Investment Rating - The report rates the electronic industry as "Outperform" compared to the market [1] Core Insights - Satellite communication is accelerating into a development year, complementing traditional networks and addressing the connectivity gap for over 2 billion people globally [2][21] - Low Earth Orbit (LEO) satellites are expected to play a crucial role in the future 6G non-terrestrial networks, enhancing global internet coverage [2][20] - The global satellite communication industry is entering a launch-intensive period, with significant investments and advancements expected in 2026 [23][24] Summary by Sections Industry Overview - As of 2025, 73.6% of the global population has internet access, leaving 26.4% offline, particularly in rural areas where traditional network expansion faces challenges [6][11] - The cost and technical difficulties of expanding high-speed infrastructure in rural areas hinder internet penetration, making satellite communication a viable alternative [2][11] Satellite Communication Development - The number of small satellite launches is projected to reach approximately 2,790 in 2024, indicating rapid growth in the sector [2] - The global government support for space initiatives has increased from $4.2 billion in 2014 to $13.5 billion in 2024, with China being a significant contributor [2] Market Dynamics - The satellite communication market is expected to grow significantly, with the global space industry revenue potentially exceeding $1 trillion by 2040, driven largely by satellite broadband [46][49] - The satellite service sector, including satellite TV, broadband, and fixed communication, is projected to dominate the market, with personal consumption accounting for a substantial share [52][57] Cost and Coverage Advantages - Satellite communication offers significant advantages over traditional cellular networks, including wide coverage and lower costs in sparsely populated areas [26][62] - The cost of deploying LEO satellites is decreasing due to advancements in manufacturing and launch technologies, making satellite communication more economically viable [34][36] Industry Chain - The satellite communication industry chain includes satellite manufacturing, launching, and ground equipment, with key players in each segment contributing to the overall ecosystem [79][80] - The development of satellite communication is critical, as limited frequency resources and orbital slots necessitate rapid deployment to secure these assets [84][87]

为此，南京新建贯通式科技成果转化平台"宁科荟"，上线科技成果信息超5000项、技术需求600多 项。会上，南京还发布了38项"揭榜挂帅"关键技术攻关需求，涉及生物医药、人工智能、工业母机等7 个重点产业技术方向，总投入5.2亿元。 科技日报南京1月4日电（记者张晔）打造6G之城、发布38项"揭榜挂帅"技术需求、出台南京人才 政策2.0及"求贤帖"……4日，面向"十五五"开局之年，江苏南京举行全市科技创新和产业创新深度融合 发展大会，以产业引领、创新高地、生态优化3方面举措，加快推进科技创新和产业创新深度融合。 "科创与产业融合，关键要打通'最后一公里'，让实验室里的创新成果真正变成产业发展的现实生 产力。"南京大学计算机软件新技术全国重点实验室执行主任李宣东说。 为了让科技创新这个"关键变量"成为高质量发展的"最大增量"，南京主动布局未来产业和新质生产 力，原子级制造重大科技基础设施技术产业合作在南京签约共建。这一举措将推动重大科技基础设施与 产业发展深度绑定，让"国之重器"更好地服务于产业升级。南京还发布《南京市深入推进"人工智能 +"行动打造国家人工智能创新应用先导区升级版实施方案》和《南京市打造"6G之 ...

产业布局升级方面，将优化全市"人工智能+"空间布局，培育特色园区与生态街区，每年发布场景机会 清单并对先行先试重点场景给予政策激励，到2027年打造标杆应用场景500个。 支撑要素升级方面，统筹建设"1+1"智算集聚区，加快城域"毫秒用算"服务能力建设，持续发放"算力 券"；推进中国高质量数据集产业基地(南京)建设，深化公共数据共享开放与授权运营；构建自主开源 生态体系，加快南京国际化开源社区运营，鼓励在宁高校院所与企业深度参与开源建设；优化人工智能 领域人才支持政策，加大OPC模式引导力度，支持高校院所人员及毕业生创新创业；通过科技产业人才 领域专项资金统筹使用、金融财政联动"投补贷"支持等方式，打造灵活配置的人工智能主题基金群，为 产业发展提供全方位保障。 《方案》部署了五大升级行动。 技术产品升级方面，推动组建跨学科、跨机构联合实验室/创新中心，到2027年建设省级创新平台10个 以上；组建人工智能创新联合体，推进科技攻关项目30个；推进行业模型迭代应用，支持大模型备案和 智能终端产业化。 经营主体升级方面，聚焦培育智能原生企业、推动软件企业生态重构，到2027年培育人工智能原生企业 1000家以上，重 ...

