每经编辑｜程鹏 世界首富马斯克旗下的重要太空项目再次引发争议。 10月16日，综合红星新闻、智通财经报道，当地时间10月14日，美国国会一委员会表示，已经开始调查马斯克旗下的SpaceX公司"星链"是否向缅甸诈骗园 区提供互联网服务。 据报道，今年年初，中缅泰联合对缅甸妙瓦底电诈园区实施打击措施。在泰国切断了通往边境地区的互联网和电力连接后，星链卫星天线不久便出现在这 些诈骗中心的屋顶上。妙瓦底一带至少有8个电诈园区配备了"星链"，仅在"KK园区"的一栋建筑屋顶上就有80根"星链"卫星天线。 外界通过卫星图像和无人机视频发现，诈骗团伙使用星链卫星互联网服务，并在泰缅边境的妙瓦底市发现了有严密安保看守的新建筑。 ▲KK园区 亚太互联网络信息中心（APNIC）亚洲区域互联网注册中心的数据显示，星链在三个月内（7月到9月）一跃成为缅甸最大的互联网提供商。最新数据显 示，星链以12.37%的市场份额位居第二，仅次于缅甸国家电信公司的13.7%，但在今年2月之前，星链甚至没有在缅甸获得互联网接入许可。 美国国会联合经济委员会表示，该委员会已于7月开始调查星链与缅甸诈骗园区的关系。该委员会有权要求马斯克出庭作证。该委员会 ...

Investment Rating - The report maintains a positive outlook on the communication industry, emphasizing three main lines of investment: AI computing network differentiation, strengthening of the satellite industry, and optimization of the economic cycle [5][6]. Core Insights - The AI industry is evolving towards inference-driven models, with a diversified computing power solution landscape. The domestic supply chain for chips and modules is beginning to integrate, and the data center supply-demand inflection point has emerged [5][6]. - The satellite communication sector is experiencing significant catalysts, with a complete industry chain forming. Direct satellite connections are expected to drive growth in antennas, RF chips, and inter-satellite communication [5][6]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a potential return of the investment "pendulum" [5][6]. Summary by Sections AI Computing Network - The AI computing network is highlighted as a key investment line, with operators actively building computing power and expected stable growth. High dividend yields continue to attract investors [5][6]. - The network equipment sector benefits from AI demand, with capital expenditures from operators and CSPs providing structural boosts [5][6]. - The optical device and chip industry is seeing continuous performance releases, driven by both domestic and international demand [5][6]. Satellite Communication - The satellite internet industry is undergoing intense catalysis, with multiple segments expected to maintain high value and high barrier attributes. The focus is on regular launch progress and commercialization [5][6]. Economic Cycle Optimization - The report emphasizes the recovery of demand in various sectors, including high-precision positioning and connectors, with significant growth expected in industrial automation and IoT driven by AI and robotics [5][6]. - The IDC sector is experiencing a structural supply-demand reversal, with core demand remaining in short supply, indicating a sustained high economic cycle [5][6]. Company Performance Predictions - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [5][6]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures and improve return on equity through optimized revenue-cost dynamics [7][8]. Key Companies and Their Prospects - **China Mobile**: Focused on AI computing networks, with stable capital expenditure and improved ROE [7]. - **Zhongji Xuchuang**: Leading in optical modules, benefiting from AI computing demand [7]. - **NewEase**: Strong brand presence in optical communication, expected to benefit from AI computing network demand [7]. - **Tianfu Communication**: Anticipated to maintain high growth due to increasing demand for optical devices [7]. - **Zhongxing Communication**: Positioned well for growth through digital transformation and internal profit margin improvements [8]. This comprehensive analysis highlights the positive outlook for the communication industry, driven by advancements in AI, satellite technology, and cyclical recovery across various sectors.

Core Insights - The "Xingcuan" Plan's second satellite constellation has been officially launched, featuring the "Tianchen-10" satellite with a single satellite computing power exceeding 10P [1][5] - The deployment of the "Xingcuan" Plan has transitioned from initial technology validation to large-scale deployment, marking a significant step towards a global AI space infrastructure [3][14] Group 1: Space Computing Advantages - Space computing reduces reliance on ground systems, lowers information latency, and enhances global information acquisition and processing capabilities [6][12] - Satellites can process observational data directly in space, enabling immediate analysis and result transmission, which is crucial for disaster monitoring and environmental warnings [11][13] Group 2: Industry Trends and Collaborations - The development of space computing is included in national strategies like Digital China, with enterprises and research institutions seizing opportunities [14][16] - Companies like Starcloud and Lonestar Data Holdings are exploring the establishment of data centers in space, indicating a growing interest in space computing solutions [13][16] Group 3: Technical and Commercial Challenges - Despite the potential of space computing, challenges remain in technology breakthroughs and commercialization, with significant cost increases for deploying equivalent computing power in space compared to ground scenarios [16][17] - Current technology must be adapted for space conditions, including addressing reliability issues caused by cosmic rays and optimizing energy consumption and algorithms for space deployment [16][17]

