RT Brivael - FR (@BrivaelFr)"je comprends pas pourquoi Elon Musk fait des fusées."Je me rappelle une conversation avec un ami qui m'avait dit ça.C'est assez typique. La majorité des gens voient ça sous le prisme du délire de milliardaire. Le mec a trop d'argent, il sait plus quoi en faire, alors il joue à la conquête spatiale. C'est le récit confortable. Celui qui permet de pas se poser de questions.Sauf que c'est à complètement à côté de la plaque.Musk a raconté dans une interview qu'après avoir lu les phi ...

Gold Market Analysis - Gold's status as a safe haven asset is declining, with spot gold trading around $4,250, and silver, platinum, and palladium all down at least 4% [3] - Gold has dropped approximately 14% since the onset of the Iran conflict, surprising investors who typically view gold as a protective asset during geopolitical tensions [4] - Despite rising tensions in the Middle East, investors are moving away from gold due to soaring oil prices that heighten inflation fears and expectations for aggressive interest rate hikes [5] Berkshire Hathaway Investment - Berkshire Hathaway plans to invest JPY 287.4 billion (approximately $1.8 billion) in Tokio Marine Holdings, acquiring a roughly 2.5% stake in the Japanese insurance firm [8] - The investment will be executed through Berkshire's reinsurance unit, National Indemnity Company, with initial shares coming from Tokio Marine's treasury stock [9] - Future acquisitions of Tokio Marine shares by National Indemnity are expected to occur primarily through open-market purchases, with a cap of 9.9% ownership without board approval [10] Elon Musk's Semiconductor Venture - Elon Musk has announced plans for a new semiconductor venture named "Terafab," to be located in Austin and operated jointly by Tesla and SpaceX [6] - The facility will initially focus on producing lower-power processors for vehicles and higher-performance chips for space-based computing [7] - This initiative aims to reduce Tesla's reliance on external suppliers like Taiwan Semiconductor Manufacturing and Samsung, positioning Texas as a growing hub for chip manufacturing [8]

Core Viewpoint - The commercial space industry is experiencing significant growth, with a focus on private rocket companies in China, which are seen as potential counterparts to SpaceX. The valuation of SpaceX has reached $1.75 trillion, prompting increased investment and interest in China's private space sector [6][8]. Group 1: Market Dynamics - The commercial space sector has seen a surge in investment, with 67 financing rounds in 2025, nearly double that of 2024. The private rocket company, Space Honor, raised 5.037 billion yuan, setting a record for private rocket financing in China [6][8]. - The commercial space industry in China has experienced a stock price increase of over 40% in a short period, although it has faced volatility since then, with a year-to-date increase of nearly 10% [6][8]. Group 2: Key Players - Five private rocket companies in China are on track for IPOs, with a combined valuation exceeding 100 billion yuan. These companies include Blue Arrow Aerospace, Tianbing Technology, Zhongke Aerospace, Space Honor, and Xinghe Power [7][8]. - Blue Arrow Aerospace is currently in the review process for listing on the Sci-Tech Innovation Board, while the other four companies are in the counseling stage [8]. Group 3: Technological Challenges - The commercial space industry is heavily reliant on launch vehicles, which are essential for satellite deployment and network formation. However, the Chinese private sector has yet to achieve successful rocket recovery, which is crucial for reducing launch costs [9][22]. - The lack of a successful recovery technology in the Chinese commercial space sector is a significant hurdle, as it requires substantial investment and technological advancement [22][23]. Group 4: Financial Performance - Blue Arrow Aerospace reported cumulative losses exceeding 3.5 billion yuan from 2022 to mid-2025, highlighting the financial challenges faced by private rocket companies [23]. - The company generated revenue of 36.43 million yuan in the first half of 2025, with 97.96% coming from single rocket launch services, indicating a heavy reliance on this revenue stream [23]. Group 5: Future Outlook - The market for satellite manufacturing and launch services in China is projected to reach approximately 26.8 billion yuan by 2026, with a growth rate of 49% [25]. - The valuation of private rocket companies is influenced by their ability to secure launch orders within the framework of China's satellite network, with expectations that only a few companies will survive in the long term [28][30].

