Group 1 - The satellite industry is experiencing strong performance, with related ETFs attracting significant capital inflows, indicating substantial mid-to-long-term investment value due to policy support, technological breakthroughs, and market demand [1][2] - As of January 7, 2025, the Yongying Satellite ETF and the China Merchants Satellite Industry ETF have each received over 1 billion yuan in net inflows this year, while the Fortune Satellite ETF and the E Fund Satellite ETF have attracted 965 million yuan and 385 million yuan respectively [1] - The total net inflows for the Yongying Satellite ETF since Q4 2025 amount to 5.257 billion yuan, with the China Merchants Satellite Industry ETF and the Fortune Satellite ETF receiving 1.627 billion yuan and 1.22 billion yuan respectively [1] Group 2 - The strong performance of the satellite sector is attributed to multiple factors, including key technological breakthroughs, clear national strategies, sustained industrial demand, and active market recognition [2] - The Ministry of Industry and Information Technology supports new models like "mobile direct satellite" applications, aiming for over 10 million satellite communication users by 2030 and issuing satellite internet licenses to multiple operators [2] - The commercial space sector is expected to see a surge in IPOs following the revision of the fifth set of standards on the Sci-Tech Innovation Board, which includes commercial aerospace [2] Group 3 - Institutions are particularly focused on companies' future strategies in the commercial aerospace sector, with companies like Unisoc highlighting their advancements in products for this strategic area [3] - The successful launch of the Zhuque-3 rocket is seen as a critical solution to the long-standing issue of insufficient heavy-lift capacity in China's commercial aerospace, potentially accelerating satellite communication network deployment [3] - The satellite industry is anticipated to enter a new development phase driven by strong policy support and ongoing industrial progress, presenting mid-to-long-term investment opportunities [3]

Core Viewpoint - The strategic partnership between Esky Communication and Guyueju aims to promote the adoption of open-source hardware in the robotics field and reduce development barriers [1] Group 1: Strategic Collaboration - Esky Communication and Guyueju announced a strategic cooperation during CES 2026 [1] - The collaboration focuses on advancing open-source hardware in robotics [1] - Both companies plan to deepen their partnership and upgrade integrated software and hardware solutions [1] Group 2: Future Applications - The partnership will explore the application of embodied intelligence in various scenarios, including education, research, companionship, and lightweight commercial services [1] - The goal is to simplify, enhance efficiency, and yield better results in the creation process of intelligent robots [1]

Core Viewpoint - The article discusses the performance of the Zhongzheng 1000 ETF Enhanced (561280), highlighting its opening price and the performance of its major holdings since its inception on August 31, 2023, which has yielded a return of 57.53% [1]. Group 1: ETF Performance - The Zhongzheng 1000 ETF Enhanced (561280) opened at 1.578 yuan, experiencing a decline of 0.19% [1]. - Since its establishment on August 31, 2023, the fund has achieved a return of 57.53% [1]. - The fund's performance over the past month has been a return of 6.26% [1]. Group 2: Major Holdings - Major stocks in the fund include: - Boqian New Materials, which opened with an increase of 0.68% [1]. - Haoyuan Pharmaceutical, which rose by 0.78% [1]. - Yingjixin, which increased by 0.56% [1]. - Caixun Co., which saw a slight increase of 0.08% [1]. - Jinma Leisure, which rose by 0.41% [1]. - Panjiang Co., which remained unchanged [1]. - Jindawei, which decreased by 0.10% [1]. - Yiyuan Communication, which increased by 0.43% [1]. - Minxin Co., which remained unchanged [1]. - Nami Technology, which rose by 0.34% [1]. [1]

