Core Viewpoint - The aerospace and satellite internet sectors are experiencing a strong rebound, with significant stock price increases for companies like Tianyin Electromechanical, Guanglian Aviation, and Beidou Star Communication, indicating a positive market sentiment towards the low-altitude economy and commercial aerospace sectors [1][3]. Group 1: Market Performance - Tianyin Electromechanical's stock rose over 13%, Guanglian Aviation increased by over 7%, Beidou Star Communication gained over 6%, and China Satellite saw a rise of over 5% [1]. - The General Aviation ETF Huabao (159231) saw a price increase of 1.52%, breaking above the 5-day and 10-day moving averages during trading [1]. Group 2: Industry Developments - The Long March 12 carrier rocket successfully launched 16 low-orbit satellites for satellite internet, with the satellites entering their designated orbits [3]. - A high-level meeting emphasized the need to promote high-quality development in the information and communication industry, including advancing 6G technology and accelerating satellite internet development [3]. Group 3: Industry Structure - The commercial aerospace industry is evolving from a focus on launch manufacturing to a comprehensive ecosystem that includes "ground-space integration and deep space expansion," forming a three-tiered industry structure: foundational layer, network layer, and frontier layer [4]. - The foundational layer focuses on rocket manufacturing, with a competitive landscape dominated by the US and China; the network layer is crucial for commercial monetization, while the frontier layer aims at resource utilization in deep space, potentially creating a trillion-dollar market [4]. Group 4: Investment Opportunities - The General Aviation ETF Huabao and its associated funds cover a wide range of sectors, including military and civilian aerospace, low-altitude economy, and satellite navigation, with over 46% of its holdings in state-owned enterprises and over 20% in major military industrial groups [4]. - The ETF is positioned as a strategic tool for investing in China's aerospace industry, focusing on technology barriers and core commercial segments such as aircraft manufacturing [4].

Core Viewpoint - The article emphasizes the importance of electronic materials in various high-tech industries, highlighting the need for innovation and domestic production capabilities to enhance China's competitiveness in the global market [7][9]. Group 1: Industry Overview - Electronic materials are crucial for manufacturing electronic devices, integrated circuits (ICs), and optoelectronic devices, directly impacting product functionality and efficiency [7]. - The global semiconductor industry is projected to reach a total sales of $526.8 billion in 2023, with IC electronic materials accounting for approximately 12.7% of this market [7]. - The demand for electronic materials is increasing in sectors such as ICs, display technology, photovoltaic energy, and high-end capacitors/resistors, driven by advancements in information technology and communication [7][9]. Group 2: Key Electronic Materials - **Semiconductor Materials**: Silicon (Si) is the primary material used in over 95% of semiconductor devices, with a market dominated by companies like Shin-Etsu Chemical and Sumco, holding over 90% market share in 8-12 inch wafers [11][15]. - **Electronic Specialty Gases**: The market for electronic specialty gases is highly concentrated, with major players like Air Products and Linde holding over 80% market share. The largest category, NF3, has a market size of $8.8 billion [16][18]. - **Photoresists**: The photoresist market is critical for IC manufacturing, with costs accounting for about 35% of total chip manufacturing costs. The development of EUV photoresists is essential for advanced nodes below 7nm [19][21]. - **Wet Electronic Chemicals**: The global market for wet electronic chemicals was valued at 639.1 billion yuan in 2022, with a projected growth rate of 8.9% annually [25]. - **CMP Materials**: Chemical Mechanical Polishing (CMP) materials are vital for achieving high precision in wafer manufacturing, with the global market for CMP pads and slurries growing significantly from 2016 to 2021 [28][29]. - **Third-Generation Semiconductor Materials**: Materials like SiC and GaN are gaining traction due to their superior properties for high-frequency and high-power applications, with China's market for these materials reaching approximately 85.4 billion yuan in 2023 [30][31]. Group 3: Market Dynamics and Trends - The electronic materials industry is characterized by a high degree of international competition, with the U.S., Europe, Japan, South Korea, and China being the main players [8]. - The ongoing technological revolution and industrial transformation present both challenges and opportunities for the electronic materials sector, necessitating advancements in material performance to meet the demands of emerging technologies like 6G and quantum computing [8][9]. - The article highlights the need for China to enhance its domestic production capabilities and innovation in electronic materials to ensure supply chain security and reduce reliance on foreign imports [9].

