金吾财讯 | 华泰证券探讨了星链商业化成功的三个核心要素：1）从供给侧看，星链卫星发射和量产能力大幅领先，实现卫星互联网低成本和大规模建设目标；2）从需求侧看，星链消费者/行业/政府领域需求旺盛，全球用户数突破600万，主要替代传统GEO卫星服务，并开拓地面网络盲区用户，手机直连卫星和新兴国家有望支持远期需求扩张；3）从技术侧看，卫星制造、通信网络、终端集成的全面技术创新打造护城河，卫星V3版本单星带宽提升至约1Tbps，多种地面终端适应不同场景需求，巩固服务水平领先优势。
该机构认为Starlink业务有望保持快速增长，主要驱动来自于：1）FCC针对剩余2.2万颗卫星审批；2）“星舰”与星链V3.0投入运营；3）手机直连卫星商用、政府订单以及新兴国家用户增长。目前，其他低轨卫星互联网星座也步入建设或扩容阶段，如Kuiper、AST Spacemobile、中国星网、千帆星座等，有望引发行业格局的新一轮改变，建议关注全球卫星互联网发展机遇。
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