Core Viewpoint - The "New Infrastructure" initiative in China emphasizes the development of the satellite internet industry, which is seen as a strategic engineering project that integrates space and ground communication systems, providing broad coverage and low-cost internet access globally [1][2]. Group 1: Concept and Characteristics - Satellite internet is defined as an internet service based on satellite communication, utilizing a network of satellites to provide broadband access to ground and aerial terminals, characterized by wide coverage, low latency, broadband capabilities, and cost-effectiveness [1][6]. - The industry is transitioning into a broadband internet era, complementing terrestrial communication systems through cooperative development [6][9]. Group 2: Industry Development Status - The global satellite industry generated a total revenue of $286 billion in 2019, with a year-on-year growth of 3.20%. The satellite service and ground equipment manufacturing sectors accounted for 90.70% of this revenue [21][28]. - Major international players like OneWeb and SpaceX have launched satellite internet plans, with SpaceX's Starlink deploying nearly 360 satellites [21][24]. Group 3: Industry Chain Analysis - The satellite internet industry chain consists of four main segments: satellite manufacturing, launching, ground equipment, and operational services. Current focus is on infrastructure construction in both space and ground segments [32][39]. - The manufacturing segment is evolving towards high-throughput satellites, with advancements in multi-beam phased array antennas and other technologies [39][40]. Group 4: Strategic Significance and Application Prospects - The construction of satellite internet has become a national strategic project in China, addressing communication challenges in remote areas, maritime operations, and emergency response [2][6]. - Key application scenarios include communication in remote regions, broadband for marine and scientific research, aviation broadband, and disaster emergency communication [2][6]. Group 5: Development Trends and Recommendations - Future trends indicate a shift towards high-frequency communication satellites to meet increasing bandwidth demands, alongside the establishment of a secure integrated network [2][6]. - Recommendations for government support in top-level design and for enterprises to accelerate deployment and technology transformation are emphasized, with investment institutions encouraged to focus on core segments of the entire industry chain [6][39].

行业报告 | 行业研究周报 通信 证券研究报告 AI 产业发展持续向好，海风和卫星通信展现积极进展 本周（04.21-04.25）行业动态： 垣信卫星与泰国国家电信达成战略合作 2025 年 4 月 24 日，上海垣信卫星与泰国国家电信正式签订战略合作框架协议，双 方将以深化商业航天及低轨卫星互联网业务合作为基础，携手推动泰国数字经济发 展。双方合作围绕卫星互联网与垂直行业的融合，探索新技术市场空间，通过市场 化运营实现互利共赢，共同开发低轨卫星新商业模式。 2GW 海上风电投资项目签约 近日，阿塞拜疆总统伊尔哈姆·阿利耶夫来华进行国事访问期间，中能建海外投资 有限公司副总经理与阿塞拜疆能源部副部长代表双方签署阿塞拜疆 2GW 海上风电 投资项目实施协议。本次签约的项目位于阿塞拜疆首都巴库东部里海海域，场址距 离陆地最近距离约 26 公里，场址面积约为 545 平方公里。 本周（04.21-04.25）投资观点： 近期进入公司年报业绩期，同时由于外部政治环境动荡扰动，市场波动较为剧烈， 整体情绪较为低落。但我们仍然看好 AI 行业作为年度投资主线，后续伴随着 DeepSeek R2/V4 等以及包括 Agen ...

