Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Views - The global AI sector remains highly prosperous, with continuous application development. Domestic telecom operators are experiencing a recovery in growth rates, and satellite internet is beginning to contribute to performance elasticity [4] - Telecom operators benefit from the ongoing promotion of the Digital China strategy, leading to stable overall business growth. Innovative businesses are growing faster and increasing their share, while new growth drivers continue to strengthen. Additionally, the reduction in capital expenditure as a percentage of revenue is favorable for profit release [4] Summary by Relevant Sections Telecom Operators - China Mobile's Q2 revenue is projected to be between 285.85 billion and 288.70 billion yuan, with a year-on-year growth of 1%-2%. The net profit attributable to shareholders is expected to be between 52.20 billion and 52.55 billion yuan, growing by 3.2%-3.9% [2] - China Telecom's Q2 revenue is expected to be between 132.80 billion and 134.10 billion yuan, with a year-on-year growth of 1%-2%. The net profit attributable to shareholders is projected to be between 13.57 billion and 13.66 billion yuan, growing by 2.7%-3.4% [2] - China Unicom's Q2 revenue is expected to be between 101.30 billion and 102.00 billion yuan, with a year-on-year growth of 3.5%-4.2%. The net profit attributable to shareholders is projected to be between 3.795 billion and 3.855 billion yuan, growing by 5.6%-7.3% [2] - China Tower's Q2 revenue is projected to be between 24.88 billion and 25.03 billion yuan, with a year-on-year growth of 2.5%-3.1%. The net profit attributable to shareholders is expected to be between 2.72 billion and 2.76 billion yuan, growing by 6.8%-8.4% [3] AI and Network Connection - The AI optical module sector is experiencing significant growth, with 800G optical modules continuing to ramp up production and 1.6T products entering mass production. Domestic companies are leading the industry and deeply participating in the global supply chain [3] - Zhongji Xuchuang's Q2 revenue is expected to be between 7 billion and 8 billion yuan, with a year-on-year growth of 18%-34%. The net profit attributable to shareholders is projected to be between 1.75 billion and 2 billion yuan, growing by 30%-48% [3] AI Liquid Cooling - The trend towards liquid cooling in data centers is becoming more pronounced due to the increasing power consumption of AI servers. Yingwei's Q2 revenue is expected to be between 12 billion and 14 billion yuan, with a year-on-year growth of 24%-45% [6] - Oulu Tong's Q2 revenue is projected to be between 11 billion and 12 billion yuan, with a year-on-year growth of 22%-33% [7] AI Applications - The demand for AI servers is expected to grow steadily, benefiting from the development of the digital economy and AI computing power. Huqin Technology's Q2 revenue is projected to be between 350 billion and 365 billion yuan, with a year-on-year growth of 51%-58% [8] Military Communication & Satellite Internet - Increased regional tensions are likely to lead to sustained investment in national defense construction, with communication and information technology being key investment areas. The domestic low-orbit satellite network is expected to continue advancing [11] - Changjiang Communication's Q2 revenue is expected to be between 2.3 billion and 3.4 billion yuan, with a year-on-year growth of 10%-63% [12]

Core Viewpoint - Puxin Technology is positioned as a leading player in the satellite internet sector, backed by strong state-owned enterprise support, and is focused on enhancing its core competencies through continuous research and development in AI and satellite internet technologies [2][4]. Company Overview - Puxin Technology is a state-controlled listed company under China Electronics Technology Group Corporation, focusing on information communication, including public and private network communications, smart applications, and intelligent manufacturing [2]. - The company serves as a key platform for the Guangdong-Hong Kong-Macao Greater Bay Area and plays a significant role in national cybersecurity infrastructure development, benefiting from comprehensive support in resource allocation and industry integration [2]. Industry Development - The domestic satellite internet industry is rapidly growing, with a market size projected to increase from 29.162 billion yuan in 2021 to 37.6 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of 7% [3]. - Puxin Technology is actively involved in the development of industry standards and has made significant advancements in product offerings, including high-end PCB products and satellite communication technologies [3]. Strategic Initiatives - The company is enhancing its competitive positioning by participating in the formulation of industry standards and advancing its product lineup, including the development of a portable satellite communication terminal that connects directly to low-orbit satellites [3]. - Puxin Technology is also focusing on applications in emergency communication and other specialized sectors, leveraging its research in direct satellite communication technologies [3]. Investment Outlook - Puxin Technology is expected to achieve net profits of 108 million yuan, 145 million yuan, and 201 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 143X, 107X, and 77X [4]. - The company is recognized as a "national team" in the satellite internet field, with a commitment to advancing communication technology and exploring new growth opportunities in AI and low-altitude economies [4].

