很长一段时间里，汽车安全是一件"容易被说清楚"的事情。气囊数量、车身强度、碰撞成绩，都可以被压缩成简单直观的指标，成为产品配置表的一部 分。 但进入新能源汽车时代，这套逻辑正在失效。 一方面，风险来源发生了变化。安全问题不再只集中于正面或侧面碰撞，而是扩展到电池热失控、传感器异常、软件逻辑缺陷等更复杂、更难复现的系统 性问题；另一方面，辅助驾驶功能快速下沉，却仍处在人机共驾的灰色地带，一旦发生事故，责任归属、技术边界与用户预期之间的错位，往往会被瞬间 放大。 在这样的背景下，"安全是最大的豪华"几乎成为所有车企发布会上的标准口号。但现实是，各家展示的安全测试越来越相似，表达方式高度同质，消费者 反而更难判断这些演示究竟意味着什么。 安全正在变成一个"说不清、却必须说清楚"的命题，车企需要为自证安全做出更大的努力，一直以"安全"作为产品底牌的吉利更是如此。 12月12日，吉利宣布其全域安全进入2.0阶段。当天，吉利在宁波发布了其全球全域安全中心，该中心创下"全球最大的汽车安全试验室"、"全球最长的室 内汽车碰撞测试跑道"、"全球最大的汽车环境风洞试验室"、"全球最大的任意角度汽车碰撞测试区（0-180°）"、" ...

Macro Economic Group - In November, the industrial added value above designated size grew by 4.8% year-on-year, a decrease of 0.1 percentage points from October, while the cumulative year-on-year growth from January to November was 6.0%, also down by 0.1 percentage points from the previous month [4] - The fixed asset investment year-on-year growth from January to November was -2.6%, the lowest since June 2020, falling short of the Wind forecast of -2.2% and down by 0.9 percentage points from January to October [4] - The retail sales of consumer goods in November saw a nominal year-on-year growth of 1.3%, below the Wind forecast of 2.9%, and down by 1.6 percentage points from October [5] Industry Comprehensive Group - The Ministry of Industry and Information Technology granted conditional approval for the first batch of L3 autonomous driving models, allowing Changan Automobile and BAIC Arcfox to conduct trials in designated areas [9] - STMicroelectronics has delivered over 5 billion RF antenna chips to SpaceX for its Starlink satellite network, with expectations to double the delivery quantity by 2027, indicating a positive outlook for the domestic satellite communication chip industry [9] Advanced Manufacturing Group - The lithium battery separator industry has seen a price increase, with a leading company raising the price of wet-process separators by 30%, and overall price increases expected to reach 20% [11] - The domestic separator shipment volume in the first three quarters of 2025 reached 22 billion square meters, a year-on-year increase of over 40%, driven by strong demand from new energy vehicles and energy storage [11] - The industry is experiencing a structural shift in pricing power, with leading manufacturers maintaining full production capacity and actively pursuing mergers and acquisitions [11] Consumer Group - Domestic personal care products are outperforming foreign brands, with toothpaste sales reaching 1.145 billion yuan in November, a year-on-year increase of 13%, while foreign brands like Colgate saw a decline [13] - The XR device sales in November increased by 128% year-on-year, indicating a growing interest in AI consumer applications, supported by developments from major tech companies like Google [14]

每经AI快讯，有投资者在投资者互动平台提问：公司有生产商业航天，导航卫星相关的设备产品吗？ 东方国信（300166.SZ）12月16日在投资者互动平台表示，公司目前暂无商业航天，导航卫星相关的设 备产品。在技术储备方面，公司会持续关注包括卫星通信在内的新兴技术发展方向，并进行前瞻性的技 术研究和产品预研，以保持公司的创新能力和技术竞争力。 （记者 王晓波） ...

格隆汇12月15日丨达华智能(002512.SZ)在互动平台表示，截至目前，公司不涉及商业航天业务。公司 卫星通信业务方面以拓展"卫星+"行业应用及新基建整体解决方案、卫星通信运营等业务为主。 ...

