Group 1 - Tether Holdings SA, the issuer of the largest stablecoin, holds $8 billion worth of gold in a secret vault in Switzerland, with nearly 80 tons of gold, making it one of the largest holders globally, excluding banks and nations [1] - The significant gold reserves held by Tether enhance market perception of the asset security backing its stablecoin, potentially boosting investor confidence in the company and its related stablecoin business [1] Group 2 - SpaceX is reportedly discussing the sale of internal shares to raise funds, which could value the company at approximately $400 billion, reflecting investor confidence in the potential of space exploration and satellite internet services [2] - The planned financing round includes a "tender offer" or "secondary market transaction," allowing employees and early shareholders to sell their shares, with details subject to adjustment based on seller and buyer interest [2] Group 3 - ChatGPT has introduced a new feature called "Study Together," aimed at enhancing its role as an educational tool by encouraging active questioning and potentially supporting group learning [3] - This feature is part of OpenAI's strategy to expand into the education market and increase user engagement [3] Group 4 - Manus has responded to rumors of large-scale layoffs by stating that adjustments to certain business teams are based on operational efficiency considerations, focusing on core business development [4] - The company is reportedly relocating core technical personnel to its Singapore headquarters, indicating a strategic shift in its global operations [4] Group 5 - A new training center named the "National AI Teaching Academy" is being established by a coalition including Microsoft, OpenAI, and Anthropic, aimed at helping educators utilize AI tools in classrooms [5] - This initiative, costing $23 million, will provide free AI training and courses to 1.8 million members of the American Federation of Teachers, initially targeting K-12 educators [5]

