Investment Overview - The company, Guangdong Tongyu Communication Co., Ltd., has signed a partnership agreement to establish a specialized investment fund aimed at enhancing its strategic implementation in the satellite communication sector [2][28] - The company will contribute 100 million RMB as a limited partner in the fund, which is expected to invest in a leading low-orbit satellite internet company [2][28] - The fund is set to have a total scale of 200 million RMB and will be managed by Shenzhen Chengdian Dawei Private Equity Fund Management Partnership [6][28] Partner Information - The investment partner, Chengdian Dawei, is a private equity fund management firm based in Shenzhen, with no existing relationships or interests with the company or its major shareholders [3][28] - The fund was established on January 24, 2022, with a registered capital of 10 million RMB [4][6] Fund Structure and Management - The fund will operate as a limited partnership with a lifespan of five years, divided into three years for investment and two years for exit [6][28] - The management fee structure includes a 2% annual fee during the investment period and a 1% fee during the exit period, totaling 8% of the invested amount [20][28] Investment Purpose and Impact - The investment aims to deepen the company's industrial layout in satellite communication and enhance its competitive capabilities through resource integration [28] - The satellite internet industry in China is experiencing rapid growth, with significant market opportunities arising from ongoing low-orbit satellite projects [28] Financial Implications - The investment will be funded through the company's own resources and is not expected to significantly impact its financial status or daily operations [28][30] - The company will continue to focus on low-orbit satellite communication and related technologies to build a sustainable competitive advantage in the industry [28]

Core Viewpoint - Dongzhu Ecological is a leading company in the domestic ecological restoration and municipal landscape engineering sector, facing performance pressure since 2022 due to industry demand contraction and impairment provisions, but is expected to see gradual alleviation of impairment pressure with the implementation of new PPP policies and government debt relief funds [1] Group 1 - The company has actively expanded into forestry carbon sinks and emerging markets, including winning a significant contract worth 3.5 billion yuan in Laos under the Belt and Road Initiative, which is anticipated to improve its main business operations marginally [1] - A major asset restructuring plan has been announced, involving the acquisition of 89.49% of Kairuixingtong through a combination of share issuance and cash payment, which will allow the company to enter the satellite communication sector and potentially create a second growth curve [1] - If the acquisition of Kairuixingtong proceeds smoothly, it is expected to drive a revaluation of the company's value, leading to an initial coverage rating of "Buy" [1]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) of China has initiated a commercial trial for satellite IoT services, aiming to enhance the satellite communication market supply, stimulate market vitality, and improve industry service capabilities while establishing a safety regulatory system [1][2]. Group 1: Commercial Trial Objectives - The trial focuses on low-speed wide-area IoT services, covering diverse scenarios such as wearable devices and transportation tools [1]. - The core goal is to create replicable business models and safety regulatory systems to support the healthy development of emerging industries like commercial aerospace and low-altitude economy [1]. Group 2: Participation Requirements - The notification sets clear thresholds for participating companies, requiring them to have satellite IoT constellation construction capabilities, a reputation or ability to provide long-term services, and a scientifically sound commercial trial plan [1]. - Companies must undergo an initial review by local communication management bureaus, followed by an assessment and expert evaluation organized by MIIT to qualify for the trial [1]. Group 3: Technical and Safety Standards - Participating companies are required to connect to the industrial internet identification resolution system and fully support Internet Protocol version 6 (IPv6) [1]. - Strict regulations on radio frequency usage and responsibilities for network and data security management are mandated [1]. Group 4: Market Outlook - The advancement of the commercial trial reflects the ongoing implementation of satellite communication industry policies in China [2]. - The satellite IoT sector is projected to experience significant growth, with Euroconsult forecasting over 300 million global satellite IoT connections and a market size potentially reaching the hundred billion dollar level by 2030 [2]. - China's satellite IoT constellation planning is seen as forward-looking, primarily serving national strategic needs and infrastructure construction in the digital economy [2]. - The current customer base for China's satellite IoT mainly consists of countries involved in the Belt and Road Initiative, which have relatively low network coverage and a pressing demand for low-cost satellite IoT services [2].

