每日金句 每一红利期都有 4 种赚钱模式： 劳动者 ，赚社会平均 工资，羡慕中奖者； 中奖者 ，赚短暂红利的钱，羡慕套利者； 套利者 ，赚信息不对称的钱（研究 红利出现的规律），永远保持对机会的敏感，但每一次都要重新开始，羡慕取 势者； 取势者 ，赚创新的钱（每个时代都能活下去，抓住每一波红利），基 业长青。 刘润丨润米咨询董事长 刘润·企业进化黑马实验室 1 期 5 课 9月21号-23号 ， 吴世春将亲自带队 100家企业家 ， 去四川泸州线下游学 ， 探 访 下沉创 新 ， 寻找增长新引擎。 你 在 创业路上遇到的问题和想法 ， 都可以找吴老师聊聊 。 如果你是 优质的项目，吴老师也会果断投 你 。 下半年 ， 吴老师预计要投出去的金额，应该不小于 15个亿。 希望所有支持吴老师的人 ， 一如既往的相信他、支持他，大家 一起 加油！ 活动详情如下 ↓↓↓ 这里认真推荐你： 报名 「吴世春·泸州出行活动」 吴世春导师亲自带队 | 2025.09.21-23 走近空天科技产业 升级国民消费科技 探索产业生态协同 打开万亿赛道蓝海 第 消 2 机器人、智能制造、低空经济、卫星通讯、 科技+演费、Al+产生的创 ...

以下文章来源于i黑马 ，作者i黑马 i黑马 . 让创业者不再孤独@i黑马 前两天，刚带几十个企业家，在北疆走了一圈，一边享受独库公路、安集海大峡谷、那拉提草 原、赛里木湖，一边进行了很多思想的碰撞。 于是就有了很多新的思考和感悟: 01 500年未有之 "东升西落"之大机遇 1、内外部环境剧烈变化，百年未有之大变局，也是五百年未有之"东升西落"之大机遇。 诸君可驭时而行，与势共舞。 世界其他的桌都太小，或者桌上没菜。 吴世春 梅花创投合伙人、黑马加速导师 3、中美之争，是这个世纪精彩纷呈的一幕大剧。 科技因竞争而爆发，文明因竞争而发光。 对投资人来说， 下一个中国还是中国，下一个投资奇迹还是科技爆款。 4、 美国创新上有先发优势，中国追赶上有后卷优势。 现在创新路径是:美国人发明它，中国把它做成白菜价。 每个领域都是:美国有一枝独秀，中国有群狼跟上。 02 2、 全球的机会就两张大桌:中国和美国。中美之外皆蝼蚁。 接下来，美国这桌的主菜是 AI ;中国这桌的主菜则是人工智能+。 创业是新时代的科举 投资是新时代的察举 5、 创业是新时代的科举，成功可以改变命运和阶层。 投资是新时代的察举，好的苗子主要靠推荐。 ...

Core Insights - The report highlights the recent performance of the domestic financial market, with the Shanghai Composite Index closing at 3875.53, reflecting a 0.46% increase, and the Shenzhen Component Index rising by 1.05% to 12828.95 [4] - The manufacturing Purchasing Managers' Index (PMI) for August stands at 49.4%, a slight increase of 0.1 percentage points from the previous month, while the non-manufacturing Business Activity Index is at 50.3%, up by 0.2 percentage points [6] - The report identifies key industry developments, including advancements in consumer-grade 3D printing technology and the operational launch of China's largest molten salt thermal storage project [8] Industry Developments - The consumer-grade 3D printing market is expanding, with companies like Zhongzhou Special Materials and Jinchengzi leading the way [8] - A significant breakthrough in technology has been achieved with the launch of the largest molten salt thermal storage project in China, involving companies such as Dongfang Electric Heating and Aerospace Chenguang [8] - The satellite communication industry is experiencing a policy-driven commercialization opportunity, with key players including China Satellite Communications and Heertai [8] Company Focus - Jianghe Group reported a non-recurring net profit of 334 million yuan for H1, marking a 21.4% increase, with overseas orders rising by 61% to 5.2 billion yuan, primarily from projects in the Middle East and Southeast Asia [10] - Magpow Technology is actively participating in the innovative design and collaborative construction of data center hardware systems based on NVIDIA's Blackwell architecture [10] - Jiyuan Technology has invested 500 million yuan to acquire a stake in Wuhan Endatong Technology, resulting in a 13.59% ownership [10] Market Review and Outlook - On September 1, the total trading volume in the two markets reached 27.5 billion yuan, with 3059 stocks rising and 1964 falling, indicating a net outflow of 766.29 billion yuan [12] - The market showed a slight upward trend, with small-cap stocks outperforming large-cap stocks, suggesting a rotation of funds towards mid and small-cap stocks [12] - Key sectors attracting capital inflow include innovative pharmaceuticals and precious metals, while sectors like insurance, securities, and banking faced declines [12] - The report anticipates further upward movement in the Shanghai Composite Index, with a potential breakthrough above the 3920-point resistance level [13]

