Core Viewpoint - The company has established a joint laboratory with Xi'an University of Electronic Science and Technology, focusing on integrated information networks in space and ground systems [1] Group 1 - The company is actively developing satellite communication-related products, including integrated microwave laser payloads and ground stations [1] - The collaboration aims to advance technology research, academic exchange, and talent cultivation [1] - The company is also engaged in providing technical services for satellite operators [1]

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 中电科普天科技股份有限公司（以下简称"公司"或"普天科技"）于 2025 年 3 月 12 日召开的第七届董事会第六次会议、第七届监事会第六会议，审议通过《关于使 用部分闲置募集资金进行现金管理的议案》，同意公司使用暂时闲置募集资金不超过 35,000 万元进行现金管理，自董事会审议通过之日起 12 个月内有效，在上述额度和期 限范围内，可循环滚动使用。具体内容详见公司 2025 年 3 月 13 日于巨潮资讯网披露的 《关于使用部分闲置募集资金进行现金管理的公告》（公告编号：2025-010）。 证券代码：002544 证券简称：普天科技 公告编号：2025-047 中电科普天科技股份有限公司 关于使用暂时闲置募集资金购买现金管理产品到期赎回并 继续购买现金管理产品的进展公告 近日，公司使用部分闲置募集资金购买的现金管理产品已到期赎回并继续进行了现 金管理，现就具体情况公告如下： 上述现金管理产品本金及收益已经及时归还至公司募集资金专用账户。 二、本次使用暂时闲置募集资金购买现金管理产品的情况 1 序 号 购买 ...

Core Viewpoint - The stock market price fluctuations are influenced by various factors including company performance, macroeconomic conditions, capital market development, supply-demand relationships, and investor psychological expectations [1] Group 1: Company Performance - The demand for high-end PCBs, particularly HDI and high-layer boards, has seen significant growth, with a notable increase in orders during the first half of the year [1] - The company is committed to enhancing its production operations and is actively seeking various methods to increase its value [1] Group 2: Market Influences - The company acknowledges that stock market prices are not solely determined by its operational results but are also affected by broader economic and market dynamics [1] - The company will disclose major information in accordance with relevant regulations through designated information disclosure media [1]

Core Viewpoint - The company, Putian Technology, has reported a significant increase in market demand for high-end PCBs, particularly HDI and high-layer boards, with a notable rise in orders during the first half of the year [1] Company Summary - Putian Technology has indicated that the demand for high-end PCBs is growing, especially in the HDI and high-layer board segments [1] - The company has experienced a substantial increase in orders in the first half of this year [1]

Group 1 - The company focuses on multi-variety, sample, and small-batch PCB design, manufacturing, and assembly services, emphasizing short delivery times, high reliability, and special requirements [1] - The company is one of the largest manufacturers of special-purpose PCBs in China and a supplier in sectors such as rail transportation, electric power, and high-end communications [1] - The company produces approximately 100,000 types of PCB products annually, with applications across a wide range of industries [1] - The company manufactures PCBs used in high-performance computer servers and supercomputers [1]

Investment Rating - The report maintains an "Accumulate" rating for the space computing industry [6] Core Insights - Space computing represents a new paradigm for AI computing infrastructure, extending capabilities from terrestrial to orbital environments, leveraging unique conditions in space for enhanced efficiency and autonomy [12][17] - The demand for computing power is expected to surge, with projections indicating that global AI data center (AIDC) electricity demand could reach 347 GW by 2030, highlighting the urgent need for innovative solutions like space computing to address energy and cooling challenges [2][67] - Several companies, including Starcloud and ADA Space, are actively developing space computing projects, indicating a strong market potential and commercial viability for this technology [3][15] Summary by Sections What is Space Computing? - Space computing involves deploying data centers in low or medium Earth orbit, utilizing modular server nodes capable of AI inference and training, thus forming "orbital data centers" [17][20] - It is distinct from edge computing, as it integrates distributed AI architecture in space, enhancing real-time processing and collaboration capabilities [20] Energy Constraints and Cooling Challenges - The report emphasizes that the explosive growth in computing demand is straining existing energy supplies, particularly in the U.S., where electricity infrastructure has not kept pace with demand [13][69] - Space computing offers significant advantages in energy efficiency and cooling, as it can harness solar energy continuously and utilize the vacuum of space for effective heat dissipation [14][14] Global Deployment Progress - Numerous companies are initiating space computing projects, with notable examples including Starcloud's plans for a gigawatt-scale data center in space and ADA Space's launch of AI satellites [3][15] - The report suggests that space computing is transitioning from conceptual validation to engineering implementation, with strong commercial prospects [3][15] Investment Recommendations - The report advises investors to focus on companies that are strategically positioning themselves within the space computing supply chain, such as SOCE, RKLB in the U.S., and Shunhao Co., Hangang Co., Putian Technology, and China Satellite in China [4][15]

