the "integration of air, space, and ground" strategy, positioning itself as a pioneer and key participant in China's satellite internet industry [1] Group 1: Company Capabilities - The company possesses a range of products and technical service capabilities, including satellite-based base stations, phased array antennas, ground control stations, dedicated terminals, core networks, network management, and testing instruments [1] - The company has deeply participated in the in-orbit verification and network construction of China's low Earth orbit satellite internet [1]

Core Viewpoint - The launch of the "Nine Thousand Miles Plan 2.0" by China Information and Communication Technology Group aims to promote the large-scale application of satellite internet in China through collaboration with various partners in the industry [1] Industry Summary - The domestic satellite internet industry is currently in its early development stage, with significant market potential [1] - The plan emphasizes the integration of satellite internet with terrestrial 5G/6G networks, exploring a multi-network collaborative communication model [1] Company Summary - China Satcom has established a complete self-controlled capability and a comprehensive product lineup covering satellite base stations, phased array antennas, ground gateways, dedicated terminals, core networks, network management systems, and testing instruments [1] - The company is a subsidiary of China Information and Communication Technology Group and serves as the main entity for the mobile communication industry and the leading enterprise for 5G commercialization in China [1]