证券代码：688418 证券简称：震有科技 公告编号：2025-054 深圳震有科技股份有限公司 关于公司涉及诉讼暨部分银行账户被冻结的 进展公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 案件所处的诉讼阶段：暂未开庭审理。 上市公司所处的当事人地位：被告。 涉案金额：暂计为人民币 119,357,883.5 元。（不包含律师费、诉讼费、 保全担保费等费用） 是否会对上市公司损益产生负面影响：本次所涉诉讼案件不影响公司日 常生产经营，公司将采取有力措施依法维权，切实维护公司及全体股东的合法权 益。鉴于诉讼案件尚未开庭审理，后续的判决及执行情况尚存在不确定性，公司 后续将依据会计准则的相关要求和诉讼案件实际情况进行相应的会计处理。公司 将密切关注并积极推进案件进程，及时履行信息披露义务。敬请广大投资者注意 投资风险。 近日，深圳震有科技股份有限公司（以下简称"公司"）获悉新增部分银行 账户被冻结，现将有关情况公告如下： 一、诉讼的基本情况 2022 年 12 月 30 日，公司与超讯通信股份有限公司（以下 ...

震有科技公告称，因与超讯通信买卖合同纠纷，公司成被告，涉诉金额暂计1.19亿元，案件未开庭。除 前期5个被冻结账户，新增3个账户被冻结，被申请冻结1.19亿元，实际冻结4591.99万元，占最近一期经 审计归母净资产5.07%、货币资金余额14.41%。被冻结均为一般户，未对公司资金周转和日常经营造成 实质影响，公司将协商沟通，依法维权。 ...

Market Overview - As of 14:00, the Shanghai Composite Index is at 3859.80 points, with an increase of 0.52% [1] - The total trading volume of A-shares today is 1,431.28 billion yuan [1] Technical Analysis - A total of 84 A-shares have seen their 5-day moving average cross below the 10-day moving average [1] - The stocks with the largest distance between their 5-day and 10-day moving averages include: - Yunnan Zhenye: 5-day MA is -2.45% below the 10-day MA [1] - Qiangli New Materials: 5-day MA is -2.22% below the 10-day MA [1] - Feirongda: 5-day MA is -2.14% below the 10-day MA [1] Individual Stock Performance - Yunnan Zhenye (002428): Today's change is -0.93%, with a 5-day MA of 27.71 yuan and a 10-day MA of 28.41 yuan [1] - Qiangli New Materials (300429): Today's change is +0.53%, with a 5-day MA of 13.95 yuan and a 10-day MA of 14.26 yuan [1] - Feirongda (300602): Today's change is +1.03%, with a 5-day MA of 33.00 yuan and a 10-day MA of 33.72 yuan [1] - Other notable stocks include: - Warner Pharmaceuticals (688799): Today's change is +0.43%, with a 5-day MA of 55.41 yuan [1] - Blue Ying Equipment (300293): Today's change is +0.34%, with a 5-day MA of 24.48 yuan [1] Additional Stock Data - The following stocks also show a downward trend in their 5-day moving averages compared to their 10-day moving averages: - Nanya New Materials (688519): -0.90% change, 5-day MA of 74.18 yuan [1] - Aerospace Morning Light (600501): -2.84% change, 5-day MA of 23.60 yuan [1] - Haichen Pharmaceutical (300584): +1.92% change, 5-day MA of 57.39 yuan [1]

