《商道创投网》2026年1月30日从官方获悉：空间激光通信领域创新企业氦星光联近日完成了由眉山环 天产发集团、鲁信创投保定电谷基金、河北沿海产业投资基金、中山创投、中亿明源等联合投资的近2 亿元A1轮融资。 《商道创投网》创业家会员·单位简介： 氦星光联创立于2021年，深耕空间激光通信产业链，是国内稀缺具备星载激光终端全链条垂直整合能力 的硬科技企业。公司专注星间、星地及空地激光通信技术研发，已实现核心光学模组超六成自主可控， 构建起从核心器件到整机系统的全自主研发体系。依托长三角、成渝、京津冀三大产业集群布局，氦星 光联建立了覆盖研发、中试到规模化制造的完整产能体系，其低成本、高可靠的量产能力填补了国内商 业航天通信载荷领域的供应链空白，为全球卫星互联网建设提供"中国方案"。 《商道创投网》创业家会员·本轮融资用途是什么？ 氦星光联创始人谭俊表示："本轮融资是公司在商业化关键节点的重要助力。资金将重点投向三方面： 一是持续攻克核心光电器件国产化难题，提升自研模组比例；二是在保定等地扩建智能制造中心，大幅 提升星载终端批产能力；三是完善光学地面站网络布局，提升天地一体化服务能力。我们始终秉持'让 卫星激光通 ...

一组罕见披露的财务数据，让市场首次看清SpaceX的"赚钱能力"，也迅速推高了对其IPO体量的想象。 当地时间1月30日，路透社援引两位知情人士称，埃隆·马斯克旗下SpaceX去年实现150亿至160亿美元收 入，EBITDA利润约80亿美元。相关财务表现此前从未对外披露。 知情人士表示，正是这组数据，促使多家投行重新评估SpaceX的上市潜力。 部分银行目前预计，SpaceX在IPO时的估值可能超过1.5万亿美元，融资规模或将突破500亿美元。这一 估值水平将使其成为全球规模最大的IPO之一。 知情人士表示，公司计划在今年晚些时候上市，目标日期定在马斯克55岁生日（6月28日）前后。 星链撑起估值锚 从业务结构看，SpaceX的盈利能力高度集中于Starlink（星链）。 知情人士称，马斯克的卫星互联网系统星链已成为公司绝对的营收主力，贡献了公司约50%至80%的收 入。 自2019年以来，SpaceX已累计发射约9500颗卫星，用户数超过900万，使其成为全球最大的卫星运营 商。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见 ...

Core Viewpoint - Amazon is seeking a 24-month extension from the FCC to meet its satellite deployment deadline due to delays caused by external factors, aiming to compete with SpaceX's Starlink [3][4][9]. Group 1: Satellite Deployment and Network Plans - Amazon has committed at least $10 billion to develop its satellite network, now branded as Amazon Leo, which aims to provide internet services from space [2]. - The company has launched over 150 satellites since April and plans to deploy approximately 700 satellites by July 30, moving towards becoming the second-largest satellite constellation in orbit [7]. - Amazon has booked more than 100 launches and recently secured 10 additional launches with SpaceX and 12 with Blue Origin [5]. Group 2: Challenges and Delays - The company cites a shortage of rocket availability, manufacturing disruptions, and limitations on spaceport capacity as reasons for the delays in satellite deployment [3][6]. - Amazon's request for an extension is also based on the extended development timelines of next-generation launch vehicles, which have exceeded initial projections [6]. Group 3: Competitive Landscape - Amazon Leo's primary competitor is SpaceX's Starlink, which has over 9,000 satellites and approximately 9 million customers, while OneWeb operates with more than 600 satellites [8]. - Amazon has initiated an "enterprise preview" of Leo to select users ahead of a broader commercial launch [8]. Group 4: Regulatory Considerations - The company argues that denying the extension would undermine the FCC's goals of expanding spectrum access and promoting rapid deployment, noting that similar extensions have been granted in the past [9]. - Amazon emphasizes that an extension would facilitate ongoing deployment efforts, while strict enforcement of deadlines could disrupt its plans [10].

Core Viewpoint - The company anticipates a net loss for the fiscal year 2025 due to various factors including industry adjustments, increased R&D investments, and expected impairment losses [1][2]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025, with an expected net profit being negative [1]. - The company has communicated with its accounting firm regarding the performance forecast, and there are no discrepancies between the two parties [1]. Group 2: Reasons for Performance Changes - The primary reasons for the anticipated loss include delays in contract signing due to industry client adjustments and cyclical fluctuations, leading to reduced revenue [2]. - The company has invested approximately 930 million yuan in R&D to enhance its competitiveness in emerging fields such as chips, satellite internet, and 6G technology, which has increased expenditures [2]. - Expected sales and collections for 2025 did not meet projections, prompting the company to propose impairment losses of approximately 220 million yuan for goodwill and 250 million yuan for receivables [2]. Group 3: Strategic Initiatives - The company is actively pursuing market share and expanding into international markets while focusing on both military and civilian products [3]. - In the satellite internet sector, the company has achieved a full industry chain layout, including chips, terminals, and system operations [3]. - The company aims to enhance operational efficiency and economic benefits by targeting new production capabilities and military combat capabilities, while also expanding into civilian and international markets [3]. Group 4: Contract Overview - The company has signed a contract worth approximately 335 million yuan with a special institutional client, which is expected to positively impact revenue and profit [7][14]. - The contract involves wireless communication and Beidou navigation products, and it is expected to account for 6.81% of the company's audited revenue for the most recent fiscal year [11][14]. - The execution of the contract will not affect the company's business independence, as it will not create dependency on the counterparty [16].