Investment Rating - The report maintains a "Recommended" rating for the company [5][40]. Core Viewpoints - The company is positioned as a leader in the satellite internet sector and is recognized as a "national team," focusing on advancing satellite internet communication technology and developing multiple solutions in the Beidou navigation application [3][40]. - The domestic satellite internet industry is expected to grow significantly, with a market size projected to increase from 29.162 billion yuan in 2021 to 37.6 billion yuan by 2025, reflecting a compound annual growth rate of 7% [2][14]. - The company has established a strong competitive position through deep research and development efforts, actively participating in industry standard-setting and enhancing its product offerings [2][24]. Summary by Sections Company Overview - The company is a state-controlled listed enterprise under the China Electronics Technology Group Corporation, focusing on information communication and involved in public network communication, private network communication, and smart applications [1][10]. Industry Development - The satellite internet industry is rapidly evolving, with significant advancements in technology and infrastructure, including successful satellite launches that enhance network capabilities [2][17]. - The company is actively involved in the development of standards for satellite communication and has made substantial progress in product innovation, including high-end PCB products and satellite communication terminals [2][24][25]. Financial Forecast and Investment Suggestions - The company is projected to achieve net profits of 108 million yuan, 145 million yuan, and 201 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 143X, 107X, and 77X [3][40]. - The report emphasizes the company's potential for long-term growth through its strategic positioning in emerging industries such as AI computing and low-altitude economy [3][40]. Business Segments - The company operates in three main business segments: public network communication, private network communication and smart applications, and intelligent manufacturing, each with specific growth strategies and market opportunities [33][34][35].

Core Viewpoint - The appointment of Li Ji as the deputy general manager of Yaguang Technology is seen as a response to the recent challenges faced by the company, particularly the detention of its actual controller and chairman, Li Yuexian [1][4][9]. Group 1: Management Changes - Li Ji, the son of Li Yuexian, has been appointed as the deputy general manager of Yaguang Technology, indicating a "crisis response" to the current situation [1][8]. - The board meeting on July 6 approved Li Ji's appointment unanimously, with Li Yuexian absent due to his detention [9]. - Li Ji has a background in the company, having served as a project director since 2019 and holding various positions in related companies [9]. Group 2: Company Performance and Stock Reaction - Following the announcement of Li Yuexian's detention, Yaguang Technology's stock price fell significantly, opening down over 12% and closing at a 10.24% decrease, priced at 6.40 yuan per share [5][6]. - The company's market capitalization is reported at 6.54 billion yuan, with a trading volume ratio of 1.19 [6]. Group 3: Business Operations - Yaguang Technology has stated that its production and operational management remain normal, with other board members and senior management continuing their duties [5][12]. - The company has signed multiple pre-production agreements this year, totaling approximately 2.96 billion yuan, which represents 31.06% of its audited revenue for the last fiscal year [14][15]. - The company is actively expanding its electronic business, focusing on satellite internet and airborne platforms, despite facing challenges such as customer procurement adjustments [19].

