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% | | ...

Core Insights - The 6G technology is entering an important stage of industrialization, with applications and scenarios driving its development, expected to be commercially available by 2030 [2] - 6G is characterized by high speed, low latency, wide coverage, and intelligent integration, with theoretical peak rates potentially reaching 10 to 100 times that of 5G, and in some scenarios, even up to 1000 times [2] - The development of 6G must be application-driven, likened to knowing what vehicles will run on a road before constructing it [2] Group 1 - The Beijing Key Laboratory of Wireless Cloud Network Technology announced two major research achievements: a semantic satellite video inspection system for power networks and a 6G collaborative sensing platform and dataset [2] - The semantic satellite video inspection system utilizes drones for autonomous flight and high-definition video transmission via satellites, addressing challenges in power inspection [2] - The 6G collaborative sensing platform employs an integrated design and a three-station collaborative sensing model to achieve high-precision tracking of moving targets [2] Group 2 - Various organizations and companies showcased advancements in 6G, including a cloud-native service-based base station platform, a collaborative sensing platform, naked-eye 3D applications based on 6G prototypes, and humanoid robots empowered by 6G [3] - The forum highlighted Beijing's proactive layout and potential in the 6G field across multiple application scenarios [3] Group 3 - A call for open collaboration and the establishment of global unified standards was emphasized as crucial for the widespread adoption of 6G technology, focusing on areas such as physical layer coding, network control solutions, and application layer interfaces [4] - The importance of protecting intellectual property while fostering open cooperation was also highlighted [4]

Market Overview - Major Asia-Pacific stock indices closed mostly lower, with the Nikkei 225 and KOSPI indices both dropping over 1%, while A-shares and the Hang Seng Index also declined [1][2] - The A-share market experienced fluctuations, with the Shanghai Composite Index falling by 21.42 points (0.55%) to 3867.92, and the Shenzhen Component Index down by 146.24 points (1.10%) to 25635.80 [2] Sector Performance - The consumer sector saw a notable increase, particularly in retail and food & beverage stocks, with the liquor concept stocks performing well. For instance, Kweichow Moutai rose slightly after a strong opening [3] - The insurance sector surged over 4%, with China Ping An leading the gains, increasing nearly 5% to 67.08 yuan per share, marking a four-year high. Analysts expect significant growth in new business value (NBV) and new single premium due to upcoming maturity of fixed deposits [3] - The commercial aerospace sector strengthened, with multiple stocks, including Hualing Cable and Zhongchao Holdings, achieving three consecutive trading days of gains [3][4] Commodity Market - Precious metals experienced strong gains, with gold rising over 1% to reach $4343 per ounce, and silver increasing by over 2% [6][7] - Platinum prices surged over 100% year-to-date, with analysts predicting further increases in 2024, potentially reaching between $2170 and $2300 by 2026 [6][8]

Market Overview - Major Asia-Pacific stock indices closed mostly lower, with the Nikkei 225 and KOSPI indices both dropping over 1% [1] - A-shares experienced fluctuations, with the Shanghai Composite Index and Shenzhen Component Index both declining, while the Hang Seng Index fell significantly [2] - The total trading volume in the Shanghai and Shenzhen markets was 1.79 trillion yuan, a decrease of 324.6 billion yuan from the previous trading day [2] Sector Performance - Consumer stocks showed resilience, particularly in retail and food & beverage sectors, with notable performances from liquor stocks like Zhongrui Co. and Kweichow Moutai [2] - The insurance sector surged over 4%, led by companies such as China Ping An, which rose nearly 5% to a new four-year high [2][4] - The commercial aerospace sector also strengthened, with stocks like Hualing Cable and Zhongchao Holdings achieving three consecutive trading limits [4] Commodity Market - Gold and silver prices saw strong increases, with spot gold rising over 1% to reach $4,343 per ounce, and silver increasing by over 2% [7][8] - Platinum prices have surged over 100% this year, with analysts predicting further increases in the coming year [6][9] - Analysts expect platinum prices to rise significantly, with projections for 2026 ranging from $2,170 to $2,300 per ounce, indicating a shift towards undervalued precious metals [10]

