证券代码：002465 证券简称：海格通信 公告编号：2025-039 号 广州海格通信集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 项 目 本报告期 上年同期 归属于上市公司 盈利：200 万元–300 万元 盈利：19,582.75 万元 股东的净利润 比上年同期下降：98.47% - 98.98% 扣除非经常性损 亏损：3,000 万元–3,300 万元 盈利：10,760.44 万元 益后的净利润 比上年同期下降：127.88% - 130.67% 基本每股收益 盈利：0.0008 元/股–0.0012 元/股 盈利：0.0789 元/股 二、与会计师事务所沟通情况 本次业绩预告相关的财务数据未经会计师事务所预审计。公司已就业绩预告 有关事项与会计师事务所进行了预沟通，双方在本报告期的业绩预告方面不存在 分歧。 三、业绩变动原因说明 报告期内，受行业客户调整及周期性波动影响，合同签订延缓，同时公司持 续开展在芯片、卫星互联网、北斗、智能无人系统、低空经济、6G、机器人、脑 机接口、智能穿戴等新兴领域的技术研发， ...

据知情人士透露，由埃隆・马斯克创立并掌控的太空探索技术公司（SpaceX），正处于融资及内部股 份出售计划的商讨阶段。若此次交易最终成行，这家集火箭研发、卫星制造于一体的科技企业，估值将 攀升至约 4000 亿美元。这一数字不仅是对公司现有业务实力的认可，更预示着其在商业航天领域的地 位将进一步巩固。 估值创美国私营企业纪录，与行业巨头比肩 4000 亿美元的估值若落地，将一举刷新美国私营企业的估值纪录，成为行业内的新标杆。回顾历史数 据，SpaceX 在去年 12 月进行股份回购时，估值为 3500 亿美元，短短半年多时间内，其估值预期便增 长了 500 亿美元。从行业横向对比来看，这一估值已能与 TikTok 母公司字节跳动、人工智能领域的明 星企业 OpenAI 站在同一水平线上，凸显出市场对 SpaceX 未来发展潜力的高度看好。 Starlink 的贡献与 Starship 的突破潜力 作为全球火箭发射服务领域的领军者，SpaceX 长期以来凭借成熟的技术和高效的发射能力占据行业优 势地位。然而，今年六月的德州测试台爆炸事件，给 Starship 火箭计划蒙上了一层阴影，也让公司面临 着不小的技术挑 ...

早 报 精 选 尊重、和平共处、合作共赢的原则，发挥好中美经贸磋商机制作用，继续加强对话沟 通，以实际行动维护和落实好两国元首通话重要共识，共同推动中美经贸关系稳定、 健康、可持续发展，为世界经济发展注入更多确定性和稳定性。 1、 美商务部长称可能于8月初与中方谈判代表会面，商务部回应。 2、商务部：已部署开展打击战略矿产走私出口专项行动。 3、2025年退休人员养老金调整：上调2%。 3、昨日的商务部例行新闻发布会上，新闻发言人就中国政府是否已采取相关措施打击 关键矿产转运和走私行为作出了回应。何咏前表示，今年5月，中国国家出口管制工作 协调机制办公室，已部署开展打击战略矿产走私出口专项行动，相关信息可在商务部 网站查询。 5、当地时间7月9日，特朗普宣布对铜征50%关税。中国外交部发言人毛宁对此表 示：中方一贯反对泛化国家安全概念，我们也始终认为关税战、贸易战没有赢家，滥 施关税不符合任何一方的利益。 4、智元机器人回应拟港股IPO：不属实。 5、北方稀土：第三季度稀土精矿交易价格调整为不含税19109元/吨，环比上涨 1.5%。 宏 观 新 闻 1、 《中华人民共和国政府和马来西亚政府关于互免持公务普通 ...

通信 周跟踪（20250616-20250620） 领先大市-A(维持) 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 研究助理： 孙悦文 邮箱：sunyuewen@sxzq.com —— MWC 上海展示低轨卫星地面基建新机遇，AMD Helios 机柜或使用更多光模块与铜缆 2025 年 7 月 10 日 行业研究/行业周报 资料来源：最闻 相关报告： cloudmatrix384 创新性，算力板块迎来业 绩 情 绪 双 击 - 周 跟 踪 （20250623-20250629） 2025.7.4 低轨卫星地面基建新机遇，AMD Helios 机柜或使用更多光模块与铜缆-山西证券 通信行业周跟踪：MWC 上海展示低轨卫 星地面基建新机遇，AMD Helios 机柜或 使用更多光模块与铜缆 2025.6.26 通信行业近一年市场表现 投资要点 行业动向： 【 山 证 通 信 】 — — 再 论 昇 腾 【山证通信】—— MWC 上海展示 1）CoreWeave 开启 ...

乌克兰最大的移动运营商Kyivstar：乌克兰将于2026年第二季度成为首个通过星链（Starlink）提供移动 卫星互联网服务的欧洲国家。 ...

