CITIC Securities: Global Mobile Direct Satellite Competition, Focus on Commercial Space Investment Opportunities

CITIC Securities Research Report stated that SpaceX's acquisition of 50MHz golden spectrum resources from EchoStar for $17 billion marks the entry of global mobile satellite direct connection competition into the strategic positioning stage. This move allows SpaceX to break away from the dependence on ground operators for spectrum, achieve direct connection of ordinary mobile phones to satellites through chip embedding technology, and upgrade service capabilities from text to voice and streaming data. By adopting a mixed mode of "self-operation in remote areas + cooperation in cities", SpaceX is building satellite communication capabilities that cover the entire world. At the same time, China has issued policies to support the development of mobile satellite direct connection, accelerating constellation networking and commercialization of private rockets. The entire commercial aerospace industry chain is facing development opportunities, but the scarcity of spectrum, technological maturity, and sustainability of business models are still the core variables.