10月9日，盛洋科技（603703.SH）在投资者互动平台披露，公司与合作方共同成为中广融合智能终端 科技有限公司直播卫星业务联合铺货试点及运营合作伙伴招募项目的成交候选人。这一突破标志着公司 在卫星通信领域的战略布局进入关键落地阶段，尤其是在国内广电民生服务场景实现突破。 值得关注的是，此次项目所依托的中星9C卫星，是我国自主研发的广播电视专用直播卫星。该卫星于 2025年9月正式接替中星9号卫星投入使用，全面实现了我国在轨广电卫星的国产化，为国内广电卫星服 务的自主可控提供了核心支撑。 盛洋科技此次供应的新一代终端设备，在技术上进一步升级。除支持中星9C卫星信号接收与4K超高清 解码外，还通过北斗系统实现高精度位置锁定，并深度兼容5G通信功能。这种"卫星+北斗+5G"三网融 合的设计，不仅满足国家广电总局"户户通"工程四代机的技术标准，更前瞻性地适配了未来"直播卫星 增强型"终端的演进方向，可进一步支持超高清内容传输、AI智能家庭控制等新兴应用，为后续技术迭 代预留空间。 在深耕国内市场、实现广电领域突破的同时，盛洋科技正以全球化视野构建卫星通信全产业链生态，国 内外业务协同推进。 国内市场方面，公司重点 ...

Group 1: Industrial and Technological Development - The Ministry of Industry and Information Technology emphasizes the integration of technological and industrial innovation to enhance the resilience and security of supply chains during the 14th Five-Year Plan period [1] - The focus is on accelerating the cultivation of high-quality enterprises and establishing a gradient cultivation system for these enterprises [1] Group 2: Foreign Exchange Reserves - As of the end of August 2025, China's foreign exchange reserves reached $33,222 billion, an increase of $299 billion from the end of July, representing a rise of 0.91% [2] - The increase in reserves is attributed to the decline in the US dollar index and the overall rise in global financial asset prices [2] Group 3: Space and Satellite Development - China successfully launched the Remote Sensing Satellite 40 Group 03, which is primarily used for electromagnetic environment detection and related technical experiments [3] - The second phase of the Hainan commercial space launch site is progressing, which will enhance China's commercial space launch capabilities [6] - The launch of the Zhongxing 9C satellite marks a significant step towards the complete domestication of broadcasting and television satellites in China [9] - The successful launch of the "flexible sensing system" for spacecraft marks the first in-orbit verification of this technology in China [10] Group 4: Data and AI Development - The National Data Bureau plans to deepen the market-oriented allocation reform of data elements and promote the synergy between "artificial intelligence" and data elements [4] - The first domestic AI computing open architecture was launched, aiming to enhance technological capabilities and foster collaboration among industry players [8] Group 5: Deep Space Economy - The concept framework for the "deep space economy" was introduced, with projections indicating that the global deep space economy could reach a trillion-dollar scale by 2040 [7] - The conference highlighted the potential for large-scale low-orbit internet and high-resolution satellite constellations in the next 1-5 years [7]

4. 【SK海力士第二季度全球DRAM市占率蝉联第一】根据市场研究公司Omdia周五公布的数据，由于 DRAM合同价格上涨和高带宽内存（HBM）出货量增长，第二季度全球DRAM销售额总计309亿美元，环 比增长17.3%。SK海力士的市占率从第一季度的36.9%升至39.5%，连续两个季度保持第一。三星电子的 市占率从34.4%降至33.3%。今年第一季度，SK海力士在全球DRAM市场的份额首次超越三星，后者自 1992年以来一直位居第一。（新浪财经） 1. 【海南商业航天发射场二期建设有序推进】9月6日消息，海南商业航天发射场是中国首个开工建 设的商业航天发射场，二期项目位于海南省文昌市东郊镇，主要建设三号、四号发射工位，加注库 区、火箭厂房、卫星厂房、测控站等，占地面积共1100余亩。二期项目于2025年1月正式开工，目 前正在进行三号、四号发射工位导流槽开挖，以及加注库区土建配套项目等施工，各项建设有序推 进。二期项目建成后，将提升海南商业航天发射能力，推动"航天+"产业高质量发展。 (新华社) 2.【中星9C卫星正式投用，中国广播电视专用卫星实现全面国产化】9月6日消息，9月4日晚至5日凌 晨，中星9 ...