Group 1 - The AI industry chain shows a divergence in performance, with sectors like consumer electronics, servers, and storage leading the gains, while previously strong optical module leaders are experiencing a pullback [1] - As of September 11, the 5G Communication ETF (515050) has surged over 85% in the last 60 days, with its latest scale exceeding 9 billion yuan, indicating strong market interest [1] - The 5G Communication ETF tracks the CSI 5G Communication Theme Index, focusing heavily on companies like Nvidia, Apple, and Huawei, with Apple concept stocks accounting for over 30% of its weight [1] Group 2 - Apple is entering a new product innovation cycle, with the introduction of the iPhone 17 Air, which replaces the long-standing Plus model and emphasizes a lightweight design [2] - The iPhone 17 Air may lead to significant changes in the smartphone market, including a shift towards eSIM technology and the potential elimination of SIM card slots in many markets [2] - Apple's future product roadmap includes major innovations such as foldable devices, a screen-equipped HomePod, smart glasses, and a home security system, indicating a broad expansion of its product offerings [2]

普天科技（002544.SZ）9月12日在投资者互动平台表示，卫星互联网与卫星数据通信业务是公司重点布 局的战略方向之一。公司已与西安电子科技大学 ISN 成立联合实验室，双方共同开展天地一体化泛在 信息网络方向的技术研究、学术交流以及人才培养工作。同时，公司加快推动卫星通信类相关产品研 制，并积极参与承接卫星运营商相关技术服务。公司高端PCB（尤其是HDI和高多层板）的市场需求增 长，今年上半年订单增加较多；公司不断加大技术创新和人才储备，同时加快设备的更新换代，提升设 备的先进性和基础能力，以满足新的客户需求。公司将在稳定原有特定市场的前提下，全力提升高可靠 性、高技术含量PCB产品细分市场的占有率，力争技术突破，优化产品结构，支撑高质量发展。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：贵公司在商业航天领域有哪些布局？与国网垣信有哪 些合作？PCB行业景气度比较高，公司订单情况如何？ ...

Core Viewpoint - The report from Kaiyuan Securities highlights the potential of space computing to enable on-orbit data processing, improving the timeliness of space data handling and promoting the application of artificial intelligence in space [1][2]. Group 1: Event Overview - Wang Jian, director of Zhijiang Laboratory, emphasized the importance of space computing during a keynote speech at the 2025 Inclusion Bund Conference on September 11, where he argued that artificial intelligence should not be absent in space [1]. - The "Three-body Computing Constellation," consisting of 12 satellites launched on May 14, has successfully implemented the first complete interconnectivity of space satellites with an 8B AI model [1]. Group 2: Industry Trends - The traditional model of satellite data processing, which relies on sending data back to Earth for analysis, limits the efficiency of satellite data usage, with less than 10% of effective satellite data being transmitted back due to bandwidth and resource constraints [2]. - The newly launched satellites are equipped with onboard intelligent computing systems and inter-satellite communication systems, enabling real-time data processing in space and addressing the efficiency bottlenecks of traditional satellite data processing [2][3]. - The satellites have a maximum single-satellite computing power of 744 TOPS and can achieve inter-satellite communication speeds of up to 100 Gbps, with a combined computing capability of 5 POPS and a storage capacity of 30 TB when interconnected [3]. - The goal of the "Three-body Computing Constellation" is to establish a large-scale space-based intelligent computing infrastructure, ultimately reaching a total computing power of 1 EOPS, which is expected to surpass most single data centers on Earth [3].

Group 1 - The company, Putian Technology (002544), stated on September 10 that it will disclose significant information according to relevant regulations on designated information disclosure media [1]