Core Viewpoint - The development of satellite internet is crucial for addressing the limitations of existing terrestrial internet, providing global coverage, enhancing communication speeds, and offering resilience in emergencies [5][10][13]. Group 1: Background and Necessity - The current terrestrial internet has significant shortcomings, including limited coverage, insufficient support for low-altitude economic activities, and vulnerability during emergencies [9][10]. - Approximately 3 billion people globally lack internet access, particularly in remote areas where profitability for operators is low [9]. - The need for satellite internet arises from its ability to provide coverage in challenging terrains such as deserts and oceans, and to support low-altitude devices like drones [10][13]. Group 2: Development Status and Comparison - The satellite internet sector has seen a surge in satellite constellation planning, with over 1,000 satellites planned globally, including significant projects like Starlink and China's own satellite initiatives [14][19]. - China's satellite internet technology is catching up but still lags behind in originality and cost efficiency compared to international counterparts like SpaceX's Starlink, which has achieved significant cost reductions through industrialized production [19][21]. Group 3: Challenges and Future Directions - Key challenges for China's satellite internet development include satellite design, energy supply efficiency, satellite networking technology, and ground station deployment [21][22]. - Future directions involve enhancing rocket technology for higher payload capacity, achieving cost-effective satellite production, and expanding application scenarios to support over 20,000 satellites by 2035 [25][26].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the strong market recognition of AIDC, with both WanGuo and RunZe REITs receiving over 100 times subscription rates, indicating high investor interest [5][6][14] - Century Internet has raised its performance guidance for the fiscal year 2025, suggesting accelerated development in the domestic AIDC industry chain [7][18] - The report emphasizes the potential of the AIDC computing power industry chain, satellite internet, and 6G as key investment directions [8][19] Summary by Sections 1. Investment Insights - WanGuo and RunZe REITs have achieved subscription multiples of 166.10 and 167.06 times respectively, with total fundraising expected to reach 24 billion and 45 billion yuan [5][6][15][16] - Century Internet has adjusted its revenue guidance for fiscal year 2025 from 9.1-9.3 billion yuan to 9.15-9.35 billion yuan, reflecting a year-on-year growth of 11-13% [7][18] 2. Market Review - The communication index decreased by 0.10% during the week of June 30 to July 4, 2025, ranking third among TMT sectors [27] 3. Communication Data Tracking - As of May 2025, the total number of 5G base stations in China reached 4.486 million, with a net increase of 235,000 stations compared to the end of 2024 [29] - The number of 5G mobile phone users reached 1.098 billion, showing a year-on-year growth of 21.3% [29] 4. Recommended Investment Targets - AIDC Infrastructure: Recommended stocks include YingweiKe, New Idea Network Group, and Baoxin Software; Beneficiary stocks include Guanghuan New Network and WanGuo Data [20] - IT Equipment: Recommended stocks include ZTE and Unisplendour; Beneficiary stocks include Inspur Information and Huakong Technology [21] - Network Equipment: Recommended stocks include Unisplendour and ZTE; Beneficiary stocks include Ruijie Networks and Yingtong Technology [22] - Cloud Computing: Beneficiary stocks include China Mobile, China Telecom, and Alibaba [25] - AI Applications: Beneficiary stocks include Guanghe Tong and Yiyuan Communication [26]

Investment Rating - The report maintains an "Increase" rating for the industry, indicating an expected increase of over 10% relative to the benchmark index in the next 6-12 months [3][48]. Core Insights - The North Exchange 50 Index has shown a significant increase of 6.84% this week, closing at 1439.63 points, outperforming major indices such as the Shanghai Composite and the ChiNext [3][14]. - The North Exchange has a total of 268 constituent stocks with an average market capitalization of 3.139 billion [3][14]. - The North Exchange has led the A-share market with a cumulative increase of 38.72% year-to-date, surpassing the Hang Seng Index's increase of 21.06% [43]. Summary by Sections 1. North Exchange Market Overview - The North Exchange 50 Index's performance this week was strong, with a closing increase of 6.84% [3][14]. - The top five performing sectors in the A-share market this week were Computer, Defense Industry, Non-bank Financials, Communication, and Electrical Equipment, with increases of 7.70%, 6.90%, 6.66%, 5.53%, and 5.11% respectively [28][31]. 2. New Stocks on the North Exchange - Guangxin Technology (920037) officially listed on the North Exchange on June 26, becoming the 268th listed company, and saw a remarkable first-day increase of 500% [3][36]. 3. Key News from the North Exchange - The North Exchange has recorded a total of 26 stocks that have doubled in value this year, primarily driven by technology innovation companies [43]. 4. Investment Strategy for the North Exchange - The report suggests focusing on several sectors for the second half of 2025, including: 1. Data Centers: Shuguang Jiaochuang (leading in liquid cooling technology) 2. Robotics: Suzhou Axis (leading in needle roller bearings), Audiwei (ultrasonic sensor "little giant"), JunChuang Technology (benefiting from lightweight trends), and Fuheng New Materials (PEEK materials) 3. Semiconductors: Hualing Co. (leading third-party testing in semiconductors) and Kaide Quartz (domestic leader in 12-inch semiconductor quartz devices) 4. Consumer Goods: Taihu Snow (first silk stock of new national goods), Boshenglong (first creative packaging stock), Lusi Co. (first pet food stock on the North Exchange), Kangbiter (first sports nutrition stock on the North Exchange), and Thunder God Technology (leading in AI + glasses applications) 5. Military Information Technology: Chengdian Guangxin (driven by military aircraft upgrades) and Xingtum Control (rare aerospace measurement and control target benefiting from satellite internet construction) [44].

