Core Viewpoint - Huawei is set to launch the Pura 80 series and new all-scenario products on June 11, 2023, which is expected to showcase significant advancements in imaging technology, positioning itself against Apple as both companies have overlapping product launch timelines [1][3]. Huawei's Pura 80 Series - The Pura 80 series is an upgrade from the previous P series, marking a strategic shift for Huawei in the high-end smartphone market [1]. - The promotional tagline "With foresight, beyond sight" hints at advanced imaging capabilities, with a focus on dual-camera modules and potential breakthroughs in technology [2]. - The Pura 80 Ultra is anticipated to feature the largest periscope telephoto lens in the industry and enhanced AI functionalities [2]. Competitive Landscape - The timing of Huawei's launch coincides with Apple's WWDC, indicating Huawei's confidence in competing in the high-end market [3]. - Apple is expected to announce significant updates to its operating systems, including iOS 26 and macOS 26, and enhance AI capabilities [3]. - The competition between Huawei and Apple is intensifying, with both companies focusing on AI, imaging, and new technologies [3][4]. Market Performance - According to IDC, Huawei's smartphone shipments reached 12.9 million units in Q1, a 10% year-over-year increase, capturing an 18% market share, while Apple's shipments fell to 9.8 million units, a 9% decline, with a 13.7% market share [4]. - IDC has revised its global smartphone shipment growth forecast down to 0.6% for the year, while predicting a 3% increase in China's smartphone market due to policy support [4]. Strategic Implications - The ongoing competition between Huawei and Apple is reshaping the high-end smartphone market, with both companies enhancing their innovation and product capabilities [4][5]. - Huawei is focusing on integrating imaging innovation with its HarmonyOS ecosystem, while Apple continues to strengthen its software ecosystem [4][5]. - This competitive dynamic is expected to accelerate innovation in mobile computing platforms, benefiting consumers and prompting industry players to adapt their strategies [5].

Investment Rating - The report maintains a "Buy" rating for the reusable rocket technology and highlights the broad prospects for satellite applications [1] Core Insights - Breakthroughs in reusable rocket technology have been achieved, marking significant advancements in China's commercial space industry [1][29] - The satellite communication market is opening up to consumer applications, with major telecom companies launching devices that support direct satellite connectivity [9][40] - The report emphasizes the importance of resource integration and innovation in downstream applications within the commercial aerospace sector [46] Summary by Sections Industry Weekly Viewpoint - The computer index increased by 1.66% during the week, while the Shanghai Composite Index decreased by 0.03% and the ChiNext Index fell by 1.40% [7][13] - Notable gains were observed in satellite navigation (+3.69%), commercial aerospace (+3.17%), and military information technology (+3.12%) [7][13] Market Performance (05.26-05.30) - The report notes a significant performance in individual stocks, with Zongheng Co. rising by 25.63% and Digital Government rising by 18.05% [18] - Conversely, companies like Bangyan Technology and Zhongke Star Map experienced declines of 16.09% and 10.26%, respectively [18] Valuation Analysis - The valuation of the low-altitude economy, aerospace equipment, and aviation equipment sectors is reported to be in the ranges of 96-98, 128-131, and 50-51 respectively, indicating high valuation levels compared to historical data [26] Breakthroughs in Rocket Recovery Technology - The successful test flight of the Yuanhang-1 rocket by Arrow元科技 marks a significant milestone in the development of large-scale reusable rockets [29] - The rocket is designed for 20 reuses and aims to support various market needs, including space tourism and deep space exploration [34] Opening of Consumer-Level Satellite Communication Market - The establishment of 5G satellite standards led by China is expected to revolutionize satellite communication, allowing direct connections from mobile devices to satellites [9][40] - As of April 2025, 30 devices supporting satellite connectivity have been launched by major telecom brands, indicating a shift towards consumer applications [9][40] Recent Highlights - The successful launch of the Tianwen-2 probe and the establishment of the Satellite Application Innovation Institute by China Aerospace Technology Group are significant developments in the aerospace sector [41][44] - The report highlights the potential of the drone logistics market, predicting a market size of approximately 300 billion yuan by 2024 [8][20] Investment Recommendations and Beneficiary Companies - The report suggests focusing on companies involved in satellite manufacturing and rocket launches, such as China Satellite and Shanghai Hanhua [46] - It also highlights beneficiaries in satellite operations and applications, including China Satcom and Huace Navigation [46]

