On November 22, at the 2025 China “5G+” Industrial Internet Conference, the Ministry of Industry and Information Technology officially launched the commercial trial of satellite IoT services in China. The trial period is set for two years, aiming to enrich the supply of the satellite communication market and support the safe and healthy development of emerging industries such as commercial space and low-altitude economy through the implementation of satellite IoT commercial trials.Since the “14th Five-Year Plan” proposal first clearly stated the goal of building a “strong space power,” the strategic value of the satellite industry has been elevated to a new height, and the development of commercial space is expected to accelerate. The direction of military-civilian integration, represented by the localization of large aircraft and gas turbines, shows a clear trend of self-control, and relevant suppliers benefit from the localization of large aircraft and the outsourcing of aviation foreign trade.In recent years, countries have planned large-scale low Earth orbit satellite constellations with thousands of satellites, such as the United States’ “Starlink” and China’s “Qianfan Constellation” and “National Grid Constellation,” which are set to launch satellite networking in the second half of 2024. However, the overall launch scale is not large. In the second half of this year, domestic aerospace companies are entering a relatively intensive launch window. Since June, the “National Grid Constellation” has launched rockets 10 times, sending 10 groups of low Earth orbit internet satellites into orbit, with a noticeable increase in launch frequency. Additionally, China’s first commercial reusable rocket, Zhuque-3, is expected to make its maiden flight at the end of November. If successful, it will reduce China’s satellite launch costs and is expected to accelerate the networking of low Earth orbit internet.Commercial space is a technology and capital-intensive industry. Overall, China’s commercial space industry has not only made frequent technological breakthroughs but also exceeded market expectations in cost competitiveness. Meanwhile, with the construction of low Earth orbit satellite internet, some domestic commercial satellite companies are moving towards mass production and low-cost paths. In terms of the rocket supply chain, China also has significant potential for cost reduction compared to foreign countries. Against the backdrop of policy support and an increasingly mature industry, the recent IPO enthusiasm of related companies continues to rise.
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