1362 lines
74 KiB
HTML
1362 lines
74 KiB
HTML
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<!DOCTYPE html>
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<html lang="zh-CN">
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<head>
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<meta charset="UTF-8">
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<meta name="viewport" content="width=device-width, initial-scale=1.0">
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<title>星网概念 - 中国低轨卫星互联网战略分析</title>
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<link href="https://cdn.jsdelivr.net/npm/bootstrap@5.3.0/dist/css/bootstrap.min.css" rel="stylesheet">
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<link rel="stylesheet" href="https://cdn.jsdelivr.net/npm/bootstrap-icons@1.10.0/font/bootstrap-icons.css">
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<style>
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:root {
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--primary-color: #0d6efd;
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--secondary-color: #6c757d;
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--accent-color: #0dcaf0;
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--dark-color: #212529;
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--light-bg: #f8f9fa;
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}
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body {
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font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;
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color: #333;
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background-color: #f5f7fa;
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}
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.hero-section {
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background: linear-gradient(135deg, #0d6efd 0%, #0a58ca 100%);
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color: white;
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padding: 4rem 0;
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position: relative;
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overflow: hidden;
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}
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.hero-section::before {
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content: "";
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position: absolute;
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opacity: 0.3;
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.hero-content {
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position: relative;
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z-index: 1;
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}
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.section-title {
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font-weight: 700;
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margin-bottom: 1.5rem;
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position: relative;
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padding-bottom: 0.75rem;
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}
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.section-title::after {
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content: "";
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position: absolute;
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bottom: 0;
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left: 0;
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width: 60px;
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height: 4px;
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background-color: var(--accent-color);
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}
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.timeline {
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position: relative;
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padding-left: 30px;
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}
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.timeline::before {
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content: '';
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position: absolute;
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left: 15px;
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top: 0;
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height: 100%;
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width: 2px;
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background: #dee2e6;
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}
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.timeline-item {
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position: relative;
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margin-bottom: 2rem;
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}
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.timeline-item::before {
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content: '';
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position: absolute;
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left: -22px;
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top: 5px;
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border-radius: 50%;
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font-weight: 600;
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color: var(--primary-color);
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}
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.card {
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border: none;
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border-radius: 10px;
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box-shadow: 0 4px 6px rgba(0, 0, 0, 0.05);
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transition: transform 0.3s, box-shadow 0.3s;
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height: 100%;
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}
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.card:hover {