Event Overview - The Satellite Application Conference is scheduled to take place from October 25 to 27, 2023, in Beijing, focusing on "Artificial Intelligence and Computing Power Empowering the Satellite Application Industry" [1] - Significant launches in the Chinese space industry are set for October, including the Long March 3B rocket carrying the Fengyun-4 03 satellite on October 26 and the Long March 2F rocket launching the Shenzhou-21 manned spacecraft on October 31 [1] Industry Trends - China's space launch frequency has significantly increased in 2023, with 10 missions executed in September alone, including various military and meteorological satellites [4] - The satellite internet sector has been included in the new infrastructure category since 2020, with supportive policies being implemented [4] - The government aims to develop a "commercial space" growth engine, with plans to enhance satellite communication management by 2030, targeting over 10 million satellite communication users [4] Satellite Constellation Projects - China has applied for over 50,000 low-orbit satellites, with major projects including the China Star Network's "GW Constellation" (13,000 satellites), Shanghai Yuanxin's "Qianfan Constellation" (15,000 satellites), and Blue Arrow Aerospace's "Honghu Constellation" (10,000 satellites) [4] - It is estimated that at least 28,000 satellite launches will need to be completed by 2035, with only 0.6% of this target achieved so far [4] Launch Forecast - The forecasted satellite launch volumes from 2025 to 2034 indicate a gradual increase, with 1,392 launches expected in 2025 and reaching 3,340 launches by 2034 [7] Key Companies in the Satellite Industry - Major companies in the satellite industry include: - China Satellite (600118): Leading domestic satellite manufacturer with strong technical barriers [10] - Shanghai Huguang (603131): Early commercial satellite assembler capable of assembling multiple satellites simultaneously [10] - China Satcom (601698): Leading satellite communication operator with extensive frequency resources [12] - China Telecom (601728) and China Mobile (600941): Early holders of satellite mobile communication licenses [12] - The industry is seeing significant interest from companies involved in satellite internet, with a focus on low-cost solutions for countries along the Belt and Road Initiative [9]

Group 1 - China's successful launch of the experimental satellite No. 31 on October 13, 2023, marks a significant advancement in satellite internet construction, with the satellite primarily aimed at validating new optical imaging technology [2] - The satellite internet industry is experiencing accelerated support policies and licensing issuance, with projections indicating that by 2030, the market size for satellite internet manufacturing in China could reach between 25 billion to 46 billion yuan, ground equipment market size could reach 26.7 billion yuan, and service market size could reach 22.7 billion yuan [2] Group 2 - The 30th International Atomic Energy Agency Fusion Energy Conference is being held in Chengdu from October 13 to 18, 2025, covering various topics including magnetic confinement, inertial confinement, and fusion technology [3] - Significant progress has been made by the China National Nuclear Corporation in key technologies for fusion energy extraction, establishing a research platform for liquid metal and helium gas working fluids, which is now fully operational [3] - The establishment of a comprehensive research system for liquid metal and helium cooling technology at an internationally leading level lays a crucial experimental foundation for the engineering application of future fusion reactors, with a positive long-term outlook for the nuclear fusion sector driven by ongoing construction investments and large-scale orders for key components [3]

Core Viewpoint - The company has identified leading low Earth orbit (LEO) satellite internet enterprises and is actively investing in related projects to enhance collaboration with these key players [1]. Group 1: Company Information - The company confirmed its investment in Blue Arrow Hongqing, one of the leading LEO satellite internet enterprises [1]. - The company is involved in ongoing projects with three major satellite constellations, which include State Grid (GW) with 12,992 satellites, Qianfan with 12,000 satellites, and Honghu with 10,000 satellites [1]. Group 2: Industry Context - The leading LEO satellite internet enterprises are characterized by their significant satellite constellations, which are crucial for establishing robust satellite internet networks [1]. - The company aims to deepen collaboration with these leading satellite constellations, indicating a strategic focus on partnerships within the satellite internet industry [1].

