这是"云遥气象星座"探测并反演得到干、湿大气廓线参数。新华社发 新华社天津4月11日电（记者梁姊、郭方达）中国民营商业航天公司——天津云遥宇航科技有限公司，正在组建国内卫星数量最多的商业气象星 座，可进行全球气象监测预报，服务各行各业。 天津云遥宇航科技有限公司董事长李峰辉告诉新华社记者，其名为"云遥气象星座"，将由90颗自主研发的气象卫星组成，包括72颗太阳同步轨道 卫星和18颗低倾角轨道卫星，计划在2026年底前全部完成组网。 "届时，它有望成为世界上数据产能最大的商业气象星座之一。"李峰辉说。 云遥气象星座的首颗卫星于2021年12月发射，截至目前已成功发射46颗。 "今年还有30颗卫星发射任务，"李峰辉说，"余下的14颗卫星明年发射完成。" 云遥气象星座2026年组网完成后，将形成全球高分辨率、高精度、全尺度的大气层、电离层探测系统。其90颗卫星均加装全球导航卫星系统掩星 探测载荷，可获取全球范围内大气掩星和电离层掩星观测数据，得到大气层温度、湿度、压力和电离层电子密度等信息，实现对大气层、电离层 和降水的三维探测，提升气象监测精度。 云遥气象星座的单颗卫星成本约为数百万元人民币，重量约为30公斤。 ...

Group 1: Military and Aerospace Industry Overview - The military informationization is a core support for modern military power development, aiming to enhance combat efficiency and battlefield awareness through information technology [3] - The "14th Five-Year Plan" emphasizes the development of intelligent and informationized weapon systems, with military equipment demand expected to exceed 250 billion yuan by 2025 [3] - The commercial aerospace sector is recognized as a key component of national strategic emerging industries, with a focus on promoting its healthy development as part of building a strong aerospace nation [4] Group 2: Key Players and Market Dynamics - China Shipbuilding Group, formed by the merger of CSIC and CSSC, is the largest shipbuilding group globally, benefiting from the growing demand in the marine economy [2] - Major suppliers in the military informationization sector include Rockwell Collins, Lockheed Martin, and Northrop Grumman globally, while domestic players include China Electronics Technology Group and Aviation Industry Corporation of China [3] - The A-share aerospace and military sector saw significant growth, with a 7.2% increase in national defense budget reaching 1.66 trillion yuan in 2025, marking a golden period for the industry [9] Group 3: Technological Innovations and Trends - The commercial aerospace industry is integrating satellite communication, navigation, and remote sensing technologies into various sectors, driving the rapid development of emerging industries like low-altitude economy and tourism [4] - Companies like SpaceX are leading technological innovations in the global commercial aerospace wave, while Chinese aerospace firms are exploring new development models [4] - The shift from traditional single-satellite development to batch production and low-cost manufacturing in satellite production is crucial for enhancing market competitiveness [4] Group 4: Investment Opportunities - Companies such as AVIC Shenyang Aircraft Corporation and Aerospace Technology are expected to benefit from the concentration of military equipment orders and international trade in high-end equipment [9] - Focus on companies with leading advantages in technology breakthroughs and industrial revolutions, such as AVIC High-Tech in carbon fiber and Guangqi Technology in metamaterials [10] - The integration of military and civilian technologies is creating a dynamic balance between national security and economic development, with significant implications for investment strategies [5][8]

