证券研究报告|通信 [Table_Title] 推动卫星通信产业有序发展，手机、汽车直 连卫星等新业态规模应用进程有望提速 [Table_ReportType] ——通信行业快评报告[Table_ReportDate] [事件Table_Summary] ： 近日，工信部发布《关于优化业务准入促进卫星通信产业发展的指导意 见》（以下简称《指导意见》）。 投资要点： 产业支持性政策再出台，促进卫星通信产业商业化规模化应用提速。 《指导意见》旨在有序推动卫星通信业务开放，促进卫星通信产业高质 量发展，激发商业航天创新活力，目标到 2030 年，卫星通信管理制度 及政策法规进一步完善，产业发展环境持续优化，各类经营主体创新活 力充分迸发，基础设施、产业供给、技术标准、国际合作等综合发展水 平显著提升，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，推动卫星通信充分融入新发展格局，有力服务经济社会高质 量发展。我们认为，《指导意见》从政策端进一步完善了卫星通信产业 的顶层设计，健全了相关管理制度及政策法规，推动卫星通信产业的有 序发展。同时，《指导意见》明确指出要推动手机直连卫星等新模式新 业态规模应用 ...

每日金句 创业要尊重市场规律，一是百分之一定律，1% 的市场机会，只有 1% 的人看 得见；二是 CEO 的眼光永远要早一步，低潮时创业成功率更高；三是新市场 成长所需时间往往是分析家们预测的 2 倍以上；四是市场风险远大于技术风 险，没有做不出的产品，只有卖不出的产品；五是产品的第三代成熟定律。 陈洪武丨国科嘉和执行合伙人 黑马怀柔科技加速实验室2期1课 报名 「吴世春·泸州出行活动」 9月21号-23号 ， 吴世春将亲自带队 100家企业家 ， 去四川泸州线下游学 ， 探 访 下沉创 新 ， 寻找增长新引擎。 你 在 创业路上遇到的问题和想法 ， 都可以找吴老师聊聊 。 如果你是 优质的项目，吴老师也会果断投 你 。 下半年 ， 吴老师预计要投出去的金额，应该不小于 15个亿。 希望所有支持吴老师的人 ， 一如既往的相信他、支持他，大家 一起 加油！ 活动详情如下 ↓↓↓ 吴世春导师亲自带队 | 2025.09.21-23 走近空天科技产业 升级国民消费科技 探索产业生态协同 打开万亿赛道蓝海 这里认真推荐你： 机器人、智能制造、低空经济、卫星通讯、 科技工演幕 All 产品的创品老看过事 H 77 0 ...

Group 1: Industry Developments - Shanghai is promoting the integration of "security + AI," focusing on emerging fields such as intelligent robotics and low-altitude economy, with a goal to enhance the cybersecurity industry in the Yangtze River Delta and nationwide [1] - The global satellite IoT connections are expected to grow at a compound annual growth rate (CAGR) of 23.8% from 2023 to 2030, with satellite broadband and direct smart phone communication identified as transformative services [2] - The Ministry of Industry and Information Technology (MIIT) has issued guidelines to optimize business access and promote the development of the satellite communication industry, indicating a strategic shift and potential industry turning point [3] Group 2: Technological Innovations - Chinese researchers have developed the world's first adaptive, full-bandwidth, high-speed wireless communication module based on optoelectronic integration technology, achieving transmission rates exceeding 120 Gbps, which meets 6G communication requirements [4] - A new brain-computer interface technology has been successfully tested for precise tumor boundary localization during surgery, marking a significant breakthrough in clinical applications [7][8] Group 3: Data Industry Growth - China's data industry has surpassed 5.8 trillion yuan, maintaining an annual growth rate of over 15%, with expectations to continue this trend from 2025 to 2030 [9] - The National Data Bureau plans to introduce several industry policies this year, including data property rights and digital industry clusters, to support the development of the digital economy [5] Group 4: Corporate Performance - China Life Insurance is focusing on the Hong Kong stock market for its newly approved Qualified Domestic Institutional Investor (QDII) quota, highlighting the market's potential for equity investment [6] - Huawei Cloud's overall computing power has increased by nearly 250% year-on-year, with a significant rise in customers using its Ascend AI cloud services [11]

