人民财讯1月21日电，雷电微力（301050）1月21日在互动平台表示，公司主营产品T/R组件、阵列天线 能通过高精度相位幅度控制和自适应波束成形技术，为卫星通信提供可靠的抗干扰保障。公司自主研发 的星间链路毫米波微系统已成功配套于北斗导航卫星，依托在北斗项目中沉淀的宇航级工程化能力，公 司将积极拓展卫星通信业务。 ...

外国一小哥把马斯克的星链给切开了，发现里面没啥东西，里面有一块电路板，和一个类似发动机的东 西，感觉没啥技术含量，不过外形看上去像一台苹果电脑，做工非常先进，感觉星链在国内很多公司都 可以做出来，不知道是不是这样？ 外网最近有一段视频热度极高：一位外国博主操起工具，把马斯克家的星链终端给大卸八块了。随着镜 头推进，掀开那层白色的塑料外壳后，映入眼帘的竟然只有一块孤零零的电路板，再搭配个类似散热风 扇的部件，这卖相确实跟"高大上"三个字毫不沾边。 评论区瞬间就炸开了锅："就这？国内随便一家通信公司都能做出来吧？"但核心问题恰恰在这里：倘若 这玩意儿真的如此简单，为何放眼全球，唯独马斯克把星链这事儿给干成了？ 拆开容易，但你看懂了吗？ 视频里那位小哥拆得兴致勃勃，一边展示内部构造一边惊叹"做工像苹果"，但他没点破的是，这块看起 来平平无奇的电路板，背后实则隐藏着一整套庞大的卫星通信工业体系。 星链的护城河从来不在于"终端有多复杂"，而在于天上那6000多颗卫星究竟是如何组网的、如何实现低 延迟的全球覆盖、如何让一个巴掌大小的地面设备精准捕获太空信号。 这就好比你把一部iPhone拆得七零八落，映入眼帘的无非也就是 ...

Core Viewpoint - The company, Haige Communication, is actively involved in the satellite communication sector, positioning itself as a leading supplier in the ground terminal market and has established a comprehensive layout across the entire industry chain, including chips, terminals, gateway stations, and system operations [1] Group 1: Industry Involvement - The company is deeply engaged in the Tiantong satellite communication system and the new generation satellite communication system, which are significant projects under the national satellite internet initiative [1] - The company has become a mainstream supplier and advantageous enterprise in the special institution market for ground terminals [1] Group 2: Technological Advancements - The company has increased its investment in chip research and development, successfully developing RF and baseband chips that have passed user verification, making it a key supplier of critical chips for satellite internet [1] - The Tiantong chip has been applied to numerous mainstream mobile phone manufacturers, and the company is actively expanding into the "automobile direct connection" market through partnerships with well-known domestic automotive manufacturers [1] Group 3: Product Development and Testing - The company has won bids for user productized narrowband data terminals and narrowband handheld terminals, with several communication and navigation enhancement terminals having passed in-orbit testing verification, and some terminals have been delivered for user trials [1] - The company has completed the construction of a certain gateway station and the deployment and trial operation of an air interface automation testing system, which will strongly support the data landing and system operation management of low-orbit satellites [1] Group 4: Market Expansion - The company is actively exploring new fields in the space segment, leveraging its existing technology and market advantages to expand into the satellite communication payload sector, aiming to open up new markets and profit growth points [1]

Group 1 - A new company, Sichuan Tianfu Low-altitude Economic Industry Investment Development Co., Ltd., has been established with a registered capital of 100 million yuan [1] - The company's business scope includes asset management services, aviation operation support services, satellite communication services, and intelligent unmanned aerial vehicle manufacturing [1] - The company is wholly owned by Chengdu Tianfu New Area Investment Group Co., Ltd. [1]

Group 1 - China Satellite Communications Co., Ltd. experienced a 5% drop in stock price, trading at 37.80 yuan per share, with a transaction volume of 1.741 billion yuan and a turnover rate of 1.06%, resulting in a total market capitalization of 159.682 billion yuan [1] - The company, established on November 27, 2001, and listed on June 28, 2019, is based in Haidian District, Beijing, and primarily engages in satellite space segment operations and related application services, with 100% of its main business revenue derived from broadcasting and satellite transmission services [1] Group 2 - Among the top ten circulating shareholders of China Satellite Communications, Guotai Fund's Guotai Zhongzheng Military Industry ETF (512660) reduced its holdings by 1.6061 million shares in the third quarter, now holding 8.2064 million shares, which accounts for 0.19% of the circulating shares, resulting in an estimated floating loss of approximately 16.3307 million yuan [2] - The Guotai Zhongzheng Military Industry ETF (512660), established on July 26, 2016, has a latest scale of 14.109 billion yuan, with a year-to-date return of 11.1% ranking 879 out of 5542 in its category, and a one-year return of 53.49% ranking 1110 out of 4235 [2] - The fund manager, Ai Xiaojun, has a tenure of 12 years and 11 days, managing total fund assets of 169.029 billion yuan, with the best fund return during his tenure being 297.83% and the worst being -46.54% [2]

Group 1 - A new company, Sichuan Tianfu Low-altitude Economic Industry Investment Development Co., Ltd., has been established with a registered capital of 100 million RMB [1] - The legal representative of the company is Zhao Yutong, and it is wholly owned by Chengdu Tianfu New Area Investment Group Co., Ltd. [1] - The company's business scope includes asset management services, aviation operation support services, aviation business services, AI industry application system integration services, information consulting services, satellite communication services, and intelligent unmanned aerial vehicle manufacturing [1]

