According to Zhitong Finance APP, Shanxi Securities released a research report stating that satellite internet has attracted significant attention at the MWC Shanghai exhibition, which opened on June 18. For the capital market, the satellite internet sector is expected to face at least three catalysts and investment opportunities: low Earth orbit satellite payloads, low Earth orbit ground infrastructure, and super node communication. Supported by smartphones like the mateX6, China's low Earth orbit satellite communication system may enter the public testing phase this year, with consumer-level satellite networking expected to be realized in the second half of the year. As the trial operation of low Earth orbit satellites begins, the ground infrastructure sector will benefit deeply, including the integration of gateway station projects and upstream antennas, core networks, base station processing, as well as site leasing and ground terminal aspects.
<h2>The main viewpoints of Shanxi Securities are as follows:</h2>
The design scheme for the next-generation integrated low Earth orbit constellation has basically matured, and participants in the ground 5G industrial chain will accelerate the transition and benefit deeply.
Currently, domestic projects such as Qianfan Constellation, State Grid Constellation, Hongyan Constellation, and Tianqi Constellation have begun to be established, with the NTN system for future integrated network architecture being mainstream. Among them, the main communication functional devices on the satellite include broadband phased array antennas (responsible for dedicated terminal interconnection), narrowband phased array antennas (responsible for direct mobile phone connections), ground feed antennas (responsible for ground station backhaul), baseband processing boards (satellite 3GPP payload regeneration), general computing boards (management and core network functions), routing and switching boards (inter-satellite networking), and inter-satellite laser terminals (inter-satellite networking).
Shanxi Securities believes that major 5G equipment manufacturers such as Huawei, ZTE, FiberHome, and Xinkai Mobile will become the main players in baseband, routing, and antennas; major players in 5G antennas such as Tongyu Communication, COMBA, Shenglu Communication, and JSCQ will become the main production capacity for satellite-mounted phased array antennas; while ground optical modules/optical devices such as Guangxun Technology and Guangku Technology will focus on supplying satellite-mounted laser products. The core reason is the first-mover advantage in NTN system protocol research and development, capacity reserves, and cost control compared to specialized industry institutions. For example, Xinkai Mobile launched a new series of integrated space-ground products at MWC, including integrated payloads, satellite-mounted basebands, integrated terminals, AF cloud platforms, SF network elements, gateway stations, and other equipment.
As the trial commercial use of low Earth orbit constellations like State Grid approaches, ground infrastructure and other sectors will accelerate their expansion.
With the support of smartphones like the mateX6, China's low Earth orbit satellite communication system may enter the public testing phase this year, with consumer-level satellite networking expected to be realized in the second half of the year. The early applications of low Earth orbit satellites will mainly focus on space-based private networks, which will provide internet access services without dead zones based on dedicated terminals; enable direct T2T (terminal-to-terminal) low-latency communication based on satellite switching equipment; and achieve ultra-long-distance low-latency network backhaul communication based on ground distributed gateway stations and inter-satellite laser networking.
As the trial operation of low Earth orbit satellites begins, the ground infrastructure sector will benefit deeply, including the integration of gateway station projects and upstream antennas, core networks, base station processing, as well as site leasing and ground terminal aspects. For example, Shanghai Tower is exploring the transformation and upgrading of traditional communication base stations into &#34;distributed ground stations&#34; with satellite ground station capabilities and edge scenario data convergence capabilities, effectively addressing existing issues such as the difficulty in site selection for current constellations, complex construction approvals, and high costs
AMD Helios Cabinet Design Update: Fully Benchmarking Rubin NVL144's Supernode Cabinet
According to Semianalysis' &#34;AMD Advancing AI: MI350X and MI400U ALoE72, MI500U AL256&#34; analysis, the Mi400 series will use UALINK over Ethernet for Scaleup networking, which will be based on the Tomahawk 6 switch chip. The Mi400 Helios cabinet is expected to integrate 72 Mi400 GPUs, and to benchmark Rubin 144 with a Scaleup bandwidth of 1800GB/s, it will require over 10,000 224G copper cables and corresponding high-density backplane connectors (or there may also be overpass jumper requirements in the Switch tray).
In terms of Scaleout networking, the Mi400 design bandwidth is 300GB/s per GPU, which means each GPU may be configured with 3 800G high-speed network cards. Just for the server connection to a single layer switch, 6 800G optical modules or 3 DAC/AEC copper cables will be needed. The doubling of network bandwidth and the addition of supernode design are common features seen in GPU and ASIC server designs for 2026-2027, indicating that high-speed copper cables and optical modules will continue to be in a rising cycle of strong supply and demand.
Recommended Targets
Low Earth Orbit Satellite Payloads: XinKe Mobile (688387.SH), Fenghuo Communication (600498.SH), ZTE Corporation (000063.SZ), Tongyu Communication (002792.SZ), COMBA (02342), JSCQ (688182.SH), JUSHRI TECHNOLOGIES (300762.SZ).
Low Earth Orbit Ground Infrastructure: Changjiang Communication (600345.SH), Zhenyou Technology (688418.SH), XinKe Mobile (688387.SH), China Tower (00788), JUSHRI TECHNOLOGIES (300762.SZ).
Supernode Communication: Zhongji Xuchuang (300308.SZ), Xinyi Sheng (300502.SZ), Wolong Nuclear Materials (002130.SZ), DingTong Technology (688668.SH), RECODEAL (688800.SH), Dongshan Precision (002384.SZ).
Risk Warning
Overseas computing power demand may fall short of expectations, domestic operators and internet investments may not meet expectations, intense market competition may lead to price declines beyond expectations, and external sanctions may escalate

300762

02342

688800

688182

Shanxi Securities released a research report indicating that the low Earth orbit satellite internet has attracted attention at the MWC Shanghai exhibition, and it is expected to bring investment opportunities. Low Earth orbit satellite payloads, ground infrastructure, and supernode communication are the main catalysts. As the trial operation of low Earth orbit satellites progresses, the ground infrastructure segment will benefit, including the XinGuan station projects and related equipment suppliers. 5G main equipment manufacturers and antenna manufacturers will become major participants, and it is expected that consumer-grade satellite networking will be realized in the second half of the year

Zhitong

JUSHRI TECHNOLOGIES

Comba

COMBA

RECODEAL

JSCQ

Eoptolink

DSBJ

FiberHome

YCIG

WOER

Accelink

Tongyu

Genew

Dingtong

SHANXI SECURITIES

Zhongji Innolight

Huawei

CHINA TOWER

Shenglu Telecom

Shanxi Securities: MWC Shanghai showcases new opportunities for low-orbit satellite ground infrastructure, focusing on relevant links in the industry chain