一 | The August 15, 2021 fall of Kabul shocked the world, signaling the collapse of the West’s 20-year-long, multi-trillion-dollar nation-building experiment in Afghanistan in a single day.,Less than two weeks before the cataclysm, US and Afghan officials issued statement after statement expressing confidence in the Afghan military’s ability to fight on without American support on the ground.,“[The Afghan Army has] got greater numbers, they’ve got an air force, and, oh by the way, their air force is also flying…This is not an incompetent air force – they know how to fight from the air and they are. They have modern weaponry. They have military organizational ability as well as 20 years of training in the field by – not just the United States but our NATO and Allied partners. So they have a lot of advantages. It’s really just now about using those advantages,” Pentagon spokesman John Kirby told reporters in Washington on August 11, less than 100 hours before Kabul’s collapse.,In the chaotic few days that followed, Afghan Air Force personnel wound up flying nearly 50 helicopters and fixed-wing aircraft out of the country to neighboring Uzbekistan.,What happened? How did the US and NATO’s orderly withdrawal – which began in May 2021 amid fears that the Taliban would attack Western forces if they didn’t stick to the terms of the 2020 Trump-Taliban Doha peace deal, turn into such a humiliating and disorganized rout?,Paper Tiger vs Shoeless Army,On paper, the Afghan government and army seemed prepared for a years-long slog, similar to the one put up by the Soviet-backed Democratic Republic of Afghanistan, which managed to hold out against the Mujahedeen independently between 1989 and early 1992, even as the jihadists received billions in arms and cash from the CIA, Saudi and Egyptian intelligence, Pakistan and China. By comparison, the NATO-backed Afghan Army had serious problems with foreign support for the Taliban, with the insurgent group’s only major foreign backer consisting of Pakistan’s Inter-Services Intelligence.,The Afghan military boasted a total size of some 300,000 personnel – the 16th largest army in the world, along with an impressive array of $85 billion in US-gifted weaponry, including tens of millions of guns, grenades and rocket launchers, 8,500 Humvees, hundreds of armored personnel carriers, infantry fighting vehicles, tanks, mine-resistant ambush protected vehicles, and thousands of heavy and light trucks.,The Air Force’s inventory included more than two hundred Russian and US-made attack and utility helicopters, dozens of transport planes, and close to 30 Cessna 208 and A-29 Super Tucano ground attack and COIN jets.,US 'Lost Track' of Afghan War Aims, Says Retired Marine General12 August, 17:00 GMT,Facing off against them were the Taliban: a rag-tag group of militants whose core fighting force was estimated to consist of about 60,000 fighters, some of them shoeless, no air force, and limited mobility due to their adversary’s total air superiority and control of