Core Insights - A strategic cooperation agreement was signed between Haige Communications and Guodian Gaoke during the 2025 China Mobile Global Partner Conference [1] - The collaboration will focus on the core technology research and industrial application of China's first low-orbit IoT constellation, "Tianqi Constellation" [1] - Joint innovation will be conducted in key areas such as chip modules, terminal devices, antenna systems, and satellite equipment [1] - The goal is to create a comprehensive satellite IoT solution that covers "air, land, sea, and space" [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company, Dongzhu Ecological, is a leader in ecological restoration and municipal landscape engineering in China. It is undergoing a significant transformation by acquiring a leading satellite communication company, Kai Rui Xing Tong, to create a second growth curve amidst current operational pressures [1][35]. - The satellite communication industry is experiencing robust growth driven by supportive government policies and increasing demand for low-orbit satellite constellations, which is expected to enhance terminal equipment demand significantly [3][4]. Summary by Sections Company Overview - Dongzhu Ecological is a comprehensive service provider in ecological governance, focusing on ecological restoration and municipal landscape projects. The company has faced operational challenges since 2022 due to industry demand contraction and impairment provisions, but it is expected to improve as new government policies and debt relief funds are implemented [1][22][33]. - The company reported a significant revenue decline in 2024, with total revenue of 3.8 billion yuan, down 55% year-on-year, primarily due to reduced project initiation and longer payment cycles from local governments [22][28]. Acquisition of Kai Rui Xing Tong - The company plans to acquire 89.49% of Kai Rui Xing Tong through a combination of stock issuance and cash payment, aiming to enter the satellite communication sector and diversify its revenue streams [35][37]. - Kai Rui Xing Tong is recognized as a leading domestic satellite communication system provider, with a projected revenue of 260 million yuan and a net profit of 40 million yuan in 2024, reflecting a year-on-year growth of 72% and 364%, respectively [2][37]. Industry Demand Analysis - The satellite internet industry is supported by increasing government policies, with a focus on building a "commercial space" growth engine. The demand for terminal equipment is expected to grow as the number of operational satellites increases [3][4]. - Key sectors driving demand include government emergency communication, military satellite communication, and maritime communication, with the government sector alone having an annual budget exceeding 3 billion yuan for emergency communication infrastructure [4][46]. Financial Forecast and Valuation - The company forecasts a gradual recovery in net profit from a loss of 630 million yuan in 2024 to a profit of 12 million yuan by 2027, with corresponding EPS improving from -1.41 yuan to 0.03 yuan per share [4][5]. - The report highlights that if the acquisition of Kai Rui Xing Tong proceeds smoothly, it could lead to a revaluation of the company's worth [4].

通宇通讯公告，公司与成电大为及其他有限合伙人签署合伙协议，共同设立常州市通宇致垣创业投资基 金合伙企业(有限合伙)，基金规模为2亿元人民币，其中通宇通讯认缴出资额为1亿元，占50%。该基金 将投资于某低轨卫星互联网龙头企业，旨在深化公司在卫星通信领域的产业布局，增强产业协同能力， 实现资源整合与竞争力提升。 ...

工业和信息化部网站10月10日消息，工业和信息化部信息通信管理局就《关于组织开展卫星物联网业务 商用试验的通知（征求意见稿）》公开征求意见。 4. 有为用户提供长期服务的信誉或者能力； 5. 有科学完善的商用试验方案，可满足网络运行安全保障、服务质量、码号资源管理、网络和数据安全 管理、重要通信、实名制管理、防范治理电信网络诈骗、无线电安全管理等要求，以及其他安全技术保 障措施； 6. 国家规定的其他条件。 根据《通知》，卫星物联网业务是指通过卫星通信技术连接各类物联网设备，为数据采集终端、穿戴设 备、手持终端等各类终端，以及汽车、船舶、飞机等交通工具提供广域物联网连接的一种低速数据业 务。通过开展卫星物联网业务商用试验，丰富卫星通信市场供给，激发市场主体活力，提升行业服务能 力，建立安全监管体系，形成可复制可推广的经验和模式，支撑商业航天、低空经济等新兴产业安全健 康发展，服务构建新发展格局。 商用试验期为两年 《通知》介绍，卫星物联网业务商用试验对象为符合条件的企业，企业通过构建卫星物联网星座，建立 客服系统，以及计费、营账等业务支撑系统，提供卫星物联网服务。 《通知》明确申请开展卫星物联网业务商用试验的 ...

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) is soliciting opinions on a draft notice regarding the organization of commercial trials for satellite Internet of Things (IoT) services, aiming to enhance the satellite communication market supply and support the development of emerging industries such as commercial aerospace and low-altitude economy [1][2][3]. Group 1: Commercial Trial Objectives - The satellite IoT business aims to connect various IoT devices through satellite communication technology, providing wide-area IoT connectivity for data collection terminals, wearable devices, handheld terminals, and transportation tools like cars, ships, and airplanes [3]. - The initiative seeks to enrich the satellite communication market supply, stimulate market vitality, enhance industry service capabilities, establish a safety supervision system, and create replicable and promotable experiences and models [3]. Group 2: Application and Approval Process - Eligible enterprises must establish a satellite IoT constellation, customer service system, and business support systems to provide satellite IoT services [4]. - The application process involves submitting materials to the local communication management bureau, which will conduct a preliminary review and recommend to the MIIT for further evaluation [5][6]. Group 3: Business Operation Requirements - Enterprises must fulfill responsibilities and comply with requirements such as ensuring network operation safety, service quality, and user rights [7]. - Specific obligations include constructing systems for satellite IoT services, reserving satellite communication resources, and adhering to regulations regarding terminal device connections [7]. Group 4: Trial Exit Mechanism - The MIIT can revoke the commercial trial approval if the enterprise fails to provide services on time or violates laws and regulations [8]. - Exiting enterprises must protect user rights and manage the transition of existing users appropriately [8]. Group 5: Organizational Management and Support - The MIIT is responsible for organizing and evaluating the commercial trials, while local communication management bureaus will manage applications, provide guidance, and conduct inspections [9]. - A two-year trial period is established, during which enterprises must report their trial status and issues to the MIIT [10]. Group 6: Summary of Commercial Trials - The MIIT will assess the trial outcomes and promote successful experiences and models, with the potential for policy improvements based on trial developments [10].

