Core Insights - Zhenyou Technology has successfully completed communication verification for its robotic dog integrated with low Earth orbit satellite constellations, enabling remote control, path planning, and high-definition video transmission without ground public network conditions [1][2] - The development of satellite internet is undergoing a significant transition, shifting from merely assessing network metrics like coverage and bandwidth to evaluating the ability to support real business operations [1] Group 1: Satellite Internet Development - The evolution of satellite internet, as seen in global practices like Starlink and OneWeb, follows a similar path: prioritizing emergency and government needs, then expanding to remote areas and specialized industries, and finally targeting the consumer market [1] - Satellite internet is likely to see large-scale applications first in high-value, strong-demand scenarios with limited communication conditions, rather than in everyday consumer contexts [1] Group 2: Robotic Dog Integration - The robotic dog is no longer an isolated device but part of a star-ground integrated network, enabling real-time control, path planning, and stable data transmission [2] - Zhenyou Technology emphasizes that the robotic dog serves as a representative application sample, focusing on building a foundational application ecosystem for satellite internet rather than just specific terminal devices [2] Group 3: Future Applications and Ecosystem - The company is enhancing the native application capabilities of satellite internet in various sectors such as emergency communication and mining, creating a directly operable business system [2] - With the rapid development of the low-altitude economy, Zhenyou Technology is also expanding its applications to include drones and air emergency systems, integrating ground terminals and low-altitude platforms into a unified scheduling system [2]

本报讯(记者李昱丞刘晓一)近期，商业航天行业受到市场广泛关注。随着火箭回收、一箭多星和卫星批 量化制造等技术突破，低轨星座建设和运维成本持续下降，大规模组网的技术与商业可行性已得到验 证。 与此同时，多家公司也在积极布局相关产业。其中，深圳震有科技股份有限公司(以下简称"震有科技") 系统性布局了卫星终端战略。震有科技相关人士介绍称，公司终端技术方向明确为—"高低轨融合"，公 司认为，在相当长一段时间内，高轨、低轨将长期并存，行业用户、区域场景对网络能力的要求也高度 差异化。能够在同一技术体系下，实现多轨道适配与演进，才是真正可持续的终端路径。 目前，相关卫星终端及解决方案已在应急通信场景中形成成熟应用案例，能够在地面网络受损或不可用 条件下，快速打通现场与指挥中心的通信链路，支撑指挥调度和业务协同稳定运行。这种"终端即体系 节点、落地即实战验证"的能力，使卫星通信在To G市场具备长期不可替代性，也构成了震有科技在该 领域的核心优势。 资料显示，震有科技自成立以来一直致力于通信系统设备相关产品的设计、研发、销售与服务。2025年 前三季度，震有科技实现营业收入5.09亿元。 在此基础上，震有科技构建了一套层 ...

Investment Rating - The communication industry is rated as "Recommended" due to sustained high prosperity driven by AI, 5.5G, and satellite communication [1][4]. Core Insights - The report highlights the expansion of computing hardware and the accelerated penetration of liquid cooling technology as a mainstream choice due to increasing heat density from high-performance chips [2]. - Major global manufacturers, including NVIDIA and Google, have fully adopted liquid cooling solutions, indicating a shift from pilot projects to large-scale implementation [2]. - The Taiwanese liquid cooling manufacturer, Qihong, reported a year-on-year revenue growth of 80.63% and a net profit increase of 115.10% in Q3 2025, driven by increased orders from overseas clients [2]. Market Overview - The overall market performance for the week of December 15-21, 2025, saw the Shanghai Composite Index rise by 0.03%, while the Shenzhen Component Index and the ChiNext Index fell by 0.89% and 2.26%, respectively. The communication sector also experienced a decline of 0.89% [1][9]. - Within the communication sector, the highest gain was seen in the communication cable and accessories sub-sector, which rose by 4.29%, while the communication application value-added services sub-sector experienced the largest decline of 4.13% [1][12]. Stock Performance - Notable stock performances for the week included Wanlong Optoelectronics with a gain of 34.20%, followed by Tongding Interconnection at 24.74% and Zhenyou Technology at 21.89% [1][14]. Industry News - A report indicated that the single-channel 100G LPO/LRO optical modules are set to ramp up production, supporting the efficient expansion of computing clusters [16]. - LightCounting forecasts that the optical module market will exceed $23 billion in 2025, with significant capital expenditures from major tech companies like Alphabet, Amazon, Meta, and Microsoft [18][19].

