交信(浙江)信息发展股份有限公司投资者关系活动记录表 | 投资者关系活动 | □特定对象调研□分析师会议 | | --- | --- | | 类别 | □媒体采访□业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观 | | | √其他业务交流会 | | 参与单位名称及 | 新华资产、大家资产、人保养老、中信保诚、生命保险、华安农 | | 人员姓名 | 业保险、华安财保、复星保德信保险、汇添富、鹏华基金、景顺 | | | 长城、嘉实基金、中信资管、新华基金、信达澳亚、国信资管、 | | | 交银理财、长城基金、南方基金、百嘉基金、民生加银、兴银理 | | | 财、金信基金、嘉合基金、安联基金、太平基金、山证基金、泰 | | | 信基金、富达基金、鸿道投资、混沌投资、宏道投资、红泰投资、 | | | 共青城、亥顶云天、盘京投资、坤易投资、正圆投资、彤源投资、 | | | 鸿途私募基金、中信建投、华创证券、华泰证券、国泰海通、国 | | | 联民生等专业投资机构 | | 时间 | 2025 年 7 月 4 日 (周五) 下午 15：30~16:20 | | 地点 | 线上会议 | | 上市公司接 ...

浙江众合科技股份有限公司 | | 一、众合科技工作人员组织投资人参观公司青山湖园 | | --- | --- | | | 区展厅； | | | 二、众合科技副总裁兼董事会秘书何俊丽女士以"聚 | | | 焦安全管控，从轨交向空间信息延伸"为主题对公司概况、 | | | 战略规划进行了介绍。核心要点如下： | | | 公司聚焦空间信息战略，打造"空天地立体交通"主 | | | 场景，以自主工业软件为核心底座，提供关键装备、材料、 | | | 交通智慧数据运营服务和整体系统解决方案，构筑地下 | | | (轨道交通智慧中枢)、地面(车路云协同网络)低空(空域 | | | 管理网络和安全控制系统)、低轨卫星(高端装备数字化综 | | | 合性解决方案和运营服务)四位一体的立体交通网络，实 | | | 现"空天地"多维度交通网络的空间协同与智能互联。 | | | 公司在轨道交通领域深耕 10 余年形成显著先发优 | | | 势，业务已经覆盖杭州、郑州、西安、深圳等全国 28 座 | | | 城市。信号系统已经站稳行业第一梯队，累计实施国内地 | | | 铁＆市域铁路 (CBTC+FAO) 项目 65 个，累计 195 ...

Group 1 - The State Intellectual Property Office of China has granted a patent for a satellite control method, system, computer equipment, and storage medium to four companies: Beijing Minastar Technology Co., Ltd., Beijing Guoyu Minastar Technology Co., Ltd., Anhui Minastar Technology Co., Ltd., and Hainan Minastar Technology Co., Ltd. The patent was announced with the authorization number CN118289229B, and the application date was April 2024 [1][2][3] - Beijing Minastar Technology Co., Ltd. was established in 2017 and is based in Beijing, focusing on manufacturing in the railway, shipping, aerospace, and other transportation equipment industries. The company has a registered capital of 62.5625 million RMB and has invested in 10 enterprises, participated in 59 bidding projects, and holds 326 patents [1][3] - Beijing Guoyu Minastar Technology Co., Ltd. was founded in 2015 and is also located in Beijing, primarily engaged in technology promotion and application services. The company has a registered capital of 20 million RMB, participated in 4 bidding projects, and holds 184 patents [1][2] Group 2 - Anhui Minastar Technology Co., Ltd. was established in 2018 and is located in Hefei, focusing on telecommunications, broadcasting, television, and satellite transmission services. The company has a registered capital of 5 million RMB and holds 179 patents [2][3] - Hainan Minastar Technology Co., Ltd. was founded in 2017 and is based in Sanya, primarily engaged in technology promotion and application services. The company has a registered capital of 65 million RMB, has invested in 1 enterprise, and holds 180 patents [2][3]