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transform: translateY(-5px);
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box-shadow: 0 10px 20px rgba(0, 0, 0, 0.1);
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}
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.card-header {
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background-color: transparent;
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border-bottom: 1px solid rgba(0, 0, 0, 0.05);
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font-weight: 600;
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}
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.table-container {
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overflow-x: auto;
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}
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.table {
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min-width: 100%;
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}
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.table th {
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background-color: var(--primary-color);
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color: white;
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position: sticky;
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top: 0;
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z-index: 10;
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}
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.badge {
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font-size: 0.75rem;
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padding: 0.35em 0.65em;
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}
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.industry-chain {
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display: flex;
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flex-wrap: wrap;
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gap: 10px;
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margin-top: 1rem;
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}
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.chain-item {
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background-color: rgba(13, 110, 253, 0.1);
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border-left: 4px solid var(--primary-color);
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padding: 0.75rem 1rem;
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border-radius: 0 5px 5px 0;
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flex: 1;
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min-width: 200px;
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}
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.chain-title {
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font-weight: 600;
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color: var(--primary-color);
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margin-bottom: 0.5rem;
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}
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.key-point {
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background-color: rgba(13, 202, 240, 0.1);
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border-left: 4px solid var(--accent-color);
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padding: 1rem;
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margin-bottom: 1rem;
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border-radius: 0 5px 5px 0;
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}
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.risk-item {
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margin-bottom: 1rem;
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padding-left: 1.5rem;
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position: relative;
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}
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.risk-item::before {
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content: "⚠️";
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position: absolute;
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left: 0;
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}
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.investment-card {
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border-top: 4px solid var(--primary-color);
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}
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.nav-pills .nav-link {
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color: var(--secondary-color);
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border-radius: 50px;
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margin-right: 0.5rem;
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margin-bottom: 0.5rem;
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}
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.nav-pills .nav-link.active {
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background-color: var(--primary-color);
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}
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.footer {
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background-color: var(--dark-color);
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color: white;
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padding: 2rem 0;
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margin-top: 4rem;
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}
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@media (max-width: 768px) {
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.hero-section {
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padding: 2rem 0;
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}
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.timeline {
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padding-left: 20px;
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}
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.timeline-item::before {
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left: -15px;
