Core Insights - The satellite internet industry is rapidly evolving, with low Earth orbit (LEO) satellite systems emerging as the preferred choice due to their advantages in transmission delay, link loss, launch flexibility, diverse application scenarios, and lower manufacturing costs [1][10][18]. Industry Overview - Satellite internet is a hot topic in satellite communication, with a promising development outlook. It utilizes satellite transponders for communication between ground stations, differing from traditional cellular communication [1][10]. - The global satellite industry is projected to grow, with an estimated market size of $308.3 billion in 2023, reflecting a year-on-year growth of 4.5% [20][21]. Competitive Landscape - Countries are engaged in a race to deploy LEO satellites, with China planning to launch over 26,000 satellites as part of its national strategy [1][29]. - Major international players include SpaceX's Starlink, OneWeb, and Telesat, while domestic companies like China Satellite Network Group and Shanghai Yuxin Satellite Technology are also making significant strides [29][32]. Industry Chain Structure - The satellite internet industry chain consists of four main segments: satellite manufacturing, satellite launching, ground equipment, and operations/services [1][34]. - In satellite manufacturing, the costs of payload and platform each account for 50% of the total, but this can decrease to 30% or even 20% with mass production [34]. Ground Equipment and Services - Ground equipment has become increasingly valuable, accounting for 52% of the global satellite industry chain by 2022, reflecting a rising trend in its importance [23]. - Satellite services are highly regulated, requiring operational licenses from the Ministry of Industry and Information Technology in China [1][34]. Technological Advancements - Phased array antennas are critical for LEO satellite communication, offering advantages over traditional mechanical antennas, such as multi-beam forming and strong anti-jamming capabilities [2][10]. - The development of high-throughput satellite technology is enhancing communication capabilities and reducing costs, making satellite internet more accessible [19].

大家早上壕！ 先看海外要闻： 美股三大指数集体收跌，纳指跌0.74%，标普500指数跌0.63%，道指跌0.24%；Meta收涨0.38%、微软收涨0.2%、谷歌A收涨0.11%、英伟达收跌 0.59%、亚马逊收跌1.91%、苹果收跌3.15%。 国内重大事件汇总： 一周券商策略前瞻： 本周券商策略分析师普遍认为，节后A股"开门红"值得期待，整个5月市场可能会呈现"权重指数稳定，科技成长活跃"的格局。 华西策略李立峰团队称，五一假期期间，中美经贸缓和预期促使全球风险偏好回暖，人民币汇率快速升值并带动中国权益资产大幅反弹，节后A 股"开门红"值得期待。 结构上， AI+有望成为5月重要主线。一方面，海外厂商AI领域资本开支维持高增，国内科技产业也处于向上突破的关键节点，5月AI领域事件催 化仍多；另一方面，强调自立自强和应用导向，中长期国内AI产业链、AI应用发展均蕴藏巨大潜力。 中信策略裘翔团队称，关税战至今，全球主流风险资产价格基本都回到原点，表明"交易事实，而非预期"应该是贸易战之下应对不确定性的第一 原则；展望5月，"为签而签"可能成为海外叙事逻辑，预计风险偏好还有回升空间，A股将继续呈现风偏回暖、主题 ...

1Q 实现扭亏为盈，低轨卫星业务扬帆 | 华泰研究 | | 更新报告 | | --- | --- | --- | | 2025 年 5 月 | 04 日│中国内地 | 通信设备制造 | 公司 2024 年实现营业收入 3.53 亿元（yoy+12.97%）；归母净利润-1.24 亿 元，同比减亏。1Q25 实现收入 1.26 亿元（yoy+84.41%），主因卫星通信 载荷收入增长；归母净利润 1323.20 万元，单季实现扭亏为盈，且高于我们 此前预期（200 万），主要受益于费用端优化。随着军工行业逐步恢复，以 及军用 5G、数据链新产品的应用，公司主业收入与利润有望迎来复苏；卫 星板块有望跟随千帆星座组网实现快速增长；随着公司收入规模扩张，费用 率有望摊薄，进而推动利润恢复。维持"买入"评级。 证券研究报告 上海瀚讯 (300762 CH) 军用区域宽带主业需求静待复苏，低轨卫星互联网构筑第二增长曲线 受行业影响，公司主业景气度尚未完全恢复，军用区域宽带产品收入及利润 均有所下滑，公司持续聚焦军用宽带通信业务，优化战术通信装备性能，巩 固行业龙头地位，并加速无人机数据链、5G 小基站等新产品研发。低轨卫 ...

