# 卫星互联网投研周报

**窗口**: 2026-05-11 → 2026-06-10 (30 天)　**事件数**: 29

## 四主线评分

| 主线 | 增强 | 削弱 | 中性 | 净分 |
| --- | ---: | ---: | ---: | ---: |
| 核心网 | 7 | 0 | 5 | 4.95 |
| 终端 | 3 | 2 | 3 | 0.85 |
| 芯片 | 2 | 1 | 0 | 1.1 |
| 运营支撑 | 6 | 1 | 5 | 1.76 |
| 运载发射 | 4 | 1 | 5 | 0.56 |
| _unclassified | 1 | 0 | 1 | 0.12 |

## Thesis 变化

- 核心网: ↑ +4.95
- 运营支撑: ↑ +1.76
- 芯片: ↑ +1.10
- 终端: ↑ +0.85
- 运载发射: ↑ +0.56
- _unclassified: ↑ +0.12

## 关键事件

### 核心网
- [中性 | conf=0.65] FCC lets Amazon Leo miss deployment deadline with temporary spectrum penalty _(2026-06-08)_
- [中性 | conf=0.6] Next Ariane 6 launch to carry 36 Amazon Leo satellites using upgraded boosters _(2026-06-05)_
- [增强 | conf=0.75] 中科星图卫星互联网行业应用平台 6 月正式商用 _(2026-06-02)_
- [增强 | conf=0.5] iresearch 发布 2026-yanji-xinkong-asset-constellation-low-altitude 《檐际新空——2026 年资产 _(2026-06-01)_
- [增强 | conf=1.0] 中国卫通牵头完成 5G NTN 核心网与高轨卫星端到端打通试验 _(2026-05-30)_

### 终端
- [中性 | conf=0.4] OQ Technology plans direct-to-smartphone demo with cellular spectrum _(2026-06-08)_
- [增强 | conf=0.7] 华力创通北斗+天通双模手持终端获大额政企订单 _(2026-05-27)_
- [削弱 | conf=0.9] 海格通信卫星通信基带芯片研发推迟,量产时间下调 _(2026-05-26)_
- [增强 | conf=1.0] 复旦微电卫星通信射频芯片完成在轨验证 _(2026-05-25)_
- [削弱 | conf=0.95] 某海事卫星终端供应商被监管调查 _(2026-05-24)_

### 芯片
- [削弱 | conf=0.9] 海格通信卫星通信基带芯片研发推迟,量产时间下调 _(2026-05-26)_
- [增强 | conf=1.0] 复旦微电卫星通信射频芯片完成在轨验证 _(2026-05-25)_
- [增强 | conf=1.0] 工信部启动手机直连卫星 D2C 标准制定 _(2026-05-23)_

### 运营支撑
- [增强 | conf=0.35] Warren AI™ Risk analysis engine Is now Live: Building The Risk Intelligence Infrastructure Layer for The Space Economy _(2026-06-09)_
- [增强 | conf=0.1] BlackSky to accelerate broad-area collection work under NRO contract modification _(2026-06-09)_
- [中性 | conf=0.65] FCC lets Amazon Leo miss deployment deadline with temporary spectrum penalty _(2026-06-08)_
- [中性 | conf=0.4] OQ Technology plans direct-to-smartphone demo with cellular spectrum _(2026-06-08)_
- [中性 | conf=0.6] Next Ariane 6 launch to carry 36 Amazon Leo satellites using upgraded boosters _(2026-06-05)_

### 运载发射
- [增强 | conf=0.1] BlackSky to accelerate broad-area collection work under NRO contract modification _(2026-06-09)_
- [增强 | conf=0.06] Iceye raises 1 billion euros to expand SAR satellite systems _(2026-06-09)_
- [中性 | conf=0.65] FCC lets Amazon Leo miss deployment deadline with temporary spectrum penalty _(2026-06-08)_
- [中性 | conf=0.6] Next Ariane 6 launch to carry 36 Amazon Leo satellites using upgraded boosters _(2026-06-05)_
- [中性 | conf=0.4] [E01] Blue Origin New Glenn NG-4 static-fire explosion _(2026-05-28)_

## 风险预警

- 海格通信卫星通信基带芯片研发推迟,量产时间下调 (主线: 芯片, 终端)
- 某海事卫星终端供应商被监管调查 (主线: 终端, 运营支撑)
- [E03] SpaceX Starship Flight 12 booster mishap (主线: 运载发射)

## 本周被点名公司

- Aerojet Rocketdyne ×2
- SpaceX ×2
- 中国卫通 ×2
- Blue Origin ×2
- BlackSky ×1
- ArianeGroup ×1
- 中科星图 ×1
- 中国移动 ×1
- 国电高科 ×1
- 震有科技 ×1
- 上海瀚讯 ×1
- Blue Origin New Glenn ×1
- Amazon Leo ×1
- ULA ×1
- 华力创通 ×1
- 海格通信 ×1
- 复旦微电 ×1
- 上海垣信 ×1
- SpaceX Starship V3 ×1

## 下周跟踪清单

- [ ] 跟踪 5G NTN 商用部署节奏
- [ ] 关注信关站招标
- [ ] 跟踪订单确认与交付节奏
- [ ] 跟踪前装车企客户确认
- [ ] 跟踪应急通信领域后续招标
- [ ] 跟踪芯片流片节点
- [ ] 跟踪射频芯片量产数据
- [ ] 跟踪 D2C 标准草案
- [ ] 跟踪参与单位名单