Group 1: Financial Performance - In 2024, the company's revenue decreased by 5.96% and net profit declined by 13.58% due to credit impairment losses and customer factors [14][15] - The average net profit growth rate for the military electronics industry in 2024 was approximately -122%, with a median of -46.76%, indicating that the company's performance was better than the industry average [2][3] Group 2: Challenges and Responses - The company faced significant challenges in 2024, including delayed customer demand and extended contract signing cycles, which led to reduced revenue [13][15] - To address these challenges, the company plans to enhance communication with customers, optimize business processes, and accelerate order delivery [7][15] Group 3: Strategic Initiatives - The company is focusing on digital transformation to improve operational efficiency and reduce production costs [3][6] - It aims to expand its product capabilities in new fields such as low-altitude economy and satellite internet, leveraging its existing technology and resources [9][10] Group 4: Future Outlook - The company is optimistic about future growth opportunities in the defense sector, particularly in low-altitude economy and satellite internet applications [10][12] - Plans to increase international market presence and enhance brand influence through targeted product offerings and strategic partnerships [9][12] Group 5: R&D and Innovation - In 2024, the company invested approximately RMB 47.79 million in R&D, with a capitalized rate of 35%, indicating a focus on innovation [15] - The company is committed to maintaining its competitive edge through continuous technological advancements and product differentiation [11][12]

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Viewpoints - The company reported a revenue of 6.491 billion yuan in 2024, a decrease of 17.29% year-on-year, and a net profit attributable to shareholders of -279 million yuan, which represents a reduction in losses by approximately 79 million yuan compared to the previous year [1] - Despite the revenue decline, the company achieved a positive operating cash flow of 703 million yuan for the first time, indicating an improvement in operational quality [1] - The company is actively engaged in technology research and development, focusing on 6G wireless technology and satellite internet, with significant advancements in product development and a notable increase in intellectual property applications [2] - The commercial deployment of 5G-A is accelerating, with domestic and international operators launching their plans, which is expected to benefit the company significantly [3] - Future profit projections indicate a net profit of 1.9 million yuan in 2025, 10.8 million yuan in 2026, and 25.4 million yuan in 2027, suggesting strong growth potential as 5G-A and satellite internet businesses expand [3] Financial Summary - The company’s revenue is projected to grow from 6.491 billion yuan in 2024 to 10.203 billion yuan in 2027, with growth rates of -17.29%, 15.05%, 18.45%, and 15.34% respectively [5][10] - The net profit attributable to shareholders is expected to turn positive in 2025, reaching 19 million yuan, and further increasing to 254 million yuan by 2027, with corresponding growth rates of 22.0%, 107.0%, 458.7%, and 134.6% [5][10] - The price-to-earnings (PE) ratio is projected to decrease from 918X in 2025 to 70X in 2027, indicating an improving valuation as profitability increases [3][5]

Core Insights - Xingyi Lianxin has successfully completed Pre-A+ and A round financing, with funds aimed at satellite communication payload R&D and low-orbit satellite networking [2][3] - The company focuses on satellite internet, providing design and solutions for communication satellite payload systems [2] - The founder emphasizes the goal of building an integrated space-ground business system and enhancing technology development and product production [3] Company Overview - Xingyi Lianxin was established in December 2021 and specializes in satellite communication payload systems and solutions [2] - The company has demonstrated advanced capabilities in space-ground integrated communication network R&D, achieving significant milestones in compliance with 3GPP 5G NTN standards [2] - The company is expanding its business into satellite constellation planning, data applications, and terminal development [2] Investment and Market Potential - The recent financing round is supported by notable investors including Meihua Venture Capital and Liangxi Science and Technology Industry Mother Fund [2][3] - Investors recognize Xingyi Lianxin's strong technical capabilities and innovation in the satellite communication sector, particularly in low-orbit satellite networking [3] - The supportive policy environment for commercial aerospace in China is seen as beneficial for the growth of companies like Xingyi Lianxin [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The AI computing industry chain continues to show strong performance, with significant year-on-year growth in Q1 2025 across various segments, including AI chips, servers, and optical modules [5][14][15] - The demand for data centers remains robust, with companies like Vertiv and Google Cloud reporting increased orders and revenue growth, indicating a strong market outlook [16][17] - The report emphasizes the importance of domestic AI computing, satellite internet, and 6G as key investment directions, recommending specific companies within these sectors [7][25] Summary by Sections 1. Weekly Investment Insights - The AI computing industry chain has shown impressive performance in Q1 2025, with companies like Haiguang Information and Huqin Technology reporting substantial revenue and profit growth [13][14] - Vertiv's Q1 2025 report indicates a 24% increase in net sales, with strong demand for data centers driving growth [16] - Google's Q1 2025 revenue reached $90.2 billion, with Google Cloud growing by 28%, reflecting a strong demand for AI infrastructure [17][19] - ByteDance and Meituan are actively developing AI applications, indicating a growing trend in AI recruitment and development [20][22] 2. Communication Data Tracking - As of February 2025, China has 4.325 million 5G base stations, with 1.051 billion 5G mobile users, marking a 23.5% year-on-year increase [35] - The report highlights the growth in 5G infrastructure and user adoption, with a notable increase in the number of 5G mobile devices shipped [35][42] 3. Investment Recommendations - The report suggests focusing on seven key industry directions, including AIDC data center construction, IT equipment, network devices, cloud computing, AI applications, satellite internet, and 6G [25][26][27][31][32]

