文丨华西证券

huaxizhengquanyanbaozhichu，shoujishichangpiruandehuanjingzhixia，huaweituichumate60xilieshoujizhongduanjishoujichanyeliandailaixindeliangdian，qidazhongshichangyingyongyouwangchubudeyipeiyu。

shoujiweixingtongxinchanyeshengtaizouxiangchengshu：shoujichangshang、yunyingshang、ruanyingjianyingyongshengtai、zhengcedengduofangdexietong，zhenzhengshifangshoujiweixingtongxingongnengdejiazhi。shouyiyuguochanxingzuojianshekuaisutuijin，weixingzhengjijixiangguanzaihechanyelianyouwanglvxianbaofa，zhongdianguanzhudichengben、gaokekaoxiangguanjishufangantuijinjinzhan。

产业链变化：

1）zengjiaweixingtianxianshuliangtishengzengyi：shiyongkezhediejuxingxiangkongzhentianxian，shideweixingfa shexinhaojuyouhengaodezhixiangxinghezengyinengli，shixianshoujiyuweixingdezhilian。

2）xinzengdimianjieshoushebei：jiyuweixingdetongxunxieyixinhaobeidimianjieshoushebei，tongguowuxianluyouqizhuanhuancheng wi-fi xinhao，shoujijieruwi-fishangwang。

3）zhongduancezengjiaxiangguanweixingtongxinxinpian：zaishoujizhongdanduzengjiaxiangyingdeweixingtongxinxinpian，tongguotedingweixingpinduanshixianduanxinshenzhiyuyin、shujutongxingongneng。

相关产业链受益标的：

weixingtongxinshoujixinpian：hualichuangtong、haigetongxindeng；

dimianxiangkongzhenjieshoutianxian：chengchangkeji（t/rxinpian）、yaguangkeji（weiboqijian）deng；

weixingtongxinzaihe：xinkeyidong、chuangyixinxi（chuangzhilianheng）、shanghaihanxundeng；

xingjianhulian：haixingguangliandeng；

xiangkongzhentianxian：tianruixingtong（feishangshi）、kesaikeji（feishangshi）deng；

dimianhexinwang：huawei（feishangshi）、zhenyoukeji、putiankejideng；

dimianzhan：haigetongxindeng；

weixingyingyong：shengyangkejideng。

通信板块观点

jieheyejiquedingxingjiguzhiliangfangmianyinsukaolv，womenjianyiguanzhubaokuodianxinyunyingshang、jungongtongxin、mianbanyijidigudesuanlijichusheshijigongyehulianwanggegu：

1）dianxinyunyingshangguzhitisheng：zhongguoyidong、zhongguodianxin、zhongguoliantongdeng；

2）chixutuijiansuanli&tongxinjichusheshi：

wuxiantongxin&fuwuqidengshebeishang：zhongxingtongxun、ziguanggufen（huaxitongxin&jisuanjilianhefugai）deng；

suanlizhongxin：guanghuanxinwang；

suanliyingkejichanyelian：xinleineng（fuwuqidianyuan）；

3）jungongtongxin：fenghuodianzi（huaxitongxin&jungonglianhefugai）、haigetongxin（huaxitongxin&jungonglianhefugai）、qiyierdeng；

3）gongyehulian：jinkazhineng（huaxitongxin&jixielianhefugai）deng；

4)yejingmianbanguaidian：tclkeji（huaxitongxin&dianzilianhefugai）deng。

风险提示

dicengxiangguanjishufazhanhuanman，weixingyingyongfazhanbujiyuqi。

以下为研报全文：

1、华为联手“天通”最新手机终端支持卫星通信功能

2023nian，8yue29rihuaweishangchengfabu “huawei mate 60 proxianfengjihua”，huawei mate 60 prochengweiquanqiushoukuan，zhichiweixingtonghuadedazhongzhinengshouji，zaimeiyoudimianwangluoxinhaodeqingkuangxiayekeyitongguo“tiantongweixing”zhijieboda、jietingweixingdianhua。

