Core Viewpoint - The "New Infrastructure" initiative in China emphasizes the development of the satellite internet industry, which is seen as a strategic engineering project that integrates space and ground communication systems, providing broad coverage and low-cost internet access globally [1][2]. Group 1: Concept and Characteristics - Satellite internet is defined as an internet service based on satellite communication, utilizing a network of satellites to provide broadband access to ground and aerial terminals, characterized by wide coverage, low latency, broadband capabilities, and cost-effectiveness [1][6]. - The industry is transitioning into a broadband internet era, complementing terrestrial communication systems through cooperative development [6][9]. Group 2: Industry Development Status - The global satellite industry generated a total revenue of $286 billion in 2019, with a year-on-year growth of 3.20%. The satellite service and ground equipment manufacturing sectors accounted for 90.70% of this revenue [21][28]. - Major international players like OneWeb and SpaceX have launched satellite internet plans, with SpaceX's Starlink deploying nearly 360 satellites [21][24]. Group 3: Industry Chain Analysis - The satellite internet industry chain consists of four main segments: satellite manufacturing, launching, ground equipment, and operational services. Current focus is on infrastructure construction in both space and ground segments [32][39]. - The manufacturing segment is evolving towards high-throughput satellites, with advancements in multi-beam phased array antennas and other technologies [39][40]. Group 4: Strategic Significance and Application Prospects - The construction of satellite internet has become a national strategic project in China, addressing communication challenges in remote areas, maritime operations, and emergency response [2][6]. - Key application scenarios include communication in remote regions, broadband for marine and scientific research, aviation broadband, and disaster emergency communication [2][6]. Group 5: Development Trends and Recommendations - Future trends indicate a shift towards high-frequency communication satellites to meet increasing bandwidth demands, alongside the establishment of a secure integrated network [2][6]. - Recommendations for government support in top-level design and for enterprises to accelerate deployment and technology transformation are emphasized, with investment institutions encouraged to focus on core segments of the entire industry chain [6][39].

化债资金前置发行的背景下，一季度地方债发行规模创新高，合计发行2.84万亿元， 其中化债资金1.4万亿元，包括1.3万亿元置换隐债专项债和1172亿元特殊新增专项 债。但从新增地方债的角度看，一季度发行新增一般债2791亿元，新增专项债9602亿 元，节奏同比有所加快，但相对其余年份而言仍有差距。展望二季度，当前已公布发 行地方债合计规模约2.23万亿元，在"自审自发"试点落地后，新增债发行有望加速， 也可期待土储专项债的增量发行和化债资金的继续落地。配置角度，当前地方债利差 相对较高，流动性虽有改善，但仍低于市场平均水平，适合负债端稳定的配置机构进 行参与。 风险因素：监管政策超预期收紧；央行货币政策超预期；个别信用事件冲击等。 敖翀｜中信证券 金属行业首席分析师 S1010515020001 裘翔｜中信证券首席A股策略师 S1010518080002 策略｜"国家队"未曾减持ETF 2023年10月以来，中央汇金通过增持ETF有效稳定资本市场预期、提振投资者信心。 根据公募基金23Q4-25Q1季度披露的持有人数据，汇金持有的ETF份额未曾出现环比 净减少的情况，诸如"汇金通常在市场阶段性上涨后卖出"等传 ...

Core Insights - The "Fengtai Conference on Doubling, Catching Up, and Cooperative Development" was held with over 800 partners, showcasing Fengtai District's commitment to reform and opening up [1] - Fengtai District aims to enhance industrial capacity, innovation momentum, urban quality, and openness through collaborative efforts with partners [2] Economic Performance - In 2024, Fengtai District achieved a GDP of 249.39 billion yuan, a year-on-year growth of 5.2% [2] - Fixed asset investment grew by 7.1%, with private investment surging by 49% [2] - The number of market entities exceeded 200,000, with 19,000 new enterprises established, marking a 5.1% increase [2] - The district saw a net increase of 11,000 enterprises, leading among the six urban districts [2] - The number of technology-based enterprises reached approximately 59,000, with a 9.8% year-on-year growth [2] - The district has 3,643 national high-tech enterprises and 213 newly recognized specialized and innovative small and medium-sized enterprises, reflecting a 44% increase [2] Industrial Development - Fengtai District is accelerating the development of the intelligent medical engineering industry and has launched the Tiantan Intelligent Medical Engineering Park [3] - The district is focusing on low-altitude technology and has established key laboratories recognized by Beijing [3] - The satellite internet industry park has opened, contributing to a high-quality enterprise cluster in satellite communication and remote sensing [3] Policy Initiatives - The "Fengxiang Zizhu" policy system was introduced to promote collaborative innovation across the industrial chain [4] - Measures include targeted interest subsidies and incremental rewards to support technological upgrades and capacity enhancement [4] - A tiered cultivation system for small and medium-sized enterprises has been established to facilitate their growth [5] Urban and Industrial Space Development - Fengtai District released urban renewal and industrial space maps, focusing on comprehensive updates of neighborhoods and old residential areas [6][7] - The district aims to create a "1+2+N" work pattern for urban renewal, leveraging experiences from successful projects [7] - The industrial space map categorizes 25 key parks into five clusters, including strategic emerging industries and biomedicine [8] Financial Innovations - The "Fengzhidai" product was launched as the city's first quality financing enhancement product, providing up to 50 million yuan in credit support for quality-oriented enterprises [9] - The product aims to integrate quality factors with financial resources, with an initial financing enhancement amount of 120 million yuan [9] Collaborative Projects - Several partnerships were announced at the conference, including collaborations with Qi Anxin Group and JD Group to enhance urban resilience and develop new business models [10] - Beijing Forestry University introduced a doctoral forest construction plan to focus on carbon sinks and smart forestry [10]

