Investment Rating - The report maintains a "Buy" rating for the reusable rocket technology and highlights the broad prospects for satellite applications [1] Core Insights - Breakthroughs in reusable rocket technology have been achieved, marking significant advancements in China's commercial space industry [1][29] - The satellite communication market is opening up to consumer applications, with major telecom companies launching devices that support direct satellite connectivity [9][40] - The report emphasizes the importance of resource integration and innovation in downstream applications within the commercial aerospace sector [46] Summary by Sections Industry Weekly Viewpoint - The computer index increased by 1.66% during the week, while the Shanghai Composite Index decreased by 0.03% and the ChiNext Index fell by 1.40% [7][13] - Notable gains were observed in satellite navigation (+3.69%), commercial aerospace (+3.17%), and military information technology (+3.12%) [7][13] Market Performance (05.26-05.30) - The report notes a significant performance in individual stocks, with Zongheng Co. rising by 25.63% and Digital Government rising by 18.05% [18] - Conversely, companies like Bangyan Technology and Zhongke Star Map experienced declines of 16.09% and 10.26%, respectively [18] Valuation Analysis - The valuation of the low-altitude economy, aerospace equipment, and aviation equipment sectors is reported to be in the ranges of 96-98, 128-131, and 50-51 respectively, indicating high valuation levels compared to historical data [26] Breakthroughs in Rocket Recovery Technology - The successful test flight of the Yuanhang-1 rocket by Arrow元科技 marks a significant milestone in the development of large-scale reusable rockets [29] - The rocket is designed for 20 reuses and aims to support various market needs, including space tourism and deep space exploration [34] Opening of Consumer-Level Satellite Communication Market - The establishment of 5G satellite standards led by China is expected to revolutionize satellite communication, allowing direct connections from mobile devices to satellites [9][40] - As of April 2025, 30 devices supporting satellite connectivity have been launched by major telecom brands, indicating a shift towards consumer applications [9][40] Recent Highlights - The successful launch of the Tianwen-2 probe and the establishment of the Satellite Application Innovation Institute by China Aerospace Technology Group are significant developments in the aerospace sector [41][44] - The report highlights the potential of the drone logistics market, predicting a market size of approximately 300 billion yuan by 2024 [8][20] Investment Recommendations and Beneficiary Companies - The report suggests focusing on companies involved in satellite manufacturing and rocket launches, such as China Satellite and Shanghai Hanhua [46] - It also highlights beneficiaries in satellite operations and applications, including China Satcom and Huace Navigation [46]

Core Viewpoint - The commercial space industry in China is experiencing rapid growth, supported by national policies, with a market size projected to reach approximately 7,133.2 billion yuan in 2024, driven by increased launch activities and advancements in satellite applications [2][8]. Group 1: Definition and Main Business of Commercial Space Industry - The commercial space industry refers to the sector that provides space products and services through market-oriented approaches, including rocket launches, satellite applications, and space tourism [3][4]. - Unlike traditional government-led space projects, commercial space emphasizes private sector participation, cost-effectiveness, and sustainable business ecosystems, marking a shift from planned to market economies in space activities [4]. Group 2: Current Development Status of the Commercial Space Industry - The commercial space sector in China is becoming increasingly active, with 68 rocket launches and 66 successful orbital insertions in 2024, achieving a success rate of 97% [6][8]. - The market size of the commercial space industry in China has been growing rapidly, with a reported size of 6,582.2 billion yuan in 2023 and an expected increase to 7,810.4 billion yuan by 2025 [8]. - The commercial remote sensing satellite sector is identified as a strategic emerging industry that contributes significantly to economic growth and daily applications, positioning itself as a key area in global space competition [8]. Group 3: Future Prospects and Opportunities - The commercial space industry is anticipated to reach a mature phase by the end of the 14th Five-Year Plan or during the 15th Five-Year Plan, indicating a historic development opportunity for the industry chain [2]. - The launch of new rocket models, such as the Long March 8 and others, is expected to further enhance China's launch capabilities and increase the number of launches in 2025 [6].

