6 证券研究报告 点评报告 2025 年 8 月 26 日 晨会纪要 核[心Ta观bl点e_：Summary] 一、产业综合组： 8 月 25 日有媒体报道，工信部近期将向三家基础电信运营商正式颁发卫星互联网 牌照，进一步推动电信运营商扩大新兴业务范畴。截止目前，中国星网共完成 9 组共 72 颗组网星发射，其中 7 月 27 至今共发射 5 组 38 颗组网星，组网进程明 显加速。我们认为如果真的发放卫星互联网运营牌照，后续互联卫星的发射和地 面配套设施建设将会较快，在当前 A 股日成交量已经超过 3 万亿的市场热度下， 大概率会带来卫星制造、地面设备和运营方面相关上市公司的投资机会。 8 月 25 日上海正式发文调整楼市限购政策，一是解除外环的购房限制，提升单身 个人的购房套数至与家庭一致，二是将首套和二套房的贷款利率拉平，三是免征 首套和符合条件房产的房产税，四是公积金贷款提取的进一步放松和提高额度。 我们认为一二套房贷款利率的拉平若能在主要限购城市放开，将有助于进一步降 低改善住房的成本。同时在地产仍未明确止住下行趋势的情况下，上海放松限购 也有利于全国地产信心的回升。同时在当前 A 股市场可能高低估 ...

我们不是资讯的搬运工 而是有态度的发现者 万和财富早班车 2025年8月26日 2. 中国人民银行等三部门联合印发《关于金融支持林业高质量 发展的通知》 3. 中共中央办公厅,国务院办公厅发布关于推进绿色低碳转型 加强全国碳市场建设的意见 二、行业最新动态 1 部分企业的人形机器人核心零部件已有小规模量产,相关个 股： 禾川科技(688320)、绿的谐波(688017)等 2. "反内卷"持续推进,光伏组件厂商现业绩改善信号,相关个股: 爱旭股份(600732)、弘元绿能(603185)等 3. 我国卫星互联网牌照发放倒计时,卫星互联网商业运营迈出 第一步，相关个股： 华力创通(300045)、中国卫星(600118)等 ● 国内金融市场 ● 股指期货 · | 品种 | 收盘 | 涨跌幅 | 品种 | 收盘 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 上证指数 | 3883.56 | 1.51% | 上证当月连续 | 2992.0 | 2.14% | | 深证成指 | 12441.07 | 2.26% | 沪深当月连续 | 4474.6 | 2.29% | ...

沪深京三市成交额高达31770亿元，创历史第二高纪录，AI硬件、稀土、卫星互联网板块集体狂飙，寒 武纪-U单日成交超200亿元股价突破1380元。 8月25日下午3点，"31770亿元"！这个数字被永久定格在A股历史记录中。这是A股历史上第二次单日成 交额突破3万亿元大关，仅次于去年10月8日的3.49万亿元。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3877.13 | 12417.31 | 1602.27 | | +51.37 +1.34% +251.25 +2.07% +2.00 +0.12% | | | | 科创50 | 创业板指 | 万得全A | | 1278.82 | 2753.67 | 6159.37 | | +30.95 +2.48% +71.11 +2.65% +98.55 +1.63% | | | | 沪深300 | 中证500 | 中证A500 | | 4459.66 | 6941.67 | 5301.15 | | +81.66 +1.87% +118.83 +1.74% +102.23 +1.97% | | | | 中证1000 | 深证 ...

8月25日，据《IT时报》报道，相关部门近期将会发放卫星互联网牌照。卫星互联网领域一位资深技术 专家表示："牌照的发放，意味着我国卫星互联网商业运营迈出第一步。但要实现像星链那样提供卫星 互联网服务，仍需2~3年的时间。" NO.2 上海：符合条件居民家庭在外环外购房不限套数 上海市住房城乡建设管理委、市房屋管理局等六部门8月25日联合印发《关于优化调整本市房地产政策 措施的通知》，包括调减住房限购、优化住房公积金、优化个人住房信贷以及完善个人住房房产税等政 策。《通知》自2025年8月26日起施行。《通知》明确进一步调减住房限购政策。一是符合条件居民家 庭在外环外购房不限套数。对符合本市住房购买条件的居民家庭，包括本市户籍居民家庭或个人所得税 满1年及以上的非本市户籍居民家庭，在外环外购买住房不限套数，包括新建商品住房和二手住房。 ｜2025年8月26日星期二｜ NO.1 我国卫星互联网牌照发放倒计时 8月25日，央行上海总部发布通知称，根据中国人民银行关于商业性个人住房贷款利率政策规定以及上 海市政府调控要求，现对上海市商业性个人住房贷款利率定价机制进行调整：一、上海市商业性个人住 房贷款利率不再区分首套 ...

