The launch frequency of our country’s GW Satellite constellation has significantly increased, with the interval between launches for the 01-05 groups shortening from one to two months to just 3-5 days for the 05-07 groups. This acceleration in network deployment may indicate that China’s Satellite Internet is entering a period of rapid network construction.

According to a research report from China Securities Co., Ltd., since the end of July, the launch frequency of China’s GW constellation has significantly increased. The interval between launches for groups 01-05 has been reduced from one to two months to an interval of 3-5 days for groups 05-07. This indicates a significant acceleration in the network formation process, suggesting that China’s Satellite Internet may be entering a rapid network deployment phase. Additionally, the bidding process for the Thousand Sails constellation has commenced, and Hainan Commercial Launch Services’ Launch Pads 1 and 2 have begun regular launch operations. Large-scale private liquid rockets are also preparing for their maiden flights, with reusable technology tests progressing steadily. Blue Arrow Space, a representative of private rocket companies, has started IPO counseling, indicating that China’s commercial aerospace industry is entering a period of rapid development.

The key points from China Securities Co., Ltd. are as follows:

Event: China’s low Earth orbit Satellite Internet constellation completed three launch missions within approximately eight days. On July 27, 2025, at 18:03, July 30, 2025, at 15:49, and August 4, 2025, at 18:21, China successfully launched groups 05, 06, and 07 of its Satellite Internet low Earth orbit satellites using the Long March 6A, Long March 8A, and Long March 12 launch vehicles, respectively. The satellites were successfully placed into their designated orbits, and the launch missions were completed successfully.

China’s Satellite Internet launch frequency has significantly increased, and the network formation speed has noticeably accelerated.

The launch frequency of the GW constellation has significantly increased, and the network formation speed has noticeably accelerated. The GW constellation consists of 12,992 satellites. From February 2024 to October 2024, three high-orbit satellite launches were completed. Since December 2024, the launches of low Earth orbit satellite groups 01-07 have been carried out successively. The intervals between the launches of groups 01-05 were at least one month, with some intervals exceeding two months. However, the intervals between the launches of groups 05-07 were approximately 3-5 days, indicating a significant increase in launch frequency. This suggests that China’s Satellite Internet may be entering a high-density network deployment phase.

The construction progress of the Thousand Sails constellation has been relatively slow recently, but it is expected to gradually accelerate in the future.

The Qianfan Constellation has completed the filings for constellations of 1,296 and 13,904 Satellites. From August 6, 2024, to the present, it has successfully conducted five launches, each carrying 18 satellites. The interval between adjacent launches in 2024 was approximately two months. In 2025, launches were completed on January 23 and March 12, with no further launch missions conducted since then. However, on July 23, Yuanxin Satellite issued a tender announcement for the procurement of launch services for 2025, including seven launch service tenders: four launches each carrying 10 satellites and three launches each carrying 18 satellites. The service/delivery period is from the date of contract signing to March 2026. It is expected that the construction of the Qianfan Constellation will gradually accelerate.

Hainan Commercial Launch resolves launch site bottlenecks; large private liquid rockets are set to make their maiden flights.

Hainan Commercial Launch has completed the construction of Launch Site No. 1 and No. 2, and plans to add Launch Site No. 3 and No. 4. The Hainan Commercial Space Launch Center, invested, constructed, and operated by Hainan International Commercial Space Launch Co., Ltd., is the first commercial space launch center in China. Phase I of the project has been completed, with four successful launches. Phase II of the project commenced on January 25, 2025, and is being accelerated. Phase I covers an area of over 2,500 acres, including a technical area and a launch area. Construction began on July 6, 2022, and the full system launch capability was achieved in just 980 days.

Launch Site No. 1 pioneered a ground-based deflector cone discharge system to replace the traditional underground deflector trough, achieving an efficient ‘7-day launch + 7-day recovery’ model, meeting the ‘three vertical’ testing and launch requirements of the Long March 8 series rockets. Launch Site No. 2 uses a ‘three horizontal’ testing and launch model, making it the first general-purpose liquid launch site in the country, designed to accommodate the testing and launch of over 20 types of rockets. Phase II covers an area of over 1,100 acres, adding Launch Site No. 3, No. 4, and a corresponding technical area, as well as the Gusheng Telemetry Station. Upon completion, it will form a ‘two-phase, four-launch-site’ layout, better meeting the demand for ‘high-frequency, high-capacity, low-cost’ launches, and further enhancing the launch capacity of the Hainan Commercial Space Launch Center.

The recent two launches of the GW Constellation were carried out at Launch Site No. 1 and No. 2 of Hainan Commercial Launch, with an interval of only about five days, indicating that Hainan Commercial Launch has entered routine Operation. Additionally, commercial rocket companies are also building launch sites through self-construction and joint construction, which is expected to gradually resolve the bottleneck of launch site availability.

In the second half of 2025, several large-capacity private liquid rockets are set to make their maiden flights and conduct reusability experiments. Private liquid rockets are expected to gradually become a significant force in the construction of China’s low-Earth orbit (LEO) Satellite Internet.

Large liquid rockets with LEO payload capacities of over 10 tons, such as the Zhuque-3 from LandSpace, Tianlong-3 from Tiangong Technology, and LiJian-2 from Zhongke Aerospace, are all expected to make their maiden flights in the second half of 2025. The ZhiShenXing-1 liquid rocket from Galactic Energy, with a slightly lower payload capacity of less than 10 tons, is also planned to make its maiden flight this year. At the same time, related reusability experiments will be conducted, and the construction of liquid rocket launch sites is being expedited. This is expected to address the bottleneck of high launch costs and insufficient launch resources in China, reducing the unit launch cost to around RMB 20,000/kg. Private liquid rockets are expected to gradually become a significant force in the construction of China’s LEO Satellite Internet, potentially accelerating the development of the Satellite Internet.

LandSpace has initiated IPO tutoring and is expected to list on the Star Market.

On July 25, 2025, LandSpace and China International Capital Corporation signed a tutoring agreement, officially initiating the process of listing on the Star Market.

Symbols

For the satellite manufacturing segment, it is recommended to pay attention to China Aerospace Times Electronics (600879.SH), Zhenray Technology (688270.SH), Aerospace Huayu (688523.SH), Jushri Technologies, Inc (300762.SZ), China Spacesat (600118.SH), and Guobo Electronics (688375.SH). For the rocket launch segment, it is recommended to pay attention to Xi’an Bright Laser Technologies (688333.SH), Sirui New Materials (688102.SH), China Aerospace Times Electronics (600879.SH), Wuxi Paike New Materials Technology (605123.SH), and Farsoon Technologies (688433.SH). For the testing segment, it is recommended to pay attention to Suzhou Sushi Testing Group (300416.SZ).

Risk Analysis

Risk of technology development not meeting expectations: The satellite and rocket industries are high-technology barrier sectors. If the development of related technologies, such as Hall thrusters, inter-satellite links, and reusable rockets, does not meet expectations, it will affect the development of the commercial space industry.

Risk of downstream demand not meeting expectations: The domestic satellite Internet industry has not yet achieved a commercial closed loop. If the downstream application scenarios cannot be opened up, it will impact the construction progress of related constellations.

Risk of increased industry competition: Since 2015, China has introduced policies to encourage the development of the commercial space industry. In recent years, the number of related enterprises has significantly increased, which may intensify market competition.