Core Viewpoint - The defense and aerospace sector is experiencing a narrowing decline, with significant movements in stock prices and the recent issuance of satellite mobile communication licenses to major telecom companies in China, indicating growth potential in the satellite communication market and commercial aerospace applications [1]. Group 1: Market Performance - As of 13:30 on October 10, the aerospace ETF (159227) saw a reduced decline of 0.25%, with trading volume exceeding 100 million [1]. - Notable stock performances include Great Wall Military Industry reaching a daily limit increase, Construction Industry rising over 7%, and Inner Mongolia First Machinery Group increasing over 6% [1]. Group 2: Regulatory Developments - The Ministry of Industry and Information Technology has granted China Mobile a license for satellite mobile communication services, following similar licenses for China Telecom, China Mobile, and China Unicom, allowing them to conduct satellite direct connection services [1]. Group 3: Industry Outlook - According to Xinda Securities, satellite communication is becoming a key application in commercial aerospace, with a vast consumer market expected to drive demand and accelerate the development of China's satellite industry chain [1]. - The issuance of satellite communication licenses and advancements in satellite technology are seen as catalysts for the integrated application of aerospace and terrestrial technologies [1]. Group 4: Investment Opportunities - The aerospace ETF (159227) tracks the Guozheng Aerospace Index and is positioned to capitalize on the aerospace industry, which is benefiting from increased defense spending due to rising global geopolitical tensions and the commercialization of aerospace activities [1]. - The aerospace sector presents a combination of technological barriers and profit certainty, offering investors a way to access high-threshold industries and benefit from policy incentives and technological upgrades [1].

Core Viewpoint - Shengyang Technology has been selected as a candidate for a joint distribution pilot and operational cooperation project for the live satellite business of China Broadcasting Integration Intelligent Terminal Technology Co., marking a significant step in the company's strategic layout in the satellite communication field, particularly in domestic broadcasting and public service scenarios [1] Group 1: Project Details - The project focuses on the joint distribution pilot and operational services for the China Star 9C live satellite terminal, which is a crucial application of satellite communication in broadcasting public service [1] - Shengyang Technology will provide a new generation of "live satellite + Beidou + 5G" integrated communication terminals that support receiving China Star 9C satellite signals and high-definition decoding, while also enabling location locking through Beidou and adapting to 5G communication and home streaming [1] - Although specific procurement shares have not been disclosed, the company anticipates potential long-term supply orders if the pilot achieves expected results [1] Group 2: Technological Advancements - The China Star 9C satellite, which is set to replace the China Star 9 satellite in September 2025, represents a significant advancement in domestic broadcasting satellite services, providing core support for autonomous control [2] - The new terminal equipment supplied by Shengyang Technology features upgrades that include support for 4K ultra-high-definition decoding and high-precision location locking through the Beidou system, as well as deep compatibility with 5G communication [2] - This "satellite + Beidou + 5G" integration meets the technical standards of the National Radio and Television Administration's "household access" project and is designed to accommodate future developments in live satellite enhanced terminals [2] Group 3: Market Strategy - Shengyang Technology is building a satellite communication ecosystem with a global perspective while focusing on domestic market breakthroughs, particularly in areas such as Beidou vehicle-mounted terminals, 5G satellite television terminal promotion, and low-orbit satellite supporting terminals [2] - The company has achieved milestones in the domestic market, including obtaining invention patent authorization for a specific model of Beidou vehicle-mounted terminal and providing product support for related projects [2] - Internationally, the company is expanding into satellite internet, broadcasting, maritime, and education sectors through its Luxembourg subsidiary, Inverto, which has established a commercial cooperation with Eutelsat, the world's second-largest low-orbit satellite operator [3] - The recent win of the live satellite project is seen as a breakthrough for Shengyang Technology's satellite communication business in the broadcasting sector and a key step in driving growth through a dual approach of wired/wireless and satellite communication [3]