这一板块投资"出圈"！ 近期，卫星板块成为资本市场关注焦点，自去年"9·24"行情以来，截至12月12日，万得卫星指数累计涨幅超 85%，刷新指数成立7年来新高。此外，国证商用卫星通信产业指数、中证卫星产业指数同期分别上涨96.36% 和88.16%，板块整体表现突出。 公募机构也积极布局，年内有10只卫星主题ETF产品上报。机构认为，在政策支持与产业化进程加速的双重驱 动下，卫星产业正迎来中长期发展机遇，市场规模有望向千亿级迈进。 卫星指数创成立以来新高 近期，卫星投资"出圈"，受到了市场关注，相关指数走势良好，其中，万得卫星指数（866125.WI）在12月12 日创下了指数2018年成立以来新高，自去年"9·24"行情以来，累计涨幅达85.05%。此外，国证商用卫星通信产 业指数（980018.CNI）、中证卫星产业指数（931594.CSI）同期分别上涨96.36%和88.16%。 关于卫星板块近期走强的原因，事件的密集催化值得关注。据易方达指数通整理，近期事件催化密集，有望迎 拐点，卫星产业是催化最多的细分赛道之一，从政策到发射到应用，均有重大进展或变化： （1） 政策端： 商业航天司成立，行业监管 ...

36氪四川获悉，国内极少数实现卫星通信系统全链路自主可控的企业——成都星联芯通科技有限公司（以下简称"星联芯通"），近日宣布完成逾亿元B轮 融资。本轮由联想之星、扬州经开私募基金、川创投联合投资，老股东成都高新创投、建发基金战略增持。资本与产业国资的双向加持，既是对星联芯通 技术壁垒与商业闭环的背书，更是抢占空天地一体化网络战略制高点的关键落子。 据了解，自成立以来，星联芯通始终专注卫星通信底层技术攻坚，完整掌握从卫星基带系统到地面终端芯片的核心能力。 星联芯通自主研发的Skyway天 路基带系统，整体性能达国际先进水平，已实现规模化商用，以其模块化、可重构的架构，为高低轨卫星通信网络的融合与演进提供核心支撑，显著提升 了系统的兼容性、灵活性与经济性，已被国家级应急通信工程批量采用，为空天地一体化网络建设奠定坚实技术基础。 目前， 星联芯通产品已在应急、能源、特种等关键领域实现规模化落地，部署规模突破万台。与此同时，星联芯通携国产全链路解决方案挺进"一带一 路"，与相关国际客户（国家）达成合作，共同推动高通量卫星通信系统建设，提升其应急通信与能源监测能力。 据介绍，面向未来，星联芯通将以"芯片+系统"双轮驱动 ...

证 券 研 究 报 告 信维通信（300136）深度研究报告 强推（上调） 全球一站式泛射频解决方案领导者，多业务 齐头并进公司已进入新一轮上升周期 ❖ 风险提示：智能手机出货量不及预期、AI 终端创新进度不及预期、商业卫星 发展不及预期 [ReportFinancialIndex] 主要财务指标 公司研究 通信终端及配件 2025 年 12 月 14 日 | 目标价：50.05 | 元 | | --- | --- | | 当前价：35.95 | 元 | 华创证券研究所 证券分析师：岳阳 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 证券分析师：高远 邮箱：gaoyuan@hcyjs.com 执业编号：S0360523080005 公司基本数据 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 8,744 | 9,889 | 12,178 | 16,782 | | 同比增速(%) | 15.8% | 13.1% | 23.1% | 37.8% | | 归母净利润 ...