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}
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.table-container {
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font-size: 0.875rem;
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}
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}
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</style>
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</head>
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<body>
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<!-- 导航栏 -->
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<nav class="navbar navbar-expand-lg navbar-dark bg-dark sticky-top">
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<div class="container">
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<a class="navbar-brand" href="#">
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<i class="bi bi-satellite"></i> 星网概念分析
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</a>
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<button class="navbar-toggler" type="button" data-bs-toggle="collapse" data-bs-target="#navbarNav">
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<span class="navbar-toggler-icon"></span>
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</button>
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<div class="collapse navbar-collapse" id="navbarNav">
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<ul class="navbar-nav ms-auto">
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<li class="nav-item">
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<a class="nav-link" href="#overview">概述</a>
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</li>
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<li class="nav-item">
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<a class="nav-link" href="#timeline">时间轴</a>
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</li>
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<li class="nav-item">
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<a class="nav-link" href="#logic">核心逻辑</a>
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</li>
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<li class="nav-item">
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<a class="nav-link" href="#chain">产业链</a>
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</li>
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<li class="nav-item">
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<a class="nav-link" href="#stocks">股票数据</a>
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</li>
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<li class="nav-item">
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<a class="nav-link" href="#risks">风险挑战</a>
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</li>
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<li class="nav-item">
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<a class="nav-link" href="#conclusion">投资启示</a>
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</li>
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</ul>
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</div>
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</div>
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</nav>
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<!-- 英雄区域 -->
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<section class="hero-section">
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<div class="container hero-content">
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<div class="row align-items-center">
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<div class="col-lg-8">
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<h1 class="display-4 fw-bold mb-4">星网概念：中国低轨卫星互联网战略</h1>
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<p class="lead mb-4">中国主导的低轨卫星互联网星座计划，规划约1.3万颗低轨卫星，与北斗导航系统形成协同，构建覆盖全球的自主可控卫星互联网系统</p>
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<div class="d-flex flex-wrap gap-2">
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<span class="badge bg-light text-dark">国家战略</span>
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<span class="badge bg-light text-dark">新基建</span>
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<span class="badge bg-light text-dark">数字中国</span>
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<span class="badge bg-light text-dark">1.3万颗卫星</span>
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<span class="badge bg-light text-dark">北斗协同</span>
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</div>
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</div>
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<div class="col-lg-4 text-center">
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<i class="bi bi-globe" style="font-size: 10rem; opacity: 0.3;"></i>
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</div>
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</div>
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</div>
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</section>
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<!-- 概述部分 -->
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<section id="overview" class="py-5">
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<div class="container">
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<h2 class="section-title">概念概述</h2>
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<div class="row">
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<div class="col-lg-8">
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<div class="card mb-4">
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<div class="card-body">
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<h5 class="card-title">背景介绍</h5>
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<p class="card-text">星网，全称为中国卫星网络集团有限公司，成立于2021年，是中国主导的低轨卫星互联网星座计划，旨在构建覆盖全球的自主可控卫星互联网系统。该计划是中国应对全球卫星互联网竞争（如SpaceX的Starlink）的重要战略举措，也是国家"新基建"和"数字中国"战略的核心组成部分。</p>
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<div class="key-point">