Investment Rating - The report indicates a positive long-term outlook for the commercial remote sensing satellite industry in China, driven by policy support and technological advancements [6]. Core Insights - The commercial remote sensing satellite industry in China has transitioned from exploration to large-scale development, achieving significant technological breakthroughs and entering the 0.3-meter resolution era for optical satellites [5]. - Despite challenges such as resource constraints and data quality issues, the industry is expected to thrive with the integration of advanced technologies like quantum sensing and on-orbit intelligent processing [6]. - The report emphasizes the importance of reusable rocket technology and large-scale satellite constellation deployment as key drivers for the industry's growth [28][30]. Summary by Sections 1. Macro Industry Analysis - Remote sensing satellites are defined as artificial satellites equipped with sensors to non-contact detect and analyze electromagnetic wave information from the Earth's surface [7]. - The macro development status of satellite delivery capabilities highlights the critical role of rockets in launching satellites into orbit, affecting network efficiency and performance assurance [9]. 2. Current Development Status - The global remote sensing satellite industry is expanding, with China holding a 9.8% share of the total number of satellites in orbit as of 2024 [12][17]. - The report discusses the need for a shift from single satellite operations to large-scale constellations to enhance data acquisition and service capabilities [22][24]. 3. Commercialization Exploration - The report identifies traditional application scenarios for remote sensing satellites, such as emergency response and agriculture, as areas needing innovation and expansion into consumer applications [39]. - The integration of artificial intelligence with remote sensing technology is seen as a pathway to enhance the understanding and application of satellite data [6]. 4. Future Trends - The report anticipates a shift towards integrated real-time remote sensing satellites that combine sensing, computing, transmission, and application capabilities [6]. - The role of satellite companies in expanding public awareness and application of satellite technology is emphasized, alongside the exploration of multiple technology lines [30]. 5. Key Development Focus Areas - The development of high-precision remote sensing satellites is crucial for national security and resource management, with a focus on improving data accuracy and reliability [34]. - The report highlights the importance of enhancing satellite design and mass production capabilities to meet the growing demand for satellite constellations [41][42].

Group 1: Policy and Economic Measures - The Ministry of Finance announced a plan to issue 250 billion yuan in special long-term bonds to support consumer goods replacement and set up a 100 billion yuan special fund to boost domestic demand [2] - The government aims to optimize investment structure focusing on new productivity areas and will introduce fiscal policies to enhance credit for private enterprises [2] Group 2: Industry Developments - The China Minmetals Import and Export Chamber of Commerce will hold a conference on rare earth and rare metal export policies on March 25, 2026, to discuss export policies and challenges faced by enterprises [3] - QFII's latest holdings reveal a focus on pharmaceuticals and technology manufacturing, with significant investments in semiconductor and automotive parts sectors [4] Group 3: Company Highlights - Yushu Technology's IPO application was accepted, aiming to raise 4.202 billion yuan, positioning itself as the first company in the humanoid robot sector in A-shares [13] - Yushu Technology achieved a revenue of 1.708 billion yuan in 2025, a 335.36% increase year-on-year, with a net profit of 600 million yuan, marking a 674.29% growth [15][22] - The company has become the global leader in humanoid robot shipments, exceeding 5,500 units in 2025 [22] Group 4: Technological Advancements - In 2023, Yushu Technology transitioned from quadruped to humanoid robots, launching the H1 model, which set a world record for full-size humanoid robots [17] - The G1 humanoid robot, priced under 100,000 yuan, was released in 2024, making it the first dual-legged humanoid robot below this price point [18] - Yushu Technology's gross margin improved from 44.18% in 2022 to 59.45% in the first nine months of 2025 [22] Group 5: Investment and Financing - Yushu Technology completed multiple financing rounds, with a valuation increase from 80 billion yuan to 127 billion yuan within a year [22] - The company plans to allocate 85% of its IPO proceeds to R&D, focusing on core technology and the development of intelligent robot models [24]