Investment Rating - The report rates the military industry as "Buy" [1] Core Viewpoints - The military industry is expected to perform well in the long term due to increasing great power competition and rising defense expenditures [3][9][10] - A grand military parade is scheduled for September 3, 2025, showcasing domestic military equipment and advancements [8][20] - Japan is set to deploy F-35B stealth fighters as early as August, indicating a shift in regional military dynamics [8][10] Summary by Sections Investment Highlights - Key investment areas include: 1. Assembly: AVIC Shenyang Aircraft Corporation, Aerospace South Lake, AVIC Xi'an Aircraft Industry [4] 2. Components: AVIC Optoelectronics, Guobang Electronics, Ruichuang Micro-Nano [4] 3. Subsystems: AVIC Avionics, North Navigation [4] 4. Materials and Processing: Feilihua, Guangwei Composite, Huaqin Technology, Bolite, Western Materials, Aviation Materials [4] - Notable stocks include: - Assembly: Aerospace Rainbow, AVIC Chengfei [4] - Components: Unisoc, Aerospace Electric, Hongyuan Electronics, Zhenhua Technology, Torch Electronics [4] - Subsystems: Aero Engine Corporation, Jianghang Equipment [4] - Materials and Processing: AVIC Heavy Machinery, AVIC High-Tech, Western Superconducting, Aerospace Technology [4] Market Review - The military sector saw a 7.46% increase last week, outperforming the market by 5.54 percentage points [12][13] - The Shanghai Composite Index rose by 1.91%, while the ChiNext Index increased by 5.69% [12][13] - The China Securities National Security Index performed the best, rising by 8.31% [16] Major News in the Military Industry - The Shanghai Cooperation Organization defense ministers' meeting was held in Qingdao, emphasizing regional security cooperation [20] - The upcoming military parade will feature all domestically produced active combat equipment, highlighting advancements in military capabilities [21][23] - The focus of the parade will be on commemorating the victory in the Anti-Japanese War and showcasing the modernization of the military [24][25]

Group 1 - AI hardware sector showed strong performance on July 3, with significant increases in servers, circuit boards, optical modules, and consumer electronics [1] - The 5G Communication ETF (515050) rose by 2.34%, with Industrial Fulian increasing over 8%, and other stocks like Pengding Holdings, Shenzhen South Circuit, and Dongshan Precision also performing well [1] - The total trading volume of the ETF exceeded 140 million yuan during the session [1] Group 2 - Galaxy Securities anticipates a recovery in the AI computing industry chain in the second half of the year, presenting new investment opportunities [1] - Key sectors for investment include operators, optical communication, satellite internet, and quantum technology [1] - The AI Computing and related industries, including Nvidia and Apple supply chains, are recommended for investment focus [1] Group 3 - The创业板人工智能ETF华夏 (159381) tracks the AI index of companies listed on the ChiNext board, with a daily price fluctuation limit of ±20% [2] - The fund has a management fee rate of 0.15% and a custody fee rate of 0.05%, making it one of the lowest in its category [2] - The index has over 30% weight in optical modules, including leading companies like NewEase, Zhongji Xuchuang, and Tianfu Communication [2]

北交所策略专题报告 北 交 所 研 究 北 交 所 策 略 专 题 报 相关研究报告 《阅兵官宣展示新域新质战力，关注 北交所国防力量—北交所策略专题报 告》-2025.6.29 《持续中标国家电网项目、1 项国标获 准发布，2024 电力电缆营收+22%—北 交所信息更新》-2025.6.28 《新能源与无人驾驶技术赋能高毛利 新品，矿卡龙头打开增长空间—北交 所公司深度报告》-2025.6.27 优质资产价值发现 2025 上半年北交所出圈，北证专精特新指数将于 6 月 30 日发布 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 专题：2025 上半年北交所出圈，优质资产价值发现与成为投资新大陆 北交所和中证指数有限公司将于 2025 年 6 月 30 日正式发布北证专精特新指数 （899601），为市场提供多维度投资标的和业绩基准。从北交所 2025 上半年行情 来看，2025 年 1 月以来北证 50 指数开始快速增长，至 3 月 18 日到达 1411.88 点， 虽然在 4 月短期受市场影响出现快速下滑后，随后北证 50 逐 ...