tiantongweixingshiyouhangtiankejijituangongsiwuyuanfuzeyanzhidewoguoshoukeyidongtongxinweixing，tiantongweixingmuqianzaigui3keweixing，tiantong01xing2016nian8yue6rifashe、tiantong02xing2020nian11yue12rifashe，tiantong03xing2021nian1yue20rifashe，fugaiquyuzhuyaoweizhongguojizhoubian、zhongdong、feizhoudengxiangguandiqu，yijitaipingyang、yinduyangdabufenhaiyu。

2、低轨卫星星座建设提速，卫星通信应用逐渐普及、成本降低

2.1、中国低轨卫星星座加速推进建设，卫星基础设施有望最先受益

星网先导星发射成功，中国低轨卫星星座进入加速建设期：2023nian7yue9ri，zhongguoweixingwangluojituanyouxiangongsi（yixiacheng“xingwanggongsi”）yikeyuanxingweixingzaizhongguojiuquanweixingfashezhongxinyouzhangzhengerhaobingyunzaihuojianfasheshengkong。

genjuzhiqiantijiaojiguojidianxinlianmengdewenjian，zhongguodasuanjianlilianggeweixingqun（gw-a59hegw-2）。zheiyijihuayouzhongguoweixingwangluojituanyouxiangongsiqiantoushishi，congituxiangguanwangzhankan，gwxingzuozongweixingzongshuliangduoda12992ke。bencixingwanggongsixiandaoxingdefazhanyiweizhe，guoneiweixinghulianwangjianshekaishitisu。

“G60”星座实验卫星发射成功并成功组网：2021nian11yue， “g60xinglian”chanyejidiqihangyishizaishanghaisongjiangjuxing。gaixiangmuyousongjiangqu、lianhetouzi、lingangjituansanfanggongtongdazao，jiangjianshezhangsanjiaoshougeweixingzhizaode“dengtagongchang”。

“g60xinglian”chanyejidiyiqixiangmuzhandimianji120mu，jianzhumianji20wanpingfangmi，jiangjiansheshuzihuaweixingzhizaogongchang、weixingzaiguiceyunkongzhongxin、weixinghulianwangyunyingzhongxin。qizhong，weixinggongchangdeshejichannengjiangdadao300ke/nian，danxingchengbenjiangxiajiang35%。

genju2023nian7yue25rixiaoxi，shanghaishisongjiangquweishujichengxiangminbiaoshi，shanghaijiakuaikaipixinlingyuxinsaidao，dazaodiguikuanpinduomeitiweixing“g60 xinglian”，shiyanweixingwanchengfashebingchenggongzuwang，yiqijiangshishi 1296 ke，weilaijiangshixianyiwanliangqianduokeweixingdezuwang。

2.2、手机卫星通信“中国标准”陆续推出，手机卫星通信产业应用不断渗透

卫星通信和蜂窝移动通信相融合是未来发展的大趋势：3gppzai5g（nr）xinbiaozhunzhongtichujiangkongjiantongxinwangluo（ntn non-terrestrial networks）jichengdaoquanqiubiaozhunhuawuxiantixizhong。shoujidejishuhetongxintizhi，zaicong2gdao3g，zaidao4ghejintiande5gdeguochengzhong，zhubudibiaozhunhua，biaozhunhuayouliyudapobilei，cujinhulianhutongbingkuodashichangtiliang。

weijinyibujiaqiangweixinghulianwangjishuhebiaozhunyanjiu，tishengchanpinyanfaheyanzhengshuiping，tuijinweixinghulianwangchanyefazhan，imt-2020（5g）tuijinzuyu 2023 nian 4 yuezhengshichengli ntn gongzuozu。2023 nian 5 yue 12 ri，ntn gongzuozudiyicihuiyizaishanghaizhaokai，guonei 29 jiadanweijianglianhetuidongzhidingshoujiweixingtongxinde“zhongguobiaozhun”。

