公司介绍，六分科技在高精度卫星导航与位置服务领域拥有完整技术链路，通过多星座、多频段融合，以及地基增强系统和算法优 化，为滴滴青桔等共享单车平台提供实时高精度位置信息服务，帮助运营方实现车辆精确定位、合规停放管理和运维调度优化。在城 市出行等场景中，高精度定位能力已成为提升用户体验和降低运营成本的重要基础设施。 除共享出行外，六分科技还面向乘用车领域推出软硬服一体定位终端，并在消费类与专业类定位设备市场实现商业落地。公司表示， 其面向低速无人车推出的P+V（高精度定位服务+环境感知）方案，以及"具身智能小脑-空间X运动能力"解决方案，可为无人配送车、 巡检机器人等提供连续、稳定的空间感知与运动控制能力，支撑更多自动驾驶与机器人应用从试验走向规模化应用。 在卫星物联网和工业互联网融合发展的趋势下，高精度时空信息服务被视为链接天基与地面终端的关键一环，有望在车联网、物流仓 储、工业设备监控等领域释放更大价值。四维图新表示，通过参股六分科技等方式，公司在高精度地图、导航及位置服务等既有优势 业务基础上，进一步向卫星导航、定位服务与具身智能应用场景延展，为未来更多行业级解决方案预先"打底"。 业内人士认为，随着卫星物 ...

Core Insights - The report released by the China Satellite Navigation and Positioning Association indicates a strong growth trend in China's BeiDou industry in 2023, with a steady increase in the comprehensive index and expanding application penetration across multiple fields [1][3]. Group 1: Industry Growth - The comprehensive index for China's BeiDou industry is projected to reach 1579 points by 2025, reflecting a year-on-year increase of 10.34%. Compared to 2020, indices related to marketization, industrialization, and internationalization have all seen significant growth, exceeding 60% [3]. - The overall output value of the satellite navigation and positioning service industry, centered around BeiDou, is expected to reach 575.8 billion RMB in 2024, marking a year-on-year growth of 7.39% [9]. Group 2: Technological Advancements - The application of BeiDou technology is being showcased in various projects, such as the digital installation of steel columns and trusses in the Chengdu-Deyang railway project, utilizing high-precision positioning technology for a "real-life 3D puzzle" effect [5]. - The construction of a digital twin system is being implemented in the comprehensive pipeline trench project, allowing for intelligent management from construction to maintenance through precise underground positioning [7]. Group 3: Policy and Strategic Initiatives - The national strategy emphasizes the deepening of large-scale BeiDou applications, with increased efforts in updating BeiDou equipment in key industries and conducting pilot city constructions in targeted regions to enhance the overall scale and industrialization level of BeiDou applications [11].

Core Viewpoint - The establishment of China Space-Time Information Group represents a significant advancement in the integration of space and terrestrial technologies, aiming to enhance the application of the BeiDou system and promote digital economy development [2][5][11]. Group 1: Company Development - China Space-Time Information Group, formed by three major state-owned enterprises, has achieved rapid development within 18 months, transitioning from organizational setup to leading the BeiDou ecosystem [2][3]. - The company has a registered capital of 4 billion yuan and has made significant strides in the industrialization of the BeiDou system, moving from conceptualization to large-scale application [2][5]. - The first holding subsidiary is set to be established in Chongqing by September 2024, marking a key step in the construction of a national space-time big data center [5]. Group 2: Technological Integration - The integration of space and terrestrial technologies is becoming an industry trend, with the China Space-Time Information Group positioned to support this development [5][6]. - The company is focused on creating a comprehensive service network that combines BeiDou short messages and high-precision positioning to form a unified data infrastructure [5][6]. Group 3: Market Expansion - The BeiDou system is increasingly being adopted in various sectors such as transportation, agriculture, and disaster prevention, indicating a robust domestic market acceptance [9][11]. - The system is projected to cover over 200 countries and regions, with a complete industrial chain established, contributing to a total industry output value of 575.8 billion yuan in 2024, reflecting a year-on-year growth of 7.39% [11]. Group 4: Future Outlook - The company aims to balance "independent control" with "global adaptation" by promoting core component localization and establishing international cooperation platforms [12]. - The future growth of the BeiDou industry is expected to be driven by high-precision positioning services and emerging applications in smart driving, low-altitude logistics, and digital agriculture [12].

