消息面上，2025年6月18日，新华网报道科创板拟设立"科创成长层"，进一步优化市场分层结构以支持 高成长性科技企业；同期科技企业走访活动显示，金融机构正加强对科创企业的定向服务，推动产融对 接。 风险，投资需谨慎。 （文章来源：每日经济新闻） 科创创业ETF（588360）跟踪的是科创创业50指数（931643），该指数由中证指数有限公司编制，从科 创板和创业板市场中精选50只战略新兴产业上市公司证券作为指数样本，聚焦信息技术、医疗保健等高 成长性新兴行业。指数成分股普遍具有较大平均市值，并通过季度调整机制保持成分结构的动态优化， 全面反映我国科创与创业板块龙头企业的整体表现。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有 华西证券指出，科创创业50行业呈现结构性复苏态势，重点关注四大方向：1）AI+领域，国产大模型 DeepSeek以"高性能+低成本+开源"策略实现技术突围，推动AI供需关系重构， ...

这几天，SpaceX 的一则发文，让全球通信行业的目光再次聚焦。星链的手机直连卫星组网成功，意味着 SpaceX 即将开启全球手机直连卫星互联网服务的 大门。这一消息虽未引发铺天盖地的报道，却如一颗投入平静湖面的巨石，激起层层涟漪，给传统通信行业，尤其是 5G，带来了前所未有的挑战，堪称 一场降维打击。 让我们把目光拉回到日常使用的手机网络，目前其信号高度依赖基站。在城市等人口密集区域，基站星罗棋布，我们能轻松享受流畅的网络体验。但一旦 踏入偏远山区、广袤的海洋，或是行驶在没有基站覆盖路段的高铁上，手机信号便会变得微弱甚至完全消失。无论是 4G 还是 5G，这种传统的地面基站 依赖型技术路线，存在着两个难以逾越的硬伤：成本高昂与覆盖受限。在偏远地区建设基站，由于用户数量稀少，投入产出严重失衡，运营商往往要承担 巨额亏损。而在海上、天上等特殊场景，受地理条件和技术限制，基站根本无法落地建设，导致这些区域成为网络覆盖的 "真空地带"。据国际电信联盟 （ITU）2024 年发布的报告显示，全球仍有 32% 的人口，约 26 亿人，被排除在互联网世界之外，无法享受到网络带来的便捷。 车路云网络：驶向智能出行的 "高速 ...

Gilat Satellite Networks (GILT) Fireside Chat June 17, 2025 08:00 PM ET Speaker0 Hello, I'm Jay Wood, Chief Global Strategist of Freedom Capital Markets. Thank you for joining us again for our latest installment of Freedom Fireside Chats. And speaking of joining us again, we're very happy to have President of Gilat's Commercial Division, Ron Levin joining us with a nice announcement. Ron, thanks for joining us. Speaker1 Thanks for having me again, Jay. Speaker0 You just announced a $40,000,000 contract? Spe ...

Core Insights - Xiamen Kota Electronics Co., Ltd. has recently completed a Series A financing round led by Xiamen Torch Group Venture Capital Co., Ltd. This funding will accelerate the core technology research and development in the satellite communication high-frequency chip sector, product iteration, and market expansion, further consolidating its competitive advantage in the satellite communication high-frequency field [1] Company Overview - Founded in May 2014, Xiamen Kota Electronics is a high-tech enterprise focused on IC design and development. Its products are widely used in satellite communication, satellite television, satellite navigation, satellite internet, and remote sensing/sensing fields. The company has a strong R&D team composed of experienced members from renowned IC companies in Japan and China, showcasing robust independent R&D capabilities. Kota operates on a fabless model, emphasizing innovation, precision, collaboration, and win-win strategies to develop high-quality, competitive microwave RF analog integrated chips [2] Financing Purpose - The financing will primarily be used to accelerate the core technology R&D in the satellite communication high-frequency chip sector, promote product iteration and upgrades, and further expand the market. The company will continue to focus on the satellite application market, developing more high-performance integrated chips with independent intellectual property rights to meet the growing market demand for satellite communication technology [3] Investment Rationale - The investment team from Xiamen Torch Group Venture Capital highlighted that the satellite communication industry is currently in a rapid development phase, driven by policy benefits and the construction of satellite internet, indicating significant market potential. Kota Electronics has established a notable first-mover advantage due to its deep technical foundation and professional R&D team. Breakthroughs in phased array technology for low Earth orbit satellite communication have laid a solid foundation for the company's future development, which was a key reason for the investment [4] Investment Perspective - Satellite communication, as a national strategic emerging industry, has received strong support from national policies in recent years, with various encouraging measures promoting the R&D and application of satellite communication technology. Kota Electronics, as a leader in this field, represents a milestone in corporate development and injects new vitality into the entire industry. From the perspective of venture capital institutions, investing in Kota Electronics reflects a high recognition of technological innovation and market potential in the satellite communication sector. It also demonstrates a positive response to national policies and support for outstanding entrepreneurial teams. The company's continuous innovation spirit and leading position in the satellite communication sector are commendable [5]