Core Insights - The launch of the Zhongxing 9C satellite successfully replaces the Zhongxing 9 satellite for broadcasting television services [1] - Zhongxing 9C is designed with enhanced capabilities, including a significant increase in payload capacity and power, improving service delivery and coverage [1] - The satellite features flexible beam and frequency designs to support the future development of live satellite and broadcasting television [1] - It aims to provide high-quality audiovisual services to 154 million live satellite users [1] Summary by Categories Satellite Performance - Zhongxing 9C utilizes the domestically developed Dongfanghong-4 enhanced satellite platform, optimizing overall performance [1] - The satellite's payload capacity and power have been significantly increased, enhancing its service capabilities [1] Coverage and Capacity - The satellite includes multiple beam types: national beam, maritime beam, western beam, and movable beam, effectively improving coverage capabilities [1] - The satellite enhances coverage for national borders and territorial waters [1] Future Development - The design of the beams and frequency is flexible and diverse, catering to the collaborative development needs of live satellite and broadcasting television [1] - Zhongxing 9C is positioned to support the growth of high-definition and ultra-high-definition broadcasting services [1]

Group 1: Core Views - The article discusses the significant growth of credit bond ETFs, with a total scale of 106.6 billion yuan as of June 20, 2025, an increase of 77.7 billion yuan since the end of March, and 41.7 billion yuan since June [1] - The expansion of index constituent bonds is notably slower than the growth of credit bond ETF scales, indicating a potential undervaluation in constituent bonds [1][2] - The article highlights the impact of low valuation transactions on bond valuations, particularly the widening valuation gap between exchange-traded corporate bonds and comparable bank bonds [2] Group 2: Market Dynamics - The article notes that the issuance of new science and technology bonds is primarily at low valuations, with an average coupon rate lower than the estimated average by 6 basis points [3] - It emphasizes that the secondary market's low valuation trend may extend to the primary market, suggesting potential opportunities in newly issued low-valuation science and technology bonds [3] - The article identifies two main lines for constituent bond exploration: bonds with a remaining term of over 5 years and those included in both the science and technology bond index and credit bond benchmark market [4] Group 3: Investment Opportunities - The article suggests that the demand for 3-5 year credit bonds is increasing due to the volume of credit bond ETFs, which may lead to a flattening of the yield curve and a narrowing of credit spreads for higher-rated bonds [2] - It recommends focusing on newly issued science and technology bonds with a low valuation of within -5 basis points, indicating potential for price appreciation [3] - The article indicates that the market for long-term science and technology bonds (over 5 years) is particularly attractive due to their larger scale and stable valuations [4]

Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1]. Core Insights - The new materials sector is positioned as a crucial direction for the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth. The report emphasizes that "one generation of materials leads to one generation of industries," highlighting the foundational role of the new materials industry in supporting other sectors [4][14]. Summary by Sections 1. Electronic Information Sector - Focus on semiconductor materials, display materials, and 5G materials. Recent developments include Meta Platforms planning to launch a next-generation AI ASIC chip by Q4 2025, and Huawei applying for a quad-chiplet packaging design patent for its next AI chip [5][21][22]. 2. Aerospace Sector - Key areas of interest include PI films, precision ceramics, and carbon fibers. The report notes the participation of China's new generation stealth fighters at the Paris Air Show, showcasing advancements in military aviation technology [7][8]. 3. New Energy Sector - Emphasis on photovoltaic materials, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials. The report anticipates a significant breakthrough in China's new energy revolution by 2030, driven by hydrogen energy development [9][10]. 4. Biotechnology Sector - Focus on synthetic biology and scientific services. The establishment of a new synthetic biology company by Haizheng Pharmaceutical marks a strategic move into the high-end synthetic biology industry [11][12]. 5. Energy Conservation and Environmental Protection Sector - Attention on adsorbent resins, membrane materials, and biodegradable plastics. The report highlights the development of hazardous waste disposal facilities in Zhejiang Province, indicating a comprehensive approach to waste management [13][14]. 6. Industry Rating and Investment Strategy - The new materials sector is expected to benefit from downstream application sectors, entering a favorable economic cycle. The report maintains a "Recommended" rating for the new materials industry [14].

