From recent observations, the low Earth orbit satellite sector is really heating up.
從技術突破到商業落地，整個產業正在經歷一波快速膨脹，特別是2026年這個關鍵時間點，市場從部署期轉向大規模商用，這意味著什麼呢？ From technological breakthroughs to commercial implementation, the entire industry is experiencing rapid expansion, especially around the critical year 2026, when the market shifts from deployment to large-scale commercial use. What does this imply?
就是供應鏈上下游都要跟著吃紅利。 It means that the entire supply chain upstream and downstream will share the benefits.
先說個數據，高盛預計衛星產業整體規模會從目前的150億美元，一路漲到2035年的1080億美元，成長逾7倍。 First, a data point: Goldman Sachs predicts the overall satellite industry will grow from the current 15 billion USD to 108 billion USD by 2035, an increase of over 7 times.
這不是小幅增長，是真正的爆炸式成長。 This is not a modest growth; it’s a true explosive expansion.
而且你知道嗎，台灣在這場太空競賽中根本就在最前線，本土供應鏈已經深度嵌入Starlink、OneWeb、Kuiper等國際巨頭的供應鏈，這是優勢啊。 And you know what? Taiwan is actually at the forefront of this space race. The local supply chain has already been deeply integrated into the supply chains of international giants like Starlink, OneWeb, and Kuiper—this is a competitive advantage.
低軌衛星到底是什麼？簡單說，就是在距離地球160～2000公里高度範圍內運行的衛星，最大優勢是超低延遲和高速傳輸。 What exactly are low Earth orbit satellites? Simply put, they are satellites operating within 160 to 2000 kilometers above Earth, with the biggest advantages being ultra-low latency and high-speed transmission.
過去高軌衛星延遲高達500-700毫秒，根本沒法用；低軌衛星把延遲壓到20-50毫秒，接近地面5G體驗，這才是為什麼最近這麼火。 In the past, high orbit satellites had delays of 500-700 milliseconds, making them practically unusable; low Earth orbit satellites reduce latency to 20-50 milliseconds, approaching ground 5G experience, which is why they’ve become so popular recently.
現在來說重點——低軌衛星概念股龍頭到底有哪些。 Now, let’s focus—what are the leading stocks in the low Earth orbit satellite concept?
我把供應鏈分成三段來看。 I will divide the supply chain into three segments.
上游主要是衛星製造和發射服務，台廠雖然沒有火箭製造，但在衛星內部精密組件、結構件上佔有核心地位。 The upstream mainly involves satellite manufacturing and launch services. Taiwanese companies do not produce rockets, but they hold core positions in precise satellite components and structural parts.
昇達科（3491）供應衛星端的濾波器與雙工器，這是收發訊號的關鍵； Shengda Tech (3491) supplies filters and duplexers for satellites, which are critical for signal transmission and reception;
同欣電（6271）提供高頻無線通訊模組封測，早就切入SpaceX星鏈供應鏈； Tongxin Electronics (6271) provides high-frequency wireless communication module packaging and testing, and has already entered SpaceX’s Starlink supply chain;
華通（2313）是全球低軌衛星PCB龍頭，是SpaceX衛星本體的核心供應商。 Huatong (2313) is a global leader in low Earth orbit satellite PCBs and is a core supplier for SpaceX satellites.
中游是地面設備和數據服務，這邊台廠也很強。 The midstream involves ground equipment and data services, where Taiwanese companies are also strong.
啟碁（6285）是地面接收站天線主力供應商，在Starlink供應鏈中佔重要地位； Qijing (6285) is a major supplier of ground station antennas and plays an important role in the Starlink supply chain;
兆赫（2485）供應低軌衛星接收器及微波零組件，最近市場熱度超高； Zhaohé (2485) supplies low Earth orbit satellite receivers and microwave components; recently, market interest has surged;
台揚（2314）是老牌衛星通訊廠，已經切入Telesat的Lightspeed星座系統，2026年下半年地面接收站出貨有望放量； Taiyang (2314) is an established satellite communication company, already involved in Telesat’s Lightspeed constellation system; ground station shipments are expected to increase significantly in late 2026;
康舒（6282）切入衛星端與地面端的高規電源供應器。 Kangxu (6282) has entered the high-end power supply market for both satellite and ground segments.
下游是應用和服務層，這邊美股佔大頭。 The downstream involves applications and services, where U.S. stocks dominate.
EchoStar（SATS）最近和SpaceX達成協議，以170億美元出售頻譜授權，財務體質明顯強化； EchoStar (SATS) recently reached an agreement with SpaceX to sell spectrum licenses for 17 billion USD, significantly strengthening its financial position;
中華電信（2412）透過與OneWeb合作，整合衛星與5G網路。 Chunghwa Telecom (2412) collaborates with OneWeb to integrate satellite and 5G networks.
