Investment Rating - The report maintains an investment rating of "Outperform the Market" for the telecommunications industry [1]. Core Insights - The NTN (Non-Terrestrial Network) industry chain is maturing rapidly, with ground infrastructure poised for significant development. The MWC Shanghai 2025 highlighted satellite internet as a key focus, presenting at least three catalysts and investment opportunities for the sector [2][15]. - The next-generation low Earth orbit (LEO) constellation design is nearly mature, with domestic projects like Qianfan, State Grid, Hongyan, and Tianqi starting to form. The NTN architecture is becoming mainstream, benefiting major 5G equipment manufacturers such as Huawei, ZTE, and others [3][16]. - As the trial commercial use of low Earth orbit constellations approaches, ground infrastructure will see accelerated growth. The low Earth satellite communication system in China is expected to enter public testing this year, with consumer-level satellite networking anticipated in the second half of the year [4][17]. Summary by Sections 1. Weekly Viewpoint and Investment Suggestions - The NTN industry is expected to benefit from the upcoming commercial trials of low Earth orbit satellites, with significant opportunities in ground infrastructure and satellite payloads [15][17]. - Key companies to watch include: - Low Earth Satellite Payload: Xinke Mobile, Fenghuo Communication, ZTE, Tongyu Communication, Jingxin Communication, and others [20]. - Low Earth Ground Infrastructure: Changjiang Communication, Zhenyou Technology, Xinke Mobile, China Tower, and others [20]. - Super Node Communication: Zhongji Xuchuang, Xinyi Sheng, Wolong Nuclear Materials, and others [20]. 2. Market Overview - The telecommunications index rose by 1.58% during the week of June 16-20, 2025, while major indices like the Shanghai Composite Index and Shenzhen Component Index saw declines [8][18]. - The top-performing sectors included optical modules (+9.6%), optical cables (+8.2%), and liquid cooling (+3.8%) [8][18]. 3. Company Performance - Notable stock performances included Longfly Fiber (+15.10%), Yuanjie Technology (+12.06%), and others leading in gains, while Zhenyou Technology and others faced significant declines [34][36].

Core Insights - The article highlights the advancements in China's commercial aerospace sector, particularly focusing on Galaxy Aerospace's innovations in satellite technology, including the first satellite using flexible solar wings and the development of a low-orbit broadband satellite network [2][4]. Group 1: Satellite Technology Innovations - Galaxy Aerospace's Lingxi 03 satellite is the first in China to utilize flexible solar wings, which are lightweight and modular, allowing for greater solar energy absorption and easier deployment during launches [2]. - The flexible solar wings can be folded to fit within a rocket, with a thickness of about 1 millimeter and an expanded length of approximately 9 meters when operational [2]. Group 2: Manufacturing and Production Efficiency - The cost of launching a satellite has significantly decreased from over 1 billion yuan to the million-yuan level, enabling mass production akin to automotive manufacturing [3]. - Galaxy Aerospace's production line integrates human-machine collaboration and advanced technologies, allowing for the annual production of 100 to 150 medium-sized satellites and reducing the manufacturing cycle by 80% [3]. Group 3: Supply Chain Development - Since its inception, Galaxy Aerospace has expanded its supply chain from over 100 partners in 2018 to more than 1,300, with a significant portion being private enterprises [3]. Group 4: Achievements and Future Plans - Galaxy Aerospace has achieved several milestones, including the first domestic flexible solar wing satellite, the first mass production of low-orbit broadband communication satellites, and the establishment of a low-orbit broadband communication test network [4]. - The company is currently accelerating the development of satellite technology that enables direct mobile connectivity, aiming to provide satellite internet access in remote areas [5]. - Beijing's commercial aerospace sector is rapidly growing, with over 300 high-tech enterprises and plans to enhance capabilities in reusable rocket technology and expand global market reach by 2026 [5].

Core Viewpoint - The article highlights the rapid advancements and innovations in China's commercial aerospace sector, particularly focusing on Galaxy Space, which has transformed satellite manufacturing from a custom workshop model to a digital production line, achieving a production capacity of 150 satellites per year, nearing the global average launch volume from 13 years ago [2][5][12]. Group 1: Company Overview - Galaxy Space was established in 2018 in Beijing, entering the satellite internet market during a time when China's commercial aerospace was still in its infancy [5]. - The company combines aerospace engineering with internet technology, which initially faced skepticism due to the contrasting development cycles of the two industries [5]. - In January 2020, Galaxy Space launched its first low-orbit broadband communication satellite, marking a significant milestone in China's satellite communication capabilities [5]. Group 2: Technological Innovations - The company has developed advanced fourth-generation Q/V antennas, achieving an annual production of 100 units, which are crucial for communication quality and bandwidth [5]. - The launch of the Lingxi 03 satellite in July 2023 marked the introduction of China's first satellite using flexible solar wings, enhancing energy absorption and facilitating mass satellite launches [6][9]. - Galaxy Space has reduced the production cycle of SAR satellites to just four months through the use of digital twin technology and a modular production approach [8]. Group 3: Supply Chain and Production Capacity - The supply chain has expanded from about 100 to over 1,300 suppliers, with more than half being private enterprises, showcasing a significant restructuring and enhancement of capabilities [8]. - The company employs an automated detection system for cable routing, reflecting a shift towards more efficient manufacturing processes [8]. Group 4: Global Impact and Future Plans - Galaxy Space's "wheel formation" technology allows for precise satellite positioning, enhancing capabilities in geological disaster warning and ocean monitoring [9]. - The company has initiated overseas applications of its low-orbit satellite internet, providing high-speed internet access to remote areas in Thailand [11]. - Future plans include launching more satellites to support the construction of a space information corridor in countries involved in the Belt and Road Initiative, aiming to connect 2.6 billion unconnected individuals globally [11][12].

