Core Insights - The core viewpoint of the article highlights the significant advancements in China's 5G and 6G technologies, emphasizing the country's leadership in global patent declarations and ongoing research efforts in next-generation communication technologies [1]. Group 1 - As of now, China's share of global 5G standard essential patent declarations has reached 42% [1] - The first phase of 6G research and development has been completed, with over 300 key technology reserves established [1] - The integration of 5G and gigabit optical networks has penetrated 91 out of 97 categories of the national economy, demonstrating extensive application across various sectors [1] Group 2 - The industrial internet has achieved full coverage across 41 industrial categories, indicating a robust framework for economic and social development [1]

目前， 我国5G标准必要专利声明量全球占比达42%；6G研发已完成第一阶段技术试验， 形成了超300项关键技术储备，近期已经启动了第二阶段6G 技术试验。 国务院新闻办公室举行新闻发布会，介绍2025年工业和信息化发展成效有关情况。 发布会上介绍，我国已建成5G基站483.8万座，全国所有乡镇以及95%的行政村已通5G，我们建成了全球规模最大、技术领先的信息基础设施。 5G 用户规模超12亿户。 ...

北京商报讯(记者程靓)1月21日，国务院新闻办公室举行新闻发布会，介绍2025年工业和信息化发展成 效有关情况。据了解，我国已建成5G基站483.8万座，全国所有乡镇以及95%的行政村已通5G，我国建 成了全球规模最大、技术领先的信息基础设施。5G用户规模超12亿户。目前，我国5G标准必要专利声 明量全球占比达42%；6G研发已完成第一阶段技术试验，形成了超300项关键技术储备，近期已经启动 第二阶段6G技术试验。 ...

人民财讯1月21日电，1月20日，湖北发起组建6G创新发展联盟，助力湖北加速构建新型信息网络产业 生态。湖北省6G创新发展联盟由中国信科集团、烽火通信（600498）等6家单位联合发起组建，将汇聚 政、产、学、研、用各方优质资源，打破行业壁垒，开展关键技术联合攻关，加快构建自主可控、开放 共赢的产业生态，抢占未来通信技术高地。 ...

Core Viewpoint - The 2026 Future Industries New Materials Expo (FINE 2026) aims to showcase innovations in new materials, positioning China as a leader in global new material innovation and development, with a focus on future industries and technological advancements [1][2]. Group 1: Event Overview - FINE 2026 will take place from June 10 to 12, 2026, at the Shanghai New International Expo Center, featuring a total exhibition area of 50,000 square meters and over 800 exhibitors [12][34]. - The expo will include more than 300 strategic and cutting-edge technology reports, covering applications in various industries such as AI, aerospace, smart vehicles, and renewable energy [2][20]. Group 2: Focus Areas - The event will emphasize five common needs of future industries: advanced semiconductors, advanced batteries, lightweight functional materials, low-carbon sustainability, and thermal management [2][10]. - Six thematic exhibition areas will be set up, including advanced semiconductors, advanced batteries and energy materials, thermal management, lightweight and sustainable materials, new material technology innovation, and future smart terminals [12][15]. Group 3: Participation and Audience - The expo is expected to attract over 100,000 professional visitors, including industry leaders and investors, facilitating connections between startups and industry resources [34][35]. - A targeted invitation will be extended to over 5,000 industry investors to support quality startups and enhance resource accumulation [10][35]. Group 4: Supporting Organizations - The event is organized by DT New Materials, in collaboration with various associations and institutions, including the China Productivity Promotion Center and the Ningbo New Materials Industry Association [4][5]. - The organizing body has a decade of experience in the new materials sector, with extensive connections across industries such as semiconductors, robotics, and renewable energy [10][44]. Group 5: Historical Context and Expectations - The previous editions of the expo, including the 2025 International Carbon Materials Expo and the 2025 Thermal Management Expo, achieved record attendance and participation, indicating strong interest and growth in the sector [7][34]. - FINE 2026 is positioned as a significant opportunity for businesses to engage in technology transfer and innovation, aligning with China's strategic focus on high-tech industries [2][10].

Core Viewpoint - The commercial aerospace sector is experiencing a capital surge in early 2026, with active performance in related stocks, although there has been a recent cooling off after a period of rapid growth [1][8]. Group 1: Market Dynamics - The recent fluctuations in the commercial aerospace sector are normal and do not indicate a trend reversal, as the previous surge was driven by multiple factors including industrial transformation, favorable policies, and international developments [2][10]. - Key events that contributed to the previous rise include a significant increase in rocket launch frequency in the second half of last year and the successful launch of reusable rockets, which addressed domestic capacity constraints and laid the foundation for commercialization [2][10]. - The government has recognized commercial aerospace as one of the three strategic emerging industries, highlighting its importance in national planning and strategy [2][10]. Group 2: Future Catalysts - There are still numerous positive events expected to catalyze the sector, such as successful recovery of reusable rockets, low-orbit communication satellite applications, second-generation satellite tenders, and IPOs of key commercial aerospace companies [2][10]. - The future market dynamics will likely depend on which sector—rockets, satellite manufacturing, or applications—experiences significant advancements or catalysts [3][11]. Group 3: Growth Potential - Commercial aerospace is viewed as a burgeoning industry with substantial growth potential, particularly in low-orbit satellite internet, which has already connected a large user base and demonstrated viable business models [4][12]. - The industry chain is extensive, involving various segments such as satellite research and manufacturing, rocket production and launch, ground equipment, and satellite application services [4][13]. - The development of satellite applications and services is expected to mirror telecommunications operators, potentially capturing greater value in the long term [4][13]. Group 4: Investment Considerations - Valuation concerns exist within the commercial aerospace sector, as the overall industry valuation was already high before the recent market surge [5][14]. - The market tends to price new industries based on long-term growth potential rather than current financial metrics, necessitating ongoing assessment of industry developments [5][14]. - Investors should differentiate between temporary market corrections and long-term risks, focusing on companies with competitive advantages and technological barriers while avoiding speculative investments [6][14].

