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东吴证券:科技成长风格占优 建议关注机器人、人工智能等方向
news flash· 2025-05-25 02:29
东吴证券研报指出,预计A股将开启新一轮"东升西落"交易,弱美元驱动的流动性外溢将利好非美市 场,中国资产受益,科技成长风格占优。具体配置方向包括机器人、人工智能、AI端侧设备、算力产 业链、可控核聚变、军工信息化、无人驾驶、创新药、固态电池、AI agent、低空经济、卫星互联网 等。 ...
上海中广云智投: 看到别人赚钱就焦虑?如何制定适合自己的节奏
Sou Hu Cai Jing· 2025-05-24 13:32
Group 1 - The core viewpoint emphasizes the importance of understanding one's own capital attributes and managing expectations to establish a scientific investment rhythm [1][3] - Capital attributes are fundamental to investment decisions, with different types of funds (emergency, retirement, idle) requiring distinct strategies based on their usage timeline and risk tolerance [1] - The management of return expectations is crucial, as short-term high returns often come with high risks, and investors should utilize historical data to assess potential returns over a five-year period [1] Group 2 - An anti-fragile investment framework is recommended, utilizing a core-satellite model where 60%-70% of funds are allocated to stable assets like index funds and government bonds, while 30%-40% can be invested in thematic ETFs or quality stocks for excess returns [3] - A regular rebalancing mechanism is advised, suggesting adjustments to asset allocation every six months to enforce a buy low, sell high strategy [3] - Decision-making isolation is essential, with predefined responses to different market conditions based on quantitative indicators to prevent emotional trading [3]
开启AI太空征途 我国“三体计算星座”进入组网阶段
Core Insights - The successful launch of the "Three-body Computing Constellation" marks China's entry into space-based AI development, with the first batch of 12 satellites deployed, indicating the start of a new era in space computing infrastructure [1][2][3] Group 1: Satellite Launch and Capabilities - The "Three-body Computing Constellation" consists of 12 satellites, each with a maximum single-satellite computing power of 744 TOPS, contributing to an overall capability of 5 POPS and a storage capacity of 30 TB [1][3] - The constellation aims to achieve a total computing power of 1000 POPS once fully operational, positioning itself as a foundational infrastructure for space computing [1][3] Group 2: Technological Advancements - Unlike traditional satellites that rely on ground processing, the "Three-body Computing Constellation" processes data in space, significantly improving data handling efficiency and reducing the loss of satellite data [2][3] - The satellites are equipped with onboard intelligent computing systems and inter-satellite communication systems, enabling real-time data processing and model deployment in space [3] Group 3: Future Plans and Scale - Future plans for the "Three-body Computing Constellation" include expanding to approximately 1000 satellites, with over 50 satellites expected to be deployed by the end of this year and around 100 by 2027 [5] - The "Star Computing Plan" aims to deploy a total of 2800 computing satellites, creating an integrated computing network between space and over 100 ground computing centers [5] Group 4: Industry Context and Global Competition - The launch signifies China's strategic move in the global space computing race, with the global computing capacity growing by 40% year-on-year as of the end of 2023 [8][10] - While the U.S. focuses on commercial innovation and military applications, Europe and Japan are still in the planning and validation stages for their space computing initiatives [9][10] Group 5: Market Potential - The global market for in-orbit data centers is projected to reach $39.09 billion by 2035, with a compound annual growth rate of 67.4% over the next decade, highlighting the increasing importance of computing satellites in national space capabilities and digital sovereignty [10]
震有科技(688418)每日收评(05-23)
He Xun Cai Jing· 2025-05-23 08:46
震有科技688418 主力成本分析 27.60 元 当日主力成本 28.79 元 时间: 2025年5月23日星期五 39.26分综合得分 偏弱 趋势方向 5日主力成本 29.80 元 20日主力成本 30.93 元 60日主力成本 周期内涨跌停 过去一年内该股 涨停 短期压力位 28.19 0次 跌停 1 次 技术面分析 29.80 短期支撑位 31.75 中期压力位 28.19 中期支撑位 股价跌破短期支撑位,短线观望为宜; 股价跌破中期支撑位,中期主力资金做多意愿不强,以观望为 宜 K线形态 ★三只乌鸦★ 可能见顶回落 ★双飞乌鸦★ 行情将见顶回落 资金流数据 2025年05月23日的资金流向数据方面 | 主力资金净流出1039.24万元 | | --- | | 占总成交额-8% | | 超大单净流出244.70万元 | | 大单净流出794.54万元 | | 散户资金净流入121.90万 | 关联行业/概念板块 通信设备 -1.58%、国产软件 -1.98%、卫星互联网 -2.15%、量子科技 -1.20%等 (以上内容为自选股写手差分机完成,仅作为用户看盘参考,不能作为操作依据。) 风险提示:以上内 ...
