王青 闫骏 冯琳 事件：根据国家统计局公布的数据，2025 年 4 月，中国制造业采购经理指数（PMI）为 49.0%，比 3 月下降 1.5 个百分点；4 月，非制造业商务活动指数为 50.4%，比 3 月下降 0.4 个百分点，其中，建 筑业商务活动指数为 51.9%，比 3 月下降 1.5 个百分点，服务业 PMI 指数为 50.1%，比 3 月下降 0.2 个 百分点；4 月综合 PMI 产出指数为 50.2%，比 3 月下降 1.2 个百分点。 4 月 PMI 数据要点解读如下： 4 月制造业 PMI 指数下降 1.5 个百分点，符合预期。背后主要有两个原因：一是外部环境急剧变 化。4 月初美国对全球加征所谓的"对等关税"，我国外部经贸环境骤然生变，外需出现明显下滑，对 制造业供需两端形成较大拖累。这是 4 月制造业 PMI 指数出现近两年来最大幅度下行的主要原因。二 是季节性因素。3 月是制造业旺季，4 月制造业景气度会有季节性下行。数据显示，过去 10 年中，4 月 制造业 PMI 指数比 3 月平均低 0.8 个百分点。 数据显示，3 月新出口订单指数比上月大幅下行 4.3 个百分点，降至 4 ...

Core Viewpoint - China has achieved significant advancements in lunar distance measurement technology with the successful development of a new generation of lunar space laser retroreflectors, marking a global first in daytime satellite laser ranging under strong light interference conditions [3][4]. Group 1: Technological Achievements - The new generation lunar space laser retroreflector, weighing only 1.3 kilograms, features a large aperture single corner design and has overcome several technical challenges, enhancing its reflective capabilities [4]. - The successful daytime laser ranging experiment demonstrates China's capability in precise deep space measurement, expanding the operational window for such technologies [5]. Group 2: Research and Development Contributions - The Shanghai Astronomical Observatory played a crucial role in the development and implementation of the new laser retroreflector, which is essential for the success of the lunar space laser ranging experiments [4]. - The high-precision laser ranging technology is expected to significantly improve the tracking accuracy of lunar space probes, showcasing its potential in both scientific and engineering applications [4]. Group 3: Future Implications - The successful trials are expected to support major deep space exploration projects, including the international lunar research station, thereby enhancing China's position in high-precision lunar laser ranging technology [5].

我国首个专门就终端设备直连卫星的规范性文化 卫星应用有望提速;公司定位为"汽车+机器人Tier1", 新订单持续突破,加速拓展至具身智能机器人产业链上下游 研选 《规定》明确，向中国境内提供终端设备直连卫星服务,在中国境内使用终端设备直连卫星服务,以及生产、组装、提供和销售 支持中国境内直连卫星服务的终端设备的适用本规定。提出终端设备直连卫星服务管理坚持发展和安全并重、促进创新和依法治 理相结合的原则。 《规定》是我国首个专门就终端设备直连卫星出台的规范性文件，对促进和规范我国终端设备直连卫星服务健康发展具有重要意 义,预计将于2025年6月1日起施行。 民生证券马天诣认为，2025年将是我国两大星座规模组网发力之年，同时地面终端应用环节将有望在今年迎来重大变革，产业 进度加持下确定性强,节点明确,马天诣全面看好商业航天板块,如天基建设端:中国卫星、上海瀚讯、信科移动等。 风险提示：卫星发射进程不及预期,火箭技术发展不及预期,商业航天产业则应用不及预期。 2025.05.06 07:08 星期二 【研选·大事件 -- 读懂大市】 卫星|我国首个专门就终端设备直连卫星的规范性文件发布,卫星应用有望提速 2025 ...

每经记者 杨建 每经编辑 彭水萍 （一）重要市场新闻 1、美股三大指数集体收跌，纳指跌0.74%，标普500指数跌0.64%，道指跌0.24%，道指与标普500指数 此前连续9个交易日的上涨趋势至此终结；大型科技股多数下跌，苹果跌超3%，特斯拉跌逾2%；伯克 希尔-A跌超5%，巴菲特将于2025年底卸任首席执行官一职。中概股涨跌不一，纳斯达克中国金龙指数 跌0.04%；金山云涨超4%，富途控股、名创优品涨超2%，好未来、微博涨超1%，小鹏汽车、理想汽 车、哔哩哔哩小幅上涨。 （二）行业掘金 1、"五一"假期，在八达岭长城、黄山、泰山这些热门景点，游客们体验到了一种别样的登山方式—— 穿戴外骨骼机器人登山。这种设备被形容为"登山外挂"，通过机械结构或电机驱动，能够降低20%-40% 的体能消耗，瞬间在户外圈爆火。近日，杭州程天科技推出的2500元消费级外骨骼产品，15秒内售罄数 百台现货，市场的火爆程度远超预期。从医疗康复到工业辅助，再到养老和户外休闲，市场需求持续增 长。外骨骼机器人的成本有望进一步降低，实现更低的单价，预计市场空间远超千亿。 点评：外骨骼机器人在多个领域的应用需求增加，商业化进程加快。技术上 ...

