电子行业周报：“朱雀三号“首飞在即，推动卫星通信行业发展-20251201

Investment Rating - The report rates the electronic industry as "Outperform" compared to the market [1]. Core Insights - The integrated circuit manufacturing sector leads the electronic industry with a significant increase in the SW electronic industry index by 6.05%, outperforming the CSI 300 index which increased by 1.64% [4]. - The launch of the "Zhuque-3" rocket is expected to drive the development of the satellite communication industry, particularly in low Earth orbit (LEO) satellite networks [2][7]. - The report highlights the cost-saving potential of reusable rocket technology, which can significantly reduce satellite launch costs, thereby supporting the growth of the domestic low Earth orbit satellite industry [20][29]. Summary by Sections Section 1: Zhuque-3 Rocket Development - The "Zhuque-3" rocket is China's first reusable liquid oxygen-methane rocket, designed for satellite internet networking and cargo transport to space stations [7][8]. - The rocket features a diameter of 4.5 meters, a total length of 76.6 meters, and a launch mass of approximately 660 tons, with a thrust of 900 tons [8][12]. Section 2: Global Industry Dynamics - Alibaba reported a revenue of approximately 247.8 billion yuan for Q2 of FY2026, marking a 4.8% year-on-year increase, driven by strong growth in AI and cloud services [33]. - SoftBank completed the acquisition of Ampere Computing, enhancing its capabilities in high-performance processors for cloud computing and AI workloads [34]. - Huawei held its 2025 autumn launch event, introducing several new products including the Mate 80 series and Mate X7 foldable phone [35][36]. Section 3: Market Performance - The SW electronic industry index increased by 6.05%, ranking second among 31 sectors, with the communication sector leading at +8.70% [40]. - The top-performing sub-sectors within the electronic industry included integrated circuit manufacturing (+11.54%) and printed circuit boards (+8.87%) [45]. - Notable stock performances included Yunzhu Technology (+60.35%) and Changguang Huaxin (+59.33%) [48].