盟升电子 20250709 摘要 盟升电子预计 2025 年各型号营收范围在 1 到 2 亿元，主要增长点包括 精确制导、数据链产品批产以及电子对抗项目，新网项目下半年有望开 始验证招标，预示着公司新的增长机会。 公司综合毛利水平有望逐步提升，尽管短期内型号集中化可能影响毛利， 但长期来看，单一品种规模扩大将降低制造成本。通保一体卫保产品单 件价值量增长也有助于提升毛利。 公司加大军贸业务投入，军贸产品重心低于国内型号，原材料成本较低， 毛利率较高（60%-70%甚至更高），计划加大军贸合作以提高整体毛 利水平。 若行业健康发展，公司跟踪的 100 多个型号有望在未来几年稳定达到 10 亿至 20 亿元规模，平均毛利率预计可达 50%至 60%，受益于军贸 投入加大和国内型号发展。 公司协议转让决策基于员工激励和团队贡献回报考虑，小比例减持旨在 回报股东并增强团队凝聚力，未来不会再考虑进一步减持计划。 2025 年公司收入预计将超过 2022 年水平，但毛利率难以回到过去较 高水平，主要原因是单套站制造成本增加以及国产化替代导致硬性成本 上升。预计未来两年内实现 10~20 亿年销售额，即 2026 年至 2 ...

Group 1 - The core viewpoint of the article highlights that Mobi Development has been actively repurchasing its shares, indicating management's confidence in the company's financial health and future prospects [1][3] - As of July 10, 2025, Mobi Development repurchased 83,000 shares at an average price of HKD 0.12 per share, totaling approximately HKD 9,918, with a cumulative repurchase of 3.821 million shares this year, representing 0.47% of the total share capital [1] - The recent share repurchase activity is seen as a strategy to stabilize the stock price and enhance investor confidence, while also potentially improving financial metrics such as earnings per share by reducing the number of shares in circulation [1] Group 2 - Mobi Development operates in the telecommunications sector, focusing on the research, development, and production of communication infrastructure equipment [2] - The company provides products and solutions for communication network construction, including base station antennas and RF devices, and maintains business relationships with various telecom operators [2] - The company's performance and growth prospects are influenced by the overall trends in the telecommunications industry, market competition, and its own technological innovation capabilities [2]

证券代码：300177 证券简称：中海达 广州中海达卫星导航技术股份有限公司 投资者关系活动记录表 编号：2025-005 | | 特定对象调研 分析师会议  | | | --- | --- | --- | | 投资者关系活动 | 媒 体 访 业绩说明会 | 采 | | 类别 | 新闻发布 会 路 演 活 动 | | | | 现 场 观 | 参 | | | 其他（请文字说明其他活动内容）： | | | 参与单位名称及 | 国信证券涂泳诗、中信建投周晓宇、博时资本刘雨凡、浙 | | | 人员姓名 | 江金河薛世雄、深圳龙奇士沈逸、郑申 | | | 时间 | 2025 年 07 月 08 日下午 15:00-16:30 | | | 地点 | 公司广州总部 | | | 上市公司接待人 | 董事会秘书：黄宏矩 | | | 员姓名 | 证券事务代表：张赟 | | | | 投资者关系主管：俞志洁 本次特定对象调研主要内容摘要如下： | | | | 1、公司的主营业务介绍 | | | | 答：公司专注于高精度导航定位技术产业链相关软硬 | | | | 件产品和服务的研发、制造和销售，深化北斗精准位置行 | ...

