北交所行業(yè)主題報(bào)告：衛(wèi)星互聯(lián)網(wǎng)：6G時(shí)代填補(bǔ)“荒”域空白產(chǎn)業(yè)研究方法論鎖定前端機(jī)遇VIP

2i. ns zr?sna!ea,<-e?xx?n?c?+?xna ?ik>?. 7

z.3. zsx?s￡oxex<xst￠,a?a.?.za?pt?a. u

3. +?*+sxa?o,aa +z?ex a?kax in

3.i. a:zo2zaxx aii zero?*4z,o￠ itssz??az. i?

i.?.i. +a:2o22sxxxit232s?, ?a?iea?cxus1-sxe=i??+i?. ia

3.i.i. ++o:oiaeu9o%,?ciixasxnx.i-,?axzu??s+a R. 2s

3.2. +,z.4.:i9 ?<rxv? -sxxxz? cxxaz 22

t') ra: a?aíà?￡'Jü1xS-.)?HA",1I0GH.n?s??t?x?á?sHAüA. 24

are':s?eaa?s- ex,z x?z&x?n -zr+xxa. 25

3.2.3 A R?: V?HR-F??HJ?afiR?ń&??RgIlfiYl T—?tAIfiNú&. 26

3.2.4. x,?;u.e4ux'isz?x—sux=c?t?+,rsizex ao?xcx<. 2s

3.25. <.a<?°+a??a?nx?;1?<?is'+?,axra4?ai'x.^i?%. 2s

4, RR& 29

1: ?*:? —￠ “ ? ...................................................................................................................................4

í?ì2: ?A RKXNR?$ 4

ü: ]3flGe i(? ULI (D?fGltOe?l) 4

i84- zMate60Proaoxxou?i 4

n5. uxaTfuiz-?xx u& n 5

l?ì6. ?fiRF?Al?FIiik—fith ?°fl4?.&dìRWf8éU ?R?s? 6

*zana xxo fu 6

?Yi8: 46 ?RRXRAUPì %?Yi 6

is9: 2029&n nnnnu?tti.w57o00o?￠na?. 7

t810: 2029-#-ń&H?tRJfiRt.?+F?6ihfi90% 7

11: vxx?ena?dv? itnaa?c'Icvanir. 8

l?12: kfitqo??RAfiH?fifiA ??. 8

$.l3: vxxi eA??onAANv?+a iI

l814: v?AUFtü#1?ARi?A la.?-L.fix?fiR. l1

l5: xxx enx?sdì i; ii?ceaO?ta e nn e asv 12

N1s: FxA?H8?sRi?"Aaa4sH+&a?a+4?t(?#"a&nH-*8. 12

17: x —?ri?xo:VGz?iax++no 13

í?18: ?Ría k&: Z-R-üzNkA üH 13

B]19:

@20:

@21:

@22:

g23:

ńAAU?Afi4fi?4óI aHEAú flVü?ì?fi1s Z?-5A n4k# 14

axx?u%?+*?v-?a??onv?tvm=usc,xx+asi:-.?oe. to

?cii+xx?s.x?s<+e?x,ez<z uuaxi?Rxex u

@24:

@25:

if]26:

IB27:

l?28:

l829:

l?30:

IB31:

&32:

IB33:

?f)34:

IB35:

??36:

lB37:

if)38:

ifì39:

?B40:

IB41:

42:

IB43:

@44:

8i45:

&46:

IN47:

2020xGNSS itaò dìiz?iiau 76% 2l

2020 vxikfn? ?75%n?nAfi?fi 21

1CRv& ?J? A???P&?Rfimug. 2l

a+xx dìifi?p nnazaai's?xn. aa?s 2s

ua xa? nzaa ‘Pa 9s*a 2022xa?tinI?cz 23

?r ?&4i T ,-^-.9 >2022&?? ?1i')iN 1500 23

?i8?fiJ)? VDN4￡2019-2022&3&I*R?ê?'J:íflCAGR&100% 24

2023Q1-Q3 4ri?inIii i,gs?c 1977.49W (+14.32%)....,..............,............,...,..............,............,..,. 24

%nv?fil?-bIfilfi??WN&&. 25

ev xv ll0GHz zn.?s?n 25

2023Q1-Q3?4￡/?=NJ?'lin)6.63J6 (+514%)/i.i8?c (+2.07%) 25

2023Q1-Q3B4￡/? )'Iit35.47I??(+1378%?)/7072.63V?(+26.06%) 26

.?oaxPIzi? ií,ux?à <?a x. aas 27

?>??$?.'I1 ?kfiltHlbIR?;?;üR. 27

2023H1?4￡/?=&??')ii?0.61?6?(+212.99%)/1118.03V (+38.81%) 27

@48:

os?r? ii , kz sfizn?P. fiz% n? a1.) .? ,.

