每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 8月31日，国家统计局公布8月中国采购经理指数。8月份，制造业采购经理指数（PMI）、非制造业商 务活动指数和综合PMI产出指数分别为49.4%、50.3%和50.5%，比上月上升0.1、0.2和0.3个百分点，三 大指数均有所回升。其中，生产指数为50.8%，比上月上升0.3个百分点，连续4个月位于临界点以上， 表明制造业生产扩张加快。主要原材料购进价格指数和出厂价格指数分别为53.3%和49.1%，比上月上 升1.8和0.8个百分点，连续回升。服务业商务活动指数为50.5%，比上月上升0.5个百分点，升至年内高 点。 （二）行业掘金 1、中信建投发布研报称，工信部发文促进卫星通信产业发展，特别提到"到2030年，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"，手机直连将充分打开卫星应用市场空间。卫星端，7 月底以来我国GW组网速度明显加快，《指导意见》提出加快卫星互联网系统建设。火箭端，力箭二 号、朱雀三号、天龙三号、长征十二号改等多款大型液体火箭将于年内首飞，有望提升发射运力，降低 发射成本。卫星、火箭、应用端共振，关注卫星互联网产业 ...

Core Insights - The recent guidelines aim to optimize business access and promote the development of the satellite communication industry, targeting over 10 million satellite communication users by 2030 [1][2] Group 1: Industry Development - The satellite internet sector is experiencing rapid growth, with innovations allowing direct satellite connections for mobile phones, vehicles, and drones [1] - The guidelines emphasize the need to expand market access and support the accelerated development of low Earth orbit satellite internet [1] - There is a focus on exploring the application potential of high-orbit satellites like Tiantong and Beidou, promoting direct satellite connections for terminal devices [1] Group 2: Application and Ecosystem - The guidelines call for the continuous expansion of application scenarios, particularly in emergency communication [1] - There is an emphasis on cultivating a robust industry ecosystem through key technology breakthroughs and product development in satellite communication [1] - The establishment and improvement of national and industry standards for satellite communication technology and products are highlighted [1] Group 3: Regulatory and Support Measures - The guidelines propose optimizing telecom resource supply and scientifically planning satellite communication code resources [1] - Strengthening satellite communication regulation and optimizing market access and equipment approval processes are key components [1] - The guidelines also stress the importance of organizational leadership, funding support, and international cooperation to enhance global service capabilities [2]

Core Viewpoint - The satellite communication industry is experiencing significant policy changes with the issuance of the "Guiding Opinions on Optimizing Business Access to Promote the Development of the Satellite Communication Industry" by the Ministry of Industry and Information Technology, which outlines 19 measures across six areas to expand market access and foster industry growth [1] Group 1: ESG Disclosure in the Satellite Communication Industry - As of August 29, 2025, there are 50 stocks in the Wind "Satellite Communication" sector, with 23 companies disclosing ESG-related reports for 2024, resulting in a disclosure rate of 46%, slightly below the overall industry rate of 46.81% [2] - Among the top ten companies by market capitalization, nine have disclosed carbon emission data, with three companies also reporting scope three emissions [2][3] - The company with the highest carbon emissions is China Telecom, emitting 14.35 million tons of CO2, while the lowest is Zhongke Xingtu, with only 707.85 tons [3] Group 2: Variability in Carbon Emission Reporting - The disparity in carbon emission levels among companies is attributed to selective disclosure and differing methodologies, as carbon data reporting is currently voluntary [3][4] - Companies may choose different accounting boundaries, leading to significant differences in reported emissions, with some only calculating direct emissions from specific facilities [3][4] - The lack of a unified standard for data collection and processing in the industry further complicates accurate carbon emission measurement [3][4] Group 3: Importance of R&D and Product Quality - Innovation, R&D, product quality, and supply chain management are prioritized as significant issues within the satellite communication industry [6] - Seven of the top ten companies disclosed R&D investment amounts, while others reported R&D expenses as a percentage of revenue [6] - Companies like China Satcom and Zhongke Xingtu have established quality control systems to ensure product quality [7] Group 4: Unique ESG Considerations for Satellite Communication - The satellite communication industry has unique ESG disclosure needs, including the impact on both terrestrial and outer space environments [8][9] - Key issues include satellite decommissioning plans, debris management, and the energy consumption and carbon emissions of ground facilities [8][9] - The social value of satellite communication in emergency rescue and education in remote areas should also be highlighted in ESG reports [8][10]

