业界有观点认为，"星链"大量卫星在太空带来安全挑战。据媒体报道，2025年12月，一颗"星链"卫星出 现故障，轨道高度迅速下降4000米并产生碎片，说明有可能发生了爆炸。此类事故严重威胁其他航天器 安全。 尼科尔斯说，目前还有两颗"完全失效"的"星链"卫星留在轨道上。 他说，随着太阳活动向极小期转变，近地轨道大气密度下降，失效卫星依靠大气阻力自然脱轨的时间会 显著延长。比如位于550公里高度的卫星若失控，可能需要4年以上才能自然再入大气层，而在480公里 高度仅需数月，因此降低运行高度能让卫星在发生故障时更快脱轨。 "星链"目前在轨运行的卫星数量超过9000颗。尼科尔斯称，降低轨道也让"星链"卫星系统远离日益拥挤 的500至600公里轨道带，减少因缺乏协调和潜在碎片等带来的风险。 新华社旧金山1月1日电（记者吴晓凌）美国太空探索技术公司旗下卫星互联网项目"星链"工程副总裁迈 克尔·尼科尔斯1日称，计划在2026年降低约4400颗卫星的轨道高度，以助维护空间安全。2025年12 月"星链"一颗卫星因故障在太空产生碎片，引发广泛关注。 尼科尔斯当日在社交媒体平台X发表声明说，计划在2026年将所有运行高度约550 ...

12月31日，A股三大指数涨跌不一，截至收盘，沪指涨0.09%报3968点，深证成指跌0.58%，创业板指跌 1.23%。2025年，上证指数、深证成指、创业板指涨幅分别为18.41%、29.87%、49.57%。 今日全市场成交额2.07万亿元，较前一交易日缩量956亿元，逾2700股下跌。 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 上证指数 | way m | 3968.84 | +3.72 | +0.09% | | 000001 | | | | | | 深证成指 399001 | whim | 13525.02 | -79.04 | -0.58% | | 创业板指 | | 3203.17 | -39.73 | -1.23% | | 399006 | | | | | | 北证50 | Vary | 1440.43 | -10.21 | -0.70% | | 899050 | | | | | | 科创50 | | 1344.20 | -15.67 | -1.15% | | 000688 | | | | 더해줄도 | 盘面上，卫星 ...

2025年最后一个交易日，A股三大指数今日涨跌不一；截至收盘，沪指涨0.09%报3968点，深证成指跌0.58%，创业板指跌1.23%；2025年，上证指数、深证 成指、创业板指涨幅分别为18.41%、29.87%、49.57%。今日全市场成交额2.07万亿元，较前一交易日缩量956亿元，逾2700股下跌。 盘面上，卫星互联网板块爆发，中国卫星、中国卫通及航天电子等多股涨停；商业航天板块继续强势，久之洋、航天晨光等多股涨停；AI应用端集体走 高，Kimi概念、AI语料、智谱AI及Sora概念等涨幅居前，掌阅科技、蓝色光标等多股涨停；快手概念、航空机场、大飞机及6G概念等涨幅居前。另外，医 药商业板块下挫，鹭燕医药跌停；刀片电池板块走低，鹏辉能源领跌；液冷概念走势低迷，川润股份跌停；贵金属、噪声防治及船舶制造等板块跌幅居前。 (格隆汇) | 上证指数 | 深证成指 | 北证5C | | --- | --- | --- | | 3968.84 | 13525.02 | 1440.4 | | +3.72 +0.09% -79.04 -0.58% -10.21 -0 | | | | 科创50 | 创业板指 | 万得全 ...

《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 前言 卫星互联网+低空经济，推进Ka/Ku频段有源相控阵天线研发，创新开发出小型化超宽带双频段双极化T/ R组件，射频微波模组领域取得突破性进展，GNSS双频多模有源技术已实现多项目量产交付，这家公司 低空领域已实现向行业头部客户量产供货。 ...

