Core Network Overview - The core network serves as the "central control system" of mobile communication networks, managing user authentication, service processing, data forwarding, and network connectivity [1] - It addresses fundamental questions regarding user identity and data management within the network [1] Importance of Core Network in Satellite Communication - The core network is essential for satellite communication, facilitating user management, data forwarding, and network connectivity, similar to its role in terrestrial networks [3][4] - It must tackle additional technical challenges due to the dynamic nature of satellites and the extreme conditions of space [3] Integration of Satellite and Terrestrial Networks - The core network enables seamless integration of satellite networks into existing communication systems, avoiding the need for separate accounts and management for satellite communication [4][5] - Users can maintain the same SIM card, phone number, and billing account while switching between terrestrial and satellite networks [5] Protocol Compatibility and Global Communication - The core network addresses multi-network protocol compatibility, ensuring efficient data flow between satellite networks and terrestrial 4G/5G networks [7] - It supports global communication by managing regulatory compliance and roaming across different countries and regions [7] Components of the Core Network - The core network consists of a 5G core network, IMS core network, operational support systems, and a cloud platform, providing unified operational capabilities for multi-track satellite communication [7][8] - The 5G core network manages user access, session management, authentication, and data processing, while the IMS core network handles voice, video, and messaging services [7] Addressing Latency in Satellite Communication - The onboard core network enhances inter-satellite communication by providing network-level capabilities, allowing data to be routed optimally through multiple satellites without returning to the ground [9][10] - This capability reduces latency and improves the overall user experience for high-demand applications like video and real-time communication [9] Large-Scale Operation of Satellite Internet - The core network is crucial for managing user access, billing, and resource allocation as satellite internet scales from thousands to millions of users [11] - It prevents network fragmentation and ensures stable service quality through centralized management and distributed deployment [12] Future of Core Network in Satellite Internet - The core network is evolving towards a model that emphasizes collaboration between space and ground systems, incorporating AI and big data for intelligent network management [16] - As the satellite internet user base is projected to grow significantly, the ability to manage core network capabilities will determine the operational and commercial success of satellite communication [16]

数据宝统计，截至15:00，震有科技成交额12.63亿元，创上市以来新高。最新股价上涨2.89%，换手率 14.92%。上一交易日该股全天成交额为10.13亿元。 据天眼查APP显示，深圳震有科技股份有限公司成立于2005年04月04日，注册资本19255.4634万人民 币。（数据宝） （文章来源：证券时报网） ...

Group 1 - The core viewpoint of the news is that Zhenyou Technology has experienced a significant stock price increase, rising 5.11% to 45.46 CNY per share, with a total market capitalization of 8.754 billion CNY and a cumulative increase of 21.69% over three days [1] - Zhenyou Technology, established on April 4, 2005, and listed on July 22, 2020, specializes in the research, production, sales, and service of communication system equipment [1] - The company's main business revenue composition includes: Smart Network and Emergency System (41.27%), Technical and Maintenance Services (26.07%), Optical Network and Access Systems (19.13%), Core Network Systems (10.86%), and Others (2.66%) [1] Group 2 - Among the top circulating shareholders of Zhenyou Technology, Yongying Fund's high-end equipment selection mixed fund A (015789) increased its holdings by 186,500 shares, totaling 1,201,700 shares, which represents 0.62% of the circulating shares [2] - The fund has generated a floating profit of approximately 2.6558 million CNY today and 9.2653 million CNY during the three-day increase [2] - Yongying Fund's high-end equipment selection mixed fund A was established on July 15, 2022, with a current scale of 209 million CNY and has achieved a year-to-date return of 54.74% [2]

