Minsheng Securities Research Reports point out that currently, the Qianfan Constellation has completed three launches, with the number of satellites in orbit reaching 54; the GW Constellation has also completed the launch of the first group of satellites, with the satellite industry ecosystem accelerating its formation, and the aerospace industry's landscape gradually unfolding. In satellite manufacturing, technological innovations will create conditions for large-scale production; in satellite launches, the utilization of commercial space launch sites and the development of reusable rocket technology will significantly reduce launch costs and enhance capacity, making the development path of the Satellite Internet industry increasingly clear. Furthermore, breakthroughs in direct satellite connection technology for mobile phones have created more vast and lasting demand for the Satellite Internet industry.