Group 1 - Huatai Securities emphasizes that the Federal Reserve is likely to lower interest rates in September, which may drive down real interest rates and lead to increased capital inflows into ETFs, benefiting gold [1] - The long-term outlook for gold remains positive unless the U.S. economy returns to a high-growth, low-inflation scenario and effectively reduces the deficit, suggesting that central bank buyers may continue their gold purchasing strategy [1] - The current valuation and chip structure of typical gold companies are favorable, and they are expected to benefit significantly from rising gold prices and increased production in the future [1] Group 2 - CITIC Securities reports a significant increase in satellite launch frequency, with expectations that the second half of 2025 may mark an industry turning point [2] - The strategic importance of the satellite communication industry is highlighted, with clear policy direction and the Ministry of Industry and Information Technology's recent guidance to promote the opening of satellite communication services [2] - The satellite industry is transitioning from thematic investment to more sustainable industrial investment, with a recommendation to focus on satellite operators with potential for obtaining business licenses, as well as companies involved in manufacturing, launching, and ground equipment [2] Group 3 - Zhongtai Securities maintains a positive outlook on the stability and sustainability of bank stocks, noting a shift in their operating model and investment logic from "pro-cyclical" to "weak-cyclical" [3] - During periods of economic stagnation, bank stocks are attractive due to their high dividend yields, suggesting continued interest in this sector [3] - Two main investment lines for bank stocks are identified: regional banks with strong certainty and advantages in areas such as Jiangsu, Shanghai, Chengdu-Chongqing, Shandong, and Fujian, and those with high dividend stability [3]

Group 1 - Huatai Securities emphasizes that the Federal Reserve's potential interest rate cuts could drive down real interest rates in the U.S., benefiting gold investments [1] - The long-term outlook for gold prices remains positive unless the U.S. economy achieves high growth with low inflation and effectively reduces deficit rates [1] - The current valuation and chip structure of typical gold companies are favorable, with significant benefits expected from rising gold prices and increased production [1] - The silver-gold ratio is expected to converge as the economy stabilizes post-rate cuts, suggesting investment opportunities in silver [1] Group 2 - CITIC Securities highlights the increasing frequency of satellite launches, predicting a potential industry turning point in the second half of 2025 [2] - The strategic importance of the satellite communication industry is underscored by clear policy direction, with the Ministry of Industry and Information Technology promoting the opening of satellite communication services [2] - The satellite industry is transitioning from thematic investments to more sustainable industrial investments, with a focus on companies that may obtain business licenses and those involved in manufacturing, launching, and ground equipment [2] Group 3 - Zhongtai Securities maintains a positive outlook on bank stocks, emphasizing their stability and sustainability [3] - The investment logic for bank stocks has shifted from "pro-cyclical" to "weak-cyclical," with high dividend yields becoming attractive during economic stagnation [3] - Two main investment lines for bank stocks are identified: regional banks with strong certainty in areas like Jiangsu, Shanghai, Chengdu, Shandong, and Fujian, and banks with high dividend yields [3]

Group 1 - Tesla China has reduced the price of the Model 3 Long Range Rear-Wheel Drive version from 269,500 yuan to 259,500 yuan, which may stimulate sales and impact the competitive landscape of the electric vehicle market [2] - Chengdu Huamei has announced the release of a 4-channel 12-bit 40G high-speed high-precision RF direct sampling ADC chip, filling a gap in both domestic and international markets, and achieving international leading standards [2] - Silver prices have surpassed $40 per ounce for the first time since 2011, with a year-to-date increase of over 40%, driven by strong demand in the photovoltaic sector and supply constraints [2] Group 2 - Central Huijin has significantly increased its holdings in ETFs, with a total market value of 1.28 trillion yuan, representing an increase of nearly 23% from the end of last year, signaling optimism about the capital market outlook [5] - The recent inflow of foreign capital into the A-share market has strengthened the renminbi, with the onshore dollar-to-renminbi exchange rate dropping below 7.15, indicating a bullish sentiment [5] - The implementation of a fiscal subsidy policy for personal consumption loans allows consumers to apply for loans with a 1% annual interest subsidy, with various banks launching service portals [3]