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<strong>核心观点摘要：</strong>星网概念作为中国国家级低轨卫星互联网战略，正处于从实验阶段向规模化组网过渡的关键期，核心驱动力来自于国家安全需求、全球数字鸿沟填补以及新型工业化基础设施建设。随着2024年底星网01组卫星成功发射，2025年将成为中国低轨卫星产业的阶跃时刻，产业链各环节将迎来实质性订单和业绩释放，长期具备万亿级市场空间。
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</div>
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</div>
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</div>
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</div>
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<div class="col-lg-4">
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<div class="card h-100">
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<div class="card-header">
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<i class="bi bi-bar-chart-line"></i> 关键数据
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</div>
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<div class="card-body">
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<ul class="list-group list-group-flush">
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<li class="list-group-item d-flex justify-content-between align-items-center">
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规划卫星数量
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<span class="badge bg-primary rounded-pill">1.3万颗</span>
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</li>
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<li class="list-group-item d-flex justify-content-between align-items-center">
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卫星制造单价(2024)
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<span class="badge bg-primary rounded-pill">约3000万</span>
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</li>
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<li class="list-group-item d-flex justify-content-between align-items-center">
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卫星制造单价(2025-2028)
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<span class="badge bg-primary rounded-pill">约2000万</span>
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</li>
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<li class="list-group-item d-flex justify-content-between align-items-center">
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发射成本(中国)
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<span class="badge bg-primary rounded-pill">7-8万美元/公斤</span>
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</li>
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<li class="list-group-item d-flex justify-content-between align-items-center">
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发射成本(SpaceX)
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<span class="badge bg-primary rounded-pill">约1万美元/公斤</span>
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</li>
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</ul>
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</div>
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</div>
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</div>
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</div>
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</div>
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</section>
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<!-- 时间轴部分 -->
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<section id="timeline" class="py-5 bg-light">
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<div class="container">
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<h2 class="section-title">发展时间轴</h2>
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<div class="timeline">
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<div class="timeline-item">
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<div class="timeline-date">2020年</div>
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<h5>国际申请</h5>
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<p>中国星网向国际电信联盟(ITU)递交频谱分配档案，申请约1.3万颗卫星资源</p>
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</div>
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<div class="timeline-item">
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<div class="timeline-date">2021年</div>
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<h5>公司成立</h5>
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<p>中国星网公司正式成立，专门负责统筹空间互联网建设的规划与运营</p>
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</div>
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<div class="timeline-item">
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<div class="timeline-date">2022年10月</div>
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<h5>招标启动</h5>
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<p>星网启动"一代星"168颗卫星的招标，上游环节交付工作开始推进</p>
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</div>
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<div class="timeline-item">
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<div class="timeline-date">2023年7月</div>
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<h5>实验星发布</h5>
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<p>星网发布首个卫星互联网实验星，标志低轨卫星星座建设进入实验阶段</p>
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</div>
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<div class="timeline-item">
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<div class="timeline-date">2023年9月</div>
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<h5>并发运行</h5>
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<p>路演信息显示星网与G60星座形成"并发运行的态势"，共同推动卫星互联网产业发展</p>
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</div>
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<div class="timeline-item">
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<div class="timeline-date">2024年5月</div>
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<h5>时空集团成立</h5>
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<p>中国时空集团成立，由星网集团(持股55%)、兵器工业集团(持股20%)、中国移动共同组建</p>
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</div>
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<div class="timeline-item">
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<div class="timeline-date">2024年12月16日</div>
