信息发展公告，公司与中汽院智能网联科技有限公司签署了《北斗重点营运车辆智能网联系统项目合作 协议》，协议约定在2025年12月31日前完成总计20万台运输车辆等北斗升级换装。投资金额合计人民币 约2亿元。公司与中国移动通信集团天津有限公司于2025年2签署了《交信（浙江）信息发展股份有限公 司与中国移动通信集团天津有限公司战略合作协议》。双方共同推动北斗终端落地安装及规模化应用， 确保天津市北斗规模化应用项目在2025年12月31日前顺利通过国家验收及完成审计。本次天津市北斗规 模化应用项目终端换装约9万套，具体合作金额约为1.2亿元。 ...

株洲作为全国首批工业和信息化领域北斗规模应用试点城市，以及湖南北斗产业主要承载地，初步形成 从产品零部组件研制、卫星整星制造、卫星星座运营到北斗终端制造、北斗场景应用的全产业链条，链 上企业达170余家，规模年产值达171亿元，为工业农业、生活居家、日常出行等方面提供着高科技服 务。 不久前，在湖南株洲经开区北斗产业园，该区纪工委监工委联合区产业发展局就华镁钛（湖南）科技有 限公司此前反映的用电难等问题解决情况进行"回头看"，该公司董事长说："公司从落户到正式投产只 用了9个月，职能部门积极帮忙解决问题，让我们没有了后顾之忧。" 为精准破解涉企行政审批方面的难题，株洲经开区纪工委监工委以开展涉企服务突出问题整治为抓手， 严肃查处在行政审批中故意刁难、拖延办理、违规增设审批环节等问题，重点纠治审批中推诿扯皮、未 落实"一次性告知"要求、索要重复证明材料等行为，以及对企业反映诉求回应不及时、解决不到位等问 题。 同时，株洲市纪委监委紧盯涉企行政审批关键环节，督促职能部门根据重点项目清单制定服务计划表、 工期进度表，实行全过程协调、全周期服务、全环节管控。株洲经开区纪工委监工委派出督查组开展监 督检查，围绕企业项目 ...

Group 1: Company Overview - China Electronics Technology Group Corporation Potevio Co., Ltd. (Potevio Technology) is a high-tech enterprise specializing in public network communication, private network communication, smart applications, and intelligent manufacturing, listed on the Shenzhen Stock Exchange since January 28, 2011, with a registered capital of 680 million CNY [3]. Group 2: Satellite Internet Strategy - Potevio Technology is actively involved in satellite internet as a strategic direction, having established a joint laboratory with Xidian ISN for technology research and talent development [3]. - The company participates in standard-setting organizations to promote the development of low-orbit satellite communication products and services [3]. - Potevio aims to enhance its comprehensive positioning service capabilities through continuous R&D in Beidou-based products [3]. Group 3: Strategic Partnerships - In June, Potevio signed a strategic cooperation agreement with Helios Starlink (Shenzhen) and Beijing Yixin Technology, establishing a joint R&D center to integrate technological advantages for national satellite internet strategy [3][4]. - The collaboration focuses on breakthroughs in laser-microwave composite transmission technology to improve data transmission rates and stability [4]. Group 4: Data Governance Initiatives - The company is developing a core capability platform in data governance, covering data integration, governance, development, sharing services, security, and operations [5]. - Potevio aims to achieve precise alignment with smart-driven scenarios and promote innovation in the AI sector through high-quality data management [5]. Group 5: Low-altitude Economy Developments - Potevio received three honors at the 2025 Low-altitude Economy Annual Conference, including "Top Ten Annual Contribution Representative" and "Top Ten Innovative Cases" [6]. - The company is deeply involved in the design and planning of low-altitude operations, focusing on optimizing airspace management and infrastructure development [6]. Group 6: PCB Business Strategy - Potevio plans to enhance its processing capabilities for high-end, complex products through technological innovation and process optimization, targeting niche markets in commercial aerospace and automotive electronics [7]. Group 7: Emergency Communication Progress - The emergency communication business is user-oriented, providing tailored products and solutions for industry applications, including emergency communication devices and satellite phones [8]. - Recent projects include comprehensive disaster prevention capabilities and integration with data governance platforms to enhance disaster warning capabilities [8].

