Group 1 - The core viewpoint of the report indicates a supply-demand imbalance in commercial space launch sites in China, with existing launch windows being tight and commercial satellite launches often facing delays [1][2] - Domestic commercial space launch sites are experiencing rapid growth, with 18 operational and 7 under construction, totaling 25 sites as of July 2025 [2] - The report highlights the importance of local policies, government funds, and industry capital in supporting the development of launch sites [2] Group 2 - China's satellite internet is entering a construction phase, with a significant gap in launch frequency compared to the US Starlink project, which operates approximately 10 launches per month compared to China's 3 [1] - The report notes that the satellite internet industry chain in China is primarily led by companies like China Star Network and Yuanxin Satellite, which are developing satellite factories for mass production [1] - The launch site infrastructure is critical for the commercial space industry, receiving increased attention and investment from various stakeholders [2] Group 3 - The testing and launch command monitoring system is a vital technical platform for launch sites, responsible for tracking spacecraft orbits and monitoring operational status [3] - SpaceX's ground control system serves as a reference for China's aerospace measurement and control development, integrating various ground and space-based systems [3][4] - The telemetry system and altimeter are key components of the Falcon 9 rocket's control design, ensuring reliable transmission of telemetry parameters [5] Group 4 - The fueling and gas supply system is a key engineering focus for launch site construction, characterized by complex pipeline structures and extensive coverage [6] - This system is essential for providing propellants and gases necessary for rocket launches, functioning as the "gas station" for rockets [6]

Investment Rating - The report maintains a "Positive" outlook on the satellite internet industry [2] Core Insights - The report highlights the rapid growth of commercial space launch sites in China, with 18 operational and 7 under construction, totaling 25 sites as of July 2025 [6][34] - It emphasizes the importance of the testing and launch command monitoring systems as critical technological platforms for launch sites [7][46] - The report identifies investment opportunities in the supply of refueling and gas systems, which are essential for rocket launches [7][69] Summary by Sections 1. Comparison with US Starlink - China's satellite internet is entering a construction phase, with the Starlink project by SpaceX being a benchmark, operating around 7,000 satellites [5][19] - As of July 2025, China has launched 6 groups of satellites totaling 47 for China Star Network and 5 groups totaling 72 for Qianfan constellation [23][26] 2. Growth of Commercial Launch Sites - The report notes the rapid increase in the number of commercial launch sites in China, with significant local government and industry support [6][34] - The report lists six major operational launch sites and additional sites in preparatory stages [34][35] 3. Testing and Launch Command Monitoring Systems - The testing and launch command monitoring system is crucial for tracking spacecraft and sending operational commands [7][46] - The report draws parallels with SpaceX's integrated monitoring systems, which include ground stations and a fleet of support ships [51] 4. Refueling and Gas Supply Systems - The refueling and gas supply systems are described as the "blood vessels" of launch sites, essential for providing propellants and gases during launches [7][69] - The report details the complexity and scale of these systems, which involve extensive pipeline networks and various components [69][70] 5. Investment Strategy - The report suggests that the demand for commercial launch sites exceeds supply, indicating a significant investment opportunity in this sector [7][69] - It highlights the ongoing interest from local policies and industry capital in expanding launch site capabilities [7][34] 6. Related Companies - The report lists several companies involved in ground monitoring stations, on-board monitoring equipment, and refueling systems, including: - Ground Monitoring Stations: Aerospace Universe, Zhongke Xingtu, and Leike Defense [8][56] - On-board Monitoring Equipment: Tianjian Technology, Guorui Technology, and Mengsheng Electronics [8][59] - Refueling and Gas Systems: Jiufeng Energy, Hangyang Co., and Aerospace Morning Glory [8][77]