According to the Minsheng Securities Research Report, 1) The construction of a satellite internet is imperative, and China's Starlink is accumulating and underdeveloped. As a complement and extension of terrestrial communication networks, satellite internet is being used more and more widely around the world. 2) The Thousand Sails constellation brings together the core resources of the Yangtze River Delta. 3) Three generations of satellites are progressing step by step, and demand to go overseas is gradually emerging. The successful example of the Thousand Sails constellations proves that under strong competitive pressure from constellations such as SpaceX, China's commercial communications constellations still have plenty of room to go overseas. As satellite networking continues, the layout of terrestrial infrastructure and terminal systems will accelerate, laying the foundation for subsequent commercial applications. The accelerated deployment of low-orbit communication constellations will bring huge market demand to the domestic satellite and commercial rocket industry. As the Qianfan constellation networking officially kicks off, the overseas demand logic continues to confirm that the global market is expected to continue to open up along with the successive networking of China's constellations and the iteration of rocket technology. It is recommended to focus on: Xinwei Communications, Radio and Television Metering, and Hagrid Communications.

According to the Minsheng Securities Research Report, 1) The construction of a satellite internet is imperative, and China's Starlink is accumulating and underdeveloped. As a complement and extension of terrestrial communication networks, satellite internet is being used more and more widely around the world. 2) The Thousand Sails constellation brings together the core resources of the Yangtze River Delta. 3) Three generations of satellites are progressing step by step, and demand to go overseas is gradually emerging. The successful example of the Thousand Sails constellations proves that under strong competitive pressure from constellations such as SpaceX, China's commercial communications constellations still have plenty of room to go overseas. As satellite networking continues, the layout of terrestrial infrastructure and terminal systems will accelerate, laying the foundation for subsequent commercial applications. The accelerated deployment of low-orbit communication constellations will bring huge market demand to the domestic satellite and commercial rocket industry. As the Qianfan constellation networking officially kicks off, the overseas demand logic continues to confirm that the global market is expected to continue to open up along with the successive networking of China's constellations and the iteration of rocket technology. It is recommended to focus on: Xinwei Communications, Radio and Television Metering, and Hagrid Communications.