Group 1 - The company Zhenyou Technology has been banned from participating in military procurement activities for one year due to providing false materials during bidding processes [2] - The company's legal representative and other enterprises managed by him are also prohibited from participating in military procurement during the ban period [2] - Zhenyou Technology plans to conduct a comprehensive review of its internal operational processes to ensure compliance in future operations [2] Group 2 - Zhenyou Technology, established in 2005, specializes in communication network equipment and technology solutions, with core business areas including core network systems and smart emergency systems [2] - The company has a low revenue contribution from the satellite internet sector, accounting for approximately 7.15% of total revenue in the first three quarters of 2025 [3] - The company expects a net loss of between 46 million to 69 million yuan for the fiscal year 2025, primarily due to increased competition in the bidding market and a decline in traditional communication business [3][4] Group 3 - The core network system business has seen growth due to stable orders in satellite internet and 5G sectors, but the overall revenue and gross margin have declined due to changes in product sales structure [4] - The subsidiary Hangzhou Chenxiao Technology has experienced a decline in performance due to delays in sales orders caused by client organizational changes, leading to a need for goodwill impairment provision [5]

转自：新华财经 当日，科创板个股涨多跌少，531股收涨，占比88.5%。细分领域中，半导体股整体涨幅靠前，软件服 务、元器件、电气设备、通信设备等细分领域内个股均呈普涨态势。 经新华财经统计，2月9日，剔除停牌的埃夫特、智洋创新，科创板其余600股平均涨幅2.29%，平均换 手率2.92%，合计成交额2367.20亿元，平均振幅为4.06%。 新华财经北京2月9日电（罗浩）科创板两大股指9日早间均大幅高开。两股指盘初略有回落，盘中在开 盘点位附近窄幅整理，午后在高位波动并进一步上扬，收盘时均大幅上涨。至收盘时，科创50指数报 1458.16点，涨幅2.51%，成分股总成交额约729亿元，较上一交易日显著放量。科创综指收于1796.86 点，涨幅2.47%，总成交额约2367亿元，较上一交易日显著放量。 个股表现方面，英方软件、聚和材料、杰普特收于20%涨停，涨幅居前；震有科技下跌9.76%，跌幅居 首。 成交额方面，寒武纪成交额104.62亿元，位居首位；中科微至成交额1338.43万元，位居末位。 换手率方面，北芯生命换手率为37.99%，位居首位；威高骨科换手率为0.19%，位居末位。 编辑：胡晨曦 ...

Core Insights - The report emphasizes the dual focus on AI advancements and the deepening of domestic network capabilities in the communication industry, predicting significant growth in AI-related investments and domestic production across various segments [4][5][6] - The anticipated performance for Q4 2025 shows a robust increase in net profits for key companies, with some expected to see over 50% year-on-year growth [4][15] Group 1: AI and Network Development - The AI focus is expected to evolve around overseas mapping, optical communication trends, and changes in optoelectronic technology, with a shift from Scale out to Scale up in ecosystem development [4][5] - Domestic production trends are accelerating across four key areas: chips, cloud, network, and end devices, with significant growth potential in the chip sector due to global supply chain dynamics [4][5] - The report highlights the expected explosion in demand for optical devices and chips, driven by AI needs and the introduction of new technologies like silicon photonics [5][6] Group 2: Company Performance Predictions - Key companies are projected to experience substantial profit growth, with notable increases such as Heertai (+798%), Guangku Technology (+439%), and 5.5G Canqin Technology (+290%) [4][15] - The report outlines specific performance forecasts for major players, indicating a strong recovery in demand across various sectors, including optical communication and satellite internet [4][15] - Companies like China Mobile and ZTE are expected to benefit from increased capital expenditures directed towards AI and network investments, enhancing their revenue and profitability [6][15] Group 3: Investment Opportunities - The report identifies several investment opportunities in the AI computing network, including companies like Zhongji Xuchuang and Xinyi Technology, which are positioned to benefit from the growing demand for AI capabilities [4][6] - The satellite internet sector is highlighted as having high barriers to entry and significant long-term investment potential, with companies like Zhenyou Technology and Xinke Mobile being key players [4][6] - The IoT sector is expected to see a surge in demand driven by AI and robotics, with companies like Lexin Technology and Guanghe Technology poised for growth [10][11]