Group 1 - US stock market showed mixed results with Dow Jones down 0.37%, Nasdaq up 0.03%, and S&P 500 down 0.07% [1] - Tesla rebounded by 1.32% and Nvidia increased by 1.12%, both reaching new highs [1] - Meta Platforms and Apple saw increases of up to 0.32%, while Microsoft decreased by 0.22% and Google A dropped by 1.37% [1] Group 2 - Trump seeks to tighten clean energy tax regulations, leading to a decline in solar stocks, with SunRun falling over 11% [2] - Trump announced a 50% tariff on copper and a 200% tariff on pharmaceuticals, resulting in the largest increase in copper futures since 1968 [2] Group 3 - Meta invested $3.5 billion in EssilorLuxottica to advance its AI glasses strategy [3] Group 4 - SpaceX, owned by Musk, achieved a valuation of approximately $400 billion during a stock sale [4][11] Group 5 - Hugging Face released an open-source top model featuring dual-mode reasoning and 128K context, marking a significant advancement in AI [5] Group 6 - The 2025 Esports World Cup will be held in Riyadh, Saudi Arabia, with a total prize pool exceeding $70 million [6] Group 7 - Germany warned that the EU is prepared to retaliate if a fair trade agreement cannot be reached [7] Group 8 - Morgan Stanley predicts TSMC will continue to exceed expectations in Q2, with strong advanced process orders, although the appreciation of the New Taiwan Dollar may pose profitability challenges [8] Group 9 - The Chinese government is promoting the application of new technologies like AI in public services, as outlined in a recent policy document [9] Group 10 - Pacific Securities noted that multiple indices broke through their consolidation ranges, indicating a strong short-term market trend [10] - Everbright Securities suggested that if the Shanghai Composite Index surpasses 3500 points, it could further boost market confidence and attract more capital [10] Group 11 - Shentong Express partnered with Cainiao to accelerate the application of unmanned delivery vehicles, aiming to deploy 2000 unmanned vehicles by the end of the year [12] - Guohai Securities highlighted that the development of regulations for unmanned vehicles is paving the way for the logistics industry's standardization [12] Group 12 - The National Development and Reform Commission and six other departments released a plan to enhance the childcare service system, projecting the market size for childcare services in China to reach 151.81 billion yuan by 2024 [16]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Views - The global AI sector remains highly prosperous, with continuous application development. Domestic telecom operators are experiencing a recovery in growth rates, and satellite internet is beginning to contribute to performance elasticity [4] - Telecom operators benefit from the ongoing promotion of the Digital China strategy, leading to stable overall business growth. Innovative businesses are growing faster and increasing their share, while new growth drivers continue to strengthen. Additionally, the reduction in capital expenditure as a percentage of revenue is favorable for profit release [4] Summary by Relevant Sections Telecom Operators - China Mobile's Q2 revenue is projected to be between 285.85 billion and 288.70 billion yuan, with a year-on-year growth of 1%-2%. The net profit attributable to shareholders is expected to be between 52.20 billion and 52.55 billion yuan, growing by 3.2%-3.9% [2] - China Telecom's Q2 revenue is expected to be between 132.80 billion and 134.10 billion yuan, with a year-on-year growth of 1%-2%. The net profit attributable to shareholders is projected to be between 13.57 billion and 13.66 billion yuan, growing by 2.7%-3.4% [2] - China Unicom's Q2 revenue is expected to be between 101.30 billion and 102.00 billion yuan, with a year-on-year growth of 3.5%-4.2%. The net profit attributable to shareholders is projected to be between 3.795 billion and 3.855 billion yuan, growing by 5.6%-7.3% [2] - China Tower's Q2 revenue is projected to be between 24.88 billion and 25.03 billion yuan, with a year-on-year growth of 2.5%-3.1%. The net profit attributable to shareholders is expected to be between 2.72 billion and 2.76 billion yuan, growing by 6.8%-8.4% [3] AI and Network Connection - The AI optical module sector is experiencing significant growth, with 800G optical modules continuing to ramp up production and 1.6T products entering mass production. Domestic companies are leading the industry and deeply participating in the global supply chain [3] - Zhongji Xuchuang's Q2 revenue is expected to be between 7 billion and 8 billion yuan, with a year-on-year growth of 18%-34%. The net profit attributable to shareholders is projected to be between 1.75 billion and 2 billion yuan, growing by 30%-48% [3] AI Liquid Cooling - The trend towards liquid cooling in data centers is becoming more pronounced due to the increasing power consumption of AI servers. Yingwei's Q2 revenue is expected to be between 12 billion and 14 billion yuan, with a year-on-year growth of 24%-45% [6] - Oulu Tong's Q2 revenue is projected to be between 11 billion and 12 billion yuan, with a year-on-year growth of 22%-33% [7] AI Applications - The demand for AI servers is expected to grow steadily, benefiting from the development of the digital economy and AI computing power. Huqin Technology's Q2 revenue is projected to be between 350 billion and 365 billion yuan, with a year-on-year growth of 51%-58% [8] Military Communication & Satellite Internet - Increased regional tensions are likely to lead to sustained investment in national defense construction, with communication and information technology being key investment areas. The domestic low-orbit satellite network is expected to continue advancing [11] - Changjiang Communication's Q2 revenue is expected to be between 2.3 billion and 3.4 billion yuan, with a year-on-year growth of 10%-63% [12]

民生证券股份有限公司吕伟,郭新宇,马天诣近期对普天科技（002544）进行研究并发布了研究报告《公司 动态报告：AI+卫星互联网的"国家队"》，给予普天科技买入评级。 普天科技 卫星互联网龙头与"国家队"，持续研发打造自身核心竞争力。公司是中国电子科技集团有限公司控制的国 有控股上市企业，以信息通信领域为核心战略布局，业务包括公网通信、专网通信与智慧应用、智能制造 等。公司是中国电科在粤港澳大湾区的核心上市平台，也是集团内协外联的"主门户"和科技成果转化 的"主阵地"，深度参与国家网信体系建设，强大的股东背景为公司提供资源配置、产业整合及区域布局的 全方位支持。 卫星互联网行业快速发展，公司深度研发带来重要卡位优势。1)国内卫星互联网行业具有重要潜力：根据 锐观咨询预测，国内卫星互联网行业2021年市场规模为291.62亿元，到2025年有望增长至376亿元，2021- 2025年复合增速有望达到7%。国内卫星互联网的主要参与者在持续发力。2025年3月，在海南商业航天发 射场，千帆星座第五批组网卫星以"一箭18星"方式成功发射，卫星顺利进入预定轨道，发射任务取得圆满 成功。2)公司聚焦卫星互联网领域的布局， ...