Core Insights - The national emphasis on the BeiDou industry has been integrated into the "14th Five-Year Plan" and the 2035 vision, with local governments actively promoting related policies to foster a conducive environment for its development [1][2] - Hebei Province has released a three-year action plan (2025-2027) aimed at accelerating the large-scale application of BeiDou, focusing on an integrated approach of "technology-application-industry-ecosystem" [1][2] Policy and Development - The Hebei plan aims to integrate BeiDou with advanced information technologies such as 5G, AI, IoT, and satellite internet, supporting the development of high-precision, low-power, low-cost BeiDou chips and key components [2][3] - Key technology breakthroughs are targeted, including high-precision positioning, integrated short message applications, and seamless indoor-outdoor navigation systems [2][3] Market Opportunities - The action plan is expected to create significant market opportunities for listed companies involved in transportation, emergency communication, and smart city sectors, enhancing their competitive edge and resource integration [3][4] - Companies like Hebei Mobile are leveraging 5G-A and BeiDou technologies to develop integrated service systems for applications such as drone delivery and medical rescue [3][4] Industry Growth - The BeiDou industry is entering a phase of marketization, industrialization, and internationalization, with nearly 20,000 enterprises and close to one million employees in the satellite navigation and positioning service sector by the end of 2024 [4][5] - Listed companies in this field account for approximately 9.52% of the national output value, with significant growth observed in high-precision satellite navigation chip manufacturing [4][5] Low-altitude Economy - The low-altitude economy is emerging as a significant growth area for BeiDou applications, covering sectors like drone logistics, low-altitude tourism, and emergency rescue [5][6] - The introduction of "integrated navigation and guidance for low-altitude intelligent regulation" in the Hebei plan is seen as a critical infrastructure support for emerging fields such as drones and eVTOL [5][6] Conclusion - The release of the Hebei three-year plan presents numerous opportunities for listed companies in the BeiDou industry, promoting rapid business growth and enhancing the overall competitiveness of China's BeiDou system [6]

Core Insights - The development of AI and equipment upgrades have significantly enhanced the interaction capabilities of devices with the real world, positioning AI as the "brain" and spatiotemporal intelligence as the "small brain" for robots [1] - The overall output value of China's satellite navigation and positioning service industry is projected to reach 575.8 billion yuan in 2024, reflecting a year-on-year growth of 7.39% [1] - In the field of intelligent driving, spatiotemporal intelligence is transitioning from being an "optional feature" to a "standard feature," with over 100 models equipped with spatiotemporal intelligence services and a penetration rate exceeding 75% among new energy vehicle manufacturers [1] Industry Developments - The low-altitude economy is evolving, necessitating advancements in collision avoidance capabilities for aircraft, which includes both self-avoidance technologies and pre-planned airspace routes [2] - The robotics industry is facing challenges similar to those in the smart automotive sector, where traditional companies may struggle as electrification and intelligence become prevalent [2] - While AI is rapidly advancing and may not fully replace humans, robots are expected to take over specific tasks in areas such as intelligent driving and basic programming [2]

