Core Viewpoint - The article discusses the increasing number of Starlink satellites falling from orbit, linking this phenomenon to heightened solar activity, which affects satellite drag and leads to their descent into the atmosphere [1][2]. Group 1: Satellite Performance and Loss - SpaceX's Starlink program has launched 2,091 satellites since its inception in 2015, achieving only 5% of its total goal of 42,000 satellites [5]. - The number of satellites lost has escalated, with 583 satellites reported lost to date, including 316 that burned up in the atmosphere last year [1][4]. - The average lifespan of satellites in low Earth orbit is estimated to be around 5 years, necessitating frequent replacements [2][5]. Group 2: Solar Activity Impact - Research indicates a clear correlation between satellite falls and solar activity, particularly during periods of increased solar intensity [1][2]. - Approximately 70% of satellite losses occurred during moderate to weak geomagnetic storms, suggesting that prolonged exposure to these conditions may gradually degrade satellite orbits [2]. Group 3: Business Model and Market Potential - Starlink aims to provide global satellite broadband, particularly targeting remote areas, with a monthly user fee of $99 and a terminal cost of $499 [5]. - Despite the large scale of the Starlink project, the profit margins are reportedly low, raising questions about the long-term viability of its business model [5]. Group 4: Military Applications - The true value of Starlink may lie in its military applications, potentially serving as a replacement for GPS with superior speed and accuracy [7]. - Starlink satellites can support advanced military operations by providing low-latency communication and extensive reconnaissance capabilities [7][8].

Group 1 - Recent successful satellite launches highlight investment opportunities in aerospace and military sectors, particularly focusing on scarce targets like Xingtu Measurement and Control [2][12][15] - The total market capitalization of 15 aerospace/military companies listed on the North Exchange reached 64.257 billion yuan, covering products such as aerospace measurement and control, carbon fiber raw silk, and RF coaxial connectors [15][17] - Xingtu Measurement and Control (920116.BJ) reported a revenue of 288 million yuan in 2024, representing a year-on-year growth of 25.90%, with a net profit of 84.9744 million yuan, up 35.68% [19][21] Group 2 - The average weekly performance of five major industries on the North Exchange showed positive growth, with high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology industries increasing by 1.37%, 4.59%, 3.10%, 1.49%, and 2.15% respectively [3][22] - The median price-to-earnings (P/E) ratios for high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology industries were 44.6X, 95.9X, 40.9X, 59.2X, and 44.7X respectively [3][22] Group 3 - In the technology new industry, 149 companies saw a median price increase of 1.72%, with notable performers including Zhongcheng Technology (+26.93%), Laisai Laser (+23.99%), and Xingtu Measurement and Control (+17.22%) [4][35] - The total market capitalization of the technology new industry increased from 449.266 billion yuan to 459.574 billion yuan, with the median market capitalization rising from 2.295 billion yuan to 2.297 billion yuan [37][43] Group 4 - Recent announcements included significant project wins for companies like Kairun Intelligent Control, which secured a bid worth 30 million yuan from the State Grid Zhejiang, and Huaxin Yongdao, which won a project in Chengdu valued at 9.06 million yuan annually for three years [5][57][58]

每经记者｜杨建 每经编辑｜彭水萍 点评：实现数据资源共享共用的一种数据流通利用基础设施，是数据要素价值共创的应用生态，是支撑 构建全国一体化数据市场的重要载体。随着政务数据共享的推进，数据治理服务商、隐私计算技术企业 将迎来发展机遇。同时，数据要素市场化将激活金融风控、城市治理、产业规划等领域的商业模式创 新。未来，数据分级分类管理、隐私计算技术将成为关键。政策强调"构建全国一体化政务大数据体 系"，直接利好云计算、大数据平台及数据安全技术企业。概念股包括易华录、同有科技、奥飞数据 等。 2、国际油价全线上涨，布油主力合约涨0.66%，报65.29美元/桶。国际贵金属期货收盘涨跌不一， COMEX黄金期货跌0.68%，报3376.1美元/盎司；COMEX白银期货涨3.31%，报35.795美元/盎司。欧洲 三大股指收盘涨跌不一，德国DAX指数涨0.19%，报24323.58点；法国CAC40指数跌0.18%，报7790.27 点；英国富时100指数涨0.11%，报8811.04点。 3、6月5日，央行公告，为保持银行体系流动性充裕，2025年6月6日，央行将以固定数量、利率招标、 多重价位中标方式开展1000 ...