产权市场着力推动科技成果转化，服务科技创新和产业创新取得显著成效。2024年，产权市场完成知识 技术产权交易项目3.6万宗，交易额2881.53亿元，同比增长27.84%。 产权市场是战略性新兴产业发展的重要融资平台。2024年，北京产权交易所助力株洲中车时代半导体有 限公司增资43.28亿元，估值超200亿元，有利于提升半导体领域科技创新能力；上海联合产权交易所服 务上海垣信卫星科技有限公司、上海格思航天科技有限公司等企业分别完成66.7亿元和10.1亿元募资， 推动卫星互联网产业加速发展。通过专业化平台建设、市场化机制创新和全链条服务赋能，产权市场正 加速向"资本+技术+产业"深度融合的科技成果转化平台演进，为培育新质生产力注入源头活水。 此外，绿色资源要素交易创新成为产权市场一大亮点，2024年产权市场共完成各类环境权交易项目超25 万宗，成交额372.96亿元，其中完成碳排放权交易250.07亿元，碳排放配额累计成交量2.55亿吨。各地 还积极探索碳汇、排污权、水权等新兴权益交易。广东产权交易集团创新开展红树林碳汇开发权交易， 引入社会资本参与生态修复；山东产权交易集团搭建线上平台，激活区域排污权二级 ...

Industry Summary - The National Internet Information Office and other government bodies have issued regulations for satellite direct connection services, effective from June 1, 2025, to support the integration of satellite communication with ground mobile communication [1] - The satellite direct connection market is identified as a core area for space-ground integrated communication, with a projected market size of $66.8 billion over the next decade according to NSR [1] - The market is expected to experience growth driven by the scale effect of over 1 billion smartphones shipped annually and the demand for emergency rescue and marine communication, leading to increased penetration of satellite communication modules into mid-range devices [1] - The satellite direct connection market is transitioning from "technology validation" to "scale application," with emergency communication, IoT, and consumer scenarios expected to see early growth [1] - The market is anticipated to become a trillion-dollar blue ocean, reshaping the global communication landscape due to declining costs, standardization, and policy support over the next ten years [1] Company Summary - Tianyin Electromechanical's subsidiary, Tianyin Star, specializes in stellar sensors, holding a competitive position in the domestic commercial satellite market [2] - Huali Chuantong has developed a comprehensive industry chain for satellite communication, offering a full range of satellite application products and solutions based on its self-developed core chip technology [2]

Core Viewpoint - The April PMI data indicates a decline in manufacturing while the service sector remains in expansion, suggesting potential policy adjustments in response to economic conditions [1][4]. Manufacturing Sector - The manufacturing PMI for April is reported at 49.0%, a decrease of 1.5 percentage points from the previous month, falling below the critical threshold [1][2]. - Production and new orders indices are at 49.8% and 49.2%, respectively, both showing declines of 2.8 and 2.6 percentage points, indicating a slowdown in manufacturing production and market demand [2]. - High-tech manufacturing PMI remains in the expansion zone at 51.5%, despite a 0.8 percentage point drop, demonstrating resilience and strong support from market demand and policy [3]. - The decline in manufacturing PMI is attributed to external economic changes, particularly the impact of increased tariffs from the U.S., and seasonal factors, as April typically sees a decrease following the peak in March [2][3]. Service Sector - The non-manufacturing business activity index stands at 50.4%, down 0.4 percentage points from the previous month, but still indicates expansion [4]. - The service sector PMI is at 50.1%, a slight decrease of 0.2 percentage points, with seasonal factors contributing to this change [5]. - The construction PMI is reported at 51.9%, down 1.5 percentage points, primarily due to a decline in real estate investment, although civil engineering activity shows a significant increase, indicating potential for future growth [5]. Economic Outlook - The expectation is that domestic demand will counterbalance the slowdown in external demand, becoming a key support for manufacturing sector performance [6]. - There is a prediction that the manufacturing PMI may remain in the contraction zone in May but could rebound to around 49.5% due to increased policy support [7]. - The likelihood of policy rate cuts is increasing as the manufacturing PMI remains in contraction for two consecutive months, with expectations for timely adjustments in monetary policy [1][7].