[Table_Date] 2026 年 02 月 08 日 [Table_Title] 关注商业航天，坚定算力基建扩张 证券研究报告|行业点评报告 [Table_Title2] 通信 [Table_Summary] 1、关注商业航天，持续进展催化市场关注度上升 当前时点，国内低轨卫星批量发射已进入实质阶段，与商业航天 高度重合，在相关政策、产业驱动，卫星网络作为 6G 网络建设基 础，当前时点建设确定性较强。伴随可回收火箭预研阶段开启首 个发射项目，后续多家商业火箭可回收发射计划有序进展，商业 航天进入加速落地阶段，卫星互联网发展势头迅猛，星座常态化 发射，实现通信容量增大，时延降低，同时有望看到手机宽带直 连卫星与低轨卫星网联智能驾驶系统的相关应用快速落地。卫星 通信、卫星物联网相关受益标的。 2、四部门发文加快培育数据流通服务机构 当前时点，面临近期的流动性担忧以及外围风险厌恶情绪传 导，我们预计市场仍将保持震荡，板块建议相对谨慎，中性配 置。 尽管短期市场对海外加大资本开支背景下 AI 相关收入的疑 惑，以及对 AI 软件板块受挫，但是我们认为目前 AI 发展阶段 仍处于 Scale up 和 Scal ...

Group 1 - The core viewpoint of the news is that Shenzhen Zhenyou Technology Co., Ltd. has seen a stock price increase of 5.06%, reaching 45.88 CNY per share, with a trading volume of 198 million CNY and a turnover rate of 2.30%, resulting in a total market capitalization of 8.834 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 main business revenue composition includes: intelligent network and smart emergency systems at 41.27%, technical and maintenance services at 26.07%, optical network and access systems at 19.13%, core network systems at 10.86%, and others at 2.66% [1] Group 2 - Among the top ten 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 achieved a year-to-date return of 9.47%, ranking 671 out of 8,874 in its category, and a one-year return of 117.39%, ranking 63 out of 8,124 [2] - The fund manager, Zhang Lu, has a tenure of 6 years and 188 days, with the fund's total asset size at 30.183 billion CNY and a best return of 159.62% during the tenure [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [8] Core Insights - SpaceX has applied to deploy up to 1 million satellites to create a large-scale space data center, aiming to provide AI inference, machine learning, and edge computing services to billions of users globally [1] - The space data center will utilize solar power and operate in various orbital shells between 500 km and 2000 km, leveraging the low-temperature environment of space for natural cooling, which will significantly reduce energy and infrastructure costs [2] - Compared to ground data centers, space-based data centers can achieve a 95% reduction in operational costs, with a projected total cost of approximately $8.2 million for a 40MW center in space over ten years, versus $167 million for a ground facility [3] - The scalability of space data centers is virtually unlimited, allowing for rapid deployment without the physical or regulatory constraints faced on Earth [3] Summary by Sections Rocket Sector - In the next five years, approximately 13,000 satellites are expected to be launched, with the number of launches increasing from 54 in 2025 to 860 in 2030, representing a CAGR of about 74% [4] - By 2029, China's computing power is projected to reach 5457 EFLOPS, with 2% potentially moving to space, necessitating around 6,800 rocket launches [4] Satellite Sector - The competition for global space orbits and frequency resources is intensifying, with countries racing to launch satellites [5] - China has submitted over 200,000 new satellite applications, aiming to secure frequency and orbital resources, thereby strengthening the domestic commercial space industry [5] - The growth of satellite internet and computing satellites is expected to drive rapid increases in satellite launches [5] Investment Recommendations - Focus on leading companies in the rocket sector such as Hangyang Co., Srey New Materials, Aerospace Power, and others [6] - In the satellite sector, attention should be given to companies like China Satellite, Maiwei Co., Zhenyou Technology, and others [6]

