Group 1 - The fourth Beidou Scale Application International Summit was held in Zhuzhou, Hunan, showcasing Haige Communication's innovations in "navigation and communication integration" [1] - Haige Communication, in collaboration with China Mobile, launched the first consumer-oriented chip supporting "Beidou short message + Beidou positioning," integrating bidirectional communication and dual-frequency high-precision positioning [1][3] - The Beidou system is expected to become a core time-space foundation for digital communication networks, providing reliable support for communication in remote areas [3] Group 2 - Haige Communication introduced a series of navigation and communication integration IP products at the summit, designed for low-orbit narrowband communication and navigation enhancement [3] - The company is involved in the research of key technologies for navigation and communication integration, contributing to the formulation of national and industry standards in sectors like transportation and energy [3][4] - As a leading enterprise with core technologies in navigation and communication integration, Haige Communication is rapidly promoting the large-scale application of technological innovations in the "Beidou + consumer electronics" market [4]

9月24日，第四届北斗规模应用国际峰会在湖南省株洲市举行。会议期间集中签约了22个重大项目，集 中发布了33项具有行业领先水平的北斗相关新产品、新技术、新应用。 此外，会议集中发布33项具有行业领先水平的北斗相关新产品、新技术、新应用。一系列成果彰显了北 斗系统正在从"建成好用"迈向"用好用广"，不仅集中呈现北斗技术的最新突破，更推动"北斗+"与低空 经济、智慧城市、海洋开发等场景的深度融合，为全球用户提供创新解决方案。 "未来，北斗系统将继续深化与各类产业的结合，构建更加开放、融合、智能的时空信息产业生态。"第 四届北斗规模应用国际峰会秘书处表示。 其中，北斗卫星导航系统应用领域海外场景应用项目的签约，标志着北斗规模应用在"一带一路"国家的 成功推广，北斗产业在全球化合作与区域联动发展上迈出坚实步伐。 据介绍，本届峰会签约项目主体多元，涵盖国际组织、国内地方政府、行业协会及龙头企业，其中国际 项目、省外项目总数占比61.9%。行业人士指出，这些项目不仅深化了产学研合作，更体现了北斗技术 从"中国方案"向"世界共享"的跨越。 这22个重大项目包括：湖南省发改委与中国时空信息集团有限公司签订全面深化合作协议，北 ...

8月27日，第六届位置服务科技论坛暨北斗与低空经济产业规模化交流活动在贵州省贵阳市举行，与会 人员就北斗卫星导航系统（以下简称北斗系统）应用规模化、低空经济产业化进行了探讨。 北斗作为我国自主建设的全球卫星导航系统，目前已实现全面组网并进入规模化应用阶段。而低空经济 作为新一轮科技革命和产业革命的重要赛道，正在加速从概念验证走向规模化商用。与会专家表示，北 斗系统以其导航、通信、监测一体化的能力，为低空经济提供了高精度、高可靠、全覆盖的"时空底 座"，随着空域管理政策持续优化和技术不断突破，低空经济有望成长为万亿级产业集群。 本次交流活动由国家数据局、贵州省人民政府主办，中国测绘学会、中国遥感应用协会、中国通信工业 协会、贵州省自然资源厅、贵州省国防科技工业办公室承办，系2025中国国际大数据产业博览会交流活 动之一。（李奇松） 近年来，贵州立足"东数西算"枢纽优势，以"北斗+低空"双轮驱动，不断提升服务能力、夯实数字底 座、释放数据价值、拓展应用场景，在原有89座基准站基础上，加密升级至216座基准站，并推动与电 力、地震等领域站点共享应用。在贵阳大数据交易所上线"地理信息时空大数据专区"，制定地理信息时 ...

Group 1 - The core viewpoint is that Yichang is rapidly developing into a major computing power hub, with significant investments in digital infrastructure and a goal to integrate digital and physical economies [1][12][15] - Yichang's computing power is expected to exceed 3000P this year, with ongoing construction of over 10000P, making it the largest in Hubei province [1][15] - The city aims to achieve a big data and computing economy output value of over 100 billion yuan by 2025 [1][15] Group 2 - The Beidou Industrial Park in Yichang is designed in the shape of the Big Dipper and is set to be completed by September this year, with 21 enterprises signed up for investment totaling 2.66 billion yuan [6][8] - East Tech, a key player in Yichang's digital economy, has developed intelligent traffic edge servers that optimize traffic light timings based on real-time vehicle flow [3][5] - The integration of digital technologies in various sectors, including transportation and manufacturing, is enhancing operational efficiency and safety [3][5][14] Group 3 - Yichang has been recognized as one of the first pilot cities for national digital public infrastructure construction, indicating its strategic importance in the digital economy landscape [12][15] - The city is focusing on building a complete industrial ecosystem to support the growth of electronic information and computing power industries [5][12] - The establishment of the National Advanced Computing Industry Innovation Center in Yichang is a significant step towards enhancing the region's technological capabilities [12][15]

