[Table_Main] 行业研究|信息技术|技术硬件与设备 证券研究报告 技术硬件与设备行业周报 2025 年 12 月 24 日 [Table_Title] 算力硬件规模扩张，液冷加速渗透 ——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（2025.12.15-2025.12.21）上证综指上涨 0.03%，深证 成指回调 0.89%，创业板指回调 2.26%。本周申万通信回调 0.89%。 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（2025.12.15-2025.12.21）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 4.29%，通信应用增值服务回 调幅度最高，跌幅为 4.13%，本周各细分板块主要呈回调趋势。 个股方面：本周（2025.12.15-2025.12.21）涨幅板块分析方面，万隆 光电（34.20%）、通鼎互联（24.74%）、震有科技（21.89%）涨幅分 列前三。 建议关注方向：算力产业链、卫星产业链 算力链：当前，随着 AI 算 ...

证券日报网讯12月24日，本川智能（300964）在互动平台回答投资者提问时表示，公司紧跟行业发展趋 势，持续关注卫星通信等相关行业的发展机遇。公司通过长期技术研发和积累，拓展了多种技术方向和 特殊材料产品，广泛应用于通信基站、微波通信、卫星通信等领域。 ...

数据来源：Counterpoint Research 智通财经记者 | 宋佳楠 12月24日，智通财经获悉，数据咨询机构Counterpoint Research发布的最新报告显示，在经历2024年的大幅下滑后，全球智能手表出货量预计将在华为和苹 果的带动下于2025年同比增长7%。同时，品牌竞争格局出现显著重构——小米成功反超三星跻身第三位，苹果也结束了连续七个季度下滑的局面。 2025年，全球智能手表市场的变化，主要体现在新一代硬件与软件功能的推出、消费者对中高端智能手表偏好提升，以及行业对健康相关功能的日益关注。 从核心品牌数据变化来看，以23%的市场份额排在首位的苹果终于扭转颓势，三季度出货量实现12%的增长。 Counterpoint高级研究分析师Anshika Jain表示，"预计苹果新一代智能手表2025年全年出货量也将同比增长12%。这一反弹主要得益于备受期待的高性价比 Watch SE 3以及超高端Watch Ultra 3的推出，这两款产品显著拓宽了苹果在不同价格区间的覆盖范围。同时，5G支持、卫星通信，以及高血压提醒等全新健 康功能的加入，帮助苹果在连续七个季度同比下滑后明显回暖。" 华 ...

技术端迎来关键节点，2025年底至2026年成为液体可回收火箭的集中大考期。长期制约星座部署的运力赤 字问题有望在2026年实现结构性缓解，蓝箭航天朱雀三号、国家队长征十二甲等代表性可重复使用火箭已 陆续开展首飞试验。其中朱雀三号于12月3日完成首飞，长征十二号甲12月23日首飞并成功将载荷送入预 定轨道，两者均计划2026年推进复用验证，届时将大幅降低入轨成本，从供给侧解锁发射需求。 政策端利好持续释放，国家国防科技工业局商业航天司于2025年10月正式成立，将统筹商业航天政策研 究、项目管理等关键工作；《国家航天局推进商业航天高质量安全发展行动计划（2025—2027年）》已于 11月发布实施。同时，工信部已向三大运营商陆续发放卫星移动通信业务经营许可，手机直连卫星业务实 现商业模式闭环，C端变现路径全面清晰，为产业发展注入政策动力。 今日，A股商业航天概念股集体爆发，狂掀涨停潮。卫星ETF(159206)强势涨超4%，成分股超捷股份 (301005)、信维通信(300136)、上海港湾(605598)、中国卫星(600118)、星网宇达(002829)涨停。 | 序号 | 代码 | 名称 | 涨跌幅 ▼ ...

人民财讯12月24日电，根据Counterpoint Research最新报告，全球智能手表出货量预计将在2025年年底 同比增长7%，在2024年首次出现下滑后重回增长轨道。本轮复苏由华为领衔，并得到苹果新品阵容支 撑。其中，苹果2025年第三季度出货量同比增长12%，结束了此前连续七个季度下滑的局面；华为年出 货量同比增长42%居首，其次小米同比增长22%，Imoo同比增长17%。据介绍，全球头部品牌正加速将 AI驱动的健康分析与健康指导功能整合至产品体系中，卫星通信、5GRedCap以及Micro LED显示技术 等关键新特性成为产品升级亮点。 ...