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<h5>组网开启</h5>
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<p><strong>关键催化事件</strong>：山证通信电子报告确认星网01组卫星成功发射，标志着中国低轨卫星互联网组网大幕正式开启</p>
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||
</div>
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||
<div class="timeline-item">
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||
<div class="timeline-date">2025年1月</div>
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<h5>新火箭首飞</h5>
|
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<p>长征八号甲遥一火箭预计首飞，将成为中低轨道发射任务的主力军</p>
|
||
</div>
|
||
</div>
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||
</div>
|
||
</section>
|
||
|
||
<!-- 核心逻辑部分 -->
|
||
<section id="logic" class="py-5">
|
||
<div class="container">
|
||
<h2 class="section-title">核心逻辑与市场认知</h2>
|
||
<div class="row">
|
||
<div class="col-md-6 mb-4">
|
||
<div class="card h-100">
|
||
<div class="card-header">
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<i class="bi bi-shield-check"></i> 核心驱动力
|
||
</div>
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<div class="card-body">
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<ul class="list-unstyled">
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<li class="mb-3">
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<h6><i class="bi bi-flag text-primary"></i> 国家安全与战略需求</h6>
|
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<p class="small">构建自主可控的全球通信网络，与北斗协同构成"时空数据要素基准的技术支撑体系"，对国防安全至关重要</p>
|
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</li>
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<li class="mb-3">
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<h6><i class="bi bi-cpu text-primary"></i> 技术突破与成本下降</h6>
|
||
<p class="small">火箭技术进步，卫星制造标准化，成本持续下降，为规模化部署提供基础</p>
|
||
</li>
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<li class="mb-3">
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<h6><i class="bi bi-clipboard-data text-primary"></i> 政策驱动</h6>
|
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<p class="small">国家队主导，国家"新基建"和"数字中国"战略的重要组成部分</p>
|
||
</li>
|
||
<li>
|
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<h6><i class="bi bi-globe2 text-primary"></i> 商业化应用前景</h6>
|
||
<p class="small">基础通信覆盖、新型工业化引领、与5G/6G协同，市场空间广阔</p>
|
||
</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div class="col-md-6 mb-4">
|
||
<div class="card h-100">
|
||
<div class="card-header">
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<i class="bi bi-graph-up"></i> 市场热度与预期差
|
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</div>
|
||
<div class="card-body">
|
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<h6>市场情绪</h6>
|
||
<div class="d-flex justify-content-between mb-3">
|
||
<div class="text-center">
|
||
<div class="badge bg-success mb-1">乐观</div>
|
||
<p class="small">长期看好星网发展前景，2025是产业阶跃时刻</p>
|
||
</div>
|
||
<div class="text-center">
|
||
<div class="badge bg-warning text-dark mb-1">谨慎</div>
|
||
<p class="small">担忧发射进度不及预期，技术突破存在挑战</p>
|
||
</div>
|
||
</div>
|
||
|
||
<h6>主要预期差</h6>
|
||
<div class="key-point">
|
||
<strong>发射进度</strong>：规划宏大但实际进度落后于千帆星座
|
||
</div>
|
||
<div class="key-point">
|
||
<strong>商业化进程</strong>：应用场景广泛但渗透率仍低，政府端约50-100亿
|
||
</div>
|
||
<div class="key-point">
|
||
<strong>技术成熟度</strong>：火箭可回收技术是主要制约，发射成本差距明显
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- 产业链部分 -->
|
||
<section id="chain" class="py-5 bg-light">
|
||
<div class="container">
|
||
<h2 class="section-title">产业链分析</h2>
|
||
<div class="industry-chain">
|
||
<div class="chain-item">
|
||
<div class="chain-title">上游：核心元器件与材料</div>
|
||
<p>射频芯片、相控阵组件、电子元器件、导航定位、通信芯片</p>
|
||
<small>代表企业：国博电子、铖昌科技、霍莱沃、北斗星通</small>
|
||
</div>
|
||
<div class="chain-item">
|
||
<div class="chain-title">中游：卫星制造与发射服务</div>
|
||
<p>卫星制造、火箭制造、发动机、发射服务</p>
|
||
<small>代表企业：中国卫星、中国火箭、航天动力、中天火箭</small>
|
||
</div>
|
||
<div class="chain-item">
|
||
<div class="chain-title">下游：应用与运营服务</div>
|
||
<p>卫星运营、终端设备、应用服务、地面设备</p>
|
||
<small>代表企业：中国卫通、海格通信、华力创通、航天宏图</small>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="row mt-4">
|
||
<div class="col-md-4 mb-4">
|
||
<div class="card h-100">
|
||
<div class="card-header">
|
||
<i class="bi bi-rocket-takeoff"></i> 近期催化剂
|
||
</div>
|
||
<div class="card-body">
|
||
<ul>
|
||
<li>长征八号遥五预计12月23日发射</li>
|
||
<li>长征八号甲遥一预计2025年1月首飞</li>
|
||
<li>卫星互联网大会讨论手机直连技术</li>
|
||
<li>华为Mate 70与星网合作测试</li>
|
||
<li>二代星第一批180招标，单星价值量3kw</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div class="col-md-4 mb-4">
|
||
<div class="card h-100">
|
||
<div class="card-header">
|
||
<i class="bi bi-calendar-range"></i> 发展路径
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="mb-3">
|
||
<h6>第一阶段（2024-2025）</h6>
|
||
<p class="small">实验验证与初步组网</p>
|
||
</div>
|
||
<div class="mb-3">
|
||
<h6>第二阶段（2025-2028）</h6>
|
||
<p class="small">规模化组网与商业化探索</p>
|
||
</div>
|
||
<div class="mb-3">
|
||
<h6>第三阶段（2028-2030）</h6>
|
||
<p class="small">全球覆盖与产业成熟</p>
|
||
</div>
|
||
<div>
|
||
<h6>第四阶段（2030以后）</h6>
|
||
<p class="small">全面运营与持续升级</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div class="col-md-4 mb-4">
|
||
<div class="card h-100">
|
||
<div class="card-header">
|
||
<i class="bi bi-award"></i> 核心玩家
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="mb-3">
|
||
<h6>中国卫星</h6>
|
||
<p class="small">卫星制造龙头，国家队背景，技术实力雄厚</p>
|
||
</div>
|
||
<div class="mb-3">
|
||
<h6>中国卫通</h6>
|
||
<p class="small">卫星运营龙头，拥有高轨卫星运营经验</p>
|
||
</div>
|
||
<div>
|
||
<h6>海格通信</h6>
|
||
<p class="small">通信与导航综合解决方案提供商，产品线丰富</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- 股票数据部分 -->
|
||
<section id="stocks" class="py-5">
|
||
<div class="container">
|
||
<h2 class="section-title">股票数据</h2>
|
||
<div class="card">
|
||
<div class="card-header">
|
||
<ul class="nav nav-pills card-header-pills" role="tablist">
|
||
<li class="nav-item">
|
||
<a class="nav-link active" data-bs-toggle="pill" href="#all-stocks">全部股票</a>
|
||
</li>
|
||
<li class="nav-item">
|
||
<a class="nav-link" data-bs-toggle="pill" href="#upstream">上游</a>
|
||
</li>
|
||
<li class="nav-item">
|
||
<a class="nav-link" data-bs-toggle="pill" href="#midstream">中游</a>
