Investment Rating - Industry Rating: Outperform the market (maintained rating) [7] Core Insights - The average daily Token consumption in China has surged to over 30 trillion, reflecting rapid growth in AI application scale [1][12] - OpenAI plans to invest trillions in data center construction, indicating strong demand for computing power [2][15] - The AI computing sector is a key investment theme, with expectations for continued high demand and growth in related industries [3][29] Summary by Sections Artificial Intelligence and Digital Economy - Key recommendations include: - Optical modules & devices: Focus on companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [5][32] - Switches and server PCBs: Recommended companies include Hudian Co., ZTE, and Unisplendour [5][32] - Low valuation, high dividend companies: China Mobile, China Telecom, and China Unicom are highlighted for resource revaluation [5][32] - AIDC & cooling solutions: Key recommendations include Yingweike and Runze Technology [5][32] - AIGC applications: Focus on companies like Guohua Communication and Megmeet [5][32] Offshore Wind and Submarine Cables - Key recommendations for submarine cables include Hengtong Optic-Electric, Zhongtian Technology, and Dongfang Cable [6][33] - Companies with strong potential in overseas markets include Huace Navigation and Weisheng Information [6][33] Satellite Internet and Low Altitude Economy - The acceleration of low-orbit satellite development and low-altitude economy is emphasized, with key recommendations for Huace Navigation and Haige Communication [6][35] - Companies to watch include Chengchang Technology and Zhenlei Technology [6][35] Market Performance - The communication sector rose by 7.11% during the week, outperforming the CSI 300 index by 4.74 percentage points [36] - Notable gainers include Hengbao Co. and Guangku Technology, while significant decliners include ST Gaohong and Hengxin Dongfang [37][38]

Core Viewpoint - The recent stock performance of Aerospace Universe shows a slight increase, reflecting positive market sentiment amid advancements in China's low-orbit satellite internet constellation development [1] Company Summary - Aerospace Universe's latest stock price is 25.19 yuan, up by 0.80% from the previous trading day, with an opening price of 25.30 yuan, a high of 25.68 yuan, and a low of 25.01 yuan [1] - The company specializes in the aerospace sector, having completed the development and delivery of products such as the "Qianfan" constellation 4.5-meter measurement and control satellite feed [1] - Aerospace Universe is also involved in the development of complex station types, including vehicle-mounted stations, mobile data transmission stations, and fixed stations [1] Industry Summary - Progress has been made in the construction of China's low-orbit broadband satellite internet constellation, highlighted by the successful launch of eight low-orbit satellites using the Long March 5B rocket [1] - Industry experts anticipate that this development will stimulate demand for small satellites and commercial launches, thereby promoting the growth of the commercial aerospace industry [1] - On the funding side, Aerospace Universe experienced a net outflow of 15.39 million yuan in principal funds on the day, with a cumulative net outflow of 36.10 million yuan over the past five days [1]

Core Viewpoint - The announcement of the candidates for the 2025 launch service procurement project indicates a competitive landscape in China's commercial space sector, with three companies poised to enhance their capabilities in satellite launches and reusable rocket technology [1][4][5]. Group 1: Launch Service Procurement - The candidates for the "one rocket carrying 18 satellites" service are Blue Arrow Aerospace, Tianbing Technology, and Zhongke Aerospace, with scores ranked first to third respectively [1]. - The procurement project aims to secure a total of 7 launch services for 94 satellites, with a total bid amount of 1.336 billion yuan [7]. - The "one rocket carrying 10 satellites" service failed due to insufficient bidders, leading to a second round of public bidding for the same service [7]. Group 2: Rocket Development and Capabilities - Blue Arrow Aerospace's Zhuque-3 rocket is set for its first orbital launch and first stage recovery test in the second half of the year, with a potential cost reduction of 80% to 90% due to its reusable design [4][5]. - Zhongke Aerospace's Lijian-2 rocket is scheduled for its maiden flight at the end of August, designed for large-scale satellite constellation deployment and low-cost cargo transport, with over 20 planned reuses [5]. - Tianbing Technology's Tianlong-3 rocket aims to meet the core needs of China's satellite internet constellation, with capabilities comparable to SpaceX's Falcon 9, targeting the ability to launch over 30 satellites in a single mission [5]. Group 3: Market Dynamics and Future Prospects - The rapid development of satellite constellations, such as the Qianfan constellation, which has launched 90 satellites to date, highlights the increasing demand for launch services in the commercial space sector [7]. - The reliance on commercial rockets for satellite internet constellation deployment is expected to grow, as the current capacity of state-owned rockets is insufficient to meet the demand [8].