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the satellite communication industry, focusing on companies involved in satellite manufacturing and internet services, particularly in the context of the Chinese market and global trends in satellite technology and applications [1][2][3][4][5][6][7][8][9][10][11][12][13]. Key Points and Arguments 1. **Satellite Manufacturing Capabilities** - Changguang Satellite has a production capacity exceeding 200 satellites annually, including both communication and remote sensing satellites, indicating a robust manufacturing capability in the domestic market [1]. 2. **Growth in Satellite Internet Subscribers** - A report from a company named Yixing indicates that by 2024, the number of satellite internet subscribers is expected to reach approximately 2.48 million, with a year-on-year growth of about 11%. The IoT subscriber base is projected to be around 1.902 million, growing at 14%, which constitutes 76.6% of the total user base [2]. 3. **Revenue from IoT Data Services** - The commercial services segment, particularly IoT data revenue, accounts for over 60% of Yixing's income, highlighting the significant market potential for IoT applications in various sectors such as agriculture, logistics, and personal communication devices [3]. 4. **Future Projections for IoT Users** - By 2030, Yixing anticipates reaching 3 million IoT users, generating annual revenues exceeding $200 million, with key growth areas identified in agriculture, logistics, cold chain tracking, and personal communication devices [3]. 5. **Expansion of Direct Satellite Communication** - Yixing expects to add 500,000 to 1 million new users through NTN (Non-Terrestrial Network) services, with projected annual revenues between $220 million and $300 million, indicating a broad demand for satellite connectivity in smart devices and vehicle networks [4]. 6. **Market Potential for Satellite Communication** - The satellite communication market is projected to reach $15 billion to $20 billion, driven by growth in IoT, government broadband, and direct mobile connections, suggesting a significant expansion opportunity in the coming years [4]. 7. **Commercial Space Launches** - In 2024, China is expected to conduct approximately 43 commercial rocket launches, with a notable contribution from private enterprises, indicating a growing commercial space sector [6][7]. 8. **Increase in Satellite Deployments** - By 2014, China had launched 201 commercial satellites, with a growth rate exceeding 80% since 2013, predominantly in communication satellites, which accounted for 60% of the total [8]. 9. **Emergence of New Satellite Constellations** - New satellite constellations, such as Qianfan and Guowang, have been established, with Qianfan reaching 54 satellites, enhancing global satellite communication capabilities [9]. 10. **Investment Opportunities in Satellite Internet** - The conference highlighted the potential for investment in satellite internet technologies, particularly in the context of the evolving landscape of commercial space and satellite communication [10][12]. 11. **Focus on Rocket Manufacturing and Launch Capabilities** - The discussion emphasized the importance of rocket manufacturing capabilities, with projections indicating a need for 200 to 300 rocket launches to deploy a significant number of satellites, underscoring the scale of investment required in this sector [11]. 12. **Potential for Space Tourism and Commercial Ventures** - The potential for space tourism and related commercial ventures is noted as a significant growth area, with examples of recent private space missions highlighting the expanding market [5][6]. Additional Important Content - The call also touched on the competitive landscape of satellite communication, with a focus on the advantages held by companies like Yixing in the IoT and government sectors, as well as the anticipated technological advancements in rocket launches and satellite deployment [4][10][12].