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 Viewpoint - The Hebei Provincial Department of Industry and Information Technology is soliciting public opinions on the "Three-Year Action Plan for Accelerating the Application of Beidou (2025-2027)", aiming to enhance the application and competitiveness of the Beidou system in various industries [1][2] Group 1: Action Plan Objectives - The action plan emphasizes leveraging the Beidou industry and application foundation in Hebei, along with the advantages of coordinated development in the Beijing-Tianjin-Hebei region, focusing on "innovation-driven, application-led, collaborative linkage, and ecological cultivation" as core strategies [1] - By 2027, the plan aims to significantly increase the penetration rate of Beidou in key sectors such as transportation, agriculture, industrial manufacturing, natural resources, and smart cities, establishing a comprehensive capability for "data collection-processing-application" [1] Group 2: Industry Development Strategy - The action plan outlines the need to strengthen the cultivation of enterprises, incubating innovative small and medium-sized enterprises focused on Beidou navigation chips, modules, terminals, software development, system integration, and location services [2] - It aims to create a collaborative industrial ecosystem through targeted investment attraction and open scenarios, fostering leading enterprises and forming a "leading enterprise-chain collaboration-cluster development" model [2]

New IPOs and Fundraising - 15 IPO companies on the Shanghai Stock Exchange raised a total of 34.233 billion yuan from January 1 to August 17, 2025 [3] - 8 IPO companies on the Sci-Tech Innovation Board raised 8.116 billion yuan [3] - 8 IPO companies on the Shenzhen Main Board raised 4.378 billion yuan [3] - 24 IPO companies on the Shenzhen ChiNext Board raised 14.887 billion yuan [3] - 9 IPO companies on the Beijing Stock Exchange raised 3.207 billion yuan, with 2 companies still in the issuance phase [3] - The total fundraising amount across all exchanges reached 64.821 billion yuan [3] Company News Highlights - Chuangzhong Technology clarified that its business does not involve the production of liquid-cooled servers, only participating in testing platforms [5] - China Shipbuilding's stock will resume trading on August 19 [5] - A risk of stock price detachment from current fundamentals was noted for Shangwei New Materials [5] - Tongzhou Electronics denied rumors of entering the supply chain of companies like NVIDIA [5] - Kingood Holdings received a notification for the low-carbon wheel project from Avatar, with an expected total sales amount of approximately 810 million yuan [5] - Changhua Group received a notification from a new energy vehicle company, with an expected lifecycle total sales amount of about 810 million yuan [5] - Chip Motion Technology reported a 173.37% year-on-year increase in net profit for the first half of the year and plans to distribute 1.56 yuan per 10 shares [5] - Guosheng Financial Holdings reported a net profit of 209 million yuan for the first half of the year, a year-on-year increase of 369.91% [5] - Jiao Cheng Ultrasonic reported a net profit of 58.037 million yuan for the first half of the year, a year-on-year increase of 1005.12% [6] - Jingjiawei plans to increase capital in Chenghengwei and become its controlling shareholder [6] - Guocera Materials plans to establish a joint venture focused on the research, production, and sales of solid-state battery-related materials [6] - China Shipbuilding's application for stock delisting has been accepted by the Shanghai Stock Exchange [6]

Investment Rating - The report maintains an "Outperform" rating for the heavy truck industry [7] Core Insights - The report focuses on the upgrade of the heavy truck industry chain driven by the mandatory installation of Beidou systems and the digitalization of insurance, with significant policy support expected to generate large-scale installation demand [4][11] - The heavy truck market is entering a structural recovery phase, with a year-on-year sales growth of 5.8% in the first half of 2025, indicating a gradual recovery trend since February [8][22] - The integration of Beidou technology is expected to enhance operational efficiency and data monetization, creating a sustainable business model from policy-driven installation to data value realization [30][38] Summary by Sections 1. Beidou Positioning and Heavy Truck Industry Upgrade - The mandatory installation of Beidou systems is transforming vehicle management from manual experience to real-time data, supporting dynamic scheduling and safety improvements [15] - The heavy truck market is experiencing a recovery with increasing concentration among leading companies, driven by demand recovery and policy support [16][24] - The new Beidou terminal solutions offer significant advantages in cost, precision, and safety, becoming the mainstream choice for heavy trucks [30][35] 2. Heavy Truck Insurance Challenges and Digital Solutions - The heavy truck insurance market faces a supply-demand imbalance, with high accident risks leading to reduced underwriting by insurance companies [9][44] - Digital transformation is essential for the heavy truck insurance market, leveraging high-frequency data from Beidou terminals to enhance risk management and pricing accuracy [10][42] - The report suggests a shift towards a usage-based insurance (UBI) model, which could improve risk assessment and reduce claims costs [53][57] 3. Investment Recommendations - The heavy truck industry is poised for structural opportunities driven by the dual forces of mandatory Beidou installation and insurance digitalization, with leading companies like Weichai Power and China National Heavy Duty Truck Group expected to benefit [11][61] - The report emphasizes the importance of companies that actively promote the large-scale application of Beidou technology, highlighting their potential for data monetization and enhanced operational efficiency [11][61]