公司报告 | 年报点评报告 信科移动（688387） 证券研究报告 亏损持续收窄，运营质量改善 24 年受运营商开支资本下滑影响仍亏损，但亏损收窄、经营现金流转正 公司公布 24 年年报及 25 年一季报，24 年实现营业收入 64.91 亿元，同比 减少 17%，归母净利润-2.79 亿元，同比减亏 0.79 亿元，扣非后归母净利 润-4.27 亿元，同比减亏 1.39 亿元。经营现金流净额 7.03 亿元，首次实现 转正，公司运营质量持续改善。亏损主要原因是运营商基站资本开支明显 下滑，市场有效需求不足，公司收入规模同比下降，同时保持较高强度的 研发投入水平，导致 2024 年处于亏损状态。25 年一季度实现营业收 8.15 亿元，同比减少 16%，归母净利润-1.56 亿元，与去年同期的-1.59 亿元基 本持平。 系统设备收入下降，但毛利率提升 24 年系统设备收入 13.92 亿元，同比减少 40%，毛利率提升 3.2 个百分点 至 39.34%。中标中国移动 5G 无线主设备六期集采项目、中国电信 5G 六期 工程，中国联通六期工程实现超框架落地，积极推进 5G-A 试点，5G-A 通 感试验网一 ...

公司公布 24 年年报及 25 年一季报，24 年实现营业收入 64.91 亿元，同比 减少 17%，归母净利润-2.79 亿元，同比减亏 0.79 亿元，扣非后归母净利 润-4.27 亿元，同比减亏 1.39 亿元。经营现金流净额 7.03 亿元，首次实现 转正，公司运营质量持续改善。亏损主要原因是运营商基站资本开支明显 下滑，市场有效需求不足，公司收入规模同比下降，同时保持较高强度的 研发投入水平，导致 2024 年处于亏损状态。25 年一季度实现营业收 8.15 亿元，同比减少 16%，归母净利润-1.56 亿元，与去年同期的-1.59 亿元基 本持平。 系统设备收入下降，但毛利率提升 24 年系统设备收入 13.92 亿元，同比减少 40%，毛利率提升 3.2 个百分点 至 39.34%。中标中国移动 5G 无线主设备六期集采项目、中国电信 5G 六期 工程，中国联通六期工程实现超框架落地，积极推进 5G-A 试点，5G-A 通 感试验网一期落地广东、湖北、浙江、辽宁 4 省。在海外市场，5G 系统设 备在一带一路国家和核心区域取得规模突破。 行业专网大幅增长，深耕能源、交通、教育、卫星等市场 公司报 ...

4月1日，东部战区在台湾海峡举行了海峡雷霆2025a演习。之前没有发通知，两天就结束了，这一消息 震惊全世界，掩盖了另一条重要的消息。当天中国在甘肃酒泉成功地发射了一颗卫星互联网技术实验卫 星，这意味着什么？ 这意味着中国在无线互联网科技方面取得了更多的专利。中国、美国、日本三个国家在6G无线网络专 利方面的差距已经成断崖式了，美国35.2%，日本9.9%，那么中国的占比是多少呢？ 1.各国占比比较 美国人发明了互联网没想到在互联网的应用方面，在有线互联网时代，中国不如美国，中国无线互联网 在5g领域领先于美国。在电子商务方面，中国成绩又领先于美国，不过在卫星无线互联网方面，中国走 在了美国后面。 马斯克的星链系统震惊了全世界，其应用价值已经在乌克兰充分显现了，中国在这方面绝对不能比美国 差。现在全世界都在研究6G。要想提高6G的传输水平和传输容量，那么就得充分利用卫星，尤其是低 轨卫星。 低轨卫星传输信号，不受微波中继站数量和能量的影响，可以在世界上每一个角落都收到信号，比卫星 电话都好用。随着技术更新嗯更具有独特性，那么谁取得的成就更多，不过技术很容易被别人掌握，因 此要通过专利制度来保护自己的技术，使其 ...

马斯克表示，Starlink在刚果已经可用。 ...

