Core Viewpoint - The company, ST Creative, has not yet engaged in the layout and research of space computing data centers and satellite internet products, but it plans to explore relevant technologies in the future based on industry trends and its own business layout [1] Group 1 - The company and its subsidiaries currently do not have direct involvement in space computing data centers [1] - The company will actively explore the integration of relevant technologies in line with industry technological iterations and its business layout [1] - Any significant developments will be disclosed in accordance with information disclosure rules [1]

格隆汇12月4日丨ST创意(300366.SZ)在投资者互动平台表示，公司参股子公司创智联恒全面深化卫星互 联网业务布局，形成 "空间段 - 地面段 - 用户段" 端到端产品体系。在用户段产品中，创智联恒涉及到 终端基带产品的卫星行业应用领域，已开始与产业相关厂家广泛合作。 ...

格隆汇12月4日丨ST创意(300366.SZ)在投资者互动平台表示，公司参股子公司创智联恒全面深化卫星互 联网业务布局，形成 "空间段 - 地面段 - 用户段" 端到端产品体系。在用户段产品中，创智联恒涉及到 终端基带产品的卫星行业应用领域，已开始与产业相关厂家广泛合作。 ...

Core Viewpoint - The acceleration of commercial aerospace development in China is expected to promote the widespread adoption of applications such as mobile direct satellite connections and Beidou messaging services [1] Group 1: Industry Development - The satellite network is considered a foundational element for the construction of 6G networks, aligning with current standards and timelines for 6G development [1] - Since August, relevant authorities have indicated plans to issue satellite internet licenses, marking a significant step towards commercial operations in China's satellite internet sector [1] - The issuance of these licenses is anticipated to drive the entire industry chain towards accelerated scaling [1] Group 2: Market Opportunities - The rapid development of satellite internet is characterized by regular satellite launches, which enhance communication capacity and reduce latency [1] - There is potential for quick implementation of applications such as mobile broadband direct satellite connections and low Earth orbit satellite network-linked intelligent driving systems [1] - Continuous recommendations are made for companies benefiting from satellite communication and satellite IoT sectors [1]

Important Market News - US stock indices collectively rose, with the Dow Jones up 0.86%, Nasdaq up 0.17%, and S&P 500 up 0.3%. Large tech stocks showed mixed results, with Tesla rising over 4% and Microsoft falling over 2% [1] - The ADP employment report for November showed a decrease of 32,000 jobs, the largest drop since March 2023, against an expectation of an increase of 5,000 jobs [2] - International gold prices saw a slight increase, with spot gold up 0.09% at $4209.29 per ounce, and COMEX gold futures up 0.46% at $4240.7 per ounce [2] - International oil prices rose, with WTI crude oil up 0.89% at $59.16 per barrel and Brent crude oil up 0.59% at $62.82 per barrel [2] Industry Insights - Blue Arrow Aerospace successfully launched the Zhuque-3 rocket, completing key flight tasks and demonstrating stable performance. The rocket's first stage did not achieve a soft landing due to an anomaly, with debris landing at the edge of the recovery site. This mission marks a significant step in space resource competition and the satellite internet sector, which is expected to grow to 200-400 billion yuan by 2030, with a compound annual growth rate of 10%-28% [3] - Tesla's CEO Elon Musk shared a video of the Optimus humanoid robot running, indicating advancements in production speed. The humanoid robot industry is anticipated to enter a critical growth phase by 2025, with significant increases in domestic production and market potential [4] - The Brain-Computer Interface Conference will be held in Shanghai, showcasing advancements in technology and industry collaboration. The global market for medical applications of brain-computer interfaces is projected to reach $40 billion by 2030 and $145 billion by 2040, highlighting the potential for treating neurological disorders [5][6] Company Updates - Panda Dairy announced that a shareholder plans to reduce their stake by 300,000 shares over the next three months [7] - Jianlang Hardware's board member plans to sell up to 3 million shares due to personal financial needs [7] - Anfu Technology's shareholder plans to reduce their stake by up to 257,820 shares within a specified period [7] - Tian Shan Aluminum announced that its actual controllers plan to reduce their holdings by up to 22,949,300 shares due to personal financial needs [8]

证券代码：002967 证券简称：广电计量 广电计量检测集团股份有限公司投资者关系活动记录表 编号：2025-010 | | 特定对象调研 | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 投资者关系 活动类别 | □新闻发布会 | 路演活动 ☑ | | | ☑ 现场参观 | | | | 其他（线上直播） ☑ | | | | 公司参加控股股东广州数字科技集团 2025 会，会议采用线上直播+线下路演的形式进行。 | 年投资者集体交流 | | 活动参与人员 | 上市公司接待人员： | | | | 董事长 杨文峰 | | | | 董事会秘书 史宗飞 | | | 时间 | 年 月 2025 12 3 日，9:00-11:30 | | | 地点 | 广州 | | | 形式 | 现场、线上交流 | | | | 杨文峰详细解读公司经营成果、核心竞争力与未来规划。 | | --- | --- | | | 公司深度践行国家发展战略，聚焦前沿科技创新赋能，全力支 | | | 撑质量强国建设，着力打造行业领先的技术服务标杆。公司在 | | | 十五五期间重点发力航空航天 ...

