规模方面，卫星ETF最新规模达94.26亿元，创成立以来新高。 全市场首只且同类规模最大的卫星ETF，聚焦商业航天+卫星通信，涉及当前热门概念卫星互联网、太 空算力等，有望本轮行情中或将优先且更受益。当前，商业航天已是市场达成共识的主线，场外投资者 可借道联接基金（A类024194，C类024195）把握商业航天投资机遇。 注：卫星ETF（159206）成立日期为2025/3/6，早于同类产品，卫星ETF同类指追踪国证商用卫星通信 产业指数的所有ETF基金。 政策面上，近日，广州印发《广州市加快建设先进制造业强市规划（2024—2035年）》。其中提出，以 建设先进的系列化运载火箭产业基地为牵引，聚焦低成本高可靠运载火箭、互联网卫星星座、航天商业 化应用等核心环节建链强链，打造南方航天城，力争成为中国商业航天新一极。重点突破新型大推力、 高可靠的可重复利用技术，形成可重复、高密度发射能力。开展星座建设论证，夯实整星研制、地面终 端、星座运营管理等基础能力。大力发展卫星通信、遥感地面终端设备制造，推动空天地信息与人工智 能、大数据、5G/6G、物联网等新一代信息技术协同创新，赋能千行百业。 产业层面，中国向国际 ...

【财经日历】 中国2025年12月CPI、PPI MiniMax在港股上市 美国2025年12月失业率、12月季调后非农就业人口 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业平均 | 49266.11 270.03 | | 0.55% | | 纳斯达克指数 | 23480.02c -104.25 | | -0.44% | | 标普500 | 6921.46 | 0.53 | 0.01% | 当地时间周四，美股走势分化，截至收盘，道指涨0.55%，标普500指数微涨0.01%，纳指跌0.44%。 此前领涨的AI与科技板块出现回调迹象，个股表现明显分化。博通股价下挫3.21%，超威半导体下跌 2.54%，英伟达下跌2.19%。苹果继续走弱，收跌0.5%，已连续第七个交易日下跌；微软下跌1.11%， Meta Platforms下跌0.41%。 部分大型科技股逆势走高，亚马逊上涨1.96%，谷歌母公司Alphabet上涨1.1%，特斯拉上涨1.02%。 纳斯达克中国金龙指数收涨1.09%。阿里巴巴涨5.29%，京东涨2.20%，拼多多涨0.52%， ...

围绕低空经济发展实际需求，探索建设民用无人驾驶航空试验区，培育发展低空领域新技术、新模式、 新业态。开展枢纽型起降场、垂直起降点、无人机试飞场地、自动值守机库、无人机起降机柜等起降基 础设施建设。以建设先进的系列化运载火箭产业基地为牵引，聚焦低成本高可靠运载火箭、互联网卫星 星座、航天商业化应用等核心环节建链强链，打造南方航天城，力争成为中国商业航天新一极。重点突 破新型大推力、高可靠的可重复利用技术，形成可重复、高密度发射能力。开展星座建设论证，夯实整 星研制、地面终端、星座运营管理等基础能力。大力发展卫星通信、遥感地面终端设备制造，推动空天 地信息与人工智能、大数据、5G/6G、物联网等新一代信息技术协同创新，赋能千行百业。 广州市政府网站1月8日消息，《广州市加快建设先进制造业强市规划(2024—2035年)》印发。 《规划》提出，广州将聚焦"2035年工业增加值翻一番"目标，加快推进新型工业化，培育壮大15个战略 性产业集群，大力发展智能网联新能源汽车、超高清视频与新型显示、生物医药与健康、绿色石化与新 材料、软件与互联网、智能装备与机器人等6个新兴支柱产业。加速培育人工智能、半导体与集成电 路、新能 ...

人民财讯1月8日电，广州市人民政府办公厅印发《广州市加快建设先进制造业强市规划(2024—2035 年)》。其中提出，大力发展低空经济和商业航天。围绕低空经济发展实际需求，探索建设民用无人驾 驶航空试验区，培育发展低空领域新技术、新模式、新业态。开展枢纽型起降场、垂直起降点、无人机 试飞场地、自动值守机库、无人机起降机柜等起降基础设施建设。在有条件的轨道交通站场、码头、公 交站场、高速公路服务区建设低空飞行器低空起降、备降设施。建设低空智能融合基础设施，构建设施 网、空联网、航路网、服务网"四张网"，构建低空飞行器检验检测、适航验证及质量安全保障公共服务 平台，为低空飞行器研发制造企业提供检验检测、试飞测试等技术支撑。围绕与低空经济发展关联的新 材料、新能源、新工艺、导航定位、智慧交通等方面加大产业培育、招商引资力度，以动力系统、飞控 系统、安全系统、复合材料为重点，加大低空制造关键核心技术攻关，占据技术领先高地。依托广州低 空经济应用示范岛，开展"低空+通勤""低空+旅游""低空+应急"等应用示范，通过丰富应用场景，延展 出更多的产业链条，引导供应链产业链上下游企业集聚集群发展。以建设先进的系列化运载火箭产 ...