（图片来源：摄图网） 过去三年间，埃隆·马斯克麾下的星链(Starlink)以破竹之势重塑航空Wi-Fi领域。从法国航空、卡塔尔航空到 美联航，多家全球顶级航司相继签约 近期阿拉斯加航空宣布明年起全面部署星链系统，以提供机内上网服务。维珍航空在7月初达成协议，将使 用SpaceX的卫星网络。此外，据知情人士透露，英国航空也可能紧随其后采用这项服务。这场技术革命的 背后，是SpaceX通过数万颗低轨卫星构建的全球互联网版图，而中东市场正成为其战略布局的关键棋子。 星链(Starlink)是美国太空探索技术公司(SpaceX)旗下的一个全球卫星互联网项目。它旨在通过发射数万颗小 型卫星组成一个庞大的卫星网络，为全球用户提供高速、低延迟的互联网接入服务。这些卫星分布在近地轨 道上，通过相互连接和与地面站的通信，实现全球范围内的网络覆盖。星链项目不仅可以为偏远地区和网络 基础设施薄弱的地区提供互联网接入，还能在自然灾害等紧急情况下提供可靠的通信支持。此外，星链还计 划为航空、航海等交通领域提供高速互联网服务，提升用户体验。 传统机载Wi-Fi依赖地面基站，覆盖范围有限且网速迟滞。星链通过近地轨道卫星矩阵，实现全球无缝 ...

行业报告 | 行业研究周报 通信 证券研究报告 DeepSeek-V3.1 发布，积极关注 AI 及卫星产业链投资机会 本周行业动态： DeepSeek-V3.1 正式发布 8 月 21 日 DeepSeek-V3.1 正式发布。本次升级包含以下主要变化： 混合推理架构：一个模型同时支持思考模式与非思考模式；更高的思考效率：相比 DeepSeek-R1-0528， DeepSeek-V3.1-Think 能在更短时间内给出答案；更 强的 Agent 能力：通过 Post-Training 优化，新模型在工具使用与智能体任务中的表现 有较大提升。在代码修复测评 SWE 与命令行终端环境下的复杂任务（Terminal- Bench）测试中，DeepSeek-V3.1 相比之前的 DeepSeek 系列模型有明显提高。 DeepSeek-V3.1 在多项搜索评测指标上取得了较大提升。在需要多步推理的复杂搜 索测试（browsecomp）与多学科专家级难题测试（HLE）上，DeepSeek-V3.1 性 能已大幅领先 R1-0528。 本周投资观点： 在整体市场延续较强动能之际，AI 算力方向凭借行业持续高景气，需求 ...

远方的发射塔像是一根静默的银针，矗立在天地交界的旷野上。这是肯尼迪航天中心到访者对 太空探索公司（SpaceX）使用的卡纳维拉尔角40号航天发射复合体（SLC-40）最深刻的印 象。 SLC-40属于美国"东部发射场"，同时被泻湖与大西洋紧紧包围。它位于佛罗里达州的梅里特 岛，是火箭借助地球自转飞向赤道轨道的理想出发点。这里气候常年温和，鲜有严寒，有利于 维持高密度的发射节奏。 在SpaceX从美国政府租赁的三个发射场中，由SLC-40承担的发射任务最多且密集：2024年， SLC-40共发射了62枚猎鹰9号火箭，平均每6天发射一枚，几乎占SpaceX全年发射总量的 45%。同年，用于发射"星链"（Starlink）卫星专用任务又占据了猎鹰火箭发射任务总数的三 分之二。 "星链"是SpaceX在2015年提出的低轨卫星互联网星座计划，其原理是让低轨道卫星充当空中 中继，转发无线电信号，实现了无死角的信号覆盖。对于"星链"，SpaceX创始人埃隆·马斯克 对它有宏大的计划。 事实上，SpaceX正领跑全球低轨卫星互联网市场，据21世纪经济报道记者统计，截至2025年8 月19日，SpaceX已经进行超过290次 ...