fuel.,Behind the scenes, a sprinkling of media reports and testimonies from Afghan soldiers and officials told a sobering story previewing the coming disaster, discussing the widespread disillusionment, demoralization and corruption centered around military and police structures based more on patronage, personal power and enrichment than competence and aptitude.,“There is no motivation for the army to fight for the corrupt government and corrupt politicians here,” Ahmad Wali Massoud, Afghanistan’s former envoy to the UK, told the Wall Street Journal on August 10, a few days before Kabul’s collapse.,“They are not fighting for [then-Afghan President Ashraf] Ghani. They haven’t even been fed properly. Why should they fight? For what? They are better off with the Taliban, which is why they are switching sides like that,” Massoud explained.,US Military Vehicles Falling Into Taliban Hands at Alarming Rate, Report Finds3 July 2021, 15:14 GMT,Ghani himself would end up fleeing the country as Kabul fell, with his entourage reportedly carrying so much money in suitcases from the state coffers that he had to leave some of it behind. Ghani has categorically dismissed these reports and denied allegations besmirching his good name.,John Sopko, the US inspector general for Afghanistan, warned Congress in March 2021 about the state of the Afghan’s military’s demoralization, admitting that “endemic corruption” was a threat, and that it was “fueling” the insurgency and giving the Taliban the means to gain public support.,Another problem, according to a May 2021 report by the Associated Press, was lack of professionalism. Attiqullah Amarkhiel, a former Afghan Army major general, told the news agency that while the Moscow-allied Afghan Army of 1989 consisted of about 150,000 high school educated troops. By contrast, he said, the NATO-trained crack troops of the Western-backed Afghan government had just six-to-eight weeks of basic training, with most recruits uneducated and/or allied to warlords.,“Then we had quality. Today we have quantity,” Amarkhiel said.,Blitzkrieg,This demoralization and corruption, combined with what The Intelligencer characterized as an institutionally built-in deep overdependence on US coalition support, culminated in the events of early-mid-August 2021.,By mid-July of that year, the Taliban was able to take advantage of coalition forces’ withdrawal by establishing control over large swathes of the Afghan countryside. However, no major cities and none of the country’s 34 provincial capitals were under the group’s control at the time. Throughout its two-decade insurgency campaign, the Taliban only launched one major strategic offensive against a government-controlled city – striking Kandahar in May 2011 before retreating back into the countryside.,Fast forward a decade, and the militant group would finally cast off their inhibitions about offensives cities.,On August 6, the militants captured Zaranj, capital of the southern province of Nimruz near the border with Iran, in a lightning