Core Viewpoint - Huawei's nova 15 series, including nova 15, nova 15 Pro, and nova 15 Ultra, aims to enhance user experience through improved system performance, battery life, and camera capabilities, targeting young consumers with a focus on photography and connectivity [2][13][27] System and Performance - The nova 15 series is equipped with HarmonyOS 6.0 and Wi-Fi 7, featuring the Kirin 8020 processor in the standard version and the Kirin 9010S processor in Pro and Ultra versions, which is an overclocked variant of the 8020 [2][16] - The performance of the Kirin 9010S is similar to the 9010 but with lower power consumption, although its GPU performance is slightly inferior [2][16] Battery and Endurance - The standard version has a 6000mAh battery with 100W wired charging, while both Pro and Ultra versions feature a 6500mAh battery with the same wired charging capability, and the Ultra version also supports 50W wireless charging [4][18] - The Ultra version's design allows for a 6500mAh battery within a thickness of 6.8mm, indicating strong endurance capabilities [4][18] Design and Differentiation - The nova 15 series features a clear differentiation in storage options, with the standard and Pro versions offering 256GB and 512GB, while the Ultra version provides an additional 1TB option [4][18] - The design includes a "horizontal large matrix" camera module for Pro and Ultra versions, enhancing the aesthetic appeal and aligning with the new design language of the nova series [6][20] Color and Aesthetics - The nova 15 series is available in four colors: "Vibrant Green," "Good Match Purple," "Zero Degree White," and "Phantom Night Black," aimed at enhancing brand recognition and appealing to younger consumers [9][23] Imaging Capabilities - The standard version features a 50MP main camera, while the Pro and Ultra versions have enhanced camera setups, including multiple 50MP sensors and advanced features for improved photography [10][24] - The introduction of "dual red maple" technology in the Pro and Ultra versions aims to enhance selfie quality, particularly in challenging lighting conditions [10][24] Display Quality - The standard version has a 6.7-inch OLED display with a resolution of 2412*1084 and a 120Hz refresh rate, while the Pro and Ultra versions feature a 6.84-inch OLED display with a resolution of 2856*1320 and dynamic refresh rates [11][25] - The display quality is supported by TCL Huaxing, ensuring a consistent and high-quality viewing experience [11][25] Overall Market Positioning - The nova 15 series reflects a shift in the industry towards integrated user experiences rather than just individual specifications, focusing on reliability and user-friendly features [13][27] - The series aims to establish a strong market presence by appealing to the needs of young consumers who prioritize photography and connectivity [13][27]

证券分析师 2025 年 12 月 23 日 布局 6G 时代空天基础设施：永赢国 证 商 用 卫 星 通 信 产 业 ETF （159206）投资价值分析 ——指数基金产品研究系列之二百六十二 证 券 研 究 报 告 相关研究 - 白皓天 A0230525070001 baiht@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 研究支持 达邵炜 A0230124030001 dasw@swsresearch.com 联系人 白皓天 A0230525070001 baiht@swsresearch.com ⚫ 永赢国证商用卫星通信产业 ETF（159206）是永赢基金旗下的 ETF 产品，于 2025/3/6 正式成立，并于 2025/3/14 正式上市，现任基金经理为刘庭宇先生。基金紧密跟踪标的 指数，追求跟踪偏离度和跟踪误差最小化。截止 2025/12/18，跟踪国证商用卫星通信产 业的 ETF 仅有永赢国证商用卫星通信产业 ETF，产品具备高度的稀缺性。 对比跟踪中证 卫星产业指数的五只 ETF，永赢永赢国证商用卫星通信产业 ETF 的规 ...