如果要我挑重點關注的，我會看三檔。 If I had to pick three key stocks to watch,
第一是EchoStar，整合Hughes資源，透過多軌道衛星與地面網路提供混合連網方案，而且最新的頻譜交易顯著強化了財務； First is EchoStar, which integrates Hughes resources to offer hybrid connectivity solutions via multi-orbit satellites and ground networks, and recent spectrum transactions have significantly strengthened its finances;
第二是台揚科技，在地面終端市場佔舉足輕重的地位，已經取得第二家低軌衛星營運商的認證，2026年用戶終端產品放量會是關鍵； Second is Taiyang Technology, a key player in ground terminals, already certified as the second low Earth orbit satellite operator; mass adoption of user terminal products in 2026 will be crucial;
第三是同欣電，作為SpaceX星鏈的RF模組供應商，隨著發射節奏加快，訂單規模可望逐年提升。 Third is Tongxin Electronics, a supplier of RF modules for SpaceX Starlink, with increasing launch activity, order volume is expected to grow year by year.
說實話，低軌衛星概念股龍頭這幾檔都各有專精，但選股的核心邏輯就是看技術門檻高不高、訂單能見度夠不夠清楚。 Honestly, these leading stocks in the low Earth orbit satellite sector each have their strengths, but the core logic for stock selection is whether the technological barriers are high and whether order visibility is clear enough.
整個產業從實驗階段進入真正商用階段，台灣供應鏈憑藉強大製造和研發能力，已經卡位國際大廠的關鍵位置。 As the industry moves from experimental to commercial phases, Taiwan’s supply chain, with its strong manufacturing and R&D capabilities, has secured key positions among international giants.
這波從太空商機延伸到地面的投資潮，應該還會持續一段時間。 This wave of investment extending from space opportunities to ground applications is expected to continue for some time.
最近關注到低軌衛星這個賽道，真的有點火啊。
From recent observations, the low Earth orbit satellite sector is really heating up.
從技術突破到商業落地，整個產業正在經歷一波快速膨脹，特別是2026年這個關鍵時間點，市場從部署期轉向大規模商用，這意味著什麼呢？
From technological breakthroughs to commercial implementation, the entire industry is experiencing rapid expansion, especially around the critical year 2026, when the market shifts from deployment to large-scale commercial use. What does this imply?
就是供應鏈上下游都要跟著吃紅利。
It means that the entire supply chain upstream and downstream will share the benefits.
先說個數據，高盛預計衛星產業整體規模會從目前的150億美元，一路漲到2035年的1080億美元，成長逾7倍。
First, a data point: Goldman Sachs predicts the overall satellite industry will grow from the current 15 billion USD to 108 billion USD by 2035, an increase of over 7 times.
這不是小幅增長，是真正的爆炸式成長。
This is not a modest growth; it’s a true explosive expansion.
而且你知道嗎，台灣在這場太空競賽中根本就在最前線，本土供應鏈已經深度嵌入Starlink、OneWeb、Kuiper等國際巨頭的供應鏈，這是優勢啊。
And you know what? Taiwan is actually at the forefront of this space race. The local supply chain has already been deeply integrated into the supply chains of international giants like Starlink, OneWeb, and Kuiper—this is a competitive advantage.
低軌衛星到底是什麼？簡單說，就是在距離地球160～2000公里高度範圍內運行的衛星，最大優勢是超低延遲和高速傳輸。
What exactly are low Earth orbit satellites? Simply put, they are satellites operating within 160 to 2000 kilometers above Earth, with the biggest advantages being ultra-low latency and high-speed transmission.
過去高軌衛星延遲高達500-700毫秒，根本沒法用；低軌衛星把延遲壓到20-50毫秒，接近地面5G體驗，這才是為什麼最近這麼火。
In the past, high orbit satellites had delays of 500-700 milliseconds, making them practically unusable; low Earth orbit satellites reduce latency to 20-50 milliseconds, approaching ground 5G experience, which is why they’ve become so popular recently.
現在來說重點——低軌衛星概念股龍頭到底有哪些。
Now, let’s focus—what are the leading stocks in the low Earth orbit satellite concept?
我把供應鏈分成三段來看。
I will divide the supply chain into three segments.
上游主要是衛星製造和發射服務，台廠雖然沒有火箭製造，但在衛星內部精密組件、結構件上佔有核心地位。
The upstream mainly involves satellite manufacturing and launch services. Taiwanese companies do not produce rockets, but they hold core positions in precise satellite components and structural parts.