普天科技（002544.SZ）公司动态报告 AI+卫星互联网的"国家队" 2025 年 07 月 07 日 ➢ 卫星互联网龙头与"国家队"，持续研发打造自身核心竞争力。公司是中国 电子科技集团有限公司控制的国有控股上市企业，以信息通信领域为核心战略布 局，业务包括公网通信、专网通信与智慧应用、智能制造等。公司是中国电科在 粤港澳大湾区的核心上市平台，也是集团内协外联的"主门户"和科技成果转化 的"主阵地"，深度参与国家网信体系建设，强大的股东背景为公司提供资源配 置、产业整合及区域布局的全方位支持。 ➢ 卫星互联网行业快速发展，公司深度研发带来重要卡位优势。1）国内卫星 互联网行业具有重要潜力：根据锐观咨询预测，国内卫星互联网行业 2021 年市 场规模为 291.62 亿元，到 2025 年有望增长至 376 亿元，2021-2025 年复合增 速有望达到 7%。国内卫星互联网的主要参与者在持续发力。2025 年 3 月，在 海南商业航天发射场，千帆星座第五批组网卫星以"一箭 18 星"方式成功发射， 卫星顺利进入预定轨道，发射任务取得圆满成功。2）公司聚焦卫星互联网领域 的布局，具有重要卡位优势：第一，参 ...

7月7日早间，亚光科技（300123）发布公告称，李基出任公司副总经理。公告显示，李基为亚光科技实 控人、董事长李跃先之子，为"企二代"。 "本次，李基紧急出任亚光科技副总，颇有'临危受命'之意。李基入职亚光科技多年，并为亚光科技核 心电子业务平台——成都亚光董事，长期协助上市公司业务经营、资产处置及资本运作等事宜。"一位 接近亚光科技的人士表示。 7月4日，亚光科技收到李跃先家属的通知，公司收到由滑县监察委员会签发的关于李跃先的《留置通知 书》，李跃先被实施留置。 亚光科技表示，目前公司生产经营管理情况一切正常，其他董事、监事及高级管理人员均正常履职，董 事会依法履行相关职责。公司将持续关注后续进展，对相关工作进行妥善安排。 7月7日早盘，亚光科技股价大幅低开，盘中一度跌超12%，截至今日收盘跌10.24%，报6.40元/股。 | 亚光科技 | | | | | --- | --- | --- | --- | | 300123 创 深般通 | | | | | 高 6.40 | 6.58 市值 65.40亿 量比 1.19 | | | | 6.22 ਜ਼ਿੰ | 流通 64.02亿 | 换 | 11.54% | ...

睿创微纳688002 趋势方向 主力成本分析 67.60 元 当日主力成本 时间: 2025年7月7日星期一 63.10分综合得分 较强 68.62 元 5日主力成本 64.96 元 20日主力成本 60.09 元 60日主力成本 周期内涨跌停 过去一年内该股 涨停 2次 跌停 0 技术面分析 70.44 短期压力位 67.80 短期支撑位 70.44 中期压力位 次 北向资金数据 | 持股量655.39万股 | 占流通比1.46% | | --- | --- | | 昨日净买入-66.74万股 | 昨日增仓比-0.149% | | 5日增仓比-0.286% | 20日增仓比-0.284% | 60.60 中期支撑位 股价跌破短期支撑位，短线观望为宜； 目前中期趋势不慎明朗，静待主力资金选择方向 K线形态 暂无特殊形态 资金流数据 2025年07月07日的资金流向数据方面 | 主力资金净流出1709.00万元 | | --- | | 占总成交额-10% | | 超大单净流入30.02万元 | | 大单净流出1739.02万元 | | 散户资金净流出474.64万 | 关联行业/概念板块 风险提示：以上内容仅作 ...

