以下文章来源于锦缎研究院 ，作者海星 锦缎研究院 . 专注上市公司价值发现与传播 我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资源链接等， 我会分享在朋友圈 。 近期，当美国政府掏出真金白银入股英特尔的消息传开时，这家昔日半导体巨头的股价一口气飙升 20% 。 但熟悉内情的人都清楚，这不过是一场持续多年的 " 抢救接力赛 "—— 从拜登政府的芯片法案，到去年盛传的希望台积电入股英特尔，到近期 政府直接下场。 更广泛而言，美国想挽救的不止是一个英特尔，而是整个高端工业，乃至整个制造业。 美国之所以如此急于"混改"英特尔， 在其背后，实则事 关美国制造业回流与复兴这一全盘战略规划。 自此之后，虽然美国由于贫富差距、种族歧视等问题，社会割裂日益拉大：红州与蓝州对峙，精英与平民对立。 但是 " 让制造业回家 " ，成为两党唯一深化的底层共识 ： 如何理解这一深层逻辑，美国这一"万亿豪赌"能够得偿所愿吗？ 01 唯一的底层共识 一切得追溯到 20 年前。 2007 年美国制造业供应链的脆弱性指标超过 10% ，位居全球主要经济体的首位。随后的 08 年金融危机 ...

我国商业航天产业发展如火如荼的同时，人才市场也悄悄完成了一轮迭代和洗牌。 锐仕方达最新发布的《2025商业航天薪酬指南》（以下简称指南）显示，液体火箭首席工程师年薪中位数82万，卫星载荷系统设计师年薪最高可达65万， 应届重点院校硕士在上海的起步月薪已突破2.3万元…… 这些不仅是商业航天职位薪酬的变化，更是一部产业冷热交替的晴雨表。 01 图/某航天院校招聘专场 商业航天，招人门槛正在提高 薪酬地图，北方跌，南方涨 北京招聘量减少，薪资壁垒高 北京作为商业航天传统中心之一，招聘量从2022年的21730个骤降至2024年的13443个，三年降幅38%（原因包括行业头部企业发展趋稳、招聘量趋于稳定 等），但月薪仍保持在23768元的高位，企业在用更贵的价钱抢更少的人。 不过考虑到产业发展环境、资源户口等因素，北京的人才壁垒仍然很高。 上海、南京、成都则成为"新磁极" 与之形成对比的是上海，2024年月薪以25202元位居榜首，重点院校硕士起薪达到23130元，较北京高出4.9%，确立了长三角地区的薪资制高点。 南京凭借长三角区位优势，应届硕士起薪20070元，反超广州；成都三年薪资涨幅20.2%，领跑全国。 ...

Group 1 - Guangdong Province government issued policies to promote high-quality development of commercial aerospace from 2025 to 2028, focusing on building a comprehensive industrial ecosystem [1] - The policies include 19 specific support measures across seven areas: infrastructure construction, innovation capability enhancement, industry clustering, satellite application expansion, market entity cultivation, investment support, and talent development [1] - The aim is to create an integrated commercial aerospace industry ecosystem through support for satellite constellation construction, ground station facilities, product development, and terminal manufacturing [1] Group 2 - The global commercial aerospace market is projected to reach approximately $480.3 billion in 2024, accounting for 78% of the global aerospace economy [2] - China's commercial aerospace market has grown rapidly from 376.4 billion yuan in 2015 to 1.2447 trillion yuan in 2021, with a compound annual growth rate of nearly 20% [2] - There is potential for domestic commercial aerospace companies to achieve valuations in the hundreds of billions or even trillions, similar to the growth of SpaceX [2] Group 3 - Local governments are actively supporting the construction of commercial aerospace industry clusters, with cities like Shanghai, Beijing, Hainan, and Sichuan focusing on key areas such as satellite manufacturing and rocket launching [5] - The National Space Administration has implemented a lifelong accountability system for commercial aerospace project responsibilities, promoting industry standardization [5]

人民财讯8月19日电，广东省人民政府办公厅印发《广东省推动商业航天高质量发展若干政策措施(2025 —2028年)》。其中提出，支持星箭产品研制应用。支持火箭、卫星、关键系统部件及应用终端产品纳 入省首台(套)重大技术装备研制与推广应用政策支持范围，并按规定享受奖励。动态调整《广东省首台 (套)重大技术装备推广应用指导目录》，及时将符合条件的商业航天领域装备产品纳入目录范围，并在 实现销售后对研制企业进行奖励，原则上按单台(套)装备售价(关键系统部件或应用终端产品按首批次产 品销售额)的30%给予奖励，成套装备奖励最高700万元/套，单台装备、单批部件或应用终端产品奖励最 高300万元/台(批)。对符合工业和信息化部《首台(套)重大技术装备推广应用指导目录》要求的装备产 品，实现销售后对研制企业进行奖励，原则上按单台(套)装备售价(关键系统部件或应用终端产品按首批 次产品销售额)的30%给予奖励，成套装备奖励最高900万元/套，单台装备、单批部件或应用终端产品奖 励最高500万元/台(批)。 ...