Core Viewpoint - The implementation of the first batch of national standards for the BeiDou III short message communication user terminal has significantly promoted the development of China's BeiDou short message communication industry over the past year [1] Group 1: National Standards - The national standards include "Technical Requirements and Testing Methods for BeiDou III Regional Short Message Communication User Terminals," "Information Interface Part 1: User Management Module Interface," and "Information Interface Part 2: General Data Interface" [1] - These standards are the first set released in the short message communication field of BeiDou III [1] Group 2: Industry Development - The State Administration for Market Regulation will collaborate with relevant departments to strengthen the implementation of the BeiDou short message series of national standards [1] - The aim is to promote high-quality development of the BeiDou industry [1]

Core Points - The successful launch of the "Zhuque-2" rocket carrying six satellites marks a new record for China's commercial satellite launches, drawing significant attention to Changsha Tianyi Research Institute Co., Ltd. and the Xiangjiang New Area [1][6] - The "Tianyi 42" satellite, also known as "Shenqi No. 2," is the second commercial Synthetic Aperture Radar (SAR) satellite developed by the company, capable of monitoring millimeter-level terrain changes on Earth [1][3] - The company has achieved a significant milestone by completing the systematic deployment of 37 satellites, transitioning from single satellite verification to mass production [6][8] Company Overview - Changsha Tianyi Research Institute was founded in 2016, coinciding with the beginning of China's commercial space industry, and has since established itself in the Xiangjiang New Area [6][7] - The company has benefited from supportive policies in the Xiangjiang New Area, which has helped attract and retain talent crucial for its success [8][20] - The institute's founder, Yang Feng, emphasizes the importance of perseverance and technological confidence in navigating the challenges of the commercial satellite sector [7][8] Industry Context - The Xiangjiang New Area is becoming a hub for aerospace and satellite applications, with various companies and industries contributing to a robust ecosystem [8][20] - The area has seen significant growth in the aerospace sector, with multiple enterprises involved in national space programs and satellite production [8][20] - The successful launch and development of commercial satellites reflect the broader advancements in China's aerospace capabilities and the increasing role of private enterprises in this field [1][6][8]

Manufacturing Sector - The manufacturing PMI for June 2025 is 49.7%, an increase of 0.2 percentage points from the previous month[4] - In June, 11 out of 21 surveyed industries are in the expansion zone, an increase of 4 industries compared to last month[6] - Large enterprises' PMI is 51.2%, up 0.5 percentage points, while small enterprises' PMI is 47.3%, down 2.0 percentage points[11] Supply and Demand - The production index and new orders index are at 51.0% and 50.2%, respectively, both showing increases of 0.3 and 0.4 percentage points[15] - The supply and demand index has rebounded, aligning with seasonal trends, with certain industries like food and beverage showing expansion[15] - Non-metal mineral products and black metal smelting industries continue to contract due to insufficient end demand from the real estate sector[15] Price Index and Procurement - The main raw material purchase price index and factory price index are at 48.4% and 46.2%, both rising by 1.5 percentage points[20] - The procurement index has increased to 50.2%, up 2.6 percentage points, indicating a rise in enterprise procurement activity[21] Non-Manufacturing Sector - The service sector's business activity index is at 50.1%, a slight decrease of 0.1 percentage points, indicating stability[24] - The construction sector's business activity index is 52.8%, up 1.8 percentage points, showing a seasonal rebound but with notable sub-sector differentiation[26] Risks - External disturbances and changes in real estate demand pose risks to the overall economic outlook[30]