1.【英国飞行出租车完成首飞】据英国《每日电讯报》网站5月27日报道，英国近日进行了有史以来 首次空中出租车飞行。这架VX4原型电动飞机能像直升机一样垂直起降，能够搭载1名飞行员和4名乘 客，航程可达160公里，时速可达240公里。英国政府设定的目标是在2028年前让飞行出租车成为现 实。（科创板日报） 2.【郑州航空港区启动首次常态化低空物流试飞】5月30日上午10点整，郑州航空港经济综合实验区 首次常态化低空物流试飞活动正式启动，标志着航空港区在探索低空经济领域迈出重要一步。此次试 飞活动由顺丰速运河南分公司和江西丰羽顺途科技有限公司合作完成，采用丰翼方舟20无人机执飞。 本次试飞活动开设了两条航线，分别为郑州国际陆港顺丰仓至比亚迪（百汇新天地起降点）和郑州国 际陆港顺丰仓至岗李乡镇区（顺丰速运网点起降点），旨在满足比亚迪周边及岗李乡镇区群众的寄递 需求。按照规划航线，无人机避开人口密集区域、交通要道及可能的禁飞区域，以最高15m/s的速度 平稳飞行。满载包裹的无人机仅需10分钟即可直达乡镇，相较于传统陆运时效提升了4倍，实现了物 流与低空配送的无缝衔接。（大河财立方） 更多智能制造产业资讯 …… 扫码订 ...

划重点： 马斯克曾在2022年向苹果提议，通过星链为iPhone提供卫星服务支持 马斯克要求苹果预付50亿美元，换取18个月独家卫星连接服务 图注：T-Mobile CEO迈克·西弗特（左）和马斯克在2022年的活动中宣布推出基于卫星的智能手机短信功能 此举加剧了马斯克与苹果双方的紧张关系。此后，马斯克多次在多个领域与苹果发生冲突，尤其是在应用商店的佣金等问题上。马斯克甚至曾 表示考虑推出自家手机，以摆脱对苹果的依赖。 双方在卫星互联网服务上的竞争尤为激烈。据相关统计，卫星互联网已成为SpaceX估值3500亿美元的核心支柱。该公司已对Globalstar的频谱 使用发起法律挑战，若成功可能瘫痪iPhone的卫星服务。 苹果早期卫星网络项目曾拟与波音合作，目标是为用户提供完整的无线互联网服务 多年来，苹果在推出卫星通信功能方面始终持谨慎态度，主要顾虑在于可能影响与传统无线运营商的长期合作关系。然而，随着埃隆·马斯克 旗下SpaceX等企业在太空通信领域的快速扩张，这家科技巨头保守的太空战略正面临前所未有的挑战。当前行业竞争格局的剧变，使得苹果 不得不重新审视其卫星通信布局，以应对来自新兴太空科技公司的强势竞争 ...

Industry Overview - Communication modules integrate baseband, RF, power, storage chips, and other electronic components to meet the networking needs of IoT smart terminal devices [1][2] - The domestic communication module market is experiencing accelerated expansion due to the proliferation of IoT devices, the commercialization of 5G, and policy support [10][12] - The cellular communication module market in China is projected to grow from CNY 17.4 billion in 2020 to CNY 24.7 billion in 2024, with a compound annual growth rate (CAGR) of 9.15% [10][12] Market Status - The global cellular communication module market is expected to grow from CNY 32.3 billion in 2020 to CNY 43.6 billion in 2024, with a CAGR of 7.79% [6][10] - The market is segmented into data transmission modules, smart modules, and AI modules, with respective market shares of 79%, 19%, and 2% in 2024 [8] Competitive Landscape - The global communication module market is highly concentrated, with leading companies like Quectel, China Mobile IoT, and others holding over 75% of the market share [12][14] - Chinese manufacturers have increased their global market share from 25% in 2015 to 60% currently, driven by technological innovation and cost advantages [12][14] Future Trends - The integration of technologies such as 5G, AI, and satellite communication is driving the evolution of communication modules from single-function to intelligent and integrated products [18] - The domestic communication module industry is witnessing a "stronger gets stronger" trend, with leading companies like Quectel capturing significant market share through competitive pricing strategies [19] - The Chinese government aims for 4G/5G IoT terminal connections to exceed 95% by 2027, further stimulating market demand in sectors like smart connected vehicles and industrial IoT [20]