Core Viewpoint - Puxin Technology is positioned as a leading player in the satellite internet sector, backed by strong state-owned enterprise support, and is focused on enhancing its core competencies through continuous research and development in AI and satellite internet technologies [2][4]. Company Overview - Puxin Technology is a state-controlled listed company under China Electronics Technology Group Corporation, focusing on information communication, including public and private network communications, smart applications, and intelligent manufacturing [2]. - The company serves as a key platform for the Guangdong-Hong Kong-Macao Greater Bay Area and plays a significant role in national cybersecurity infrastructure development, benefiting from comprehensive support in resource allocation and industry integration [2]. Industry Development - The domestic satellite internet industry is rapidly growing, with a market size projected to increase from 29.162 billion yuan in 2021 to 37.6 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of 7% [3]. - Puxin Technology is actively involved in the development of industry standards and has made significant advancements in product offerings, including high-end PCB products and satellite communication technologies [3]. Strategic Initiatives - The company is enhancing its competitive positioning by participating in the formulation of industry standards and advancing its product lineup, including the development of a portable satellite communication terminal that connects directly to low-orbit satellites [3]. - Puxin Technology is also focusing on applications in emergency communication and other specialized sectors, leveraging its research in direct satellite communication technologies [3]. Investment Outlook - Puxin Technology is expected to achieve net profits of 108 million yuan, 145 million yuan, and 201 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 143X, 107X, and 77X [4]. - The company is recognized as a "national team" in the satellite internet field, with a commitment to advancing communication technology and exploring new growth opportunities in AI and low-altitude economies [4].

Investment Rating - The report maintains a "Recommended" rating for the company [5][40]. Core Viewpoints - The company is positioned as a leader in the satellite internet sector and is recognized as a "national team," focusing on advancing satellite internet communication technology and developing multiple solutions in the Beidou navigation application [3][40]. - The domestic satellite internet industry is expected to grow significantly, with a market size projected to increase from 29.162 billion yuan in 2021 to 37.6 billion yuan by 2025, reflecting a compound annual growth rate of 7% [2][14]. - The company has established a strong competitive position through deep research and development efforts, actively participating in industry standard-setting and enhancing its product offerings [2][24]. Summary by Sections Company Overview - The company is a state-controlled listed enterprise under the China Electronics Technology Group Corporation, focusing on information communication and involved in public network communication, private network communication, and smart applications [1][10]. Industry Development - The satellite internet industry is rapidly evolving, with significant advancements in technology and infrastructure, including successful satellite launches that enhance network capabilities [2][17]. - The company is actively involved in the development of standards for satellite communication and has made substantial progress in product innovation, including high-end PCB products and satellite communication terminals [2][24][25]. Financial Forecast and Investment Suggestions - The company is projected to achieve net profits of 108 million yuan, 145 million yuan, and 201 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 143X, 107X, and 77X [3][40]. - The report emphasizes the company's potential for long-term growth through its strategic positioning in emerging industries such as AI computing and low-altitude economy [3][40]. Business Segments - The company operates in three main business segments: public network communication, private network communication and smart applications, and intelligent manufacturing, each with specific growth strategies and market opportunities [33][34][35].

Core Viewpoint - The "Emergency Mission 2025" exercise aims to enhance emergency rescue capabilities in response to extreme disaster scenarios, focusing on various critical situations such as power outages, communication failures, and severe forest fires [1] Group 1: Emergency Rescue Exercises - The exercise was organized by the National Disaster Reduction and Relief Committee and the State Council's Work Safety Committee, targeting the challenges of emergency rescue in extreme disaster situations [1] - Four main topics were covered: emergency rescue for power outages, communication failures, severe forest fires in original forest areas, and large storage tank fire explosions [1] Group 2: Advanced Equipment and Tactics - A large-scale fire explosion rescue exercise showcased the use of high-tech equipment, including high-temperature robots and drones, with 19 national emergency rescue teams participating [2] - The exercise emphasized seven key subjects, including intelligent reconnaissance, rapid remote water supply, and various fire extinguishing techniques for chemical installations [2] - The use of unmanned, information-based, and intelligent equipment effectively addressed challenges in obtaining situational awareness and coordinating rescue efforts [2] Group 3: New Technologies and Materials - The exercise in Heilongjiang province highlighted the impact of extreme rainfall leading to landslides and communication disruptions, prompting a rapid emergency response [3] - Advanced technologies were utilized for disaster monitoring and decision-making, including satellite phones and drones for reconnaissance [3] - A comprehensive command network was established using integrated and modular equipment to ensure smooth communication during rescue operations [3] Group 4: Collaborative Efforts and Innovations - The China Energy Group and the National Fire Rescue Bureau collaborated to establish waterway rescue channels using unmanned boats and underwater robots [4] - New technologies and equipment were employed to ensure power supply in critical areas, demonstrating the effectiveness of innovative approaches in emergency response [4] - The exercise validated new equipment, technologies, and strategies, marking the initial formation of new rescue capabilities for extreme disaster scenarios [4]