attack, with government forces putting up light resistance and local bureaucrats fleeing the city.,A day later, the militants captured Sheberghan, capital of Jawzjan province, after heavy fighting. On August 8, Sar-e-Pul, Kunduz and Taluqan, three provincial capitals in the north of the country, fell, followed by Aybak in the northern Samangan province on August 9.,August 10 witnessed the collapse of Farah in the west and Pul-e-Khumri in Afghanistan’s center. A day later, Faizabad, capital of the northeastern province of Badakhshan also fell.,Animation showing Taliban's inexorable march towards Kabul. “The problem with the army was not lack of training or weapons. The most important thing in war is politics”Read @AmyKazmin @KatrinaManson and @b_parkyn's story on why the Afghan army foldedhttps://t.co/bjjJdPp15J pic.twitter.com/Ll6JrHQWLH— Steven Bernard (@sdbernard) August 15, 2021,August 12-13 would become the darkest days for the Afghan army and government up to that point, with the cities of Ghazni, Herat, Kandahar, Lashkar Gah, Qala-e-Naw, Feruz Koh, Pul-e-Alam, Terenkot and Qalat falling to the Taliban in the space of 48 hours. On August 14, the strategic northern city of Mazar-i-Sharif fell.,Finally, on August 15, 2021, Kabul and the eastern city of Jalalabad collapsed – falling, awkwardly, while tens of thousands of coalition troops, contractors, diplomats, Afghan puppet administration assistance and Western intelligence agents were still in the country.,© AP Photo / Rahmat GulA U.S. Chinook helicopter flies over the city of Kabul, Afghanistan, Sunday, Aug. 15, 2021. Taliban fighters entered the outskirts of the Afghan capital on Sunday, further tightening their grip on the country as panicked workers fled government offices and helicopters landed at the U.S. Embassy.A U.S. Chinook helicopter flies over the city of Kabul, Afghanistan, Sunday, Aug. 15, 2021. Taliban fighters entered the outskirts of the Afghan capital on Sunday, further tightening their grip on the country as panicked workers fled government offices and helicopters landed at the U.S. Embassy.© AP Photo / Rahmat Gul,In a post-op analysis of the events, General Yasin Zia, the former chief of staff of the Afghan army, estimated that some 4,000 security forces troops were killed, and 1,000 more gone missing, in the deadly weeks between July 1 and August 15, 2021 – with that figure representing about one half of the average of 8,000 Afghan security personnel killed each year over the previous five years.,Zia estimated that in total, some 92,000 members of the Afghan security forces died in the line of duty since 2001. Up to 100,000 Afghan civilians, tens of thousands of Taliban fighters, over 3,500 US and coalition troops, and 4,000+ Western mercenaries also perished.,* An organization under UN sanctions for terrorist activities.。 中国商业航天发射产业正处于从技术验证向规模化应用转型的关键时期。2025年10月发布的党的二十届四中全会公报首次将“航天强国”与制造、质量、交通、网络等强国并列，标志着商业航天被提升至国家战略高度。25年11月国家航天局设立商业航天司，解决多头管理导致的审批低效问题，预计发射许可办理周期缩短50%。同期印发的《推进商业航天高质量安全发展行动计划（2025-2027年）》提出22项举措，包括设立国家商业航天发展基金、扩大政府采购、统一民商航天标准等。
