6月1日，北京市进入汛期。为加强监测预警、提升地质灾害技防能力，保障全市安全度汛，北京市规划 和自然资源委员会对10个区增加布设了1760台（套）新地质灾害监测设备。目前，全市监测设备总量达 到18类共3600多台（套），监测点位提升至每百平方公里35~36处，形成覆盖北京山区全域的突发地质 灾害自动化立体感知网络，实时保护着山区地质灾害易发区3万余名群众的生命财产安全。 2023年，在"杜苏芮"台风极端强降雨影响下，北京地质灾害专业监测网的雨量站数据传输稳定，保障了 地质灾害监测预警系统运行平稳，有效支撑了市政府地质灾害防治决策和应对工作。今年，全市监测设 备布设在数量增加的基础上，技术也实现了提升。 北京规自委相关负责人介绍，今年该市探索了更适用于本地的地质灾害监测设备，新增加了泥石流断线 报警器、雷视一体泥位计和新型崩塌监测仪。其中，泥石流断线报警器可在灾害发生时快速响应，为避 险转移争取更多时间；雷视一体泥位计集成 AI高性能处理系统，通过图像和监测数据相互验证，减少 误报情况发生；新型崩塌监测仪依据国际最新理论研发，基于静力学、动力学与运动学特征，输出30多 个监测指标，相对于传统采用位移监测的手段 ...

Group 1 - The core viewpoint highlights the recent rebound in technology sectors, particularly in military, pharmaceutical, and TMT industries, with the Sci-Tech Innovation Board ETF (589630) rising nearly 1.5% [1] - The A-share merger and acquisition market has been active this year, with significant participation from Sci-Tech Innovation Board companies, especially in sectors like biomedicine, semiconductors, and new-generation information technology [1] - Data indicates that out of 86 major restructuring events in 2025, 18 involved Sci-Tech Innovation Board companies, showing a significant increase compared to the same period last year [1] Group 2 - Dongwu Securities emphasizes the importance of self-reliance in technology, focusing on sectors such as artificial intelligence, autonomous control, new energy technology, aerospace information technology, and data elements [1] - In aerospace information technology, areas like low-altitude economy, satellites, and commercial space are highlighted as key focus points [1] - The report suggests that the AI sector should concentrate on AI agents, AI applications (like standalone software and smart terminals), humanoid robots, and autonomous driving [1] Group 3 - Western Securities notes that the level of merger and acquisition activity reflects the direction of the industrial cycle, with the highest number of mergers occurring in the automotive, electronics, and machinery sectors in 2024 [2] - The report indicates that the trends in automotive intelligence, semiconductor self-control, and high-end manufacturing are accelerating technological upgrades and industry evolution [2] - It is suggested that if AI commercialization leads to performance improvements through mergers and acquisitions, it could create a mainline market trend; otherwise, it may only represent a short-term thematic opportunity [2] Group 4 - The Sci-Tech Innovation Index ETF from Guotai (code: 589630) tracks the Sci-Tech Innovation Index (code: 000680), which includes representative stocks from the Sci-Tech Innovation Board, with an average market capitalization of approximately 11 billion [2] - The index focuses on technology innovation companies, covering more early-stage innovative firms and emphasizing hard technology sectors [2] - Investors without stock accounts can consider Guotai's linked ETFs for the Sci-Tech Innovation Board Comprehensive ETF [2]

新科技、双循环 - 科技战"紧"、关税战 "松"20250608 摘要 中美元首通话释放积极信号，工程机械行业龙头企业如三一重工、徐工 机械等受益，预计全年内需和海外市场均增长 10%-20%，利润端增长 20%-30%。 特斯拉人形机器人团队国内审厂，产业链订单逐步明朗，浙江荣泰、五 洲新春、金沃股份等确定性零部件供应商将迎来发展机遇，关注低估值 龙头华翔股份。 工程机械行业内销增速回调，但海外出口向好，龙头企业全年业绩增长 预计可达 20%-30%，甚至更高，股价回调或是投资良机，同时关注无 人物流车领域。 特斯拉人形机器人硬件技术趋于定型，未来发力软件和大脑主导领域， 核心团队负责人变动预示发展方向转变。 出海链条中，巨星科技、杰瑞股份、涛涛车业、华通线缆、捷昌驱动等 公司表现优异，华通线缆非洲项目有望超预期。 Q&A 当前科技战和关税战的形势如何变化？对相关行业有何影响？ 目前，科技战仍在持续加紧，而关税方面则趋于宽松。例如，芬太尼关税等政 策有所放松，中美领导人近期的互动也显示出这一趋势。在此背景下，自主可 控的科技路线仍需重视。对于出口链条中前期受挫较大的部分，可以适当关注 其调整机会。此外，全球 ...