Capital Operations - Shen Cheng Jiao plans to raise no more than 1.8 billion yuan through a private placement for the research and large-scale application of low-altitude and autonomous driving intelligent transportation equipment and related projects [2] - Ding Gu Ji Chuang's invested company Hang Ju Technology has developed the WS series flexible reusable thermal protection materials, which have been applied to the Blue Arrow Aerospace Zhuque-3 rocket body [2] - Zhen You Technology has ongoing ground core network development projects in both high-orbit and low-orbit satellite communication fields [2] Investment and Operations - Zhongjin Company plans a stock swap merger with Dongxing Securities and Xinda Securities, with stock trading resuming on December 18 [1] - Beiqi Blue Valley aims to continue developing L3 models in the mid-to-high-end brand segment, with some L3 model products currently in the development stage [1] - Xingmin Zhitong's communication domain controller is currently being used in L3 and L4 autonomous vehicles, including Robotaxi and unmanned logistics vehicles [1] Contracts and Collaborations - Pudong Construction's subsidiary recently won contracts totaling 1.649 billion yuan [1] - China Duty Free Group's wholly-owned subsidiary signed a contract for the transfer of duty-free store project operating rights, planning to invest 102 million yuan to establish a joint venture with Shanghai Airport [1] - Shanghai Airport signed a contract with Dufry and China Duty Free Group for the transfer of duty-free store project operating rights, with Dayang Shanghai not renewing the contract [1] - China CRRC and its subsidiaries recently signed contracts totaling 53.31 billion yuan, with wind power and energy storage equipment sales contracts amounting to approximately 16.65 billion yuan [1] Performance - China Nuclear Construction reported a cumulative operating income of 92.03 billion yuan by November 2025 [4] Share Buybacks - Shibao Testing's executives plan to increase their holdings of company shares by 8 million to 12 million yuan [4]

Core Viewpoint - The company, as the exclusive supplier of the "Tiantong-1" core network, emphasizes the ongoing construction and evolution of the Tiantong satellite core network system, with business progress reported as smooth [1] Group 1: Project Details - The company is the direct supplier for the "2025 Tiantong Core Network License Expansion Project," as announced on the China Telecom Sunshine Procurement Network [1] - The procurement aims to expand licenses for a total of 200 million users, targeting a user scale of 3 million to 5 million [1] Group 2: Business Impact - The implementation of this project will support the continuous growth of the "Tiantong-1" system user base and better meet business development needs, including mobile direct satellite connections [1] - Winning this project reflects the competitiveness of the company's core network products and the ongoing recognition of its technical capabilities and service experience by clients [1] Group 3: Future Outlook - The company encourages stakeholders to pay attention to future periodic reports regarding the execution of this project and its impact on the company's performance [1]

Core Viewpoint - The company, Zhenyou Technology (688418.SH), is actively developing and delivering ground core network projects in both high-orbit and low-orbit satellite communication sectors, including significant projects for China Telecom and a large domestic satellite group [1] Group 1 - The company has ongoing projects in high-orbit satellite communication [1] - The company has ongoing projects in low-orbit satellite communication [1] - The company is involved in the construction of the ground core network for China Telecom's Tian Tong No. 1 project [1] Group 2 - The company is also developing the ground networking core for a large domestic satellite group [1]

Core Viewpoint - China Mobile officially released the "China Mobile 6G Transmission Technology White Paper" and the "China Mobile 6G Transmission System Prototype 1.0" at the 2025 China Information and Communication Conference, indicating a significant step towards 6G technology development [1] Group 1: Market Performance - There are 34 6G concept stocks in the A-share market, which have seen an average increase of 8.15% since December [1] - Notable performers include Zhenlei Technology, Tongyu Communication, and Zhenyou Technology, with cumulative increases of 61.18%, 34.61%, and 33.65% respectively [1] Group 2: R&D Investment - Eight 6G concept stocks have R&D expenses exceeding 10% of their operating income in the first three quarters of this year [1] - Leading companies in R&D investment include Zhenlei Technology, Zhenyou Technology, and Haige Communication, with R&D expense ratios of 32.12%, 23.81%, and 21.85% respectively [1] Group 3: Institutional Attention - Since the second half of the year, 6G concept stocks have attracted significant institutional attention, with 12 stocks receiving research from 10 or more institutions [1] - The companies with the highest number of institutional research engagements are Yiyuan Communication, Tongyu Communication, and Jingwang Electronics, with 267, 191, and 98 institutions respectively [1]