Core Insights - The development of China's BeiDou industry is steadily recovering as marketization, industrialization, and internationalization progress [1] - The overall output value of China's satellite navigation and positioning service industry is projected to reach 575.8 billion yuan in 2024, with a year-on-year growth of 7.39% [1] - The core output value related to satellite navigation technology, including chips, devices, algorithms, software, navigation data, terminal equipment, and infrastructure, is expected to grow by 5.46% to 169.9 billion yuan, accounting for 29.51% of the total output [1] - The associated output driven by satellite navigation applications and services is anticipated to grow by 8.21% to 405.9 billion yuan, making up 70.49% of the total output [1] Industry Trends - In 2024, BeiDou systems are achieving deep applications and innovative breakthroughs across multiple fields, enhancing core capabilities such as high-precision positioning and short message communication [2] - The integration of BeiDou with 5G, AI, and IoT technologies is fostering new business models like unmanned farms and digital construction sites [2] - In agriculture, BeiDou applications are evolving towards intelligent and precise upgrades, significantly improving production efficiency and resource utilization [2] - The low-altitude economy is emerging as a significant area for BeiDou applications, with a 95% coverage rate of BeiDou onboard terminals in civil aviation, supporting new business models like drone delivery [2] Challenges - The BeiDou industry faces challenges such as price wars due to homogenized competition and delayed standardization processes in certain segments [3] - Export-oriented companies are significantly impacted by international environmental factors [3] - R&D investments are increasing, particularly in key technology areas like automotive-grade chips and spatiotemporal data fusion, which may pressure profit margins in the short term [3] - The industry is exhibiting structural differentiation, with overall output growth but varying revenue performance among companies due to competitive dynamics and technological barriers [3] Future Outlook - The BeiDou industry is expected to evolve towards a demand-driven ecosystem, with companies that have integrated capabilities and differentiated solutions likely to gain a competitive edge [3] - Emerging scenarios such as high-precision positioning services, intelligent assisted driving, low-altitude logistics, and agricultural digitization are identified as important growth points [3] - Companies that build barriers in areas like chip autonomy and algorithm optimization can further solidify their market positions [3]

Group 1 - The core viewpoint is that China's BeiDou system is a significant achievement in satellite navigation and position services, recognized by the United Nations, and is not intended to challenge the global position of the US GPS system [1] - The Chinese government emphasizes that its technological innovations and industrial development are not aimed at any specific country, but rather contribute to global advancements [1] - China expresses its commitment to open cooperation and mutual benefits, aiming to share advanced technological achievements with other countries for the betterment of humanity [1] Group 2 - The Chinese government supports all efforts conducive to peace regarding the Ukraine crisis and advocates for direct dialogue and negotiations between Russia and Ukraine [2] - China hopes for a fair, lasting, and binding peace agreement that is acceptable to all parties involved in the Ukraine crisis [2] - The Chinese government is willing to play a constructive role in resolving the crisis and achieving lasting peace, based on the willingness of the parties involved [3]

Core Viewpoint - The Beidou system represents a significant achievement in China's satellite navigation and positioning service industry, recognized by the United Nations as a contribution to global technological innovation [1] Group 1 - The Beidou system is highlighted as a key accomplishment in China's technological advancements and industrial development [1] - China's technological innovation and industrial growth are not aimed at challenging any other country, emphasizing a stance of openness and cooperation [1] - The commitment to continue collaboration with other nations to leverage advanced technological achievements for the benefit of humanity is reiterated [1]