Company Overview - Beijing Huameitai Technology Co., Ltd. has completed nearly 100 million yuan in Pre-A round financing, led by Xingxiang Capital, with funds allocated for the construction of a liquid crystal phased array antenna module factory, personnel expansion, and market development [2] - Founded in 2016, Huameitai focuses on low-cost, low-power, and miniaturized liquid crystal phased array antenna research and manufacturing, recognized as a "specialized and innovative" enterprise in Beijing [2][5] - The founder and CEO, Xiu Wei, has extensive experience in the satellite industry, including 28 years in overall product development and engineering projects [2] Technology and Product Development - Liquid crystal phased array technology is seen as an ideal alternative, utilizing liquid crystal phase-shifting units to control electromagnetic wave phases without traditional T/R components, resulting in a 90% reduction in manufacturing costs compared to traditional methods [5][6] - Huameitai's products reportedly achieve 30% to 40% higher efficiency than competitors like KYMETA, with a size and weight reduction of 30% to 40% while maintaining lower costs [6] - The company has developed a complete technology chain from research and development to mass production of liquid crystal phased array antennas, becoming the only domestic company with full-process verification experience [6][12] Market Position and Commercialization - Huameitai's commercial strategy prioritizes high-orbit satellites before low-orbit, and domestic markets before international ones, with nearly half of its orders coming from high-orbit satellite clients in sectors like electricity and meteorology [7] - The company is also engaging with low-orbit satellite clients, anticipating increased order volumes as low-orbit satellite numbers grow [7] - The new module factory is expected to increase production capacity from 500 units to approximately 5,000 units annually, with full automation planned for the second half of the year [7] Consumer Applications - Huameitai is expanding into consumer markets, providing technology for outdoor brands and automotive applications, with a current annual production capacity of around 20,000 units for consumer-grade antennas [9] - The company has supported the launch of the world's first satellite-connected outdoor apparel and is exploring transparent phased array antennas for automotive use [9] Investment and Future Outlook - Since its first external funding in 2019, Huameitai has completed three rounds of financing and is preparing for a new round later this year [11] - Investors highlight Huameitai's innovative technology and its potential to significantly reduce satellite communication infrastructure costs, which is crucial for the commercialization of satellite communications [12][13] - The company is positioned to leverage the accelerating integration of satellite internet and ground-based applications, aiming to become a leading player in the satellite internet and IoT sectors [13]

不断夯实科创"底座" 科技创新平台提质增效 5月28日，我省首片量产的碳化硅晶圆在武汉下线，填补我省高端碳化硅器件制造空白。这一突破性的科技创新成果，正是武汉创新 活力提能升级的注解。 从要素驱动向创新驱动转化，武汉正牢牢把握新一轮科技革命和产业变革机遇，加快推动科技创新和产业创新深度融合，以科技创新 引领新质生产力发展，为打造具有全国影响力的科技创新高地提供有力支撑。 4月7日，复杂生命体代谢与调控全国重点实验室举行第一届学术委员会第一次会议。 武汉大学校长张平文院士在会上介绍，武汉大学在生命健康领域有着深厚的积淀和鲜明的特色。据了解，实验室依托武汉大学建设， 总体目标是建成国际领先的代谢与调控前沿科学研究中心和人才培养高地，在代谢与调控的前沿基础科学问题、相关重大疾病的机制阐述 与防治措施等方面取得一系列引领性研究成果。 近年来，武汉抢抓全国重点实验室重组机遇，通过优化资源配置、深化体制机制改革，实现实验室数量与质量"双突破"。在汉全国重 点实验室达到41家，其中牵头29家，牵头数量位居全国第三。 武汉市科技创新局负责人表示，这些实验室聚焦国家重大战略需求，在探月工程、卫星导航、新材料等领域突破多项"卡脖 ...