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry [5]. Core Viewpoints - The Ministry of Industry and Information Technology has issued 19 measures to promote the development of the satellite communication industry, indicating a broad market space for satellite manufacturing and terminal applications [8][11]. - The low-altitude economy infrastructure construction in Hefei is expected to serve as a national demonstration, accelerating the industrialization of the low-altitude economy [15]. - The report emphasizes continued optimism for the military industry, particularly in light of the upcoming new phase of equipment construction and the positive progress in domestic demand [17]. Summary by Sections 1.1 Satellite Communication Industry Development - The Ministry of Industry and Information Technology aims to develop over 10 million satellite communication users by 2030, with new applications such as direct satellite connections for mobile phones [11][12]. - The report highlights the growing demand for terminal equipment in traditional emergency communication and emerging fields like transportation logistics and outdoor tourism, leading to an increased need for multi-mode and multi-frequency chips [13]. - The satellite manufacturing sector is expected to see exponential growth in orders as the frequency of satellite launches increases, with projections of nearly 16 launches per year and an average of close to 1,000 satellites in orbit by the end of next year [14]. 1.2 Low-Altitude Economy Infrastructure - Hefei's issuance of 45.6 billion yuan in special bonds for low-altitude economic infrastructure is a pioneering effort that could provide a model for other cities [15]. - The project focuses on low-altitude intelligent networks and ground infrastructure, which will support various commercial applications such as drone logistics and emergency rescue [16]. 1.3 Military Industry Outlook - The report suggests that the military industry will benefit from the upcoming new phase of equipment construction, with a focus on the positive trends in domestic demand and new productive forces [17]. - Key sectors to watch include military electronics, new quality and domain technologies, and the aerospace propulsion chain, with specific companies recommended for investment [18].

Company Dynamics - Didi's Q2 orders increased by 15.2% year-on-year, with a total transaction value (GTV) of 109.6 billion yuan, reflecting a 15.9% growth at fixed exchange rates [2] - JD's cross-border e-commerce brand Joybuy officially launched in France, with plans to enter the German market soon [2] - Temu topped Brazil's e-commerce traffic with 410 million visits in July, a 70% increase month-on-month, surpassing competitors like Mercado Livre and Shopee [2] - TikTok Shop upgraded its logistics in Southeast Asia, implementing next-day delivery services across six countries, with over 170,000 merchants participating [3] - Leapmotor's European manufacturing base will be established in Zaragoza, Spain, with production expected to start in Q3 2026 [3] - BYD announced plans to build an assembly plant in Malaysia, expected to commence production in 2026 [3] Investment and Financing - Mech-Mind Robotics completed a nearly 500 million yuan financing round, with overseas business revenue accounting for 50% [6] - AI toy company Haivivi raised 200 million yuan in Series A financing, becoming the global leader in AI toy shipments [6] - Hefei Tianyao, a semiconductor materials developer, completed a multi-million yuan Series A financing to expand overseas markets [6] - Tianxing Exploration, focused on satellite internet, secured angel round financing for core technology development [6] - Weijian Intelligent, a chip packaging equipment developer, raised over 100 million yuan in Series B financing, with over 20% of orders coming from exports [6] Policy & Market - Amazon's Prime Day will globally launch on October 7-8, covering 16 countries, providing cross-border sellers with significant traffic opportunities [8] - The Ministry of Commerce announced measures to optimize the service export zero tax rate declaration process, enhancing export tax refund efficiency [8] - New US tariff regulations create uncertainty, with 25 countries suspending parcel shipments to the US due to changes in tax exemptions [8]

（一）重磅消息 据国家数据局官微消息，8月28日，在2025中国国际大数据产业博览会"高质量数据集主题交流活 动"上，具身智能灵巧手多样抓取仿真数据集（DexonomySim）开源发布。DexonomySim是在国家数据 局数字科技和基础设施建设司指导下，由银河通用介绍发布。DexonomySim专为具身智能机器人灵巧 抓取任务设计，包含超过950万条高质量抓取姿态，覆盖超1万个物体与31种常用抓握类型，涵盖人类抓 握分类法中约94%的类型，是当前具身智能领域开源的最大规模灵巧手操作高质量合成数据集。 （二）券商最新研判 华鑫证券：A股强势上攻背后，居民存款是增量资金主力 1、7-8月沪指连破多个关键点位，突破3800点，再创十年新高，成交一度突破3万亿元，背后是风险偏 好提升-股债跷跷板-资金再平衡。随着A股赚钱效应凸显，资金加速入市 ，A股进入主升行情。 2、政策发力点从货币转向财政，地产政策持续放松：虽然在"适度宽松"的整体货币政策基调之下，政 策表述从"降低存款准备金率，实施有力度的降息"，到"择机降息降准"，再转向"适时降息降准"，2024 年9月至2025年6月共计降准2次，降准幅度共计为100b ...