Investment Rating - The report maintains a positive outlook on the communication industry, emphasizing three main lines of investment: AI computing network differentiation, strengthening of the satellite industry, and optimization of the economic cycle [5][6]. Core Insights - The AI industry is evolving towards inference-driven models, with a diversified computing power solution landscape. The domestic supply chain for chips and modules is beginning to integrate, and the data center supply-demand inflection point has emerged [5][6]. - The satellite communication sector is experiencing significant catalysts, with a complete industry chain forming. Direct satellite connections are expected to drive growth in antennas, RF chips, and inter-satellite communication [5][6]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a potential return of the investment "pendulum" [5][6]. Summary by Sections AI Computing Network - The AI computing network is highlighted as a key investment line, with operators actively building computing power and expected stable growth. High dividend yields continue to attract investors [5][6]. - The network equipment sector benefits from AI demand, with capital expenditures from operators and CSPs providing structural boosts [5][6]. - The optical device and chip industry is seeing continuous performance releases, driven by both domestic and international demand [5][6]. Satellite Communication - The satellite internet industry is undergoing intense catalysis, with multiple segments expected to maintain high value and high barrier attributes. The focus is on regular launch progress and commercialization [5][6]. Economic Cycle Optimization - The report emphasizes the recovery of demand in various sectors, including high-precision positioning and connectors, with significant growth expected in industrial automation and IoT driven by AI and robotics [5][6]. - The IDC sector is experiencing a structural supply-demand reversal, with core demand remaining in short supply, indicating a sustained high economic cycle [5][6]. Company Performance Predictions - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [5][6]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures and improve return on equity through optimized revenue-cost dynamics [7][8]. Key Companies and Their Prospects - **China Mobile**: Focused on AI computing networks, with stable capital expenditure and improved ROE [7]. - **Zhongji Xuchuang**: Leading in optical modules, benefiting from AI computing demand [7]. - **NewEase**: Strong brand presence in optical communication, expected to benefit from AI computing network demand [7]. - **Tianfu Communication**: Anticipated to maintain high growth due to increasing demand for optical devices [7]. - **Zhongxing Communication**: Positioned well for growth through digital transformation and internal profit margin improvements [8]. This comprehensive analysis highlights the positive outlook for the communication industry, driven by advancements in AI, satellite technology, and cyclical recovery across various sectors.

Investment Rating - The report maintains a positive outlook on the communication industry, indicating an "Overweight" rating for the sector [2][22]. Core Insights - The report emphasizes three main lines for the communication industry in 2025: differentiation in computing networks, strengthening of the satellite industry, and optimization of the economic cycle [4][5]. - The AI industry is evolving towards inference-driven models, with a diversified approach to computing solutions. The supply-demand turning point for data centers has been observed, and technologies like liquid cooling are accelerating penetration [4][5]. - The satellite communication sector is experiencing intensive industry catalysis, forming a closed loop across the entire industry chain, with direct satellite connections expected to drive growth in antennas, RF chips, and inter-satellite communication [4][5]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a return of the investment "pendulum" [4][5]. Summary by Sections Computing Network - The AI industry trend is shifting towards inference dominance, with the upstream supply chain for domestic chips and modules beginning to integrate [4]. - Data center supply-demand dynamics are changing, with liquid cooling technologies gaining traction [4][5]. Satellite Communication - The second half of 2024 marks a significant catalyst for the satellite communication industry, with a complete industry chain now established [4][5]. Economic Cycle Optimization - The report highlights the importance of downstream economic conditions, particularly in sectors like Beidou navigation and controllers, indicating a strong potential for cyclical stocks [4][5]. Performance Forecast for Key Companies - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [4][14]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures, with a focus on AI computing networks [6][14]. Related Companies - Key companies identified include Zhongji Xuchuang, NewEase, and Huagong Technology in the AI computing network segment, and operators like China Mobile and China Telecom [4][6][14].

Event Overview - The Satellite Application Conference is scheduled to take place from October 25 to 27, 2023, in Beijing, focusing on "Artificial Intelligence and Computing Power Empowering the Satellite Application Industry" [1] - Significant launches in the Chinese space industry are set for October, including the Long March 3B rocket carrying the Fengyun-4 03 satellite on October 26 and the Long March 2F rocket launching the Shenzhou-21 manned spacecraft on October 31 [1] Industry Trends - China's space launch frequency has significantly increased in 2023, with 10 missions executed in September alone, including various military and meteorological satellites [4] - The satellite internet sector has been included in the new infrastructure category since 2020, with supportive policies being implemented [4] - The government aims to develop a "commercial space" growth engine, with plans to enhance satellite communication management by 2030, targeting over 10 million satellite communication users [4] Satellite Constellation Projects - China has applied for over 50,000 low-orbit satellites, with major projects including the China Star Network's "GW Constellation" (13,000 satellites), Shanghai Yuanxin's "Qianfan Constellation" (15,000 satellites), and Blue Arrow Aerospace's "Honghu Constellation" (10,000 satellites) [4] - It is estimated that at least 28,000 satellite launches will need to be completed by 2035, with only 0.6% of this target achieved so far [4] Launch Forecast - The forecasted satellite launch volumes from 2025 to 2034 indicate a gradual increase, with 1,392 launches expected in 2025 and reaching 3,340 launches by 2034 [7] Key Companies in the Satellite Industry - Major companies in the satellite industry include: - China Satellite (600118): Leading domestic satellite manufacturer with strong technical barriers [10] - Shanghai Huguang (603131): Early commercial satellite assembler capable of assembling multiple satellites simultaneously [10] - China Satcom (601698): Leading satellite communication operator with extensive frequency resources [12] - China Telecom (601728) and China Mobile (600941): Early holders of satellite mobile communication licenses [12] - The industry is seeing significant interest from companies involved in satellite internet, with a focus on low-cost solutions for countries along the Belt and Road Initiative [9]

