半导体:Mate50新功能“向上捅破天”,卫星产业链值得关注

（以下内容从天风证券《半导体:Mate50新功能“向上捅破天”,卫星产业链值得关注》研报附件原文摘录）
　　China Semiconductors Mate50新功能“向上捅破天”，卫星产业链值得关注 Huawei Mate50’s satellite communications functionality draws eyes to Chinese supply chain 投资要点/Investment Thesis 投资要点/Investment Thesis 上周（8/29-9/2）行情概览： 上周（8/29-9/2）半导体行情跑赢主要指数。半导体行情跑赢主要指数。申万半导体行业指数下跌0.83%，同期创业板指数下跌4.06%，上证综指下跌1.54%，深证综指下跌2.96%，中小板指下跌3.59%，万得全A下跌2.20%。半导体行业指数跑赢主要指数。 半导体各细分板块中IC设计板块表现较为平稳。半导体细分板块中，IC设计板块上涨0.8%，半导体设备板块下跌0.5%，分立器件板块下跌1.6%，封测板块下跌1.8%，半导体制造板块下跌1.9%，半导体材料板块下跌3.0%。 Overview: semiconductor market outperformed major indices last week Semiconductors outperformed majors: The SWS Semiconductor Index fell 0.83% last week, while the ChiNext Index fell 4.06%, Shanghai Composite fell 1.54%, Shenzhen Composite fell 2.96%, the Small and Medium-sized Board Index fell 3.59% and Wind All-A Shares fell 2.20%. Semiconductor segments: IC design was relatively stable and lifted 0.8% last week, with equipment down 0.5% and discrete devices down 1.6%, while packaging and testing slipped 1.8%, manufacturing fell 1.9% and materials were down 3.0%. 据中关村在线报道，9月2日早，华为余承东曾表示Mate50系列将搭载一项“向上捅破天”的技术，业界纷纷猜测为卫星通信技术。当日下午，有国内媒体称联系到了华为人士，对方表示确实是卫星通信无误，这也意味着Mate50系列将领先iPhone 14系列为用户带来这项创新技术。 News flow: Huawei unveiled Mate50 satellite communications technology ZOL quoted Huawei (unlisted) CEO Yu Chengdong on 2 Sept morning as saying that its Mate50 series would be equipped to “pierce the sky”, which industry participants inferred as satellite communications technology. Later that afternoon, several Chinese media houses said they had spoken with a Huawei person who confirmed Yu was indeed talking about satellite communications. If so, the Mate50 series would have preceded Apple’s iPhone 14 in launching the frontier technology. 北斗系统服务从区域到全球，覆盖导航定位及通信。中国北斗卫星导航系统（BDS，以下简称北斗系统）、美国全球定位系统（GPS）、俄罗斯全球导航卫星系统（GLONASS）和欧盟伽利略定位系统（Galileo）构成全球四大卫星导航系统。2020年，北斗三号全球卫星导航系统建成开通。2021年，北斗系统不断提升性能、拓展应用、深化合作，持续、稳定、快速发展。北斗导航系统提供7种服务，面向全球，提供定位导航授时、全球短报文通信和国际搜救3种服务；面向亚太地区，提供星基增强、地基增强、精密单点定位和区域短报文通信4种服务。 BDS global services add proximity and other refinements for Asia Pacific market The world’s 4 major satellite navigation systems are China’s BeiDou Navigation Satellite System (BDS), the US Global Positioning System (GPS), Russia’s Global Navigation Satellite System (Glonass) and the European Union’s Galileo. BDS-3 commenced operation in 2020 and continued to upgrade its performance in 2021, expanding applications and enhancing cooperation toward fast and stable growth. BDS offers 7 service categories: 3 for the global market and 4 for the Asia Pacific. The 3 globally oriented types of services are: (1) global positioning, navigation and timing; (2) global texting; and (3) international search and rescue. The 4 types of services for the Asia Pacific region are: (1) satellite-based augmentation; (2) ground-based augmentation; (3) precision single-point positioning; and (4) regional texting. 政策支持北斗快速发展，大众应用推动北斗进入新时代。我国国家部委先后出台了多项支持卫星应用产业发展的政策文件，成为了卫星应用产业发展的重要依托。大众应用方面，北斗系统日益融入普通百姓的日常生活，正在成为智能手机、可穿戴设备等大众消费产品定位功能标准配置。小米、华为、苹果、三星等智能手机厂商均支持北斗系统。 Software: policies back mass-market apps to usher in new BDS era China’s national ministries and commissions have issued a series of policy documents to support the development of satellite applications and promote industry growth. BDS mass-market applications increasingly integrate with the daily life of the man in the street and its global positioning system is becoming part of the standard package for mass-market products like smartphones and wearable devices. Smartphones by Xiaomi, Huawei, Apple and Samsung currently support BDS. 北斗产业链逐渐成熟，核心器件自主可控，关注产业链的相关机会。从硬件组成来看，BDS主要分为空间段、地面段及用户段。空间段的导航卫星连续向地面发射无线电信号；地面台站负责跟踪、测量和预报卫星轨道并对卫星上设备工作进行控制管理；用户端的定位设备实时接收卫星信号并解调、测算参数，从而实现定位、导航、授时等一系列应用服务。随着北斗大众应用的推广，产业链的相关机会值得关注。 