远方的发射塔像是一根静默的银针，矗立在天地交界的旷野上。这是肯尼迪航天中心到访者对 太空探索公司（SpaceX）使用的卡纳维拉尔角40号航天发射复合体（SLC-40）最深刻的印 象。 SLC-40属于美国"东部发射场"，同时被泻湖与大西洋紧紧包围。它位于佛罗里达州的梅里特 岛，是火箭借助地球自转飞向赤道轨道的理想出发点。这里气候常年温和，鲜有严寒，有利于 维持高密度的发射节奏。 在SpaceX从美国政府租赁的三个发射场中，由SLC-40承担的发射任务最多且密集：2024年， SLC-40共发射了62枚猎鹰9号火箭，平均每6天发射一枚，几乎占SpaceX全年发射总量的 45%。同年，用于发射"星链"（Starlink）卫星专用任务又占据了猎鹰火箭发射任务总数的三 分之二。 "星链"是SpaceX在2015年提出的低轨卫星互联网星座计划，其原理是让低轨道卫星充当空中 中继，转发无线电信号，实现了无死角的信号覆盖。对于"星链"，SpaceX创始人埃隆·马斯克 对它有宏大的计划。 事实上，SpaceX正领跑全球低轨卫星互联网市场，据21世纪经济报道记者统计，截至2025年8 月19日，SpaceX已经进行超过290次 ...

Investment Rating - The report maintains a "Recommendation" rating for the commercial aerospace industry [5] Core Viewpoints - The commercial aerospace industry is entering a high-density launch era, with significant advancements in satellite internet deployment and launch capabilities [1][2] - The GW constellation has completed the deployment of seven satellite groups, while the Qianfan constellation has successfully launched five times, with a total of 90 satellites in orbit [3][4] - The development of satellite internet is becoming clearer, with technological innovations in manufacturing and the operationalization of commercial launch sites significantly reducing launch costs and increasing capacity [4] Summary by Sections GW Constellation Deployment - The GW constellation plans to launch a total of 12,992 satellites, with 10% expected to be launched by 2030, averaging 1,800 launches per year thereafter [1] - As of 2025, six groups of low-orbit satellites have been launched, indicating a trend of dense launches starting from late July [1] Qianfan Constellation Progress - The Qianfan constellation has successfully launched its fifth batch of network satellites, marking the first collaborative operation between commercial satellite constellations and launch sites [3] - The "one rocket, multiple satellites" technology has matured, demonstrating the capability of launching 18 satellites simultaneously [3] Investment Recommendations - The report suggests focusing on companies involved in satellite manufacturing, rocket development, and ground operations, including names like Xi'an Huada, Zhongtian Rocket, and China Satellite [4]

Group 1 - The core viewpoint of the articles highlights China's rapid advancement in low Earth orbit (LEO) satellite internet deployment, particularly through the GW constellation, which aims to establish a global satellite internet network [1][2][4] - The GW constellation is China's first giant satellite internet project, consisting of a mixed constellation of geostationary (GEO) and LEO satellites, with a total planned launch of 12,992 satellites [2][4] - The recent successful launches of multiple satellite batches within a short timeframe indicate a new record for China's LEO satellite constellation deployment, reflecting an accelerated pace in building satellite internet capabilities [1][4] Group 2 - The management restructuring at China Satellite Network Group (China Star Network) aims to enhance operational efficiency and strategic depth in satellite internet deployment, with new leadership expected to drive future network construction [5][6] - The reduction of launch costs is identified as a critical factor for the success of China's LEO satellite internet industry, with a focus on developing reusable rocket technologies to lower expenses [7] - The competitive landscape for LEO satellite internet is intensifying globally, with various countries and companies racing to secure orbital resources and establish satellite networks, emphasizing the strategic importance of space in the digital economy [8][10]