内容概要：卫星通信载荷天线是由天线面（体）和信号馈源构成的星载核心器件，需适配空间特殊环 境，承担卫星上行信号接收与下行信号定向传输功能，其性能直接决定通信质量与覆盖范围，在卫星载 荷中占据75%的价值量，其中T/R组件占天线系统价值的50%，核心地位突出。在"航天强国"战略及系 列产业政策支持下，我国低轨星座部署加速，千帆星座、中国星网等密集组网，行业应用从传统应急、 军用领域向手机直连卫星、汽车网联等大众商用场景拓展，2024年相关市场规模稳步增长，展现广阔发 展空间。未来，行业将沿着三大方向进阶：技术上以高频化、智能化融合为核心，突破有源相控阵等关 键技术；产业链上深化"国家队+民企"协同，推进核心部件国产化与规模化量产；应用上向6G天地一体 化、低空经济等领域跨界融合，以小型化、模块化产品构建全域通信服务生态。 上市企业：中国卫通（601698.SH）、上海瀚讯（300762.SZ）、信科移动（688387.SH）、通宇通讯 （002792.SZ）、*ST铖昌（001270.SZ） 相关企业：中国电子科技集团有限公司、中国航天科技集团有限公司、银河航天（北京）网络技术有限 公司、成都天锐星通科技股份有 ...

Group 1: Pharmaceutical Industry - In December 2025, the National Medical Insurance Catalog successfully added 114 new drugs, including 50 innovative Class A drugs such as Teriparatide and the domestic ADC drug Lukanosatuzumab [1] - The commercial insurance innovative drug catalog includes 5 domestic CAR-T cell therapies, 2 imported Alzheimer's drugs, and rare disease medications, with CAR-T therapy costing over 1 million yuan per treatment if paid out of pocket [1] Group 2: Satellite Internet Industry - On December 4-5, the 2025 Satellite Internet Industry Ecosystem Conference was held, where Yuanxin Satellite signed a cooperation agreement with Airbus for low-orbit satellite aircraft connectivity [2] - The satellite internet industry is expected to reach a market size of 200-400 billion yuan by 2030, with an annual compound growth rate of 10%-28% [3] Group 3: Cultured Diamond Industry - The 2025 Cultured Diamond Industry Conference was held on December 6, signing 30 projects with a total investment of no less than 15 billion yuan [4] - The current market size of China's cultured diamond industry is approximately 14 billion yuan, projected to exceed 102.5 billion yuan by 2030 [4] Group 4: Optical Fiber Communication Industry - On December 5, China Telecom launched the world's first cross-border hollow-core optical fiber and ultra-low latency commercial transmission system [5] - The hollow-core optical fiber technology is expected to achieve a compound annual growth rate of 56.52% over the next six years [5]

Group 1 - The company Shanghai Hanxun plans to issue A-shares to specific investors, aiming to raise a total of no more than 1 billion yuan [2] - The net proceeds from the stock issuance will be allocated to three major projects: 315 million yuan for large-scale unmanned coordinated heterogeneous neural network research and industrialization, 285 million yuan for heterogeneous dedicated intelligent robot research and industrialization, and 400 million yuan for the "AI + unmanned collaborative cognitive decision-making system" research project [1] - Before the funds from the issuance are in place, the company will initially invest its own funds based on the actual progress of the projects, and will later replace these with the raised funds once available [1] Group 2 - As of the date of the announcement, the total share capital of the company is 628 million shares, with Shanghai Shuangyou Information Technology Co., Ltd. holding 112 million shares, accounting for 17.76% of the total share capital, making it the controlling shareholder [1] - After the completion of the issuance, based on the upper limit of the issuance (not exceeding 30% of the total share capital before the issuance), Shanghai Shuangyou's shareholding ratio will be 13.66%, still maintaining its status as the controlling shareholder of the listed company [1]