——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（2025.6.29-2025.7.5）上证综指上涨 1.40%，深证成 指上涨1.25%，创业板指上涨 1.50%。本周申万通信回调0.10%。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（2025.6.29-2025.7.5）通信板块三级子行业中，通 信线缆及配套上涨幅度最高，涨幅为 1.02%，其他通信设备回调幅度 最高，跌幅为 2.49%，本周各细分板块呈回调趋势。 [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 7 月 7 日 [Table_Title] 甲骨文超 300 亿云服务协议落地，关注算力全链 个股方面：本周（2025.6.29-2025.7.5）通信板块涨幅板块分析方 面，南凌科技（17.08%）、*ST 高鸿（15.06%）、永鼎股份 （10.65%）涨幅分列前三。 建议关注方向：算力产业链 算力产业链：美东时间 6 月 30 日，甲骨文 CEO 称，202 ...

近日，卫星海洋环境监测预警全国重点实验室研究人员构建了入海排口水色异常遥感识别模型，用 于发现可能存在的排水水色异常问题。 具有高时空分辨率及广域覆盖能力的卫星遥感，成为入海排口监管的重要技术手段。然而近年来， 高空间分辨率光学卫星遥感影像间歇性地捕捉到杭州湾南部沿岸的一些污水处理厂排污口附近存在异常 的红棕色水体，但在线监测数据表明排水关键指标符合排放标准，且实地采集的高位井处水体颜色呈现 为浅黄色，这给生态环境保护管理人员和污水处理厂工作人员带来了困惑。杭州湾是典型的高浑浊、光 学特性复杂的强潮河口，水体性质更为复杂。为厘清排放所致水色异常原因，研究人员综合了现场实地 调查、卫星遥感数据等，阐明排水与受纳水体混合过程中的水色转变光学机制，并在多个排口进行应用 验证。 研究结果表明，处理后的污水处理厂出水具有高浓度可溶性有机物和低浓度悬浮颗粒物的特征，表 现为对蓝光波段的强烈吸收与整体较低的反射率。当可溶性有机物的短波段的吸收效应仍占主导，且增 加的悬浮颗粒物浓度增强了红光波段的散射，易形成卫星影像观测时刻的红棕色。这些现象在低潮位、 平潮期、水动力混合作用弱以及背景水体悬浮物浓度相对较低的条件下较明显。 ...

Core Viewpoint - The development of satellite internet is crucial for addressing the limitations of existing terrestrial internet, providing global coverage, enhancing communication speeds, and offering resilience in emergencies [5][10][13]. Group 1: Background and Necessity - The current terrestrial internet has significant shortcomings, including limited coverage, insufficient support for low-altitude economic activities, and vulnerability during emergencies [9][10]. - Approximately 3 billion people globally lack internet access, particularly in remote areas where profitability for operators is low [9]. - The need for satellite internet arises from its ability to provide coverage in challenging terrains such as deserts and oceans, and to support low-altitude devices like drones [10][13]. Group 2: Development Status and Comparison - The satellite internet sector has seen a surge in satellite constellation planning, with over 1,000 satellites planned globally, including significant projects like Starlink and China's own satellite initiatives [14][19]. - China's satellite internet technology is catching up but still lags behind in originality and cost efficiency compared to international counterparts like SpaceX's Starlink, which has achieved significant cost reductions through industrialized production [19][21]. Group 3: Challenges and Future Directions - Key challenges for China's satellite internet development include satellite design, energy supply efficiency, satellite networking technology, and ground station deployment [21][22]. - Future directions involve enhancing rocket technology for higher payload capacity, achieving cost-effective satellite production, and expanding application scenarios to support over 20,000 satellites by 2035 [25][26].