预见2025:《2025年中国商用遥感卫星行业全景图谱》(附市场现状、竞争格局和发展趋势等)
Qian Zhan Wang· 2025-05-23 03:20
Industry Overview - Remote sensing satellites are defined as application satellites that utilize sensors onboard to detect the Earth's surface and lower atmosphere for information gathering. They can operate in orbit for several years and cover specified areas continuously when in geosynchronous orbit [1][2]. - The remote sensing satellite system consists of two main components: the satellite platform and the payload system, which includes various subsystems such as power units, antennas, and control electronics [1]. Industry Chain Analysis - The upstream of the commercial remote sensing satellite industry includes satellite manufacturing, launch services, and ground equipment manufacturing. Manufacturing involves materials, chips, and propulsion systems, while launch services cover rocket development and delivery [5][6]. - The midstream consists of commercial remote sensing satellite operations, primarily involving ground operators and data operators who sell data products and provide service solutions [6][8]. - The downstream application areas are divided into B-end (government and enterprises) and C-end (consumers), with various information products and services distributed to users [6][8]. Industry Development History - The Chinese commercial remote sensing satellite industry has evolved from non-existence to a significant presence, driven by policy support since 2014. The establishment of companies like Changguang Satellite Technology marked the beginning of commercial remote sensing in China [10][11]. - The period from 2015 to 2019 saw rapid development, with the emergence of private companies and significant projects like the "Beijing No. 2" satellite [11]. - Since 2020, the industry has entered a phase of large-scale commercialization, with numerous companies announcing satellite constellation and launch plans [11]. Industry Policy Background - The importance of satellite remote sensing has been emphasized in national strategies, with various supportive policies introduced to promote the industry and its applications [15][16]. Current Industry Status - China has seen a significant increase in remote sensing satellite launches, with 105 satellites launched in 2022, surpassing the US for the first time. In 2023, over 160 satellites were successfully launched [19][22]. - By the end of 2023, China had more than 323 commercial remote sensing satellites in orbit, with a diverse range of data types and enhanced capabilities [22][27]. Commercial Remote Sensing Satellite Market - The market for commercial remote sensing satellites in China has been steadily growing, driven by policy support, technological advancements, and diverse market demands. The industry scale exceeded 270 billion yuan in 2023, with direct benefits surpassing 50 billion yuan [26][27]. - The commercial operation models include self-owned satellite operators who develop and launch their satellites and those who purchase data for processing and resale [23][26]. Competitive Landscape - The commercial remote sensing satellite industry features a mix of cooperation and competition among companies. The competitive landscape is dynamic, influenced by manufacturing cycles, application demands, and market evaluations [28][29]. - The first tier of competition includes leading companies with comprehensive capabilities across the industry chain, while the second and third tiers focus on specific operational models and data services [28][29]. Future Industry Trends - The market for remote sensing satellites is expected to grow at around 10% annually, potentially exceeding 37.2 billion yuan by 2030, driven by increasing applications in various sectors [32][35]. - Future trends include technological innovations in satellite miniaturization, high-resolution imaging, and AI data processing, alongside expanding applications in agriculture, environmental monitoring, and disaster management [35].
智能网联汽车ETF(159872)表现活跃,政策加码车联网示范区建设加速
Xin Lang Cai Jing· 2025-05-23 02:34
Group 1 - The smart connected vehicle ETF (159872.SZ) increased by 0.33%, with its associated index CS Vehicle Networking (930725.CSI) rising by 0.09% [1] - Major component stocks such as BYD rose by 2.05%, Aerospace Science and Technology by 2.22%, and CATL by 0.88%, reflecting a positive market sentiment towards the new energy vehicle and smart connected industry chain [1] - According to the latest survey by the China Passenger Car Association, the narrow passenger car retail market is expected to reach approximately 1.85 million units this month, representing a year-on-year growth of 8.5% and a month-on-month increase of 5.4% [1] Group 2 - Galaxy Securities noted that satellite communication is being integrated into high-level autonomous driving emergency link systems, particularly in western and high-speed scenarios, complementing 5G and vehicle-road collaboration [2] - The domestic policy continues to support "smart connected vehicles" and "vehicle-road collaboration," accelerating the construction of national smart connected vehicle demonstration zones and driving demand for vehicle communication [2] - The battery swap model, represented by CATL, enhances efficiency by reducing vehicle energy consumption and battery replacement costs, with applications in vehicle networking infrastructure such as NIO's battery swap stations [2]
股票组合偏离度管理的几个方案:锚定基准做超额收益
GOLDEN SUN SECURITIES· 2025-05-22 23:30
证券研究报告 | 金融工程 gszqdatemark 2025 05 22 年 月 日 量化分析报告 锚定基准做超额收益——股票组合偏离度管理的几个方案 证监会于 5 月 7 日发布了《推动公募基金高质量发展行动方案》,主动权 益基金经理们未来或将会更加重视基准,锚定基准创造超额收益,那么在 控制偏离度的情况下创造超额有哪些简单可行的方案? 风格、行业、个股偏离选择哪个?从主动股基的收益归因来看,主动权益 整体呈现"亏风格、平行业、赚个股"的显著特征。因此主动股基的股票 投资组合想要锚定基准做出超额收益,应该把重心放在如何挖掘个股 alpha 上面,风格和行业层面可以尽量控制和基准之间的偏离度不要太大。 方案①:核心卫星化,W%锚定基准+1-W%主动管理 方案:类似于核心卫星策略,拿出 W%的仓位用于锚定基准指数作为核心 部分,剩下(1-W%)的仓位用于实践股票配置观点作为卫星部分。 结论:方案①可以在不降低该基金超额收益的情况下更好地控制跟踪误差 和降低业绩偏离度,投资中参数 W 可以根据产品的考核要求进行选择, 例如要求年化跟踪误差小于 10%、最大日度偏离度小于 2%,则参数 W 可 以考虑设置为 40 ...