近日，"卫星通信赋能无人机应用解决方案研讨会"在深圳落地，多名科研专家聚焦低空经济与卫星通信 技术的深度融合，并在深圳发布国内首个"卫星通信赋能无人机全场景通信解决方案"。研讨会由亚太卫 星宽带通信(深圳)有限公司与北京星途智联等业内企业主办。研讨会上，卫星互联网与低空经济两大万 亿级赛道的叠加与融合成焦点。中国如何加速探索低空经济与卫星互联网的技术融合？ "深圳星"入网端站总数超2.6万个 近年来，"卫星互联网"热度持续飙升。什么是卫星互联网？离大众还有多远？在本次研讨会上，有专家 一言以蔽之：卫星互联网是基于卫星通信的互联网，卫星就是移动的"基站"。在没有地面通信基站的情 况下，利用卫星信号，也可以支撑电力巡检、应急保障、探险越野等任务。 据中信证券预测，我国卫星互联网产业有望迎来万亿元市场规模。 2016年，亚太星通在深圳成立，其参与设计监造的"深圳星"在2020年成功升空，成为世界上首颗为移动 载体通信定制的高通量卫星。目前"深圳星"入网端站总数已超过2.6万个。 今年一季度深圳无人机产业增长率达48% 来自中商产业研究院的《2025—2030年中国低空经济分析及发展趋势研究预测报告》显示，2023年 ...

Commercial Aerospace - Globalstar is expanding its second-generation direct-to-device (D2D) satellite constellation to provide network coverage for Apple devices, with Apple set to pay up to $1.1 billion to enhance iPhone's non-ground network connectivity [1] - The commercial aerospace sector is experiencing rapid development in reusable rockets and low-orbit satellite constellations, marking a dual turning point for China's commercial aerospace industry [1] - The low-orbit satellite launch acceleration is driving a comprehensive upgrade of the "satellite manufacturing-launch-application" chain, with low-orbit communication satellites being a significant future trend [1] Military Industry - The China Weaponry Equipment Group has received approval for a restructuring that will separate its automotive business into an independent central enterprise, which will not significantly impact the normal operations of related companies [2] - Analysts expect military industry orders to see a turning point by 2025, driven by new technologies and products aimed at enhancing equipment performance or reducing costs [2] - The restructuring is anticipated to lower the asset-liability ratio of the weaponry group to below 50%, enhancing financing cost advantages and increasing the expectation of asset securitization [2] Foldable Phones - Huawei's new tri-fold smartphone is expected to debut in the second half of the year, featuring an upgraded processor and imaging capabilities, while the first-generation model has seen strong sales [3] - The MateXT tri-fold phone, released in September 2024, achieved significant sales success, with all models selling out immediately and second-hand prices reaching up to 68,000 yuan [3] - The new tri-fold model is expected to generate renewed interest in the market, benefiting companies within the supply chain [3] Metformin - A study from the University of California, San Diego, found that women with type 2 diabetes taking metformin have a 30% higher chance of living to 90 years or older compared to those using sulfonylureas [4] - Metformin is being recognized for its potential anti-aging properties, with mechanisms including improved insulin sensitivity and cellular repair [4] Data Elements - The National Data Bureau announced the establishment of 10 national data element comprehensive pilot zones in various regions to support the development of data markets and enhance the integration of the digital and real economies [5] - The pilot zones aim to explore data value release paths and stimulate market growth, potentially creating an additional 100 trillion yuan in asset scale once data assets are recognized [5]

当前全球卫星通信市场竞争日趋激烈。除Globalstar外，SpaceX的星链、OneWeb等公司也在积极推进各 自的低轨道卫星网络计划。这些企业通过不同技术路径争夺市场份额，推动整个行业快速发展。 苹果与Globalstar的深度合作，体现了科技巨头对卫星通信技术的重视程度。随着5G技术与卫星通信的 融合发展，相关产业链公司有望迎来新的发展机遇。 6月5日，商业航天板块呈现强劲上涨态势。三维通信与腾达科技双双直线拉升至涨停，超捷股份、金明 精机涨幅均超过10%。西测测试、天银机电、飞沃科技、上海沪工等相关个股纷纷跟随上涨。 此轮商业航天概念股集体异动，主要受到海外卫星通信领域重大进展的刺激。美国联邦通信委员会太空 局近日正式批准了Globalstar公司扩大其第二代"直连设备"卫星星座的申请。该项目专门为苹果设备提供 网络覆盖服务，标志着卫星通信技术在消费电子领域的应用迎来新突破。 据悉，苹果公司此前已向Globalstar投入巨额资金。该公司斥资4亿美元收购了Globalstar20%的股权，并 承诺提供高达11亿美元的基础设施预付款。这笔总计15亿美元的投资将主要用于购买新卫星和升级地面 基础设施建设。 ...