Group 1 - The core theme of the 2025 Youshan Evolution Conference is "Creating Ultimate Product Power to Break Through New Business Growth," focusing on how companies can achieve high-quality growth through continuous evolution in a complex market environment [1] - The conference gathered over 30 listed companies and more than 200 specialized enterprises, along with leaders from various business associations, to foster a high-energy environment for idea exchange and resource connection [1] Group 2 - During the "Evolution Roundtable," representatives from Huawei and other companies discussed product innovation, technological depth, scenario innovation, and ecological collaboration, revealing the secrets behind "ultimate product power" [3] - Huawei emphasized the integration of its HarmonyOS to achieve seamless device connectivity and address user pain points in the electric vehicle sector through collaboration with multiple car manufacturers [3] Group 3 - Youshan Liquor showcased its product evolution with the launch of the Youshan 518·Second Generation, which focuses on four core upgrades: "form, substance, style, and appearance," reflecting its positioning as an "affordable luxury" product [6] - The founder and Chief Product Officer of Youshan Liquor highlighted the brand's strategy to focus on corporate wine solutions, driven by ultimate product power, taste, design, pricing, and service [6] Group 4 - The conference also featured Huawei's technology product experience and a tasting event for the Youshan 518·Second Generation, promoting deep exchanges and cooperation among participants [10] - The event served as a high-standard platform for industry exchange, continuously driving the evolution of enterprises and injecting new momentum into industry innovation and growth [10]

Group 1 - The core point of the news is that Shenzhen Zhenyou Technology Co., Ltd. experienced a decline of 5.21% in its stock price, reaching 39.15 CNY per share, with a trading volume of 306 million CNY and a turnover rate of 3.91%, resulting in a total market capitalization of 7.539 billion CNY [1] - The company, 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 revenue composition of the company includes: smart networks and emergency systems at 41.27%, technical and maintenance services at 26.07%, optical networks and access systems at 19.13%, core network systems at 10.86%, and others at 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 in the third quarter, totaling 1,201,700 shares, which represents 0.62% of the circulating shares [2] - The fund has a current scale of 209 million CNY and has achieved a return of 60.88% this year, ranking 612 out of 8,088 in its category [2] - The fund manager, Zhang Lu, has a tenure of 6 years and 146 days, with the fund's total asset scale at 22.921 billion CNY, achieving a best return of 112.82% and a worst return of -60.31% during the tenure [3]

Group 1 - F5G concept stocks rose by 3.15%, ranking 7th among concept sectors, with 32 stocks increasing in value, including notable gainers such as TeFa Information, Hengtong Optic, and Tongyu Communication, which hit the daily limit, with increases of 10.03%, 10.02%, and 9.99% respectively [1][2] - The top gainers in the F5G sector included Changxin Bochuang, which rose by 12.68%, and Huagong Technology, which increased by 6.37% [1][2] - The sector experienced a net inflow of 5.134 billion yuan, with 29 stocks receiving net inflows, and 9 stocks exceeding 100 million yuan in net inflows, led by Zhongji Xuchuang with 1.485 billion yuan [2][3] Group 2 - The net inflow ratios for leading stocks were significant, with TeFa Information at 39.28%, Hengtong Optic at 18.25%, and Chuangwei Digital at 13.31% [3][4] - The trading volume and turnover rates were notable, with Zhongji Xuchuang having a turnover rate of 3.57% and a trading volume of 148.541 million yuan [3][4] - Stocks such as Zhenyou Technology and Tiandi Technology faced declines of 4.66% and 0.52% respectively, indicating some volatility within the sector [5]

人民财讯12月22日电，据震有科技消息，近日，震有科技中标孟加拉国电信有限公司（BTCL）的ICX 核心网项目。此次项目为BTCL的ICX 核心网建设项目，面向全国推进通信网络的全网IP化升级。 转自：证券时报 ...