Core Viewpoint - The company Zhenyou Technology is expected to report a net loss attributable to shareholders of the parent company for the year 2025, ranging from -69 million to -46 million yuan compared to the same period last year, primarily due to intensified competition in the domestic and international operator bidding market and changes in the supply-demand relationship in the coal industry [1] Group 1: Financial Performance - The company anticipates a significant decline in operating performance for 2025, leading to a net profit loss [1] - The expected net profit loss is attributed to a decrease in revenue and overall gross margin compared to the previous year [1] - The decline in performance is particularly pronounced in the optical network and access system business segments [1] Group 2: Market Conditions - The traditional communication business is under pressure, contributing to the overall financial downturn [1] - Increased competition in the bidding market for domestic and international operators is a key factor affecting business development [1] - Changes in the coal industry’s supply-demand dynamics have also negatively impacted the company's operations [1]

Financial Performance Forecast - The company expects a net loss attributable to shareholders of the parent company for 2025 to be between -69 million and -46 million CNY, compared to a net profit of 27.44 million CNY in the previous year [3]. - The net profit after deducting non-recurring gains and losses is projected to be between -85.5 million and -62.5 million CNY for 2025, down from 8.66 million CNY in the previous year [3]. - The total profit for the previous year was 37.74 million CNY, with a net profit attributable to shareholders of the parent company of 27.44 million CNY [4]. Business Performance and Challenges - The company’s core network system business has seen growth due to increased orders in satellite internet and 5G, but traditional communication business is under pressure, leading to overall performance decline [5]. - The subsidiary Hangzhou Chenxiao Technology Co., Ltd. experienced a decline in sales orders due to client organizational changes, impacting overall performance [6]. Strategic Plans and Operational Adjustments - The company plans to continue deepening its business layout and actively respond to external environmental changes to improve operational performance [6]. - Non-recurring gains and losses mainly consist of government subsidies and asset disposal income, which have decreased compared to the previous year due to changes in equity disposal gains [6]. Earnings Forecast Reliability - The company has not identified any significant uncertainties affecting the accuracy of this earnings forecast as of the announcement date [7]. - The forecast data is preliminary and subject to change, with the final audited financial data to be disclosed in the 2025 annual report [8].

北京│上海│深圳│杭州│广州│昆明│天津│成都│宁波│福州│西安│南京│南宁│济南│重庆│苏州│长沙│太原│武汉│贵阳│乌鲁木齐│郑州│石 家庄│合肥│海南│青岛│南昌│大连│银川│拉孜│香港│巴黎│马德里│斯德哥尔摩│纽约 BEIJING│SHANGHAI│SHENZHEN│HANGZHOU│GUANGZHOU│KUNMING│TIANJIN│CHENGDU│NINGBO│FUZHOU│XI'AN│NANJING│NANNING│JINAN│CHONGQING│SUZHOU│ CHANGSHA│AIYUAN│WUHAN│GUIYANG│URUMQI│ZHENGZHOU│SHIJIAZHUANG│HEFEI│HAINAN│QINGDAO│NANCHANG│DALIAN│YINCHUAN│LHATSE│HONGKONG│PARIS│ MADRID│STOCKHOLM│NEWYORK 致：深圳震有科技股份有限公司 2026 年第一次临时股东会 之 法律意见书 国浩律师（深圳）事务所 关于深圳震有科技股份有限公司 GLG/SZ/A3167/FY/2026-057 国浩律师（深圳）事务所（以下简称"本所"）接受深圳震 ...

2026年第一次临时股东会决议公告 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： 证券代码：688418 证券简称：震有科技 公告编号：2026-004 深圳震有科技股份有限公司 本次会议是否有被否决议案：无 一、会议召开和出席情况 （一） 股东会召开的时间：2026 年 1 月 28 日 （二） 股东会召开的地点：广东省深圳市光明区凤凰街道东坑社区光明凤凰广 场 2 栋 2801 深圳震有科技股份有限公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 109 | | --- | --- | | 普通股股东人数 | 109 | | 2、出席会议的股东所持有的表决权数量 | 53,686,931 | | 普通股股东所持有表决权数量 | 53,686,931 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 27.8814 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的 ...