Huaxi Securities pointed out that the country is speeding up commercial space construction, which is expected to help accelerate the spread of applications such as mobile phones directly connected to satellites and Beidou SMS. As the foundation for 6G network construction, the satellite network currently complies with 6G standards and construction time. Since August, relevant departments have indicated that they will issue satellite Internet licenses. China's satellite Internet commercial operation has taken a critical first step. The issuance of licenses is expected to accelerate the expansion of the entire industry chain to scale. Currently, satellite internet is developing rapidly, and constellation launches have been normalized to increase communication capacity and reduce latency. At the same time, it is expected that applications related to mobile broadband direct connection satellites and low-orbit satellite connected intelligent driving systems will be implemented rapidly. We continue to recommend beneficiary targets related to satellite communications and satellite Internet of Things.

Huaxi Securities pointed out that the country is speeding up commercial space construction, which is expected to help accelerate the spread of applications such as mobile phones directly connected to satellites and Beidou SMS. As the foundation for 6G network construction, the satellite network currently complies with 6G standards and construction time. Since August, relevant departments have indicated that they will issue satellite Internet licenses. China's satellite Internet commercial operation has taken a critical first step. The issuance of licenses is expected to accelerate the expansion of the entire industry chain to scale. Currently, satellite internet is developing rapidly, and constellation launches have been normalized to increase communication capacity and reduce latency. At the same time, it is expected that applications related to mobile broadband direct connection satellites and low-orbit satellite connected intelligent driving systems will be implemented rapidly. We continue to recommend beneficiary targets related to satellite communications and satellite Internet of Things.