证券日报网1月30日讯，中贝通信（603220）在接受调研者提问时表示，公司已成立6G研究院，积极推 动与北邮张平教授团队合作，聚焦语义通信、卫星通信等核心技术方向，加大在6G与卫星互联网融合 领域的投入与战略合作，与产业链伙伴协同推动关键技术攻关、标准制定与应用场景创新，在星地一体 化网络、行业解决方案等领域深化布局，推进相关前沿技术应用场景落地见效。 ...

Core Viewpoint - The company, Haige Communication, anticipates a significant net loss for the fiscal year 2025, projecting a loss between 700 million to 790 million yuan, with a loss of 780 million to 870 million yuan when excluding non-recurring gains and losses [1] Group 1: Financial Performance - The expected net loss for 2025 is attributed to delays in contract signing due to industry client adjustments and cyclical fluctuations, leading to a decrease in revenue scale [1] - The company plans to recognize impairment losses totaling approximately 220 million yuan for goodwill and about 250 million yuan for receivables, which will further impact the net profit for the period [1] Group 2: Investment and Development - To enhance its competitive edge, the company is increasing its investment in future business development, focusing on emerging fields such as chips, satellite internet, Beidou, intelligent unmanned systems, low-altitude economy, robotics, embodied intelligence, brain-computer interfaces, smart wearables, and 6G technology [1] - The total research and development expenditure for the year is projected to be around 930 million yuan, alongside efforts to expand into international markets and significantly develop the civilian market [1]

海格通信公告，预计2025年度归属于上市公司股东的净利润亏损7亿元-7.9亿元，上年同期为盈利 5313.58万元。报告期内，业绩亏损的主要原因如下：1.受行业客户调整及周期性波动影响，合同签订延 缓，相应营收规模减少；2.为强化公司持续竞争力，加大布局未来业务发展，公司持续开展在芯片、卫 星互联网、北斗、智能无人系统、低空经济、机器人及具身智能、脑机接口、智能穿戴、6G等新兴领 域的技术研发，全年研发投入约9.3亿元，并积极布局国际市场及大力拓展民用市场，相应投入增加； 3.2025年销售及回款未达预期，根据企业会计准则相关要求，基于谨慎性原则，本报告期内公司拟计提 相关减值损失，其中拟对商誉等计提资产减值损失约2.2亿元，对应收款项等计提信用减值损失约2.5亿 元（上述减值损失金额最终以评估机构评估结果及审计机构审计确认数据为准），进一步影响当期净利 润。 （文章来源：第一财经） ...

北交所报告 北交所 1 月份定期报告 北 交 北交所市场结构持续优化 2026 年 1 月 30 日 S0340522110001 电话：0769-22177163 邮箱：liziyi@dgzq.com.cn 告 S0340522040001 电话：0769-23320059 邮箱：lvziwei@dgzq.com.cn 交 所 研 究 证 券 研 究 资料来源：iFind，东莞证券研究所 核心观点： 分析师：李紫忆 SAC 执业证书编号： 四季度以来，北交所资金结构呈现"双向扩容"特征：一方面，指数基金 数量与关注度稳步提升，指数化产品逐步形成底仓雏形；另一方面，部分 主动资金开始自下而上挖掘具备成长弹性与低估值优势的个股，持仓路径 从集中化向结构化优化演进，整体市场运行保持稳定。 报 分析师：吕子炜 SAC 执业证书编号： 从市场生态看，指数成分股集中度提升，估值锚定效应逐步显现。部分次 新股因基本面扎实、覆盖度仍低，成为当前增量资金重点关注方向。随着 配置逻辑向中长期演进，市场风格也逐步切换至"精选 + 低换手"特征。 整体来看，当前北交所市场估值具备相对性价比，指数化资金、主动资金、 新股供给三者之间 ...

光模块午后大反攻！1月30日，通信ETF（515880）涨超3%，AI建设有望迎加速期 2025年ETF"涨幅王"通信ETF（515880）全年上涨125.81%居全市场第一，不仅涨幅可观，通信ETF （515880）的规模也是同类第一，截至2025年12月31日，通信ETF光模块含量占比超过46%，服务器含 量近20%，代表了海外算力的基本面底气，目前仍是景气优选，建议持续关注。 （文章来源：每日经济新闻） 开源证券认为，国产AI建设有望迎加速期，看好"AIDC+网络端+计算端"三条核心方向。同时，卫星互 联网、太空算力等板块正从概念探索走向规模化竞争，围绕技术路径、应用场景及轨道资源的太空应用 新赛道正加速成形，应重视太空通信的基础设施建设。展望2026年，AI"虹吸效应"显著，全球AI或继续 共振，看好"光、液冷、国产算力"三大AI核心主线，并推荐重视AI应用、运营商、卫星互联网&6G等板 块。 ...

万马股份（002276.SZ）1月30日在投资者互动平台表示，公司航空导线等部分产品符合机载和航天设备 要求，应用于航空及地面装备等，该类业务尚处于市场开拓期，对公司当前整体营收贡献较小，敬请投 资者注意相关风险。 每经AI快讯，有投资者在投资者互动平台提问：太空、卫星互联网等场景对线缆的耐辐照、低放气 率、极端温度耐受能力要求极高，请问公司现有航空航天线缆产品是否具备向这类场景升级的技术基 础？后续在产品工艺改进上有何具体计划？ （文章来源：每日经济新闻） ...