Summary of Key Points from Conference Call Records Industry Overview - The commercial aerospace industry in China is accelerating its development, but insufficient launch capacity remains a major bottleneck. The government and capital markets are increasing support to expedite industry growth. It is expected that by the end of next year, high-capacity rockets will successfully launch for the first time, gradually entering the business sector [1][4][13]. Core Insights and Arguments - **Launch Capacity Challenges**: The current launch capacity is inadequate, limiting the rapid deployment of satellites. For instance, the Long March 8 rocket can only launch five satellites at a time instead of the ten needed for operational orbits, causing delays in overall progress [7][10]. - **Investment and Support**: The government and regulatory bodies are actively facilitating the commercial aerospace sector by encouraging private rocket companies to participate, enhancing infrastructure and construction capabilities [4][18]. - **Technological Innovations**: Companies like Yuanxin are adjusting strategies to introduce VDES standards and mobile direct connection services to meet market demands and attract financing. Yuanxin has raised 6.7 billion yuan to support the construction of the first 200-300 satellites [6][8]. - **Satellite Production Capacity**: China's satellite factories are projected to reach an annual production capacity of 7,000 satellites by 2026 or 2027, but actual production will depend on order volumes. High supply chain costs are a bottleneck, necessitating the entry of more new companies to reduce costs [16][17]. Important Developments - **Mobile Direct Connection Technology**: Progress has been made in mobile direct connection technology, with experimental satellites achieving this functionality. The next generation of satellites will focus on mobile direct connections, supported by Huawei [11][25]. - **Competitive Landscape**: Private enterprises have advantages in reusable rocket technology due to a competitive mechanism that promotes faster breakthroughs. In contrast, state-owned enterprises possess strong technical capabilities but differ in commercial awareness [14][15]. Future Outlook - **Market Dynamics**: The commercial aerospace sector is expected to see significant developments as major companies like Huawei and ZTE enter the market, potentially boosting industry confidence and attracting more investments [18][20]. - **Global Positioning**: China is anticipated to establish a significant presence in the satellite internet sector, with the potential to develop a large satellite constellation to compete with entities like Starlink. The focus will be on enhancing communication standards and capabilities [20][21][24]. Additional Insights - **Challenges in the Aerospace Sector**: The commercial aerospace industry faces challenges such as insufficient launch opportunities for private rockets and the need for more capital investment to enhance manufacturing and launch capabilities [7][12]. - **Technological Routes for Satellite Connectivity**: There are three main routes for mobile direct satellite connection technology, with a trend towards standardization under 3GPP protocols, indicating a shift towards more unified communication standards [25][26]. This summary encapsulates the key points from the conference call records, highlighting the current state and future prospects of the commercial aerospace industry in China.