Core Insights - The "Industry Gathering Conference" held in Jianyang resulted in the signing of 16 major industrial projects with a total investment exceeding 10 billion yuan [3][4] - Jianyang aims to enhance its industrial capabilities and competitiveness through a structured system supported by policies, funds, and platforms [3][4] Group 1: Investment Projects - The signed projects cover high-end manufacturing, air service, and digital economy sectors, which will strengthen Jianyang's industrial chain [4] - Notable projects include the "Star Computing" satellite internet base by Guoxing Aerospace and the establishment of Donghai Airlines' Tianfu base [4][5] Group 2: Strategic Development - Guoxing Aerospace plans to leverage its capabilities in AI satellite technology to create a space computing application center in Jianyang [4] - Donghai Airlines aims to develop a strategic hub at Tianfu International Airport, expanding its route network and enhancing aviation services [5] Group 3: Project Progress - Jianyang has signed a total of 22 major industrial projects, with 44 projects already under construction and 33 projects completed and operational [6]

Core Viewpoint - The company is focusing on the development and research of core components and modules for communication payloads in the aerospace sector, particularly in inter-satellite and ground-satellite communications [2]. Group 1: Company Developments - The company has leveraged its technological expertise to explore applications of communication in the aerospace field [2]. - The products developed by the company have been applied in satellite communication, remote sensing, and telemetry [2]. - Key modules such as the spaceborne fiber amplifier (EDFA) and spaceborne shortwave infrared camera have been successfully utilized in the satellite internet industry [2]. Group 2: Industry Impact - The company's innovations are contributing to the rapid development of low Earth orbit inter-satellite laser communication [2].

格隆汇8月15日丨久之洋(300516.SZ)在互动平台表示，公司结合自身技术积累，围绕通信在航天领域的 应用进行研究与规划，目前聚焦于星间、星地之间通信载荷的核心部、组件的开发和研制。公司产品已 在卫星通信、遥感遥测等领域实现应用，自主研发的星载光纤放大器（EDFA）、星载短波红外相机等 核心模块已应用于卫星互联网行业，助力低轨道星间激光通信产业快速发展。 ...

Core Viewpoint - Tongyu Communication (002792) has developed Macro WiFi, a product specifically designed to address network communication challenges in complex outdoor environments, featuring advanced technology for long-distance transmission and high user capacity [1] Group 1: Product Features - Macro WiFi utilizes high-gain dual-beam antenna array technology, enabling a transmission distance of up to 2 kilometers and the ability to support over 200 concurrent users [1] - The product is currently undergoing certification in several countries, leveraging SpaceX's interface for satellite direct internet access [1] Group 2: Market Presence - Initial orders for Macro WiFi have been received from several countries, including the UAE, Indonesia, Myanmar, Malaysia, Nigeria, Cameroon, and Russia [1]

Core Viewpoint - The International Telecommunication Union (ITU) emphasizes the need for a capability index system for 6G that aims to break geographical limitations and reduce the digital divide. China is accelerating its satellite internet deployment, focusing on "Belt and Road" countries and remote areas, with expectations that satellite internet will become a significant part of China's digital economy infrastructure in the next three years, while also playing a crucial role in the global low Earth orbit broadband competition [1] Industry Summary - China's recent acceleration in low Earth orbit satellite launches, marked by "nine launches in three days," represents a significant milestone in the development of the country's satellite internet [1] - The traditional business of the communication industry is experiencing stable growth, with active exploration of new growth points following a recent industry rebound that has led to a recovery in valuation levels [1] Company Summary - The Communication ETF (515880) tracks the communication equipment index (931160), which selects listed companies involved in communication network infrastructure, terminal equipment, and related product manufacturing to reflect the overall performance of the communication equipment industry [1] - The index constituents focus on cutting-edge technology areas such as 5G and optical communication, demonstrating strong research and development capabilities and market competitiveness [1] - Investors without stock accounts can consider the Guotai CSI All-Share Communication Equipment ETF Connect C (007818) and Guotai CSI All-Share Communication Equipment ETF Connect A (007817) [1]

Group 1 - The company is focusing on the development and research of core components and payloads for communication applications in the aerospace field, particularly in inter-satellite and ground-satellite communication [2] - The company's products have been applied in satellite communication, remote sensing, and telemetry, with key modules such as the spaceborne fiber amplifier (EDFA) and spaceborne shortwave infrared camera being utilized in the satellite internet industry [2] - The company's efforts are contributing to the rapid development of low Earth orbit inter-satellite laser communication industry [2]

硕贝德（300322.SZ）8月15日在投资者互动平台表示，公司已完成卫通天线的研发，将积极推进相关技 术、产品迭代升级及市场化。 每经AI快讯，有投资者在投资者互动平台提问：近期商业航天，卫星互联网领域进入密集发射期和快 速组网期，行业得到快速发展，请问公司目前在这方面的布局和进展如何？ （文章来源：每日经济新闻） ...