Group 1 - The 6G sector has experienced significant adjustments, with Sanwei Communication hitting the daily limit down [1] - Other companies such as Haige Communication, Shenglu Communication, China Satellite Communications, Shijia Technology, Jinxinno, and Xinke Mobile-U also saw declines [1]

Core Viewpoint - The 2026 Future Industries New Materials Expo (FINE 2026) aims to lead global innovation in new materials, emphasizing their critical role in the transformation of high-tech industries and the future economy [1][2]. Group 1: Event Overview - FINE 2026 will take place from June 10 to June 12, 2026, at the Shanghai New International Expo Center, featuring a total exhibition area of 50,000 square meters and over 800 exhibitors [12][34]. - The expo will include more than 300 strategic and cutting-edge technology reports, showcasing innovations applicable to various industries such as AI, aerospace, smart vehicles, and renewable energy [2][20]. Group 2: Focus Areas - The event will focus on five common needs of future industries: advanced semiconductors, advanced batteries, lightweight functional materials, low-carbon sustainability, and thermal management [2][10]. - Six thematic exhibition areas will be established, including advanced semiconductors, advanced batteries and energy materials, thermal management, lightweight and sustainable materials, new materials technology innovation, and future smart terminals [12][15]. Group 3: Participation and Audience - FINE 2026 is expected to attract over 100,000 professional visitors, including industry leaders and investors, facilitating precise connections between enterprises and industry resources [34][35]. - The event will invite over 5,000 industry investors to support quality startups and enhance collaboration opportunities [10][35]. Group 4: Supporting Organizations - The expo is organized by DT New Materials, in collaboration with various associations and institutions, including the China Productivity Promotion Center and the Ningbo New Materials Industry Association [4][5]. - The event will also feature participation from numerous well-known companies and investment institutions, enhancing its credibility and outreach [35][37]. Group 5: Historical Context and Expectations - FINE 2026 builds on the success of previous expos, including the 2025 International Carbon Materials Expo and the 2025 Thermal Management Expo, which collectively attracted over 35,000 professional visitors from 27 countries [7][34]. - The event is positioned as a pivotal opportunity for businesses to engage in technology transfer and innovation in the new materials sector, aiming to solidify China's position in the global high-tech industry [2][10].

Investment Rating - The report initiates coverage on Xinke Mobile (688387) with an "Outperform" rating and a target price of 22.61 CNY, based on a Sum-of-the-Parts (SOTP) valuation, indicating a potential upside of 18.9% [4]. Core Insights - Xinke Mobile is a leading player in the autonomous communication standard and system construction, with a strong technical foundation, having accumulated 17,170 patents by the end of 2024 and ranking tenth globally in effective 5G standard patents [4]. - The company is a core participant in satellite internet communication systems, leading the development of 21 5G NTN (Non-Terrestrial Network) standards, which account for about one-third of global initiatives [4]. - Xinke Mobile's satellite internet strategy includes a full-stack layout across the entire industry chain, enhancing its growth logic through advancements in phased array technology and payload value expansion [4]. - The company has established key patent licensing agreements with major overseas terminal manufacturers, including a $95 million patent licensing fee from Apple, showcasing its strong patent operation capabilities [4]. - The report highlights a significant difference in market perception, asserting that Xinke Mobile is a key payload supplier for satellite internet, poised to benefit from industry trends [4]. Revenue and Profit Forecast - The report forecasts revenues of 6.136 billion CNY, 6.227 billion CNY, and 8.012 billion CNY for the years 2025, 2026, and 2027, respectively, with net profits of -192 million CNY, 58 million CNY, and 330 million CNY for the same years [4]. - The expected EPS for 2025, 2026, and 2027 is -0.06 CNY, 0.02 CNY, and 0.10 CNY, respectively, with a CAGR of 289% from 2026 to 2027 [4]. Industry Overview - The global mobile communication industry is currently in the 5G phase, with significant advancements in standards and technology, including the establishment of the IMT-2020 (5G) promotion group in China [32]. - The integration of satellite and terrestrial networks is a key feature of the upcoming 6G era, with the report emphasizing the importance of satellite technology in enhancing communication coverage [37]. - The demand for low Earth orbit (LEO) satellite constellations is increasing, with significant improvements in download speeds and latency compared to traditional geostationary satellites [41]. - The report notes that the global satellite internet construction is entering a peak phase, driven by companies like SpaceX, which has significantly increased its satellite launch numbers [45]. - The Chinese government is actively supporting the commercial space sector, with policies aimed at fostering the development of satellite internet and related technologies [54].

2026.01.19 本文字数：566，阅读时长大约1分钟 作者 |一财阿驴 09:25 A股开盘丨沪指低开0.27% 沪指低开0.27%，深成指低开0.41%，创业板指低开0.60%，科创综指低开0.24%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | m | 4090.72 | -11.19 | -0.27% | | 399001 | 深证成指 | M | 14221.93 | -59.15 | -0.41% | | 399006 | 创业板指 | M | 3340.94 | -20.08 | -0.60% | | 000680 | 科创综指 | Wh | 1850.65 | -4.38 | -0.24% | 盘面上，6G、CPO、光芯片概念跌幅居前，半导体逆势走强。 个股方面，容百科技竞价20cm跌停，消息面上，公司公告，因重大合同公告涉嫌误导性陈述等被证监 会立案调查。容百科技回复问询函时称，"1200亿元合同总金额"为估算，最终销售具不确定性。 | | 29.88 ...