Investment Rating - The report does not explicitly provide an investment rating for the satellite navigation industry Core Insights - The satellite navigation and positioning services industry in China is experiencing steady growth, with a total output value reaching 536.2 billion yuan in 2023, representing a year-on-year increase of 7.09%. It is projected to reach 602.1 billion yuan by 2025 [11][12] - The industry structure is evolving, with core output value related to satellite navigation technology growing by 5.5% to 161.1 billion yuan, accounting for 30.04% of the total output value [12] - The application of the BeiDou system is expanding across various sectors, becoming a standard feature in consumer products like smartphones and electric vehicles [15] Industry Overview - The global satellite navigation systems include China's BeiDou, the US GPS, Russia's GLONASS, and the EU's Galileo, with BeiDou being China's self-constructed global navigation system [3][4] - The BeiDou system is in a critical phase of marketization, industrialization, and internationalization, with plans for the next generation of BeiDou to be completed by 2035 [4] Policy Support - The Chinese government has implemented numerous policies to support the development and application of the BeiDou system, emphasizing its importance as a national strategic emerging industry [7][50] Market Dynamics - The number of registered satellite navigation-related enterprises in China reached 69,700 by March 2025, with a peak registration of 12,400 in 2024 [19] - The competitive landscape features a four-tier structure, with leading companies like China Satellite and BeiDou Star dominating the market, while other companies focus on niche applications and technologies [22][23] Key Companies - BeiDou Star is a pioneer in the satellite navigation industry, with a focus on developing navigation chips and modules, although it reported a significant revenue decline in 2024 [26][28] - Huace Navigation has seen revenue growth, focusing on high-precision navigation solutions, with a reported revenue of 2.268 billion yuan in 2024 [31][32] - Haige Communication is advancing in the integration of BeiDou and 5G technologies, despite a revenue decline in 2024 [35][37] - Hezhong Sijuan focuses on high-precision satellite navigation and reported a revenue of 905 million yuan in 2024 [38][41] - Zhonghaida specializes in high-precision navigation technology and reported a slight revenue increase in 2024 [44][46] Future Outlook - The industry is expected to benefit from ongoing policy support and a complete domestic supply chain, with advancements in technology leading to high-precision positioning capabilities [51][52] - The integration of BeiDou with emerging technologies like AI and 5G is driving innovation and expanding application scenarios across various industries [52][53]

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [5][6]. Core Insights - The "reciprocal tariffs" have disrupted the global trade landscape, benefiting the domestic "Xinchuang" (self-controlled) industry, particularly in servers and chips [2][12]. - The U.S. has exempted certain technology products from tariffs, including communication devices like optical modules, which is expected to alleviate negative impacts from previous tariffs [3][28]. - The report suggests focusing on the Xinchuang sector and overseas optical communication companies while considering the high dividend value of telecom operators [3][4]. Summary by Sections Industry News Tracking - The U.S. government announced an increase in tariffs on Chinese imports to 125%, prompting a reciprocal response from China [12]. - The Xinchuang industry is expected to thrive as it helps state-owned enterprises reduce reliance on foreign technology, ensuring national strategic security [2][12]. Market Performance Review - The telecommunications index fell by 7.67%, while the Shanghai and Shenzhen 300 index decreased by 2.87%, resulting in a relative return of -4.8% [3][10]. Investment Recommendations - The report recommends focusing on companies benefiting from the Xinchuang initiative and those involved in overseas optical communication, while also highlighting the high dividend potential of major telecom operators like China Mobile and China Telecom [3][4]. Key Company Earnings Forecast and Investment Ratings - China Mobile: Outperform, last close at 109.79 CNY, market cap 237 billion CNY, EPS forecast for 2024E at 6.41 CNY [5]. - Zhongji Xuchuang: Outperform, last close at 78.37 CNY, market cap 865.8 million CNY, EPS forecast for 2024E at 4.68 CNY [5]. - ZTE Corporation: Outperform, last close at 32.08 CNY, market cap 153.5 billion CNY, EPS forecast for 2024E at 1.76 CNY [5].