Group 1 - The market experienced a V-shaped rebound with the ChiNext Index rising nearly 4% and the STAR 50 Index increasing over 7%, while the total trading volume in the Shanghai and Shenzhen markets was 2.97 trillion yuan, a decrease of 194.8 billion yuan from the previous trading day [1] - The sectors that performed well included CPO, semiconductors, copper foil, and PCB, while agriculture, weight loss drugs, clothing, and liquor sectors saw declines [1] - The Ministry of Industry and Information Technology's announcement to promote the satellite communication industry is expected to open up market space for satellite applications, with a target of over 10 million satellite communication users by 2030 [1] Group 2 - The current market stability is supported by three underlying logics: the importance of policy in stabilizing the capital market, ongoing technological advancements, and the potential for narrative development around anti-involution [2] - The technology sector remains strong, with AI-related stocks performing well even during market downturns, and communication being the only industry among 31 SW primary industries to see an increase of 1.66% [2] - The anti-involution narrative has not been disproven at the policy level, indicating continued potential for market growth [2]

Market News - US stock market opened higher with all three major indices closing up; Nasdaq rose by 0.53%, S&P 500 increased by 0.32%, and Dow Jones gained 0.16%, both Dow and S&P 500 reached new closing highs [1] - Offshore RMB against USD rose to 7.1182, marking the first time since November 6, 2024, that it broke 7.12, closing at 7.1209, up 314 points [2] - International precious metals futures generally rose; COMEX gold futures increased by 0.82% to $3476.9 per ounce, and COMEX silver futures rose by 1.27% to $39.71 per ounce [2] Industry Insights - The Ministry of Industry and Information Technology of China issued guidelines to promote the development of the satellite communication industry, aiming for improved management systems and policies by 2030; the market size is expected to grow from 9.2 billion yuan in 2020 to 310 billion yuan in 2024, with a compound annual growth rate exceeding 100% [3] - A clinical trial using an implanted microelectrode array for precise tumor boundary localization was successfully completed, marking a significant breakthrough in brain-machine interface technology; the global market for brain-machine interface applications is projected to reach $40 billion by 2030 and $145 billion by 2040 [4][5] - Chinese scientists developed the world's first adaptive, full-band, high-speed wireless communication module based on optoelectronic integration technology, achieving transmission rates exceeding 120 Gbps, which supports the requirements for 6G communication [5][6] Company Updates - Zhejiang Shibao announced plans for its controlling shareholder to reduce A-share holdings by up to 16.45 million shares, not exceeding 2% of the total share capital [7] - Aojie Technology's major shareholder, Alibaba, plans to reduce its stake by up to 12.549 million shares, not exceeding 3% of the total share capital [7] - Chunzhong Technology's executives plan to reduce their holdings by up to 4.173 million shares, representing 2.053% of the total share capital [8]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has issued a document to promote the development of the satellite communication industry, highlighting the goal of exceeding 10 million satellite communication users by 2030 through new models like direct satellite connection for mobile phones [1] Group 1: Satellite Communication Development - The MIIT's guidance emphasizes accelerating the construction of satellite internet systems, which is expected to significantly expand the satellite application market [1] - The speed of GW network deployment in China has notably increased since the end of July [1] Group 2: Launch Capacity and Cost Reduction - Several large liquid rockets, including the Lianjian-2, Zhuque-3, Tianlong-3, and Changzheng-12 modifications, are set for their maiden flights within the year, which is anticipated to enhance launch capacity and reduce launch costs [1] Group 3: Investment Opportunities - The synergy among satellites, rockets, and applications is creating investment opportunities within the satellite internet industry chain [1]