Summary of Satellite Internet and Commercial Space Industry Conference Call Industry Overview - The discussion primarily revolves around the **satellite internet** sector, particularly its role as a foundational infrastructure for **6G communication** [1][2][6]. - The **commercial space industry** is highlighted, focusing on the competitive landscape and advancements in satellite deployment [4][9]. Key Points and Arguments - **Satellite Internet Infrastructure**: Communication satellites are positioned in low Earth orbit (200 to 2000 km) to minimize latency and enhance user experience. A comprehensive global coverage requires at least **10,000 satellites**, with SpaceX having launched over **7,000** and planning for **40,000** [2][3]. - **Strategic Importance**: The need for satellite internet has been underscored by its utility in conflict scenarios, such as the Ukraine war, where ground communication infrastructure was compromised [3][16]. - **Global Competition**: There is intense competition for orbital resources, with countries like the US, China, and others vying for satellite deployment. The total demand for satellites exceeds the capacity of **60,000** satellites in low Earth orbit [4][5]. - **Market Growth**: The satellite manufacturing and launch market in China is projected to exceed **870 billion** by **2027**, with an annual growth rate of over **360%** in the next three years [8][9]. - **Technological Advancements**: The reduction in satellite launch costs, particularly through reusable rocket technology, is crucial for the industry's growth. SpaceX's innovations have significantly lowered costs, and similar advancements are expected in China by **2026-2027** [7][10]. - **6G Development**: The transition from 5G to 6G will expand coverage significantly, enabling connectivity in previously underserved areas, including remote and maritime regions [6][18]. - **Investment Opportunities**: The satellite internet sector is viewed as a high-potential investment area, with a projected market size exceeding **10 trillion** in the next decade, driven by satellite services and ground communication equipment [9][28]. Additional Important Insights - **Government Support**: Recent government reports emphasize the importance of commercial space and satellite internet, indicating strong policy support for the sector [9][19]. - **Emerging Applications**: Beyond mobile communication, satellite internet is expected to support applications in **vehicle networking** and **unmanned systems**, broadening its market potential [8][12]. - **Industry Dynamics**: The satellite internet industry is characterized by a long supply chain, with significant multiplier effects on related sectors, including ground equipment and satellite services [9][27]. - **Investment Strategy**: Focus on companies with strong capabilities in satellite manufacturing and launch services is recommended, as they are likely to benefit from the upcoming surge in satellite deployments [26][27]. This summary encapsulates the critical insights from the conference call, highlighting the strategic importance, market potential, and competitive dynamics of the satellite internet and commercial space industry.

Summary of Key Points Overall Market Performance - The performance of the CSI 300 and ChiNext indices over the past year shows a significant decline, with the CSI 300 down by 32% and the ChiNext down by 16% [1]. Industry Performance - The top five performing industries yesterday included textiles and apparel (+1.448%), beauty and personal care (+1.014%), telecommunications (+0.971%), banking (+0.897%), and diversified industries (+0.742%) [1]. - Conversely, the bottom five performing industries were defense and military (-1.17%), non-ferrous metals (-0.866%), utilities (-0.801%), steel (-0.580%), and pharmaceuticals and biology (-0.537%) [1]. Communication Industry - The satellite internet construction in China is gradually taking shape, with significant developments in the commercial aerospace industry [10]. - On April 1, 2025, China successfully launched a satellite for internet technology testing, marking a step towards the integration of satellite and terrestrial networks [12]. - The "Thousand Sails Constellation" plan aims to deploy 648 satellites by the end of 2025 and 1,296 satellites globally by 2027, with a long-term goal of 15,000 satellites by 2030 [13]. Coal Mining Industry - China Jushi (600176.SH) reported a significant increase in Q4 2024 performance, with revenue reaching 42.2 billion yuan, a year-on-year increase of 22.4% and a quarter-on-quarter increase of 8.49% [16]. - The company’s glass fiber yarn sales reached a record high of 3.025 million tons in 2024, driven by structural optimization and market expansion [17]. Real Estate and Construction Industry - China Overseas Development (00688.HK) ranked first in equity sales and land acquisition, with a steady growth in commercial income [21]. - The company reported a revenue of 1,851.5 billion yuan in 2024, a year-on-year decrease of 8.6%, while its equity sales amounted to 3,107 billion yuan, a slight increase of 0.3% [22][23]. Food and Beverage Industry - China Feihe (06186.HK) achieved a revenue of 20.749 billion yuan in 2024, reflecting a year-on-year increase of 6.2%, with a proposed dividend of 0.3264 HKD per share [27]. - The company’s ultra-high-end product series continues to drive growth, with a focus on expanding its market share in the infant formula sector [28]. Chemical Industry - Shengquan Group (605589.SH) reported a revenue of 10.02 billion yuan in 2024, with a year-on-year increase of 9.87% [37]. - The company is expanding its high-frequency and high-speed resin varieties, indicating a robust growth trajectory [38]. Light Industry - Jiayi Co., Ltd. (301004.SZ) achieved a revenue of 2.836 billion yuan in 2024, a year-on-year increase of 59.8%, supported by strong customer relationships [31]. - The company’s overseas revenue growth is a significant driver of its overall performance [32].