Core Viewpoint - The recent issuance of guidelines by the Ministry of Industry and Information Technology (MIIT) in China marks a significant step towards the commercialization of low Earth orbit (LEO) satellite internet, highlighting the potential for growth in the satellite communication industry [1][13]. Group 1: Industry Developments - The MIIT's guidelines encourage telecom operators to expand services based on LEO satellite internet and support companies in providing wide-area IoT connectivity in regions lacking ground network coverage [1]. - The rapid increase in satellite launches in China, with six groups of LEO satellites launched in just one month, demonstrates the country's commitment to accelerating its satellite network [1][8]. - The global number of operational satellites has surged from 2,272 in 2019 to 8,862 in 2023, reflecting a compound annual growth rate of 35.0% from 2020 to 2023, primarily driven by SpaceX's Starlink [3]. Group 2: Market Potential - The LEO satellite internet market is seen as a vast opportunity, with the potential to address the connectivity needs of approximately one-third of the global population that currently lacks internet access [9]. - The integration of LEO satellite networks with terrestrial 5G/6G networks is expected to enhance communication efficiency and create new industry ecosystems [9][14]. - The cost advantages of satellite internet are anticipated to improve significantly due to advancements in satellite manufacturing and rocket reusability technologies [10][12]. Group 3: Technical and Regulatory Challenges - The deployment of LEO satellite networks faces challenges in technology, cost, regulation, and ecosystem development, including the need for high-precision orbital control and the management of frequency interference [14][16]. - The limited availability of frequency and orbital resources necessitates international coordination to prevent conflicts and ensure compliance with various countries' regulatory frameworks [14]. - The current focus on emergency communication and broadband for remote areas indicates that consumer-level applications are still in the early stages of development [14][16]. Group 4: Future Outlook - The shift towards direct satellite connectivity for mobile devices is a key focus area, with the potential to revolutionize the mobile communication landscape as user demand for ubiquitous connectivity grows [16][17]. - As the user base for satellite internet expands, competitive pricing and service quality improvements are expected, leading to intensified competition with traditional cellular networks [17].

证券代码：300045 证券简称：华力创通 北京华力创通科技股份有限公司 投资者关系活动记录表 编号：2025-053 | | 特定对象调研 | 分析师会议 ☐ | | --- | --- | --- | | | 媒体采访 ☐ | 业绩说明会 ☐ | | 投 资 者关 系 活 动 | | | | 类别 | 新闻发布会 ☐ | 路演活动 ☐ | | | 现场参观 ☐ | | | | 其他 ☐ | | | | 广发证券：吴坤其 中航基金：杨中楷 | | | 参 与 单位 名 称 及 | 中信资管：杨晓宇 华夏基金：代瑞亮 | | | 人员姓名 | 中信建投：汪正鑫 中信证券：陈 卓 | | | | 国新投资：黄晗星 中邮保险：孟东晖 | | | 时间 | 2025 年 9 月 1 日 | 15:00-16:30 | | 地点 | 北京市海淀区东北旺西路8号院(中关村软件园)乙18号 | | | 上 市 公司 接 待 人 员姓名 | 董事会秘书：宋 龙 | | | | 1、公司在低轨卫星领域布局了哪些配套产品，目前相 关产品研制进度如何。 | | | 投资者关系活动 | 答：您好，公司长期跟踪国内低轨卫星行业发展 ...

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 深化卫星通信准入制度改革，我国卫星产业有望 进入发展快车道 报告要点 [Table_Summary] 8 月 27 日，工业和信息化部发布《关于优化业务准入促进卫星通信产业发展的指导意见》，提 出到 2030 年，卫星通信管理制度及政策法规进一步完善，产业发展环境持续优化，各类经营 主体创新活力充分迸发，基础设施、产业供给、技术标准、国际合作等综合发展水平显著提升， 手机直连卫星等新模式新业态规模应用，发展卫星通信用户超千万，推动卫星通信充分融入新 发展格局，有力服务经济社会高质量发展。建议关注产业链各环节的核心供应商，重点关注卫 星应用相关标的。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 深化卫星通信准入制度改革，我国卫星产业有 2] 望进入发展快车道 [Ta ...

Group 1: Artificial Intelligence Development - The State Council issued an opinion to implement the "Artificial Intelligence +" action plan, aiming for over 70% penetration of new intelligent terminals and agents by 2027, and over 90% by 2030 [2] - The action plan focuses on six key areas: scientific technology, industrial development, consumption quality, public welfare, governance capability, and global cooperation [2] - A systematic foundation for AI will be built around eight aspects: models, data, computing power, applications, open source, talent, policies, and security [2] Group 2: Satellite Communication Industry - The Ministry of Industry and Information Technology released guidelines to promote the development of the satellite communication industry, targeting over 10 million satellite communication users by 2030 [4] - The guidelines emphasize expanding market access and supporting low-orbit satellite internet development, as well as promoting direct satellite connections for mobile devices [4] - The plan includes enhancing the satellite communication ecosystem and establishing national standards for technology and products [4][5] Group 3: Service Trade Development - The Ministry of Commerce is set to release policies to support service exports, focusing on key sectors and projects [5] - Financial policies will enhance export credit insurance and improve service trade funding settlement [5][6] - The initiative aims to facilitate international market expansion for service trade and support enterprises in participating in international exhibitions [6] Group 4: Industrial Investment in Guangdong - Guangdong Province introduced a plan to accelerate effective industrial investment from 2025 to 2027, proposing ten measures to enhance investment [8] - The plan aims to strengthen key industries such as electronics, petrochemicals, and automotive, while promoting innovation and industrial chain resilience [8][9] - It emphasizes the importance of attracting high-quality projects and cultivating talent in emerging sectors like AI and robotics [9] Group 5: Employment Support in Anhui - Anhui Province issued a notice to strengthen employment support for small and medium-sized enterprises, providing social insurance subsidies for eligible workers [11] - The notice includes measures for loan support and skills training to enhance workers' employability [11] - It aims to streamline the process for accessing employment support funds and improve service efficiency [11]