瑞财经 刘治颖 9月20日，杭州必博半导体有限公司（以下简称：必博半导体）正式宣布完成数亿元人民 币A轮融资，并在沪成功举办融资签约仪式。 本轮融资获得了全球科技赛道资深投资人、欧美中投资促进会主席张家豪领投，前沿创投等多家知名机 构及产业投资人的共同加持。 本轮融资将重点支持公司在卫星互联网、低空经济、工业物联、车联网及AI驱动的消费电子领域的战 略布局。 必博半导体成立于2021年3月，法定代表人为张桢睿，注册资本为1718.41万元，经营范围包含：子产品 销售；计算机软硬件及辅助设备零售；计算机软硬件及辅助设备批发等。 必博半导体凭借国内首创的4G+5G RedCap+卫星三模融合芯片U560，成为中国极少数实现空天地海全 域覆盖的芯片企业 必博半导体CEO李俊强博士毕业于清华大学电子工程系，获通信与信息系统博士学位，拥有23年无线通 信产业经验，曾任职于韩国三星、美国博通、高通、联发科，并曾担任展讯通信行业首席技术专家、资 深研发副总等职。 ...

Core Viewpoint - Chuangyuan Xinke announced a major asset restructuring plan to acquire 100% equity of Weiyu Tiandao for an estimated valuation of no more than 900 million yuan, with the stock resuming trading on September 23, 2025 [1][2]. Group 1: Company Overview - Chuangyuan Xinke specializes in radio frequency communication testing instruments and overall testing solutions, focusing on wireless communication testing for 5G/6G, vehicle networking, and satellite internet [2]. - Weiyu Tiandao provides satellite navigation testing and related solutions, including satellite navigation simulators and signal collection systems [2]. Group 2: Shareholder Structure - The transaction involves related party transactions, with Chuangyuan Xinke's actual controller holding 34.64% of the shares, while the controllers of Weiyu Tiandao hold a combined 39.28% [3]. Group 3: Strategic Benefits - The acquisition aims to integrate communication and navigation testing businesses, offering comprehensive testing solutions covering ground, low-altitude, and satellite domains, thereby enhancing synergy between the two companies [4]. Group 4: Recent Developments - Chuangyuan Xinke has been active in the 6G and satellite sectors, signing strategic cooperation agreements to advance the development of 6G and satellite internet testing centers [5][6]. - The company is involved in multiple projects related to 6G technology, including the development of high-frequency channel simulators and AI integration in special scenarios [6].

Group 1 - The core point of the news is that Chuangyuan Xinke announced a major asset restructuring plan to acquire 100% equity of Weiyu Tiandao for an estimated valuation of no more than 900 million yuan, with the stock resuming trading on September 23, 2025 [2] - The acquisition will allow Chuangyuan Xinke to integrate its communication testing business with Weiyu Tiandao's satellite navigation testing capabilities, creating a comprehensive testing solution covering "ground-low altitude-satellite" [3] - The actual controllers of Chuangyuan Xinke, Feng Yuejun and his spouse Ji Hongxia, hold a combined 34.64% of the company's shares, while they also control 39.28% of Weiyu Tiandao, indicating a related party transaction [2] Group 2 - Chuangyuan Xinke is actively engaging in the 6G and satellite sectors, having signed strategic cooperation agreements with various organizations to advance the development of "6G+AI" and "6G+satellite" technologies [5] - The company is collaborating with the China Academy of Sciences on projects related to 6G technology, including the development of high-frequency channel simulators and AI integration in monitoring applications [5] - As of September 15, 2025, Chuangyuan Xinke's stock was priced at 26.23 yuan per share, with a total market capitalization of 3.747 billion yuan [6]

中国基金报记者 牛思若 【导读】创远信科拟购买微宇天导100%股权，重组预案公布 停牌一周的创远信科，于9月22日晚公布了重大资产重组预案，公司股票自2025年9月23日 起复牌。 据预案披露，创远信科拟向创远电子等14名交易对方发行股份并支付现金，购买其合计持有 的微宇天导100%股权，整体估值预计不超过9亿元。本次交易完成后，微宇天导将成为公司 的全资子公司。 | 序号 | 股东名称 | 认缴出资额(万元) | 出例 | | --- | --- | --- | --- | | 1 | 创远电子 | 65.3534 | 29.94% | | 2 | 冠至沁和 | 35.7629 | 16.38% | | 3 | 长沙矢量 | 20.9629 | 9.60% | | 4 | 上海优奇朵 | 20.3936 | 9.34% | | 5 | 非非基等 | 19.4893 | 8.93% | | б | 陈激宇 | 12.3449 | 5.66% | | 7 | 盟海投资 | 11.3038 | 5.18% | | 8 | 微核投资 | 8.1466 | 3.73% | | 9 | 元藩投资 | 6.8213 | ...

