Xinke Mobile-U (688387) Analysis of Strong Performance and Sustainability Judgment

Xinke Mobile-U (688387)’s strong performance is driven by multiple factors:

1. Sector Catalyst
   : The satellite internet concept rose collectively. China Merchants CSI Satellite Industry ETF increased by 5.45%, Satellite ETF (159206) rose by over 3%. Sector ETFs have seen net capital inflows for consecutive days, and the scale of 159206 hit an all-time high. As a core component stock, this stock benefited significantly [2][3].
2. Policy and Industry Events
   : China’s low-orbit satellite network launch has accelerated, and commercial aerospace has entered a high-frequency launch phase; “China’s SpaceX” LandSpace is sprinting for IPO, driving sector sentiment to rise [2][3].
3. Company Level
   : On December 22, it received research from multiple institutions including Soochow Securities and PICC Asset Management [4]; on December 23, China Post Securities initiated coverage and gave an “Overweight” rating, optimistic about its Q3 performance stabilization, core position in satellite internet, and 5G-A/6G layout [5].
4. Technical and Capital Aspects
   : On December 25, it closed up 15.49% to 11.11 yuan, with an amplitude of 15.73%, turnover of 2.297 billion yuan, and turnover rate of 10.81%, significantly higher than the recent average; the Dragon and Tiger List showed that institutional dedicated seats net bought 59.5536 million yuan, and营业部合计净买135 million yuan [1].

1. Significant Theme Investment Characteristics
   : The stock price rise is highly tied to the popularity of the satellite internet sector. The record-high scale of ETFs and the LandSpace IPO event have strengthened market pursuit of this theme, and short-term trends are easily affected by sector sentiment.
2. Resonance Between Institutional and Market Sentiment
   : The time window of institutional research, brokerage ratings, and Dragon and Tiger List capital inflows is highly coincident, reflecting consistent market attention to the company’s satellite business prospects and enhanced short-term confidence.
3. Fundamentals and Valuation Remain in Tug-of-War
   : The company’s net profit attributable to parent company in the first three quarters was a loss of 165 million yuan [5], and fundamentals have not yet fully improved. The current stock price rise is more driven by themes, so attention should be paid to the long-term potential of performance improvement.

1. Sector Volatility Risk
   : The satellite internet concept belongs to technology theme investment with high volatility. If sector popularity fades, the stock price may correct [7].
2. Performance Pressure
   : The company is still in a loss state, and there is uncertainty about the timing and magnitude of profit improvement.
3. Management Share Reduction Risk
   : On December 25, Deputy General Manager Li Kaigang cumulatively reduced holdings by 49,000 shares. Attention should be paid to subsequent share reduction trends [8].

1. Satellite Industry Chain Development
   : Commercial aerospace is advancing rapidly, and demand for low-orbit satellite networking is growing. As a core enterprise in the satellite internet sector, the company is expected to benefit from industry dividends.
2. Technical Layout Advantages
   : The layout of cutting-edge technologies such as 5G-A/6G provides support for long-term development.

Xinke Mobile-U’s recent strong performance is mainly driven by satellite internet sector catalysis and institutional fund intervention. Technically, trading volume expanded, but fundamentals still have loss pressure. Investors should pay attention to changes in sector sentiment, the progress of the company’s performance improvement, and management share reduction risks, and make cautious decisions in combination with their own investment strategies.