Group 1 - A Chinese research team has developed a breakthrough solution for high-speed data transmission using adaptive optics and multi-mode diversity reception, achieving speeds of 1Gbps, five times faster than existing satellite systems like Starlink [1][3] - The new method effectively mitigates the effects of atmospheric turbulence, which previously caused significant signal degradation, by utilizing a combination of adaptive optics and multi-mode reflection [1][2] - The probability of usable signals has increased from 72% to 91.1%, indicating a substantial improvement in data transmission reliability, which is critical for high-value data [3] Group 2 - The research was conducted by a collaboration between Beijing University of Posts and Telecommunications and the Chinese Academy of Sciences, showcasing China's leadership in space laser communication technology [1][3] - In 2020, China set a world record for laser downlink transmission at 10Gbps with the Shijian-20 satellite, highlighting the country's advancements in this field [3]

这几天，SpaceX 的一则发文，让全球通信行业的目光再次聚焦。星链的手机直连卫星组网成功，意味着 SpaceX 即将开启全球手机直连卫星互联网服务的 大门。这一消息虽未引发铺天盖地的报道，却如一颗投入平静湖面的巨石，激起层层涟漪，给传统通信行业，尤其是 5G，带来了前所未有的挑战，堪称 一场降维打击。 让我们把目光拉回到日常使用的手机网络，目前其信号高度依赖基站。在城市等人口密集区域，基站星罗棋布，我们能轻松享受流畅的网络体验。但一旦 踏入偏远山区、广袤的海洋，或是行驶在没有基站覆盖路段的高铁上，手机信号便会变得微弱甚至完全消失。无论是 4G 还是 5G，这种传统的地面基站 依赖型技术路线，存在着两个难以逾越的硬伤：成本高昂与覆盖受限。在偏远地区建设基站，由于用户数量稀少，投入产出严重失衡，运营商往往要承担 巨额亏损。而在海上、天上等特殊场景，受地理条件和技术限制，基站根本无法落地建设，导致这些区域成为网络覆盖的 "真空地带"。据国际电信联盟 （ITU）2024 年发布的报告显示，全球仍有 32% 的人口，约 26 亿人，被排除在互联网世界之外，无法享受到网络带来的便捷。 车路云网络：驶向智能出行的 "高速 ...

国检中心（上海）芯片试验室里，工作人员正在进行芯片 检测。 本报记者 孔德晨摄 上海计测院导航实验室里，工作人员正进行卫星导航检验 检测。 上海计测院供图 扫码观看视频 芯片可靠，那如何测试这辆车"聪不聪明"？ 在隔壁宛如科幻片场的自动驾驶仿真实验室可以找到答案。四台模型机柜环绕着驾驶模拟舱，屏幕上虚 拟交通场景飞速切换——暴雨夜行人突然横穿、卡车违规变道、隧道信号丢失……"这是'数字考官'设 计的难题。"智能驾驶实验室负责人王观指向屏幕角落的代码，"1万多个危险场景，毫秒间考验车辆 的'智商'。"他现场演示L3级测试：当模拟车辆以80公里时速冲向障碍物时，系统突然接管方向盘急转 避让。王观介绍，目前L3功能仍在闯关。 据了解，目前中心在全国拥有多个智能网联测试场地，覆盖高速、城区、雨天、夜间、灯光隧道等不同 路况场景，不断提高模拟场景的真实度，满足从L0级安全辅助到L4级自动驾驶功能的测试验证，甚至 开始支持低空飞行场景。 测试卫星导航准不准 一辆智能网联汽车进入市场，需要闯多少道质量关卡？应用于车载、海事等领域的卫星导航准不准，如 何测量？近日，记者走进两家国家质检中心，探秘检验检测背后的故事。 目前，中 ...

Core Insights - Xiamen Kota Electronics Co., Ltd. has recently completed a Series A financing round led by Xiamen Torch Group Venture Capital Co., Ltd. This funding will accelerate the core technology research and development in the satellite communication high-frequency chip sector, product iteration, and market expansion, further consolidating its competitive advantage in the satellite communication high-frequency field [1] Company Overview - Founded in May 2014, Xiamen Kota Electronics is a high-tech enterprise focused on IC design and development. Its products are widely used in satellite communication, satellite television, satellite navigation, satellite internet, and remote sensing/sensing fields. The company has a strong R&D team composed of experienced members from renowned IC companies in Japan and China, showcasing robust independent R&D capabilities. Kota operates on a fabless model, emphasizing innovation, precision, collaboration, and win-win strategies to develop high-quality, competitive microwave RF analog integrated chips [2] Financing Purpose - The financing will primarily be used to accelerate the core technology R&D in the satellite communication high-frequency chip sector, promote product iteration and upgrades, and further expand the market. The company will continue to focus on the satellite application market, developing more high-performance integrated chips with independent intellectual property rights to meet the growing market demand for satellite communication technology [3] Investment Rationale - The investment team from Xiamen Torch Group Venture Capital highlighted that the satellite communication industry is currently in a rapid development phase, driven by policy benefits and the construction of satellite internet, indicating significant market potential. Kota Electronics has established a notable first-mover advantage due to its deep technical foundation and professional R&D team. Breakthroughs in phased array technology for low Earth orbit satellite communication have laid a solid foundation for the company's future development, which was a key reason for the investment [4] Investment Perspective - Satellite communication, as a national strategic emerging industry, has received strong support from national policies in recent years, with various encouraging measures promoting the R&D and application of satellite communication technology. Kota Electronics, as a leader in this field, represents a milestone in corporate development and injects new vitality into the entire industry. From the perspective of venture capital institutions, investing in Kota Electronics reflects a high recognition of technological innovation and market potential in the satellite communication sector. It also demonstrates a positive response to national policies and support for outstanding entrepreneurial teams. The company's continuous innovation spirit and leading position in the satellite communication sector are commendable [5]