Group 1 - The commercial aerospace sector continues its recent upward trend, with the satellite ETF E Fund (563530) rising 2.2%, aiming for a fourth consecutive day of gains, and the underlying index has seen a cumulative increase of over 20% in the last 16 trading days [1] - SpaceX's internal IPO pricing has been revealed at $421 per share, with a valuation of $800 billion, setting a new high for commercial aerospace valuations [1] - The Ministry of Industry and Information Technology (MIIT) held a meeting on December 12 to discuss the implementation of the Central Economic Work Conference's spirit, emphasizing the need to promote high-quality development in the information and communication industry, advance 6G technology research, and accelerate the development of satellite internet [1] Group 2 - The E Fund satellite ETF tracks the CSI Satellite Industry Index, which selects 50 listed companies involved in satellite manufacturing, launching, and applications, providing three main advantages: high application end proportion aligning with long-term industry trends, high concentration of leading companies benefiting more in the early stages of industry development, and comprehensive coverage of the industry chain to enjoy industry beta [2]

国防军工继续走强！12月15日早盘，商业航天、卫星互联网、大飞机等多题材活跃，航天电子一度涨停 再创历史新高，抚顺特钢涨停，钢研高纳、臻镭科技等大幅跟涨。 高人气国防军工ETF（512810）逆市摸高1.54%，价格创近2个月新高！ 上周，国防军工ETF （512810）大幅跑赢沪指及沪深300，周线三连阳。 消息面，工业和信息化部部长李乐成12月12日主持会议强调，深化拓展制造业数字化转型行动和"人工 智能+制造"，适度超前布局建设信息基础设施，推进6G技术研发。加快卫星互联网建设发展。 海外消息，12月14日，马斯克旗下美国太空探索技术公司SpaceX内部信确认筹备2026年潜在IPO计划， 该公司拟以8000亿美元估值推进内部股份出售。 机构分析指出，尖端军工技术向民用领域溢出，催生商业航天、低空经济、未来能源、深海科技、大飞 机等万亿级新产业，拉动新工艺、新材料、新器件发展，形成"军技民用、反哺军工"的良性循环，将进 一步推升国防军工行业发展天花板。 投国防军工，选"512八一0"。代码有"八一"的国防军工ETF（512810）覆盖"商业航天 + 可控核聚变 + 低空经济 + 大飞机 + 深海科技 + ...

国泰海通证券认为，1）太空资源竞争背景下，我国进入卫星互联网加速组网期。卫星互联网作为具备 高技术、重资本、大应用场景等特点的行业，在国家研发实力、经济规模、市场需求等环节的推动下， 未来基本只剩下中美具有竞争能力。2）低轨通信卫星将成为未来卫星互联网的趋势。手机直连卫星及 其他新模式、新业态实现规模应用，发展卫星通信用户超千万。随着D2C技术逐步成熟，未来全球数十 亿部智能手机有望成为通信卫星的潜在终端入口。 12月12日，工业和信息化部党组书记、部长李乐成主持召开党组扩大会议，传达学习中央经济工作会议 精神，研究贯彻落实举措。会议强调，明年是"十五五"开局之年。要推动信息通信业高质量发展，适度 超前布局建设信息基础设施，推进6G技术研发。加快卫星互联网建设发展。加强网络和数据安全保 障。要提升行业治理现代化水平，巩固拓展"内卷式"竞争综合整治成效。深入实施制造业卓越质量工 程、新产业（300832）标准化领航工程。加紧清理拖欠企业账款，切实减轻企业负担。 华西证券（002926）认为，国家加速推动商业航天建设，有望助力包括手机直连卫星、北斗短信等应用 加速普及。卫星物联网商用试验将加速推动包括运营商、卫星 ...