Core Viewpoint - The chairman of Zhenlei Technology, Yu Faxin, has been placed under detention by the Huangshi Municipal Supervisory Committee, which has led to a significant drop in the company's stock price and raised concerns about corporate governance and operational continuity [1][4]. Company Governance and Management - Yu Faxin, as the chairman and core technical personnel, received a pre-tax remuneration of 960,800 yuan in the previous year [2][5]. - Yu Faxin is the largest shareholder of Zhenlei Technology, holding shares worth tens of billions of yuan [2]. - During Yu Faxin's absence, the board of directors has appointed Zhang Bing to perform the chairman's duties, ensuring that other directors and senior management continue to operate normally [4]. Stock Market Reaction - Following the announcement of Yu Faxin's detention, Zhenlei Technology's stock price fell to 60.77 yuan per share, marking a single-day decline of 12.56%, with a total market value reduction of approximately 1.869 billion yuan [3][4]. - The stock experienced a drop of over 19% at one point during trading on September 22 [4]. Shareholding Changes - Yu Faxin and his associates cashed out approximately 444 million yuan through a share transfer, reducing their combined shareholding from 32.62% to 28.74% [6][7]. - As of June 30, Yu Faxin directly held 45,042,956 shares, representing 21.04% of the company [6]. Financial Performance - Zhenlei Technology reported a significant increase in revenue and net profit for the first half of the year, with revenue of approximately 205 million yuan, up 73.64%, and a net profit of about 62.32 million yuan, up 1006.99% [10]. - The company has maintained a positive outlook for the next three years, focusing on strategic sectors such as satellite internet and defense information [11].

Core Viewpoint - The progress of satellite internet networking in China has significantly accelerated, particularly in low Earth orbit satellite deployment, which is expected to create new revenue growth opportunities for companies in the sector [1] Company Summary - *ST Chengchang (001270) is actively iterating its satellite communication T/R chip solutions in response to increasing customer demand, indicating a faster development pace [1] - The company is positioned to benefit from the mass launch and application of satellites, which will contribute to its revenue growth [1] Industry Summary - The satellite manufacturing industry is anticipated to transition from traditional small-batch, customized production to large-scale manufacturing due to rising satellite demand [1] - This shift is expected to lead to an increase in both revenue and net profit growth rates within the industry [1]

（责任编辑：张晓波 ） 中信证券认为，今年7月底以来，我国GW星座发射频率显著提升，从01-05组星的一到两个月发射 间隔缩短到05-10组星的3-5天发射间隔，组网速度明显加快，或表明我国卫星互联网开始进入高密度组 网期。民营液体火箭有望逐步成为建设我国低轨卫星互联网的重要力量，手机直连卫星加速推广，卫星 互联网建设有望加速。 航空航天ETF（159227）跟踪国证航天指数，深度布局航空航天产业链。全球地缘局势升温推动国 防开支刚性增长，同时商业航天（如火箭发射、太空旅行）进入产业化阶段，打开万亿级市场空间。航 空航天产业兼顾技术壁垒与盈利确定性。投资者可通过该产品一键配置高门槛行业，分享政策红利与技 术升级的双重收益。 每日经济新闻 9月22日，三大指数小幅高开后震荡下行，军工板块低开后盘中震荡。全市场军工含量最高的航空 航天ETF（159227）前期下跌后小幅回升，截至9时47分上涨0.09%，成交额3420万元，稳居同类第一。 持仓股中，海兰信、迈信林、国睿科技、中航沈飞等上涨。 消息面上，9月21日9时32分，山东海阳东方航天港传来捷报——天龙三号大型液体运载火箭一子级 动力系统海上热试车圆满成功。 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **commercial aerospace industry**, particularly the development of **satellite internet** in China, which is benefiting from policy implementation and prioritizing low Earth orbit (LEO) communication satellites for special and government uses [1][3][6]. Core Insights and Arguments - **Development Trends**: The launch speed of satellites in the commercial aerospace sector is primarily driven by LEO communication satellites, with a focus on integrating communication, navigation, remote sensing, and computing satellites by 2025 [3][5]. - **Comparison with SpaceX**: China's satellite internet development is benchmarked against SpaceX's Starlink project, which has achieved cost control through rocket reusability and has entered a profitable phase. In contrast, China's rocket reusability technology is still maturing, leading to higher costs and fewer launches [4][10]. - **Market Opportunities**: Downstream applications such as communication and navigation present significant growth potential, with increasing attention on mobile direct connection chips and related operators [5][12]. - **Challenges in Commercialization**: The commercialization of satellite internet in China faces challenges, including the slow issuance of commercial licenses and insufficient satellite numbers capable of mobile direct connections [8][9]. Important but Overlooked Content - **Government and Commercial Collaboration**: The collaboration between government and commercial entities in building satellite internet infrastructure is expected to become a norm, with companies like China Xingwang and Blue Arrow Aerospace leading the charge [12][26]. - **Technological Developments**: The establishment of the **Satellite Innovation Research Institute** by the Aerospace Science and Technology Group aims to promote integrated intelligent applications in space and ground communication [2][26]. - **Future Focus Areas**: The next few years will see a focus on accelerating the integration of LEO and geostationary satellites, advancing rocket reusability technology, and ensuring the successful deployment of downstream applications [6][14]. Financial and Market Data - **Starlink's Revenue**: In 2023, Starlink generated $4.178 billion in revenue, with residential users contributing the majority of income [11]. - **Investment Opportunities**: The commercial aerospace sector is expected to see significant investment opportunities in satellite applications, particularly in urban digitalization and high-precision spatial data services [13][20]. Conclusion - The commercial aerospace industry in China is at a pivotal point, with significant advancements in satellite internet technology and applications. However, challenges remain in terms of technology maturity and market readiness, necessitating ongoing investment and innovation to realize the full potential of this sector [1][6][8].