凌晨1点，中国移动国际信息港的6G实验室灯火通明，6G通感算智融合系统概念样机(以下简称"6G样机 平台")的攻关进入最后冲刺。 重大项目合力攻坚，资源共享加速创新。面对链上中小企业和高校"有想法缺平台落地"的困境，中国移 动研究院牵头打造6G实验室，为中小企业和高校提供技术预验证平台，进一步打通技术壁垒，降低研 发成本。 为获取更精准的信道测量数据，中国移动研究院党员工程师团队在外场一线彻夜坚守、连续作业；中关 村泛联院党员团队连续两周泡在实验室，反复打磨优化技术方案；北京邮电大学、东南大学的党员团队 筑牢后方保障，经过仿真测试，提供精准的技术可行性报告…… "6G样机平台建设没有现成路径，要解决高层与物理层打通、算法与协议衔接等跨领域协同难题，必须 把高校的专业优势、科研院所的创新活力与企业的工程能力集合起来。"中国移动研究院技术经理夏亮 说，在6G样机平台研制过程中，他们会同链上单位共同组建技术攻坚党小组、攻关党员突击队等，凝 聚攻坚合力。 跨单位、跨学科团队存在技术语言差异、资源调度壁垒，如何破局？中国移动研究院党委牵头建立党建 强链机制，以党组织为纽带，与中关村泛联院、中移湾区(广东)创新研究院、中 ...

证券时报表示，特朗普备忘录的核心指向清晰通过"频谱资源重分配"为6G商用铺路，且明确"不影响国 家安全任务"，这本质是美国在6G领域抢占全球标准话语权的关键动作。在当前6G技术持续突破的过程 中，科技巨头正纷纷抢占核心技术赛道。我国对于未来产业的支持力度，已逐步提升到方向确立后的投 入时期。2025年政府工作报告首次提出"培育6G等未来产业"，明确其与生物制造、量子科技等并列的 国家战略重点地位，标志着6G正式上升为国家战略。6G作为未来十年全球最重要的综合性数字信息基 础设施之一，将引领产业数字化、网络化、智能化、绿色化发展，促进数字经济和实体经济深度融合， 为全球经济发展带来新机遇。 据上市公司公告、互动平台及券商研报表示， 三维通信：公司以6G+卫星互联网双轮驱动布局，作为移动通信网络建设供应商，其业务可适配6G时 代空天地一体化的通信网络搭建需求，在6G相关的网络部署配套环节具备潜在发力点。 硕贝德：公司表示，6G处于行业发展前期，公司已完成卫通天线的研发，将积极推进相关技术、产品 迭代升级及市场化。 据证券时报12月22日报道，美国总统特朗普向其政府高级官员发布一份题为《赢得6G竞赛》的备忘 录。这 ...

联合研究丨行业点评 [Table_Title] 检测服务跟踪：卫星检测市场蓄势待发 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 商业航天产业为国家战略性工程，其中卫星互联网设备是一个复杂的系统，对上下游设备链的 可用性、可靠性、安全性、兼容性、互换性、法规性等要求更加严格，检测认证对其质量保障 至关重要；在研发设计、样品制备、成品量产阶段均需要测试服务。随着卫星发射量的快速增 加，检测服务需求蓄势待发。 分析师及联系人 [Table_Author] 徐科 赵智勇 贾少波 SAC：S0490517090001 SAC：S0490517110001 SAC：S0490520070003 SFC：BUV415 SFC：BRP550 曹小敏 SAC：S0490521050001 请阅读最后评级说明和重要声明 2 / 8 %% %% %% %% research.95579.com 2 丨证券研究报告丨 cjzqdt11111 2025-12-22 [Table_Title2] 检测服务跟踪：卫星检测市场蓄势待发 [Table_Summa ...