在上海飞往北京的飞机上，从起飞到降落，手机不离手，打开笔记本电脑办公的"空中飞人"比比皆是，一位东航空姐说："商务旅客会倾向于选择有空中 Wi-Fi的航班。" 这一现象从2023年开始愈发普遍。这一年，国内飞机上网取消了飞行高度3000米的限制，乘客可以在飞机起飞后到落地前享受完整的网络服务。对普通旅 客来说，在万米高空丝滑上网成为现实。 在5月26日开幕的第三届民航科教创新成果展上，国内航空互联网企业空地互联网络科技股份有限公司（下简称"空地互联"）又将空中上网技术向前推进 了几步：国产大飞机C919最快在今年底用上中国网，量子通信也将实现"上天"。 当飞机飞过北极圈和极地地区上空，乘客仍旧能稳定地上网，这一突破的背后离不开AI这位功臣。在北极圈和极地地区，卫星信号的覆盖和强度会受到 地球曲率、卫星轨道位置以及极地电离层干扰的影响，导致信号传输受限。但是，AI系统会实时监测航班进入和退出极地空域的信号变化，对极地航线 进行通信参数调整，比如调整动态波束等，让乘客在空中上网无死角。 空地互联自主研发的AI智能监控系统一旦监测到异常，系统不仅能够自动预测受影响的航班区域和影响时间，还能及时启动应急预案，调整通信 ...

证券代码：300252证券简称：金信诺 | 投资者关系活动类别 | ☐特定对象调研 | ☐分析师会议 | | --- | --- | --- | | | ☐媒体采访 | 业绩说明会 | | | ☐新闻发布会 | ☐路演活动 | | | ☐现场参观 | | | | ☐其他（请文字说明其他活动内容） | | | 参与单位名称及人员姓名 | 线上参与公司2024年度业绩说明会的投资者 | | | 时间 | 2025年05月20日15:00-17:00 | | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | | | 董事、董事长黄昌华 | | | | 独立董事黄文锋 | | | 上市公司接待人员姓名 | 董事、总经理余昕 | | | | 副总经理、董事会秘书、代理财务总监伍婧娉 | | | | 1.能不能介绍一下子公司深圳讯诺科技有限公司去年的业务情 况 | | | 投资者关系活动主要内容 | 答:尊敬的投资者您好，子公司深圳讯诺2024年实现营业收入3.44亿 | | | 介绍 | 元，2023年营业收入为1.73亿元，同比增长98.84%。深圳讯诺整体 | | | ...

编号：2025-002 投资者关系活动类别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 □其他： 参与单位名称及人员姓 名 参加公司2024年度网上业绩说明会的全体投资者 时间 2025年05月16日 15:00-17:00 地点 价值在线（https://www.ir-online.cn/）网络互动 上市公司接待人员姓名 董事长 胡世平先生 独立董事 花贵如先生 董事、副总经理、财务负责人及董事会秘书 顾小华女士 保荐代表人 王鹏程先生 投资者关系活动 主要内容介绍 1.请问公司在 G60 星座项目中承担何种角色 答:公司是千帆星座通信分系统供应商及 G60 星座载荷相关通信 设备的核心承研单位之一，负责该星座通信分系统的保障与支 撑，研制并供给相关卫星通信载荷、信关站、卫星通信终端等关 键通信设备。同时，公司也组织了专门研发团队，进行卫星相关 业务的研究。谢谢。 2.年报中有一笔收回投资现金 1.5 亿元，请问这是什么项目收回 的投资现金？ 证券代码：300762 证券简称：上海瀚讯 上海瀚讯上市公司投资者关系活动记录表 | | 与成果，瀚讯公 ...

投资者关系活动记录表 编号：20250514 | | □ 特定对象调研 □ 分析师会议 | | --- | --- | | 投资者关系活动 | □ 媒体采访 √ 业绩说明会 | | 类别 | □ 新闻发布会 □ 路演活动 | | | □ 现场参观 □ 其他（电话会议） | | 参与单位名称及 | 线上投资者 | | 人员姓名 | | | 时间 | 年 月 日 2025 5 14 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司接待人 | 董事长兼总经理 杨华先生 | | | 独立董事 傅恒山先生 | | 员姓名 | 副总经理兼财务总监 刘暾先生 | | | 董事会秘书 蔡惠琴女士 公司于 年 月 在"价 2025 5 14 日（星期三）15:00-17:00 | | | 值在线"（www.ir-online.cn）举行 2024 年度网上业绩说明 会，本次业绩说明会采用网络远程的方式举行，业绩说明会 | | | 问答环节主要内容如下： | | 投资者关系活动 | 1、各位领导认为行业以后的发展前景怎样？ | | 主要内容介绍 | ...

投资者关系活动记录表 | | □特定对象调研 √分析师会议 | | | | --- | --- | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | | 类别 | □新闻发布会 □路演活动 | | | | | □现场参观 √其他 | 线上交流 | | | 参与单位名称 | 华泰证券 王兴 陈越兮 | | | | | 华泰柏瑞基金 刘志清 | | | | 时间 | 2025 年 5 月 6 日 | | | | 地点 | 公司会议室 | | | | 公司接待人员 | 黄华 董事会秘书 | | | | 姓名 | 张炜亮 投资者关系经理 | | | | | 邓家庆 证券事务代表 | | | | | 公司于 2025 年 5 月 6 | 日接待参与本次调研活动的机构，主要 | | | | 活动内容如下： | | | | | 一、介绍公司基本情况、2024 | 年度业务开展情况和 | 2025 年战 | | | 略规划。 | | | | | 二、投资者互动交流 | | | | | 1、简要介绍公司 2024 年度及 2025 | | 年第一季度业绩情况？ | | 投资者关系活动 | 答 ...