Group 1: Major Transactions - Bohai Chemical is planning to sell 100% equity of Tianjin Bohai Petrochemical and acquire control of Anhui Taida New Materials through a combination of share issuance and cash payment, leading to a significant asset restructuring [1] - Zhongneng Electric is set to acquire 65% equity and debt from three companies, which may constitute a major asset restructuring but will not involve share issuance or change in control [4] - Hai Tai Development has decided to terminate the acquisition of controlling interest in Zhixueyun Technology due to disagreements on key terms, ensuring no adverse impact on normal business operations [5] Group 2: Performance Updates - Wen's shares reported a sales revenue of 3.324 billion yuan from meat chickens in November, marking a year-on-year increase of 10.18% [6] - Shuguang shares saw a 71.07% year-on-year increase in vehicle sales, totaling 207 units in November [6] - Muyuan shares experienced a decline in sales revenue from commodity pigs, reporting 9.39 billion yuan, a decrease of 20.43% year-on-year [6] - Pengding Holdings reported a 5.58% year-on-year decrease in consolidated revenue for November [6] Group 3: Industry Developments - Xiangxi Dairy reported a 6.3% month-on-month increase in fresh milk production in November, although it saw a year-on-year decline of 6.47% [7] - Baisheng Intelligent plans to acquire 51% equity in Zhongke Shengu, which focuses on the research and application of core technologies for embodied intelligent robots [7]

Investment Rating - The industry investment rating is "Outperform the Market" [1][29] Core Viewpoints - The establishment of the Commercial Space Administration by the National Space Administration marks a new phase of high-quality development in China's commercial space industry, with a focus on space computing as a core area where AI and commercial space intersect [2][8] - The rapid evolution of artificial intelligence has significantly increased global demand for computing power, while traditional ground data centers face limitations such as energy consumption and land use, making space-based data centers a viable solution [15][16] - The successful launch of the first space computing satellite constellation by Guoxing Aerospace represents a significant milestone in the development of space computing capabilities [18][19] Summary by Sections Industry Investment Rating - The report rates the industry as "Outperform the Market," indicating expectations for the industry index to perform better than the benchmark index over the next 6-12 months [1][29] Key Developments - The National Space Administration has initiated the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)," aiming for significant advancements in the commercial space sector by 2027 [8][9] - Major tech companies like Google and OpenAI are entering the space computing arena, with projects aimed at enhancing satellite communication and processing capabilities [12][13] Demand Side - The demand for computing power is driven by the rapid advancement of AI, with space offering advantages such as abundant solar energy and superior cooling conditions compared to ground data centers [15][16] Technology Side - The successful launch of the Zhuque-3 rocket signifies the beginning of China's reusable rocket era, which is expected to lower launch costs and increase the frequency of satellite deployments [16][17] Industry Progress - The first space computing satellite constellation has been successfully launched, marking a significant step in establishing a space-based computing network capable of real-time data processing and analysis [18][19] - The construction of space data centers is anticipated to accelerate, creating new application scenarios and business models [22]

Core Viewpoint - The company plans to raise up to 1 billion yuan through a private placement to invest in large-scale unmanned collaborative heterogeneous neural network development, specialized intelligent robot development, and "AI + unmanned collaborative cognitive decision-making system" projects [1] Group 1: Fundraising and Shareholding Structure - The total share capital of the company is 628 million shares, with Shanghai Shuangyou holding 17.76% as the controlling shareholder [1] - After the fundraising, Shanghai Shuangyou's shareholding will decrease to 13.66%, but it will remain the controlling shareholder, with the actual controller being Bu Zhiyong [1] Group 2: Project Details - The large-scale unmanned collaborative heterogeneous neural network project has a total investment of 389 million yuan, which is crucial for modern military systems as it connects reconnaissance, command, and fire units [2] - The "AI + unmanned collaborative cognitive decision-making system" project aims to enhance the company's AI research capabilities, leading to improved technology conversion efficiency and accelerated upgrades of existing communication products [2] - The specialized intelligent robot project focuses on developing scenario-based, series, and intelligent platforms to tackle core technical challenges in military applications, promoting the company's entry into the military intelligent equipment sector [2] Group 3: Future Growth and Shareholder Returns - The implementation of these projects is expected to create scalable production capacity for specialized intelligent robots, expand military-civilian integration application scenarios, and enhance the company's sustainable development capabilities [3] - The company has announced a shareholder return plan for the next three years (2025-2027), prioritizing cash dividends when conditions allow, with a minimum of 10% of distributable profits to be distributed in cash annually [3] - In the first three quarters of this year, the company achieved approximately 300 million yuan in revenue, a year-on-year increase of about 70%, benefiting from increased sales of broadband mobile communication equipment [3]