金融界2025年6月17日消息，国家知识产权局信息显示，北京微纳星空科技股份有限公司、北京国宇星 空科技有限公司、安徽微纳星空科技有限公司、海南微纳星空科技有限公司、陕西国宇星空科技有限公 司取得一项名为"一种卫星加电时间统计方法、系统、存储介质和电子设备"的专利，授权公告号 CN114817358B，申请日期为2022年03月。 天眼查资料显示，北京微纳星空科技股份有限公司，成立于2017年，位于北京市，是一家以从事铁路、 船舶、航空航天和其他运输设备制造业为主的企业。企业注册资本6256.25万人民币。通过天眼查大数 据分析，北京微纳星空科技股份有限公司共对外投资了10家企业，参与招投标项目58次，财产线索方面 有商标信息18条，专利信息329条，此外企业还拥有行政许可5个。 北京国宇星空科技有限公司，成立于2015年，位于北京市，是一家以从事科技推广和应用服务业为主的 企业。企业注册资本2000万人民币。通过天眼查大数据分析，北京国宇星空科技有限公司参与招投标项 目4次，专利信息184条，此外企业还拥有行政许可3个。 安徽微纳星空科技有限公司，成立于2018年，位于合肥市，是一家以从事电信、广播电视和卫 ...

实测验证：从车路云，到车路"星"云 很难想象，在网络通信已经非常便捷的今天，全球仍有约26亿人无法接入互联网，占全球总人口的32%。 这一数据出自国际电信联盟（ITU）2024年发布的报告，联盟秘书长多琳·波格丹-马丁指出，目前，地面网络只覆盖了全球约10%的面积。 以上提及的网络，主要指传统公众移动通信网络，也即我们日常使用的手机网络。 回到面向汽车的车联网，车辆需要实时获取周围环境信息，与云端、其他车辆以及道路基础设施进行高速、稳定的数据交互。 同时，在任何情况下都不能出现信号中断或数据丢失，车联网必须达到规模商用目的，确保汽车实现"永不失联"的安全出行。 现有的移动通信网络，在城市等人口密集区域实现了较为广泛的覆盖，但在偏远地区、海洋、沙漠等特殊环境下，其覆盖能力却十分有限，撑不起车联网 的未来。 面向智能汽车等新型移动智能体，亟需探索一套全新的网络解决方案，用更低成本提高覆盖能力。 而科技发展的历史经验证明，颠覆性的应用突破往往来自跨界，当某一领域的发展出现瓶颈，技术迁移比技术本身更重要。 业界共识认为，需突破从前手机网络形成的路径依赖，并已在实践摸索中明晰方向：向"天"突围，借助卫星通信的力量来构建 ...

Company Overview - Beijing Huameitai Technology Co., Ltd. has completed nearly 100 million yuan in Pre-A round financing, led by Xingxiang Capital, with funds allocated for the construction of a liquid crystal phased array antenna module factory, personnel expansion, and market development [2] - Founded in 2016, Huameitai focuses on low-cost, low-power, and miniaturized liquid crystal phased array antenna research and manufacturing, recognized as a "specialized and innovative" enterprise in Beijing [2][5] - The founder and CEO, Xiu Wei, has extensive experience in the satellite industry, including 28 years in overall product development and engineering projects [2] Technology and Product Development - Liquid crystal phased array technology is seen as an ideal alternative, utilizing liquid crystal phase-shifting units to control electromagnetic wave phases without traditional T/R components, resulting in a 90% reduction in manufacturing costs compared to traditional methods [5][6] - Huameitai's products reportedly achieve 30% to 40% higher efficiency than competitors like KYMETA, with a size and weight reduction of 30% to 40% while maintaining lower costs [6] - The company has developed a complete technology chain from research and development to mass production of liquid crystal phased array antennas, becoming the only domestic company with full-process verification experience [6][12] Market Position and Commercialization - Huameitai's commercial strategy prioritizes high-orbit satellites before low-orbit, and domestic markets before international ones, with nearly half of its orders coming from high-orbit satellite clients in sectors like electricity and meteorology [7] - The company is also engaging with low-orbit satellite clients, anticipating increased order volumes as low-orbit satellite numbers grow [7] - The new module factory is expected to increase production capacity from 500 units to approximately 5,000 units annually, with full automation planned for the second half of the year [7] Consumer Applications - Huameitai is expanding into consumer markets, providing technology for outdoor brands and automotive applications, with a current annual production capacity of around 20,000 units for consumer-grade antennas [9] - The company has supported the launch of the world's first satellite-connected outdoor apparel and is exploring transparent phased array antennas for automotive use [9] Investment and Future Outlook - Since its first external funding in 2019, Huameitai has completed three rounds of financing and is preparing for a new round later this year [11] - Investors highlight Huameitai's innovative technology and its potential to significantly reduce satellite communication infrastructure costs, which is crucial for the commercialization of satellite communications [12][13] - The company is positioned to leverage the accelerating integration of satellite internet and ground-based applications, aiming to become a leading player in the satellite internet and IoT sectors [13]