Core Viewpoint - The satellite ETF (159206) is experiencing significant activity, driven by the recent announcement from the FCC to expand satellite communication frequency spectrum, which is expected to enhance the satellite communication industry and stimulate competition [1][2][3]. Group 1: Market Activity - As of May 29, the satellite ETF (159206) rose by 1.52% in early trading, with key component stocks such as Xinyisheng increasing by over 5% [1]. - The top-performing stocks within the ETF include: - Xinyisheng: +5.85%, trading volume of 30.34 million, market cap of 26.72 billion - Hangyuwei: +4.44%, trading volume of 15.80 million, market cap of 1.96 billion - Zhongji Xuchuang: +4.20%, trading volume of 21.36 million, market cap of 20.35 billion - Xinyu Communication: +3.94%, trading volume of 12.19 million, market cap of 2.68 billion - Shanghai Huanxun: +3.54%, trading volume of 9.87 million, market cap of 2.09 billion [2]. Group 2: Industry Developments - The FCC plans to release over 20,000 MHz of frequency resources to support the development of low Earth orbit (LEO) satellites and next-generation satellite broadband services, addressing the spectrum shortage faced by the commercial space and satellite internet sectors [3]. - Recent advancements in ground communication technology have achieved a record communication speed of 2100 Mbps in the X-band, marking a 75% increase in microwave communication code rate [3]. - The satellite internet sector is rapidly evolving, with regular satellite launches increasing communication capacity and reducing latency, paving the way for applications like direct satellite connections for mobile broadband and intelligent driving systems [3]. Group 3: Future Outlook - The satellite communication industry is positioned as a foundational technology for the development of 6G, vehicle networking, and the Internet of Things (IoT) [3]. - The Chinese satellite industry is expected to enter a phase of mass satellite deployment by 2025, with both state-owned and private enterprises collaborating on low-cost satellite manufacturing [3].

Core Viewpoint - Shenzhen Zhenyou Technology Co., Ltd. has been awarded the second prize of the Shenzhen Science and Technology Progress Award for its project on "Key Technology Innovation and Industry Application of Hierarchical Heterogeneous Communication Integration and All-Domain Command and Dispatch" [1][2] Group 1: Project Overview - The awarded project focuses on the integration of various communication technologies, including wireless communication, satellite communication, and IoT, to create a comprehensive emergency management information system [1] - The project aims to enhance real-time perception of natural disasters and safety production accidents through a multi-dimensional sensing system, improving the timeliness, accuracy, and effectiveness of information acquisition [1] Group 2: Innovation and Impact - The project addresses bottlenecks in command and dispatch systems related to information sharing, emergency response, and task collaboration by utilizing big data and artificial intelligence [2] - The award is a recognition of the company's technological innovation capabilities, which is expected to enhance its core technology advantages and market competitiveness [2]

