（编辑 丛可心） 证券日报网讯 1月7日，中兴通讯在互动平台回答投资者提问时表示，公司一直以来都重视研发资源的 投入和研发效率，公司的研发投向及成果围绕连接（CT技术）和算力（IT技术），聚焦底层核心技术 突破，5G及未来演进、光网、算力、终端等核心产品，以及价值专利布局，持续提升核心竞争力。 ...

Core Viewpoint - The company, Huali Chuantong (300045.SZ), currently has no business dealings with SpaceX and is focused on the commercial aerospace sector, particularly in satellite navigation and communication technologies [1] Group 1 - The company is deeply engaged in the commercial aerospace field [1] - The company has developed a comprehensive industry chain layout consisting of "chips + modules + terminals + platforms + system solutions" [1]

Group 1 - The core point of the article is that Beijing Xiaomi Mobile Software Co., Ltd. has applied for a patent related to a transmission control method, which aims to address the issue of limited uplink resources [1] - The patent, titled "Transmission Control Method, Terminal, Network Device, and Storage Medium," was published under the number CN121220099A and was applied for on April 2024 [1] - The method involves receiving first information that indicates the mapping conditions between a logical channel and a physical uplink shared channel (PUSCH) using orthogonal cover code (OCC) [1] Group 2 - Beijing Xiaomi Mobile Software Co., Ltd. was established in 2012 and is located in Beijing, primarily engaged in software and information technology services [1] - The company has a registered capital of 148.8 million RMB and has made investments in four other companies [1] - The company has participated in 149 bidding projects and holds 5,000 patent records, along with 123 administrative licenses [1]

Group 1 - The core point of the article is that Beijing Xiaomi Mobile Software Co., Ltd. has obtained a patent for a technology related to information recording and receiving methods, with the patent number CN118077250B and an application date of January 2024 [1] - Beijing Xiaomi Mobile Software Co., Ltd. was established in 2012 and is primarily engaged in software and information technology services, with a registered capital of 148.8 million RMB [1] - The company has made investments in 4 enterprises, participated in 149 bidding projects, and holds 5000 patent records along with 123 administrative licenses [1]

Core Insights - The "Shenzhen Venture Day" event, co-hosted by Shenzhen's local financial management bureau, the Shenzhen Technology Innovation Bureau, and the Chinese University of Hong Kong, Shenzhen, aims to promote innovation and investment in the AI sector [1][2] - The event serves as a platform for connecting university entrepreneurial projects with investment and industry resources in Shenzhen, facilitating the rapid commercialization of technological achievements [2] Group 1 - The event attracted numerous senior technical managers, investment institutions, and project representatives to explore innovation opportunities in the AI field [1] - The Hong Kong Chinese University Shenzhen Research Institute has supported over 120 entrepreneurial projects and plans to launch a new industrial center in Qianhai to bolster innovation in the Greater Bay Area [1][2] - The focus was on cutting-edge AI projects, including large models, intelligent computing power, and terminals, aiming to accelerate the integration of university research with Shenzhen's investment landscape [2] Group 2 - The successful hosting of the event showcased the innovative capabilities of the Hong Kong Chinese University in the AI sector and provided strong support for the transformation and industrial application of university technological achievements [2] - The event facilitated communication between venture capital institutions in Shenzhen and Hong Kong and technology innovation projects, enhancing the channels for the transformation and application of AI technology [2]

Core Viewpoint - The company is strategically focusing on satellite applications, particularly in the construction of the BeiDou navigation system and the Tiantong satellite mobile communication system [1] Group 1: Company Strategy - The company is making continuous investments in satellite applications as an important strategic direction [1] - A comprehensive layout has been established in the satellite application field, which includes "chips + modules + terminals + platforms + system solutions" and "industry + products" [1] Group 2: Business Scope - Currently, the company does not engage in rocket launch-related businesses [1]

