[Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2025 年 5 月 11 日 [Table_Title] AI 芯片或转许可制度，关注国产链及低估值标的 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2025.5.5-2025.5.9）上证综指上涨 1.92%，深证成 指上涨2.29%，创业板指上涨 3.27%。本周申万通信上涨4.96%。考 虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业发 展，我们给予通信行业"推荐"评级。 细分行业：本周（2025.5.5-2025.5.9）通信板块三级子行业中，通 信网络设备及器件上涨幅度最高，涨幅为 8.91%，通信应用增值服务 上涨幅度最低，涨幅为 0.46%，本周各细分板块主要呈上涨趋势。 个股方面：本周（2025.5.5-2025.5.9）通信板块涨幅板块分析方 面 ， 有方科技 （ 23.40% ） 、 新 易 盛 （ 21.63% ） 、 武 汉 凡 谷 （20.99%）涨幅分列前三。 建议关注方向：算力产业链、卫星互联网 1）算力产业链：美国 ...

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [2] Core Viewpoints - The report suggests that the long-standing trade friction between China and the U.S. may ease, leading to potential benefits for the Chinese industry [10][11] - It highlights that Chinese manufacturers are becoming indispensable in the international supply chain, particularly in the IoT module market and AI hardware supply [11] - The report anticipates adjustments in AI chip export restrictions, which could alter the competitive landscape in the AI sector [12][13] Summary by Sections Investment Strategy - **U.S.-China Trade Relations**: The report indicates that U.S.-China negotiations may begin, with expectations of tariff reductions, particularly on the current 145% tariffs imposed by the U.S. [10] - **Chinese Industry Benefits**: It notes that Chinese firms dominate the global IoT module market, holding over 50% market share among the top three manufacturers [11] - **AI Chip Export Regulations**: The report discusses potential relaxations in AI chip export restrictions by the U.S., which could significantly impact American companies, especially in the context of the growing Chinese AI market projected to reach $50 billion [12][13] Industry News - **Low-altitude Economy in Wuhan**: Wuhan plans to establish 1,000 low-altitude takeoff and landing sites, aiming for a 20% increase in the low-altitude economy [14] - **Alibaba's ZeroSearch**: Alibaba has open-sourced the ZeroSearch model, significantly reducing costs by over 87% while enhancing search capabilities [15] - **Starlink in India**: Starlink has received approval to provide satellite communication services in India, which may accelerate satellite internet development globally [16] - **Shenzhen's 5G Network**: Shenzhen is constructing a comprehensive "5G + millimeter wave + satellite" network, aiming for full coverage and improved infrastructure [17] Weekly Review and Focus - **Market Performance**: The telecommunications sector saw a slight increase of 0.02%, underperforming compared to major indices, with notable gains in optical modules and low-altitude economy sectors [18][21] - **Investment Recommendations**: The report suggests focusing on companies involved in the overseas supply chain, such as Yiyuan Communication and Industrial Fulian, as well as long-term attention on major telecom operators and infrastructure providers [22]

Group 1 - The company held its 2024 annual and Q1 2025 performance briefing on May 9, 2025, via an online interactive format [2] - Key executives, including the chairman and financial director, participated in the briefing to address investor inquiries [2] Group 2 - The company reported a revenue of 1,293,004,000.87 yuan for 2024, a year-on-year increase of 19.45%, and a net profit of 141,498,579.04 yuan, up 6.45% from the previous year [4] - For Q1 2025, the company achieved a revenue of 338,048,302.63 yuan, representing a 23.17% increase year-on-year, with a net profit of 36,618,662.83 yuan, up 17.25% [5] Group 3 - The company plans to invest 135 million yuan in a project to upgrade "high-density interconnect substrate" production technology, with trial production expected in Q1 2026 [5] - The company aims to enhance its competitiveness in traditional sectors while expanding into emerging fields such as electric vehicles and AI computing centers [3][4]