MWC 2023展会上，手机卫星通信技术被越来越多的提上日程：gaotongzhengyurongyao、motorola、nothing、oppo、vivohexiaomihezuo，qituichudexiaolong8 gen 2yidongpingtaijiangjichengiridiumtigongdesnapdragon satellite（zhuyaoweizhinengshoujitigongshuangxiangxiaoxitongxin，zhichishuangxiangyingjixiaoxitongxin、smsduanxinheqitaxiaoxiyingyong）weixingtongxinjiejuefangan，zhichishoujichangshangtongguosnapdragon satellitekaifajubeiweixingtongxingongnengdezhinengshouji，yuji2023nianxiabannianjiukeyifabu。（ziliaolaiyuan：aijiwang）

lianfakeyurohde & schwarzhezuowanchenglequanqiushouci5g ntnweixingshoujishiyanshilianxianceshi， mwc 2023shang，lianfakezhanshichu3gpp 5gfeidimianwangluo（ntn）jishuyijijiyugaibiaozhundexinpianzu。jiyu3gpp ntnbiaozhundedulixinpianzumt6825，kejichengdaoqijianzhinengshoujizhong，qiyubullitthezuotuichucaiyonggaijishudeshangyongzhinengshoujimotuoluoladefy 2hecat s75，junyunyonglemt6825 3gpp ntnxinpianzu，keweiquanqiuyonghutigongshuangxiangweixingtongxinxinxichuanshu、weizhigongxianghejinjisosgongneng。

congjishushangkan，gaotong、lianfakehepingguocaiyongdedoushidiguiweixingjiejuefangan，gaotongshiyongdeshiyixingweixing，lianfakecaiyongdeshibullittweixingtongxinfuwu，pingguoxuanzeyuweixingtongxingongsiglobalstarhezuo。

2.3、资费平民化趋势，大众市场接受程度提升

guoquweixingtongxindeyingshangfeichangmingxian，rufashejiageanggui，chuanshusulvman，taocanjiageanggui。

suiranweixingtongxinyouyuqigaoangchengbenjizifeiqipujichengdubugao，danweixinghulianwangdeshichangjihuiqishiyizhicunzai，baokuohuwai、jiuzai、hanghai、junshidengchangjing，douyijingzhengshileweixingtongxindekekaoxing。

本次华为与中国电信合作，天通卫星通信资费适应大众市场：zhongguodianxin9yue8rizhengshifabule“shoujizhilianweixingyewu”，keshipeihuaweimate 60 pro/pro+liangkuanxinji。yonghuyongyoujubeitiantongweixingtonghuagongnengdeshouji，bingkaitongshoujizhilianweixinggongnengjikeshiyong。

taocanzifeifangmian，zhongguodianxintigong10yuan/yuedejichugongnengbao，tonghuazhubeijiaomeiyue2fenzhong；ciwaihaitigong200yuan、300yuan、500yuanyuyinbao，meiyueyouzhegengduodetonghuafenzhongshu。

taocanwaizifeifangmian，guoneijigangaotaiyuyinzhubeijiaojunwei9yuan/fenzhong，bodaguojizhangtu20yuan/fenzhong，bodaguojiweixingdianhua50yuan/fenzhong；ciwai，guoneiweixingduanxin5yuan/tiao。

2.4、卫星产业链变化

shoujishichangpiruandehuanjingzhixia，huaweituichumate60xilieshoujizhongduanjishoujichanyeliandailaixindeliangdian，qidazhongshichangyingyongyouwangchubudeyipeiyu。

shoujiweixingtongxinchanyeshengtaizouxiangchengshu：shoujichangshang、yunyingshang、ruanyingjianyingyongshengtai、zhengcedengduofangdexietong，zhenzhengshifangshoujiweixingtongxingongnengdejiazhi。shouyiyuguochanxingzuojianshekuaisutuijin，weixingzhengjijixiangguanzaihechanyelianyouwanglvxianbaofa，zhongdianguanzhudichengben、gaokekaoxiangguanjishufangantuijinjinzhan。