Space Industry Growth - The number of satellites launched into space has grown incredibly fast [1]

行 业 及 产 业 国防军工 行 业 研 究 / 行 业 点 评 - 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 研究支持 达邵炜 A0230124030001 dasw@swsresearch.com 联系人 达邵炜 (8621)23297818× dasw@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 06 月 08 日 军贸稳步推进打开空间，推荐六月 最佳关注时点 看好 —— 国防军工行业周报（2025 年第 24 周） 重要信息回顾： 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 ⚫ 军贸体系装备进展获巴基斯坦官方验证，将极大提升行业估值空间及相关上市公司业绩 兑现能力，且随着半年报逐渐预期，以及十五五规划逐步推动，叠加抗日战争胜利 80 周年庆祝活动，我们认为军工后续将逐渐上涨，推荐六月份为最佳关注时点。 ⚫ 中国军贸进 ...

[Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2025 年 6 月 8 日 [Table_Invest]推荐|维持 [Table_Title] 博通 Tomahawk6 可支持 CPO，中美领导人直接沟通 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2025.6.2-2025.6.6）上证综指上涨 1.13%，深证成 指上涨1.42%，创业板指上涨 2.32%。本周申万通信上涨5.27%。考 虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业发 展，我们给予通信行业"推荐"评级。 细分行业：本周（2025.6.2-2025.6.6）通信板块三级子行业中，通 信网络设备及器件上涨幅度最高，涨幅为 8.33%，本周各细分板块呈 上涨趋势。 个股方面：本周（2025.6.2-2025.6.6）通信板块涨幅板块分析方 面 ， 华脉科技（ 33.74% ） 、 中 嘉 博 创 （ 33.33% ） 、 太 辰 光 （30.31%）涨幅分列前三。 建议关注方向：算力产业链、卫星互联网 1) 算力产业链：202 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The launch of Broadcom's TH6 switch chip, with a capacity of 102.4 Tbps, is expected to enhance the global computing infrastructure investment logic, supporting the next generation of AI networks [4][14] - The report emphasizes the importance of the AI computing infrastructure investment wave, highlighting the need for upgrades in communication network equipment and the development of the computing network [6][14] - The report identifies seven key investment directions within the AI computing industry chain, including AIDC data center construction, IT equipment, network devices, cloud computing, AI applications, satellite internet, and 6G [7][16] Summary by Sections Section 1: Investment Insights - Broadcom's TH6 switch chip is the first in the world to achieve 102.4 Tbps, doubling the current Ethernet switch bandwidth, and is designed to support AI clusters with over 1 million XPUs [4][13] - The TH6 chip features advanced technologies such as flexible connection options, AI-optimized routing, and support for various network topologies, making it suitable for large-scale AI network operations [5][13] Section 2: Market Review - The communication index rose by 4.06% during the week of June 2 to June 6, 2025, ranking first among the TMT sector [24] Section 3: Communication Data Tracking - As of April 2025, the total number of 5G base stations in China reached 4.439 million, with a net increase of 188,000 stations compared to the end of 2024 [25] - The number of 5G mobile phone users reached 1.081 billion, a year-on-year increase of 21.6% [25] - 5G mobile phone shipments in April 2025 were 19.889 million units, accounting for 79.4% of total shipments, with a year-on-year decrease of 1.7% [25] Section 4: Operator Performance - The report highlights strong growth in innovative business development among the three major operators, with significant revenue increases in cloud computing services [39][40] - The ARPU values for the three major operators remained stable, with slight variations noted [39][44]