Core Insights - China Mobile has officially released the "China Mobile 6G Transmission Technology White Paper" and the "China Mobile 6G Transmission System Prototype 1.0," outlining its vision, architecture, and key technology directions for 6G networks [1][2] - The prototype marks a transition from theoretical research to system validation, laying a crucial foundation for future technological iterations and industry collaboration [2] - The Chinese government and local policies are increasingly supporting the development of the 6G industry, with a projected market size of 1.3 trillion yuan by 2030, making it the largest 6G market globally [2] Industry Developments - Major telecom operators in China, including China Telecom and China Unicom, are accelerating their 6G technology research, focusing on areas such as semantic communication and low-orbit satellite testing [2][3] - The 6G industry is entering a golden development period, supported by national strategies and local policies aimed at fostering future industries [2] Market Performance - A total of 34 A-share stocks are categorized as 6G concept stocks, with an average increase of 8.15% since December, highlighting investor interest [3] - Companies like Zhenlei Technology and Tongyu Communication have seen significant stock price increases, with Zhenlei Technology rising by 61.18% [3] Financial Metrics - Zhenlei Technology reported a revenue of 302 million yuan for the first three quarters of the year, a year-on-year increase of 65.76%, and a net profit of 101 million yuan, up 598.09% [3] - Eight 6G concept stocks have invested over 10% of their revenue in R&D, indicating a strong commitment to innovation [3] Institutional Attention - Since the second half of the year, 12 6G concept stocks have attracted significant institutional attention, with companies like Yiyuan Communication and Tongyu Communication receiving extensive research coverage [4] - Yiyuan Communication is actively involved in standardization and cutting-edge research, contributing to the development of 5G standards and focusing on key technologies for 6G [4]

Core Viewpoint - Zhenyou Technology (688418) experienced a significant price increase of 15.79% on December 15, closing at 41.15 yuan, with a trading volume of 1.173 billion yuan and a turnover rate of 15.17% [2][3] Trading Activity - The stock was listed on the Sci-Tech Innovation Board due to its closing price increase of 15% [2] - The top five trading departments accounted for a total transaction of 396 million yuan, with a net sell of 26.09 million yuan [2] - Among the top five buying departments, one institutional special seat was present, with a purchase amount of 32.79 million yuan, while the Shanghai-Hong Kong Stock Connect was the largest buying department with 77.61 million yuan [2] - The largest selling department was also the Shanghai-Hong Kong Stock Connect, with a selling amount of 110.66 million yuan [2] Fund Flow - The stock saw a net inflow of 52.59 million yuan from main funds throughout the day [3] - Detailed buying amounts from the top buying departments included: - Shanghai-Hong Kong Stock Connect: 77.61 million yuan - Institutional special: 32.79 million yuan - UBS Securities: 27.17 million yuan - Goldman Sachs: 25.62 million yuan - CITIC Securities: 21.58 million yuan [3] - Selling amounts from the top selling departments included: - Shanghai-Hong Kong Stock Connect: 110.66 million yuan - UBS Securities: 32.86 million yuan - Huatai Securities: 28.34 million yuan - Changjiang Securities: 21.12 million yuan - Guotai Junan Securities: 17.89 million yuan [3]

Group 1 - The commercial aerospace sector is experiencing strong growth, with Zhenyou Technology (688418) seeing a 14.8% increase in early trading and a cumulative rise of 32.51% in December, reaching a market value of 7.9 billion yuan [2] - The integration of space and terrestrial networks is becoming the core form of next-generation mobile communication, driven by the acceleration of low-orbit satellite constellation deployment and satellite direct connection technology [2] - The satellite core network is identified as a key technology to address traditional satellite communication issues such as high latency and severe congestion, becoming a focal point of industry competition [2] Group 2 - Zhenyou Technology has developed a satellite core network solution suitable for space environments, leveraging its comprehensive technical reserves and engineering capabilities [3] - The traditional "transparent forwarding" satellite model faces challenges as the scale of constellations and the number of terminals increase, leading to significant latency and heavy ground load issues [3] - The satellite core network, in conjunction with inter-satellite laser links, allows for direct data flow within the satellite constellation, fundamentally solving efficiency bottlenecks caused by ground-based processing [3] Group 3 - The development of the satellite core network faces multiple technical challenges, including limited computing and storage resources on satellite platforms and the need to adapt to harsh environmental conditions [4] - Zhenyou Technology has obtained all necessary network access certifications and is one of the few companies in China that supports both ground and satellite core networks, with experience in low-orbit constellation core network construction [4] - The satellite S-UPF, designed for user data processing, has been optimized to ensure core capabilities such as data forwarding and voice communication without relying on ground networks [4] Group 4 - Zhenyou Technology has achieved key capability validation in several low-orbit satellite core network technology research and engineering experiments, leveraging experience from large-scale operations in various satellite projects [4] - The company continues to participate in the construction of ground stations and core networks for two major domestic low-orbit constellations [4]