它以静水深流的战略定力 承接"千年大计" 又以只争朝夕的建设节拍 见证日新月异 "未来之城"雄安 曾是华北平原的一方水土 如今 正悄然拔节生长 一座城的理想蓝图 从容落笔于华北平原之上 0:00 站在岁末回望 镜头如同多棱镜 折射出"未来之城"的多元魅力 拔节之姿 "十四五"以来 雄安新区每年保持2000亿元投资规模 地区生产总值年均增长17.1% 一年一个节点 每年一个模样 新区不仅是北京非首都功能疏解的集中承载地 也在打造新时代高质量发展的全国样板 航拍镜头下的雄安 是妙笔，是震撼 更是奇迹 这里 中国星网雄安总部办公楼（2025年6月29日摄，无人机照片）。中国星网集团成立于2021年4月，是中央批准成立的一家从事卫星互联网设 计建设运营的国有重要骨干企业，也是首家注册落户雄安新区的中央企业。 雄安城市计算中心（2025年3月15日摄，无人机照片）。被誉为雄安之眼的雄安城市计算中心缀于新城额间，该建筑的拱形借鉴了千年古 桥赵州桥的形制。 雄安商务服务中心夜景（2025年3月15日摄，无人机照片）。雄安商务服务中心是雄安新区首个标志性城市建筑群，其朱红墙体、灰色飞 檐的建筑彰显中式特色。 京雄高速雄安收费 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the acceleration of commercial aerospace development due to the refined listing standards for commercial rocket companies by the Shanghai Stock Exchange [4][13] - The domestic satellite internet sector is rapidly developing, with various factors contributing to its growth, including supportive policies, technological readiness, and capital investment [5][15] - The report identifies four core investment themes: "Optical, Liquid Cooling, Domestic Computing Power, and Satellite" [7][17] Summary by Sections 1. Investment Outlook - The Shanghai Stock Exchange has detailed the listing standards for commercial rocket companies, focusing on their "hard technology" attributes and requiring clear technical advantages [4][14] - The satellite internet industry is supported by government policies, technological advancements, and private capital, with different segments of the industry expected to benefit variably [5][15][16] 2. Market Review - The communication index fell by 4.07% during the week of December 22-26, 2025, ranking second among TMT sectors [27] 3. Communication Data Tracking - As of November 2025, China has 4.83 million 5G base stations, with a net increase of 579,000 stations from the end of 2024 [28] - The number of 5G mobile phone users reached 1.193 billion, a year-on-year increase of 19.06% [28] - 5G mobile phone shipments in November 2025 totaled 27.614 million units, accounting for 91.6% of total shipments, with a year-on-year growth of 1.08% [28] 4. Operator Performance - The report highlights strong growth in innovative business areas for major operators, with China Mobile's cloud revenue reaching 56.1 billion yuan in the first half of 2025, up 11.3% year-on-year [47] - China Telecom's Tianyi Cloud revenue for the same period was 57.3 billion yuan, reflecting a 3.8% increase [47] - The ARPU values for major operators have remained relatively stable, with slight decreases noted for China Unicom [47][52][56]

转自：智通财经 注：智通财经VIP为内容资讯产品，并非投资建议。以下内容仅为资讯价值展示非对相关公 司的推荐建议，非未来走势预测。投资有风险，入市需谨慎。 12月24日18:29《电报解读》 梳理机构龙虎榜数据并覆盖"通宇通讯"，发文指出：公司是通信天线行业 龙头，主营基站天线等，与华为合作紧密，5G产品批量出货并布局5.5G/6G。投研核心逻辑在于依托主 业优势，前瞻性投资布局卫星互联网（参股鸿擎科技）、空天飞行器（投资凌空天行）及高速光模块 （参股四川光为），实现从传统通信设备向空天信息等前沿战略领域的拓展。12月25日/26日，通宇通 讯收获2连板。 市场热点一 商业航天 消息面上，将数据中心搬上太空成为多个美国科技巨头看好的赛道。此前，谷歌表示，计划在2027年前 发射两颗原型卫星。 《狙击龙虎榜》：揭秘游资模式，找寻资金背后的逻辑！ 12月24日21:37《狙击龙虎榜》 追踪市场热点 ，指出市场在商业航天带动下全天亢奋，最重要的一条路 径就是商业航天带动情绪端，情绪端再带动指数端，解读主力资金动态，提及神剑股份，其在12月25 日、26日收获2连板。 | 13.17 | | | | | 所属行业:基 ...

【宏观动态】 【新能源】 离岸人民币兑美元汇率升破7.0关口，利好原材料进口依赖、美元负债成本较高的行业 【卫星互联网】 上海发布措施支持航空航天产业发展 蓝箭航天计划2026年中期成功回收可重复使用助推器 国防部对日本推行进攻性太空政策表示关切 相关ETF： 卫星产业ETF(场内：159218) 【机器人】 卖方观点：板块筹码结构改善，情绪龙头催化不断，预期1月份将进入点状突破阶段 相关ETF： 机器人指数ETF(场内：560770，场外联接：020482) 头部硅片企业联合大幅上调报价 网传天齐锂业所有产品现货交易结算价将不再参考SMM价格 湖南裕能、万润新能宣布停产检修 宁德时代与韩国Enchem签订为期五年、年均7万吨的电解液供应大单 相关ETF： 电池ETF(场内：561910，场外联接：016020) 【人工智能】 卖方指出，市场对谷歌、英伟达等巨头给出的2027年需求高增长指引反应平淡 英伟达通过技术许可强化其在AI推理市场的护城河 三星电子计划在2027年前自主研发用于端侧AI产品的GPU 相关ETF： 云计算ETF(场内：159890，场外联接：021716)、半导体设备ETF(场内：561 ...