Monetary Policy and Economic Outlook - The People's Bank of China announced a buyout reverse repurchase operation of 600 billion yuan, set to take place on October 15, 2025, with a term of 6 months [2][4] - The International Monetary Fund (IMF) slightly raised its global economic growth forecast for 2025 to 3.2%, an increase of 0.2 percentage points from its July prediction [5] Automotive Industry - In the first nine months of 2025, China's production and sales of new energy vehicles both exceeded 10 million units, with a year-on-year growth rate of over 30% [5] - In August 2025, China's new energy vehicle sales reached 1.395 million units, a year-on-year increase of 26.82%, with a penetration rate of 48.8% [8] Robotics and Automation - China ranks first globally in the stock of industrial robots, with over 2 million units expected to be in operation by 2024 [7] - The development of humanoid robots is advancing, with breakthroughs in key technologies, promoting their application in various industries [7] Battery Industry - In September 2025, China's production of power batteries reached 151.2 GWh, a year-on-year increase of 35.4% [8] - Cumulative production of power batteries from January to September 2025 was 1,121.9 GWh, reflecting a year-on-year growth of 51.4% [8] Smart Technology and AI - Shanghai's economic and information technology committee released an action plan to enhance the scale of intelligent computing terminals, aiming to develop AI solutions across various industries [9] - The domestic computing power industry is gradually forming, driven by increased demand and advancements in technology [9] Public Offerings and Market Trends - Several companies, including Xinda Co. and Shenghe Resources, reported significant increases in net profits for the first three quarters of 2025, with growth rates ranging from approximately 2807.87% to 782.96% [11] - Equity ETFs saw a substantial inflow of over 560 billion yuan in just two trading days following the National Day holiday [13][14]

Core Insights - The report emphasizes the importance of proactive discovery in investment opportunities rather than merely relaying information [2] Industry Updates - The upcoming Bay Chip Exhibition will focus on advanced semiconductor processing equipment, attracting attention to related stocks such as Aopu Optoelectronics (002338) and Guolin Technology (300786) [7] - The industrial software sector is entering a golden investment cycle, benefiting from increased domestic production rates, with key stocks including Zhongkong Technology (688777) and Dingjie Smart (300378) [7] - The Ministry of Industry and Information Technology has announced the launch of commercial trials for satellite IoT services, with relevant stocks being Zhenyou Technology (688418) and Qifeng Precision (920169) [7] Company Highlights - Heyuan Gas (002971) has signed a gas supply contract worth 768 million yuan with Dingyi New Materials, set to commence in July 2026 for a duration of ten years [9] - Jinggong Steel Structure (600496) reported new contracts worth 17.98 billion yuan in the first three quarters of 2025, with international business increasing by 87.3% year-on-year [9] - Hengdian East Magnetic (002056) expects a net profit of 1.39 billion to 1.53 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 50.1% to 65.2% [9] - Mingyang Smart Energy (601615) plans to invest 1.5 billion pounds to establish the UK's first integrated wind turbine manufacturing base in Scotland [9] Market Review and Outlook - On October 13, the market showed resilience with major indices recovering from initial declines, with the STAR Market Index rising over 1% in the afternoon session [10] - The total trading volume in the Shanghai and Shenzhen markets was 2.35 trillion yuan, a decrease of 160.9 billion yuan from the previous trading day [10] - Key sectors such as rare earth permanent magnets, semiconductor, and non-ferrous metals saw significant gains, while automotive parts and gaming sectors faced declines [10] - The report suggests that despite short-term uncertainties, there remains strong buying interest, indicating potential low-entry opportunities in popular sectors during adjustments [10]