来源：环球网 投资者与行业分析师普遍认为，马斯克的创新管理风格与企业运营理念，并未削弱SpaceX的投资吸引 力。目前马斯克同时领导五家科技与创新企业，其中仅特斯拉实现上市，尽管特斯拉曾因相关言论和决 策多次卷入监管争议，但这并未影响市场对其创新能力的认可。GAMCO Investors联席首席投资官 Christopher Marangi指出，对于马斯克这类创新型企业家而言，投资其主导的企业本身就包含对行业风 险与创新不确定性的考量，投资者更看重长期投资回报能否覆盖相关风险，其所在机构目前虽未确定是 否在IPO中增持，但对太空领域企业的发展潜力保持持续关注。 SpaceX的核心竞争力成为市场看好的关键因素。Neuberger Berman高级投资组合经理Dan Hanson表示， SpaceX兼具扎实的当前运营能力与广阔的未来发展潜力，这种"既有业务根基、又有想象空间"的企业特 质在资本市场十分罕见。该机构管理的21亿美元优质权益基金，截至11月底已将约5%的资产配置于 SpaceX的非上市股票。值得注意的是，支撑SpaceX估值的核心不仅是"登陆火星"等远景探索项目，更 包括成熟的火箭发射业务与Starl ...

Summary of the Conference Call for 信维通信 Company Overview - **Company**: 信维通信 (Xinwei Communication) - **Industry**: Telecommunications and Emerging Hardware Key Points and Arguments Growth Drivers 1. **Antenna Business Recovery**: The company has regained growth momentum in its antenna business due to the return of independent design in mobile phones, glasses, and watches. New antenna solutions are expected to be adopted in Apple's upcoming foldable phone and 20th-anniversary model, driving business growth in North America [2][3][10] 2. **Satellite Communication Demand**: The development of satellite communication is a significant growth driver. SpaceX is projected to ship 4-5 million satellite communication devices in 2025, doubling in 2026. 信维通信 is one of the few companies in China capable of generating over 1 billion in revenue in this sector, maintaining a strong supplier position [2][3][7][10] 3. **Thermal Management Technology**: With the adoption of steel-shell batteries in flagship Apple and Android devices, there is an increased demand for thermal management solutions. The company is well-positioned to benefit from this trend due to its technological advantages [2][3][9][10] 4. **Standard Components Expansion**: The establishment of a high-end MLCC factory will enhance the company's control over the high-value MLCC market, providing robust support for overall performance and entering a new growth cycle [2][4][10][11] Market Dynamics 1. **Impact of Component Price Increases**: Rising component prices may affect AI edge devices; however, major North American clients like Apple have strong supply chain management capabilities, allowing them to absorb cost pressures and potentially increase market share. In contrast, high-end Android devices may face cost pressures leading to price increases, making Apple products more competitive [2][5][10] 2. **Emerging Hardware Layouts**: 信维通信 has made significant strides in emerging hardware, including antenna design for devices like Manta glasses, Google glasses, and Tesla robots, as well as satellite communication and thermal management solutions [2][6][8] Future Outlook 1. **Positive Growth Forecast**: The company is expected to enter a new growth cycle with a recovery in its core business, surging demand for satellite communication, and advantages in thermal management technology. The expansion of standard components is also anticipated to contribute to profitability exceeding historical highs [2][3][10][11] 2. **Market Positioning**: The company is currently trading at 50%-60% of its historical high, indicating significant upside potential. A growth phase is expected to commence in Q3, with a substantial ramp-up in Q4, making 2026 a pivotal year for growth [2][11] Additional Important Insights - **Technological Leadership**: 信维通信's comprehensive layout in emerging hardware sectors positions it favorably for sustained growth over the next 1-2 years [2][8] - **Strategic Partnerships**: Collaborations with leading tech companies enhance 信维通信's market presence and technological capabilities [2][6]

Frequency Electronics (NasdaqGM:FEIM) Q2 2026 Earnings Call December 11, 2025 04:30 PM ET Company ParticipantsThomas McClelland - President and CEOWiliam Bremer - Founder and Chief Investment OfficerBrett Reiss - Senior VPSteve Bernstein - CFOConference Call ParticipantsNone - Analyst 2George Marema - Research AnalystNone - Analyst 1Jeff Van Rhee - Partner and Equity Research AnalystOperatorGreetings, and welcome to the Frequency Electronics Second Quarter Fiscal 2026 Earnings Release Conference Call. At th ...