Core Insights - The "Starlink" satellite network operated by SpaceX is experiencing a significant increase in satellite re-entries due to heightened solar activity, with over 120 satellites falling back to Earth in January 2025 alone [1][5][18] Group 1: Satellite Operations and Performance - As of June 2025, Starlink has launched over 8,800 satellites, with approximately 7,600 currently operational, accounting for two-thirds of active satellites in Earth's orbit [3] - Between 2020 and 2024, 523 Starlink satellites prematurely re-entered the atmosphere, with an average of 3 satellites re-entering daily in 2024 [7][18] - The design and operational strategy of Starlink, including the planned retirement of Gen1 satellites to make way for the more advanced V2 models, has contributed to the increased rate of satellite re-entries [14][18] Group 2: Environmental and Safety Concerns - The re-entry of Starlink satellites poses environmental risks, as each Gen1 satellite generates approximately 30 kilograms of aluminum oxide nanoparticles upon re-entry, which may harm the stratospheric ozone layer [13][16] - A 2.5-kilogram piece of Starlink debris was discovered on a Canadian farm, highlighting the potential for incomplete incineration during re-entry [5][14] - NASA has indicated that the risk of debris falling to Earth increases with the frequency of satellite re-entries, although the overall probability remains low [14] Group 3: Solar Activity Impact - The primary cause of the increased satellite re-entries is attributed to the strong solar activity during Solar Cycle 25, which peaked in 2024-2025, leading to frequent solar flares and coronal mass ejections (CMEs) [9][18] - The CMEs have caused geomagnetic storms that heat and expand the upper atmosphere, increasing drag on low Earth orbit satellites, particularly those below 300 kilometers [11][18]

对话通信：卫星通信 - 军备竞赛，未来已来 20250701 摘要 自主可控是当前环境下的重要成长方向，尤其是在中美关系不确定性增 加和科技围堵加剧的背景下，自主可控展现出从 0 到 1 突破的潜力，成 为投资重点关注领域。 筛选自主可控领域投资机会需结合宏观和产业情况，建立框架，从外部 制裁和内部支持确定一级行业，再根据产业空间和卡脖子难点确定二级 细分方向，选择国产化率低且技术攻破时点临近的细分行业。 通信行业自主可控机会集中在高制程芯片、光刻机和卫星通信等领域。 北斗导航系统是自主可控的典范，已实现卫星数量、信号稳定性和精度 上的领先，卫星通信具有巨大发展潜力。 北斗导航的发展历程表明，自主可控技术突破能显著带动相关企业股票 市场表现。例如，北斗二号亚太商用后，北斗星通持续涨停，海格通信、 振兴科技等军方应用相关公司也成为大牛股。 北斗系统在军用领域营收快速增长后，逐步向民用领域扩展，带动中海 达等相关企业快速成长，并在 2015 年牛市中实现业绩和估值的双重提 升，表明自主可控技术突破海外封锁限制，受到资金市场青睐。 Q&A 为什么在 2025 年选择推动自主可控这一策略？ 2025 年上半年，AI ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.While many investors like to look for moment ...

供需整体回升，行业分化。 6 月供需指数回升，符合季节性规律。从行业看，食品及酒饮料精制茶、专用 设备等行业的供需指数位于扩张区间。究其原因，一方面，关税摩擦缓和后，出口链在供需端逐步恢复。 另一方面，积极财政发力，设备更新政策效果持续释放。相比之下，非金属矿物制品、黑色金属冶炼及压 延加工等行业的供需指数继续收缩。主因或在于，房地产压力之下，终端需求不足。这一点价格指数也有 所体现。 6 月制造业价格指数回升，主要受中东局势紧张，油价飙升的推动。而黑色冶炼行业的价格指数 持续回落。 非制造业景气度：服务平稳，建筑分化。 服务业的商务活动指数略降，基本保持平稳。从行业看，邮政、 电信广播电视及卫星传输服务、互联网软件及信息技术服务等生产性行业的商务活动指数位于较高景气区 间；但是五一假期效应消退后，零售、道路运输、航空运输、住宿、餐饮、房地产等行业商务活动指数均 低于临界点。此外，建筑业景气度超季节性回升，子行业的分化值得关注。一方面，土木工程建筑业商务 活动连续三个月处于较高景气区间。另一方面，商品房需求在二季度较为疲软，可能对整体建筑业景气度 有所拖累。 政策或不断积极。 在关税摩擦缓和后，内部解决好低通 ...