Group 1 - Nvidia reported Q2 revenue of $46.743 billion, a 56% year-over-year increase, and net profit of $26.422 billion, up 59%, exceeding Wall Street expectations. However, data center revenue fell short of projections. The company approved an additional $60 billion stock buyback and expects Q3 revenue to fluctuate around $54 billion [2] - Cambricon's stock surged 15.73% to 1587.91 CNY, becoming the highest-priced stock in A-shares, surpassing Kweichow Moutai. The company issued a risk warning, stating its stock price has outpaced industry peers and forecasts 2025 revenue between 5 billion to 7 billion CNY without new product launches [2] - The three major A-share indices rose collectively, with the Shanghai Composite Index up 1.14%, Shenzhen Component Index up 2.25%, and ChiNext Index up 3.82%. The STAR 50 Index increased over 7%, reaching a three-year high, driven by strong performance in computing hardware, consumer electronics, and semiconductor sectors [2] Group 2 - The Chinese yuan appreciated against the US dollar, with the central parity rate rising by 45 basis points to 7.1063, the highest since November 7, 2024. Analysts expect the yuan to maintain a stable upward trend due to internal and external factors [3] - Berkshire Hathaway increased its stake in Mitsubishi Corporation from 9.74% to 10.23% and also raised its holdings in Mitsui & Co. This led to a rise in the stock prices of these trading companies amid a rebound in the Japanese stock market [3] - The Bank of Korea maintained its benchmark interest rate at 2.5%, aligning with market expectations. The central bank forecasts GDP growth of 0.9% in 2025 and 1.6% in 2026, with inflation rates projected at 2% and 1.9% respectively [3] Group 3 - CITIC Securities reported H1 2025 revenue of 33.039 billion CNY, a 20.44% increase, and net profit of 13.719 billion CNY, up 29.80%. Investment income was a key driver, reaching 20.899 billion CNY, a 126.9% year-over-year increase [4] - US corporate stock buybacks have rapidly exceeded $1 trillion this year, significantly contributing to the rise of indices like the S&P 500 and Nasdaq. Major companies like Apple, Google, and Nvidia are participating in this buyback trend [5] - The Ministry of Industry and Information Technology of China issued guidelines to promote the satellite communication industry, aiming for a market worth trillions by 2030, with over 10 million users expected [5]

Market Performance - On August 28, the A-share market experienced a V-shaped reversal, with all three major indices closing higher, particularly the ChiNext Index, which rose nearly 4% [1] - The Shanghai Composite Index increased by 1.14% to 3843.6 points, the Shenzhen Component Index rose by 2.25% to 12571.37 points, and the ChiNext Index closed up 3.82% at 2827.17 points [1] - Despite a decrease in trading volume by 196.9 billion, the total trading volume remained above 3 trillion [1] Technology Sector - Major technology stocks led the market rally on August 28, with the semiconductor sector showing the highest gains [2] - Notable stocks like Semiconductor Manufacturing International Corporation (SMIC) and Cambricon Technologies saw their prices increase by over 15%, with Cambricon closing at 1587.91 yuan per share, surpassing Kweichow Moutai's closing price of 1446.1 yuan [2] - Cambricon's cumulative increase this month exceeded 123%, and its year-to-date increase surpassed 2800% [2] - The AI industry chain, including sectors like CPO, circuit boards, and liquid cooling, also performed well, with companies like Tianfu Communication and Changfei Fiber Optics hitting their daily price limits [2] AI Demand and Semiconductor Growth - According to Zhongyuan Securities, strong demand for AI computing power is expected in the second half of 2025, driving growth in cloud-side AI hardware and diverse innovations on the edge side [3] - The AI sector is anticipated to boost the semiconductor cycle, with innovations in AI glasses, smart driving, and embodied intelligent robots creating opportunities in core segments of the industry [3] Satellite Communication Sector - The satellite communication sector saw a collective surge on August 28, with stocks like Chuangyi Information and Zhenlei Technology rising over 10% [4] - The Ministry of Industry and Information Technology released guidelines aimed at optimizing business access and promoting the development of the satellite communication industry, with a goal of exceeding 10 million satellite communication users by 2030 [4] - Citic Securities highlighted the strategic importance of the satellite communication industry, suggesting investment opportunities in satellite communication service providers and related sectors [4] Long-term Asset Revaluation - Looking ahead, Huatai Securities expressed confidence in the long-term revaluation of Chinese assets, with a focus on whether corporate performance can keep pace with market recovery [5] - The analysis indicates that the improvement in market risk appetite is a common phenomenon among emerging markets, driven by global investor concerns regarding dollar assets [6] - The capital market's risk appetite is influenced not only by domestic economic conditions but also by technological advancements and external supply changes [6]