Core Insights - The white paper released by the China Satellite Navigation and Positioning Association indicates that the overall output value of China's satellite navigation and positioning industry will reach 575.8 billion yuan in 2024, representing a year-on-year growth of 7.39% [1][17] - The development of the BeiDou system is advancing steadily, with increasing marketization, industrialization, and internationalization, driven by digital transformation and intelligent upgrades across various industries [1][3] Industry Development - The BeiDou system has been widely applied in transportation, meteorology, communication timing, power dispatch, disaster reduction, and public safety, integrating into the national core infrastructure and generating significant economic and social benefits [3][17] - In 2024, BeiDou's core capabilities, such as high-precision positioning and short-message communication, will continue to empower various industries, leading to innovative breakthroughs and deep applications [3][4] Sector-Specific Applications - In agriculture, BeiDou applications are evolving towards intelligence and precision, significantly enhancing production efficiency and resource utilization [4] - In the transportation sector, BeiDou has become a crucial tool for highway inspection and safety management, with automated container trucks equipped with BeiDou navigation devices improving operational efficiency by 25% [4] - The energy sector is leveraging BeiDou technology for precise monitoring and efficient management, enhancing the efficiency of power system inspections and fault handling [4] Market Trends - By the end of 2024, the total application volume of BeiDou terminal devices across major industries will approach 30 million units, with the domestic satellite navigation terminal product sales exceeding 410 million units [5][7] - The domestic market for BeiDou-compatible chips and modules is expected to reach nearly 2.3 billion units, with over 2 billion terminal products in total [7][19] Low-altitude Economy - The low-altitude economy, a strategic emerging industry in China, is rapidly developing with BeiDou technology as its core, covering various applications such as drone logistics and emergency rescue [9][10] - The market size of the low-altitude economy is projected to exceed 1.5 trillion yuan by 2025, with further growth expected to reach 3.5 trillion yuan by 2035 [9][10] Consumer Market - The consumer market is becoming a core growth area for BeiDou applications, with approximately 98% of smartphones in China supporting BeiDou positioning functions [12][13] - The daily navigation service provided by major electronic map service providers exceeds 1 trillion times, covering over 99% of urban and rural roads [12][20] Future Outlook - By 2035, the satellite navigation industry is expected to evolve into a comprehensive PNT (Positioning, Navigation, and Timing) and spatiotemporal service industry, with an anticipated output value exceeding 1 trillion yuan by 2025 [15][16] - The development will focus on creating a robust spatiotemporal intelligent service system, enhancing industry integration and innovation [16]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - In the production industry, attention should be paid to investment in the export of manufacturing equipment. In the service industry, attention should be given to the technological improvement of the service industry [1]. - The overall credit spread of the entire industry has recently declined slightly [5]. 3. Summary by Related Catalogs 3.1. Meso - level Event Overview 3.1.1. Production Industry - Since May 19, 2024, domestic gasoline and diesel prices have been lowered by 230 yuan/ton and 220 yuan/ton respectively. Filling up a 50 - liter tank of 92 - octane gasoline will save 9 yuan [1]. - From January to April, the China Export - Import Bank disbursed over 180 billion yuan in medium - and long - term loans to the manufacturing industry. By the end of April, the balance of medium - and long - term loans to the manufacturing industry reached 1.8 trillion yuan, supporting the export of manufacturing products such as ships and construction machinery [1]. 3.1.2. Service Industry - In 2024, the total output value of China's satellite navigation and location - based services industry centered around Beidou reached 575.8 billion yuan, a year - on - year increase of 7.39%. The industry scale continued to expand [1]. - In 2024, the total sales volume of domestic satellite navigation and positioning terminal products exceeded 410 million units, among which the shipment volume of smartphones with satellite navigation and positioning functions reached 294 million units [1]. 3.2. Industry Overview 3.2.1. Upstream - Energy: International crude oil prices rebounded slightly yesterday [2]. - Non - ferrous metals: Aluminum prices have been rising recently [2]. - Ferrous metals: Glass prices have declined in the short term [2]. 3.2.2. Midstream - Chemical industry: The operating rate of PTA has rebounded, while that of PX has declined recently [3]. - Infrastructure: The operating rate of asphalt has been rising recently [3]. 3.2.3. Downstream - Real estate: The sales of commercial housing in second - and third - tier cities are the same as the same period last year, at a near - three - year low [4]. - Services: The number of domestic flights has decreased cyclically [4]. 3.3. Market Pricing - The overall industry credit spread has recently declined slightly [5]. 3.4. Industry Credit Spread Tracking - The credit spreads of industries such as agriculture, forestry, animal husbandry and fishery, mining, and chemical industry have declined to varying degrees [47]. 3.5. Key Industry Price Index Tracking - The prices of various products in different industries have shown different trends, such as the price of corn increasing by 0.81%, and the price of glass decreasing by 2.50% [48].