Core Viewpoint - Abel Avellan aims to provide fast and reliable internet services via satellite networks to billions in developing countries, emphasizing that access to knowledge and information is a human right [1][2]. Company Overview - AST SpaceMobile, founded by Abel Avellan, is competing with SpaceX's Starlink and Jeff Bezos's Project Kuiper to enable direct smartphone connectivity to satellite internet [2][3]. - AST's satellite antennas are significantly larger than those of competitors, allowing for global coverage with only 90 satellites, compared to the thousands required by others [4][9]. Market Opportunity - The primary market opportunity for AST lies in serving over 2.6 billion people in developing countries who currently lack internet access, with a pricing model aimed at being more affordable than Starlink [8][12]. - AST's revenue projections suggest potential earnings of over $370 million by 2026 and exceeding $5 billion by 2030, with lower capital expenditures compared to Starlink [8]. Technical Challenges - Both AST and its competitors face challenges related to satellite communication physics, particularly maintaining line-of-sight for effective communication [9]. - AST's larger antennas facilitate broadband direct connections to mobile devices, which is a significant advantage over Starlink's original design focused on fixed terminals [10]. Competitive Landscape - AST has established partnerships with major telecom operators, allowing it to reach approximately 3 billion users without competing directly in the home satellite internet market [11][12]. - SpaceX views AST as a threat, having criticized it in regulatory filings and highlighting its stock performance, which has seen significant increases since its SPAC listing [14]. Financial Performance - AST's market valuation has surged, with a current market cap of around $8.7 billion, despite limited revenue generation [14]. - The company has attracted substantial investment, including $1.1 billion from major telecom firms and venture capital, positioning it for future growth [12][13].

Group 1 - The three major indices collectively retreated on May 20, with the General Aviation concept following suit, as the National General Aviation Industry Index (980076.SZ) experienced a drop of nearly 1% before recovering to a decline of 0.25% [1] - Among the index constituents, Shen Cheng Jiao and Digital Zheng Tong rose over 5%, while Hang Fa Control and Nan Wang Technology increased nearly 4% [1] - The General Aviation ETF (159230) fell nearly 1%, with a trading volume of 134 million yuan, making it the top performer in its category, and its latest circulation size is 267 million yuan [1] Group 2 - The General Aviation ETF closely tracks the National General Aviation Industry Index, focusing on the general aviation and low-altitude economy industry chain, with low-altitude economic content at 84.7%, defense and military content at 58.6%, and domestic large aircraft content at 47.4% [2] - Western Securities emphasizes the importance of monitoring domestic low and high orbit constellation progress, alongside breakthroughs in rocket technology and military communication as indirect catalysts [2] - The focus on low orbit includes the initial network completion of StarNet and Qianfan constellations, while high orbit attention is on the commercialized constellations of Tiantong and Beidou, with potential catalysts from new products or value-added services [2]

Group 1: European Technology Initiatives - The European Commission plans to establish a public-private partnership fund of at least €10 billion (approximately $11.3 billion) to help technology companies scale up, aiming to close the innovation gap with the US and China [4] - The strategy "Choose Europe: From Startups to Scaleups" was launched to address the challenges faced by startups in the EU, including regulatory fragmentation across 27 member states and difficulties in accessing financing, markets, talent, and infrastructure [4] Group 2: AI Developments - DeepSeek has released an open-source version of its R1 model, which reportedly performs comparably to OpenAI's latest o3 model [5] - Telegram has entered a one-year partnership with xAI to integrate Grok into its application, with Telegram receiving $300 million in cash and equity, plus 50% of subscription revenue from xAI [6] - Tencent has launched and open-sourced its voice digital human model, HunyuanVideo-Avatar, aimed at video creators [8] - Amazon Web Services and SAP have initiated a new AI joint innovation program to help partners build generative AI applications [9][10] - Salesforce plans to acquire Informatica for approximately $8 billion to enhance its competitive edge in the AI market [11] - AI infrastructure startup Chalk has completed a $50 million Series A funding round, achieving a valuation of $500 million [12] Group 3: Semiconductor Industry - The US is reportedly set to ban the export of semiconductor design software to China, affecting major companies that dominate the Electronic Design Automation (EDA) market [14][15] - The EU is exploring new paths for chip industry development, aiming to double its global semiconductor production share to at least 20% by 2030 [16][18] - TSMC plans to establish a chip design center in Munich, Germany, to support European customers in designing high-density, high-performance chips [40] Group 4: Energy and Mining - China Petroleum & Chemical Corporation (Sinopec) has established a hydrogen energy industry chain venture capital fund to promote innovation and development in the hydrogen sector [56] - Harmony Gold has agreed to acquire MAC Copper for $1.03 billion to expand its operations in Australia, focusing on a high-grade copper mine [57]

金十数据5月29日讯，2025年5月21日至28日，工业和信息化部无线电管理局与俄罗斯无线电主管部门在 莫斯科举行了第十六次卫星网络协调会谈。中俄双方在国际电信联盟《无线电规则》框架下，就160余 项议题开展了磋商，包括L、S、C、X、Ku、Ka、Q/V等频段，涵盖卫星通信、卫星广播、卫星气象、 卫星导航等业务，涉及双方多个静止轨道与非静止轨道卫星系统。双方达成了一系列共识，签署了会议 纪要，进一步推动了双方卫星系统的频率兼容共用。 （工信部） 相关链接 中俄主管部门间第十六次卫星网络协调会谈在俄罗斯莫斯科举行 ...