Domestic News - Beijing encourages foreign enterprises to participate in high-level autonomous driving demonstration zones and key application scenarios, providing support for technology testing and demonstration applications [3] - Changan plans to launch over 7 high-end automotive products in the next 5 years, aiming for total revenue of 300 billion yuan and sales of 3 million vehicles, including 1 million new energy vehicles [4] - Geely is set to launch multiple satellites, including the "Qianli Haohan," to establish a global real-time satellite communication service [5] - BYD's blade battery and fast-charging blade battery have passed the new national standard testing ahead of schedule, with the new standards set to take effect in July 2026 [6] - Wuling's Shenlian battery has passed the latest national standard certification, showcasing its leading position in battery technology [7] - GAC Group has published a patent for an AI computing device for smart cockpits, enhancing AI capabilities without modifying existing hardware [9] - Chery has announced a patent for an automatic follow robot system that utilizes facial and voice recognition for improved user convenience [10] - Pony.ai has reached a strategic cooperation with Dubai's Roads and Transport Authority to launch a Robotaxi fleet, with plans for testing in 2025 and full commercial operation in 2026 [11] International News - The European Council has approved the relaxation of carbon dioxide reduction targets for 2025-2027, allowing manufacturers to be evaluated based on average performance over three years [13] - Italy's new car sales in April increased by 2.71% year-on-year, totaling 139,084 vehicles, marking the second consecutive month of growth [14] - BMW announced a major overhaul of its product line, planning to implement a new design language across all models within three and a half years [15][16] - General Motors will invest $888 million in its Tonawanda plant in New York to produce the next generation of V8 engines, reflecting a strategic adjustment in response to electric vehicle market demands [17] Commercial Vehicles - Foton Motor is expanding its new energy heavy truck business by establishing a joint venture with EVE Energy to provide diverse battery leasing solutions [19] - XCMG has launched its new generation of "Han Jie" light trucks, focusing on high safety, reliability, long endurance, and low energy consumption [20] - JAC Motors has unveiled 25 strategic new products across various powertrain categories, emphasizing innovation in new energy commercial vehicles [21] - Chery's new pickup has been officially registered, marking a significant step towards its domestic launch [22][23]

Core Viewpoint - The meeting between the Vice Minister of the Ministry of Industry and Information Technology of China and the Deputy Minister of Communications of Malaysia focused on enhancing cooperation in 5G, artificial intelligence, and satellite communication, emphasizing the importance of sharing experiences and promoting digital transformation in both countries [1] Group 1 - The Chinese side expressed willingness to collaborate with Malaysia to implement the important consensus reached by the leaders of both countries [1] - The discussion highlighted the commitment to an open and shared approach in advancing 5G development and satellite communication services in Malaysia [1] - Malaysia's Deputy Minister emphasized the country's high regard for cooperation with China and the desire to strengthen exchanges in 5G and artificial intelligence [1]

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [1][4]. Core Insights - The overall market performance for the week (May 19-23, 2025) saw a decline in major indices, with the Shanghai Composite Index down 0.57%, the Shenzhen Component Index down 0.46%, and the ChiNext Index down 0.88%. The telecommunications sector, represented by the Shenwan Communications Index, experienced a decline of 2.31% [1][10]. - In the telecommunications sub-sectors, "Other Communication Equipment" had the highest increase at 1.81%, while "Communication Network Equipment and Devices" saw the largest decline at 3.87%. Overall, most sub-sectors exhibited a downward trend [1][13][14]. - Notable individual stock performances included Dongtu Technology with a rise of 14.45%, Mengwang Technology at 11.67%, and *ST Tianyu at 7.67%, leading the gains in the telecommunications sector [1][15]. Summary by Sections Market Overview - The telecommunications sector's index declined by 2.31% during the week, reflecting a broader market trend of declines across major indices [1][10]. - The highest gain in sub-sectors was seen in "Other Communication Equipment" with a 1.81% increase, while "Communication Network Equipment and Devices" faced a 3.87% decline [1][13][14]. Key Developments - The launch of Kunlun Wanwei's Tian Gong Super Intelligent Agent received positive market feedback, ranking first in deep research capabilities on the GAIA list. However, the service faced user overload, leading to throttling measures due to high demand [2][22][23]. - The deployment of 5G-A is expected to accelerate, particularly in light of the easing of EU restrictions on Chinese communication equipment manufacturers, which is anticipated to positively impact industry scale [2]. Company Announcements - Significant announcements from the telecommunications sector included Gansu Unicom's launch of a dual 10G network, aiming to enhance F5G-A commercial applications [17][19]. - Shanghai's plan to achieve comprehensive communication signal coverage for low-altitude flight routes by 2027 was outlined, with ambitious targets for 5G base station deployment [20]. - AT&T's acquisition of Lumen's consumer fiber business for $5.75 billion was announced, aimed at expanding its fiber service coverage across the U.S. [21][22].