这种"隔路协同"的魔力，源于吉州区对产业链的精准布局。通过绘制细分领域产业图谱、定期发布供需清 单，吉州区促成19家上下游企业形成"互补共生"生态。龙头企业宏瑞兴科技作为江西省最大覆铜板出口企 业，其高耐热无铅覆铜板技术国际领先，而振邦新材料填补了本地印制电路板领域关键原材料空白。两者仅 一路之隔，使宏瑞兴的玻璃纤维布年需求量1亿米全部实现本地化供应，仅运输成本每年就节省超千万元。 吉州区的垂直整合并非简单的物理集聚，而是通过"链长制"推动产业链向"微笑曲线"两端延伸。同时，该区 聚焦企业帮扶，设置"入企听诉"服务成效、监管成效、营商环境满意度评价等指标，主动为企业项目建设提 供全流程支持。在吉贤路沿线，上游企业专注于高附加值材料研发，如振邦新材料攻克了电子玻纤布的纳米 级改性技术；中游企业如宏瑞兴科技则通过工艺创新，将覆铜板厚度公差控制在±0.02毫米以内，达到苹果供 应链标准；下游企业依托数字化工厂，实现从订单到交付的全流程透明化管理。这种"纵向贯通、横向联 动"的模式，使吉州区电子信息产业毛利率高于全国平均水平。 数字赋能 在宏瑞兴科技智能车间，物联网传感器实时采集生产数据，AI算法自动优化压合参数，使 ...

Core Insights - The 2026 WIRE & TUBE exhibition in Düsseldorf, Germany, will take place from April 13-17, featuring over 2,700 global companies and focusing on low-carbon technologies, digital solutions, special materials, and international collaboration [1][2]. Group 1: Exhibition Highlights - The exhibition will showcase four main highlights: a focus on low-carbon production technologies, including hydrogen pipelines and eco-friendly cables; emphasis on digital solutions with applications of smart factories and Industry 4.0; a strong display of special materials such as deep-sea pipelines and aerospace cables; and an increased international participation with a new "BRICS Zone" to highlight innovations from emerging markets [4]. - The CEO of Düsseldorf Exhibition Company, Wolfram N. Diener, stated that WIRE & TUBE is the most important innovation platform for the global pipe and wire industry, particularly addressing the technological changes brought by energy transition [5]. Group 2: Sustainability and Innovation - The exhibition will debut the "Global Pipe and Wire Industry Carbon Neutrality Roadmap," providing guidance for the industry's green transition [5]. - A "Future Factory Experience Zone" will demonstrate the entire digital production process, including AI quality inspection and smart logistics applications [5]. - The concurrent "Global Pipe and Wire Summit" will invite experts from organizations like the International Energy Agency and the European Industrial Commission to discuss topics such as energy infrastructure upgrades and material innovations [5]. Group 3: Industry Collaboration - WIRE & TUBE serves not only as a product showcase but also as a vital link for promoting global supply chain collaboration [6]. - The exhibition will host over 30 professional technical seminars and B2B matchmaking events to inject new momentum into industry development [6].

Group 1 - The establishment of three new military academies, including the Army Branch University, Information Support Engineering University, and Joint Logistics Support Engineering University, aims to attract high school graduates and enhance military education [1] - The Information Support Engineering University is formed from the National University of Defense Technology's Information Communication College and the Army Engineering University's Communication Non-Commissioned Officer School, focusing on specialized courses related to future warfare [1][8] - The university emphasizes the integration of advanced technologies such as drones and robotic systems in training, simulating future combat scenarios [1] Group 2 - The electromagnetic spectrum monitoring vehicle is described as the "ears" of the battlefield, capable of identifying interference sources in noisy electromagnetic environments [3] - The concept of the electromagnetic spectrum is likened to a highway for various signals, highlighting the importance of signal management in military operations [4] - The university's advanced laboratory features innovative technologies like "atomic antennas," which utilize cesium atoms to manipulate signals, showcasing cutting-edge research [6] Group 3 - The Information Support Engineering University is positioned as a "talent incubator" for future warfare, with a curriculum designed to be 100% informationized and 100% intelligent [8] - The university offers a total of ten high-tech majors, indicating a strong focus on modern military needs and technological advancements [8] - Historical context is provided, illustrating the evolution of communication technology from the Liberation War to contemporary advancements, emphasizing the enduring mission of military communication [10]

Group 1 - ZTE Corporation has applied for a patent titled "Power Divider Circuit, Power Divider, and Antenna Feed System," with publication number CN120221966A, and the application date is April 2025 [1] - The patent describes a reconfigurable power divider circuit that includes multiple input and output branches, controlled by four control elements to operate in different modes [1] - The circuit can function in a unidirectional mode or a bidirectional mode depending on the states of the control elements [1] Group 2 - ZTE Corporation, established in 1997 and located in Shenzhen, primarily engages in the manufacturing of computers, communications, and other electronic devices [2] - The company has a registered capital of approximately 478.35 million RMB [2] - ZTE has invested in 109 companies, participated in 5,000 bidding projects, and holds 5,000 patent records along with 1,877 trademark records [2]