Core Viewpoint - The recent issue of SpaceX's Starlink satellites experiencing significant falls has raised concerns about operational reliability and financial implications for the company [1][3]. Group 1: Satellite Failures - Since January, over 120 Starlink satellites have reportedly fallen, averaging about four per day, creating visible fireballs in the sky [1]. - The cost of manufacturing these satellites ranges from $300,000 to $500,000 each, leading to substantial financial losses for SpaceX given the number of satellites involved [3]. - The reasons for the satellite failures include both intentional deorbiting after mission completion and potential loss of control due to external factors [3][5]. Group 2: External Influences - The current peak of the 25th solar activity cycle is affecting satellite operations, with solar storms causing rapid deceleration and orbital deviations, leading to uncontrolled falls [5]. - Similar incidents occurred in 2022, where 40 Starlink satellites fell due to solar storm impacts, indicating a recurring issue [6]. Group 3: Mitigation Strategies - SpaceX's proactive approach to deorbiting aging satellites is commendable as it helps reduce space debris, which has been increasing in recent years [8]. - The company must ensure that deorbiting occurs in safe locations to prevent potential hazards from falling debris, especially in populated or sensitive areas [8]. Group 4: Future Considerations - SpaceX needs to conduct a comprehensive evaluation and improvement of the Starlink program, focusing on enhancing satellite resilience against natural disturbances [10]. - There is a broader need for all countries involved in satellite operations to address interference and collision risks to ensure the sustainable development of space as a shared domain [10].

[Table_Main] 证券研究报告 | 行业周报 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 市场表现 -17% -9% 0% 9% 17% 26% 34% 43% 2024-06 2024-10 2025-02 通信 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《中国电信（601728.SH）：高股息 带来稳健收益，数据入表+前沿布局 打开成长空间》，2025.6.12 2.《美国推出稳定币，中国数字货币 已应用推广》，2025.6.9 3.《算力卫星与金穹系统，低轨卫星 基础设施加速落地》，2025.6.3 4.《美国对昇腾禁用遭反制，生态竞 赛掀开帷幕》，2025.5.26 5.《美国 BIS 加强 AI 芯片出口管制， 算力供需将向国内回归》，2025.5.19 通信 2025 年 06 月 16 日 通信 优于大市（维持） 证券分析师 李宏涛 星链卫星坠落，低轨卫星新型基础设 施价值凸显 [Table_Summary] 投资要点： 1. 投资策略 请务必阅读正文之后的信息披露和法律声明 1.1 卫星领域"东升西落"，我国有望实现后发先 ...

国家统计局6月16日发布数据显示，5月份，各地区各部门加紧实施更加积极有为的宏观政策，国民经济 顶住压力平稳运行，生产需求稳定增长，就业形势总体稳定，新动能成长壮大，高质量发展向优向新。 其中， 工业生产平稳增长，服务业增长加快，市场销售明显回升，固定资产投资继续扩大。 要点概览： 5月份全国规模以上工业增加值同比增长5.8% 5月份全国服务业生产指数同比增长6.2% 5月份社会消费品零售总额41326亿元，同比增长6.4% 工业生产平稳增长，装备制造业和高技术制造业增长较快。 5月份，全国规模以上工业增加值同比增长 5.8%，环比增长0.61%。1—5月份，全国规模以上工业增加值同比增长6.3%。5月份，制造业采购经理 指数为49.5%，比上月上升0.5个百分点；企业生产经营活动预期指数为52.5%，上升0.4个百分点。1—4 月份，全国规模以上工业企业实现利润总额21170亿元，同比增长1.4%。 服务业增长加快，现代服务业增势良好。 5月份，全国服务业生产指数同比增长6.2%，比上月加快0.2 个百分点。1-5月份，全国服务业生产指数同比增长5.9%。1—4月份，规模以上服务业企业营业收入同 比增长7. ...