Hardware: BDS supply chain for autonomous and controllable key components BDS hardware is a maturing market and its 3 main segments are space, ground and users. (1) Navigation satellites in space are continuously transmitting radio signals to the ground; (2) while ground stations track, measure and forecast satellite orbits, while controlling and managing the operation of satellite equipment; (3) and users’ positioning devices receive satellite signals in real time and demodulate and calculate parameters for app services like positioning, navigation and timing. We see lucrative opportunities for the supply chain market with the advent of BDS mass-market apps. 投资建议/Investment Ideas 建议关注： 1）卫星产业链：声光电科/复旦微电/铖昌科技/振芯科技/北斗星通 2）半导体材料设备：正帆科技/雅克科技/沪硅产业/华峰测控/北方华创/上海新阳/中微公司/精测电子/长川科技/鼎龙股份/安集科技/拓荆科技/盛美上海/多氟多/中巨芯/清溢光电/有研新材； 3）代工封测：华虹半导体/中芯国际/长电科技/通富微电； 4）IDM: 闻泰科技/三安光电/时代电气/士兰微/扬杰科技； 5）半导体设计：纳芯微/东微半导/海光信息/圣邦股份/思瑞浦/澜起科技/晶晨股份/瑞芯微/中颖电子/斯达半导/宏微科技/新洁能/全志科技/恒玄科技/富瀚微/兆易创新/韦尔股份/卓胜微/晶丰明源/紫光国微/艾为电子/龙芯中科/普冉股份； Stock watch (in bullet points) Satellite industry ·Shanghai Fudan Microelectronics Group (688385 CH, BUY) Other market players: not rated CETC Acoustic-Optic-Electronic Technology (600877 CH), Zhejiang Chengchang Technology (001270 CH), Chengdu Corpro Technology (300101 CH), Beijing BDStar Navigation (002151 CH) Semiconductor equipment materials ·Shanghai Gentech (688596 CH, BUY) ·Jiangsu Yoke Technology (002409 CH, BUY) ·National Silicon Industry Group (688126 CH, BUY) ·Beijing Huafeng Test & Control Technology (688200 CH, BUY) ·NAURA Technology Group (002371 CH, BUY) ·Advanced Micro-Fabrication Equipment (688012 CH, BUY) ·Wuhan Jingce Electronic Group (300567 CH, BUY) ·Hubei Dinglong (300054 CH, BUY) ·Piotech (688072 CH, NEUTRAL) Other market players: not rated Shanghai Sinyang Semiconductor Materials (300236 CH), Hangzhou Changchuan Technology Ltd (300604 CH), Anji Microelectronics Technology (Shanghai) (688019 CH), ACM Research (Shanghai) (688082 CH), Do-Fluoride New Materials (002407 CH), Shenzhen Qingyi Photomask (688138 CH), Grinm Advanced Materials (600206 CH) Wafer foundries; packaging and testing ·Hua Hong Semiconductor (1347 HK, ACCUMULATE) ·Semiconductor Manufacturing International (SMIC: 0981 HK, BUY) ·JCET Group (600584 CH, BUY) ·Tongfu Microelectronics (002156 CH, BUY) IDM ·Wingtech Technology (600745 CH, BUY) ·Sanan Optoelectronics (600703 CH, BUY) ·Zhuzhou CRRC Times Electric (688187 CH, BUY) ·Hangzhou Silan Microelectronics (600460 CH, BUY) ·Yangzhou Yangjie Electronic Technology (300373 CH, BUY) Semiconductor design ·Suzhou Novosense Microlectronics (688052 CH, BUY) ·Suzhou Oriental Semiconductors (688261 CH, BUY) ·SG Micro Corp (300661 CH, BUY) ·3Peak Incorporated (688536 CH, ACCUMULATE) ·Montage Technology (688008 CH, BUY) ·Amlogic (Shanghai) (688099 CH, BUY) ·Rockchip Electronics (603893 CH, BUY) ·Sino Wealth Electronics (300327 CH, BUY) ·StarPower Semiconductors (603290 CH, BUY) ·Macmic Science & Technology (688711 CH, BUY) ·Allwinner Technology (300458 CH, BUY) ·GigaDevice Semiconductors (603986 CH, BUY) ·Will Semiconductor Shanghai (603501 CH, BUY) ·Maxscend Microelectronics (300782 CH, BUY) ·Shanghai Bright Power Semiconductors (688368 CH, BUY) ·Unigroup Guoxin Microelectronics (002049 CH, BUY) ·Shanghai Awinic Technology (688798 CH, BUY) ·Loongson Technology Corporation (688047 CH, BUY) ·Puya Semiconductors (Shanghai) (688766 CH, BUY) Other market players: not rated Hygon Information Technology (688041 CH), Wuxi NCE Power (605111 CH), Bestechnic (Shanghai) (688608 CH), Shanghai Fullhan Microelectronics (300613 CH) 风险提示：宏观不确定性，疫情继续恶化；贸易战影响；需求不及预期 Risks include: macro uncertainties; deteriorating pandemic conditions; trade war impact; and demand falling below expectations. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供专业投资者作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、链接、转贴或以其他方式复制发表本文件及任何内容。已获授权者，在使用本文件或任何内容时必须注明稿件来源于天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本文件，违者将依法追究相关法律责任。本文件所引用之数据或资料可能得自第三方，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对第三方所提供数据或资料之准确性负责。且天风国际集团不会就本文件所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本文件中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本文件并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全了解其风险以及有关法律、赋税及会计的特点及后果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日后的表现。在若干国家，传阅及分派本文件的方式可能受法律或规例所限制。获取本文件的人士须知悉及遵守该等限制。 阅读原文 立即开户

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