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 60.91 million yuan, representing a year-on-year growth of 27.47% [4] - The net profit attributable to shareholders and net cash flow from operating activities also showed significant growth compared to the same period last year [4] Group 2: Strategic Development - The company is focusing on communication testing services in the low-altitude economy and satellite internet sectors as part of its "1+3" development strategy [5] - New products include the mmWave 5G integrated testing system and the Rainbow series for low-altitude signal monitoring, aimed at supporting the commercial development of the low-altitude economy [5] Group 3: R&D and Technological Advancements - The company is actively involved in 5G/6G and millimeter-wave communication testing technology research, with several national-level projects underway [6] - It has successfully applied for 13 major national projects in 2024, leading to breakthroughs in key technologies such as ultra-high-speed baseband signal processing [8] Group 4: Market Value Management - The company emphasizes the importance of market value management, with a dedicated office to oversee this function [9] - It aims to enhance governance, operational efficiency, and profitability while ensuring transparent communication with investors [10]

Core Viewpoint - SpaceX's Starlink has received approval from the Indian government to begin compliance work, marking a significant step towards entering the Indian market, which is the second-largest internet market globally after China [2][3]. Group 1: Regulatory Approval and Market Entry - The Indian Ministry of Telecommunications has approved Starlink to start compliance work, but SpaceX must still submit documentation to prove it meets licensing requirements [1][2]. - Starlink's official launch in India is expected to take six to nine months, as it also requires approval from the Indian National Space Promotion and Authorization Center (IN-SPACe) [1][6]. - The Indian government has recently established rules for global satellite mobile personal communication operators, which will help in content review and traffic interception [2][3]. Group 2: Competitive Landscape - Starlink faces competition from domestic players like OneWeb, which has partnered with Airtel, and Reliance Jio's joint venture with SES, both of which have received necessary approvals [5]. - Amazon's Kuiper is also preparing to seek approval to provide services in India, indicating a competitive environment for satellite internet services [5]. Group 3: Strategic Implications - The approval for Starlink is seen as a welcome move for Elon Musk, who has long aimed to expand his user base in India, a market with over 1.4 billion people [2][4]. - The geopolitical context, including the potential use of Starlink in the India-Pakistan conflict, adds a layer of strategic importance to its deployment [6]. Group 4: Future Developments in Satellite Technology - The market is also witnessing advancements in AI satellite technology, which could disrupt traditional high-cost reconnaissance models, with companies like BlackSky leading the way [7]. - China's "Three-body Computing Constellation" is set to launch, aiming to create a large-scale space-based computing system, which could enhance satellite data quality and application potential [8].

5G又有重磅驱动！ 今日午后，A股5G概念股局部异动，武汉凡谷直线涨停，硕贝德涨超10%，创远信科直线拉涨超13%，硕贝德、广哈 通信、华脉科技、瀛通通讯等纷纷冲高。 据央视新闻报道，最近，不少北京移动和联通用户发现手机上出现了5G高级（下文称"5G-A"）信号。报道认为， 5G-A和5G相比，能够在容量、速率、时延、定位、可靠性等方面实现大幅提升，可以带来更快、更优质的通信体 验，并有望实现低成本千亿物联。 据业内专家介绍，中国电信运营商已在全国31个省区部署了5G-A试验网络，初期容量可支持5000万用户。该技术也 已在欧洲、拉美、中东等全球其他地区得到验证。中国移动表示，计划今年投资近100亿元人民币（约合14亿美 元），扩展其5G-A无线网络中基于人工智能的应用，并升级超过40万个基站。中国电信等其他运营商正在多个行业 试点5G-A解决方案。 与此同时，中国联通计划在39个重点城市和300多个城市应用区启动5G-A，覆盖物联网（IoT）、车联网（IoV）和 工业互联网等关键场景。目前，中国移动已公布100个支持5G-A网络的试点城市，并计划在今年年底前将覆盖范围 扩大到全国300多个城市。仅在北京，就 ...