Summary of Satellite Internet Industry Conference Call Industry Overview - The satellite internet industry is experiencing a slowdown in satellite deployment in the first half of 2025, but a concentrated launch is expected in the second half, with overall launch volumes remaining within last year's expectations [1][2] - Key bottlenecks include rocket capacity, costs, electric propulsion technology, and laser networking technology, with future development focused on small-scale constellation deployment and technology validation [1][2] Key Points and Arguments - **Satellite Deployment and Challenges**: The deployment progress in the first half of 2025 has been slow, with anticipated concentrated satellite launches in the second half. Current limitations include rocket capacity and costs, as well as challenges in electric propulsion and laser networking technologies [2][3] - **Demand for Computing Constellations**: There is an increasing demand for CPUs, GPUs, and large-scale storage devices, necessitating considerations for radiation resistance and reliability. Satellite platforms continue to use traditional equipment, focusing on new computing and processing devices to meet space environment requirements [1][4] - **Reliability vs. Cost in Commercial Space**: The initial use of commercial-grade components in commercial space has led to reliability issues. Future standards may be developed to balance low costs with reliability, with FPGA chip prices expected to range from several thousand to tens of thousands of yuan [1][5] - **Industrial Component Upgrades**: Industrial-grade components are currently used in low-cost satellite manufacturing but require optimization. During the mass networking phase, industry standards will be established to ensure a balance between cost and reliability [1][6] - **Rocket Capacity Bottlenecks**: Current rocket models struggle to meet the demand for dense launches. The Long March 5 rocket is costly, and commercial rockets lack stable mass launch capabilities. Completing the planned launch of one to two hundred satellites in the second half of the year is considered optimistic [1][6] Emerging Trends and Applications - **Terminal Applications**: Current terminal applications are focused on specialized terminals for government, military, and remote shipping scenarios where ground network coverage is poor. Low Earth orbit (LEO) direct mobile connections are seen as the future direction, although commercial demand is not yet strong [3][7] - **Government Support for Commercial Space**: Local governments are increasingly supportive of the commercial space industry, with regions like Wuxi and Zhuzhou providing favorable policies and significant financing support [3][15] - **5G and Satellite Communication Standards**: The establishment of the 3GPP NTO standard is seen as a trend for future development, although each country has its own innovations and technical ideas. The standard's impact on the industry is still being evaluated [7][8] Competitive Landscape - **State-Owned vs. Private Enterprises**: The initial commercialization of satellite internet relied heavily on state-owned enterprises. While many commercial companies are emerging, most bidding projects are still dominated by state-owned firms, although some private companies are being included to foster development [8][20] - **Comparison with SpaceX**: China's satellite internet development is more cautious compared to SpaceX, with more complex single-satellite designs driven by government and military needs. This complexity results in higher costs, while SpaceX reduces costs through large-scale user services [8][20] Future Outlook - **User Base and Satellite Planning**: The user base for satellite internet in China is expected to remain small in the short term, primarily targeting specialized applications. Initial satellite constellation plans involve a few hundred satellites, with total investment expected to be in the tens of billions [9][10] - **Manufacturing Costs**: Current satellite manufacturing costs in China are high, with individual satellites costing around tens of millions. Reducing costs will require technological maturity and mass production [10][12] - **Ground Station and Data Transmission**: Insufficient ground station construction in China may affect data transmission latency after large-scale networking. New network designs aim to minimize the need for global ground stations [11][12] Conclusion - The satellite internet industry is at a critical juncture, facing both challenges and opportunities. The balance between cost and reliability, government support, and technological advancements will play a significant role in shaping the future of this sector.

Core Viewpoint - Hainan Province has released a significant policy document titled "Three-Year Action Plan for Accelerating the Construction of a Modern Industrial System with Characteristics and Advantages in Hainan (2025-2027)", outlining 20 specific measures to enhance its industrial system [1][2]. Summary by Sections Overall Goals - By 2027, the value added of the four leading industries is expected to account for approximately 70% of GDP, with a strong emphasis on high-quality economic development. The construction of an international tourism consumption center will be advanced, and the potential for tourism consumption will be continuously released. The modern service industry's value added is projected to approach 30% of GDP, with R&D expenditure intensity reaching 1.8% and high-tech industries contributing over 17% to GDP [8]. Characteristic Industry Cultivation Actions - The plan emphasizes the development of three future industries: seed industry, deep-sea industry, and aerospace industry, alongside the growth of tropical efficient agriculture [9][10][11]. - The seed industry aims to establish a "Southern Breeding Silicon Valley" and achieve an annual revenue of over 20 billion yuan by 2027 [9]. - The deep-sea industry will focus on enhancing oil and gas reserves and production, with a target revenue of over 6 billion yuan for the deep-sea technology industry cluster by 2027 [10]. - The aerospace industry aims to develop a comprehensive industrial chain, with a revenue target of 10 billion yuan for the Wenchang International Aerospace City by 2027 [11]. Advantage Industry Enhancement Actions - The tourism sector will optimize product supply and develop new consumption formats, aiming for a revenue of over 50 billion yuan for the Sanya Haitang Bay leisure tourism industry cluster by 2027 [13]. - The plan supports the development of the Yangpu Port as a regional international container hub, targeting a revenue of 80 billion yuan for the Yangpu Port shipping industry cluster by 2027 [14]. - Financial reforms will enhance cross-border capital flow, with an asset management target of nearly 600 billion yuan for the Sanya Central Business District by 2027 [14][15]. Key Park High-Quality Development Actions - The plan aims to cultivate industrial clusters in various sectors, including offshore wind power, modern logistics, and artificial intelligence, with a goal of nurturing 30 industrial clusters with over 10 billion yuan in revenue by 2027 [18]. - Innovative financing mechanisms for industrial parks will be explored, including the establishment of provincial investment companies [18]. Guarantee Measures - The plan emphasizes the need for strong organizational leadership and the establishment of a project library for key projects to ensure timely implementation and effectiveness [20][21].