|
||
</li>
|
||
<li class="nav-item">
|
||
<a class="nav-link" data-bs-toggle="pill" href="#downstream">下游</a>
|
||
</li>
|
||
</ul>
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="tab-content">
|
||
<div class="tab-pane fade show active" id="all-stocks">
|
||
<div class="table-container">
|
||
<table class="table table-striped table-hover">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>分类</th>
|
||
<th>项目</th>
|
||
<th>产业链</th>
|
||
<th>来源</th>
|
||
<th>关联原因</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr>
|
||
<td>中国火箭</td>
|
||
<td>小型固体火箭及延展产品</td>
|
||
<td>-</td>
|
||
<td><span class="badge bg-info">发射服务</span></td>
|
||
<td>互动</td>
|
||
<td>参与商业航天发射服务</td>
|
||
</tr>
|
||
<tr>
|
||
<td>航天科技</td>
|
||
<td>运载火箭增材制造</td>
|
||
<td>-</td>
|
||
<td><span class="badge bg-info">发射服务</span></td>
|
||
<td>互动</td>
|
||
<td>承担火箭增材制造项目</td>
|
||
</tr>
|
||
<tr>
|
||
<td>中天火箭</td>
|
||
<td>火箭发射服务、运载火箭增材制造</td>
|
||
<td>星链</td>
|
||
<td><span class="badge bg-info">发射服务</span></td>
|
||
<td>互动</td>
|
||
<td>参与星链发射服务</td>
|
||
</tr>
|
||
<tr>
|
||
<td>航天动力</td>
|
||
<td>航天液体动力技术</td>
|
||
<td>航天液体动力</td>
|
||
<td><span class="badge bg-warning">发动机</span></td>
|
||
<td>互动</td>
|
||
<td>航天液体动力技术平台</td>
|
||
</tr>
|
||
<tr>
|
||
<td>豪能股份</td>
|
||
<td>航空航天高端装备制造</td>
|
||
<td>航天发动机</td>
|
||
<td><span class="badge bg-warning">发动机</span></td>
|
||
<td>互动</td>
|
||
<td>涉及航天发动机零部件</td>
|
||
</tr>
|
||
<tr>
|
||
<td>斯瑞新材</td>
|
||
<td>火箭发动机关键零部件</td>
|
||
<td>火箭发动机</td>
|
||
<td><span class="badge bg-warning">发动机</span></td>
|
||
<td>互动</td>
|
||
<td>研发火箭发动机关键部件</td>
|
||
</tr>
|
||
<tr>
|
||
<td>中航重机</td>
|
||
<td>航天发动机关键零部件</td>
|
||
<td>航天发动机</td>
|
||
<td><span class="badge bg-warning">发动机</span></td>
|
||
<td>互动</td>
|
||
<td>承担航天发动机零部件制造</td>
|
||
</tr>
|
||
<tr>
|
||
<td>国博电子</td>
|
||
<td>有源相控阵T/R组件及射频集成电路产品</td>
|
||
<td>星间链路</td>
|
||
<td><span class="badge bg-primary">射频芯片</span></td>
|
||
<td>调研</td>
|
||
<td>提供星间链路相关产品</td>
|
||
</tr>
|
||
<tr>
|
||
<td>亚光科技</td>
|
||
<td>微波器件产品</td>
|
||
<td>卫星通信</td>
|
||
<td><span class="badge bg-primary">射频芯片</span></td>
|
||
<td>互动</td>
|
||
<td>微波器件应用于卫星通信</td>
|
||
</tr>
|
||
<tr>
|
||
<td>霍莱沃</td>
|
||
<td>相控阵产品</td>
|
||
<td>星载相控阵</td>
|
||
<td><span class="badge bg-secondary">相控阵</span></td>
|
||
<td>公告</td>
|
||
<td>相控阵技术应用于卫星</td>
|
||
</tr>
|
||
<tr>
|
||
<td>雷电微力</td>
|
||
<td>星载相控阵微波集成电路</td>
|
||
<td>卫星通信</td>
|
||
<td><span class="badge bg-secondary">相控阵</span></td>
|
||
<td>公告</td>
|
||
<td>星载相控阵产品供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td>昌科技</td>
|
||
<td>通信导航产品</td>
|
||
<td>北斗</td>
|
||
<td><span class="badge bg-success">导航</span></td>
|
||
<td>公告</td>
|
||
<td>北斗导航产品供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td>信科移动</td>
|
||
<td>卫星通信产品</td>
|
||
<td>卫星通信</td>
|
||
<td><span class="badge bg-dark">通信</span></td>
|
||
<td>互动</td>
|
||
<td>卫星通信设备研发</td>
|
||
</tr>
|
||
<tr>
|
||
<td>创信</td>
|
||
<td>卫星互联网通信设备</td>
|
||
<td>卫星互联网</td>
|
||
<td><span class="badge bg-dark">通信</span></td>
|
||
<td>互动</td>
|
||
<td>卫星互联网通信设备</td>
|
||
</tr>
|
||
<tr>
|
||
<td>上海瀚讯</td>
|
||
<td>宽带卫星通信系统</td>
|
||
<td>卫星通信</td>
|
||
<td><span class="badge bg-dark">通信</span></td>
|
||
<td>互动</td>
|
||
<td>宽带卫星通信系统研发</td>
|
||
</tr>
|
||
<tr>
|
||
<td>天奥电子</td>
|
||
<td>时间频率产品</td>
|
||
<td>北斗</td>
|
||
<td><span class="badge bg-success">导航</span></td>
|
||
<td>公告</td>
|
||
<td>北斗授时产品供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td>雷科防务</td>
|
||
<td>卫星导航产品</td>
|
||
<td>北斗</td>
|
||
<td><span class="badge bg-success">导航</span></td>
|
||
<td>公告</td>
|
||
<td>北斗导航产品供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td>航天宏图</td>
|
||
<td>遥感卫星应用</td>
|
||
<td>遥感</td>
|
||
<td><span class="badge bg-danger">应用</span></td>
|
||
<td>调研</td>
|
||
<td>遥感卫星应用服务</td>
|
||
</tr>
|
||
<tr>
|
||
<td>中科星图</td>
|
||
<td>卫星遥感应用</td>
|
||
<td>遥感</td>
|
||
<td><span class="badge bg-danger">应用</span></td>
|
||
<td>调研</td>
|
||
<td>卫星遥感应用平台</td>
|
||
</tr>
|
||
<tr>
|
||
<td>北斗星通</td>
|
||
<td>卫星导航定位产品</td>
|
||
<td>北斗</td>
|
||
<td><span class="badge bg-success">导航</span></td>
|
||
<td>互动</td>
|
||
<td>北斗导航核心供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td>海格通信</td>
|
||
<td>卫星导航产品</td>
|
||
<td>北斗</td>
|
||
<td><span class="badge bg-success">导航</span></td>
|
||
<td>公告</td>
|
||
<td>北斗导航设备研发</td>
|
||
</tr>
|
||
<tr>
|
||
<td>欧比特</td>
|
||
<td>宇航电子元器件</td>
|
||
<td>卫星</td>
|
||
<td><span class="badge bg-light text-dark">电子元器件</span></td>
|
||
<td>调研</td>
|
||
<td>宇航级芯片供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td>必创科技</td>
|
||
<td>无线传感器网络</td>
|
||
<td>物联网</td>
|
||
<td><span class="badge bg-info">传感器</span></td>
|
||
<td>互动</td>
|
||
<td>传感器网络技术应用</td>
|
||
</tr>
|
||
<tr>
|
||
<td>航天智装</td>
|
||
<td>宇航电子元器件</td>
|
||
<td>卫星</td>
|
||
<td><span class="badge bg-light text-dark">电子元器件</span></td>
|
||
<td>互动</td>
|
||
<td>宇航电子元器件供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td>天和防务</td>
|
||
<td>雷达产品</td>
|
||
<td>卫星测控</td>
|
||
<td><span class="badge bg-info">测控</span></td>
|
||
<td>公告</td>
|
||
<td>雷达测控设备供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td>航天科技</td>
|
||
<td>卫星应用</td>
|
||
<td>北斗</td>
|
||
<td><span class="badge bg-danger">应用</span></td>
|
||
<td>互动</td>
|
||
<td>北斗应用系统集成</td>
|
||
</tr>
|
||
<tr>
|
||
<td>航天晨光</td>
|
||
<td>航天特种车辆</td>
|
||
<td>发射保障</td>
|
||
<td><span class="badge bg-info">发射服务</span></td>
|
||
<td>互动</td>
|
||
<td>发射场特种车辆供应</td>
|
||
</tr>
|
||
<tr>
|
||
<td>立昂微</td>
|
||
<td>射频芯片</td>
|
||
<td>星间链路</td>
|
||
<td><span class="badge bg-primary">射频芯片</span></td>
|
||
<td>互动</td>
|
||
<td>射频芯片用于卫星通信</td>
|
||
</tr>
|
||
<tr>
|
||
<td>鸿远电子</td>
|
||
<td>电子元器件</td>
|
||
<td>卫星</td>
|
||
<td><span class="badge bg-light text-dark">电子元器件</span></td>
|
||
<td>互动</td>
|
||
<td>宇航级电子元器件</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
<div class="tab-pane fade" id="upstream">
|
||
<div class="table-container">
|
||
<table class="table table-striped table-hover">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>分类</th>
|
||
<th>项目</th>
|
||
<th>产业链</th>
|
||
<th>来源</th>
|
||
<th>关联原因</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr>
|
||
<td>国博电子</td>
|
||