Core Viewpoint - The manufacturing PMI in April 2025 has declined compared to the previous month and the past five-year average, indicating a weakening manufacturing sector under external pressures, particularly from trade tensions with the US [1][3][4] Manufacturing PMI Analysis - The manufacturing PMI for April 2025 is reported at 49.0%, down 1.5 percentage points from the previous month and 1.3 percentage points lower than the five-year average, reflecting a decrease in manufacturing activity due to external trade pressures [2][3] - The production index within the manufacturing PMI is at 49.8%, which is 2.4 percentage points lower than the five-year average, indicating a decline in production levels [4] - The new export orders index is at 44.7%, significantly lower than the five-year average by 4.8 percentage points, primarily due to reduced exports to the US [4][5] Sector Performance - Among 15 major manufacturing sectors, only 5 have PMIs above the threshold, with 4 sectors showing a month-on-month increase, including non-ferrous metal smelting and processing, which rose by 9.1 percentage points [5] - The gap between PMIs of large, medium, and small enterprises is narrowing, with large enterprises experiencing a more significant decline [5] Non-Manufacturing PMI Insights - The non-manufacturing PMI for April 2025 is at 50.4%, which is 3.6 percentage points lower than the five-year average, indicating weaker domestic demand [6] - The service sector PMI is at 50.1%, and the construction sector PMI is at 51.9%, both reflecting a decline compared to historical averages [6] Policy Response - The Central Political Bureau meeting in April outlined measures to stabilize the economy, including accelerating existing policy implementation, introducing new policies, and preparing contingency plans [7] - Specific actions include expediting the issuance of local government bonds and establishing new financial tools to support infrastructure and industrial investments [7] Market Outlook - Economic fundamentals are expected to support the bond market, with anticipated monetary easing leading to a potential decline in interest rates for medium and long-term bonds [8]

PMI 虽有回落，政策积极发力 [Table_Authors] 侯欢(分析师) ——4 月全国 PMI 数据解读 本报告导读： 外部冲击影响加大，4 月 PMI 边际回落。接下来，或加力推动既定政策 落地见效，通过增强内需主动力作用应对外部不确定性。 投资要点： 登记编号 S0880525040074 证 券 研 究 报 告 宏观研究 /[Table_Date] 2025.04.30 2025-05-02 请务必阅读正文之后的免责条款部分 宏 观 研 究 宏 观 题 021-38676666 梁中华(分析师) 021-38676666 登记编号 S0880525040019 [Table_Summary] 2025 年 4 月，制造业 PMI 为 49.0%，比上月下降 1.5 个百分点；服 务业商务活动指数为 50.1%，比上月下降 0.2 个百分点；建筑业商务 活动指数为 51.9%，比上月下降 1.5 个百分点。 关税扰动，制造业 PMI 边际回落。制造业 PMI 由升转降，主因贸易 摩擦导致的外部环境急剧变化。不过，以内销为主的制造业经营相 对稳定，对 PMI 有所支撑。考虑到国内积极政策节奏加快，我 ...

Group 1 - The National Internet Information Office and six other departments have jointly issued the "Regulations on the Management of Direct Satellite Services for Terminal Equipment," effective from June 1, 2025, which governs the provision and use of direct satellite services within China [1] - China's low-orbit satellite constellation, Qianfan, has successfully completed five batches of satellite launches, with over 600 satellites ordered, amounting to approximately 4.5 billion RMB, and plans to deliver over 200 satellites by 2025 [1] Group 2 - MGM China reported total revenue of 7.994 billion HKD for Q1 2025, a decrease of 3.2% year-on-year, with adjusted EBITDA of 2.368 billion HKD, down 5.46% [6] - China Hongqiao reported a net profit of 6.357 billion RMB for Q1 2025, representing a year-on-year increase of 46.46%, with total revenue of 40.173 billion RMB, up 15.56% [10] Group 3 - NIO delivered 23,900 vehicles in April, a year-on-year increase of 53%, while Li Auto delivered 33,939 vehicles, up 31.6% [7] - BYD's total sales of new energy vehicles reached approximately 1.3809 million units in the first four months of 2025, reflecting a year-on-year growth of 46.98% [7] Group 4 - Xinda Biopharmaceuticals reported total product revenue exceeding 2.4 billion RMB in Q1 2025, maintaining a strong year-on-year growth of over 40%, with four new drugs launched during the quarter [9] - Hansoh Pharmaceutical's HS-20089 has been approved as a breakthrough therapy for platinum-resistant recurrent epithelial ovarian cancer by the National Medical Products Administration [8]