产业链变化：

1）zengjiaweixingtianxianshuliangtishengzengyi：shiyongkezhediejuxingxiangkongzhentianxian，shideweixingfa shexinhaojuyouhengaodezhixiangxinghezengyinengli，shixianshoujiyuweixingdezhilian。

2）xinzengdimianjieshoushebei：jiyuweixingdetongxunxieyixinhaobeidimianjieshoushebei，tongguowuxianluyouqizhuanhuancheng wi-fi xinhao，shoujijieruwi-fishangwang。

3）zhongduancezengjiaxiangguanweixingtongxinxinpian、tianxiandenglingbujian：zaishoujizhongdanduzengjiaxiangyingdeweixingtongxinxinpianjitianxiandeng，tongguotedingweixingpinduanshixianduanxinshenzhiyuyin、shujutongxingongneng。

3、投资机会

xiangguanchanyelianshouyibiaode：

weixingtongxinshoujixinpian：hualichuangtong、haigetongxindeng；

dimianxiangkongzhenjieshoutianxian：chengchangkeji（t/r xinpian）、yaguangkeji（weiboqijian）deng；

weixingtongxinzaihe：xinkeyidong、chuangyixinxi（chuangzhilianheng）、shanghaihanxundeng；

xingjianhulian：haixingguangliandeng；

xiangkongzhentianxian：tianruixingtong（feishangshi）、kesaikeji（feishangshi）deng；

dimianhexinwang：huawei（feishangshi）、zhenyoukeji、putiankejideng；

dimianzhan：haigetongxindeng；

weixingyingyong：shengyangkejideng。

4、近期通信板块观点及推荐逻辑

4.1、本周持续推荐：

jieheyejiquedingxingjiguzhiliangfangmianyinsukaolv，womenjianyiguanzhubaokuodianxinyunyingshang、jungongtongxin、mianbanyijidigudesuanlijichusheshijigongyehulianwanggegu：

1）dianxinyunyingshangguzhitisheng：zhongguoyidong、zhongguodianxin、zhongguoliantongdeng；

2）chixutuijiansuanli&tongxinjichusheshi

wuxiantongxin&fuwuqidengshebeishang：zhongxingtongxun、ziguanggufen（huaxitongxin&jisuanjilianhefugai）deng；

suanlizhongxin：guanghuanxinwang；

suanliyingkejichanyelian：xinleineng（fuwuqidianyuan）；

3）jungongtongxin：fenghuodianzi（huaxitongxin&jungonglianhefugai）、haigetongxin（huaxitongxin&jungonglianhefugai）、qiyierdeng；

3）gongyehulian：jinkazhineng（huaxitongxin&jixielianhefugai）deng；

4)yejingmianbanguaidian：tclkeji（huaxitongxin&dianzilianhefugai）deng。

4.2、中长期产业相关受益公司

1）shebeishang：zhongxingtongxun、fenghuotongxin、hainengda、ziguanggufen、xingwangruijiedeng；

2）jungongtongxin：xinleineng、qiyier、shanghaihanxun、haigetongxindeng；

3）guangtongxin：zhongtiankeji、hengtongguangdian、zhongjixuchuang、tianfutongxin、xinyisheng、guangxunkejideng；

4）weixinghulianwang：leikefangwu、zhenyoukeji、kangtuohongwaideng；

5）5gyingyongcengmian：gaohonggufen、guanghuanxinwang、yilianwangluo、huichangtongxun、dongfangguoxin、tianyuandikedeng；

6）qitadiguzhibiaode：pingzhixinxi、hangtianxinxideng。

5、风险提示

dicengxiangguanjishufazhanhuanman，weixingyingyongfazhanbujiyuqi。