Core Insights - China's satellite communication industry is rapidly evolving, with Shanghai Yuanxin, known as the Chinese version of Starlink, initiating a new financing round of 5-6 billion RMB, with a pre-investment valuation exceeding 40 billion RMB [2] - The company aims to launch a total of 15,000 satellites by 2030, with a current goal of 108 satellites by the end of this year and 324 by mid-next year [2][5] - The global satellite communication market is becoming increasingly competitive, with strict regulations on satellite frequency and orbital resource allocation [3] Financing and Investment - Shanghai Yuanxin completed a record 6.7 billion RMB in Series A financing in February 2024, marking the largest single round of funding in China's satellite industry to date [2] - The company is currently seeking additional funding to support its ambitious satellite launch plans [2] Market Dynamics - The satellite communication sector is experiencing a shift as global investments in 5G decline, prompting companies to pivot towards satellite communication and 6G technologies [5] - The average cost of manufacturing a satellite is approximately 15 million RMB, indicating a substantial market potential of nearly 1 trillion RMB driven by major satellite constellations [5] Competitive Landscape - SpaceX's Starlink has a significant lead, having launched 8,926 satellites by August 2025, with plans to reach 12,000 by the end of this year [3] - Chinese companies, including China Star Network and Shanghai Yuanxin, are ramping up their satellite launches, with recent reports of multiple launches within a short timeframe [3] Supply Chain and Technological Development - The supply chain for satellite manufacturing and launching is becoming increasingly active, with companies like Tianbing Technology and Beijing Xinghe Power completing significant financing rounds to enhance their capabilities [7] - Companies are developing technologies for direct satellite communication with mobile devices and vehicles, indicating a focus on innovative applications in the satellite communication space [6] Future Prospects - The satellite communication market is projected to grow significantly, with estimates suggesting that 3 billion people globally remain unconnected, presenting a vast opportunity for satellite solutions [8] - Shanghai Yuanxin plans to expand its services to various countries, potentially securing orders worth 5 billion RMB once a sufficient number of satellites are operational [8]

Market Performance - The main board led the gains with notable increases in stocks such as Jingquanhua (+10.03%), Mingchen Health (+9.98%), and Yaowang Technology (+9.95%) [1] - The ChiNext board saw significant rises with Chuling Information (+12.94%) and Zhongwei Electronics (+9.64%) [1] - The Sci-Tech Innovation board was led by Kaipu Cloud (+4.52%) and Huahai Chengke (+3.72%) [1] - The SW Education Publishing sector showed a slight increase of +0.33% [1] Domestic News - Honghai Group's glass factory Zhengda has achieved a technological breakthrough in advanced packaging glass substrates, with product deliveries expected to start in the next two years, potentially boosting Zhengda's performance [1] - Han Jingli's new factory has officially launched a high-end production line with a total capacity of 2 billion, including the first domestic ultra-pure quartz production line for processes below 10nm [1] - TSMC holds a 71% market share in the pure wafer foundry market as of Q2 this year, up from 68% in the previous quarter and 65% year-on-year [1] - Chipsheng Intelligent has released a series of domestically produced DDR4 memory products based on 1Xnm process technology, achieving 100% domestic production and compatibility with various domestic CPU platforms [1] Company Announcements - Zhisheng Information announced the acquisition of a patent for home safety monitoring, which can assess elderly individuals' health and alert in case of emergencies [3] - Allwinner Technology projected a net profit of 260 million to 290 million yuan for the first three quarters of 2025, representing a year-on-year growth of 72.20% to 92.06% [3] - Youyan New Materials expects a net profit of 230 million to 260 million yuan for the first three quarters of 2025, indicating a year-on-year increase of 101% to 127% [3] - Lens Technology reported a share buyback of 1,486,995 shares, accounting for 0.03% of its total A-share capital as of September 30, 2025 [3] Overseas News - Anke announced the groundbreaking of its advanced packaging and testing facility in Peoria, Arizona, which will complement TSMC's front-end wafer manufacturing technology [1] - The U.S. Senate passed a bipartisan amendment requiring advanced AI chip manufacturers to prioritize domestic customer needs before exporting to "concerned countries" like China [1] - Qualcomm is under investigation by China's State Administration for Market Regulation for not legally declaring its acquisition of Autotalks, which may violate antitrust laws [1] - President Trump announced a 100% tariff increase on China and new export controls on key software products, effective November 1 [1]