智通财经APP获悉，国信证券发布研报称，关注运载火箭发动机上游的高温合金、特种不锈钢以及金属 3D打印环节;以及栅格舵、着陆腿等新增可回收组件将带来新的材料需求(如钛合金、碳纤维)。载荷定 义价值，卫星正从"平台为王"转向"载荷为王"。核心弹性：相控阵T/R组件，类似于AI服务器中的光模 块，需求量与卫星数量呈线性倍数关系，单星价值量占比高，且技术壁垒极高。星间激光通信：为实现 全球无死角覆盖，卫星间激光链路成为标配，是纯增量市场。霍尔电推是卫星延寿与变轨的关键，替代 传统化学推进是确定性趋势。终端直连有望打开C端市场，相关的高性能天线、基带芯片将迎来消费电 子级的放量机遇。 国信证券主要观点如下： 风险提示：技术进步低于预期、政策低于预期风险、发射失败风险、组网速度低于预期、商业化低于预 期等。 核心驱动力：四大技术收敛引发"成本革命" 本轮爆发的本质不是单一技术的突破，而是运载、制造、载荷、动力四大维度的技术"收敛"，共同推动 了成本的指数级下降。1)运载端(复用)：垂直回收(VTVL)技术将火箭从"一次性耗材"变为"可复用资 产"。发射成本正从航天飞机时代的5万美元/kg，向猎鹰9号的3000美元/kg ...

证券日报网讯 12月26日，蓝盾光电在互动平台回答投资者提问时表示，公司通过全资子公司安徽蓝芯 信息技术有限公司持有上海星思半导体有限责任公司4.9533%的股权，对应注册资本人民币1，146， 381元；上海星思半导体有限责任公司是一家基带芯片设计公司，相关芯片可应用于5GCPE、卫星智能 手机原型机、低轨卫星通信终端、卫星物联终端、卫星联测终端等产品上。 （编辑 袁冠琳） ...

东 兴 晨 报 东兴晨报 P1 经济要闻 1. 生态环境部：提出加强网络安全和信息化基础能力建设，推进大数据、 人工智能、区块链等信息技术与生态环境治理深入融合，筑牢网络与信息安 全防线，切实以信息化助推生态环境治理现代化。（资料来源：同花顺） 2. 北京市丰台区：北京丰台区首期规模不低于 100 亿元的政府产业投资基 金矩阵完成工商注册，预计 2026 年正式启动，由区属国企自管，重点支持不 同发展阶段企业。（资料来源：同花顺） 3. 海南省：封关首周(12 月 18 日—24 日)，海关共监管"一线"进口"零 关税"享惠货物超 4 亿元；监管"二线"内销加工增值免关税货物超 2000 万元，政策红利持续释放、产业发展动能持续增强。（资料来源：同花顺） 4. 国家发改委：加强行业管理，坚持"减油、增化、提质"，持续实施粗 钢产量调控，严禁违规新增产能，促进优胜劣汰。聚焦重点产业链需求，支 持企业加快产业科技创新，推动创新产品研发和产业化，加快补齐短板弱项， 推动产业加速迈向中高端。（资料来源：同花顺） 5. 人民财讯：国家创业投资引导基金正式启动，京津冀、长三角、粤港澳 大湾区三只区域基金设立运行。其中京津 ...

人民财讯12月26日电，蓝盾光电（300862）12月26日在互动平台表示，公司通过全资子公司安徽蓝芯信 息技术有限公司持有上海星思半导体有限责任公司4.9533%的股权；上海星思半导体有限责任公司是一 家基带芯片设计公司，相关芯片可应用于5G CPE、卫星智能手机原型机、低轨卫星通信终端、卫星物 联终端、卫星联测终端等产品上。 ...

转自：前瞻产业研究院 北斗导航行业主要上市公司：北斗星通(002151)、海格通信(002465)、华测导航(300627)、合众思壮 (002383)、四维图新(002405)、振芯科技(300101)、中海达(300177)等 本文核心数据：北斗导航产业链、产业链全景图、代表性企业区域分布 北斗导航行业产业链全景梳理 北斗导航需要北斗卫星产业支撑，包括卫星设计、制造、发射、运营等环节：北斗产业链上游基础部件是 产业自主可控的关键环节，基础部件作为自主可控最关键的部分主要由基带芯片、射频芯片、板卡、天线 等构成;中游主要包括终端集成和系统集成，是产业发展的重点;下游服务客群包括消费市场、行业市场、 军用市场等。 北斗上游基础部件供应商包括北斗星通、国科微、海格通信、合众思壮、振芯科技等。中游导航产品及解 决方案供应商包括司南导航、航天宏图、四维图新、千寻位置、北斗星通、华测导航、振芯科技、中海达 等。 北斗导航行业代表性企业业务布局情况 2025年上半年，中国北斗导航行业中，华测导航、合众思壮、通宇通讯北斗相关业务营收达到5亿元以 上，领先于其他上市公司;从毛利率水平看，臻镭科技、*ST铖昌、海格通信、华测 ...