<td>有源相控阵T/R组件及射频集成电路产品</td>
|
||
<td>星间链路</td>
|
||
<td><span class="badge bg-primary">射频芯片</span></td>
|
||
<td>调研</td>
|
||
<td>提供星间链路相关产品</td>
|
||
</tr>
|
||
<tr>
|
||
<td>亚光科技</td>
|
||
<td>微波器件产品</td>
|
||
<td>卫星通信</td>
|
||
<td><span class="badge bg-primary">射频芯片</span></td>
|
||
<td>互动</td>
|
||
<td>微波器件应用于卫星通信</td>
|
||
</tr>
|
||
<tr>
|
||
<td>立昂微</td>
|
||
<td>射频芯片</td>
|
||
<td>星间链路</td>
|
||
<td><span class="badge bg-primary">射频芯片</span></td>
|
||
<td>互动</td>
|
||
<td>射频芯片用于卫星通信</td>
|
||
</tr>
|
||
<tr>
|
||
<td>霍莱沃</td>
|
||
<td>相控阵产品</td>
|
||
<td>星载相控阵</td>
|
||
<td><span class="badge bg-secondary">相控阵</span></td>
|
||
<td>公告</td>
|
||
<td>相控阵技术应用于卫星</td>
|
||
</tr>
|
||
<tr>
|
||
<td>雷电微力</td>
|
||
<td>星载相控阵微波集成电路</td>
|
||
<td>卫星通信</td>
|
||
<td><span class="badge bg-secondary">相控阵</span></td>
|
||
<td>公告</td>
|
||
<td>星载相控阵产品供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td>欧比特</td>
|
||
<td>宇航电子元器件</td>
|
||
<td>卫星</td>
|
||
<td><span class="badge bg-light text-dark">电子元器件</span></td>
|
||
<td>调研</td>
|
||
<td>宇航级芯片供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td>鸿远电子</td>
|
||
<td>电子元器件</td>
|
||
<td>卫星</td>
|
||
<td><span class="badge bg-light text-dark">电子元器件</span></td>
|
||
<td>互动</td>
|
||
<td>宇航级电子元器件</td>
|
||
</tr>
|
||
<tr>
|
||
<td>航天智装</td>
|
||
<td>宇航电子元器件</td>
|
||
<td>卫星</td>
|
||
<td><span class="badge bg-light text-dark">电子元器件</span></td>
|
||
<td>互动</td>
|
||
<td>宇航电子元器件供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td>北斗星通</td>
|
||
<td>卫星导航定位产品</td>
|
||
<td>北斗</td>
|
||
<td><span class="badge bg-success">导航</span></td>
|
||
<td>互动</td>
|
||
<td>北斗导航核心供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td>天奥电子</td>
|
||
<td>时间频率产品</td>
|
||
<td>北斗</td>
|
||
<td><span class="badge bg-success">导航</span></td>
|
||
<td>公告</td>
|
||
<td>北斗授时产品供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td>雷科防务</td>
|
||
<td>卫星导航产品</td>
|
||
<td>北斗</td>
|
||
<td><span class="badge bg-success">导航</span></td>
|
||
<td>公告</td>
|
||
<td>北斗导航产品供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td>昌科技</td>
|
||
<td>通信导航产品</td>
|
||
<td>北斗</td>
|
||
<td><span class="badge bg-success">导航</span></td>
|
||
<td>公告</td>
|
||
<td>北斗导航产品供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td>信科移动</td>
|
||
<td>卫星通信产品</td>
|
||
<td>卫星通信</td>
|
||
<td><span class="badge bg-dark">通信</span></td>
|
||
<td>互动</td>
|
||
<td>卫星通信设备研发</td>
|
||
</tr>
|
||
<tr>
|
||
<td>创信</td>
|
||
<td>卫星互联网通信设备</td>
|
||
<td>卫星互联网</td>
|
||
<td><span class="badge bg-dark">通信</span></td>
|
||
<td>互动</td>
|
||
<td>卫星互联网通信设备</td>
|
||
</tr>
|
||
<tr>
|
||
<td>上海瀚讯</td>
|
||
<td>宽带卫星通信系统</td>
|
||
<td>卫星通信</td>
|
||
<td><span class="badge bg-dark">通信</span></td>
|
||
<td>互动</td>
|
||
<td>宽带卫星通信系统研发</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
<div class="tab-pane fade" id="midstream">
|
||
<div class="table-container">
|
||
<table class="table table-striped table-hover">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>分类</th>
|
||
<th>项目</th>
|
||
<th>产业链</th>
|
||
<th>来源</th>
|
||
<th>关联原因</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr>
|
||
<td>中国火箭</td>
|
||
<td>小型固体火箭及延展产品</td>
|
||
<td>-</td>
|
||
<td><span class="badge bg-info">发射服务</span></td>
|
||
<td>互动</td>
|
||
<td>参与商业航天发射服务</td>
|
||
</tr>
|
||
<tr>
|
||
<td>航天科技</td>
|
||
<td>运载火箭增材制造</td>
|
||
<td>-</td>
|
||
<td><span class="badge bg-info">发射服务</span></td>
|
||
<td>互动</td>
|
||
<td>承担火箭增材制造项目</td>
|
||
</tr>
|
||
<tr>
|
||
<td>中天火箭</td>
|
||
<td>火箭发射服务、运载火箭增材制造</td>
|
||
<td>星链</td>
|
||
<td><span class="badge bg-info">发射服务</span></td>
|
||
<td>互动</td>
|
||
<td>参与星链发射服务</td>
|
||
</tr>
|
||
<tr>
|
||
<td>航天晨光</td>
|
||
<td>航天特种车辆</td>
|
||
<td>发射保障</td>
|
||
<td><span class="badge bg-info">发射服务</span></td>
|
||
<td>互动</td>
|
||
<td>发射场特种车辆供应</td>
|
||
</tr>
|
||
<tr>
|
||
<td>航天动力</td>
|
||
<td>航天液体动力技术</td>
|
||
<td>航天液体动力</td>
|
||
<td><span class="badge bg-warning">发动机</span></td>
|
||
<td>互动</td>
|
||
<td>航天液体动力技术平台</td>
|
||
</tr>
|
||
<tr>
|
||
<td>豪能股份</td>
|
||
<td>航空航天高端装备制造</td>
|
||
<td>航天发动机</td>
|
||
<td><span class="badge bg-warning">发动机</span></td>
|
||
<td>互动</td>
|
||
<td>涉及航天发动机零部件</td>
|
||
</tr>
|
||
<tr>
|
||
<td>斯瑞新材</td>
|
||
<td>火箭发动机关键零部件</td>
|
||
<td>火箭发动机</td>
|
||
<td><span class="badge bg-warning">发动机</span></td>
|
||
<td>互动</td>
|
||
<td>研发火箭发动机关键部件</td>
|
||
</tr>
|
||
<tr>
|
||
<td>中航重机</td>
|
||
<td>航天发动机关键零部件</td>
|
||
<td>航天发动机</td>
|
||
<td><span class="badge bg-warning">发动机</span></td>
|
||
<td>互动</td>
|
||
<td>承担航天发动机零部件制造</td>
|
||
</tr>
|
||
<tr>
|
||
<td>中国卫星</td>
|
||
<td>卫星制造</td>
|
||
<td>-</td>
|
||
<td><span class="badge bg-info">卫星制造</span></td>
|
||
<td>调研</td>
|
||
<td>卫星制造龙头企业</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
<div class="tab-pane fade" id="downstream">
|
||
<div class="table-container">
|
||
<table class="table table-striped table-hover">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>分类</th>
|
||
<th>项目</th>
|
||
<th>产业链</th>
|
||
<th>来源</th>
|
||
<th>关联原因</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr>
|
||
<td>中国卫通</td>
|
||
<td>卫星运营</td>
|
||
<td>-</td>
|
||
<td><span class="badge bg-danger">卫星运营</span></td>
|
||
<td>调研</td>
|
||
<td>卫星运营龙头企业</td>
|
||
</tr>
|
||
<tr>
|
||
<td>海格通信</td>
|
||
<td>卫星导航产品</td>
|
||
<td>北斗</td>
|
||
<td><span class="badge bg-success">导航</span></td>
|
||
<td>公告</td>
|
||
<td>北斗导航设备研发</td>
|
||
</tr>
|
||
<tr>
|
||
<td>华力创通</td>
|
||
<td>卫星通信终端</td>
|
||
<td>-</td>
|
||
<td><span class="badge bg-danger">终端设备</span></td>
|
||
<td>互动</td>
|
||
<td>卫星通信终端设备供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td>盟升电子</td>
|
||
<td>卫星通信终端</td>
|
||
<td>-</td>
|
||
<td><span class="badge bg-danger">终端设备</span></td>
|
||
<td>互动</td>
|
||
<td>卫星通信终端设备供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td>航天宏图</td>
|
||
<td>遥感卫星应用</td>
|
||
<td>遥感</td>
|
||
<td><span class="badge bg-danger">应用</span></td>
|
||
<td>调研</td>
|
||
<td>遥感卫星应用服务</td>
|
||
</tr>
|
||
<tr>
|
||
<td>中科星图</td>
|
||
<td>卫星遥感应用</td>
|
||
<td>遥感</td>
|
||
<td><span class="badge bg-danger">应用</span></td>
|
||
<td>调研</td>
|
||
<td>卫星遥感应用平台</td>
|
||
</tr>
|
||
<tr>
|
||
<td>长江通信</td>
|
||
<td>地面设备</td>
|
||
<td>-</td>
|
||