Core Viewpoint - The establishment of the Wenchang International Aerospace City in Hainan marks a significant development in China's commercial space industry, positioning Wenchang as a new hub for global aerospace innovation and attracting international attention [1][2][3]. Group 1: Infrastructure and Development - The Wenchang International Aerospace City is focusing on building a comprehensive industrial ecosystem centered around "rocket chain-satellite chain-data chain-application chain" [2]. - The infrastructure development is progressing, with the commercial launch site achieving operational capabilities and major aerospace companies actively establishing a presence [2][3]. - The first phase of the satellite assembly and testing plant, rocket assembly plant, and remote sensing satellite application service platform is set to be operational in the first half of 2024, forming three major industrial clusters: rocket development, satellite application, and data services [2]. Group 2: Commercial Launch Operations - The commercial launch site has entered a phase of regular launch operations, with the second phase of construction already underway [3]. - Projects related to reusable rockets, such as offshore launch recovery systems and power system test platforms, are rapidly advancing [3]. - An Asia's largest satellite super factory is expected to be completed in the second half of this year, with the first satellite scheduled for launch by the end of the year [3]. Group 3: Data and Low-altitude Economy - Wenchang International Aerospace City is pioneering a satellite data cross-border service pilot zone, collaborating with the National Space Administration to establish several research and application centers [3]. - The city is also working with leading companies to accelerate the development of a low-altitude economy industrial park and a general aviation airport, aiming to create innovative low-altitude application scenarios [3]. - The integration of low-altitude and low-orbit development is being actively explored, leveraging the advantages of Hainan's free trade port policies [4]. Group 4: Investment Opportunities - The local government emphasizes that the best investment opportunities in Wenchang are currently available, particularly in the commercial aerospace sector [4]. - The city is leveraging its geographical advantages near the equator to enhance its position in the global commercial space competition [4]. - The low-altitude economy is identified as a significant growth opportunity, with plans to develop supportive policies and a development blueprint for the low-altitude economy industrial park [4].

在中国商业航天产业快速发展的背景下，华力创通（300045）(300045.SZ)将借助资本市场力量提高在卫星领域的 研发及产业化能力。 4月1日晚间，华力创通发布定增预案。公司拟非公开发行股票募集资金总额不超过4.5亿元，扣除相关费用后分别 投入到基于抗辐照模组的星载计算处理设备研制及产业化项目等。 作为国内较早从事卫星导航与卫星通信融合应用技术的企业之一，华力创通布局了芯片设计研发领域。通过此次 定增，华力创通将在卫星应用领域进一步巩固"芯片+模块+终端+平台+系统解决方案"的产业格局。 然而，长江商报记者注意到，近年来华力创通的盈利能力不稳定。2021年和2022年，华力创通连续两年亏损。 2023年，公司扭亏为盈超千万元。日前，华力创通预计2024年实现归属于上市公司股东的净利润(净利润，下同) 为亏损9800万至1.36亿元。对此，公司称，主要是受多种因素影响，项目交付不及预期，导致营业收入、净利润 下降。 此外，2021年至2023年，华力创通已连续三年未在年报中推出分红计划。 时隔近三年再次计划定增 尽管北斗+5G融合终端基带芯片研发及产业化项目尚处于建设期，但该项目于建设期研发形成了部分技术， ...

主题投资聚焦产业从"概念萌芽"到"叙事共识"的形成期，依赖市场对远期前景的想象推动估值跃升，核心在于未被证伪的成长预期；景气投资 则对应产业从"逻辑验证"到"业绩兑现"的落地期，核心驱动力转向基本面改善对估值的消化能力，强调真实投入与ROE扩张的正向循环。主题 投资是"实务期权定价"，博弈市场认知迭代带来的预期差；景气投资则是"业绩驱动定价"，捕捉经营数据持续超预期的空间价值。 文 ｜ 王冠然 秦培景 刘易 王子昂 田鹏 王涛 侯苏洋 任恒毅 白弘伟 卿施典 本篇报告复盘了新能源汽车、光伏、半导体、智能手机、移动互联网及光模块六大周期成长行业的跃迁规律，提出"现金流改善→产能建设→盈 利释放"投资框架，识别产业从主题共识向业绩兑现的转换节点。借助Ge s k e期权模型解析技术代际跃迁的潜在价值空间，结合经营周期、产能 建设周期、ROE弹性多维验证，为景气投资构建更立体的决策坐标。展望未来，在新旧动能转换期，中国资产价值有望迎来重塑，可以通过"真 实投入"把握中长期产业投资机遇，聚焦AI+、智能驾驶、人形机器人、低空经济、商业航天、生物制造、未来能源、半导体先进制程等科技制 造领域。 ▍ 主题投资与景气投资代 ...

