CITIC Construction Investment: It is expected that China will officially enter the high-frequency networking stage of satellite internet starting in 2026

CITIC Construction Investment Research Report states that since 2020, the number of global rocket launches has reached a new high for three consecutive years, with significant increases in global space activities, showing an unprecedented level of activity. In the field of communication satellites, China's low Earth orbit satellites are relatively lagging behind high Earth orbit high-throughput satellites. The Tian Tong-1 satellite is China's mature GEO satellite constellation, which has been widely applied across various industries. In 2024, China's two major giant constellations (GW and G60) will officially start networking, marking the beginning of a new era of normalized launches for constellation deployment. It is expected that starting in 2026, China will officially enter the high-frequency networking phase of satellite internet, and with the gradual advancement of domestic satellite internet construction demand, the overall industry scale is expected to grow rapidly in the coming years. It is recommended to prioritize attention on the upstream satellite manufacturing and rocket launch sectors. Key focus should be on the official construction of various domestic low Earth orbit satellite constellations and the timeline for batch networking, which may serve as a watershed moment for the performance of companies related to the satellite internet industry chain