Important Market News - US stock indices closed mixed, with the Nasdaq down 0.67%, S&P 500 down 0.24%, and Dow Jones up 0.04%. The S&P 500 has declined for four consecutive trading days. Major tech stocks mostly fell, with Intel down about 7% and Google, Amazon, Apple, and Tesla down over 1% [1] - The Federal Reserve's FOMC meeting minutes revealed that the federal funds rate target range remains at 4.25%-4.5%. Committee members noted a slowdown in economic activity growth in the first half of the year and acknowledged persistent inflation and high uncertainty in the economic outlook [1] Industry Insights - The Guangdong Provincial Government has released policies to promote high-quality development in commercial aerospace from 2025 to 2028. This includes support for satellite constellation investments and encouraging the procurement of domestic satellite data and products. The commercial aerospace market in China is projected to grow from 9.2 billion yuan in 2020 to 310 billion yuan by 2024, with a compound annual growth rate exceeding 100% [3] - Zhiyuan Robotics announced its first partner conference in Shanghai on August 21, 2025, showcasing numerous robots and a "mystery new product." The humanoid robot market is expected to see significant advancements, with companies like Yushu Technology and Xiaopeng Motors pushing for performance upgrades and cost reductions [4] - On August 20, Zhipu AI launched AutoGLM 2.0, the world's first fully open "mobile Agent" for consumers. This product is based on the latest open-source models and is seen as a milestone in the AI Agent sector, with potential applications across various industries [5][6] Stock Movements - Nanjing New Hundred plans to reduce its repurchased shares by up to 6 million shares, representing 0.45% of its total share capital [7] - Xagong Co. announced a plan to reduce its shares by up to 17.74 million shares, or 1% of its total share capital [7] - Jin Hong Shun intends to reduce its holdings by up to 5.376 million shares, accounting for 3% of its total share capital [7] - Ying Shi Sheng plans to reduce its shares by up to 15.02 million shares, representing 2% of its total share capital [7] - Yi Jia He announced a plan to reduce its shares by up to 4.11 million shares, or 2% of its total share capital [7] - Puyuan Information's major shareholders plan to reduce their holdings by up to 2.9951% of the total share capital [8] - Dongfang Ocean's major shareholder plans to reduce its holdings by up to 58.74 million shares, or 3% of its total share capital [8]