Summary of Key Points Overall Market Performance - The performance of the CSI 300 and ChiNext indices over the past year shows a significant decline, with the CSI 300 down by 32% and the ChiNext down by 16% [1]. Industry Performance - The top five performing industries yesterday included textiles and apparel (+1.448%), beauty and personal care (+1.014%), telecommunications (+0.971%), banking (+0.897%), and diversified industries (+0.742%) [1]. - Conversely, the bottom five performing industries were defense and military (-1.17%), non-ferrous metals (-0.866%), utilities (-0.801%), steel (-0.580%), and pharmaceuticals and biology (-0.537%) [1]. Communication Industry - The satellite internet construction in China is gradually taking shape, with significant developments in the commercial aerospace industry [10]. - On April 1, 2025, China successfully launched a satellite for internet technology testing, marking a step towards the integration of satellite and terrestrial networks [12]. - The "Thousand Sails Constellation" plan aims to deploy 648 satellites by the end of 2025 and 1,296 satellites globally by 2027, with a long-term goal of 15,000 satellites by 2030 [13]. Coal Mining Industry - China Jushi (600176.SH) reported a significant increase in Q4 2024 performance, with revenue reaching 42.2 billion yuan, a year-on-year increase of 22.4% and a quarter-on-quarter increase of 8.49% [16]. - The company’s glass fiber yarn sales reached a record high of 3.025 million tons in 2024, driven by structural optimization and market expansion [17]. Real Estate and Construction Industry - China Overseas Development (00688.HK) ranked first in equity sales and land acquisition, with a steady growth in commercial income [21]. - The company reported a revenue of 1,851.5 billion yuan in 2024, a year-on-year decrease of 8.6%, while its equity sales amounted to 3,107 billion yuan, a slight increase of 0.3% [22][23]. Food and Beverage Industry - China Feihe (06186.HK) achieved a revenue of 20.749 billion yuan in 2024, reflecting a year-on-year increase of 6.2%, with a proposed dividend of 0.3264 HKD per share [27]. - The company’s ultra-high-end product series continues to drive growth, with a focus on expanding its market share in the infant formula sector [28]. Chemical Industry - Shengquan Group (605589.SH) reported a revenue of 10.02 billion yuan in 2024, with a year-on-year increase of 9.87% [37]. - The company is expanding its high-frequency and high-speed resin varieties, indicating a robust growth trajectory [38]. Light Industry - Jiayi Co., Ltd. (301004.SZ) achieved a revenue of 2.836 billion yuan in 2024, a year-on-year increase of 59.8%, supported by strong customer relationships [31]. - The company’s overseas revenue growth is a significant driver of its overall performance [32].

鱼羊 一水 发自 凹非寺 量子位 | 公众号 QbitAI 我们正在进入AI创新的「中国时间」 。 2025第一季度刚刚过完，中国大模型"国产之光"已经可以预定一个年度关键词了。 从DeepSeek走红全网，到Manus一夜爆火，再到宇树为代表的机器人让中外网友连连惊呼…… 毫无疑问，中国前沿科技，正在2025年成为全世界热议和肯定的焦点。 △ LeCun评DeepSeek 但问题是：为什么是2025？ 以ChatGPT为起点的新一轮技术风暴刚刚卷到第三年，时间不算长，但对于风暴眼里的人们来说，信息量却早已爆炸。 更重要的是，随着大模型变革迎来新的转向，即关注点由训练向推理的迈进，新的机会伴随着挑战，正在不断涌现。密集突破，正在当下发 生。 所以现在，又来到了一个值得好好复盘，进而展望未来的时刻。 如果你需要一份「全面」、「硬核」的科技报告作为参考 ，这份 全新出炉的全景式科技报告，值得一读： 报告来自诺安基金，一家长期陪伴中国科技成长的千亿公募基金。 自2003年成立以来，累计为740家科技企业提供IPO募资支持，产品持有 新质生产力企业发行的股票市值合计278亿元。可谓是真懂硬科技，真懂中国创新。 而且这 ...

