q 证券研究报告 | 公司首次覆盖 中国电信(601728.SH) 2025 年 06 月 12 日 买入（首次） 相关研究 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 投资要点 所属行业：通信/通信服务 当前价格(元)：7.76 证券分析师 李宏涛 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 市场表现 -23% -11% 0% 11% 23% 34% 46% 57% 69% 2024-06 2024-10 2025-02 中国电信 沪深300 | 沪深300对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅(%) | 0.51 | -1.01 | -2.37 | | 相对涨幅(%) | -0.75 | -4.86 | -1.18 | | 资料来源：德邦研究所，聚源数据 | | | | 请务必阅读正文之后的信息披露和法律声明 传统业务维持稳健，产业数字化成效卓著。2020-2024 年公司营收主体仍然是传 统通信业务（移动通信服务、固网及智慧家庭服务）。2020 年 ...

Core Viewpoint - The increasing frequency of early falls of Starlink satellites is significantly linked to heightened solar activity, raising concerns about space environment safety and satellite operational stability [1] Group 1: Satellite Fall Data - From 2020 to 2024, a total of 583 Starlink satellites fell from low Earth orbit, with only 2 falling in 2020, 78 in 2021, and a dramatic increase to 316 in 2024 [1] - The annual number of fallen Starlink satellites shows an upward trend, which is highly correlated with periods of increased solar activity [1] Group 2: Geomagnetic Activity Impact - The research indicates that geomagnetic activity has a significant impact on the fall of Starlink satellites, with increased geomagnetic activity leading to earlier falls compared to periods of geomagnetic calm [1] - The study emphasizes the need for enhanced monitoring and forecasting during periods of intense solar and geomagnetic activity to prevent potential collisions and satellite debris impacts on Earth [1]

Core Insights - The research highlights the significant impact of increased solar activity on the operational lifespan of low Earth orbit (LEO) satellites, particularly those of SpaceX's Starlink, with a notable rise in satellite falls from 2020 to 2024 [1][2] Group 1: Satellite Fall Trends - From 2020 to 2024, a total of 1,190 satellites fell from very low Earth orbit (VLEO), with 583 of these being Starlink satellites [1] - The number of falling Starlink satellites has shown an increasing trend, correlating with heightened solar activity, rising from 2 in 2020 to 316 in 2024 [1][2] Group 2: Solar Activity and Its Effects - Solar activity follows an approximately 11-year cycle, with the period from 2020 to 2024 being characterized by the rising and peak phases of the 25th cycle [2] - Increased solar activity leads to significant geomagnetic disturbances, causing the Earth's thermosphere to warm and expand, which in turn increases atmospheric density and drag on LEO satellites [2] Group 3: Implications for Satellite Design and Monitoring - The design lifespan of LEO satellites like Starlink is typically around 5 years, but increased geomagnetic activity can lead to earlier re-entry into the atmosphere, shortening the descent phase by 10 to 12 days during intense geomagnetic storms [2] - The research emphasizes the need for enhanced monitoring and predictive measures during periods of intense solar and geomagnetic activity to mitigate risks of in-orbit collisions and satellite debris impacting Earth [2]

期货研究报告|卫星农业专题 2025-06-12 卫星遥感监测及产量预估报告 研究院 农产品组 研究员 邓绍瑞 010-64405663 dengshaorui@htfc.com 从业资格号：F3047125 投资咨询号：Z0015474 李馨 lixin@htfc.com 从业资格号：F03120775 投资咨询号：Z0019724 联系人 白旭宇 010-64405663 baixuyu@htfc.com 从业资格号：F03114139 薛钧元 010-64405663 xuejunyuan@htfc.com 从业资格号：F03114096 投资咨询业务资格： 证监许可【2011】1289 号 内容摘要 | 图 1: 全球重点农作物生长日历 4 | | --- | | 图 2: 当期监测区域和品种示意图 4 | | 图 3: 农产品组产量模型预估 4 | | 图 4: 农产品组产量模型预估 5 | | 图 5: 5 月底东南亚棕榈油产区 NDVI 距平图 6 | | 图 6: 马来半岛棕榈 5 月长势和环境指标对比 7 | | 图 7: 沙捞越和沙巴棕榈 5 月长势和环境指标对比 7 | | 图 8: 加 ...