上海浦东:加大财政科技投入 探索设立浦东自然科学基金
news flash· 2025-05-22 07:21
智通财经5月22日电,上海市政府介绍《关于进一步深化改革创新 加快科技服务业高质量发展的若干意 见》有关情况。浦东新区科经委副主任张彤表示,下一步,浦东新区将在市级部门的指导下,坚持"创 新策源-创新转化-生态建设"的链式发展思路,加快科技服务业高质量发展,推进国际科创中心核心区 建设。在服务保障国家实验室和重大科技基础设施建设的同时,加大大科学设施平台资源进一步向企业 用户开放共享。加大财政科技投入,探索设立浦东自然科学基金,引入企业联合基金模式,撬动社会资 本,共同参与科技创新投入。在具身机器人、合成生物、卫星互联网等领域,强化科技公共服务平台建 设。打通高校院所与本地孵化载体、大企业开放创新中心、特色园区衔接路径,推动产业链上下游协同 创新,提升产业整体竞争力。 上海浦东:加大财政科技投入 探索设立浦东自然科学基金 ...
国泰海通|军工:太空计算卫星星座成功发射,美将研发新战机
报告导读: 军工板块下跌,我国成功发射太空计算卫星星座。美国务院批准对阿联酋新 军售,特朗普宣布将研发F-55战机。大国博弈加剧是长期趋势,军工长期向好。 大国博弈加剧是长期趋势,军工长期向好。 我们认为,大国博弈加剧是长期趋势,据中国青年报,美国及 其盟友国防战略重心逐步向印太转向,中国周边紧张局势可能逐步加剧,和平需要保卫,加大国防投入是 必选项,军工长期趋势向好。 2027 年要确保实现建军百年奋斗目标,十四五期间有望加速补短板。 军工板块下跌,我国成功发射通信技术试验卫星十九号。 1) 上周 (5.11-5.16) 上证综指上涨 0.76% , 创业板指数上涨 1.38% ,国防军工指数下跌 1.61% ,跑输大盘 2.37 个百分点,排名第 29/29 。 2) 据新华社消息, 5 月 13 日 2 时 09 分,我国在西昌卫星发射中心使用长征三号丙运载火箭,成功将通 信技术试验卫星十九号发射升空,卫星顺利进入预定轨道,发射任务获得圆满成功。 3 )国防部要求菲方 停止一切侵权挑衅的危险举动。 4 )据法新社 5 月 12 日报道,美国官员 12 日表示,在总统特朗普本 周访问阿联酋之前,美国国务院 ...
Why Viasat Is Losing Altitude Today
The Motley Fool· 2025-05-21 15:01
Core Insights - Viasat reported an unexpected quarterly loss of $0.02 per share for its fiscal fourth quarter, with revenue of $1.15 billion, contrasting with Wall Street's expectation of a $0.04 profit on slightly lower revenue [3][4] - The company experienced a net loss of $246 million, which included a $169 million noncash write-down related to its Europe and Middle Eastern ground network [3][4] - Despite the loss, Viasat generated a positive free cash flow of $51 million, significantly better than the anticipated negative free cash flow of $75 million [4] Financial Performance - Defense sales increased by 11% in the quarter, while communications services sales declined by 4% [4] - Viasat has a substantial debt of $5 billion, balanced by $1.61 billion in cash and $1.14 billion in borrowing capacity [6] Strategic Developments - The deployment of Viasat's latest generation of satellites has been slightly delayed, with the second VS3 satellite now expected to launch in early 2026 instead of late 2025 [5] - The company anticipates approximately $1.3 billion in capital expenditures for the new fiscal year, indicating a potential cash burn in 2026 [6] Future Outlook - The bullish perspective suggests that Viasat could leverage the current fiscal year to enhance its business and manage its debt, aiming for positive free cash flow by 2027 [7] - If successful, this could lead to an increase in stock value, although investors are advised to maintain a diversified portfolio due to inherent risks [8]