商业航天高密度发射，火箭链和卫星链双受益 20250829.docx AceCamp AI 2025-08-30 摘要 中国商业航天在 2017 年后加速发展，受益于高通量卫星技术成熟，主 要项目包括国家队主导的"星网"和民间资本参与的"G60"，两者均在 2024 年后频繁发射，旨在抢占低轨卫星互联网市场。 低轨卫星相较于地面基站具有高覆盖、低延时、宽带化和低成本优势， 适用于偏远地区通信、海洋作业和航空通信等特殊场景，尤其在传统基 站难以覆盖的区域提供稳定高速通信服务。 全球商业航天竞争激烈，各国需遵循 ITU"先到先得"原则抢占频段资源。 美国 SpaceX 的 Starlink 已申请大量卫星，各国加紧布局以避免资源缩 减风险，并需在规定时间内启动发射。 商业航天正向宽带互联网方向发展，从早期语音和物联网服务转向高通 量宽带服务。Starlink 引领市场，各国加紧布局频段资源，商业航天市 场前景广阔，将对全球通信体系产生深远影响。 商业卫星星座已应用于军事作战，如俄乌冲突中 Starlink 为乌克兰提供 战场优势，帮助乌军使用无人机摧毁俄军坦克，改变战争形态，凸显商 业航天在军事领域的重要性。 Q ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [7] Core Insights - Satellite internet has advantages such as wide coverage, low latency for intercontinental communication, support for large-scale flexible communication, low construction costs, and applicability in emergency scenarios, addressing connectivity needs in remote areas and communication blind spots at sea and in the air [2][12] - The low Earth orbit (LEO) satellite constellation, represented by "Starlink," is a new direction in technological competition, with significant plans from companies like SpaceX and Lynk to deploy thousands of satellites [3][13] - The construction of LEO satellite constellations is accelerating in China, with the largest "GW" satellite internet constellation planning to launch 12,992 satellites, contributing to rapid growth in the domestic satellite internet market, projected to reach 44.7 billion yuan by 2025, with a CAGR of 11.2% from 2021 to 2025 [4][14] Summary by Sections Industry Outlook - The satellite internet industry involves multiple sectors including communication, materials, electronics, semiconductors, and software, characterized by high technical difficulty and significant industry scale [2][12] - The military value of satellite internet is highlighted by its role in the Ukraine conflict, where "Starlink" provided crucial communication support [5][15] Market Performance - The computer industry index increased by 0.03% this week, underperforming compared to the Shanghai Composite Index, which rose by 2.11% [17][18] - The report notes that the computer sector's overall performance was weak, primarily due to adjustments in themes like AI [21] Key Recommendations - The report suggests focusing on companies providing satellite control services, testing services for satellite communication, and satellite application firms, including Star Map Control and Kunheng Shunwei [16]