《华盛顿邮报》称，虽然尚无直接证据表明白宫正在强迫别国"装星链、换（关税）减免"，但根据政府 内部通信，无论是美各驻外使领馆，还是国务卿鲁比奥近期均在加大力度为"星链"的市场开拓扫除障 碍，印度、索马里、刚果（金）、孟加拉国和越南等国近期也在就"星链"服务与马斯克进行接触。 据估算，"星链"即便仅获得印度1%的市场份额，每年也能获得10亿美元的收益。不过，白宫发言人表 示本届政府的贸易谈判一切都围绕"美国人民的利益"，称"特朗普总统不会容忍任何利益冲突行为，所 有政府官员也将严格遵循道德准则"。 据美国广播公司（ABC）透露，"星链"的终端设备可以轻松在网上购买，之后再被运送到"禁用"区域。 联合国毒品和犯罪问题办公室方面也证实了这种说法，称有网络服务商专门向"地处边远的诈骗园区出 售'星链'设备"。美国《连线》杂志称，"星链"的加持为东南亚一些国家的反诈工作增加了难度，因为执 法部门将无法通过"断网"的方式终止诈骗园区运营。早在去年夏季，美国加州地方检察官办公室曾专门 致信SpaceX，质询"星链"系统遭到犯罪团伙的非法使用情况，然而SpaceX未予理会。对于CNA最新提 出的疑虑，SpaceX仍未置评。 ...

Summary of Haige Communication Conference Call Company Overview - **Company**: Haige Communication - **Industry**: Military and Civil Communication, Satellite Navigation Key Points and Arguments Military Business Outlook - Haige Communication maintains a leading position in the military sector in 2025, despite procurement pressures in 2024. Initial signs of order recovery have been observed in early 2025. Full recovery of orders will take time, impacting revenue and profitability in the military segment [2][4][5] - The company has reclassified its business into three categories: communication, navigation, and innovation, with a focus on low-altitude, low-orbit unmanned systems and AI technology. The technological leadership in unmanned systems is a critical evaluation metric [4][10] Civil Business Expansion - Future civil business will focus on the BeiDou satellite navigation system and low-orbit satellite constellations, particularly in the smartphone and vehicle networking markets, which present larger market opportunities compared to previous military operations. Products include navigation and communication functionalities [3][10] Strategic Partnerships - Collaboration with China Mobile began at the end of 2023, enhancing ties and advancing satellite chip projects for smartphones and vehicle networking solutions. This partnership is expected to significantly drive growth between 2026 and 2027 [2][6] International Market Development - Haige Communication has been expanding its international market presence since 2012, with several billion yuan in overseas export orders. Recent international events, such as tensions between China and India, may catalyze overseas demand and accelerate business growth in low-altitude and satellite communication sectors [2][7] Impact of Satellite Internet - The development of satellite internet is expected to significantly benefit Haige's terminal-side business, with low-orbit satellite networking expected to accelerate in the second half of 2026. The company will also benefit from the completion of the BeiDou network, with a focus on commercial partnerships with smartphone manufacturers, operators, and automotive companies [2][8] Investment Considerations - Investors should monitor several factors: military order recovery, civil navigation and communication product development, strategic partnerships, international market catalysts, and progress in low-orbit satellite networking and BeiDou commercial cooperation. These factors could drive stock price increases [2][10] Business Reclassification - The company has re-evaluated its business segments, now categorized into wireless communication, BeiDou navigation, aerospace, and digital ecosystems, with a new classification into communication, navigation, and innovation categories [10][11] Achievements in Unmanned Systems - Haige Communication has achieved notable success in unmanned systems, ranking highly in industry competitions and gaining recognition from various institutions and listed companies for its systems [11][13]