昇達科（3491）供應衛星端的濾波器與雙工器，這是收發訊號的關鍵；
Shengda Tech (3491) supplies filters and duplexers for satellites, which are critical for signal transmission and reception;
同欣電（6271）提供高頻無線通訊模組封測，早就切入SpaceX星鏈供應鏈；
Tongxin Electronics (6271) provides high-frequency wireless communication module packaging and testing, and has already entered SpaceX’s Starlink supply chain;
華通（2313）是全球低軌衛星PCB龍頭，是SpaceX衛星本體的核心供應商。
Huatong (2313) is a global leader in low Earth orbit satellite PCBs and is a core supplier for SpaceX satellites.
還有台光電（2383）供應高規銅箔基板、聯鈞（3450）做光電封裝、華星光（4979）提供光收發模組，這些都是技術門檻高的位置。
Additionally, Taiwan Optical (2383) supplies high-grade copper foil substrates; Lianjun (3450) handles optoelectronic packaging; Huaxingguang (4979) provides optical transceiver modules—all positions with high technical barriers.
中游是地面設備和數據服務，這邊台廠也很強。
The midstream involves ground equipment and data services, where Taiwanese companies are also strong.
啟碁（6285）是地面接收站天線主力供應商，在Starlink供應鏈中佔重要地位；
Qijing (6285) is a major supplier of ground station antennas and plays an important role in the Starlink supply chain;
兆赫（2485）供應低軌衛星接收器及微波零組件，最近市場熱度超高；
Zhaohé (2485) supplies low Earth orbit satellite receivers and microwave components; recently, market interest has surged;
台揚（2314）是老牌衛星通訊廠，已經切入Telesat的Lightspeed星座系統，2026年下半年地面接收站出貨有望放量；
Taiyang (2314) is an established satellite communication company, already involved in Telesat’s Lightspeed constellation system; ground station shipments are expected to increase significantly in late 2026;
康舒（6282）切入衛星端與地面端的高規電源供應器。
Kangxu (6282) has entered the high-end power supply market for both satellite and ground segments.
下游是應用和服務層，這邊美股佔大頭。
The downstream involves applications and services, where U.S. stocks dominate.
EchoStar（SATS）最近和SpaceX達成協議，以170億美元出售頻譜授權，財務體質明顯強化；
EchoStar (SATS) recently reached an agreement with SpaceX to sell spectrum licenses for 17 billion USD, significantly strengthening its financial position;
AST SpaceMobile（ASTS）實現手機直連衛星寬頻服務；
AST SpaceMobile (ASTS) provides direct-to-phone satellite broadband services;
中華電信（2412）透過與OneWeb合作，整合衛星與5G網路。
Chunghwa Telecom (2412) collaborates with OneWeb to integrate satellite and 5G networks.
如果要我挑重點關注的，我會看三檔。
If I had to pick three key stocks to watch,
第一是EchoStar，整合Hughes資源，透過多軌道衛星與地面網路提供混合連網方案，而且最新的頻譜交易顯著強化了財務；
First is EchoStar, which integrates Hughes resources to offer hybrid connectivity solutions via multi-orbit satellites and ground networks, and recent spectrum transactions have significantly strengthened its finances;
第二是台揚科技，在地面終端市場佔舉足輕重的地位，已經取得第二家低軌衛星營運商的認證，2026年用戶終端產品放量會是關鍵；
Second is Taiyang Technology, a key player in ground terminals, already certified as the second low Earth orbit satellite operator; mass adoption of user terminal products in 2026 will be crucial;
第三是同欣電，作為SpaceX星鏈的RF模組供應商，隨著發射節奏加快，訂單規模可望逐年提升。
Third is Tongxin Electronics, a supplier of RF modules for SpaceX Starlink, with increasing launch activity, order volume is expected to grow year by year.
說實話，低軌衛星概念股龍頭這幾檔都各有專精，但選股的核心邏輯就是看技術門檻高不高、訂單能見度夠不夠清楚。
Honestly, these leading stocks in the low Earth orbit satellite sector each have their strengths, but the core logic for stock selection is whether the technological barriers are high and whether order visibility is clear enough.
整個產業從實驗階段進入真正商用階段，台灣供應鏈憑藉強大製造和研發能力，已經卡位國際大廠的關鍵位置。
As the industry moves from experimental to commercial phases, Taiwan’s supply chain, with its strong manufacturing and R&D capabilities, has secured key positions among international giants.
這波從太空商機延伸到地面的投資潮，應該還會持續一段時間。
This wave of investment extending from space opportunities to ground applications is expected to continue for some time.