Core Viewpoint - Zhenyou Technology has announced a private placement plan to raise up to 1.069 billion yuan, with nearly half of the funds allocated for R&D, despite previous fundraising projects failing to meet expected benefits [1][2][5]. Group 1: Fundraising and Investment Plans - The company plans to issue up to 48,138,658 new shares to no more than 35 specific investors, raising a total of no more than 1.069 billion yuan [1][5]. - Of the total fundraising, approximately 4.81 billion yuan (about 45%) will be used for R&D investments, with specific allocations of 362.12 million yuan for satellite internet communication product development and 119.53 million yuan for all-optical network system development [5][6]. - Previous fundraising efforts, including a 786 million yuan IPO in 2020, have not yielded the expected benefits, with cumulative losses reported for key projects [2][4]. Group 2: Financial Performance and Challenges - Zhenyou Technology has reported continuous losses since its IPO, with net profits of -114 million yuan, -228 million yuan, and -93 million yuan from 2021 to 2023, only achieving a slight profit of 9 million yuan in 2024 [7][13]. - The company has not distributed dividends for four consecutive years, despite significant share reductions by major shareholders, totaling several hundred million yuan [7][10]. - High levels of accounts receivable and inventory have persisted, with accounts receivable reaching 594 million yuan by the end of 2024, representing 30.51% of total assets [14][15]. Group 3: Market Reactions and Shareholder Behavior - The stock price has significantly declined from a peak of around 61 yuan to approximately 26 yuan, reflecting a drop of over 80% since the IPO [11]. - Major shareholders have engaged in multiple rounds of share reductions, leading to a shift from major to minor shareholders, raising concerns about the company's future [10][11].

Core Insights - The company has launched a new OTA upgrade for the Wanjie M9 model, enhancing over 30 features across five dimensions: intelligent driving, satellite communication, cabin experience, safety protection, and luxury details [1][2] Group 1: Intelligent Driving Enhancements - New features include the intelligent driving navigation assistance (NCA) with honking reminders for emergency lane changes, and parking assistance that supports vehicle-to-vehicle parking [1] - The NCA has been optimized to support toll booth navigation, improving experiences related to braking, lane changes, and queueing at intersections [1] Group 2: Satellite Communication - A new "Satellite Communication" app has been added to the vehicle's application center, allowing for emergency satellite phone rescue when there is no cellular network [1] Group 3: Luxury Experience Upgrades - New features include gesture control for opening doors and a kick-to-open function for the trunk, enhancing user convenience [1] - The rear control screen has been upgraded with a floating window and various display options, including real-time information on temperature and humidity [1] Group 4: Safety Features - A new life form monitoring system has been introduced, which automatically checks for living beings inside the vehicle when locked and can activate the air conditioning while notifying the user via a mobile app [2] - Additional upgrades include one-click navigation information transfer from mobile to the vehicle and enhanced AR-HUD navigation features [2]

[Table_Main] 证券研究报告 | 行业周报 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 市场表现 -17% -9% 0% 9% 17% 26% 34% 43% 2024-06 2024-10 2025-02 通信 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《中国电信（601728.SH）：高股息 带来稳健收益，数据入表+前沿布局 打开成长空间》，2025.6.12 2.《美国推出稳定币，中国数字货币 已应用推广》，2025.6.9 3.《算力卫星与金穹系统，低轨卫星 基础设施加速落地》，2025.6.3 4.《美国对昇腾禁用遭反制，生态竞 赛掀开帷幕》，2025.5.26 5.《美国 BIS 加强 AI 芯片出口管制， 算力供需将向国内回归》，2025.5.19 通信 2025 年 06 月 16 日 通信 优于大市（维持） 证券分析师 李宏涛 星链卫星坠落，低轨卫星新型基础设 施价值凸显 [Table_Summary] 投资要点： 1. 投资策略 请务必阅读正文之后的信息披露和法律声明 1.1 卫星领域"东升西落"，我国有望实现后发先 ...