PPPPAAAARRRRTTTT 1111 两个关键时点 年内还有两个关键：一是4月初外部风险落地后的交易性机会，二是年中中美经济和政策周期同频后的配 置性机会。 图片来源：摄图网 两个关键时点 裘翔 刘春彤 杨家骥 高玉森 沈思越 连一席 遥远 玛西高娃 年内两个关键时点：一是4月初外部风险落地后带来的交易性机会，二是年中中美经济和政策周期同频后带 来的配置性机会。从风险落地后的进攻方向看，经过3月大幅调整且后期有催化的科技主题预计会成为4~5 月最好的方向。中美经济和政策周期有利于打开内需叙事的向上空间，解除中国核心资产的估值压制，且 随着更多传统核心资产走出业绩拐点，市场将迎来2021年以来最重要的一次风格切换。配置上继续聚焦A股 和港股核心资产。 风险因素：中美科技、贸易、金融领域摩擦加剧；国内政策力度、实施效果及经济复苏不及预期；海内外 宏观流动性超预期收紧；俄乌、中东地区冲突进一步升级；我国房地产库存消化不及预期。 点击查看全文 主题聚焦 策略聚焦 万亿深海孕生机 关注业绩稳健、估值低位 主题 秦培景 刘易 王冠然 侯苏洋 卿施典 任恒毅 白弘伟 田鹏 王涛 王子昂 建议关注业绩稳健的低位主题，包 ...

Group 1 - The article discusses various asset transactions and acquisition interests in the market, highlighting the challenges faced by buyers and sellers in connecting with potential trading partners [1] - A small private salon focused on the humanoid robot industry is scheduled for April, inviting industry companies and experts to participate [1] Group 2 - New asset offerings include the transfer of LP shares in Zhiyuan Robotics with an estimated value of 1.5 billion RMB, and shares in Langchao Cloud valued at 70 million RMB [2] - Additional offerings include LP shares in HuoLaLa valued at 200 million USD and shares in WoFei ChangKong Technology with an estimated value of 60 million RMB [3] - The article lists multiple acquisition interests, including shares in Galaxy General Company with a valuation range of 30-50 million RMB and Yushu Technology with an estimated valuation of 10-12 billion RMB [4][5] Group 3 - The article outlines various acquisition interests in the humanoid robot sector, with potential valuations discussed on a case-by-case basis [5][6] - There is a specific interest in acquiring shares in medical device companies, particularly those with profitable operations in Jiangsu Province [8] - The article also mentions acquisition interests in the small home appliance sector, with a focus on profitable companies valued under 2 billion RMB [9]

文 ｜ 秦培景 刘易 王冠然 侯苏洋 卿施典 任恒毅 白弘伟 田鹏 王涛 王子昂 活跃资金仓位已处于高位，市场回调的同时主题风格高低切换，前期市场关注度较高的主题退潮 建议关注业绩稳健的低位主题，包括低位消费主题、AI+主题和商业航天航空。我们延续从3月份 以来的主题配置观点，建议继续关注业绩确定性或订单确定性强、估值水平相对低位的相关板块和 资产。从主题环境来看，综合流动性指标和市场风格特征，预计高位主题板块将出现震荡。从催化 因素分析上看，重点关注消费刺激政策落地、3~4月份互联网厂商密集召开AI平台和产品会议，国 产大飞机产业化发展提升市占率。结合市场环境、催化因素以及综合量化指标研判，建议关注低位 消费主题、AI+主题和商业航天航空，我们在报告中还梳理了1 0个标的构成的主题推荐组合供投资 者参考。 ▍ A股大势：业绩、订单确定性高、在低位的资产有望关注度持续提升。 过去两周，主题行情快速轮动且缺乏持续性。从外部环境上看，3月份美联储议息会议结束，市 场对于美国衰退预期减弱，美元指数从3月2 0日开始反弹；欧洲各国陆续公开的国防开支预算， 俄乌停火协议不确定性增加。从内部上看，两会召开后政策预期落地， ...