10月10日，天银机电盘中下跌2.05%，截至14:16，报17.65元/股，成交1.69亿元，换手率2.27%，总市值 75.02亿元。 截至6月30日，天银机电股东户数4.72万，较上期增加9.97%；人均流通股8864股，较上期减少9.07%。 2025年1月-6月，天银机电实现营业收入3.84亿元，同比减少24.07%；归母净利润1780.34万元，同比减 少46.61%。 分红方面，天银机电A股上市后累计派现6.40亿元。近三年，累计派现7013.08万元。 机构持仓方面，截止2025年6月30日，天银机电十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股323.44万股，相比上期减少13.32万股。永赢高端装备智选混合发起A（015789）位居第八 大流通股东，持股125.31万股，相比上期增加10.09万股。 责任编辑：小浪快报 资金流向方面，主力资金净流出2800.23万元，特大单买入538.64万元，占比3.18%，卖出2181.48万元， 占比12.89%；大单买入4027.44万元，占比23.79%，卖出5184.83万元，占比30.63%。 天银机电今年以来股价涨9.19% ...

北京天兵科技有限公司(下称天兵科技)10月9日发布消息称，近日完成近25亿元人民币Pre-D轮和D轮新增融资。两轮融资由国裕高华、济钢集团、东方资 产、申万投资、中银资产等多家机构共同完成。本轮融资将主要用于火箭及发动机批产备产备料、新一代发动机与火箭研制等。 据智通财经不完全统计，截至目前，天兵科技已累计完成约70亿元融资。去年6月，天兵科技宣布完成超15亿元C+轮新增融资。2023年10月，天兵科技宣布 完成数亿元人民币C+轮融资，并称累计获得资金支持超30亿元。 民商火箭巨头再获大额融资。 为打造具有商业竞争力的大运力液体火箭，天兵科技目前已构建起火箭自研、规模制造与专属发射工位相结合的全产业链布局，具备年产50发天龙系列液体 火箭和500台天火系列液体火箭发动机的制造能力。 进入9月以来，民营火箭企业融资加速。9月28日，北京星河动力航天科技股份有限公司发布消息称，公司完成D轮融资，融资总额共计24亿元。 天眼查APP显示，天兵科技成立于2015年6月15日，注册资本1.5亿元，控股股东为江苏天兵航天科技有限公司，实控人为康永来，主业为航空航天和其他运 输设备制造。去年4月，天兵科技首次登上胡润《20 ...

机构指出，发放卫星互联网牌照，有望加速卫星应用端技术突破和商业落地，叠加上游密集组网，卫星产业的发展路径 证持续清晰，制造端、发射端、需求端均有所突破，未来产业空间广阔。 中泰证券认为，在中国将卫星互联网纳入新基建、鼓励商业航天发展的政策背景下，发射需求与供给能力的双向驱动将 打开长期增长空间。我国可重复使用火箭技术的发展将显著提升商业航天发射能力。 截至10：45，卫星ETF（159206）上涨2.17%，成分股国光电气、中兴通讯涨停，广和通、国盾量子、臻镭科技等个股 跟涨。 | | | 1.222 +0.026 +2.17% | P星FTF 159206 | ਐ | | | --- | --- | --- | --- | --- | --- | | | SZSE CNY 10:45:21 交易中 | | | 10 + | | | | 净值走势 永赢国证商用卫星通 | 今年 | 0.00% 120日 41.81% | | | | 序号 | 代码 | 名称 | 涨跌幅 ▼ | 成交量 | 成交额 | | 1 | 688776 | 国光电气 | 20.00% | 693万 | 6.68 亿 | | 2 | 68 ...

10月9日，雷电微力盘中上涨2.06%，截至10:48，报48.14元/股，成交1.62亿元，换手率1.65%，总市值 117.84亿元。 雷电微力所属申万行业为：国防军工-军工电子Ⅱ-军工电子Ⅲ。所属概念板块包括：军民融合、北斗导 航、军工信息化、卫星互联网、卫星导航等。 截至8月20日，雷电微力股东户数3.82万，较上期减少7.91%；人均流通股5441股，较上期增加8.59%。 2025年1月-6月，雷电微力实现营业收入4.62亿元，同比减少34.05%；归母净利润1.16亿元，同比减少 44.22%。 分红方面，雷电微力A股上市后累计派现2.51亿元。近三年，累计派现2.32亿元。 机构持仓方面，截止2025年6月30日，雷电微力十大流通股东中，国泰中证军工ETF（512660）位居第 七大流通股东，持股200.64万股，为新进股东。南方中证1000ETF（512100）位居第十大流通股东，持 股158.45万股，为新进股东。香港中央结算有限公司退出十大流通股东之列。 资金流向方面，主力资金净流入87.11万元，特大单买入543.32万元，占比3.35%，卖出1034.45万元，占 比6.37%；大单 ...