在这封信中，民主党人特别提到马斯克旗下美国太空探索技术公司（SpaceX）"星链"项目与其他国家之 间商业交易的报道，并引用美国《华盛顿邮报》关于印度等国在"星链"项目上达成有关协议的报道。 同样对此事进行报道的NBC称，自今年一月份以来，马斯克一直担任特朗普及其政府效率部的顾问， 同时保留了SpaceX和特斯拉首席执行官（CEO）的职位，"这是一个极不寻常的举动"。 白宫没有立即回应置评请求，SpaceX和马斯克本人暂未回应。 【环球网报道 记者 李飒】据美国广播公司（ABC）、美国全国广播公司（NBC）报道，13名美国参议 院民主党议员周五（2日）致信美国总统特朗普，对美国企业家埃隆·马斯克担任白宫高级顾问期间可能 利用其政府职务促成旗下商业项目海外交易"以谋取私利"的行为表示担忧，并呼吁对此进行调查。 ABC提到，该信援引报道称，马斯克据称"利用其政府职务之便，迫使外国政府做出让步，以谋取私 利，包括不受限制的市场准入以及与其公司签订合同，以换取美国政府的优惠待遇"。 2025年4月30日，马斯克出席特朗普在白宫举行的内阁会议。图源：外媒 目前，"星链"计划正快速向全球扩展以巩固其在卫星互联网市场的主导 ...

Group 1: Cloud Computing and AI Infrastructure - The outlook for capital expenditure from cloud giants is positive, with significant growth observed in core companies such as optical modules and copper connections in Q1 [1][2] - Google's Q1 2025 report indicated a 28% year-on-year increase in cloud revenue, with capital expenditure reaching $17.2 billion (up 43% year-on-year) and an expected annual capital expenditure of $75 billion [1] - Amazon clarified that its recent adjustments in data center leasing are part of routine capacity management and do not indicate a reduction in overall data center construction plans [1] Group 2: Domestic Computing Power and AIDC Sector - The AIDC sector is driven by expectations as new capacity investments take time to convert into revenue, with significant growth in fixed assets and construction projects reported by companies like Runze Technology and Aofei Data [3] - Changes in H20 sales regulations are expected to accelerate the adoption of domestic computing power in the second half of the year, with companies like Ascend, Haiguang, and Cambricon being highlighted as key players [3] Group 3: Optical Communication and Copper Connection - Strong capital expenditure is leading to high certainty in performance for sectors such as optical modules, PCB, copper connections, and power supplies, with companies like Zhongji Xuchuang and Xinyi Sheng reporting substantial profit increases [2] - In the copper connection sector, companies like Wolong Nuclear Materials and Dingtong Technology reported year-on-year profit increases of 39% and 212%, respectively [2] Group 4: Military Information Technology - The recovery of orders in military information technology is notable, with satellite internet projects expected to drive demand for new satellite payloads and ground terminal equipment [4] Group 5: Recommended Stocks - Key stocks to watch in the optical communication sector include Zhongji Xuchuang, Xinyi Sheng, and Shijia Photon [5] - In the copper connection sector, recommended stocks include Wolong Nuclear Materials and Dingtong Technology [6] - For domestic computing power, companies like Cambricon and Haiguang are highlighted, while in military information technology, stocks such as Chengchang Technology and Zhenlei Technology are recommended [6]

Group 1 - The National Internet Information Office and six other departments have jointly issued the "Regulations on the Management of Direct Satellite Services for Terminal Equipment," effective from June 1, 2025, which governs the provision and use of direct satellite services within China [1] - China's low-orbit satellite constellation, Qianfan, has successfully completed five batches of satellite launches, with over 600 satellites ordered, amounting to approximately 4.5 billion RMB, and plans to deliver over 200 satellites by 2025 [1] Group 2 - MGM China reported total revenue of 7.994 billion HKD for Q1 2025, a decrease of 3.2% year-on-year, with adjusted EBITDA of 2.368 billion HKD, down 5.46% [6] - China Hongqiao reported a net profit of 6.357 billion RMB for Q1 2025, representing a year-on-year increase of 46.46%, with total revenue of 40.173 billion RMB, up 15.56% [10] Group 3 - NIO delivered 23,900 vehicles in April, a year-on-year increase of 53%, while Li Auto delivered 33,939 vehicles, up 31.6% [7] - BYD's total sales of new energy vehicles reached approximately 1.3809 million units in the first four months of 2025, reflecting a year-on-year growth of 46.98% [7] Group 4 - Xinda Biopharmaceuticals reported total product revenue exceeding 2.4 billion RMB in Q1 2025, maintaining a strong year-on-year growth of over 40%, with four new drugs launched during the quarter [9] - Hansoh Pharmaceutical's HS-20089 has been approved as a breakthrough therapy for platinum-resistant recurrent epithelial ovarian cancer by the National Medical Products Administration [8]