......................28

@49:

@30:

2023H1&4￡/'J=R?$t'Jii?0.53?6 (+41.87%)/651.47V?(+35.31%) 29

fizo xea. CMAP a -exx'a ?ciiPanai+xiiifi?. 29

?i: ?an?f< xxa hv.i-?2ooom. 5

a2: na. -n oaux??,+z.s?r?xx+can?kex'i?. 9

as: z?+x iin+xxai+'i,°ia a. 9

a4: e;aapaa??aa'xxiaxxausr>xx. 0

as: Y&AüN—Sea??s?sfiafiAfi W:&aNaa?.+?xa?aY.AHJn?RA. 13

a6: +xa+s ?xxs'la.xxxir.'eaik+.vxusxot-. to

ai: ?c ?x?vu+u ,to as +zn—e+xx?nr aha<?ia?=?i+s) i

A8: )uEJ 2.8lnfifl-í-T-I-üA4U&ttAixRAP&kfAAP*$a 26

STARLINKDIRECTTOCELL““”

&i:za?uasAAx?a$

?k&x1AQHAs/6Gtr?J??id?,&A-VPAY??'?ù'd

JA&eAe6Rsa4./aA.^4Aaa#a&°e&4?-

a&sW.nü,?xxtt?*atst?Li?L????Aa? xxXüHAsam???

3002000

200035786

35786

<6000

35786

IC/9

?r&VLJ&-'wA6 &.>BNVsV-sB6s?-w?B￥tx?&&V

?a

60D00

5?òO

40OOO

30000

20000

IOOOO

0

188Tí 3236V

,- fi N88TbiVs(?&2OGb?t/s) H5TbiVs(?&7.5GbiVs) *?I5Tbirs(T?5OGbii/s) Nl64Tbit/s(T&50GbiVs)

Ku

Ka

n;22Tbit/s

2021T

f51.2Tbit/s

2?22TA

?7Tbit/s

2025&A

?40Tbit/s

2D25T?

I,000R

DIAfiB(VW))OOM

2.3.e￡AARt4i6&A?Tft.AfA.4.S4sbê##i

exa.Aaefia<x&H&nnn&e4ts?A$-, i?3??--md.a—An

HTC —ETY 44?D?XZA16R R4ltTEAM

eVRa￥l&4tAA,eAR&ft66fia1,abe

e?aaoe?x.

￥Ii4:eAe&R&￥1A&aA@Jt.a-k.ttoY?s

411*ze& P B. &.GB..?azt&s6,6k&a,AaxJ?ceA“

aye?s?,sc???&aa?R<nax?x.>Aa????a???a?tRA

?era AU?￥?€RY?A?n:EA honae4a?Am?Paiz?&K?r

&&,8-Tann,xAaaA?&&natt??l<&YnTfiaa￥R.s—(U 1998a. th. ?th.?uTc?+AìJ?VxX?+kü￥,?irxx'!-:b!?ai?h?Nz?aì5?aaT??aR.s—?4&2oo8?,?JiJ?á?'JkA?+Fax, aa??fix?3iI&1Nü?￥xx?arZ— <a. i??,?BNaaafiJ4?aa

. .- -. - - *- - .

:üs AR-ea&+a?0Pas RgRrx:e?asa￡lARaXia

aoaa￠paa—ca,x?xxizrx?is?zas?a?a-?*a.a+na5c?

t::-

”t? - :/!

.

?oAü:IIa? (films?de,.*..r&a& l

?a?ua:?s.?asxa.?aas

?a&Zxz&neff-?-LnaaAa,TaaaTe9.RfiJo?1’1msax&,fiAZvIPJeFxH?k,rziaNiü?Fx&??LH&a.??e￥1a:aaA4?46.:t?)xAA.J.aAIPxaeü-ü,nfi￥xAu?-*eare,?sz'ila

Xl2o:?-h-￡-&nAa4ao+aoAA&XlTctbs4r??iAe4a4Rae

r's-ix4°)24'?) T ,sT,f?AR??HFvTI??k.

?2i:xc.x&nv4s?eaoaeae<eR?oa?,xc+sea.*aa

?I23:a? o?saas&e &Att&.6&?-A?& aaz ?

'" *-

44cVMS%i?,t*?VA?AA?AAA??

2900

8.0%

2800

6.0üO

80%

2700

2ò00

4.0O?O

60%.

2500

2400

00%

40%.

2300

-L0%

201420152016201720182019.202020212022

-4.0%

0%

2?17

2018

2019

2020

2021

2ò22

?8/31

B2?:aAacxAssvu&Hx+air

100%

80%

60%?

40%?

20%

0%i

2018 201.9 2020 2021 2022

iaaai

?í32:2022@LO?ERA4tL11331GCT, @RZCAA@A??'&W?40.3°/?

A?%?&&&(2?2???A?J8ti33lcAń? y*Aò140?/°)

I

N3a.e&aA&a??t&a6o&AAA-&Jse?ax.?Mass

s.2. ana,a-isestxeaa=aanaxxxanrnfia?a

14,282,95

39.41%?

7,97%?

7,318.03

22.34%

6.43?%

b,673.52

.42.34%

14.57'?

1,425.86

6.62%

1.75'%

-2,200..37

20.97%

10.28%

2,226.97

4f.44*?

32.35%?

3,973.70

24:81%

2.23%.

268.96

10.86%

5.66%

2,335.25

5ò.25%

.6.66%.

5,064,78

56.92%

15,47%

3,247.86

51.22%

5.00%

1,954,95

38,57%

12,59%

-?,886.20

14.97%

10.32%

-1,830.26

40.14%

33.74%

1,323.31

52.73%

7.28%

760.65

38.30%

8.80*Zo

1,254.14

55.78%

14.97%

-3