会上，"星算"计划02组星座正式发布，单星算力突破10P的全新一代计算卫星"天秤-10"同步亮相， 多项产业合作项目现场签约。 据了解，"星算"计划由成都国星宇航科技股份有限公司牵头发起，将与合作伙伴共同构建由2800颗 算力卫星组网的人工智能太空基础设施。今年5月，"星算"计划首发星座成功发射，成为全球首个太空 计算星座。本次"星算"计划02组星座的发布，意味着该计划实现了从技术验证到规模化部署的转变，覆 盖全球的人工智能太空基础设施正在加速成型。在"星算"计划首发星座已实现全球领先太空算力的基础 上，02组星座的算力再度实现指数级跃升，泰安企业也将参与其中。 近年来，泰安超前布局卫星互联网产业，将商业航天作为高质量发展的新引擎，重点布局卫星互联 网、火箭制造、数据应用三大领域，全力打造"泰山卫星互联网之城"。（记者 刘涛） 10月13日，泰安市卫星互联网产业发展暨"星算"计划02组星座合作大会举行，来自全国各地的卫星 互联网企业代表与行业专家齐聚泰安，共绘卫星产业发展新蓝图。 ...

Important Market News - Bitcoin has surged above $115,000, increasing by 4.25% in the last 24 hours, while Ethereum has risen over 11% to $4,147.5 [1] - The State Administration for Market Regulation has initiated an antitrust investigation into Qualcomm for its acquisition of Autotalks without prior notification or communication, which is a violation of the Anti-Monopoly Law [1] Industry Insights - The Ministry of Industry and Information Technology (MIIT) has issued a notice to promote service-oriented manufacturing innovation from 2025 to 2028, focusing on the integration of 5G and industrial internet, enhancing computing power infrastructure, and applying AI technologies in various sectors [2] - The MIIT is seeking public opinion on a draft notice for commercial trials of satellite IoT services, aiming to enrich the satellite communication market and support the development of new industries like commercial aerospace and low-altitude economy [2] - The commercial aerospace sector in China is experiencing rapid growth, with the market size projected to increase from 9.2 billion yuan in 2020 to 310 billion yuan by 2024, reflecting a compound annual growth rate exceeding 100% [4] - Neuralink has demonstrated a brain-computer interface enabling a patient with ALS to control a robotic arm, showcasing advancements in medical applications of brain-machine interfaces [3][5] - The global market for brain-computer interface medical applications is expected to reach $40 billion by 2030 and $145 billion by 2040, indicating significant growth potential in various sectors [5] Company Updates - EasyRebio announced plans for its major shareholders to reduce their holdings by up to 12.15 million shares, representing 3% of the total share capital [6] - Shanghai Hejing's major shareholder intends to reduce its stake by up to 6.65 million shares, or 1% of the total share capital [6] - Zhongrong Electric's actual controller's associates plan to reduce their holdings by up to 979,600 shares, accounting for approximately 1% of the total share capital [6] - Wentai Technology reported that its subsidiary has been restricted by a court ruling from making any adjustments to its global operations for one year, although the economic rights of the company remain unaffected [6]

Core Viewpoint - The Fengtai District of Beijing is actively promoting international trade digitalization and collaboration through initiatives like the "Xianfeng Laboratory" and the "Fengtai Global Open Map," aiming to enhance the regional supply chain ecosystem and attract global enterprises [1][2]. Group 1: Digital Trade Initiatives - The "Xianfeng Laboratory" aims to facilitate cross-border trade digitalization and standardization, having completed pilot projects for digital trade between China, Singapore, and the Middle East [2]. - The "Fengtai Global Open Map" highlights 15 overseas enterprises, showcasing Fengtai's international outreach across over 30 countries along the Belt and Road Initiative [2]. - The "Fengtai Smart Supply Chain Industry Brain" and related projects provide a comprehensive solution for the digitalization of industries, featuring specialized office spaces and a professional service system [2]. Group 2: Ecosystem Development - Fengtai is enhancing its business environment by establishing a one-stop service window for foreign trade enterprises and implementing policies to improve the overall business climate [3]. - The district is leveraging resources like the Beijing Fengtai Legal District and International Talent Port to strengthen services related to intellectual property, legal support, and talent cultivation [3]. - Fengtai is focusing on developing its financial and technological sectors while fostering new productive forces through specialized industrial parks [3].

Core Viewpoint - The launch of the "Nine Thousand Miles Plan 2.0" by China Information and Communication Technology Group aims to promote the large-scale application of satellite internet in China through collaboration with various partners in the industry [1] Industry Summary - The domestic satellite internet industry is currently in its early development stage, with significant market potential [1] - The plan emphasizes the integration of satellite internet with terrestrial 5G/6G networks, exploring a multi-network collaborative communication model [1] Company Summary - China Satcom has established a complete self-controlled capability and a comprehensive product lineup covering satellite base stations, phased array antennas, ground gateways, dedicated terminals, core networks, network management systems, and testing instruments [1] - The company is a subsidiary of China Information and Communication Technology Group and serves as the main entity for the mobile communication industry and the leading enterprise for 5G commercialization in China [1]