Group 1: Aerospace Industry Development in Shanghai - Shanghai government is accelerating the development of the aerospace industry, focusing on satellite manufacturing and commercial operations, with financial support of up to 15% of total investment, capped at 50 million yuan [1] - The government encourages the large-scale application of satellite internet technology, offering one-time rewards of up to 10 million yuan for companies providing value-added services in communication, navigation, and remote sensing [1] - Support is also extended for satellite internet constellation construction, with a one-time reward of 50 million yuan for companies obtaining satellite communication business licenses [1] Group 2: Low-altitude Economy in Guangdong - Guangdong has released "Twelve Measures" to support the low-altitude economy, encouraging banks and insurance institutions to develop targeted financial products covering the entire lifecycle of low-altitude economic activities [2] - Financial institutions are guided to support upstream and downstream enterprises in the industry chain, leveraging core enterprise data to enhance services [2] - The measures aim to bolster low-altitude economic clusters and innovation platforms at both national and provincial levels [2] Group 3: Growth of Convertible Bonds in China - UBS reports that the issuance of offshore convertible bonds by Chinese companies has reached record levels this year, driven by favorable stock market conditions and lower financing costs [3] - If the market remains positive, the issuance volume is expected to continue growing next year, particularly among technology companies [3] - Funds raised are primarily allocated for AI research and development, business expansion, and overseas growth [3] Group 4: 6G Technology Development in Shanghai - Shanghai is establishing a national 6G comprehensive testing base to promote the research and development of 6G technology, including standard formulation and application scenarios [4] - Financial support of up to 30% of total investment, capped at 30 million yuan, will be provided for these initiatives [4] Group 5: Global Generative AI Spending Forecast - Counterpoint Research forecasts that global spending on generative AI will grow from 225 billion yuan in 2023 to 699 billion yuan by 2030, with a compound annual growth rate (CAGR) of 21% [5] - The AI dialogue platform segment is expected to experience the fastest growth, with personal assistant AI and content generation tools also projected to expand significantly [5] - By 2030, the number of monthly active users for global AI dialogue platforms is anticipated to exceed 5 billion [5] Group 6: Breakthrough in Superconducting Magnetic Levitation - A Chinese research team has set a world record by accelerating a ton-class test vehicle to 700 kilometers per hour in two seconds during magnetic levitation experiments [6] - This achievement marks a significant advancement in the field of ultra-high-speed magnetic levitation, providing new methods for aerospace launch and testing [6] - The breakthrough is expected to contribute to the development of China's aerospace and rail transportation sectors [6] Group 7: Hainan Free Trade Port's Initial Week Performance - During the first week of the Hainan Free Trade Port's closure, over 400 million yuan worth of "zero tariff" goods were imported [7] - The number of newly registered foreign trade enterprises in Hainan increased by 2.3 times year-on-year, reflecting the positive impact of the free trade policies [8] - The duty-free shopping market in Hainan saw significant growth, with sales reaching 1.1 billion yuan and a 54.9% year-on-year increase in shopping amounts [8] Group 8: Asset Management Standards Released - The State Administration for Market Regulation has approved four national standards for asset management, focusing on digital transformation and cultural digital assets [11] - These standards aim to guide organizations in enhancing their asset management digitalization efforts, addressing issues such as inconsistent conceptual understanding and unclear focus areas [11]

Group 1: Aerospace and Technology Development - Shanghai is accelerating the development of the aerospace industry, supporting satellite internet constellation construction with funding up to 15% of total investment, capped at 50 million yuan [1] - Shanghai is creating a national 6G comprehensive testing base to promote 6G technology research and development, providing funding support up to 30% of total investment, capped at 30 million yuan [4] - The global spending on generative AI is expected to grow from 225 billion yuan in 2023 to 699 billion yuan by 2030, with a compound annual growth rate (CAGR) of 21% [5] Group 2: Financial Support and Economic Development - Guangdong has released "Twelve Measures" to support the low-altitude economy, encouraging banks and insurance institutions to develop targeted financial products for the entire lifecycle of low-altitude economic activities [2] - The Hainan Free Trade Port has seen over 400 million yuan in zero-tariff imports during its first week of closure, with a significant increase in duty-free shopping, reflecting the positive impact of the new policies [8] Group 3: Infrastructure and Asset Management - Shanghai is focusing on enhancing regional computing power infrastructure, promoting the layout of intelligent computing centers to improve supply and demand matching [10] - The State Administration for Market Regulation has approved four national standards for asset management, focusing on digital transformation and providing guidance for organizations to enhance their asset management capabilities [11]