公告强调，截至目前，本次交易项下股权未交割，蓝芯合伙未支付股权转让价款。终止交易是基于公司 自身情况和上海星思半导体现状，旨在控制投入、减少对外投资对公司的影响，维护公司及全体股东尤 其是中小股东的利益。 蓝盾光电于2020年8月登陆创业板，主营业务为高端分析测量仪器的研制、生产、软件开发、数据应用 及服务，产品和服务主要用于环境监测、气象观测等领域；而成立于2020年的上海星思半导体，相关芯 片主要应用于5G CPE、卫星智能手机原型机、低轨卫星通信终端、卫星物联终端、卫星联测终端等产 品，双方主营业务相关性较弱。 蓝盾光电与上海星思半导体的关联可以追溯至2023年。2023年12月29日，蓝盾光电宣布以1.8亿元自有 资金参与上海星思半导体的新一轮融资，预计取得约5%的股权。按相应比例换算，上海星思半导体投 后估值约为36亿元，增值率高达5142.86%。而2022年和2023年前三季度，上海星思半导体却连续亏 损，合计亏损超过8亿元。 这项高溢价的跨界投资随即引来交易所关注。 2024年1月2日，深交所向蓝盾光电下发关注函，要求说明该项融资的筹划过程、关键决策环节及参与人 员，并要求核查公司董监高、持股 ...

Core Insights - TSMC's 3nm advanced process capacity is facing significant constraints due to surging demand from AI chip giants like NVIDIA, leading to a supply-demand gap that is expected to drive TSMC's overall gross margin above 60% by 2026 [2][4]. Group 1: Capacity Constraints - TSMC's 3nm monthly capacity is projected to reach only 140,000 to 145,000 wafers by the end of 2026, which will not meet the total orders [2]. - Major clients including NVIDIA, Apple, Qualcomm, MediaTek, Google, Amazon, Meta, and Microsoft have fully booked the 3nm capacity, covering critical areas such as AI training chips and flagship smartphone processors [4]. Group 2: Profitability and Pricing - The scarcity of capacity is translating into profitability for TSMC, with some clients willing to pay 50% to 100% above normal prices for expedited orders [4]. - If this trend continues, combined with planned price increases in 2026, TSMC's gross margin is expected to remain above 60%, with growth momentum likely to exceed market expectations [4]. Group 3: Capacity Expansion Strategies - To alleviate capacity pressure, TSMC is implementing flexible strategies, such as converting part of the 4nm production line at the Tainan Fab18 to 3nm, which will increase monthly output by approximately 25,000 wafers [5]. - TSMC is also collaborating across factories to utilize 6nm/7nm lines at Fab14 for 3nm backend processes, potentially releasing an additional 5,000 to 10,000 wafers per month in the second half of 2026 [5]. - The 3nm capacity at TSMC's Arizona facility is not expected to contribute until early 2027 [5].

Group 1 - The core viewpoint of the article is that the company, 蓝盾光电, currently does not engage in satellite IoT-related products, but has a stake in a semiconductor design company that develops chips applicable to various advanced communication technologies [2][3] Group 2 - The company, 上海星思半导体有限责任公司, is involved in the design of baseband chips [2] - The relevant chips can be utilized in products such as 5G CPE, satellite smartphone prototypes, low Earth orbit satellite communication terminals, satellite IoT terminals, and satellite joint measurement terminals [2]

Core Viewpoint - The company, Blue Shield Optoelectronics (300862.SZ), currently does not engage in satellite IoT-related products, but has a stake in Shanghai Xingsi Semiconductor Co., which designs baseband chips applicable in various advanced communication technologies [1] Group 1 - The company has stated that its current business does not involve satellite IoT products [1] - Shanghai Xingsi Semiconductor, a company in which Blue Shield Optoelectronics holds shares, specializes in baseband chip design [1] - The baseband chips designed by Shanghai Xingsi can be utilized in 5G CPE, satellite smartphones prototypes, low-orbit satellite communication terminals, satellite IoT terminals, and satellite joint measurement terminals [1]

Core Insights - Apple is making significant progress in developing its own baseband chips, having introduced the self-developed C1 chip in the mid-range iPhone 16e and the upgraded C1X in the newly released iPhone Air, indicating a gradual reduction in reliance on Qualcomm for baseband technology [1][2] - Qualcomm's strategy in response to Apple's move includes strengthening partnerships with Android manufacturers to compensate for the loss of iOS business and diversifying its operations beyond mobile phones into sectors like automotive, IoT, and PCs [1] Group 1 - Apple has successfully integrated its self-developed baseband chips into its latest iPhone models, marking a strategic shift away from Qualcomm [1] - Qualcomm acknowledges the impact of Apple's self-developed chips on its business, stating that its future plans post-2027 do not include any business with Apple [1] - The baseband chip technology is characterized by high technical barriers, with only a few manufacturers globally, including Qualcomm, MediaTek, Samsung, Unisoc, and Intel, with Qualcomm being the dominant player [2]