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1. The G60 constellation is about to take off, and the acceleration of commercial spaceflight may usher in the first year of construction

The launch of the first batch of 18 satellites of the G60 constellation is expected to be held in Taiyuan on August 5. The G60 constellation adopts a full-band, multi-layer and multi-orbit constellation design. It plans to launch 108 satellites this year and complete the deployment of 1,296 satellites in the first phase by 2027. Previously, Landspeed Technology submitted an advance information (API) to the International Telecommunication Union (ITU), outlining a constellation plan of 10,000 satellites called Honghu-3.

As the launch date approaches on August 5, there will continue to be strong competition in the commercial aerospace sector. The military industry team of TF Securities believes that with the increasing maturity of the GW constellation and G60 Starlink and the implementation of the construction of the Hainan Satellite Super Factory, rockets and satellites are closely linked from design to manufacturing, which can effectively reduce the cost of satellite manufacturing and launch. The development of my country's commercial satellite industry will be further accelerated, and the rocket launch capability may be gradually improved.

2. Investment exceeds 35 billion, another project in this field is approved

Industry media reported that recently, the Gansu-Zhejiang ±800 kV UHV DC project, my country's first cross-regional UHV DC project that uses flexible DC technology on both the transmitting and receiving ends, has been approved by the National Development and Reform Commission. The Gansu-Zhejiang ±800 kV UHV DC project is a key project clearly defined in the country's "14th Five-Year Plan for Power Development". The project starts in Wuwei City, Gansu Province, passes through Ningxia, Shaanxi, Henan, and Anhui Provinces, and is transmitted to Shaoxing City, Zhejiang Province with wind, solar, thermal and storage integration. The total length of the line is about 2,370 kilometers, with a rated transmission capacity of 8 million kilowatts, and a total investment of about 35.3 billion yuan.

UHV technology, with its ability to transmit electricity over long distances and on a large scale, has become the key to the consumption of new energy power, and has become an important direction for grid investment in the new round of power reform and energy transformation. Zhou Xuhui of East Fortune Securities said that the demand for transmission generated by the planning of new energy installed capacity has brought about an increase in the expected number of UHV DC projects. Considering only the total transmission demand of 315GW for the Shagohuang wind and solar base during the 14th and 15th Five-Year Plans, the number of new DC lines required will reach 30. Based on this, it is estimated that 4-5 new UHV DC lines will be needed each year in the next few years, and the corresponding annual investment in UHV DC core equipment will be around 25 billion yuan. Yang Runsi of Guosheng Securities believes that if the corresponding transmission demand for the 455GW wind and solar base reaches 33-41 lines, there will still be 26-34 lines that need to be built, and there is a large construction gap. Some research institutes believe that in the future, UHV is expected to have a market demand of nearly one trillion yuan.

3. TSMC's super urgent orders from mainland China surge, and customers are willing to pay a 40% premium

According to industry sources, TSMC has received an increase in super rush (SHR) orders from mainland Chinese customers, for which customers are willing to pay a 40% premium. TSMC's second-quarter gross margin reached 53.2%, exceeding the target of 51% to 53%. In addition, TSMC also raised its third-quarter gross margin guidance to a maximum of 55.5%. These developments were unexpected. TSMC has observed a significant increase in customer demand for high-end mobile phones and artificial intelligence (AI) chips. The utilization rate of the wafer fab's 3nm and 5nm factories will continue to increase in the second half of 2024. Therefore, the full-year performance forecast has been raised to a higher range, and substantial growth is expected in 2024.

After experiencing sluggish market demand and gradual inventory reduction in 2023, the year-on-year growth rate of global semiconductor sales continued to increase slightly, and the certainty that the global semiconductor industry is in an upward cycle continues to strengthen. Tianfeng Securities' Pan Liang further analyzed that the continued year-on-year growth in sales indicates that industry demand has recovered relative to last year. Looking at the whole year, mobile phone/PC shipments are expected to increase year-on-year. The end-side replacement wave brought by AI and the construction of cloud computing power will drive semiconductors into a new cycle.

4. Shanghai establishes a national humanoid robot manufacturing innovation center

According to media reports, Shanghai has issued the "Shanghai Action Plan to Promote Industrial Services to Empower Industrial Upgrading (2024-2027)", which proposes to promote the deep integration of artificial intelligence and manufacturing. Focus on the application of artificial intelligence in production, manufacturing, research and development, and design, accelerate the cultivation of suppliers who provide artificial intelligence solutions for the manufacturing industry, develop industrial corpus products such as fault analysis and process technology, promote the development of industrial large models, and promote the full process of manufacturing intelligence. Create a national humanoid robot manufacturing innovation center, and create a number of humanoid robot-enabled manufacturing application scenarios in the fields of automobile, electrical equipment production, and parts processing, and form robot production solutions.

Huaan Securities said that humanoid robots have a wide range of downstream application scenarios, including manufacturing, emergency rescue, family care, education, medical care, etc. In the industrial scenario, humanoid robots are mainly used in the field of intelligent manufacturing. The widening labor gap has led to rising labor costs, and the demand for factory machines to replace people has gradually increased, which is expected to further accelerate the industrialization of robots.

Titanium Small Shares·Titanium Media Financial Research Institute

2024.07.29

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