凌云光：全资子公司拟作为基石投资者认购智谱香港联交所首次公开发行股份 【重要事项】 卓然股份：全资子公司签订40.33亿元年产120万吨PBAT生物降解聚酯项目工程总承包合同，占公司 2024年度经审计营业收入142% 华联控股：拟12.35亿元收购Argentum100%股份，切入盐湖提锂生产业务 旭升集团：实际控制人变更为广州市人民政府，股票复牌 天普股份：实际控制人变更为杨龚轶凡，中昊芯英及其一致行动人合计控制68.29%股份，股票复牌 翔宇医疗：脑机接口相关产品已进入超500家三级甲等医院，预计春节前目标进入700家以上 通宇通讯：控股子公司中洪通宇拟增资扩股引入投资者增强资本实力，满足其卫星通信产品研发及运营 支出需求 亿纬锂能：亿纬钠能总部和金源机器人AI中心项目动工建设 卓然股份：全资子公司签订40.33亿元年产120万吨PBAT生物降解聚酯项目工程总承包合同，占公司 2024年度经审计营业收入142% 【签约合作】 宁波华翔：子公司与大寰机器人签订战略合作协议，拟就特定六自由度灵巧手产品开展开发合作 泰恩康：全资子公司收到非那雄胺他达拉非胶囊药品注册证书，该产品在国内尚无其他企业获批 万泰生物 ...

Suspension and Resumption - Duku Culture, Aolian Electronics, and Yichang Technology are planning a change in control, leading to stock suspension [1] - Xusheng Group's actual controller has changed to the Guangzhou Municipal Government, resulting in stock resumption [2] Share Buyback - Nanshan Aluminum plans to repurchase shares worth between 300 million to 600 million yuan for cancellation [3] Mergers and Acquisitions - China Nonferrous Metal Industry's subsidiary intends to acquire 99.9% of Raura Company for 106 million USD, with Raura's main assets being the Raura zinc polymetallic mine and a hydropower station in Peru [4] - Lingyi Technology plans to acquire 35% of Limin Da for 875 million yuan, focusing on advanced thermal management solutions for enterprise-level servers [4] External Investment and Daily Operations - Ultrasonic Electronics plans to invest 1 billion yuan in upgrading high-performance HDI printed circuit board production [5] - Nanya New Materials aims to raise no more than 900 million yuan for AI-powered high-frequency copper-clad laminate R&D and industrialization projects [6] - Lingyun Optical's subsidiary intends to act as a cornerstone investor in the IPO of Zhipu on the Hong Kong Stock Exchange [7] - Tongyu Communication's subsidiary plans to increase capital and introduce investors to enhance its satellite communication product development and operational funding [7] - Sanli Pharmaceutical intends to acquire the HXW2324 compound and related patents from Hainan University for developing new Alzheimer's treatment candidates [7] - Yongding Co., Ltd.'s optical chip subsidiary plans to increase capital and introduce external investors such as Cambridge Technology [8] - Xiangyu Medical's brain-computer interface products have entered over 500 top-tier hospitals, with a target of over 700 by the upcoming Spring Festival [9] - Dingyang Technology has released a 20 GHz high-bandwidth digital oscilloscope, the SDS8204A [10] - Suzhou Tianmai plans to establish a joint venture for server liquid cooling business [11] - Zhuoran Co., Ltd.'s subsidiary signed a supplementary agreement for a 4.033 billion yuan contract related to a biodegradable polyester project [11] - Ningbo Huaxiang's subsidiary signed a strategic cooperation agreement with Dahuang Robot for the development of specific six-degree-of-freedom dexterous hand products [12] - China Merchants Energy has delivered the world's first methanol dual-fuel VLCC oil tanker "Kaituo" in Dalian [13] - Xin Nuo Wei is establishing a joint venture focused on GLP-1 target-related products [14] - New Construction Co., Ltd. signed a framework cooperation agreement for an integrated energy security project at the Duolong Copper Mine in Tibet [15] - Xiechuang Data signed a strategic cooperation agreement with Puyin Financial Leasing, aiming for a cooperation scale of 2 billion yuan in computing power financing leasing [15] Performance Changes - Sanhua Intelligent Control expects a net profit of 3.874 billion to 4.649 billion yuan for 2025, representing a year-on-year growth of 25% to 50%, driven by its leading position in refrigeration and air conditioning components and expansion in the automotive parts sector [16]

①商业航天+无人机，拥有固体发动机总装资质，提供运载火箭动力模块，与多家商业航天企业深度合 作，这家公司布局无人机助推器等关键装备； ②卫星通信+光模块，积极布局卫星通信射频芯片与器件， 这家公司是1.6T光模块核心陶瓷供应商，已稳定量产并扩产，明年持续放量。 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 前言 ...