富士达公司在射频连接器领域的市场表现如何？ 富士达 摘要 富士达军工订单于 2025 年 3 月恢复增长，截至 4 月末在手订单约 3 亿 元，军工订单占比 65%~70%，预计下半年该业务将实现高增长，为全 年业绩提供有力支撑。 富士达深度参与国产星链项目，包括千帆星座和 G60 星链，配套市场份 额分别超过 70%和 60%，受益于中国商业卫星建设，商业航天发射提 速，预计四季度商业卫星相关业务加速放量。 富士达是航空航天射频连接器国家级专精特新小巨人，2024 年射频连 接器业务收入 4.39 亿元，占比 57.56%，2025 年上半年同比增长 24%，毛利率提升至 37.15%，为过去三年最高水平。 富士达与华为合作超过 20 年，是其重要合作伙伴，2024 年来自华为的 收入为 2.15 亿元，占总收入近 30%。双方合作正从通信基站向高端装 备制造、仪器仪表及卫星等新业务延伸。 富士达积极拓展新兴领域，如低空经济、工业无人机、医疗设备和量子 通信等，虽目前收入贡献较小，但未来增长空间巨大，高温共烧陶瓷 （HTCC）预计 2026 年实现批量生产。 Q&A 富士达公司在射频连接器领域表现突出，尤其 ...

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][3]. Core Insights - The overall market performance for the week (September 29 to October 5, 2025) saw the Shanghai Composite Index rise by 0.76%, the Shenzhen Component Index by 0.60%, and the ChiNext Index by 0.07%. However, the telecommunications sector experienced a decline of 3.16% [2][11]. - Among the sub-sectors, the telecommunications cable and supporting industries had the lowest decline at 0.44%, while telecommunications network equipment and devices saw the highest drop at 4.56% [2][14]. - Notable individual stock performances included "Online and Offline" with a rise of 28.78%, followed by *ST Yitong at 9.77% and Sega Technology at 7.67% [2][16]. Summary by Sections Market Overview - The telecommunications sector index declined by 3.16% during the week, contrasting with the overall market's positive performance [11]. - The sub-sector analysis indicated a general downward trend, with telecommunications network equipment and devices facing the steepest decline [14][15]. Key News - The Ministry of Industry and Information Technology granted China Mobile a license for satellite mobile communication services, allowing it to engage in direct satellite communication and enhance service offerings in various applications [2][18]. Focus Areas - The report highlights the computational power supply chain and satellite internet as key areas of interest. AMD's agreement with OpenAI for a GPU supply worth up to $90 billion is expected to significantly impact the hardware market [3][4]. - The acceleration of satellite internet operations in China, with ongoing developments in satellite service licenses, is also emphasized, particularly in the manufacturing and launch segments of the satellite industry [4].

《商道创投网》2025年10月5日从官方获悉：深圳市时代速信科技有限公司（以下简称"时代速信"）近 日完成了由无锡梁溪区政府联合无锡市梁溪科创产业投资二期基金合伙企业（有限合伙）（以下简 称"博华资本"）独家投资的数亿元人民币D轮融资。 《商道创投网》创业家会员·单位简介 时代速信成立于2017年，总部位于深圳，同时在北京、成都、无锡等地设有子公司。公司研发团队规模 达150余人，汇聚了来自Qorvo、NXP、英飞凌、华润微等国内外知名企业的资深专家，团队成员均具 备10年以上的丰富产业经验。公司专注于提供第一代Si RF、第二代GaAs、第三代GaN半导体芯片及模 组设备的全面解决方案，已成功研发出2000余款芯片，其中数百款芯片已广泛应用于国内多个重点项目 的型号列装，有效打破了国外技术垄断，实现了进口替代。 《商道创投网》创业家会员·本轮融资用途是什么？ "本轮融资将主要用于加速公司在新一代卫星互联网等领域射频芯片及模组的研发与量产，同时支持我 们在无锡市梁溪区卫星物联网产业基地的研发生产基地建设。" 时代速信创始人表示，通过本轮融资， 公司将进一步提升在高端射频芯片领域的技术实力和市场竞争力，推动卫星 ...