Core Viewpoint - The automotive antenna industry is experiencing significant growth driven by the increasing penetration of new energy vehicles and the trend towards vehicle intelligence, with the market size projected to grow from 2.267 billion yuan in 2017 to 4.033 billion yuan in 2024 [1][8]. Industry Overview - Automotive antennas intercept high-frequency radio waves and transmit them to automotive receivers, playing a crucial role in the intelligent vehicle industry [1]. - The main types of automotive antennas include ground antennas, shark fin antennas, and built-in antennas, with ground antennas being largely phased out [1][2]. Industry Status - China is the largest automotive producer and consumer globally, with 30.16 million vehicles produced and 30.09 million sold in 2023, marking a year-on-year growth of 11.6% and 12% respectively [4]. - The automotive antenna market is expected to exceed 31 million units in production and sales in 2024, with a projected growth of 3.7% and 4.5% year-on-year [4]. Development Trends - The automotive antenna industry is moving towards smart and integrated designs, enhancing communication efficiency and stability [16]. - There is a trend towards miniaturization and invisibility in antenna design, improving aesthetics and reducing space occupation [17]. - High efficiency and low energy consumption are becoming key focuses for product upgrades, aligning with environmental sustainability goals [19]. Competitive Landscape - The market is characterized by foreign dominance, local rise, and accelerated technological upgrades, with international giants like Continental AG and Harman International leading the high-end market [10]. - Local companies such as Suobede, Beidou Star, and Xinwei Communication are rapidly growing through technological breakthroughs and domestic substitution strategies [10][12]. - The market concentration is increasing, with the top three companies holding approximately 30% market share [10]. Key Companies - Suobede specializes in mobile communication, focusing on wireless RF technology and has seen a revenue increase of 12.37% in 2024 [12]. - Xinwei Communication, listed in 2010, reported revenues of 8.744 billion yuan in 2024, reflecting a year-on-year growth of 15.85% [14].

通信行业 2025 年 6 月 27 日 分析师：陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 周 报 分析师：罗炜斌 S0340521020001 电话：0769-22110619 邮箱：luoweibin@dgzq.com.cn S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn 资料来源：东莞证券研究所，iFind 相关报告 超配（维持） 通信行业双周报（2025/6/13-2025/6/26） 行 业 我国前 5 个月通信业电信业务收入累计完成 7488 亿元 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： 通信行业指数近两周涨跌幅：申万通信板块近2周（6/13-6/26）累计上 涨4.14%，跑赢沪深300指数2.75个百分点，涨幅在31个申万一级行业中 位列第4位；申万通信板块6月累计上涨10.01%，跑赢沪深 ...

信科移动 20250625 摘要 中国 5G 网络建设放缓，运营商无线资本开支持续收缩，预计 2024 年 和 2025 年分别下降约 25%和 15%，对信科移动国内运营商业务收入 带来压力。 信科移动聚焦"一带一路"沿线国家拓展国际市场，无线接入网 （RAN）相关资本开支增长较快，但国际 5G 建设进度滞后，释放节奏 尚不明朗。 5G 行业应用落地未达预期，信科移动在矿山能源、交通等领域取得进 展，5G-R 测试表现优秀，2024 年行业应用收入增长超过 80%。 信科移动在 5G 标准和专利贡献度位居全球前十，拥有超过 16,000 件 发明专利，通过专利许可为公司贡献显著且相对固定的利润。 信科移动持续推进经营管理改革，包括 IPD 和营销服务体系建设、干部 选聘和精细化运营，以提升价值创造能力和运营效率。 公司预计 2025 年收入规模将下降 5%至 10%，主要受国内运营商收入 下降影响，但将持续推进提质增效措施，力争早日扭亏为盈。 国铁集团 5G-R 专网建设预计 2026 年下半年或 2027 年启动，第一期 建设目标是到 2029 年完成 10 万公里线路覆盖，市场规模约为 300 亿 人民 ...