Summary of Conference Call Records Company Overview - **Company Name**: Chuangyuan Xinke (创远信科) - **Established**: 2005 - **Focus**: Development of wireless communication and RF microwave testing instruments and solutions - **2024 Revenue**: 230 million CNY - **Patents**: 526 domestic and international patents - **Employees**: Approximately 230 - **R&D Centers**: Four located in Shanghai, Nanjing, Chengdu, and Zhuhai - **Stock Code**: 831,961 [2][3] Industry Focus - **Core Industry**: RF communication instruments - **Key Areas of Application**: - 5G/6G wireless communication - Vehicle networking (V2X) - Low Earth orbit (LEO) satellite and low-altitude communication [1][3] Strategic Insights - **Development Strategy**: Adopts a "1+3" strategy focusing on high-end wireless communication testing instruments applied in three areas: 5G/6G, vehicle networking, and low Earth orbit satellite communication [1][3][4]. - **Technological Advancements**: Plans to enhance vector network analyzers to 110GHz and eventually to 500GHz and terahertz bands, participating in 6G standard formulation as an IMT-2030 member [4][16]. - **Awards**: Received the National Science and Technology Progress Award (second prize) for microwave and millimeter-wave testing technology in 2023 [11]. Market Trends - **Vehicle Networking**: Increasing demand for high bandwidth and interference resistance in vehicle internal networks, with protocols like C-V2X and EUHT playing significant roles [1][6]. - **Low Earth Orbit Satellite Internet**: Projects like Starlink and China's Xingwang aim to provide ground broadband mobile internet access, integrating with future 6G technology [1][7]. - **Testing Instrument Importance**: Essential across various industries, supporting advancements in 5G/6G, vehicle networking, and low Earth orbit satellite internet [5]. Competitive Landscape - **Positioning**: Chuangyuan Xinke holds a significant position in the RF instrument industry but still lags behind global leaders like Keysight and Rohde & Schwarz [18]. - **Market Opportunities**: The trade war has created opportunities for domestic companies to replace imports, potentially increasing market share [18]. Research and Development - **Investment**: Over 100 million CNY annually in R&D, totaling 500 million CNY over the past three years [25]. - **Intellectual Property**: Holds 526 patents, with 68% being invention patents, including international patents [25]. Future Outlook - **6G Development**: 6G standards expected to be frozen by 2027 and commercialized by 2030, with Chuangyuan actively involved in R&D [29]. - **Low Altitude Economy**: Anticipated growth in demand for RF instruments as low-altitude operations expand, particularly with the integration of drones and autonomous vehicles [38]. Key Products and Solutions - **Core Products**: Includes signal sources, signal analyzers, channel simulators, and vector network analyzers, with a focus on comprehensive testing solutions for vehicle networking and satellite communication [14][15]. - **OTA Testing Solutions**: Developed for vehicle networking and intelligent driving, providing reliable data link support [15][17]. Conclusion Chuangyuan Xinke is strategically positioned in the RF communication instrument industry, focusing on high-end testing solutions for emerging technologies like 5G/6G and low Earth orbit satellites. The company is committed to innovation and has a robust R&D framework, aiming to capitalize on market opportunities while navigating competitive challenges.

Financial Performance - In 2024, the company achieved a revenue of 547 million, a year-on-year decrease of 22.93%, reflecting a common trend in the industry [3] - In Q1 2025, the company reported a revenue of approximately 137.3 million and a net loss of approximately 17.4 million [4] Industry Context - The overall performance of the industry is under pressure due to intensified market competition and delays in order deliveries [3] - The military electronics industry is expected to maintain an average growth rate of around 9% during the "14th Five-Year Plan" period, driven by domestic substitution and technological integration [5] Strategic Initiatives - The company plans to adhere to a "military-civilian integration" development strategy, focusing on expanding into new civilian market areas [3] - Investment activities are primarily directed towards acquiring fixed assets and intangible assets to support future business growth [6] Product Development - The company has developed satellite communication baseband chips for consumer electronics and is actively expanding applications in automotive and low-altitude economy sectors [3] - The company is advancing its product offerings in the unmanned systems sector, including various types of drones and related services [6][9] Supply Chain Management - The company has established a quality control system for procurement management and utilizes ERP systems for comprehensive management and monitoring of raw material procurement [6] Market Expansion - The company is focusing on the low-altitude economy and commercial aerospace sectors, leveraging its expertise in satellite communication and navigation [12][13] - Plans are in place to establish a sales team targeting international markets and to enhance communication with overseas clients [13] Future Outlook - The industry is expected to see continued growth driven by government support for satellite applications and increasing market demand for satellite internet and simulation testing [12] - The company aims to balance technological innovation with market expansion, ensuring a sustainable growth cycle [13][14]