Core Viewpoint - Zhenyou Technology (688418.SH) plans to raise no more than 1.096 billion yuan through a private placement to fund the "Satellite Internet Communication Product R&D and Industrialization Project" and the "All-Optical Network System R&D and Industrialization Project" [2][4] Group 1: Fundraising and Projects - The company intends to allocate 709 million yuan for the satellite internet communication project and 360 million yuan for the all-optical network system project, with a total fundraising target of 1.096 billion yuan [2][3] - The satellite internet project focuses on the R&D and industrialization of ground core network systems, onboard core networks, and satellite intelligent terminal devices, with a construction period of three years in Shenzhen [3] - The all-optical network project aims to develop AI-driven 50GPON systems and 400G/800GOTN optical transmission systems, also with a three-year construction period, located in Hangzhou [4] Group 2: Financial Performance and Challenges - Zhenyou Technology has faced a three-year period where R&D investments exceeding 400 million yuan did not translate into profits, resulting in a cumulative net profit loss of over 400 million yuan from 2021 to 2023 [2][5] - The company experienced significant cash flow issues, with operating cash flow continuously flowing out during the same period, leading to a high accounts receivable ratio exceeding 100% of revenue from 2020 to 2022 [5] - In 2024, the company reported a net profit of 27.437 million yuan and a net cash inflow of 112 million yuan, attributing the improvement to opportunities in overseas markets and satellite internet development [5][6] Group 3: Market Position and Future Prospects - Zhenyou Technology is one of the few companies capable of providing satellite 5G core network communication systems, with a focus on both high and low orbit satellite core networks [6] - Despite being in a critical segment of the satellite internet market, the core network business generated only 94 million yuan in revenue in 2024, accounting for 9.86% of total revenue [6] - The company’s previous fundraising efforts were retracted due to market conditions and concerns over the fairness of pricing, highlighting the challenges it faces in securing investor confidence [4][5]

6月13日，震有科技发布定增预案显示，公司拟募资不超过10.69亿元，用于卫星互联网通信产品研发及 产业化项目、全光网络系统研发及产业化项目。 2020年7月，震有科技上市时，募投项目有四个，其中，"产品研究开发中心建设项目"2022年被终止， 其他三个项目继续推进但效益不及预期。 长江商报记者发现，2022年至2024年，震有科技其他三大IPO募资项目累计实际效益分别为-1443.89万 元、-240.79万元和-4685.57万元，均未达到预计效益，三年累计亏损6370.25万元。 几大IPO项目均不及预期，震有科技再次大手笔募资投建新项目，前景和结果又会如何？ 震有科技的经营亟待改善。2025年一季度，公司实现营业收入1.68亿元，同比下降6.36%；净利润 202.82万元，同比下降71%。截至一季度末，公司合同负债同比下降37.72%，公司营业收入有进一步下 降的可能。 长江商报消息 ●长江商报记者 黄聪 IPO募资项目收益尚不及预期，震有科技（688418.SH）又拟伸手募资新建项目。 "5G核心网设备开发项目"原计划于2022年1月完工。受行业调整影响，该项目达到预定可使用状态的时 间被延长至2 ...

策 略 研 究 华福证券 策略定期研究 2025 年 6 月 15 日 行业热点：暑假电影档即将拉开序幕，SNEC 大会开幕。（1）暑假电 影档即将拉开序幕，中外影片供给多元。（2）SNEC 大会开幕，行业"反 内卷"共识强化。（3）多家车企承诺账期不超 60 天，产业链资金状况有 望优化。 相关报告 如何看 3400 点拉锯战？ 投资要点： 本周（6/9-6/13）市场先扬后抑，全 A 收跌-0.27%。从指数情况看， 仅创业板指收涨，中证 1000、科创 50 领跌。从风格情况看，医药医疗、 周期领涨，科技、消费领跌。本周 31 个申万行业涨少跌多，有色金属、石 油石化、农林牧渔领涨，建筑材料、家用电器、食品饮料领跌。 策 略 定 期 报 告 市场观察：股债收益差小于+1 标准差，市场情绪提振。（1）市场估 值：股债收益差下降至 1.3%，小于+1 标准差。估值分化系数有所下降。（2） 市场情绪：市场情绪提振，行业轮动强度上升。市场大盘风格占优，微盘 股指数跑赢市场，主题热度主要聚集在稀土永磁、黄金珠宝、油气开采。 （3）市场结构：市场量能环比上升，非银金融、有色金属、传媒多头个股 占比居前，美容护理、计 ...