Investment Rating - The report maintains a "Buy" rating for multiple companies in the communication sector, including Huadian Co., Meige Intelligent, and China Mobile, among others [1]. Core Insights - Significant advancements have been made in quantum computing architecture in China, with a promising market outlook. The AshN quantum instruction set architecture has been developed, which allows for direct programming of arbitrary two-qubit gates, enhancing efficiency and reducing error accumulation [2][21]. - The commercial aerospace sector is witnessing accelerated developments, particularly with the successful launch of low-orbit satellites, indicating strong investment opportunities in this area [3][36]. Summary by Sections Quantum Computing - The IDC predicts that the quantum computing market will reach $1.1 billion in sales in 2022, growing at a compound annual growth rate (CAGR) of 48.1%, reaching $7.6 billion by 2027. Investment in the quantum computing market is expected to grow at an 11.5% CAGR, nearing $16.4 billion by the end of 2027 [3][35]. - The AshN architecture developed by Tsinghua University and Beijing Quantum Information Science Research Institute significantly improves the performance of superconducting quantum chips by reducing the number of gate operations required [2][22]. Commercial Aerospace - The successful launch of the low-orbit satellite group by the China Academy of Space Technology marks a significant milestone in the development of satellite internet, with plans for extensive satellite constellations [3][36]. - The report highlights the ongoing acceleration of satellite internet deployment, with multiple launches scheduled for 2025-2026, indicating a robust growth trajectory for the commercial aerospace sector [6][55]. Market Performance - The communication sector index rose by 7.66% during the week of August 11-15, 2025, outperforming the CSI 300 index, which increased by 2.37% [11]. - The report recommends several companies for investment, including China Mobile, China Telecom, and various technology firms involved in satellite internet and quantum computing [20].

Investment Rating - The report indicates a strong investment opportunity in the defense and military industry, with the sector showing significant growth potential and a leading position in market performance among various industries [2][4]. Core Insights - The defense and military sector has demonstrated resilience and growth, with the industry index rising by 5.93% last week, outperforming major indices [2][14]. - The report highlights the upcoming merger between China Shipbuilding and China Shipbuilding Industry Corporation, which is expected to create new investment opportunities in marine equipment [3][4]. - The report emphasizes the importance of low-altitude economy development, driven by regulatory changes in the U.S. and local initiatives in China, which are expected to enhance the commercial drone market [4][40]. - The military industry is projected to experience a recovery in demand, with a clear long-term growth trajectory supported by national defense modernization goals set for 2035 and 2050 [4][44]. Summary by Sections Market Review - The defense and military index has outperformed other sectors, with a PE (TTM) ratio of 89.99, and various sub-sectors showing diverse valuations, such as aerospace equipment at 159.04 and ground armaments at 220.81 [2][23]. - A total of 142 companies in the sector saw 129 report stock price increases, with notable performers including Changcheng Military Industry, which surged by 49.60% [28][29]. Key Recommendations - The report recommends focusing on downstream manufacturers such as Hongdu Aviation and AVIC Shenyang Aircraft, as well as companies involved in military technology and underwater equipment [5]. - It also suggests monitoring companies in the missile supply chain and those producing titanium materials for military applications [5]. Industry Dynamics - The report discusses the increasing relevance of AI in military applications, highlighting its role in enhancing operational efficiency and decision-making processes [41][42]. - The commercial aerospace sector is expected to see significant activity, with plans to launch 13,000 low-orbit satellites between 2026 and 2030, indicating a robust growth phase for the industry [3][44].

21世纪经济报道记者 赖镇桃 美国研究人员偶尔会产生具有颠覆性影响的见解，给一些AI公司带来变革性的推动。但这种优势能维 持多久呢？大模型是一种基于数学方法的推理架构，在数学这一块是没有专利保护的。所以，从长远来 看，我认为闭源大模型很难持续发展。 这段时间，美股"七巨头"再度疯狂"吸金"。英伟达、微软为代表的大型科技股，股价和市值不断刷新历 史新高。美银数据显示，在今年的4月至7月间，资金正以16年来最疯狂的速度涌入美国科技股。 不过，狂热行情下，有人还是对所谓"美国例外论"保持冷静，甚至怀疑。 "市值并不能真实反映科技公司的研发实力。"欧洲最大科技峰会——全球网络峰会（Web Summit）首 席执行官兼创始人帕迪·考斯格雷夫（Paddy Cosgrave）近日接受21世纪经济报道记者采访时直言，硅谷 巨头很难长久维持所谓的"技术领先"，而DeepSeek的出现恰恰预示着，AI的未来是属于开源模型的。不 久前，小摩发布首份对非上市公司OpenAI的覆盖报告，也持有相近观点——在大模型领域，任何生成 式AI厂商都难以维持持久竞争优势。 而且，目前美股"七巨头"在标普500的市值占比已达到三分之一，他认为这并 ...