Core Viewpoint - The article discusses the security and technical aspects of Starlink's user terminal, highlighting potential vulnerabilities and the implications of its architecture on user privacy and data security [1][27]. Group 1: Starlink System Overview - Starlink is a low Earth orbit satellite internet service by SpaceX, connecting users through terminals to satellites and ground stations [1]. - The system's architecture includes laser communication between satellites, enhancing transmission efficiency and global coverage [3]. Group 2: Hardware Analysis - A complete Starlink user terminal consists of a router and an antenna, with a focus on the User Terminal Antenna (UTA) [7]. - The UTA's PCB is largely covered by phased array antenna chips produced by STMicroelectronics, indicating advanced technology integration [9]. - The main control SoC is a custom four-core Cortex-A53 chip, with its specifications kept confidential [11]. Group 3: Firmware Extraction and Analysis - The firmware was extracted from the UTA's eMMC chip, revealing unencrypted content that includes the boot chain, kernel, and file system [13]. - The software architecture resembles DPDK, utilizing user-space C++ programs for network packet processing, while the Linux kernel primarily manages hardware drivers [14]. Group 4: Security Features - The UTA includes a dedicated security chip (STSAFE-A110) that manages unique device identifiers and public key certificates for satellite communication [21][24]. - The presence of a program named Ethernet Data Recorder raised concerns about potential data logging, although it appears to be related to telemetry functions rather than user data collection [26]. Group 5: Implications for Future Security - As satellite technology evolves, components of systems like Starlink may become critical battlegrounds for cybersecurity, necessitating robust defenses against both digital and physical threats [27].

证券研究报告·行业点评报告 2025 年 3 月 13 日 江海证券研究发展部 通信行业 执业证书编号：S1410525010001 联系人：吴雁宇 一箭 18 星，千帆星座第五批组网卫星发射成功。 执业证书编号：S1410124010015 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 0.21 8.26 20.64 绝对收益 0.4 5.75 29.81 数据来源：聚源 注：相对收益与沪深 300 相比 相关研究报告 1. 江海证券-行业点评报告-通信行业：5G 发展提速，产业应用开花 – 2025.03.06 2. 江海证券-行业点评报告-通信行业： VideoWorld 提出，无需依赖语言模型 – 2025.02.11 3. 江海证券-行业点评报告-通信行业： Cosmos 世界基础模型开放，机器人和自 动驾驶汽车应用加速 – 2025.01.13 4. 江海证券-行业点评报告-通信行业：AI 产业高速成长，算力重要性持续凸显 – 2025.01.06 星互联网高速发展，持续看好 – 2024.12.09 分析师：张婧 卫星互联网发展持续深化，长期看好 事件： 投资要点： 5. 江 ...

策略研究/策略点评 择时而入，乘势而上 ——2025 年政府工作报告点评 ◼ 核心观点 ◼ 投资建议 我们看好新质生产力背景下科技创新的长期趋势，投资有望围绕"人 工智能+"的方向逐级展开，从商业化落地进程和技术发展节奏角度， 建议持续关注智能驾驶/人形机器人/卫星互联网（低空经济）赛道。 ◼ 风险提示 财政支持力度不及预期、战略性新兴产业发展不及预期。 | 分析师： | 唐文卿 | | --- | --- | | E-mail： | tangwenqing@yongxi | | | ngsec.com | | SAC编号： | S1760524050001 | | 相关报告： | | 《3 月金股：政策暖风 科技慢牛》 ——2025 年 03 月 02 日 《2 月金股：创新崛起，生态重塑》 ——2025 年 02 月 05 日 《务天时，则财生》 ——2025 年 01 月 11 日 大力提振消费和提高投资效益是扩大内需、拉动经济增长的主动力和 稳定锚。在提振消费方面，中央安排 3000 亿元超长期特别国债支持以 旧换新政策。同时，通过多渠道促进居民增收、创新消费场景、扩容 服务消费等措施，释放消费潜力， ...