商务部+央行+金融监管局三部门，发布关于加强商务和金融协同，更大力度提振消费的通知。其中提 到，强化政策合力。鼓励地方商务主管部门充分利用现有资金渠道，积极开展促消费活动，与金融支持 形成合力，更好激发消费潜力。鼓励有条件的地方运用数字人民币智能合约红包提升促消费政策实施质 效。结合地方实际探索运用融资担保、贷款贴息、风险补偿等多种方式，加强财政、商务、金融政策协 同配合，引导信贷资金加大向消费重点领域投放。鼓励有条件的地方通过多种方式支持参与康养、文旅 等消费重点项目和数字、绿色等新型消费领域。鼓励银行和非银行金融机构发挥各自特点，加强优势互 补，协同参与促消费活动，促进消费提质升级。 三部门：鼓励有条件的地方运用数字人民币智能合约红包提升促消费政策实施质效 【大势展望】 【今日头条】 隔夜美股道琼斯工业平均指数比前一交易日下跌245.96点，收于48458.05点，跌幅为0.51%，上周累计 上涨1.05%；标准普尔500种股票指数下跌73.59点，收于6827.41点，跌幅为1.07%，上周累计下跌 0.63%；纳斯达克综合指数下跌398.69点，收于23195.17点，跌幅为1.69%，上周累计下跌1 ...

来源：内容转自小米技术，谢谢。 近日， 第71届国际电子器件大会 IEDM 2025 （International Electron Devices Meeting，简称 IEDM）在美国旧 金山召开。 IEDM 是 全球半导体与电子器件领域最具权威和影响力的顶级会议之一， 以其严苛的评审标准与前瞻性的技 术视野，被誉为"电子器件突破性技术的风向标"和"器件的奥林匹克盛会"，在国际半导体技术界享有很高的学 术地位和广泛的影响力。 会议始于1955年，距今已有七十余年历史，是报告半导体和电子器件技术、设计、制造、物理和建模等领域的 关键技术突破的世界顶级论坛，同时它也是国际著名高校、研发机构和 Intel、 TSMC、三星、 IBM 等发布先 进技术和最新进展的重要窗口和平台。 每一年的 IEDM 盛会，都是全球半导体行业关注的焦点。 本次会议以100 YEARS of FETs: SHAPING the FUTURE of DEVICE INNOVATIONS 为主题，于2025年12月6日至10日召开。 论文简介 入选论文题目：《First Integration of GaN Low-Voltage PA ...

Core Insights - Chuangyuan Xinke has invested a total of 491 million yuan in R&D over the past three years, accounting for nearly 60% of its cumulative revenue, and has received significant awards such as the National Science and Technology Progress Award [1][2] - The company focuses on communication testing technology, which spans various applications including satellite navigation, intelligent driving, and aerial communication, emphasizing the importance of precise testing in technology applications [1][2] - Chuangyuan Xinke is actively participating in the global 6G technology development organization IMT-2030, aiming to expand its testing capabilities from ground to low-altitude and aerial domains [3] R&D Investment and Technology Development - The company has made substantial investments in R&D to break foreign technology monopolies, exemplified by the T8600 vector signal analyzer, which is priced at half of its foreign counterparts [2] - Continuous technological challenges drive the need for high R&D investment to keep pace with evolving communication standards, which is seen as essential for capturing future market opportunities [2] Expansion into New Markets - Chuangyuan Xinke is expanding its testing services to include low-altitude and satellite communication, with projects like the "Eagle Sat" testing solution and the "Rainbow" monitoring system for low-altitude communication safety [3] - The company has signed agreements to advance the construction of a new generation 6G communication and satellite internet testing verification center [3][4] Focus on Automotive and Robotics Testing - The company is positioning itself as a quality inspector for the automotive industry, focusing on core testing areas such as vehicle network performance and communication devices [5] - Chuangyuan Xinke views robotics testing as a long-term growth opportunity, emphasizing the complexity and reliability requirements of robotic systems [7] - Strategic partnerships with companies in the robotics sector aim to provide essential testing solutions, leveraging the company's expertise in communication testing [7] Alignment with National Strategy - The company's strategic choices are aligned with national development goals, ensuring sustainable resources and vitality for its innovations [8]