Investment Rating - The report suggests focusing on sectors driven by domestic AI development such as servers and IDC, as well as sectors like servers and optical modules driven by overseas AI development [5]. Core Insights - Google has launched the Gemini 3 Flash model, which maintains close inference capabilities to Gemini 3 Pro while achieving three times the speed of Gemini 2.5 Pro at a quarter of the cost [1]. - OpenAI plans to raise up to $100 billion in a new funding round, potentially valuing the company at $830 billion, with Amazon negotiating to invest at least $10 billion [1][60]. - Supermicro is collaborating with xAI to build the world's first 1GW data center in Memphis, utilizing NVIDIA's GB300 GPU [1]. - ByteDance is actively advancing in the AI sector, with significant model releases and partnerships with hardware manufacturers to pre-install AI plugins on devices [1]. - The optical fiber sector has seen significant price increases, with major manufacturers reporting a 15% rise in prices for certain products [1][3]. Summary by Sections Communication Sector Insights - The communication sector index decreased by 0.89% this week, ranking 27th among all industries [44]. - The telecom business revenue reached CNY 14,670 billion from January to October 2025, showing a year-on-year growth of 0.9% [4][27]. Subsector Performance - Server index decreased by 2.99% this week and 6.17% this month, with OpenAI's valuation expected to exceed $500 billion due to Amazon's investment [2][7]. - Optical module index decreased by 4.38% this week but increased by 14.35% this month, with Google optimizing AI chip performance for PyTorch [2][7]. - IDC index decreased by 2.77% this week but increased by 0.73% this month, with significant growth in AI model usage reported [2][8]. Key Data Updates - Telecom business volume growth is gradually improving, with a 9% year-on-year increase in telecom business volume calculated at constant prices [4]. - The export value of optical modules decreased by 27.6% year-on-year in October, primarily due to domestic companies establishing overseas factories [4][32]. Market Trends - The optical fiber index increased by 4.20% this week and 17.99% this month, indicating positive signals in price and volume metrics [3][12]. - The report highlights the robust growth of the domestic AI sector, particularly in server and IDC segments, driven by increasing demand and technological advancements [5].

证券日报网讯12月18日，盛路通信（002446）在互动平台回答投资者提问时表示，公司按"天基组网、 地网跨代、天地互联"的思路布局6G技术领域，目前在Ka/Ku波段有源相控阵天线、可重构超表面阵列 天线以及毫米波雷达方向已取得初步研发成果。 ...

格隆汇12月18日丨盛路通信(002446.SZ)在互动平台表示，在卫星通信领域，公司已掌握毫米波通信、 超宽带上下变频、有源相控阵等核心技术；在6G技术领域，公司已取得阶段性研发成果，涵盖Ka/Ku波 段有源相控阵天线、可重构超表面阵列天线以及毫米波雷达等方向；公司将持续关注技术产业化与市场 发展机遇，积极拓展相关业务合作。 ...

格隆汇12月18日丨盛路通信(002446.SZ)在互动平台表示，公司按"天基组网、地网跨代、天地互联"的思 路布局6G技术领域，目前在Ka/Ku波段有源相控阵天线、可重构超表面阵列天线以及毫米波雷达方向已 取得初步研发成果。 ...

早盘，卫星互联网、商业航天板块表现活跃。盛洋科技2连板，天银机电20CM涨停，天箭科技涨停， 航天环宇涨超15%，北摩高科、上海沪工、航天智装涨超7%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅▼ | | --- | --- | --- | --- | --- | | 300342 | 天银机电 | 30.20 | 5.03 | 19.98% | | 688523 | 航天环宇 | 44.80 | 5.92 | 15.23% | | 002977 | 天箭科技 | 44.07 | 4.01 | 10.01% | | 002985 | 北摩高科 | 30.08 | 2.22 | 7.97% | | 603131 | 日本奥F | 29.27 | 2.16 | 7.97% | | 300455 | 航天智装 | 26.35 | 1.77 | 7.20% | | 688053 | ST思科瑞 | 37.76 | 2.53 | 7.18% | | 300762 | 上海瀚讯 | 36.80 | 2.40 | 6.98% | | 301517 | 陕西华达 | 66.69 | 4.17 | 6.67% | | ...