Core Viewpoint - The global low Earth orbit (LEO) satellite industry is rapidly expanding, with significant investments and plans from leading companies across various countries, particularly led by SpaceX, which has established itself as a dominant player in satellite deployment efficiency [3][4]. Group 1: Global Satellite Deployment - Major countries including the US, UK, Canada, Germany, Russia, South Korea, and China are launching large-scale satellite constellation plans, anticipating a peak in satellite launches in the coming years [3]. - SpaceX has achieved a production capacity of 5,000 user terminals per week and 120 satellites per month, with an average launch frequency of every 9 days [3]. Group 2: Domestic Satellite Initiatives - China's satellite constellation projects, such as the "Guowang" and "Qianfan" constellations, are progressing rapidly, with the "Guowang" constellation planning to deploy 12,992 satellites and having already launched 46 [4]. - The "Qianfan" constellation aims to deploy over 15,000 satellites, with 90 currently in orbit and plans for 648 satellites to be launched by the end of 2025 [4]. Group 3: Industry Trends and Cost Challenges - The trend towards miniaturization and modular manufacturing of satellites is crucial for meeting the demands of dense launches and rapid network replenishment [5]. - There is a significant cost disparity between domestic satellite manufacturing and SpaceX's standards, with domestic satellites costing approximately 30 million RMB each, compared to SpaceX's 3.5 million RMB [5]. - The launch cost per kilogram for domestic rockets remains significantly higher, ranging from 80,000 to 110,000 RMB, compared to SpaceX's approximately 2,700 USD [5]. Group 4: Energy System Innovations - Perovskite solar cells are emerging as a potential cost-reduction solution for satellite energy systems, which currently face high costs due to reliance on gallium arsenide batteries [6]. - The weight efficiency of perovskite solar cells is significantly higher, with a power-to-weight ratio of up to 23 W/g, compared to gallium arsenide's 0.4 W/g, leading to a weight reduction of over 98% for equivalent power output [6].

Core Viewpoint - The market in May showed a pattern of fluctuating trends with rapid sector rotation, indicating a lack of sustained momentum and clear profit-making opportunities. The expectation for June is a shift towards large-cap growth stocks, with core assets expected to show early signs of profit recovery [1]. Group 1: Market Trends - In May, various sectors were frequently speculated upon, including Huawei's HarmonyOS, military aircraft, and innovative drugs, reflecting poor market sustainability and rapid rotation among sectors [1]. - The anticipated market style for June is a transition to large-cap growth, with a focus on core assets showing profit inflection points [1]. Group 2: Emerging Hot Topics for June - **Low-altitude Economy**: Recent policies in regions like Sichuan and Shandong support low-altitude economic development, including a 30 billion yuan special fund and the establishment of 400 digital takeoff and landing platforms [3]. - **AI and Robotics**: Significant breakthroughs in AI technology have been noted, with advancements in models from Anthropic and Google, as well as ongoing optimizations in domestic models like Baidu's Wenxin and iFlytek's Spark [5]. - **6G Technology**: The global research on 6G technology standards has officially commenced, with China leading the development process, aiming to complete the first version of technical specifications by 2029 [6]. - **Semiconductor Self-sufficiency**: The U.S. has intensified semiconductor export controls against China, prompting accelerated domestic alternatives and a notable increase in the domestic EDA tool localization rate to 35% within a week [7]. - **Federal Reserve Policy Shift**: The upcoming Federal Reserve meeting is expected to provide economic outlooks, with market speculation leaning towards potential interest rate cuts in late 2025, which could benefit high-debt sectors like real estate and consumer goods [8]. Group 3: Key Companies and Sectors - **Low-altitude Economy**: Key players include SF Holding (drone delivery network), Zhongyun Drone (military-to-civil technology), and Huace Navigation (low-altitude smart network) [3][4]. - **AI and Robotics**: Core companies include Zhongke Shuguang (computing chips), Inspur Information (servers), and Keda Xunfei (AI applications in education and healthcare) [5][4]. - **6G Technology**: Major companies involved are ZTE Corporation (base station equipment) and China Satellite Communications (satellite manufacturing) [6][4]. - **Semiconductors**: Key firms include Zhongwei Company (etching machines) and Zhaoyi Innovation (NOR Flash) [7][4]. - **Real Estate and Gold**: Notable companies are Poly Development (state-owned enterprise reform) and Shandong Gold (benefiting from rising gold prices) [8][4].