Market Overview - The market experienced fluctuations with all three major indices closing down, while sectors such as superhard materials, wind power, and commercial aerospace showed active performance [1][8] - Overall market sentiment was poor, with over 3,800 stocks declining and total trading volume reaching 1.67 trillion, an increase of 76.5 billion compared to the previous day [2][9] Key Trends Commercial Aerospace - The 2025 Satellite Internet Industry Ecosystem Conference is scheduled for December 4, featuring companies like Aerospace Electromechanical, Shunhao Co., Galaxy Electronics, Aerospace Development, and Tongyu Communication [3][11] - Blue Arrow Aerospace's Zhuque-3 successfully completed its secondary orbital insertion, although the first stage recovery attempt failed, which is considered normal in the industry [6][16] Computing Hardware - Credo, a leader in active copper cables, reported better-than-expected earnings, leading to a significant rise in U.S. stock prices [4][13] - Nvidia shared a positive outlook on optical technology, predicting a 20-fold increase in demand for indium phosphide (InP) materials over the next five years [4][13] - Meta is considering investing several billion dollars to purchase Google TPU, while Moore Threads is set to go public in December [3][11] Edge AI - The core issue of mobile AI agents revolves around permission management, which involves sensitive interests such as user privacy data and app usage habits [5][15] - Modifications at the operating system level are challenging, as mobile manufacturers and major apps (like WeChat) are unlikely to easily relinquish access, posing significant execution and compliance risks [5][15] Market Sentiment - High-level stocks are currently seen as emotional trading chips, with significant differentiation and volatility observed; those who have not participated previously may find it unnecessary to engage now [7][17] - The market is characterized by a lack of substantial sector opportunities, with only minor individual stocks showing potential [4][14]

Investment Rating - The investment rating for the industry is "Positive" and is maintained [6] Core Insights - The successful launch of the Zhuque-3 rocket is expected to accelerate the development of commercial aerospace in China, with 2027-2028 projected as a pivotal year for the industry [2][10] - The Zhuque-3 rocket, designed for large constellation networking tasks, demonstrates significant capabilities including a reusable design and a payload capacity of no less than 18 tons for near-Earth orbit [10] - The report emphasizes the importance of monitoring capital expenditure changes among downstream operators, as well as focusing on the related industrial chains of Shanghai Yuanxin and Zhuque-3 [2][10] Summary by Sections Event Description - On December 3, 2025, the Zhuque-3 rocket successfully completed its flight mission, marking a significant milestone in China's commercial aerospace efforts [4] Event Commentary - The Zhuque-3 rocket is a new generation of low-cost, high-capacity, and reusable launch vehicle, which is expected to support major national aerospace projects and satellite internet deployment [10] - The report highlights the stable and reliable performance of the rocket during its flight, although there was an issue with the vertical recovery attempt of the first stage [10] - The rapid development of commercial aerospace in China is anticipated, with a focus on the advancements in large thrust reusable rockets by private enterprises and research institutions [10]

Group 1 - The core logic of the report emphasizes optimism for the communication sector in 2026, focusing on opportunities in computing power, telecom operators, and satellite internet [10][11] - The report suggests a stock selection strategy that includes recommendations for companies in various segments such as networking, optical devices, liquid cooling, and copper connections [11] - The report highlights the expected dividend yields for major telecom operators, with China Mobile, China Telecom, and China Unicom projected to have dividend yields of approximately 6.3%, 5.5%, and 5.1% respectively for Hong Kong stocks [11] Group 2 - The report identifies operational risks related to AI demand growth not meeting expectations, which could slow down the conversion speed of enterprise-level AI solutions and affect infrastructure procurement [12][13] - It discusses the potential deterioration of the competitive landscape in AI hardware, as increased capital expenditure by global tech companies may lead to intensified competition [18][19] - The report notes risks associated with the satellite internet sector, particularly regarding the uncertainty of capital expenditure and the maturity of the industry [23][24] Group 3 - The report provides a risk assessment for recommended stocks, including major telecom operators, which are characterized by stable growth, high dividends, and technological growth [30] - It highlights specific risks for individual companies, such as the potential decline in gross margins for Zhongji Xuchuang due to increased competition in the 800G market [31][32] - The report also addresses the risks for companies like Yingwei and Kexin, focusing on market competition and the challenges of expanding into overseas markets [38][40]

年末行情震荡加剧，市场各类热点题材轮番上阵。 近来，"地图行情"持续火热，商业航天等新题材也备受资金热炒。 这期间，不少"妖股"频频出没，火力全开or暴跌急涨的个股更是层出不穷。 比如，日前创下13天9板"战绩"的航天发展，一日上演"地天板"航天动力等等。 资金热炒？ 11月下旬以来，商业航天概念异军突起。 在轮动的市场热点中，与消费电子、福建概念可谓"三驾并驱"。 不过在政策催化以及资金热炒过后，市场情绪开始有所冷却。 今天消费电子、福建股回调，商业航天概念则探底回升。 消息面上，蓝箭航天自主研发的朱雀三号运载火箭成功实现首飞入轨，但一级火箭回收任务未能成功。 业内机构认为，技术验证时的不确定性可能带来短期的波动。 其中，航天动力跌停又急涨，盘中上演"地天板"，午后炸板。 截至收盘，该股收涨6.46%报25.7元，成交额51.3亿元，振幅达19.97%，换手率32.78%。 此外，有望成为跨年大妖股的航天发展陷入"震荡拉锯"状态。 该股今日盘中一度跌近3%，最高涨超6%，现涨幅回落。 自11月中旬以来，航天发展涨势迅猛，近14个交易日累计涨幅超99%。 据悉，公司以航天防务信息科技为主要发展方向，但目前不涉 ...