Core Viewpoint - Huada Beidou is a leading provider of space positioning services in China, empowered by the BeiDou satellite navigation system, with significant advantages in chip design and GNSS solutions [3][4]. Group 1: Company Overview - Huada Beidou is headquartered in Shenzhen, China, and specializes in navigation positioning chip design, offering chips and modules that support BeiDou and major global GNSS systems [3]. - The company is recognized as the sixth largest GNSS space positioning service provider globally and the second largest among domestic companies, holding a market share of 4.8% [3]. - In the dual-frequency high-precision RF baseband integrated GNSS chip and module segment, Huada Beidou ranks fourth globally and is the largest in China, with a market share of 10.5% [3]. Group 2: Product Offerings - The company provides a comprehensive range of GNSS chips, modules, and related solutions, catering to various applications including smart transportation, IoT, and meteorological monitoring [4]. - Core products include standard and high-precision chips for consumer electronics, automotive applications, and BeiDou short message satellite communication chips [4]. Group 3: Financial Performance - Revenue for the fiscal years 2022, 2023, and 2024 was approximately RMB 697.997 million, RMB 645.136 million, and RMB 840.286 million, respectively [5]. - The company reported net losses of approximately RMB 92.612 million, RMB 288.916 million, and RMB 141.269 million for the same periods [5]. - Gross profit figures were RMB 83.685 million, RMB 67.919 million, and RMB 81.967 million for 2022, 2023, and 2024, respectively [5].

Core Viewpoint - Viasat's shares experienced a more than 3% increase following the announcement of its Digital Bus connectivity system being deployed by Satélite Norte in Brazil, contrasting with a 0.3% decline in the S&P 500 on the same day [1]. Group 1: Product Deployment - Viasat announced that Satélite Norte is the first entity to implement its Digital Bus connectivity system, which provides satellite connections for passengers on buses operating between Goiânia and São Paulo [2]. - The distance between Goiânia and São Paulo is over 500 miles, indicating that Viasat's system will be extensively utilized on this route [4]. Group 2: Market Context - Bus transport is highly popular in Brazil due to the country's vast distances and the high costs or lack of air and rail routes, making it a primary travel option for many [4]. Group 3: Monetization and Competitive Advantage - Viasat's Digital Bus system allows bus operators to implement monetization strategies through targeted advertising and to gather passenger feedback and insights, highlighting the system's dual benefits of convenience and revenue generation [5]. - The positive investor reaction to the product launch is seen as justified, emphasizing Viasat's competitive advantages in the market [5].

今年，一批商业火箭、商业卫星将陆续升空，中国航天正迎来"技术突破"和"规模爆发"双重拐点。 2015年，国家发展改革委等多部门联合颁布《国家民用空间基础设施中长期发展规划（2015—2025 年）》。这一年，被业内称为"中国商业航天元年"，商业航天发展迎来战略机遇期。 10年来，从基础设施建设到在轨卫星数量，从科技创新水平提升到人才体系建设，我国商业航天政策体 系持续完善、应用场景不断拓宽、全产业链快速发展，曾经遥不可及的航天科技，正借助商业力量走进 千家万户，赋能千行百业。 构建多元竞合新生态 与传统航天工业单纯依靠国家投入与牵引的单轮驱动模式不同，商业航天的显著特点是实现国家战略与 经济效益的双轮驱动。经过多年探索，我国商业航天参与主体日益多元，不仅有承担战略科技重任的国 家队，更有混合所有制企业、民营企业等，构建起产业链完备、市场竞争充分的发展格局。 日前，中国航天科技集团有限公司第六研究院自主研发的140吨级重复使用液氧甲烷发动机整机试验取 得圆满成功，标志着我国在开式液氧甲烷发动机领域达到新高度。该发动机将在天地往返运输系统、可 重复使用运载器以及大运力火箭等关键领域发挥核心作用，为商业航天发展筑牢 ...