Core Viewpoint - The successful launch of the Zhongxing 9C satellite marks a significant step towards the complete domestication of China's broadcasting and television satellites, enhancing the country's capabilities in satellite communication and broadcasting services [1][2]. Group 1: Satellite Launch and Development - On June 20, China successfully launched the Zhongxing 9C satellite using the Long March 3B rocket, which will be operated by China Satellite Communications Co., Ltd. after in-orbit testing [1]. - The Zhongxing 9C satellite features significant performance improvements, particularly in regional coverage, reinforcing the security of satellite broadcasting services [1][2]. - The development of broadcasting satellites in China has evolved from initial experimental satellites to fully domesticated systems, with the Zhongxing 9C satellite replacing the imported Zhongxing 9 satellite [2]. Group 2: Technological Advancements - The second-generation broadcasting and live satellite upgrade project, initiated in 2017, has led to the successful launch of several satellites, including Zhongxing 9B, 6D, and 6E, demonstrating a commitment to self-reliance in satellite technology [2]. - Key components of the satellites, such as batteries and power distribution units, have been successfully domesticated, breaking previous monopolies and achieving self-control over core components [2]. - The reliability and performance of domestically produced satellites have reached advanced international levels, contributing to the overall improvement of satellite broadcasting capabilities in China [2]. Group 3: Current Operational Capacity - Currently, China Satellite Communications operates satellites that support over 200 standard-definition TV programs, nearly 100 high-definition TV programs, 3 ultra-high-definition TV programs, and around 400 radio programs, significantly expanding the country's satellite broadcasting coverage [3].

Core Viewpoint - The successful launch of the Zhongxing 9C satellite marks a significant advancement in China's satellite broadcasting capabilities, leading to the complete domestication of broadcasting and live transmission satellites in the country [2][3]. Group 1: Satellite Launch and Capabilities - On June 20, China successfully launched the Zhongxing 9C satellite using the Long March 3B rocket, which has now entered its designated orbit [2]. - The Zhongxing 9C satellite enhances regional coverage and strengthens the satellite broadcasting business, becoming a crucial part of the public cultural service system in broadcasting and television [2][3]. - The satellite's capabilities allow families in remote areas, such as high-altitude pastures and fishing boats, to access information through a satellite antenna [2]. Group 2: Development and Progress - Since 2017, China Satcom has initiated the second-generation upgrade and replacement project for broadcasting transmission and live satellites, with the Zhongxing 9C satellite replacing the imported Zhongxing 9 satellite [3]. - The development of domestic satellites has progressed from initial experimental communication satellites to fully domesticated broadcasting satellites, showcasing the efforts of researchers [3]. - Key components of the satellites, such as batteries and power distribution units, have been successfully domesticated, breaking monopolies and achieving self-sufficiency [3]. Group 3: Current Operations and Coverage - Currently, China Satcom operates over 200 standard-definition television programs, nearly 100 high-definition programs, 3 ultra-high-definition programs, and around 400 radio programs through its satellites [4]. - The satellite broadcasting transmission tasks have effectively expanded the available scarce satellite orbital frequency resources in China [4].

Core Points - China successfully launched the Zhongxing 9C satellite on June 20, 2025, at 20:37 Beijing time [1] - The launch was conducted using the Long March 3B rocket from the Xichang Satellite Launch Center [1] - The satellite successfully entered its designated orbit, marking the mission as a complete success [1]

Core Viewpoint - China successfully launched the Zhongxing 9C satellite using the Long March 3B rocket, marking a significant achievement in its space exploration efforts [1] Group 1 - The launch took place on June 20, 2025, at 20:37 Beijing time [1] - The satellite successfully entered its designated orbit, indicating the mission's success [1] - The launch was conducted from the Xichang Satellite Launch Center, showcasing China's capabilities in satellite deployment [1]