中信证券（600030）研报表示，2025年4月22日，铖昌科技与臻镭科技公告2025年一季报：铖昌实现营 业收入实现归母净利润0.3亿元，同比增长300.06%；臻镭科技实现归母净利润0.22亿元，同比增长 495.74%。4月17日，上海市政府副秘书长庄木弟表示力争到2027年上海商业航天产业规模达到1000亿 元以上。近期，上交所与10家商业航天进行企业座谈会，反映交易所全力支持商业航天发展 （000547）。4月18日，上海垣信最新公开两个中标/中标候选人文件，千帆星座正向地面设备环节深 化。综合核心企业的业绩、订单变化，以及产业端政策和向下游深化程度，我们认为卫星互联网行业正 在进入景气上行拐点。( ...

裘翔｜中信证券首席A股策略师 S1010518080002 策略｜"国家队"未曾减持ETF 2023年10月以来，中央汇金通过增持ETF有效稳定资本市场预期、提振投资者信心。 根据公募基金23Q4-25Q1季度披露的持有人数据，汇金持有的ETF份额未曾出现环比 净减少的情况，诸如"汇金通常在市场阶段性上涨后卖出"等传言与实际情况完全不 符。2025年4月以来，汇金持有的ETF获明显的资金净流入，且结构上更加均衡。我 们认为，A股也是中国贸易战中提振信心的关键环节，应充分相信国家维护资本市场 稳定的决心。同时，本文汇总了对这一揽子ETF资金流的跟踪测算方式，供投资者参 考。 风险因素：一揽子ETF的净申赎、成交量、净买入水平估算方式并非汇金实际净申赎 数据，与中央汇金实际增持情况存在误差。 明明｜中信证券首席经济学家 S1010517100001 债市启明｜二季度隐债置换规模与区域占比 化债资金前置发行的背景下，一季度地方债发行规模创新高，合计发行2.84万亿元， 其中化债资金1.4万亿元，包括1.3万亿元置换隐债专项债和1172亿元特殊新增专项 债。但从新增地方债的角度看，一季度发行新增一般债2791亿元，新 ...