Report Industry Investment Ratings - Not provided in the content Core Views - The stock market may experience intensified short - term volatility after continuous recent rises, but the overall strategy is to go long on dips. The bond market may return to a wide - range shock pattern in the short term, while the long - term interest rate trend is downward. For most commodities, prices are affected by various factors such as supply - demand fundamentals, policies, and macro - economic conditions, showing different trends and adjustment ranges [3][6]. Summary by Category Macro - financial Index - News includes a photovoltaic industry symposium, satellite internet application promotion, high trading volume in the stock market, and an "AI + manufacturing" development plan. The trading logic is that policies support the capital market, and the short - term market may be volatile, but the long - term strategy is to go long on dips [2][3]. - The basis ratios of different contracts of IF, IC, IM, and IH are provided [3]. Treasury Bonds - On Tuesday, the main contracts of TL, T, TF, and TS all rose. News includes fiscal revenue data and global hedge funds buying Chinese stocks. The central bank conducted a net injection of 4657 billion yuan. The strategy is that the interest rate may decline in the long - term, and the bond market may be in a wide - range shock pattern in the short term [4][6]. Precious Metals - Domestic precious metals prices generally declined, while international prices rose slightly. The US 10 - year Treasury yield and the US dollar index are reported. The short - term pressure on precious metals prices is due to the progress of Russia - Ukraine negotiations and the resilience of US economic data. Wait for Powell's speech to decide on silver long positions [7][8]. Non - ferrous Metals Copper - Copper prices may consolidate due to concerns about US tariffs and cooling "anti - involution" sentiment. The supply of copper raw materials is tight, and the overall price may wait for macro - economic drivers. The operating ranges of Shanghai copper and LME copper are provided [10]. Aluminum - Aluminum prices oscillated and adjusted due to the expansion of US aluminum tariffs and cooling "anti - involution" sentiment. The domestic aluminum ingot inventory is low, but the downstream consumption is weak. The short - term price may be in an oscillatory adjustment [11]. Zinc - Zinc prices have a large downward risk. The domestic zinc market is in an oversupply situation, and the LME market's structural disturbance is receding [12]. Lead - Lead prices are expected to be weak. The industry has a situation of weak supply and demand, and the social inventory of lead ingots is rising [13]. Nickel - Nickel prices may have a callback pressure in the short term, but there is support in the long term. If the price drops significantly, long positions can be established [14]. Tin - Tin prices are expected to oscillate. The supply is tight in the short term, and the demand is weak in the off - season [15][16]. Carbonate Lithium - The price of carbonate lithium has adjusted. The supply and demand pattern improvement depends on the reduction of the ore end. Speculative funds are advised to wait and see, and holders can choose opportunities to enter the market [17]. Alumina - Alumina prices may be shorted on rallies. The supply of ore is disturbed, but the over - capacity pattern remains [18]. Stainless Steel - Stainless steel prices are expected to oscillate. The market is weak, and the downstream procurement is cautious [19]. Casting Aluminum Alloy - Casting aluminum alloy prices face upward resistance. The downstream is in the off - season, and the supply and demand are both weak [20]. Black Building Materials Steel - Steel prices may decline if demand cannot be repaired. The demand for rebar has decreased, and the demand for hot - rolled coils has increased. The inventory of both is rising, and the demand is insufficient [22][23]. Iron Ore - Iron ore prices may adjust slightly. The supply is increasing, the demand is slightly weak, and the inventory is rising [24][25]. Glass and Soda Ash - Glass prices are expected to oscillate. The inventory is increasing, and the demand is not significantly improved. Soda ash prices are also expected to oscillate, with the price center expected to rise in the long - term, but the upward space is limited [26][27]. Manganese Silicon and Ferrosilicon - The prices of manganese silicon and ferrosilicon have declined. Investment positions are advised to wait and see, and hedging positions can be considered. The "anti - involution" policy has an impact on the market, and the final price will return to the fundamentals [28][29]. Industrial Silicon and Polysilicon - Industrial silicon prices are expected to oscillate weakly. The over - capacity and high inventory problems remain. Polysilicon prices are expected to oscillate widely, and the follow - up impact of warehouse receipts needs attention [31][33]. Energy and Chemicals Rubber - Rubber prices are expected to oscillate weakly. It is advisable to wait and see. The long and short sides have different views on rubber prices, and the industry's tire production and inventory data are provided [35][36]. Crude Oil - Crude oil has the potential to rise, but the upward space is limited in the short term. The target price of WTI is set at $70.4 per barrel, and short - term long positions can be taken on dips [39][40]. Methanol - Methanol prices are advised to wait and see. The supply pressure is large, and the demand is expected to improve in the peak season [41]. Urea - Urea prices can be considered for long positions on dips. The supply is loose, the demand is average, and the price may break through the oscillatory range with positive news [42]. Styrene - Styrene prices may rise with the cost. The cost support exists, the inventory is decreasing, and the demand is improving [43]. PVC - PVC prices are advised to wait and see. The supply is strong, the demand is weak, and the valuation is high [46]. Ethylene Glycol - Ethylene glycol prices may decline in the short term. The supply and demand situation is changing, and the inventory may accumulate [47]. PTA - PTA prices can be considered for long positions on dips with PX. The supply may accumulate, and the demand needs improvement [48]. p - Xylene - p - Xylene prices can be considered for long positions on dips with crude oil. The load is high, the inventory may decrease, and the valuation has support [49][50]. Polyethylene PE - Polyethylene prices are affected by cost and supply. The short - term contradiction has shifted, and short positions can be held [51]. Polypropylene PP - Polypropylene prices are expected to oscillate strongly with crude oil. The supply and demand are both weak in the off - season [52]. Agricultural Products Hogs - Hog prices may be in an oscillatory range. The short - term can focus on low - buying, the medium - term should pay attention to the upper pressure, and the far - month can use the reverse spread strategy [53]. Eggs - Egg prices may be stable or decline. The supply is large, and the short - term may fluctuate, while the medium - term can consider short positions after the price rebounds [54]. Soybean and Rapeseed Meal - Soybean meal prices follow the cost to oscillate. The import cost has a stable and slightly rising trend. Long positions can be tried on dips in the cost range [55][56]. Oils - Oil prices are expected to oscillate strongly. The fundamentals support the price center, but the upward space is limited [57][59]. Sugar - Sugar prices are likely to decline. The international and domestic supply is increasing, and the valuation is high [60]. Cotton - Cotton prices may oscillate at a high level. The USDA report is positive, but the downstream consumption is average [61].

Group 1 - The core viewpoint of the articles highlights the rapid development of the satellite internet industry, with a projected market size of 2.8 trillion yuan by 2025, driven by advancements in commercial space and satellite internet networking [1][2] - The company achieved a revenue of 350 million yuan in the first half of 2025, indicating strong performance amidst the accelerating satellite internet deployment [1] - The Guangdong provincial government has introduced policies to promote high-quality development in commercial space, including subsidies and tax incentives for satellite internet applications in various sectors [1] Group 2 - Analysts predict that major satellite internet projects will enter an accelerated launch phase between 2025 and 2026, creating new development opportunities for the industry [2] - The company has established a comprehensive layout in satellite internet technology, covering ground stations, satellite payloads, and access terminals, with applications in both high and low Earth orbit satellite communications [2] - The domestic satellite internet sector is entering an industrialization phase, with market forecasts suggesting a market size exceeding 45 billion yuan by 2025, positioning the company to capitalize on growth opportunities [2]