11月30日，以"终端新镜界，虚实新空间"为主题的2025年XR智能终端产业大会在北京经济技术开发区 （北京亦庄）通明湖会展中心开幕。开幕式上，北京首个XR智能终端产业专项政策发布，"智能眼镜产 业创新平台"启动，北京AI体育国际公开赛发布，8个重点项目现场签约，5款XR智能终端新品集中亮 相，充分展现出XR智能终端产业蓬勃创新活力。北京经开区工委副书记、管委会主任王磊，北京市经 济和信息化局副局长姜洪朝，市科委、中关村管委会二级巡视员李志磊，工业和信息化部电子信息司消 费电子处副处长宋琦出席并致辞；北京市体育局党组成员、副局长石风华，北京经开区管委会副主任刘 力出席。 该政策聚焦突破关键核心技术、布局建设"共享工厂"、提质规模生产引擎等八个方面，提出了"揭榜挂 帅"、发放"服务券"等共计11项具体措施，支持企业在经开区发展壮大。政策明确，鼓励企事业单位开 放共享标准化产线，整合供应链资源网络，支持建设智能终端"共享工厂"。对提供概念验证、小试生 产、中试生产等服务的共享生产平台，经评审认定，按照不超过项目总投资30%、最高5000万元予以支 持。支持初创企业和中小企业采购共享服务，降低创新创业门槛，发放"服 ...

Investment Rating - The report maintains an "Overweight" rating for the in vitro diagnostics (IVD) industry [6][54]. Core Viewpoints - The IVD market is expected to benefit from a recent policy initiative aimed at enhancing the adaptability of supply and demand for consumer goods, with a focus on high-end medical devices and efficient IVD equipment [5][53]. - The domestic biochemical diagnostics sector has largely overcome reliance on foreign technologies, indicating a completed process of localization [6][54]. - The report emphasizes the shift towards home health management, moving from a treatment-centered to a prevention-centered approach, which is expected to create a trillion-yuan integrated market [5][53]. Summary by Sections Industry Performance - The pharmaceutical and biological sector rose by 2.67%, with the IVD sector increasing by 2.63% during the week [2][12]. - The IVD sector's current PE ratio is 39.84X, with a PB ratio of 1.85X, reflecting a slight increase from the previous week [4][33]. Company Performance - Notable performers in the medical services sector include Haobio (+14.3%), Shuoshi Biological (+13.6%), and Innotech (+13.3%) [3][29]. - Underperformers include *ST Dongyang (-7.2%) and New Industry (-5.7%) [3][29]. Investment Recommendations - The report suggests focusing on companies in the IVD sector that cater to home consumption scenarios, such as Shengxiang Biological and Sannuo Biological [5][54]. - It highlights the importance of monitoring the growth potential in immunodiagnostics, particularly in chemiluminescence and molecular diagnostics like PCR [6][54].

Group 1 - The 2025 Guangdong Province Live Job Recruitment Event will host 40 online job fairs from July to December 2025, guided by the China Small and Medium Enterprises Development Promotion Center and co-hosted by various provincial departments [2] - The 31st session of the event will focus on the Foshan area, scheduled for November 11, 2025, from 10:00 to 12:00 [4] Group 2 - Guangdong Dianjiangjun Energy Technology Co., Ltd. is a large comprehensive energy solution provider established in 2013, focusing on advanced energy storage systems and covering the entire industry chain [5] - The company has a total investment of 2 billion yuan and operates in four core areas: small power batteries, eVTOL batteries, AI industrial power supplies, and marine batteries [5] - The company is recruiting for various positions, including Process Engineer (1 position, monthly salary 8k-15k), Electronic Engineer (1 position, monthly salary 12k-18k), and Sales Manager (2 positions, monthly salary 12k-15k) [5][6] Group 3 - Yiao Group, founded in 1983, specializes in the research, production, and sales of mattresses, sofas, and pillows, and has been a leading exporter for 30 consecutive years [6] - The company has a production capacity of over 6 million mattresses annually and operates more than 3,600 stores globally [6] Group 4 - Guangdong Shenglu Communication Technology Co., Ltd., established in 1998, is a national high-tech enterprise specializing in antenna and RF technology, listed on the Shenzhen Stock Exchange in 2010 [8] - The company has over 400 patents, with nearly 25% being invention patents, and is recognized as a national intellectual property demonstration enterprise [9] - The company is hiring for multiple positions, including Antenna R&D Engineer (10 positions, monthly salary 8k-15k) and Microwave Engineer (10 positions, monthly salary 8k-15k) [9] Group 5 - Guangdong Xiong Plastic Technology Group Co., Ltd., founded in 1996, is a leading brand in the plastic pipe industry with an annual output value exceeding 2 billion yuan [10] - The company has six production bases and has been recognized as one of the "Top 500 Manufacturing Enterprises in Guangdong Province" [10] - The company is looking to fill various positions, including Assistant to the Chairman (1 position, monthly salary 20k-30k) and Audit Manager/Supervisor (1 position, monthly salary 10k-15k) [11]