Investment Rating - The industry investment rating is "Accumulate (Maintain)" [2] Core Viewpoints - The report indicates that the high-quality development of the Beijing Stock Exchange (北交所) is expected to yield significant results in 2025, with a positive outlook for the overall performance of the exchange in the coming year [21] - The report highlights the performance of the North Exchange 50 Index, which experienced a decline of 3.11% to close at 1528.98 points as of September 28, 2025, while other indices such as the Shanghai and Shenzhen 300, ChiNext, and Sci-Tech 50 showed increases of 1.07%, 1.96%, and 6.47% respectively [3][6] - The report emphasizes the average market capitalization of the 277 constituent stocks in the North Exchange, which stands at 3.138 billion yuan, and notes a significant valuation premium compared to other A-share markets [8][11] Summary by Sections 1. North Exchange Market Overview - As of September 28, 2025, the North Exchange has 277 constituent stocks with an average market capitalization of 3.138 billion yuan [6] - The North Exchange A-shares had a median PE ratio of 47 times, significantly higher than the median PE ratios of 29 times for the entire A-share market, 39 times for ChiNext, and 41 times for Sci-Tech Board, indicating a valuation premium of 164%, 121%, and 116% respectively [8] 2. Industry Performance - The top five performing industries in the A-share market for the week were electrical equipment, non-ferrous metals, electronics, media, and public utilities, with respective increases of 3.86%, 3.52%, 3.51%, 0.63%, and 0.28% [11] 3. North Exchange Individual Stock Performance - Among the 277 stocks listed on the North Exchange, 19 stocks increased in value, while 256 stocks decreased, resulting in an increase ratio of 7% [13] 4. New Stocks on the North Exchange - As of September 28, 2025, 19 companies, including Dongsheng Jin Material and Baiying Biological, have reached the inquiry stage, while three companies, including Jingchuang Electric and Dapeng Industrial, are in the registration stage [17][18] 5. Investment Strategy for the North Exchange - The report suggests focusing on several sectors for investment in 2025, including: 1. Data Centers: KLT and Shuguang Shuchuang 2. Robotics: Suzhou Axis, Audiwei, Jun Chuang Technology, and Fuheng New Materials 3. Semiconductors: Hualing Co. and Kaide Quartz 4. Consumer Goods: Taihu Snow, Boshenglong, Lusi Co., Kangbiter, and Thunder God Technology 5. Military Information Technology: Chengdian Guangxin and Xingtuzhihui [21]

Group 1 - The central enterprise innovation-driven index increased by 0.56% as of September 30, 2025, with notable stock performances including Guorui Technology up 8.47% and Changdian Technology up 7.97% [3] - The central enterprise innovation-driven ETF (515900) rose by 0.52%, with a latest price of 1.56 yuan, and has shown a cumulative increase of 0.58% over the past week, ranking 1/4 among comparable funds [3] - The trading volume of the central enterprise innovation-driven ETF was 703.54 million yuan, with a turnover rate of 0.2%, and an average daily trading volume of 23.81 million yuan over the past year, ranking first among comparable funds [3] Group 2 - The Ministry of Industry and Information Technology has granted China Mobile a license for satellite mobile communication services, allowing major telecom operators to engage in satellite communication, enhancing emergency, maritime, and remote area communications [3] - The issuance of satellite internet licenses is expected to accelerate technological breakthroughs and commercial applications in the satellite sector, with a clear development path for the satellite industry, including breakthroughs in manufacturing, launching, and demand [4] - The central enterprise innovation-driven ETF has seen a significant scale increase of 24.85 million yuan over the past week, ranking 1/4 among comparable funds [4] Group 3 - The central enterprise innovation-driven index evaluates the innovation and profitability of state-owned enterprises, selecting 100 representative listed companies to reflect the overall performance of innovative state-owned enterprises [4] - As of August 29, 2025, the top ten weighted stocks in the central enterprise innovation-driven index accounted for 33.39% of the total index, including companies like Hikvision and China Southern Power Grid [4]

Core Viewpoint - The commercial space industry is recognized as a trillion-dollar market, with significant developments and investments, yet it still faces challenges in achieving profitability and stability [1][2][3]. Group 1: Industry Development - The commercial space sector has seen the emergence of companies aiming for initial public offerings, with notable advancements in satellite internet and launch capabilities [2][3]. - The "Starlink" project has accelerated the pace of satellite launches, with a record of 38 satellites launched in a short period [2]. - The industry has experienced a shift in focus from "hard technology" to more immediate trends like smart driving, indicating a potential lack of excitement in commercial space developments [3]. Group 2: Investment Landscape - Significant funding has been raised in the commercial space sector, with companies like Xinghe Dynamics securing a record 2.4 billion in Series D financing [2]. - The overall financing scale for the industry exceeded 20 billion last year, marking a new high and indicating growing investor interest [21]. - The presence of numerous unicorns in the commercial space sector suggests a maturing investment landscape [21]. Group 3: Technological Advancements - The industry is witnessing breakthroughs in rocket technology, with 12 successful launches by private companies in 2023 [22]. - The focus on reusable rocket technology is critical for reducing launch costs, with several companies making progress in this area [22][30]. - The satellite internet initiative is gaining momentum, with significant projects like "Starlink" and "G60" pushing for rapid deployment and operational capabilities [26]. Group 4: Market Dynamics - The commercial space sector is increasingly targeting large clients and government contracts, with companies eager to integrate into supply chains [18]. - There is a notable shift towards providing comprehensive industry solutions rather than merely selling satellite data, indicating a more integrated approach to market needs [18][19]. - The industry is expected to undergo consolidation, with weaker players likely to exit the market, reflecting a maturation process [46][47].