Core Insights - Nanjing has officially launched the "6G City" Action Plan (2026-2027) to establish itself as a leading demonstration zone for 6G industry development [1][2] - The plan sets ambitious goals, including the release of at least 6 major research achievements in the 6G field and the establishment of over 100 new enterprises focused on 6G technology by 2027 [1][2] - The initiative aims to create a comprehensive 6G infrastructure and achieve full coverage of 6G non-cellular networks, with at least 50 vertical application scenarios across various industries [1][2] Group 1: Development Goals - By 2027, Nanjing aims to publish no less than 6 significant research outcomes in the 6G sector [1] - The plan targets the establishment of over 100 new enterprises focused on the transformation of 6G technological achievements [1] - The goal includes nurturing at least 200 specialized and innovative enterprises in the information and communication sector [1] Group 2: Key Tasks - The action plan outlines 5 main areas with 17 specific tasks, including accelerating core technology breakthroughs and enhancing research and development of core 6G products [2] - It emphasizes the importance of transforming research outcomes into practical applications and building service platforms to support this process [2] - The plan also focuses on creating a "6G+X" scenario matrix, integrating 6G with various sectors such as industrial interconnection and smart cities [2] Group 3: Support Measures - The action plan includes four support measures aimed at strengthening specialized teams, improving work mechanisms, enhancing policy support, and ensuring talent availability [2] - It specifies eight detailed policy measures to support the development of the 6G industry, including promoting patent layout and standard formulation [2] - The establishment of a 6G industry alliance is intended to facilitate collaboration in tackling core technologies and building a robust industrial ecosystem [3]

Core Insights - Beijing Economic-Technological Development Area (BDA) aims to establish a high-quality business environment and enhance new productive forces during the 14th Five-Year Plan period, focusing on economic quality, urban appearance, and public welfare improvements [1] Group 1: Project Developments - 22 key projects were signed and initiated on the first working day of 2026, with over 80% of these projects focusing on future industries [2] - Notable projects include Baichang Intelligent Automotive's plan to establish a vehicle manufacturing company for L4 autonomous vehicles, targeting revenues of billions by 2030 [2] - ZTE Corporation is focusing on AI and 6G technologies, having established six companies in the BDA, with significant advancements in core technologies and production lines [2] Group 2: Infrastructure and Urban Development - The ten benchmark projects initiated include a biopharmaceutical raw material base by Sanofi, which will create a complete insulin production chain locally [3] - Investments in urban infrastructure and ecological governance have increased significantly, with projects like the expansion of Tongren Hospital and ecological improvements at Tongming Lake [3] Group 3: Business Environment Optimization - BDA has launched the "Top Ten Plans for Optimizing the Business Environment" to enhance the institutional framework for new productive forces [4] - The focus will be on reforming and innovating to eliminate barriers to productivity, thereby stimulating innovation and creativity across society [4] - The development blueprint indicates that BDA will strengthen its role as a driving force for economic development in the capital, with improvements in living standards and urban integration [4]

Group 1 - Nanjing's new talent policy 2.0 aims to attract at least 300,000 young talents annually through the "Ning Gathering" project, offering financial incentives for new graduates [1] - The policy includes one-time living subsidies of 10,000 yuan for bachelor's degree holders, 30,000 yuan for master's, and 100,000 yuan for doctoral graduates, along with housing subsidies for various educational levels [1] - The rental subsidy has been expanded to include eligible college graduates, set at 500 yuan per month, and the policy supports a wide range of professions beyond traditional fields [1][2] Group 2 - Nanjing's population growth has been declining, with an increase of over 100,000 in 2021, followed by decreases to 67,700, 55,900, and 30,000 in subsequent years, leaving a gap of 423,000 to reach the goal of 10 million residents [2] - The city has implemented measures to lower residency requirements for young graduates and has introduced various talent policies to create a comprehensive support system for talent acquisition [2] - Nanjing faces competition not only from other cities within the province but also from major cities like Shanghai and Hangzhou, which impacts its ability to attract and retain talent [2] Group 3 - The urgency for talent acquisition in Nanjing is heightened as the city aims to become a global hub for industrial and technological innovation, with new plans for AI and 6G development released [3] - The new policies focus on youth development and industry service, aiming to create a conducive environment for talent retention and urban competitiveness [3]

周红波指出，"在推动科技创新和产业创新融合上打头阵"，是习近平总书记对江苏的殷切嘱托，也 是南京走在前、做示范、挑大梁的必然选择。过去一年，我们深入落实习近平总书记关于科技创新的重 要论述和对江苏工作重要讲话精神，大力建设科技强市、产业强市、人才强市，取得了新的标志性成 果，在培育发展新质生产力上迈出坚实步伐。"十五五"开局之年，要在国家战略大局下思考南京作为、 推进南京行动，更加注重系统集成、平台聚力、主体育强、改革赋能，把各项政策和措施进一步向培育 产业聚焦、向破解难题发力、向集聚人才倾斜，大力促进科技创新和产业创新深度融合，加快塑造发展 新动能新优势。 1月4日，新年第一个工作日，市委市政府召开全市科技创新和产业创新深度融合发展大会，强调 要深入学习贯彻党的二十届四中全会精神和习近平总书记对江苏工作重要讲话精神，汇集政产学研金各 方力量，锚定目标、真抓实干，持之以恒、携手推动南京产业科技创新再上新台阶，为"十五五"开好局 起好步提供新动能。市委书记周红波讲话，代市长李忠军主持，市人大常委会主任吕德明、市政协主席 王立平、市委副书记李佰平，两院院士郑兰荪、刘韵洁、郑海荣、尤肖虎出席。 周红波强调，新的一年 ...