Strategy & Vision - Helios Towers' new strategy, IMPACT 2030, targets capital efficient organic growth through tenancy expansion and customer experience excellence[35, 113] - The company aims to generate >$1.3 billion of cumulative recurring free cash flow across 2026-2030[35, 113, 138, 157] - The company is targeting >$500 million of discretionary capex on accretive growth opportunities and >$400 million of investor distributions up to 2030[35, 151, 152, 157] - The company targets >42,000 tenancies by 2030[106] and a tenancy ratio of >2.5x by 2030[37, 51, 106, 138] Financial Performance & Targets - The company's FY25 Adj EBITDA guidance is tightened upwards to c$470 million, representing a +12% YoY growth[30, 117, 119, 124, 125] - The company's Q3 2025 YTD Adj EBITDA grew +11% YoY to $346 million[117] - The company's Q3 2025 YTD free cash flow expanded to $49 million, a +$70 million YoY expansion[117] - The company's Q3 2025 YTD tenancy ratio expanded to 2.2x, a +0.1x YoY expansion[37, 51, 117] - The company's Q3 2025 YTD ROIC expanded to 14%, a +1ppt YoY expansion[37, 51, 117] - The company has initiated a share buyback program with a Board authorization of $75 million until 31 December 2026[107, 146, 147, 152]

Summary of Tongyu Communication Conference Call Company Overview - **Company**: Tongyu Communication - **Industry**: Communication Equipment Key Points Industry and Market Conditions - The communication equipment market is experiencing cyclical fluctuations, with reduced investment from domestic operators and increased competition in core products [2][12] - The global and domestic communication industry is seeing a trend of decreasing product prices and reduced operator investment [12] - Overseas markets have become the main source of growth for Tongyu Communication, with revenue exceeding domestic sales [2][12] Financial Performance - In Q3 2025, the gross margin was 22.39%, down 11.81 percentage points year-on-year, and net profit was 3.1%, a decrease of 49.2% [3][17] - Operating cash flow improved significantly by 96.42% year-on-year, turning positive at 71.01 million yuan in Q3 2024 [2][9] Strategic Initiatives - The company is optimizing its market and cost structure, expanding into overseas markets, and enhancing supply chain management to reduce costs [2][4] - Tongyu Communication is increasing R&D investment in satellite communication and 5G/6G fields, with R&D expenses projected to be 8.04% of revenue in 2024, above the industry average [2][7] - The company is focusing on low Earth orbit (LEO) and high Earth orbit (HEO) satellite interconnection technologies and developing core components like chips and TR components [2][7] Growth Areas - Satellite communication is identified as a core growth area, with significant growth potential expected in the next 3-5 years, potentially exceeding 1 trillion yuan in market size [5][21] - The company has delivered over 30 ground stations and is involved in multiple commercial satellite projects [14][25] - Tongyu Communication is investing in leading LEO satellite internet companies to strengthen strategic partnerships and enhance competitiveness [15][16] Cost Management and Product Differentiation - The company is implementing cost structure optimization through better supplier and supply chain management to lower raw material costs and improve production efficiency [8][17] - Differentiated products such as customized antennas and Micro WiFi products have been launched, with significant overseas orders [8][27] Future Outlook - The company is optimistic about the future, believing that its strategic layout and overseas market expansion will accelerate growth and lead to a new growth cycle [11][33] - The satellite internet market is expected to see substantial growth, with a projected compound annual growth rate of 30% over the next 3-5 years [21][32] Capital Operations - Tongyu Communication is actively engaging in capital operations to build an industrial ecosystem, including partnerships and establishing industry funds [10][22] - The company aims to maintain a stable dividend policy and improve governance structures to enhance shareholder returns [10] Challenges and Risks - The company faces challenges from market competition, rising raw material costs, and the need for effective management of R&D and operational efficiency [3][17][28] - The satellite internet sector is currently hindered by rocket launch capacity and rising satellite manufacturing costs, but improvements in launch technology are expected to alleviate these issues [28][30] Conclusion - Tongyu Communication is navigating a challenging market environment while strategically positioning itself for future growth in satellite communication and overseas markets, with a focus on innovation and operational efficiency [11][33]

Core Points - The International Telecommunication Union (ITU) has confirmed that the 2027 World Radiocommunication Conference (WRC-27) will be held in Shanghai, China [1] - The decision to host WRC-27 was initially made by the ITU Council in June 2025, with a majority of member countries supporting the proposal [1] - The WRC is the highest-level conference for international radiocommunication legislation, held every 3 to 4 years, focusing on revising the Radio Regulations and managing international radio frequency and satellite orbit resources [1] Industry Impact - The outcomes of the WRC-27 will significantly influence the development of global 5G/6G technologies and commercial space activities over the next 5 to 10 years [1] - The conference is scheduled to take place from October 11 to November 12, 2027, in Shanghai, marking a pivotal moment for international telecommunications [1]