Group 1 - The U.S. government, under Trump's administration, has signed an executive order to enhance space policy support, aiming to ensure U.S. leadership in space exploration, security, and commercial sectors by 2028 and establishing a permanent lunar outpost by 2030 [1] - The order includes directives for deploying nuclear reactors on the Moon and in orbit, upgrading launch infrastructure, and developing commercial pathways to replace the International Space Station by 2030, stimulating private sector innovation and investment [1] Group 2 - The Starship rocket has successfully conducted multiple test flights and is validating its V2 version, which is crucial for future deep space exploration and the deployment of Starlink V3 satellites [2] Group 3 - The first large language model (LLM) trained using H100 space GPUs has been developed, showcasing the potential for AI workloads to be run in space, with plans for a 5GW orbital data center equipped with solar panels and cooling systems [3] - Starcloud's next phase includes a launch in October 2026, which will carry multiple H100 GPUs and integrate the Blackwell platform to enhance AI performance [3] Group 4 - China's commercial space sector is expected to see significant advancements by 2025, with multiple private aerospace companies completing rocket launch tests and the development of reusable rockets, which will lower launch costs and mature the commercial space profit model [4] - The recent launch of the Zhuque-3 rocket, despite a recovery test failure, is viewed as a valuable experience for China's private space industry in rocket recovery technology [4] Group 5 - Relevant companies in the space computing sector include Shunhao Co., Ltd. (002565.SZ), Putian Technology (002544.SZ), and Maiwei Co., Ltd. (300751.SZ) [5] - Companies involved in rocket technology include Western Materials (002149.SZ), Aerospace Power (600343.SH), and Aerospace Machinery (600151.SH) [5] - Satellite-related companies include China Satellite (600118.SH), Shanghai Hanxun (300762.SZ), and Zhenlei Technology (688270.SH) [6]

Core Viewpoint - The current market is expected to remain volatile due to global geopolitical conflicts, the US-China technology rivalry, and uncertainties regarding overseas AI investments, leading to a cautious and neutral allocation strategy. However, there is a long-term optimistic outlook on domestic AI computing power, optical modules, 6G industry trends, domestic substitution, self-control, and military industry growth, which could catalyze market opportunities in various sectors [1]. Group 1: Space Infrastructure and Satellite Communication - The space infrastructure competition is accelerating industry development, with the US government emphasizing the importance of maintaining "space superiority" through increased R&D and private sector investment. This sector is seen as a critical area in the US-China rivalry, with the domestic satellite constellation launches and commercial space development expected to expand market size [2]. - The issuance of satellite internet licenses in China marks a significant step towards commercial operation, which is anticipated to drive the entire industry chain towards large-scale acceleration. The development of satellite internet is progressing rapidly, with regular satellite launches expected to enhance communication capacity and reduce latency [2]. Group 2: Hollow Core Fiber and AI Applications - The demand for hollow core fibers is expected to benefit from AI catalysis, as these fibers offer low latency, wide spectrum, low loss, and low nonlinearity, addressing the physical limitations of traditional fibers. The current phase is critical for the rapid iteration and evolution of hollow core fibers, which are still in the early stages of commercialization [3]. - The unique characteristics of hollow core fibers are projected to meet the growing demands of AI large model applications, highlighting their potential value in internal interconnections, metropolitan data center interconnections, and wide-area interconnections. Beneficiary companies include Yangtze Optical Fibre (601869), Hengtong Optic-Electric (600487), FiberHome Technologies (600498), and Zhongtian Technology (600522) [3]. Group 3: Investment Recommendations - Beneficiary stocks in satellite communication and satellite IoT include companies involved in chip and T/R component industries such as Chengchang Technology, Guobo Electronics, Zhenlei Technology, Shanghai Huanxun, and Xinke Mobile. The terminal antenna supply chain includes Chengchang Technology, Tongyu Communication, Guobo Electronics, and Zhaoshengwei (300782) [4]. - Key players in terminal chips and core networks include China Mobile (600941), China Unicom (600050), China Telecom (601728), Haige Communication (002465), Huali Chuantong (300045), and Zhenyou Technology. Testing instrument companies include Kunheng Shunwei and Chuangyuan Xinke [4].

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]