Core Insights - Nanjing is implementing a new talent policy 2.0, aiming to attract at least 300,000 young talents annually through the "Ning Gathering" project [1][2] - The policy includes financial incentives for new graduates, such as living subsidies and housing vouchers, to enhance the city's appeal to young professionals [1][3] - Nanjing's population growth has been declining, with a current population of 9.577 million, falling short of the goal to exceed 10 million [3][4] Talent Policy Details - The new policy offers living subsidies of 10,000 yuan for bachelor's degree holders, 30,000 yuan for master's, and 100,000 yuan for doctoral graduates [1] - Housing vouchers are introduced, providing 30,000 yuan for associate degree holders, 60,000 yuan for bachelor's, 100,000 yuan for master's, and 150,000 yuan for doctoral graduates, which can be combined with existing rental subsidies [1] - The rental subsidy has been expanded to include eligible associate degree graduates, set at 500 yuan per month [1] Talent Support Initiatives - The policy includes the "Youth Talent Project," supporting a wide range of professionals, including those in emerging industries and services [1] - Nanjing is also focusing on local talent by providing support for entrepreneurial projects and technology transfer from local universities, with project funding up to 3 million yuan [1][3] Competitive Landscape - Nanjing faces challenges in attracting talent compared to other cities like Hefei and Zhengzhou, as well as major cities like Shanghai and Hangzhou [3] - The city has previously lowered residency requirements to attract younger talent, indicating a strategic shift towards a "talent strong city" initiative [3][4] Strategic Goals - Nanjing aims to become a global hub for industrial and technological innovation, emphasizing the urgent need for talent to achieve this goal [4] - The city is focusing on integrating technology and industry to create a favorable environment for talent retention and attraction [4]

Key Insights - The report highlights the steady growth of the animation film industry, with animated films accounting for nearly 50% of the total box office in 2025, driven by successful titles like "Nezha 2" and "Zootopia 2" [36] - The aerospace software industry is leading the A-share market, indicating a positive trend in this sector [5][8] - The low-altitude economy in Shanghai is projected to reach a scale of approximately 80 billion yuan by 2028, establishing a complete industrial chain for new aviation vehicles [5][8] - The gaming industry continues to show steady growth, with a focus on AI applications enhancing operational efficiency [16][17] - The semiconductor sector is experiencing significant growth, with global sales increasing by 27.2% year-on-year, indicating strong demand [24] Domestic Market Performance - The Shanghai Composite Index closed at 3,968.84, with a slight increase of 0.09%, while the Shenzhen Component Index decreased by 0.58% [4] - The A-share market is characterized by a mixed performance across various sectors, with aerospace, software development, and non-ferrous metals showing positive trends [5][8] Industry Analysis - The animation film sector has seen a substantial increase in box office revenue, with animated films making up a significant portion of the top-grossing films [36] - The gaming industry is expected to maintain its growth trajectory, supported by advancements in AI technology [16][17] - The semiconductor industry is witnessing robust growth, with China’s semiconductor sales reaching $19.53 billion, reflecting a year-on-year increase of 18.5% [24] Investment Recommendations - Investors are advised to focus on sectors with strong fundamentals and stable earnings, such as aerospace, gaming, and semiconductor industries, which are expected to benefit from ongoing technological advancements and favorable policy environments [22][23][24] - The report suggests monitoring the performance of leading companies in the animation and gaming sectors, as they are likely to capitalize on the growing market demand [16][36]

Group 1 - Nanjing held a conference on January 4 to promote the integration of technological and industrial innovation, unveiling policies and projects aimed at establishing itself as a global center for industrial technology innovation [1][2] - The city aims to attract at least 300,000 young talents annually through its updated talent policies and initiatives [1][10] - Nanjing's focus on key industries includes artificial intelligence, 6G technology, and biomedicine, with significant investments and strategic partnerships to enhance its industrial capabilities [2][4][5] Group 2 - The Jiangsu Provincial Department of Industry and Information Technology signed a strategic cooperation agreement with Nanjing to support the upgrade of key industrial clusters and the cultivation of emerging industries [2] - Nanjing's steel industry, represented by Nanjing Steel, has been recognized for its competitiveness and innovation, with products reaching international standards [2] - The establishment of the first artificial intelligence research institute in Nanjing highlights the city's commitment to advancing AI and smart manufacturing [3][4] Group 3 - Nanjing's software industry is projected to exceed 1 trillion yuan, with significant contributions from local companies and innovations in AI and hardware [3] - The city has launched initiatives to create a "6G city" and an upgraded version of its AI innovation application pilot zone, marking a new phase in its technological development [4][7] - The establishment of various innovation centers and partnerships aims to streamline the transition from research to market application, enhancing the efficiency of technology commercialization [8][9] Group 4 - Nanjing's talent policies have evolved to focus on providing capital, ecosystem support, and future opportunities, rather than just subsidies and housing [10][12] - The city has developed a comprehensive financial service system for technology innovation, including various funding mechanisms to support startups and emerging projects [12][13] - Nanjing's strategic collaboration with universities aims to foster deep integration between academia and industry, enhancing the local innovation ecosystem [7][11]