Core Viewpoint - The acquisition of control over Xingxin Aerospace by Hualing Cable has been terminated due to a lack of agreement on specific terms between the parties involved, and this decision will not adversely affect the company's operations or financial status [4][6]. Group 1: Acquisition Details - Hualing Cable announced its intention to acquire control of Xingxin Aerospace, a high-tech enterprise established in 2003, which specializes in high-temperature resistant materials and has provided products for various Chinese space missions [5]. - The termination of the acquisition agreement was mutually agreed upon by both parties and does not require board approval [4][6]. Group 2: Financial Performance - Xingxin Aerospace reported revenues of 56.42 million yuan, 51.37 million yuan, and 68.15 million yuan for the years 2022, 2023, and 2024, respectively, with net profits of 23.63 million yuan, 22.46 million yuan, and 26.49 million yuan during the same periods [7]. - Hualing Cable's main business involves the research, production, and sales of electric wires and cables, with special cables accounting for over half of its revenue and power cables nearly 40% [7]. Group 3: Market Performance - Hualing Cable is recognized as a "star stock" in the commercial aerospace sector, with its stock price increasing by 178% from November 27, 2025, to January 12, 2026, although it has recently adjusted from its peak [7]. - As of January 19, 2026, Hualing Cable's stock price was 26.79 yuan per share, with a market capitalization of 17.101 billion yuan [7].

Core Viewpoint - The company is focusing on a dual-driven strategy of "wired and wireless communication + satellite communication" to align with the national "14th Five-Year" commercial aerospace strategy, aiming to enhance its business layout through multi-orbit satellite communication terminals and multi-scenario services [2] Group 1: Business Strategy - The company is deepening cooperation with international satellite operators like Eutelsat and iterating on DVB-NIP technology terminals while expanding into South America, Europe, and Africa [2] - The company is advancing the mass production upgrade of terminals for specific scenarios such as vehicle-mounted and ship-mounted applications, while simultaneously developing low-orbit terminals to complete its product matrix [2] - The company aims to gradually transform into a comprehensive service provider of "equipment + services" [2] Group 2: Financial Outlook - In the short term, the company will promote order volume growth and optimize its revenue structure [2] - In the medium to long term, the company is committed to making satellite communication its core growth engine, aligning with the trend of large-scale development in commercial aerospace [2]

Core Viewpoint - Shengyang Technology (603703) is actively engaged in satellite communication-related businesses in China, focusing on terminal devices and supporting solutions for satellite applications, without involvement in satellite manufacturing or launching [1] Group 1: Company Overview - The company has established a presence in the domestic satellite communication sector [1] - Its product offerings include high-orbit high-throughput satellite communication terminals, Beidou vehicle-mounted terminals, 5G satellite television terminals, and low-orbit terminals [1] Group 2: Business Focus - The current focus is on the research and development of terminal devices and related solutions for satellite applications [1] - The company does not participate in the manufacturing or launching of satellites [1]

Summary of Key Points from the Conference Call Industry Overview - The conference focuses on the satellite laser communication industry, highlighting the development of "Tianshu Tiansuan" and "Dishu Tiansuan" to address the bottleneck in satellite data transmission, driven by increasing data demands [1][2]. Core Insights and Arguments - Laser communication is gaining importance due to its high bandwidth (100THz) and speed (400Gbps), especially as satellite constellations expand. Compared to microwave communication, laser communication offers stronger directionality and interference resistance [1][4]. - Starlink has achieved laser communication speeds of 100-200Gbps with daily link times of 1-10 hours, with over 9,000 terminals in orbit. China's experimental satellite, 0,102, has validated speeds of 400Gbps [1][6]. - The market for laser communication terminals is substantial, with a projected demand of 78 billion RMB during the national grid construction phase and a market space of 1.2 trillion RMB by the end of 2025 [1][9]. Key Developments in the Industry - The domestic aerospace industry, particularly the Fifth Academy of Aerospace Science and Technology, has made significant advancements in laser communication, establishing China's first internationally advanced laser inter-satellite link [3][11]. - Companies like Haige Communication have developed a comprehensive supply chain in low Earth orbit satellite internet, including chips, modules, and terminals, demonstrating the capability to produce satellite broadband laser communication terminals [3][16]. - The development history of laser communication includes milestones from Japan's first successful satellite-ground laser communication in 1995 to China's rapid advancements in recent years [5]. Market Dynamics - The laser communication terminal market is expected to grow significantly, with companies like York Space Systems and Lockheed Martin purchasing terminals at approximately 3.5 million RMB each. The cost-effective production of terminals is crucial for low Earth orbit constellations [9]. - The wireless communication business experienced a revenue decline from 2.5 billion RMB in 2021 to 1.582 billion RMB in 2024, but there are expectations for recovery driven by satellite internet demand [17]. Notable Companies and Their Contributions - Companies with laser communication terminal production capabilities include the Fifth Academy of Aerospace Science and Technology, Aerospace Technology Institute, and private firms like Nanjing Guangyu and Haige Communication [10][12]. - Nanjing Guangyu has achieved significant product upgrades, reducing weight and increasing speed, with a production capacity of over 1,000 units annually [12]. - Chang Zheng Rocket Technology Co., a subsidiary of Aerospace Electronics, has seen rapid revenue growth despite a projected decline in 2024 due to industry factors [13]. Emerging Technologies and Future Prospects - The conference highlighted the importance of high-quality optical systems and advanced mechanical structures in laser communication terminals, which are essential for meeting the demands of space applications [8]. - Companies like Longxin Technology and Jiuzhi Sheep are developing critical components for satellite communication, contributing to the overall advancement of the industry [20][23]. Conclusion - The satellite laser communication industry is poised for significant growth, driven by technological advancements and increasing demand for data transmission capabilities in space. The collaboration between state-owned enterprises and private companies is crucial for the development and production of laser communication technologies.