Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [20]. Core Insights - The low Earth orbit (LEO) satellite network is being established, and direct-to-device (D2D) satellite services will be crucial for the integration of space and ground communication. This service allows mobile phones to connect directly to communication satellites without intermediary devices, providing voice, text, and data exchange services [3][4]. - The report identifies three technical routes for mobile direct connection, with the 3GPP NTN standard recognized as the future direction. The three routes include: 1. "New Phone + Old Satellite" - integrating dedicated satellite communication modules into smartphones, relying on existing satellite systems [11]. 2. "Old Phone + New Satellite" - using existing mobile communication technology to connect current 4G/5G phones directly to satellites [11]. 3. "New Phone + New Satellite" - following the 3GPP NTN standard, creating new low Earth orbit constellations that work with ground 5G networks [11][9]. - The global mobile direct connection industry is advancing rapidly, with significant developments from international players like SpaceX and AST SpaceMobile. In January, a partnership between Globe Telecom and Starlink marked the launch of DTC services in Southeast Asia, covering approximately 4% of the population in areas without ground network coverage [14][16]. - The report emphasizes the importance of mobile direct connection satellites as a key entry point for connecting the general public to space-based networks, highlighting the expected growth in demand for phased array antennas, terminal communication chips, and modules [17]. Summary by Sections Industry Overview - The report discusses the ongoing establishment of low Earth orbit satellite networks and the role of mobile direct connection satellites in expanding communication capabilities, addressing gaps in ground network coverage [3][4]. Technical Routes - Three main technical routes for mobile direct connection are outlined, with the 3GPP NTN standard being the most promising for future development [9][11]. International Developments - Significant progress in the mobile direct connection sector is noted, with various international companies making strides in D2D technology and partnerships [14][16]. Investment Recommendations - The report suggests a strong outlook for the mobile direct connection satellite sector within China's commercial aerospace industry, recommending a focus on investment opportunities in this area [17].

Core Insights - Qualcomm has launched the second-generation Snapdragon W5+ and W5 wearable platforms, enhancing connectivity, energy efficiency, product design, and positioning capabilities [1][3] - The platform utilizes Skylo's Narrowband Non-Terrestrial Network (NB-NTN) technology, enabling satellite communication for wearable devices, allowing for two-way emergency message transmission in remote areas without cellular coverage [1][3] Group 1: Product Features - The second-generation Snapdragon W5+ and W5 platforms are built on a 4nm system-on-chip (SoC) architecture, offering two versions: W5+ with a low-power co-processor and W5 without [1] - Key enhancements include a 50% improvement in GPS positioning accuracy and a 20% reduction in the size of the optimized radio frequency front-end (RFFE), contributing to lighter devices and extended battery life [1][3] Group 2: Industry Impact - The new platform positions Wear OS as the first operating system integrated with NB-NTN, enhancing communication reliability and user safety through satellite technology [3] - The Pixel Watch 4, as the first smartwatch supporting emergency satellite communication, leverages the second-generation Snapdragon W5 platform and Wear OS 6 for improved performance, energy efficiency, and connectivity [3] Group 3: Strategic Partnerships - The collaboration with Skylo expands satellite connectivity technology from smartphones, vehicles, and IoT to wearable devices, promoting functional upgrades in wearables while ensuring device miniaturization and battery life [3] - The SOS feature of the Pixel Watch is subject to regional limitations and offers two years of free usage upon activation, with potential data sharing with Google, emergency services, and satellite service providers [3]

Core Insights - Verizon Business has expanded its IoT connectivity services by partnering with Singtel and Skylo, enhancing its global IoT offerings [2][3][9] - The Global IoT Orchestration service allows Verizon customers to activate devices internationally using partner networks, now commercially available with support from Singtel, Bell Canada, and Telenor IoT [3][9] - Verizon's partnership with Skylo will provide satellite connectivity in the U.S., improving coverage in areas with limited cellular service [4][9] Group 1: Partnerships and Services - Singtel will support Verizon Business customers in deploying IoT connectivity in the Asia Pacific region, enhancing the Global IoT Orchestration service [3][9] - Skylo's satellite services will extend Verizon's domestic network coverage, with plans for future international expansion [4][9] - The Global IoT Orchestration service is integrated into the Verizon ThingSpace IoT management platform, allowing centralized management of IoT services across various territories [5][9] Group 2: Executive Statements - Verizon Business emphasizes the importance of its IoT services in meeting global customer needs, highlighting the launch of Global IoT Orchestration and satellite-enhanced coverage [7] - Singtel expresses enthusiasm for supporting Verizon's customers with multi-domestic network offerings, aiming to enhance coverage and innovation across industries [7] - Skylo acknowledges the strengthened relationship with Verizon for Industrial and Enterprise IoT Solutions, emphasizing the reliability of the ThingSpace platform [8] Group 3: Company Overview - Verizon Communications Inc. generated revenues of $134.8 billion in 2024, serving nearly all Fortune 500 companies and focusing on mobility, connectivity, and security [10]

Core Insights - Verizon Business has expanded its IoT connectivity services by partnering with Singtel and Skylo, enhancing its global IoT offerings to cover up to 200 territories worldwide [2][9] - The Global IoT Orchestration service allows Verizon Business customers to activate devices internationally using partner networks, with Singtel focusing on the Asia Pacific region [3][9] - Skylo's satellite services will extend Verizon's domestic network coverage, particularly in areas with limited cellular connectivity, with plans for future international expansion [4][9] Company Developments - The integration of Global IoT Orchestration into the Verizon ThingSpace IoT management platform enables centralized management of IoT connectivity across all territories [5][9] - Verizon's revenue for 2024 was reported at $134.8 billion, indicating strong financial performance and a commitment to innovation in connectivity solutions [10] Partner Contributions - Singtel's partnership will enhance IoT connectivity for Verizon's customers in the Asia Pacific, facilitating real-time management of enterprise IoT applications [7] - Skylo's technology ensures continuous connectivity for IoT devices, addressing coverage challenges in industrial and enterprise applications [8]