中国卫通集团股份有限公司 关于参加中国航天科技集团有限公司控股上市公司 2024 年度集体业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 6 月 5 日（星期四）下午 14:30-17:30 网 络直 播 地址 ： 深 圳证 券 交易 所 互 动易 平 台 （https:// irm.cninfo.com.cn/）;上海证券交易所上证路演中心 平台（https://roadshow.sseinfo.com/） 会议召开方式：现场交流、视频直播和网络文字互 动 投资者可以在 2025 年 6 月 4 日（星期三）下午 16:00 前通过本公告中的传真或者邮件方式进行提问，公司将在说 明会上对投资者普遍关注的问题进行回复。 证券代码：601698 证券简称：中国卫通 公告编号：2025-027 中国卫通集团股份有限公司（以下简称"公司"）已于 2025 年 4 月 2 日在上海证券交易所网站披露了《2024 年年度 报告》。为加强与投资者沟通，推进公司高质量发展，根据 ...

Core Viewpoint - China Satellite Communications Group Co., Ltd. is preparing for its 2024 annual report and is proposing several resolutions for the upcoming shareholders' meeting, including expected related party transactions and a financial services agreement with Aerospace Technology Finance Co., Ltd. [1][2] Group 1: Annual Report and Financial Performance - The 2024 annual report has been audited by Lixin Accounting Firm, which issued a standard unqualified opinion [1] - The company achieved a total profit of 661 million yuan in 2024, representing an increase of 8.50% year-on-year, with a net profit of 568 million yuan, up 11.55% [14][20] - The total assets of the company as of the end of 2024 amounted to 22.413 billion yuan, with total liabilities of 2.359 billion yuan, resulting in total equity of 20.054 billion yuan [14][20] Group 2: Related Party Transactions - The expected total amount for related party transactions in 2024 is projected to not exceed 282 million yuan, with actual transactions amounting to 86.99161 million yuan [3][4] - The company plans to continue its daily operational related party transactions with its controlling shareholder, China Aerospace Science and Technology Corporation, and its subsidiaries [1][2] - The company has a good track record of fulfilling previous related party transactions without any defaults [8] Group 3: Financial Services Agreement - The financial services agreement with Aerospace Technology Finance Co., Ltd. is set to be renewed for three years, providing various financial services to the company [11][12] - The expected peak deposit amount for 2024 is 1.133 billion yuan, with a loan peak of 70 million yuan [11][12] - The financial services provided by the finance company are expected to offer better rates than those available from commercial banks, enhancing the efficiency of fund management for the company [13][14] Group 4: Profit Distribution Proposal - The company proposes a cash dividend of 0.323 yuan per share for the 2024 fiscal year, based on a total share capital of 4,224,385,412 shares, amounting to a total distribution of approximately 30% of the net profit [1][10]

中国卫通集团股份有限公司 2024 年年度股东大会资料 二〇二五年五月 中国卫通集团股份有限公司 2024 年年度股东大会议程 一、会议召集人：公司董事会 二、会议方式：现场记名投票表决与网络投票表决相结合 三、现场会议召开时间：2025 年 6 月 9 日 四、网络投票时间：采用上海证券交易所网络投票系统，通 过交易系统投票平台的投票时间为股东大会召开当日的交 易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 五、现场会议地点：北京市海淀区知春路 65 号中国卫星通 信大厦 A 座会议室 六、参加人员：股东及股东代表、公司董事、监事及高级管 理人员、公司聘请的律师 七、会议议程： （一）主持人介绍主要参会人员 （二）宣读议案并提请大会审议 | 序号 | | | | 议案名称 | | --- | --- | --- | --- | --- | | 1 | 中国卫通 | 2024 | 年年度报告 | | | 2 | 中国卫通关于 | | 2025 | 年度日常经营性关联交易的议案 | | 3 | 中国卫通 ...

二、董事会会议审议情况 （一）审议通过《中国卫通关于创新研究院机构调整的 议案》 表决结果：8 票赞成、0 票弃权、0 票反对，议案获得通 过。 三、报备文件 证券代码：601698 证券简称：中国卫通 公告编号：2025-026 中国卫通集团股份有限公司 第三届董事会第十九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中国卫通集团股份有限公司（简称"中国卫通"、"公司"） 第三届董事会第十九次会议于 2025 年 5 月 21 日以通讯方式 召开，公司于 2025 年 5 月 16 日以通讯方式发出了会议通知 及文件。本次会议应出席的董事八名，实际出席的董事八名， 公司董事长孙京主持本次会议。会议的召开符合《中华人民 共和国公司法》等有关法律和《中国卫通集团股份有限公司 章程》的规定，所做决议合法有效。 中国卫通集团股份有限公司第三届董事会第十九次会 议决议 特此公告。 中国卫通集团股份有限公司董事会 2025 年 5 月 23 日 ...