Core Viewpoint - The company experienced a significant decline in performance in 2024, with a notable drop in net profit and cash flow, attributed to increased operational costs and a challenging market environment [2][14][20]. Financial Performance - In 2024, the company achieved operating revenue of 294 million RMB, a year-on-year increase of 0.93%, but the net profit attributable to shareholders was only 1.63 million RMB, down 96.17% [2][15]. - The net cash flow from operating activities was -63.39 million RMB, a decline of 493.39% compared to the previous year [2][15]. - The company’s gross profit margin decreased from 74.19% to 72.64%, reflecting increased costs [15][20]. Business Segments - Revenue from cybersecurity products and services, as well as from the cyberspace mapping business, both saw a decline of 5-6% year-on-year [2][10]. - The newly acquired satellite internet security business generated revenue of 17.94 million RMB in 2024 [2][10]. Customer and Sales Analysis - The company provided detailed information on its top five customers, including contract amounts and sales models, indicating a focus on direct sales and channel partnerships [3][4]. - The sales model includes direct sales to end-users and channel sales through various partnerships [7][10]. Market Context - The overall cybersecurity market in China faced challenges, with 29 listed companies reporting a total revenue decline of 5% in 2024, and 17 companies reported losses, indicating a tough competitive landscape [7][18]. - The company’s performance aligns with industry trends, where many peers also experienced significant profit declines [18][20]. Strategic Initiatives - The company is investing heavily in expanding its sales and R&D teams to enhance its competitive position, with a focus on long-term growth despite short-term financial pressures [14][19]. - The satellite internet security business is seen as a strategic growth area, leveraging existing capabilities in cybersecurity and mapping technologies [12][13][20].

Core Viewpoint - The company, Yuanjiang Shengbang Security Technology Group Co., Ltd., reported a significant decline in its financial performance for the fiscal year 2024, with a notable drop in net profit and cash flow, raising concerns about its operational efficiency and market conditions in the cybersecurity industry [3][4][8]. Financial Performance Summary - In 2024, the company achieved operating revenue of 294 million RMB, a year-on-year increase of 0.93%, but the net profit attributable to shareholders plummeted by 96.17% to 1.6285 million RMB [3][4][15]. - The company reported a net cash flow from operating activities of -63.39 million RMB, a decline of 493.39% compared to the previous year [3][4][15]. - The cybersecurity products and services segment saw a revenue decline of 5%-6%, while the gross profit margin for the spatial mapping business decreased to 77.44%, down from the previous year [3][4][10]. Business Segment Analysis - The company identified its top five clients across different business segments, detailing contract amounts, performance progress, and sales models, indicating a direct sales approach for most clients [4][6][7]. - The newly introduced satellite internet security business generated revenue of 17.9434 million RMB in 2024, marking its first year of operation [3][10][11]. Industry Context - The cybersecurity industry faced challenges in 2024, with a reported 5% decline in total revenue among 29 listed cybersecurity companies, indicating a broader market downturn [8][19]. - The company’s performance aligns with industry trends, as many peers reported losses or declining profits, reflecting the overall economic environment and market pressures [19][22]. Cost Structure and Profitability - The increase in employee compensation significantly impacted the company's profitability, with total salary expenses rising by 36.88% to 85.3974 million RMB [15][16]. - The company’s gross profit margin decreased to 72.64%, down from 74.19% in the previous year, primarily due to rising operational costs [15][16]. Future Outlook - The company plans to enhance its product offerings and expand its sales team to improve market competitiveness, with a focus on key industries such as public safety and energy [15][16]. - The management anticipates that the investments made in 2024 will yield results starting in 2025, as the cybersecurity market continues to evolve [19][22].

Group 1 - The stock of Ruichuang Micro-Nano (688002) has a comprehensive score of 59.48, indicating a strong performance [1] - The main cost analysis shows that the current main cost is 61.58 yuan, with a 5-day main cost of 62.64 yuan, a 20-day main cost of 60.26 yuan, and a 60-day main cost of 58.67 yuan [1] - In the past year, the stock has reached its upper limit twice, while there have been no instances of hitting the lower limit [1] Group 2 - As of June 11, 2025, the stock has a short-term pressure level of 63.88 yuan and a short-term support level of 61.21 yuan [2] - The mid-term pressure level is also at 63.88 yuan, with a mid-term support level of 57.30 yuan [2] - The current trend is unclear, with the market waiting for the main funds to choose a direction [2] Group 3 - On June 11, 2025, the net outflow of main funds was 502.64 million yuan, accounting for -3% of the total transaction amount [2] - The net outflow from large orders was 372.66 million yuan, while retail investors saw a net inflow of 205.39 million yuan [2] - Related industry sectors include semiconductors (0.42%), national security (0.47%), satellite internet (-0.39%), and drones (0.37%) [2]