证券代码：603236 证券简称：移远通信 公告编号：2026-001 上海移远通信技术股份有限公司 关于办公地址变更的公告 除上述变更外，公司注册地址、公司网址、电子信箱、电话、传真等其他联 系方式均保持不变。 二、本次变更后，公司办公地址及联系方式如下： 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。 上海移远通信技术股份有限公司（以下简称"公司"）因经营发展需要，已 于近日搬迁至新地址办公，现将具体变更内容公告如下： 一、变更具体情况 | 变更项目 | 变更前 | 变更后 | | --- | --- | --- | | 办公地址 | 上海市闵行区田林路1016号科 | 上海市松江区泗泾镇外婆泾路8 | | | 技绿洲3期（B区）5号楼 | 号（横港路288弄1-5号） | | 邮政编码 | 200233 | 201601 | 上海移远通信技术股份有限公司董事会 2026 年 1 月 6 日 办公地址：上海市松江区泗泾镇外婆泾路 8 号（横港路 288 弄 1-5 号） 邮政编码：201601 投资者联系电话：021-51 ...

Core Viewpoint - The launch of the AR588MA 5G-A module by the company marks a significant advancement in automotive communication technology, addressing the demands for ultra-high bandwidth, ultra-low latency, and extreme reliability in next-generation smart vehicles [1][3]. Group 1: Technical Specifications - The AR588MA module is built on MediaTek's first 5G-A platform, featuring a modem performance that leads the industry, with a quad-core Cortex-A55 CPU clocked at 2.3GHz, supporting a downlink speed of up to 9.0 Gbps and an uplink speed exceeding 2.5 Gbps [3]. - It supports 400 MHz bandwidth and NR 5CC, along with DSDA (Dual SIM Dual Active) functionality, enhancing data transmission efficiency and stability [3]. - The module integrates satellite communication capabilities and adaptive network signal compensation algorithms, significantly improving network performance even in weak signal areas [5]. Group 2: AI Integration and User Experience - The AR588MA module incorporates AI technology for deep integration with vehicle communication, enabling a shift from "passive connection" to "active adaptation," which enhances network speed and connection stability [7]. - It features an intelligent scene recognition system and an AI network optimization engine, processing multi-dimensional data such as vehicle location and road conditions to optimize network performance [7]. Group 3: Reliability and Safety Standards - The AR588MA adheres to automotive-grade design standards, meeting AEC-Q100 Grade 2 for reliability in extreme conditions and ISO 21434 for automotive cybersecurity [8]. - It supports secure boot and hardware isolation technologies, ensuring stable connections and enhanced security for vehicle communication [8]. Group 4: Functional Features - The module supports eCall/NG-eCall emergency call systems, automatically transmitting critical data to emergency centers in the event of a collision [10]. - It includes GNSS positioning capabilities with dual-frequency support (L1+L5), providing high-frequency output for accurate navigation and path planning [10]. - The AR588MA is designed for compatibility with existing hardware and software, facilitating a smooth transition from traditional 5G to 5G-A, thus reducing development costs and time to market [10].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company is a global leader in IoT solutions, focusing on wireless communication modules and solutions, and is well-positioned to benefit from the growth in AI and 5G technologies [6][14] - The global IoT connection numbers are expected to grow significantly, with projections of reaching 2.97 billion connections by 2027, indicating a vast market potential [6][46] - The company has shown strong revenue growth, with a projected increase in EPS to 3.78 and 4.84 yuan for 2025 and 2026, respectively, reflecting a robust business model [6][28] Summary by Sections 1. Technology and Market Position - The company has established itself as a key player in the IoT ecosystem, providing comprehensive solutions that include wireless communication modules, antennas, and IoT software platforms [14][18] - The company has a strong focus on R&D, with multiple research centers globally, enhancing its capability to innovate and meet diverse market needs [15][18] 2. Market Growth and Demand - The demand for IoT modules is driven by the increasing number of connected devices and the integration of AI applications, with a forecasted compound annual growth rate (CAGR) of 19.4% for the global IoT market from 2022 to 2027 [46][50] - The company is well-positioned to capitalize on the growth of AIoT and edge computing, which are expected to drive significant demand for AI-enabled hardware [62][66] 3. Financial Performance - The company's revenue is projected to grow from 112.62 billion yuan in 2021 to 185.94 billion yuan by 2024, with a CAGR of 18.19% [28][30] - In the first three quarters of 2025, the company reported a revenue of 178.77 billion yuan, a year-on-year increase of 34.96%, and a net profit of 7.33 billion yuan, up 105.65% [28][30] 4. R&D and Innovation - The company has consistently increased its R&D expenditure, reaching 13.94 billion yuan in the first three quarters of 2025, which represents 7.80% of its revenue [34][35] - The number of R&D personnel has also grown significantly, indicating a strong commitment to innovation and product development [34][35] 5. Competitive Landscape - The company maintains a leading position in the global IoT module market, with significant market share in both domestic and international markets [59] - Competitors include China Mobile and SIMCom, but the company continues to outperform in terms of innovation and market presence [59]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company is a global leader in IoT solutions, focusing on wireless communication modules and solutions, and is well-positioned to benefit from the growth in AI and 5G technologies [6][14]. - The global IoT market is expected to grow significantly, with connections projected to exceed 2.97 billion by 2027, driven by increasing demand for smart devices and applications [6][46]. - The company has shown strong revenue growth, with a compound annual growth rate (CAGR) of 18.19% from 2021 to 2024, and a notable increase in net profit by 105.65% year-on-year in the first three quarters of 2025 [6][28]. Summary by Sections 1. Company Overview - The company, established in 2010 and listed in 2019, is dedicated to driving digital transformation in various industries through its comprehensive IoT solutions [6][14]. - It has developed a diverse product portfolio, including 5G/4G/3G/2G modules, AI solutions, and various communication modules, catering to different market needs [6][20]. 2. Market Growth and Demand - The global IoT market is projected to reach $483 billion by 2027, with a CAGR of 19.4% from 2022 to 2027, indicating robust growth potential [46]. - In China, the IoT connections are expected to range between 8 billion and 9.5 billion by 2025, with a CAGR of approximately 18% from 2022 to 2026 [50]. 3. Financial Performance - The company's revenue is expected to grow from 112.62 billion yuan in 2021 to 185.94 billion yuan in 2024, with core business segments like 5G modules and smart modules driving this growth [28][30]. - In the first three quarters of 2025, the company reported revenues of 178.77 billion yuan, a 34.96% increase year-on-year [28]. 4. R&D and Innovation - The company has consistently increased its R&D spending, reaching 13.94 billion yuan in the first three quarters of 2025, which is 7.80% of its revenue [34]. - The number of R&D personnel has grown from 2,366 in 2020 to 4,184 in 2024, reflecting the company's commitment to innovation [34][35]. 5. Competitive Landscape - The company maintains a strong market position, with significant shares in both domestic and international markets, outperforming competitors like China Mobile and SIMCom [59]. - The demand for AI and edge computing is expected to drive further growth in the company's product offerings, particularly in the automotive and smart module sectors [63].