Group 1 - The 9th "Future Investment Initiative" conference in Riyadh highlighted the accelerating cooperation between China and Middle Eastern countries, driven by digital technology [4] - The conference attracted over 8,000 representatives globally and focused on themes of growth and innovation [4] - Lenovo announced plans to establish a regional headquarters in Riyadh, emphasizing the integration of AI across its business segments, which is expected to drive growth [4] Group 2 - Chinese technology company Galaxy General is advancing embodied intelligence and humanoid robots in retail and healthcare, showcasing their durability and replicability [4] - JD Logistics has established an integrated self-operated network in the Middle East since entering Saudi Arabia in 2021, enhancing logistics and supply chain connections [5] - The "Future Investment Initiative" conference serves as a vital platform for capital, technology, and industry ecosystems, facilitating collaboration opportunities [5] Group 3 - Major engineering projects are enhancing mutual trust between China and Middle Eastern partners, with Chinese firms positioning themselves as collaborative partners in regional development [6] - The focus on sustainable development and voluntary carbon markets is expected to deepen cooperation between China and Saudi Arabia, contributing to climate action efforts [5][6] - The increasing attention from China towards the Middle East is seen as a significant factor in promoting economic diversification in the region [6]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company, Dongzhu Ecological, is a leader in ecological restoration and municipal landscape engineering in China. It is undergoing a significant transformation by acquiring a leading satellite communication company, Kai Rui Xing Tong, to create a second growth curve amidst current operational pressures [1][35]. - The satellite communication industry is experiencing robust growth driven by supportive government policies and increasing demand for low-orbit satellite constellations, which is expected to enhance terminal equipment demand significantly [3][4]. Summary by Sections Company Overview - Dongzhu Ecological is a comprehensive service provider in ecological governance, focusing on ecological restoration and municipal landscape projects. The company has faced operational challenges since 2022 due to industry demand contraction and impairment provisions, but it is expected to improve as new government policies and debt relief funds are implemented [1][22][33]. - The company reported a significant revenue decline in 2024, with total revenue of 3.8 billion yuan, down 55% year-on-year, primarily due to reduced project initiation and longer payment cycles from local governments [22][28]. Acquisition of Kai Rui Xing Tong - The company plans to acquire 89.49% of Kai Rui Xing Tong through a combination of stock issuance and cash payment, aiming to enter the satellite communication sector and diversify its revenue streams [35][37]. - Kai Rui Xing Tong is recognized as a leading domestic satellite communication system provider, with a projected revenue of 260 million yuan and a net profit of 40 million yuan in 2024, reflecting a year-on-year growth of 72% and 364%, respectively [2][37]. Industry Demand Analysis - The satellite internet industry is supported by increasing government policies, with a focus on building a "commercial space" growth engine. The demand for terminal equipment is expected to grow as the number of operational satellites increases [3][4]. - Key sectors driving demand include government emergency communication, military satellite communication, and maritime communication, with the government sector alone having an annual budget exceeding 3 billion yuan for emergency communication infrastructure [4][46]. Financial Forecast and Valuation - The company forecasts a gradual recovery in net profit from a loss of 630 million yuan in 2024 to a profit of 12 million yuan by 2027, with corresponding EPS improving from -1.41 yuan to 0.03 yuan per share [4][5]. - The report highlights that if the acquisition of Kai Rui Xing Tong proceeds smoothly, it could lead to a revaluation of the company's worth [4].

Core Insights - Hunan is focusing on building a leading area for the large-scale application of the BeiDou system, aiming to create a comprehensive demonstration zone for its applications [1] - By August 2023, Hunan has achieved a satellite navigation application inventory of 1.036 million units across 15 key industries, with plans to exceed 100 billion yuan in industry scale by 2027 [1] - The provincial government has prioritized the BeiDou industry as one of the 13 key industrial chains for developing a significant advanced manufacturing hub in China [1] Industry Development - The Hunan Provincial Department of Industry and Information Technology is actively promoting the construction of the BeiDou industry chain, focusing on key areas such as "satellites, chips, terminals, and measurement" [2] - A "chain master" enterprise cultivation plan has successfully attracted major projects and leading companies, enhancing the production capacity of BeiDou modules and terminals to 136,000 units by August 2023 [2] - Specialized industrial parks like the National (Changsha) BeiDou Characteristic Industrial Park and Zhuzhou BeiDou Industrial Park are demonstrating significant clustering effects [2] Strategic Collaborations - A strategic cooperation agreement was signed between the Ministry of Industry and Information Technology and the Hunan provincial government to promote the development and application of the BeiDou industry [1] - In 2025, Hunan showcased 201 innovative achievements and signed 16 projects with a total value of 5.5 billion yuan during an aerospace and BeiDou special event [2] - Hunan has established a collaborative transformation mechanism for achievements from universities and large enterprises, successfully converting over 60 key BeiDou technologies [2]

Core Viewpoint - Zhenxin Technology (振芯科技) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, driven by demand recovery in the semiconductor industry and growth in specific product lines [1][2]. Financial Performance Summary - Total revenue reached 483 million yuan, a year-on-year increase of 36.44% [1] - Net profit attributable to shareholders was 65.55 million yuan, up 36.71% year-on-year [1] - In Q2 alone, revenue was 314 million yuan, reflecting a 46.11% increase compared to the same quarter last year [1] - Q2 net profit was 57.01 million yuan, marking a 77.54% increase year-on-year [1] - Gross margin improved to 61.54%, up 8.38% year-on-year, while net margin increased to 13.31%, up 1.74% [1] Revenue Breakdown - Integrated circuit product sales grew by 29.55%, contributing 242.66 million yuan [2] - Revenue from Beidou navigation products surged by 73.21%, totaling 171.17 million yuan [2] - Revenue from smart city services slightly declined by 0.73% to 54.79 million yuan due to market fluctuations [2] - Revenue from machine perception and intelligent products increased by 3.26% to 11.77 million yuan [2] Cost and Expense Analysis - Operating costs rose by 21.41%, attributed to increased product sales [2] - Management expenses surged by 90.31%, primarily due to stock incentive plans [2] - Financial expenses increased by 12.63%, linked to reduced interest income [2] Tax and R&D Investment - Income tax expenses decreased by 141.07% due to tax incentives, applying a 10% tax rate [3] - R&D investment grew by 20.13%, driven by increased external costs for project development [3] Cash Flow and Investment Activities - Net cash flow from operating activities decreased by 275.78%, due to higher production and procurement expenses [4] - Net cash flow from investing activities fell by 76.41%, influenced by increased investments in the Chuangxin Smart Industrial Park [4] - Net cash flow from financing activities rose by 119.78%, reflecting new long-term borrowings for the industrial park [4] Fund Holdings - The largest fund holding Zhenxin Technology is the Quan Guo Xu Yuan Mixed Fund, which recently increased its position [6][7] - Other funds that have entered the top ten holdings include Huaxia Industry Prosperity Mixed Fund and Yongying National Certificate General Aviation Industry ETF [7]