According to Everbright Securities' research report, China has applied to the ITU for frequency and orbit resources for over 200,000 satellites. Although the ITU follows a "first-come, first-served" principle, the actual number of approvals granted may be lower than the application volume due to international coordination, spectrum conflicts, and orbital capacity limitations. This application is more of a strategic reserve for frequency and orbit resources. Recently, the Japanese government also proposed building a "Japanese version of Starlink" system, indicating an intensification of major powers' competition for space resources. From an industrial perspective, this application once again raises the ceiling for potential demand in China's commercial space sector. Led by the "national team" represented by the Radio Innovation Institute, industry development may accelerate once again. The main views of Everbright Securities are as follows.
Recently, China applied to the ITU for frequency and orbit resources for over 200,000 satellites. Of these, over 190,000 satellites come from the recently established Radio Innovation Institute. The applicants are diverse, with the Radio Innovation Institute being the main force in this application. Data from the International Telecommunication Union (ITU) shows that China has submitted an application for an additional 203,000 satellites. This application covers 14 satellite constellations, with the two largest being CTC-1 and CTC-2 applied for by the Radio Innovation Institute. Each of these two constellations has an application scale of 96,714 satellites, totaling 193,428, making them the absolute main force in this application. Other sizable applications include CHINAMOBILE-L1 (2,520 satellites) applied for by China Mobile, SAILSPACE-1 (1,296 satellites) applied for by Yuanxin Satellite, and TIANQI-3G (1,132 satellites) applied for by Guodian Gaoke. Besides SatNet and Yuanxin, the applicants also include commercial space enterprises such as the Radio Innovation Institute, GalaxySpace, and Guodian Gaoke, as well as traditional telecommunications operators like China Mobile and China Telecom.
The Radio Innovation Institute possesses a strong "national team" background, elevating the application for satellite frequency and orbit resources to a national strategic level. The Radio Innovation Institute (full name: Radio Spectrum Development, Utilization and Technological Innovation Research Institute) was registered in the Xiong'an New Area of Hebei Province on December 30, 2025. It is the first new type of R&D institution in China's radio management technology field aimed at technological innovation and achievement transformation. The Radio Innovation Institute is jointly established by seven entities: the State Radio Monitoring Center, the Management Committee of Hebei Xiong'an New Area, the Hebei Provincial Department of Industry and Information Technology, China Satellite Network Group Co., Ltd., Nanjing University of Aeronautics and Astronautics, Beijing Jiaotong University, and China Electronics Technology Group Corporation. The Radio Innovation Institute's vision is to serve the satellite internet industry, research electromagnetic space technology, and tap into the potential value of spectrum resources. It will focus on the deep integration of spectrum development and utilization with technological innovation, striving to build a joint innovation platform in the radio field that integrates key technology R&D, achievement incubation, and industrial empowerment, thereby promoting the efficient use of radio spectrum resources and technological innovation.
Satellite frequency and orbit resources are non-renewable and highly scarce. Under the ITU's "first-come, first-served" rules, it is necessary to race against time. The ITU implements a "first-come, first-served" principle for priority rights of use: countries submit satellite network application materials to the ITU through designated agencies, including core information such as satellite project introductions, launch plans, funding plans, and interference avoidance measures. The country that completes the application first obtains priority rights to use the corresponding frequency and orbit resources. However, this priority right is not permanent possession but comes with strict "milestone" implementation requirements. According to the rules established at the WRC-19 conference and relevant ITU regulations, newly submitted satellite applications must launch their first satellite to activate the resources within 7 years, and complete 10%, 50%, and 100% of the total declared number of deployments by the 9th, 12th, and 14th years, respectively. Otherwise, the applied-for frequency and orbit resources will automatically become invalid.
Risk analysis: Progress in reusable rocket technology may fall short of expectations, the pace of satellite cost reduction may be slower than anticipated, and adjustments to mission plans such as low-earth orbit satellite launches could lead to fluctuations in launch demand.
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