格隆汇12月31日丨移远通信(603236.SH)在互动平台表示，公司已与全球超过40多家主流车厂及60多家 顶尖的Tier 1供应商建立了长期、稳定的合作关系，共同推动汽车的智能化和网联化发展。在车载业务 方面，公司目前已形成覆盖智能座舱、4G/5G、C-V2X、高精度定位、Wi-Fi/蓝牙/UWB模组及天线的完 整产品生态。在卫星通信领域，公司布局了丰富的产品，包括多款集成卫星直连蜂窝（Direct-to- Cell,D2C）技术的模组，并配套了高性能D2C专用天线，可为各类物联网终端赋予"地面+卫星"连接能 力。 ...

Core Viewpoint - The company, Quectel, has successfully completed a private placement fundraising of 2.2 billion yuan, which will be used to expand production in the automotive and 5G module sectors, as well as for AI computing modules and solutions [1][2][4]. Group 1: Fundraising and Expansion Plans - The 2.2 billion yuan raised will primarily be allocated to expanding production capacity for automotive and 5G modules, as well as for AI computing modules and solutions, which are closely aligned with the company's core business [2][4]. - The company plans to increase production capacity by 33.8 million automotive and 5G modules, and 26.5 million AI computing modules and solutions after the new projects reach full production [4][10]. Group 2: Production Capacity and Utilization - The company's factories are currently operating at full capacity, with a utilization rate of 104.9% from January to May [4]. - The company has established a "seven major automotive product technology ecosystem," which includes various automotive communication modules and customized solutions [4]. Group 3: Research and Development Investments - The company is investing heavily in research and development, with a planned new R&D center at its new headquarters in Shanghai, aiming to recruit 541 new employees [10][12]. - The R&D expenditure for the first nine months of the year reached 1.39 billion yuan, a year-on-year increase of 13.5% [13]. - The company has established R&D centers in multiple locations, including Shanghai and Vancouver, and aims to enhance its technical capabilities with the new hires [13]. Group 4: Market Position and Product Offerings - The company has provided products and services to over 60 Tier 1 suppliers and more than 40 automotive manufacturers globally [6]. - The company has a diverse product line that includes cellular modules, automotive modules, smart modules, and satellite communication modules, among others [21]. - As of July, the company held a 37% market share in the global cellular IoT module sector, ranking first worldwide [21]. Group 5: Future Outlook - The company aims to pursue higher goals and attract more capital attention as it progresses in the automotive and AI sectors [24].

Core Insights - The Chinese IoT industry is experiencing strong growth, with the number of connections expected to exceed 3.5 billion this year [2] - The global cellular IoT module shipments are projected to grow by 10% year-on-year by Q3 2025, with China showing a 7% increase driven by smart meters and POS terminals [2][3] - The development of IoT communication technology in China is rapidly advancing from 5G to 6G, satellite networks, and quantum communication [3] Industry Overview - Cellular IoT, also known as mobile IoT, allows devices to connect to the internet using mobile communication networks, facilitating ubiquitous connectivity [4] - As of June 2025, China's three major telecom operators are expected to have developed 2.831 billion mobile IoT terminal users [4] - The development of mobile IoT in China can be divided into three stages: technological foundation, commercial breakthrough, and scale explosion, with the commercial launch of 5G in 2019 marking a significant turning point [4][5] Market Dynamics - The growth of China's cellular IoT is driven by a combination of policy support, technological advancements, and market demand [5][6] - The Cat-1 bis technology has emerged as a mainstream choice for mid-speed IoT applications, with its global shipment share expected to approach 50% by Q3 2025 [5] - The demand for digital transformation in traditional industries, along with the need for upgrading devices like smart meters and POS terminals, is fueling market growth [6] Competitive Landscape - China has established a complete industrial chain for cellular IoT, with competitive companies emerging in chip design, module manufacturing, and application deployment [7] - Key players in the chip design sector include Aojie, Unisoc, and Shanghai Yixin, which are recognized for their advancements in the Cat-1 bis field [7] - The module industry is led by companies like Quectel, China Mobile, and Rida, with Rida achieving a remarkable 73% year-on-year growth [7][8] Future Outlook - The industrial internet market in China is expected to exceed 1 trillion yuan by 2025, becoming a significant driver for overall IoT growth [8] - The transition from a "selling connectivity" model to a "selling computing power" model is seen as a crucial challenge for the industry [9][10] - The commercialization of RedCap technology is anticipated to further enhance the capabilities of IoT applications, with significant growth expected in sectors like industrial inspection and smart factories [10] Challenges - Despite the positive growth indicators, the industry faces challenges such as reliance on imported core technologies and price sensitivity in the market [9] - The competition in the Cat-1 bis module market is intensifying, leading to a decline in average selling prices (ASP) and creating a "revenue without profit" scenario for many small and medium-sized manufacturers [9] - The need for collaboration across the industry to enhance technological routes, service capabilities, and global compliance is essential for sustaining growth [11]