Group 1 - On the institutional leaderboard, 25 stocks were listed, with 14 seeing net purchases and 11 experiencing net sales [1] - The top three stocks with the highest institutional purchases were: Shenzhen South Circuit (3.81 billion), Wancheng Group (3.08 billion), and Xian Dao Intelligent (931.9 million) [1] - Wancheng Group reported a significant increase in revenue and net profit in its semi-annual report, achieving 22.583 billion in revenue, a year-on-year increase of 106.89%, and a net profit of 472 million, a year-on-year increase of 50358.8% [3] Group 2 - The Ministry of Industry and Information Technology issued guidelines to promote the satellite communication industry, supporting telecom operators in exploring high-orbit satellite applications [4] - Sanwei Communication disclosed its strategic cooperation with global satellite operators to enhance satellite network resources and accelerate the commercialization of satellite communication services [4]

Group 1 - The company, Dongzhu Ecological, is planning to acquire a controlling stake in Kairuixingtong Information Technology (Nanjing) Co., Ltd. through a combination of issuing shares and cash payment, while also raising matching funds [1][3] - This transaction is expected to constitute a major asset restructuring, which will not lead to a change in the actual controller of the company and does not qualify as a restructuring listing [3] - Kairuixingtong is a high-tech enterprise primarily engaged in the research and development of satellite communication technology and systems, with a mature product and technology advantage in various fields including satellite communication systems and low-power integrated terminals [3][4] Group 2 - Dongzhu Ecological has experienced a significant decline in revenue and net profit since 2022, prompting the company to initiate this major asset restructuring and cross-industry acquisition [4] - The company's revenue and net profit figures for 2022-2024 are as follows: revenue of 1.242 billion, 829 million, and 376 million; net profit of 27 million, -326 million, and -635 million [5] - The company anticipates a net profit of -10 million to -5 million for the first half of 2025, compared to a profit of 129.88 million in the same period last year, attributing the decline to intensified competition and prolonged project settlement cycles [5]

Core Viewpoint - The satellite communication industry is experiencing significant policy support from the Ministry of Industry and Information Technology, which has issued guidelines to optimize business access and promote industry development through 19 measures across six areas [1]. Industry Overview - The satellite communication sector consists of 50 listed companies, with 23 companies disclosing ESG-related reports for 2024, resulting in a disclosure rate of 46%, slightly below the overall industry rate of 46.81% as of August 29 [1][2]. - The top ten companies by market capitalization have all disclosed ESG reports, with nine of them providing carbon emission data [2]. ESG Disclosure Insights - The carbon emissions reported by companies vary significantly, with China Telecom reporting the highest emissions at 14.35 million tons of CO2, while China Science and Technology Corporation reported the lowest at 707.85 tons [2][4]. - The differences in carbon emission disclosures are attributed to selective reporting and methodological discrepancies, as companies may choose different accounting boundaries for their emissions [3][4]. R&D and Product Quality - Innovation, product quality, and supply chain management are prioritized as significant issues within the satellite communication industry, with seven of the top ten companies disclosing R&D investment amounts [5][7]. - Companies like China Satellite and China Telecom have implemented measures to enhance product quality and customer service, including establishing quality control systems and monitoring customer complaints [7][9]. Unique Industry Challenges - The satellite communication industry faces unique challenges regarding ESG disclosures, such as the need to address space environment protection, satellite decommissioning plans, and debris management [9][10]. - Experts suggest that the industry should emphasize its distinct characteristics in ESG reports, including the environmental impact of launch activities and the sustainable use of critical raw materials [9][10].

Core Insights - The satellite communication industry is experiencing significant policy support with the Ministry of Industry and Information Technology issuing guidelines to optimize business access and promote industry development through 19 measures across six areas [1] ESG Disclosure - The "satellite communication" sector consists of 50 listed companies, with 23 companies disclosing ESG-related reports for 2024, resulting in a disclosure rate of 46%, slightly below the overall industry rate of 46.81% as of August 29 [1][2] - Among the top ten companies by market capitalization, all have disclosed ESG reports, with nine companies providing carbon emission data, indicating a growing awareness of ESG principles in the emerging industry [2][6] - The carbon emissions reported by the top companies vary significantly, with China Telecom reporting the highest at 1,435,000 tons of CO2, while Zhongke Xingtou reported the lowest at 707.85 tons [2][4] Challenges in ESG Reporting - The current voluntary nature of carbon emission disclosure leads to inconsistencies in reporting, as companies may choose different accounting boundaries, affecting comparability [3][5] - The lack of unified standards and high-quality data in the industry complicates accurate measurement of carbon emissions throughout the satellite manufacturing and launch lifecycle [3][12] R&D and Product Quality - Innovation, product quality, and supply chain management are prioritized in the ESG reports of the satellite communication industry, with seven of the top ten companies disclosing R&D investment amounts [6][9] - Specific measures for quality control have been implemented by various companies, such as establishing customer service systems and quality inspection frameworks [9][12] Unique Industry Considerations - The satellite communication sector has unique ESG considerations, including the environmental impact of satellite launches and space debris management, which should be highlighted in ESG disclosures [12][13] - The industry is encouraged to address the sustainability of raw material procurement and the social value of satellite applications in areas like emergency rescue and education [12][13]