<td><span class="badge bg-danger">地面设备</span></td>
|
||
<td>互动</td>
|
||
<td>卫星地面设备供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td>震有科技</td>
|
||
<td>地面设备</td>
|
||
<td>-</td>
|
||
<td><span class="badge bg-danger">地面设备</span></td>
|
||
<td>互动</td>
|
||
<td>卫星地面设备供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td>天和防务</td>
|
||
<td>雷达产品</td>
|
||
<td>卫星测控</td>
|
||
<td><span class="badge bg-info">测控</span></td>
|
||
<td>公告</td>
|
||
<td>雷达测控设备供应商</td>
|
||
</tr>
|
||
<tr>
|
||
<td>航天科技</td>
|
||
<td>卫星应用</td>
|
||
<td>北斗</td>
|
||
<td><span class="badge bg-danger">应用</span></td>
|
||
<td>互动</td>
|
||
<td>北斗应用系统集成</td>
|
||
</tr>
|
||
<tr>
|
||
<td>必创科技</td>
|
||
<td>无线传感器网络</td>
|
||
<td>物联网</td>
|
||
<td><span class="badge bg-info">传感器</span></td>
|
||
<td>互动</td>
|
||
<td>传感器网络技术应用</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- 风险与挑战部分 -->
|
||
<section id="risks" class="py-5 bg-light">
|
||
<div class="container">
|
||
<h2 class="section-title">潜在风险与挑战</h2>
|
||
<div class="row">
|
||
<div class="col-md-4 mb-4">
|
||
<div class="card h-100">
|
||
<div class="card-header">
|
||
<i class="bi bi-cpu"></i> 技术风险
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="risk-item">
|
||
<strong>火箭可回收技术瓶颈</strong>
|
||
<p class="small">当前火箭可回收技术是主要制约，目标2026年完成技术落地，2027年后大规模部署。我国单公斤发射成本约7-8万美元，远高于SpaceX的1万美元。</p>
|
||
</div>
|
||
<div class="risk-item">
|
||
<strong>卫星关键元器件自主可控</strong>
|
||
<p class="small">星网要求关键核心元器件实现自主可控，涉及TR芯片、IPD芯片、CPU、高速ADC等，在高端芯片领域与国际领先水平仍有差距。</p>
|
||
</div>
|
||
<div class="risk-item">
|
||
<strong>星间链路通信技术</strong>
|
||
<p class="small">低轨卫星互联网需要高效的星间链路技术，以实现卫星之间的数据传输，技术成熟度和可靠性有待验证。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div class="col-md-4 mb-4">
|
||
<div class="card h-100">
|
||
<div class="card-header">
|
||
<i class="bi bi-currency-dollar"></i> 商业化风险
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="risk-item">
|
||
<strong>成本控制挑战</strong>
|
||
<p class="small">2024年中国火箭单价预计在5万-7万人民币/公斤，远高于SpaceX猎鹰9号约1.5万-2万人民币/公斤。卫星制造单价虽预计下降，但仍需进一步降低。</p>
|
||
</div>
|
||
<div class="risk-item">
|
||
<strong>市场接受度不确定性</strong>
|
||
<p class="small">卫星互联网产业链处于快速成长期，目前渗透率较低（如政府端应用规模约50亿-100亿，卫星遥感领域仅20亿-30亿）。</p>
|
||
</div>
|
||
<div class="risk-item">
|
||
<strong>应用场景落地难度</strong>
|
||
<p class="small">虽然应用场景广泛，但具体商业模式和盈利模式尚不清晰，需要进一步探索和验证。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div class="col-md-4 mb-4">
|
||
<div class="card h-100">
|
||
<div class="card-header">
|
||
<i class="bi bi-exclamation-triangle"></i> 政策与竞争风险
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="risk-item">
|
||
<strong>国际频谱和轨道资源竞争</strong>
|
||
<p class="small">全球低轨卫星频谱和轨道资源有限，SpaceX的Starlink已经部署了大量卫星，其他国家和企业也在积极布局。</p>
|
||
</div>
|
||
<div class="risk-item">
|
||
<strong>国内政策变动风险</strong>
|
||
<p class="small">星网作为国家战略项目，政策支持力度大，但政策方向和重点可能发生变化，人员调整也可能影响项目进度。</p>
|
||
</div>
|
||
<div class="risk-item">
|
||
<strong>行业竞争加剧</strong>
|
||
<p class="small">国内除了星网，还有G60星座等其他低轨卫星互联网项目，华西军工报告提到"目前看GW发射进度落后于千帆星座"。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- 投资启示部分 -->
|
||
<section id="conclusion" class="py-5">
|
||
<div class="container">
|
||
<h2 class="section-title">综合结论与投资启示</h2>
|
||
<div class="row">
|
||
<div class="col-lg-6 mb-4">
|
||
<div class="card h-100">
|
||
<div class="card-header">
|
||
<i class="bi bi-lightbulb"></i> 综合结论
|
||
</div>
|
||
<div class="card-body">
|
||
<p>星网概念目前处于从实验阶段向规模化组网过渡的关键期，已经从初期的主题炒作阶段，逐步进入基本面驱动阶段。随着星网01组卫星成功发射，产业链各环节开始获得实质性订单，部分公司业绩已经开始体现。但整体仍处于早期阶段，距离大规模商业运营还有较长时间。</p>
|
||
<div class="key-point">
|
||
<strong>阶段判断</strong>：星网概念已进入基本面驱动阶段，但距离大规模商业运营仍有距离
|
||
</div>
|
||
<div class="key-point">
|
||
<strong>驱动力分析</strong>：国家安全需求是根本，技术突破是关键，政策支持是保障，商业化前景决定空间
|
||
</div>
|
||
<div class="key-point">
|
||
<strong>市场认知</strong>：长期乐观，短期存分歧，预期差存在于发射进度、商业化进程、技术成熟度
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div class="col-lg-6 mb-4">
|
||
<div class="card h-100 investment-card">
|
||
<div class="card-header">
|
||
<i class="bi bi-graph-up-arrow"></i> 投资启示
|
||
</div>
|
||
<div class="card-body">
|
||
<h5>最具投资价值的细分环节</h5>
|
||
<div class="mb-3">
|
||
<h6><i class="bi bi-1-circle-fill text-primary"></i> 卫星制造与核心元器件</h6>
|
||
<p class="small">直接受益于星网大规模卫星部署，订单确定性高，业绩释放较早。关注标的：中国卫星、铖昌科技、国博电子。</p>
|
||
</div>
|
||
<div class="mb-3">
|
||
<h6><i class="bi bi-2-circle-fill text-primary"></i> 地面设备与终端</h6>
|
||
<p class="small">卫星网络建成后需要大量地面设备和终端支持，市场空间大。关注标的：海格通信、华力创通、上海瀚讯。</p>
|
||
</div>
|
||
<div class="mb-3">
|
||
<h6><i class="bi bi-3-circle-fill text-primary"></i> 卫星运营与服务</h6>
|
||
<p class="small">长期受益于卫星互联网商业化运营，商业模式清晰，持续性强。关注标的：中国卫通、航天宏图、中科星图。</p>
|
||
</div>
|
||
<div>
|
||
<h6><i class="bi bi-4-circle-fill text-primary"></i> 火箭发射与配套</h6>
|
||
<p class="small">发射能力是星网建设的关键瓶颈，相关公司将受益于发射需求增长。关注标的：中国火箭、中天火箭、航天动力。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="card mt-4">
|
||
<div class="card-header">
|
||
<i class="bi bi-bar-chart"></i> 需要重点跟踪和验证的关键指标
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="row">
|
||
<div class="col-md-6 mb-3">
|
||
<h6>发射进度指标</h6>
|
||
<ul>
|
||
<li>卫星发射数量和频率</li>
|
||
<li>火箭发射成功率</li>
|
||
<li>发射成本变化</li>
|
||
</ul>
|
||
</div>
|
||
<div class="col-md-6 mb-3">
|
||
<h6>订单与业绩指标</h6>
|
||
<ul>
|
||
<li>产业链公司获得的星网相关订单金额和增速</li>
|
||
<li>相关业务收入占比和毛利率变化</li>
|
||
<li>业绩预告和实际业绩与预期的匹配度</li>
|
||
</ul>
|
||
</div>
|
||
<div class="col-md-6 mb-3">
|
||
<h6>技术进展指标</h6>
|
||
<ul>
|
||
<li>火箭可回收技术突破进展</li>
|
||
<li>卫星制造成本下降幅度</li>
|
||
<li>关键元器件自主可控水平</li>
|
||
</ul>
|
||
</div>
|
||
<div class="col-md-6 mb-3">
|
||
<h6>商业化与政策指标</h6>
|
||
<ul>
|
||
<li>卫星互联网用户数量和增长率</li>
|
||
<li>应用场景落地情况和商业模式验证</li>
|
||
<li>国家对星网的政策支持力度变化</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- 页脚 -->
|
||
<footer class="footer">
|
||
<div class="container">
|
||
<div class="row">
|
||
<div class="col-md-6">
|
||
<h5>星网概念分析</h5>
|
||
<p>中国低轨卫星互联网战略深度解析</p>
|
||
</div>
|
||
<div class="col-md-6 text-md-end">
|
||
<p>数据来源：公开资料整理 | 更新时间：2024年12月</p>
|
||
<p>免责声明：本页面内容仅供参考，不构成投资建议</p>
|
||
</div>
|
||
</div>
|
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|
||
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|
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|
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