证券研究报告|行业点评报告 [Table_Date] 2026 年 1 月 11 日 [Table_Title] 中美加速，"十万星级"时刻来临！ [Table_Title2] 计算机 行业评级: 推荐 [Table_Summary] 事件概述: 中国在 2025 年 12 月向国际电信联盟（ITU）集中申请超 20 万颗低轨卫星的频率与轨道资源，申请规模显著高于 此前国内单一星座以"万星级"为上限的规划体量，我国在低轨资源布局上正由阶段性示范迈向长期、系统性容 量占位的新阶段。与之相对，SpaceX 在既有 Starlink 星座基础上，进一步新增约 7,500 颗卫星部署计划，延续 其通过持续扩容强化网络密度、系统冗余与服务能力的战略路径。两者在数量级与节奏上的同步变化，反映出全 球主要参与者已形成共识：低轨卫星竞争不再局限于单一星座或阶段性建设，而是围绕轨道与频谱资源、工程化 交付能力及长期运营能力展开的综合博弈。 核心观点: ► 低轨卫星正式迈入"超大规模星座"竞争阶段，全球话语权争夺加速 中国新增 20 万颗卫星频轨资源的申请，标志着卫星资源申请已上升到国家战略层面。轨道和频率均是不可再生且 高度稀 ...

Core Insights - The successful launch of the sixth orbital plane of the Geely constellation marks a significant milestone in China's commercial space industry, achieving a total of 64 satellites in orbit by 2025, enabling global real-time communication coverage except for the polar regions [1][2][4]. Group 1: Geely Constellation Overview - The Geely constellation is designed, developed, and operated by Time Space Path, focusing on low Earth orbit satellite IoT communication, with a capacity to support 20 million global users and 340 million communications daily [2][11]. - The constellation's communication capabilities include a single communication capacity of 1900 Bytes, supporting various data types with strong anti-interference and anti-eavesdropping capabilities [2][3]. Group 2: Applications and Impact - The completion of the constellation's first phase enables practical applications in various sectors, including smart vehicles, low-altitude economy, deep-sea fishing, emergency management, and energy infrastructure [5][6][7][8][9]. - Geely's satellite communication technology is integrated into its vehicle models, ensuring continuous connectivity for safety and operational efficiency [10]. Group 3: Global Expansion and Market Strategy - Time Space Path is actively expanding its satellite IoT communication services globally, focusing on regions like the Middle East, Southeast Asia, Central Asia, Africa, and Latin America, with partnerships established in over 20 countries [11][12]. - The company aims to leverage the demand for stable and efficient connectivity in developing regions, where traditional communication networks are lacking [11]. Group 4: Manufacturing and Cost Efficiency - Geely's satellite manufacturing is conducted at a state-of-the-art facility in Taizhou, Zhejiang, which integrates aerospace and automotive manufacturing techniques, significantly reducing production time to under 28 days per satellite and achieving an annual production capacity of 500 satellites [13][14]. - The industrialized approach to satellite production is expected to enhance the efficiency and cost-effectiveness of deploying low Earth orbit satellite constellations [13][14].