截至2025年7月10日午间收盘，航空航天ETF天弘(159241)回调蓄势，换手8.13%，半日成交3002.55万元。 航空航天ETF天弘（159241）紧密跟踪国证航天航空行业指数，高度聚焦战机和卫星产业链等航空航天核心发展方向，样本公司与低空经济、大飞机、卫星 互联网等热门主题高度契合，成分股深度参与商业航天等新兴领域，受益于政策与市场的双重推动。 亮点一："含军工量"第一 跟踪指数96.24%的成分股属于申万一级国防军工行业，"含军量"远超军工龙头（90.91%）、中证国防（88.95%）、中证军工（80.10%）等军工宽基指数。 亮点二："无人机含量"第一 跟踪指数成分股中，航天彩虹、中无人机、洪都航空、北方导航、华力创通等均深度参与无人机，是全市场无人机含量最高的指数。 截至7月9日，航空航天ETF天弘(159241)最新规模达3.74亿元，创成立以来新高。航空航天ETF天弘(159241)最新份额达3.38亿份，创近1月新高。 从资金净流入方面来看，航空航天ETF天弘(159241)最新单日净流入4213万元，居同类产品第一！该基金近10天获得连续资金净流入，合计"吸金"2.01亿 元。 全球 ...

随着任务频次的加快，从Fast launch转变为Lightning launch，监管部门批复效率已经惊为天人。 由于采用的是全产业链垂直整合的模式，所以，SpaceX可以看作是全球商业航天企业的"假想敌"。特别是在当前的地缘环境下，我们更有必要好好的拆解 SpaceX在过去一年中的进展，"他山之石，可以攻玉。" 1，火箭制造与发射 这是SpaceX的看家本领，也是领先于国内产业生态的核心所在。 C114讯 7月10日消息（颜翊）"钢铁侠"马斯克的SpaceX到底值多少钱？ 彭博社昨日援引知情人士的话称，SpaceX正讨论融资及内部股份出售计划，估值约4000亿美元（C114注：现汇率约折合人民币2.87万亿）。在去年年底，这 个数字大概是3500亿美元；也就是说，半年过后又增长了500亿美元。 | 火箭 | "长征"二号D | "猎鹰" 9—次性发射 | "猎鹰"9回收发射 | | --- | --- | --- | --- | | 设计运力 | 4t | 22t | 17.4t | | 发射服务总价 | 1.13亿元人民币 | 6975万美元 | 2100万美元(测算) | | 单位载荷发射服务价格 | ...

NO.1泰达币发行人Tether在瑞士秘密金库中持有价值80亿美元的黄金 当地时间7月8日，据外媒报道，作为全球最大稳定币的发行者，Tether Holdings SA在瑞士拥有自己的金 库，存放着价值80亿美元的黄金，并着眼于扩大黄金储备。该公司表示其目前持有近80吨黄金，其中绝 大部分由Tether直接持有，使其成为除银行和国家之外全球最大的黄金持有者之一。 点评：Tether持有巨量黄金储备的消息，强化了其稳定币背后资产安全性的市场认知，可能影响投资者 对该公司及稳定币相关业务的信心。 7月8日，关于公司大规模裁员的传闻，Manus方面回应称："基于公司自身经营效率考量，我们决定对 部分业务团队进行调整。公司将继续专注核心业务发展，提升整体运营效率。"此前，社交平台上信息 显示，Manus近期对旗下部分国内业务进行裁员，并将核心技术人员迁往新加坡总部，公司目前在中国 区的员工总数为120人左右。 点评：Manus裁员并调整业务布局，凸显其全球战略转移。此举或影响市场对该公司盈利能力的预期。 NO.5应对AI时代挑战，微软、OpenAI等牵头建立教师培训学院 NO.2马斯克旗下SpaceX被曝拟出售内部股 ...

Group 1 - US stock market showed mixed results with Dow Jones down 0.37%, Nasdaq up 0.03%, and S&P 500 down 0.07% [1] - Tesla rebounded by 1.32% and Nvidia increased by 1.12%, both reaching new highs [1] - Meta Platforms and Apple saw increases of up to 0.32%, while Microsoft decreased by 0.22% and Google A dropped by 1.37% [1] Group 2 - Trump seeks to tighten clean energy tax regulations, leading to a decline in solar stocks, with SunRun falling over 11% [2] - Trump announced a 50% tariff on copper and a 200% tariff on pharmaceuticals, resulting in the largest increase in copper futures since 1968 [2] Group 3 - Meta invested $3.5 billion in EssilorLuxottica to advance its AI glasses strategy [3] Group 4 - SpaceX, owned by Musk, achieved a valuation of approximately $400 billion during a stock sale [4][11] Group 5 - Hugging Face released an open-source top model featuring dual-mode reasoning and 128K context, marking a significant advancement in AI [5] Group 6 - The 2025 Esports World Cup will be held in Riyadh, Saudi Arabia, with a total prize pool exceeding $70 million [6] Group 7 - Germany warned that the EU is prepared to retaliate if a fair trade agreement cannot be reached [7] Group 8 - Morgan Stanley predicts TSMC will continue to exceed expectations in Q2, with strong advanced process orders, although the appreciation of the New Taiwan Dollar may pose profitability challenges [8] Group 9 - The Chinese government is promoting the application of new technologies like AI in public services, as outlined in a recent policy document [9] Group 10 - Pacific Securities noted that multiple indices broke through their consolidation ranges, indicating a strong short-term market trend [10] - Everbright Securities suggested that if the Shanghai Composite Index surpasses 3500 points, it could further boost market confidence and attract more capital [10] Group 11 - Shentong Express partnered with Cainiao to accelerate the application of unmanned delivery vehicles, aiming to deploy 2000 unmanned vehicles by the end of the year [12] - Guohai Securities highlighted that the development of regulations for unmanned vehicles is paving the way for the logistics industry's standardization [12] Group 12 - The National Development and Reform Commission and six other departments released a plan to enhance the childcare service system, projecting the market size for childcare services in China to reach 151.81 billion yuan by 2024 [16]

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]