Summary of Key Points Core Viewpoint - China Satcom experienced a block trade on August 28, with a transaction volume of 245,000 shares and a transaction amount of 5.6938 million yuan, indicating a slight discount compared to the closing price of the day [2] Trading Details - The block trade price was 23.24 yuan, which is a discount of 0.04% relative to the closing price of 23.25 yuan [2] - The buyer was from CITIC Securities Co., Ltd. Suzhou Binhe Road Securities Business Department, while the seller was from CITIC Securities Co., Ltd. Suzhou Branch [2] Market Performance - On the same day, China Satcom's closing price rose by 5.68%, with a trading turnover rate of 3.53% and a total transaction amount of 3.441 billion yuan [2] - The net outflow of main funds for the day was 121 million yuan, and over the past five days, the stock has cumulatively increased by 10.03% with a total net outflow of 754 million yuan [2] Margin Trading Data - The latest margin financing balance for China Satcom is 1.553 billion yuan, which has increased by 321 million yuan over the past five days, reflecting a growth rate of 26.02% [2]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has released guidelines to optimize business access and promote the development of the satellite communication industry, aiming for over 10 million satellite communication users by 2030 and the integration of satellite communication into the new development pattern to support high-quality economic and social development [1][2]. Industry Impact - The satellite communication sector is expected to become a new economic growth point, with commercial space activities being highlighted in government work reports for two consecutive years since 2024 [2]. - The guidelines are seen as a response to both policy requirements and technological trends, with a significant increase in global satellite launches and advancements in satellite manufacturing capabilities [3]. Market Dynamics - The current satellite internet market in China is projected to reach approximately 40 billion yuan by 2025, driven by the rapid deployment of low Earth orbit (LEO) satellites [3][4]. - The existing business access system for satellite internet is viewed as a constraint on industry growth, necessitating reforms to stimulate market activity and encourage more enterprises to participate [4]. Policy Support - The guidelines are expected to foster the integration of satellite communication with ground mobile communication and new technologies like 5G/6G and artificial intelligence, contributing to a unified information communication infrastructure [5]. - State-owned enterprises such as China Star Network and China Satcom are anticipated to receive more policy support to accelerate the development of LEO satellite internet [5][6]. Technological Advancements - The guidelines emphasize the importance of LEO satellite internet, which can provide global broadband coverage and reduce communication latency, aligning with industry development trends [7]. - China's approach to LEO satellite internet is characterized by a collaborative model involving both state and commercial entities, with significant satellite constellations planned for deployment [7][8]. User Experience - The introduction of "mobile direct satellite" services is expected to enhance user experience by allowing seamless communication without the need for specialized terminals or new phone numbers, particularly in remote areas [9]. - The cost of satellite communication services is projected to decrease significantly, with consumer-grade satellite communication devices expected to drop in price and service fees becoming more affordable [10][11]. Industry Applications - The integration of satellite communication with new information infrastructure is likely to transform various industries, including industrial internet, automotive, maritime, and aviation sectors, by enabling efficient communication in remote locations [12].