Market News - US stock indices rose for the third consecutive trading day, with the Dow Jones up 1.23%, S&P 500 up 2.03%, and Nasdaq up 2.74%. Tech stocks saw significant gains, with Tesla, Amazon, and Microsoft rising over 3%, while Google and Meta increased by more than 2% [1] - International oil prices strengthened, with WTI crude oil closing at $62.77 per barrel (up 0.80%) and Brent crude at $66.51 per barrel (up 0.59%). Gold prices rebounded significantly, with spot gold rising 1.83% to $3347.95 per ounce and COMEX gold futures up 2.04% to $3361.30 per ounce [1] Industry Insights - The first Embodied Intelligence Robot Games will be held in Wuxi from April 24 to 26, featuring various competitions and a focus on the development of the embodied intelligence robot industry. The goal is to exceed a market scale of 30 billion yuan within three years, with an increase in industry cluster enterprises to 200 [2] - The Ministry of Industry and Information Technology and six other departments issued a plan for the digital transformation of the pharmaceutical industry from 2025 to 2030, emphasizing the integration of artificial intelligence. This initiative aims to shorten drug approval times by approximately 40% to 8 years, with significant growth expected in the AI pharmaceutical sector [3] - China's low-orbit satellite constellation "Qianfan" has completed five batches of satellite launches and is entering a phase of regular deployment. The satellite internet industry in China is projected to grow from 31.4 billion yuan in 2022 to 44.7 billion yuan by 2025, with a compound annual growth rate of 11% [4][5] - Alipay announced a new "100 Billion Merchant Support Plan" to boost business growth for merchants, which includes free upgrades of cash register equipment and special consumption subsidies. The "Tap" feature has already covered over 400 cities and connected with more than 5,000 brands [6] Risk Alerts - Weiming Pharmaceutical announced that its subsidiary Tianjin Weiming has been suspended from production and sales, which could significantly impact the company's operations. If production does not resume within three months, further risks may arise [7] - ST Tianyu reported potential issues with its 2024 financial statements, which may lead to a risk warning for its stock trading due to unresolved disputes and internal control deficiencies [7] - Jiangyan Group announced a plan for a major shareholder to reduce its stake in the company by up to 12.85 million shares, representing 2% of the total share capital [7] - Huilun Crystal received a notice from the China Securities Regulatory Commission regarding an investigation for suspected violations of information disclosure laws [8]

Market Performance - The A-share market showed mixed results with the Shanghai Composite Index rising by 0.03%, while the Shenzhen Component and ChiNext Index fell by 0.58% and 0.68% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.109 trillion yuan, a decrease of 120.7 billion yuan compared to the previous day [1] - A total of 1,545 stocks rose, while 3,694 stocks fell, with a median decline of 0.93% in stock prices [1] Technical Analysis - The Shanghai Composite Index has shown a pattern of increasing high points over the last three days, with the highest points being 3,311, 3,312, and 3,313 [2][3] - Technical indicators suggest a potential need for consolidation or correction, as the MACD on the 30-minute chart shows a double top divergence and a death cross on the 60-minute chart [3] - After a 13-day rebound, there is pressure from profit-taking, and the market's ability to break upward may depend on the outcomes of the upcoming Politburo meeting at the end of April [3] Banking Sector Insights - The four major banks have reached historical highs, with Agricultural Bank of China rising by 14.23% since the low on April 7, while Industrial and Commercial Bank of China, Bank of China, and China Construction Bank have increased by 10.45%, 10.40%, and 8.59% respectively [3] - According to a report from China International Capital Corporation (CICC), public funds' allocation to bank stocks decreased to 3.47% in Q1, down 0.2 percentage points from Q4 of the previous year, marking the first decline since the end of 2023 [4] - The banking sector remains underweight by 10 percentage points compared to the overall market, indicating a low allocation by public funds [4] Monetary Policy and Economic Measures - The People's Bank of China announced a 600 billion yuan MLF operation on April 25, which will result in a net injection of 500 billion yuan after accounting for 100 billion yuan maturing [5] - The recent monetary policy has shown a tendency towards moderate easing, with the central bank's actions reflecting a supportive stance for economic stability [5] - Shanghai's new measures to accelerate the development of the commercial aerospace manufacturing industry include financial subsidies for key products, with support reaching up to 300 million yuan [5] Satellite Internet Growth - The demand for satellite internet is expected to grow significantly due to the limitations of existing communication networks and the requirements of emerging industries like autonomous driving and IoT [6] - The commercial aerospace satellite communication industry is projected to see an overall increase of approximately 653.6 billion to 765.5 billion yuan from 2024 to 2030 [6] - The acceleration of low-orbit satellite launches in China is anticipated to lead the commercial aerospace industry into a high-growth cycle [6]