1、 Constant and Sustained Innovation as the Imperative for Hong Kongs Low Earth Orbit Economy POD Research Institute Cheung Tat Ming Martin,Principal Researcher Ip Chun Sang,Sam,Community Officer March 2026 持續創新是發展低軌經濟的最佳路徑 民思政策研究所 張張張,張張張張張 張張張,張張張張 2026年 3 月 1 Contents 目錄 Executive Summary.5 執行摘要.8

2、Chapter 1:Introduction.11 1.1 Research Background:Hong Kongs Late Entry,and Why the Downstream Matters.11 1.2 The Downstream Dominance:Not Less Than 90%of Space Economy Revenue Is Generated Beyond Manufacturing and Launch.11 1.3 Policy Guiding Questions.14 1.4 Research Objectives.15 1.5 Research Met

3、hodology.15 Chapter 2:The LEO Economy and Chinas National Strategy:What Stakeholders Should Know.15 2.1 Technical Pre-conditions for the Formation of the LEO Economy.15 2.2 Chinas Accumulated Experience in LEO Development.17 2.3 Chinas LEO Industrial Geography:Spatial Division of Labour,Manufacturin

4、g Concentration,and Domestic Market Orientation.18 2.4 Sino-American Rivalry in the LEO Domain.20 2.5 Geopolitical Considerations and Their Importance for the LEO Economy.21 2.6 Chapter Conclusion:Hong Kongs Opportunity Within the National Enterprise.22 Chapter 3:Economics at Work:Business Models an

5、d the ChinaHong Kong Industrial Chain.23 3.1 Reframing the LEO Economy:From Technology Sector to Economic Infrastructure.23 3.2 Four Defining Characteristics of the LEO Economy.23 3.3 Two-Market Classification and the Four Commercialization Constraints.24 3.4 Business Model I:Space-Based Communicati

6、ons and Connectivity Leasing.24 3.5 Business Model II:Space-Based Data Reporting and Analytics Services.25 3.6 Business Model III:Consumer-Oriented Satellite Services.25 3.7 The China-Hong Kong LEO Industrial Chain.25 3.8 Overseas Market Strategies for Hong Kong-Based LEO Firms.26 3.9 Chapter Conclu