Core Viewpoint - The chairman of Zhenray Technology, Yu Faxin, has been placed under detention by the Huangshi Municipal Supervisory Committee, temporarily unable to fulfill his duties as a director, but the company's control remains unchanged and normal operations are expected to continue [1][2]. Company Overview - Zhenray Technology is a chip design company specializing in RF transceiver chips, high-speed high-precision ADC/DAC chips, power management chips, microsystems, and modules [1][5]. - The company was established in September 2015 and went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 27, 2022 [5]. Financial Performance - In the first half of 2023, Zhenray Technology achieved a revenue of 205 million yuan, a year-on-year increase of 73.64%, and a net profit attributable to shareholders of 62.32 million yuan, up 1006.99% year-on-year [5][6]. - The company has seen a significant increase in orders and projects, benefiting from the recovery in downstream industries and strategic opportunities in emerging sectors such as commercial aerospace and low-altitude economy [6]. Market Position and Future Outlook - Zhenray Technology's products are primarily used in specialized fields such as data links, electronic countermeasures, wireless communication terminals, and satellite internet [5][6]. - The company is expected to benefit from the ongoing development of satellite internet and the gradual recovery of demand in the defense informationization sector, with projected revenues of 451 million yuan, 631 million yuan, and 850 million yuan for 2025 to 2027 [6].

Core Viewpoint - The announcement regarding the detention of the actual controller and chairman of Zhenlei Technology, Yu Faxin, raises concerns but the company asserts that it will not significantly impact its normal operations [1][3]. Company Overview - Zhenlei Technology, established in September 2015, focuses on chip design, particularly RF transceiver chips, high-precision ADC/DAC chips, power management chips, and micro-systems [7]. - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 27, 2022, and has built a comprehensive platform for chip design, development, production, and sales [7]. Recent Developments - On September 21, Zhenlei Technology announced that Yu Faxin was placed under detention by the Huangshi Municipal Supervisory Committee, temporarily unable to fulfill his duties as chairman [1][3]. - The company confirmed that there has been no change in control and that operations remain normal, with Zhang Bing acting as the interim chairman [3]. Financial Performance - In the first half of the year, Zhenlei Technology reported a revenue of 205 million yuan, a year-on-year increase of 73.64%, and a net profit attributable to shareholders of 62.32 million yuan, up 1006.99% year-on-year [6][8]. - The company has seen a significant increase in orders and projects, benefiting from the recovery in downstream industries and strategic opportunities in emerging sectors such as commercial aerospace and low-altitude economy [8]. Market Position and Future Outlook - Zhenlei Technology's products are increasingly recognized in various applications, with some already included in preferred customer lists [8]. - The company is expected to benefit from the ongoing satellite internet construction and the recovery of demand in the defense information sector, with projected revenues of 451 million yuan, 631 million yuan, and 850 million yuan for 2025 to 2027, respectively [8].