二 | 全球卫星频轨资源有限。根据国际电信联盟规定，关于卫星轨道位置、关键频段资源，各国按照“先登先占”的规则竞争协调使用。
三 | 低轨卫星星座具有低时延、发射灵活度高和制造成本低等特点，是世界主要航天国家争夺空间资源的新赛道。根据国际电联的资料，低地球轨道（LEO）卫星的总容量约为60000颗。截至2025年5月12日，全球在轨的低地球轨道卫星约为10824颗，低地球轨道资源的利用率约为18.0%。商业低地球轨道卫星使用的卫星频谱根据不同频率范围不同频段波段。已被占用的频谱范围，其他商业卫星公司无法使用。 中美两国已然成为引领世界航天事业发展的核心力量。2024年，全球共开展263次航天发射任务，同比增长18%，成功将2873个航天器送入太空，总质量达2171.39吨，创下历史新高。其中，美国以158次发射占据全球60%的份额，其中SpaceX发射138次；中国实施68次发射，占比26%，中国航天科技集团发射51次，中美两国发射次数最多，占全球发射总数的86%。 2025年中国航天发射创下历史新高，全年共完成83次轨道发射任务，较2024年的68次增长约22%。其中民营商业火箭企业共完成轨道级发射任务23次，其中成功入轨20次，成功率达到87%，较2023年提升近15个百分点。这一数据表明，随着技术积累和经验提升，民营火箭企业的可靠性正在快速改善。 从月度分布来看，2025年12月成为发射最为密集的月份。
四 | 仅在12月8日至9日的19小时内，中国就完成了3次长征系列火箭发射，创造了新的国家发射频率纪录。12月3日，蓝箭航天朱雀三号遥一运载火箭成功发射，虽然一级回收失败，但二级成功入轨，标志着中国商业航天在可重复使用技术方面迈出重要一步。 在卫星互联网建设方面，中国星网的"GW星座"和上海垣信卫星的"千帆星座"两大巨型星座计划正在加速推进。国网星座是我国首个巨型低轨卫星互联网计划，也是首个空天一体6G互联网计划，由中国卫星网络集团有限公司（简称“中国星网”）主导实施，共计规划发射12992颗卫星。干帆星座（又称G60星链）是上海垣信主导建设的巨型低轨卫星互联网星座，被誉为“中国版星链“。该星座计划部署超过1.5万颗卫星，采用全频段、多层多轨道设计，核心技术及产业链全部自主可控。
五 | 在星座建设的带动下，相关配套产业也迎来发展机遇。卫星制造方面，中国卫星（600118）2025年预计承接约200颗卫星订单，对应营收超20亿元。星敏感器市场需求预计增长200%，潜在市场规模超500亿元；卫星通信芯片2025年订单突破3亿元，2026年低轨星座全面部署时市场规模将达百亿级。 上海瀚讯 上海瀚讯是千帆星座通信分系统的独家核心供应商。这意味着，千帆星座发射的每一颗卫星，其核心的通信载荷（可以理解为卫星的“心脏”和“神经中枢”）都由上海瀚讯提供。 上海瀚讯在商业卫星业务上采取了“端到端”的全产业链布局，涵盖了从天上到地下的所有关键环节。天上（卫星载荷）方面，通过子公司“瀚阙信息”，专门从事低轨卫星载荷系统的研发。这包括星上基站、相控阵天线等，负责卫星在太空中处理和转发信号的核心功能。地面（信关站与终端）方面，建设地面的“信关站”（连接卫星和地面互联网的关口）以及各种用户终端。
六 | 上海瀚讯的技术底座非常深厚，它将原本用于军工领域的宽带移动通信技术，成功迁移应用到了商业卫星上。拥有从“芯片-模块-终端-基站-系统”的全产业链自主可控能力，核心通信芯片和算法均为自研，这在行业内是非常少见的。 公司与垣信卫星的关联交易规模从2024年的2亿元预计增至2025年的3亿元，进一步深化合作。 上海瀚讯凭借在千帆星座中的核心卡位和技术垄断优势，正从传统军工通信企业转型为低轨卫星互联网全产业链服务商。
七 | 随着2025-2027年千帆星座进入密集发射期，公司有望实现从"技术验证"到"批量交付"的跨越式发展，成为商业航天领域最具确定性的"卖铲人"。 st铖昌 公司作为国内少数具备宇航级相控阵T/R芯片研发能力的企业，深度受益于国防信息化和卫星互联网建设。2025年政府工作报告两次提及“商业航天”，低轨卫星组网加速（如GW星座、千帆星座），单星T/R芯片价值量或超万元，直接拉动星载芯片需求。
八 | 此外，机载雷达领域有源相控阵渗透率从2020年的30%提升至2025年的50%，公司中标项目进入批量供货阶段，成为营收增长新引擎。 T/R芯片是相控阵天线系统核心元器件之一，负责信号收发放大、移相衰减或混频处理功能，其性能则直接影响整机的各项关键指标。相控阵T/R芯片，常被称为相控阵雷达的“心脏”，是一种通过精确控制无线电波来“看见”周围世界的关键芯片。
九 | 2025年前三季度实现营业收入3.06亿元，同比+204.78%，归母净利润9035.86万元，同比扭亏（上年同期为-3153.23万元），扣非归母净利润8803.40万元，同比扭亏（上年同期为-4190.83万元）。 25年部分规模量级遥感项目已经陆续进入常态化批量交付阶段，项目的需求周期较长，多系列遥感卫星项目实现常态化批量交付并形成规模效应，业务增速保持可观；低轨卫星领域依托组网进程提速，与主力客户维持深度协同，备货及交付节奏精准匹配市场需求，为业务增长提供确定性支撑。
十 | 银邦股份 银邦股份的航天卫星业务主要是通过其参股公司飞而康快速制造科技有限责任公司来开展的，该公司是国内领先的金属3D打印（增材制造）解决方案提供商，业务深度覆盖火箭、卫星等航空航天高端制造领域。 金属3D打印，特别是用于火箭发动机的核心部件，能够制造出传统工艺难以实现的复杂内流道结构，从而在减轻重量的同时，提升发动机的推力和效率。这已成为新一代液体火箭发动机制造的关键技术。目前，飞而康为其配套的单台火箭发动机提供的3D打印部件价值量约为150万元。
十一 | 随着技术演进，未来在单台发动机中的价值占比有望从当前的较高水平提升至70%-85%，单台价值量可能增长至250-300万元。按主流火箭构型配备约10台发动机计算，单枚火箭的3D打印部件价值量非常可观。 马斯克SpaceX的猛禽（Raptor）系列发动机近年来大规模采用金属3D打印（增材制造）技术，带来了效率提高、推力显著增加、结构复杂性大幅降低的革命性突破。SpaceX通过金属3D打印（主要是激光粉末床熔融，PBF-LB工艺）将原本需要数百个零件组装的复杂结构，集成为少数整体构件。许多外部管路、连接件、冷却通道等被“打印”到发动机壁内，显著减少了潜在故障点。 Raptor3发动机外观极为简洁，几乎看不到外部管线，所有关键功能模块高度集成，真正践行了“最好的零件是没有零件”的设计理念。传统发动机零部件制造需数月甚至更久，3D打印将周期缩短至数天，实现“今天设计，明天打印，后天测试”的快速迭代。 3D打印不仅节省材料，更通过简化结构、减少组装环节和工装投入，显著降低了生产成本和时间成本。这正是猛禽3发动机能将单价降至20-25万美元，使火箭从“定制艺术品”变为“工业品”的关键。 注意：以上均为长期逻辑。
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