01 前两天，我坐国航，从北京飞上海。 刚系好安全带，空姐走过来提醒："女士，我们这架航班配有机上Wi-Fi服务。" 我愣了一下。 不是因为她态度好，而是因为这在中国境内航线上堪比刮中了彩票。 起飞后，我激动地连上Wi-Fi，打开小红书，想起飞前刷几条段子助眠。 结果，转圈圈，黑屏，缓冲。几分钟过去，视频还没加载出来。 我一边傻等，一边看空乘已经推完一轮饮料服务。旁边大哥水都续了第二杯了，我第一条笔记还没打开。 我甚至怀疑，飞机都快飞到上海了，网还卡在首都机场T3航站楼。 但你别笑。能上网，已经是国内航班的稀有特权了。 根据民航系统数据，中国目前只有大约6%的飞机支持Wi-Fi服务。 能连上是幸运，能连上还能用，那就算开了挂。 这趟"慢网"飞行让我从期待到郁闷，直到下飞机刷新闻时，看见一条让我差点坐回登机口的消息： 到底谁更懂现代旅客的心？还真就挺难评的。 美联航已经启用了首批星链Starlink航班，用马斯克的星链技术，提供高速、低延迟、全程覆盖的空中互联网。 最离谱的是，美联航前程万里会员免费用。不加钱！不加钱！不加钱！ 公开信息显示，美联航这次不玩虚的，直接把星链装进了自家300多架支线飞机，年底前装完 ...

第一个GPS系统于1993年投入使用。几十年来，它已成为世界赖以生存的基础技术之一。GPS卫星发 射的精确定位、导航和授时（PNT）信号，其作用远不止手机上的谷歌地图。它们可以引导海上石油 钻井平台的钻头，为金融交易添加时间戳，并帮助同步世界各地的电网。 公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容 编译自 mit 科技评论 。 本月晚些时候，一颗不起眼的150公斤重的卫星将搭载SpaceX Transporter 14火箭发射升空。进入轨 道后，它将测试旨在弥补美国全球定位系统（GPS）缺陷的超高精度下一代卫星导航技术。 这颗卫星是名为"脉冲星"（Pulsar）的卫星群的首颗卫星，该卫星群由总部位于加州的Xona Space Systems公司开发。该公司最终计划在低地球轨道上部署一个由258颗卫星组成的卫星群。虽然这些 卫星的运行方式与用于GPS的卫星类似，但它们的轨道距离地球表面约12,000英里，发射的信号更 强、更精确，也更难干扰。 Xona 首席技术官兼联合创始人泰勒·里德 (Tyler Reid) 表示："正因为距离更短，我们发出的信号将 比 GPS 信号强大约一百倍。这意味着干扰 ...

Core Viewpoint - The private commercial aerospace sector is experiencing new opportunities, particularly in space infrastructure development, which is seen as a global competitive race and an explosive phase for the entire industry chain [1][2]. Company Development - Galaxy Aerospace was established in April 2018, focusing on hard technology breakthroughs and has successfully launched the first satellite using flexible solar wings, supporting the rapid deployment of China's low Earth orbit communication constellation [2][3]. - The company has expanded its supply chain partners from over 100 in 2018 to more than 1,300, with over half being private enterprises, fostering collaboration in satellite manufacturing and communication technology [4]. Innovation and Technology - Galaxy Aerospace has achieved significant innovations, including the launch of China's first low Earth orbit broadband communication satellite with Q/V frequency band capabilities, which enhances communication capacity [5][6]. - The company has developed a low-cost mass production capability for satellites, with a new generation of intelligent manufacturing facilities capable of producing hundreds of satellites [8][9]. Market Expansion - Galaxy Aerospace is actively exploring international markets, establishing ground test stations overseas, and conducting various applications based on low Earth orbit broadband satellite internet, including remote medical services [8][9]. - The global satellite launch market has seen an annual growth of nearly 20% over the past five years, with Galaxy Aerospace launching 25 advanced satellites during this period [9].