Group 1 - The commercial space industry refers to the market-driven provision of space products and services, including rocket launches, satellite applications, and space tourism [1][4] - In 2024, China conducted 68 rocket launches with a success rate of 97%, leading to a commercial space market size of approximately 713.32 billion yuan [1][6] - The commercial remote sensing satellite sector is identified as a strategic emerging industry that drives economic growth and enhances daily applications [1][6] Group 2 - The commercial space industry is supported by national policies, which have led to a rapid increase in commercial launch activities and market expansion [4][10] - The market size of China's commercial space industry is projected to grow from 658.22 billion yuan in 2023 to approximately 781.04 billion yuan in 2025 [6][22] - The industry is characterized by a diverse competitive landscape, with a mix of state-owned and private enterprises participating in the market [13][15] Group 3 - The industry value chain includes upstream activities such as rocket and satellite development, midstream services like commercial launch and satellite operation, and downstream applications in various sectors [8][18] - Key policies have been introduced to encourage private investment in the commercial space sector, enhancing its growth potential [10][12] - Major players in the industry include state-owned enterprises like China Aerospace Science and Technology Corporation and private companies such as Zhongtian Rocket and Blue Arrow Aerospace [16][20] Group 4 - The future of the commercial space industry is expected to focus on technological innovation, cost reduction, and efficiency improvements, with an emphasis on modular satellite design and reusable rocket technology [22][24] - The integration of advanced technologies such as AI, big data, and cloud computing is anticipated to transform the space information industry [22] - The commercial space industry is poised for significant development opportunities, potentially reaching maturity by the end of the 14th Five-Year Plan or during the 16th Five-Year Plan [1][22]

Core Viewpoint - The China Telecom Theme Index has shown mixed performance, with a slight decline on the latest trading day, reflecting broader market trends in the telecom sector [1]. Group 1: Index Performance - The China Telecom Theme Index decreased by 0.03% to 1792.12 points, with a trading volume of 26.344 billion yuan [1]. - Over the past month, the index has increased by 2.63%, but it has declined by 7.91% over the last three months and by 3.23% year-to-date [2]. Group 2: Index Composition - The index comprises 50 listed companies involved in telecom operations, value-added services, communication equipment, technology services, and data centers [2]. - The top ten weighted companies in the index are: China Telecom (17.66%), China Mobile (16.11%), China Unicom (15.28%), Yinzhijie (6.14%), China Satellite Communications (5.25%), ZTE Corporation (4.86%), Zhongji Xuchuang (4.12%), Xinyi Sheng (3.95%), Unisplendour (2.63%), and Zhongtian Technology (1.75%) [2]. Group 3: Market Segmentation - The index's holdings are primarily listed on the Shanghai Stock Exchange (64.03%) and the Shenzhen Stock Exchange (35.97%) [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3].

证券代码：601698 证券简称：中国卫通 公告编号：2025-025 中国卫通集团股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025年6月9日 14点30分 召开地点：北京市海淀区知春路65号中国卫星通信大厦A座会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025年6月9日 至2025年6月9日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会召开当日的交易时间 段，即9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东大会召开当日的9:15- 15:00。 (六)融资融券 ...

中国卫通集团股份有限公司 关于召开2024年年度股东大会的通知 证券代码：601698 证券简称：中国卫通 公告编号：2025-025 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投 票和网络投票相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 9 日 14 点 30 分 股东大会召开日期：2025年6月9日 本次股东大会采用的网络投票系统：上海证券交易所 股东大会网络投票系统 召开地点：北京市海淀区知春路 65 号中国卫星通信大厦 A 座会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 9 日 至2025 年 6 月 9 日 采用上海证券交易所网络投票系统，通过交易系统投票 平台的投票时间为股东大会召开当日的交 ...