Group 1 - The core point of the article is that Shanghai Hanxun has approved a plan to issue A-shares to specific investors, aiming to raise up to 1 billion yuan for various AI and robotics projects [1] - The issuance will involve no more than 35 specific investors and will not exceed 30% of the company's total shares prior to the issuance, amounting to approximately 188 million shares [1] - The funds raised will be allocated to three main projects: a large-scale heterogeneous neural network project (investment of approximately 389 million yuan), a specialized intelligent robot project (investment of approximately 355 million yuan), and an "AI + unmanned collaborative cognitive decision-making system" project (investment of approximately 450 million yuan) [1] Group 2 - As of the latest report, Shanghai Hanxun's market capitalization stands at 21.1 billion yuan [2] - The company's revenue composition for the first half of 2025 shows that 99.79% comes from the broadband mobile communication industry, with other businesses contributing only 0.21% [1]

格隆汇12月5日丨上海瀚讯(300762.SZ)公布，拟向特定对象发行股票募集资金总额不超过100,000.00万 元，在扣除发行费用后的净额用于大规模无人协同异构神经网络研制及产业化项目、异构专用智能机器 人研制及产业化项目、"AI+有无人协同认知决策系统"研发项目。 ...

上海瀚讯信息技术股份有限公司 证券代码：300762 证券简称：上海瀚讯 公告编号：2025-063 上海瀚讯信息技术股份有限公司 关于 2025 年向特定对象发行 A 股股票预案披露的 上海瀚讯信息技术股份有限公司（以下简称"公司"）于 2025 年 12 月 4 日召 开第三届董事会第二十次临时会议，审议通过了关于公司向特定对象发行 A 股 股 票 的 相 关 议 案 。 2025 年 12 月 6 日 ， 公 司 在 深 圳 证 券 交 易 所 网 站 （www.szse.com.cn）及指定媒体上披露了《2025 年度向特定对象发行 A 股股票 预案》及相关文件，敬请广大投资者注意查阅。 公司向特定对象发行 A 股股票预案的披露事项不代表审批机关对本次向特 定对象发行股票相关事项的实质性判断、确认或批准，预案所述本次向特定对象 发行股票相关事项的生效和完成尚需公司股东大会审议通过及有关审批机关的 核准，敬请广大投资者注意投资风险。 特此公告。 提示性公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 记载、误导性陈述或者重大遗漏。 董事会 2025 年 12 月 6 日 ...

证券代码：300762 证券简称：上海瀚讯 上海瀚讯信息技术股份有限公司 （上海市嘉定区鹤友路 258 号） 2025 年度向特定对象发行 A 股股票 方案的论证分析报告 二〇二五年十二月 上海瀚讯信息技术股份有限公司 发行方案论证分析报告 释 义 | 本公司、公司、发 | 指 | 上海瀚讯信息技术股份有限公司 | | --- | --- | --- | | 行人、上海瀚讯 | | | | 上海双由 | 指 | 上海双由信息科技有限公司 | | 工信部 | 指 | 中华人民共和国工业和信息化部 | | 国防科工局 | 指 | 国家国防科技工业局 | | 《公司章程》 | 指 | 上海瀚讯信息技术股份有限公司章程 | | 股东会 | 指 | 上海瀚讯信息技术股份有限公司股东会 | | 董事会 | 指 | 上海瀚讯信息技术股份有限公司董事会 | | 《公司法》 | 指 | 《中华人民共和国公司法》 | | 《证券法》 | 指 | 《中华人民共和国证券法》 | | 《 创 业 板 上 市 规 则》 | 指 | 《深圳证券交易所创业板股票上市规则》 | | 《注册管理办法》 | 指 | 《上市公司证券发行注册管理办法 ...