Investment Rating - The report maintains a strong rating for the defense and military industry, indicating a positive outlook compared to the broader market [6]. Core Insights - The report emphasizes the importance of marginal changes in the commercial aerospace sector, highlighting three key areas: 1) overseas S and T photovoltaic industry chains; 2) domestic rocket development; 3) satellite industry chain under technological transformation [2][42]. Summary by Sections Commercial Aerospace - The progress of the commercial aerospace industry, represented by SpaceX, continues to exceed expectations, with SpaceX having launched 36 times and confirmed 10,047 operational satellites in orbit as of March 21 [3][42]. - Recommendations for investment include companies such as Lens Technology, Yujing Co., Maiwei Co., Plas, and Liancheng CNC [3][42]. Domestic Rockets - Three core logical frameworks are presented: 1) Macro: Strong transport capacity is a strategic high ground for major powers, similar to GPUs. 2) Mid-level: Objective gaps establish a logic for rocket quantity inflation, with a significant increase expected within five years. 3) Micro: The listing and financing of rocket companies will drive capacity expansion across the entire industry chain, achieving a dual boost in PE and EPS [4][43]. - Suggested companies for investment include Feiwo Technology, Western Materials, Guanglian Aviation, and Meixin Technology [5][44]. Satellite Industry Chain - The acceleration of China's satellite constellation plan is leading to new technological transformations, with developments in flexible solar wings, flexible gallium arsenide battery cells, perovskite batteries, laser communication, and low-cost commercial satellites entering a rapid development phase [8][46]. - Recommended companies include Aerospace Electronics, Gobika, Shanghai Port, Junda Co., Western Testing, Mingyang Smart Energy, and Guangwei Composite [8][46]. Military Industry - The report suggests focusing on companies that are accelerating domestic commercialization and have overseas expansion potential, including: 1) Commercial engines: Aerospace Technology, Hangya Technology, Tunan Co., Aerospace Power, Wanze Co., Yingliu Co., and Aerospace Power [8][46]. 2) Nuclear fusion/nuclear power/high-temperature superconductors: Guoguang Electric, Lianchuang Optoelectronics, Hezhuan Intelligent, Wangzi New Materials, Xuguang Electronics, Aike Saibo, Yongding Co., Hangyang Co., Jingye Intelligent, Weiteng Electric, New Wind Light, and Parker New Materials [8][46]. 3) Drones: Zongheng Co., Aerospace Rainbow, Ruike Laser, Sichuan Electronics, and Xinjinggang [8][46]. Market Performance - The military industry index (801740) fell by 6.26% during the week of March 14-20, underperforming the Shanghai and Shenzhen 300 index, which fell by 2.19% [11][16]. - The report notes that the commercial aerospace sector experienced a smaller decline compared to other segments, indicating resilience in this area [22][16].

馬斯克 剛扔出炸彈 AI很快就要 住進太空 比地球還便宜！ AI衛星將 用Tesla的 D3晶片 能跑到 100kW功率 這只是起步版！ Elon自己說 未來直接衝 百萬瓦級！ 2-3年內 太空部署 AI的成本 就會甩開地面！ 為什麼？ 太空永遠 曬太陽 沒大氣阻力 沒黑夜耗電 算力幾乎 免費送！ 地球電力 被卡脖子 太空直接變成 無限能源農場 這不是科幻片 這是馬斯克 正在建的 星際AI骨幹. ...

Core Viewpoint - Investor Gary Black expressed concerns regarding a potential merger between Tesla and SpaceX, suggesting it could lead to a 20-25% reduction in Tesla's stock value due to dilution effects [1][2]. Group 1: Merger Analysis - Black analyzed that if Tesla were to issue $1.5 trillion in new equity to acquire SpaceX, the combined entity would have a total equity of $3 trillion and an EBITDA of $22.5 billion, which includes Tesla's $15 billion and SpaceX's $7.5 billion EBITDA [1]. - He noted that post-merger, the combined entity would likely trade at a lower multiple of 100x EV/EBITDA, resulting in a valuation of $2.25 trillion, which reflects a 25% reduction in value for Tesla's stock, a phenomenon he referred to as a "conglomerate discount" [2][4]. Group 2: Market Behavior and Investor Sentiment - Black highlighted that historically, post-merger companies tend to trade at the lowest common multiple rather than blended multiples based on individual company metrics and growth prospects [2]. - He acknowledged that if SpaceX were to acquire Tesla instead, it might lead to short-term gains for Tesla shareholders, but could also trigger selling from early investors attracted by Tesla's focus on EVs, autonomy, and robotics [3]. Group 3: General Observations - Black stated that in conglomerate structures, the least common multiple typically prevails, with Berkshire Hathaway being a notable exception [4]. - He concluded that a merger between Tesla and SpaceX is unlikely due to its dilutive nature for Tesla shareholders, describing it as a "solution looking for a problem" [4]. Group 4: Stock Performance - Tesla's stock experienced a decline of 3.24% to $367.96 at market close on Friday, but saw a recovery of 1.17% to $372.25 in after-hours trading [5].