Group 1 - The core viewpoint of the article is that Beijing is implementing a series of measures to promote the development of future industries through a new investment and financing service system, aiming to support innovation and scale development in various sectors [1][2]. - The new policy encourages a minimum of 20% of funds from key industrial sectors such as technology, economy, and information to be directed towards future industries, recognizing the need for substantial upfront investment and the acceptance of normal investment risks [2][3]. - The measures include optimizing the evaluation system for investment in future industries, promoting a more inclusive and prudent innovation ecosystem, and guiding new funds to target future industries effectively [2][4]. Group 2 - The article highlights the importance of creating application demonstration scenarios in urban settings, focusing on areas like transportation, healthcare, and green energy, to facilitate technology commercialization and innovation [3][5]. - It emphasizes the need for a comprehensive investment approach throughout the lifecycle of future industries, including support for cross-sector collaboration and the establishment of a gradient development mechanism for innovative products [4][5]. - The government aims to accelerate the establishment of future industry pilot zones and explore policies that support rapid growth and resource concentration for innovative enterprises [5].

马斯克已牢牢抓住共和党政治的要害，誓言将特朗普从政坛拉下马，令美国陷入了一场激烈的路线斗争中。 今年7月，马斯克在创立"美国党"后，迅速全力出击。借助他收购的X平台，他大力吸引公众关注爱泼斯坦案，并通过网络舆论不断施压特朗普政府，力求 借此来影响美国的政治局势。同时，他不只是简单地想要引发讨论，而是精准锁定了中间选民这一庞大的群体，试图通过他们的支持撬动选举格局。 那么，马斯克真的能撼动美国两党制、打破政坛的长期垄断吗？美国的路线之争究竟涉及哪些深层次的斗争？ 马斯克与特朗普的对立，实际上是两股不同力量的碰撞。马斯克，一位凭借科技革命崛起的全球首富；特朗普，则是代表传统保守派立场的政治强人，两人 的关系从早期的合作到如今的对抗，深刻揭示了美国社会内在的政治矛盾。 这场斗争的导火索，正是特朗普提出的"美国优先"政策核心之一——"大而美法案"。表面上，这个法案旨在推动减税和基础设施建设，但实际上，它对马斯 克的企业构成了致命威胁。特别是该法案取消了对新能源汽车的联邦补贴，直接导致特斯拉每年损失约12亿美元；而且，法案还大幅削减了NASA的预算， 严重威胁到SpaceX的政府订单。 法案刚通过的当天，特朗普在白宫挂 ...

Group 1 - Elon Musk announced the formation of a new political party called the "American Party" to challenge the existing two-party system in the U.S. [1][8] - This marks Musk's second high-profile political attempt in 2023, following a brief tenure as the head of the efficiency department under the Trump administration [1][6]. - Musk's political ambitions are seen as a significant shift from his focus on technology and business, raising questions about the feasibility of his political endeavors [5][10]. Group 2 - Musk's political involvement has included substantial financial contributions to various political figures, including $2.5 million to the Republican National Committee and $2.59 billion to support Trump [6][10]. - His recent support for Trump has shifted to a more confrontational stance, particularly after the passage of a significant spending bill that Musk opposes [8][10]. - The "American Party" aims to represent the "middle 80%" of voters, but its ability to create a cohesive political force remains uncertain [11][12]. Group 3 - Establishing a new political party in the U.S. faces significant legal and logistical challenges, including complex registration processes across different states [11][12]. - Historical precedents show that third-party candidates often struggle to gain traction in the U.S. political landscape, as evidenced by past attempts that failed to secure significant electoral success [12][16]. - Musk's wealth may provide some advantages, but the inherent obstacles of the two-party system could limit the effectiveness of the "American Party" [12][16]. Group 4 - Analysts suggest that Musk's "American Party" could disrupt the Republican Party's electoral base, particularly in the upcoming 2026 midterm elections [15][16]. - The potential for backlash from the Republican establishment is significant, as Musk's political activities may threaten their control in Congress [15][16]. - The future of the "American Party" and Musk's commitment to it remain uncertain, with questions about whether he can maintain focus amidst ongoing political challenges [18][19].