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - Satellite connectivity presents a transformative opportunity for ASEAN's digital future, addressing connectivity gaps and enhancing economic development as digital technologies become central to economic activity [16][18] - The report emphasizes the potential of Low Earth Orbit (LEO) satellite technologies to bridge the digital divide, particularly in remote areas with challenging geographies [19][73] - New business models are emerging in the satellite communications industry, driven by synergies between terrestrial operators and satellite systems, with a focus on competition and market dynamics [21][75] Summary by Sections Executive Summary - Satellite connectivity can significantly improve connectivity in ASEAN, particularly for rural populations and areas with difficult geographies [16][19] - The report highlights the need for effective management of technical, economic, and regulatory challenges to realize the benefits of satellite connectivity [20] The Economics of the New Satellite Communications Revolution - The report discusses the shift in telecommunications economics due to new satellite technologies, which challenge traditional terrestrial infrastructure models [75] - It identifies three main markets targeted by new satellite platforms: direct-to-consumer broadband, wireless backhaul services, and consumer Direct-to-Device (D2D) services [52] The State of ASEAN Remote Connectivity - The report outlines the challenges of remote connectivity in ASEAN, noting that traditional technologies often fail to reach underserved communities [23][24] - A case study on the use of Starlink in Malaysia demonstrates the positive impact of satellite backhaul on local economies and services [27] Spectrum Related to Satellite Broadband - Spectrum is crucial for satellite broadband services, with specific bands utilized for different types of services [28] - The report discusses the need for harmonized spectrum allocations and rules across ASEAN to facilitate faster rollout and lower costs [37] Regulatory and Legal Review - The report emphasizes the necessity for LEO-specific regulations and licensing frameworks to address the unique characteristics of satellite connectivity [33] - It advocates for regionally unified frameworks to ensure interoperability and compliance across ASEAN member states [34] Conclusion and Recommendations - The report presents nine key recommendations for ASEAN member states to enhance satellite connectivity, including developing LEO-specific regulations and creating a regional roadmap for D2D services [32][41]

大家好我是大鱼 马斯克刚刚 丢下震撼弹 Tesla与SpaceX 要联手打造 Terafab 这不是普通晶片厂 而是年产 1太瓦算力的怪物 80%直接 送上太空 让AI算力 像太阳能一样 无限廉价 无限供应 这一步是 把AI从地球的 牢笼释放 朝银河文明迈进 大家不要错过 今天的精彩内容 OK let's go 第一部分 Terafab震撼联手！ 在刚过去的周末 马斯克突然 又丢出一记大招 让全世界下巴掉一地 下面我们就把 Tesla和SpaceX 刚刚发布的这个 重大联合声明 彻底拆开来说透 这不只是一个 晶片厂那么简单 这根本是把AI 直接送上太空的 星际级布局 先来看画面 SpaceX这次释出 的mini AI卫星 大概就这么大 看看和starship的比例 就知道散热问题 能够得到很好的解决 Elon亲口说： SpaceX很懂 在太空散热 这只是100kW 的迷你版 未来我们 预期会做到 百万瓦的等级 这个卫星用的是 Tesla的D3 （Dojo 3）晶片 专门为太空优化 能跑更热 散热器更轻 这已经不是科幻 这是马斯克 正在搭建的 星际AI基础设施 然后就是这次 声明的核心 先进技术 晶片厂 （Ad ...