行 业 研 究 通信 2025 年 11 月 02 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% 0% 24% 48% 72% 96% 2024-11 2025-03 2025-07 通信 沪深300 相关研究报告 《海外 AI 财报点评：谷歌、Meta 再 次上调资本开支，谷歌云增速亮眼， 微软资本开支超预期—行业点评报 告》-2025.10.31 《AI 全面加速：Celestica 上调指引， 微软与 OpenAI 深入合作，GTC 大会 亮眼—行业点评报告》-2025.10.29 《"光、液冷、国产算力"全面提速 —行业周报》-2025.10.26 海外 AI 财报总结：巨头加大资本开支，云业务表 现亮眼，海外 AI 发展提速 ——行业周报 | 蒋颖（分析师） | 陈光毅（联系人） | 雷星宇（联系人） | | --- | --- | --- | | jiangying@kysec.cn | chenguangyi@kysec.cn | leixingyu@kysec.cn | | 证书编号：S0790523120003 | 证书编号：S0790124020006 | 证书编号：S ...

Core Insights - The article highlights the establishment of various investment funds across different regions in China, focusing on strategic industries and innovation-driven sectors. Group 1: Fund Establishments - A central enterprise strategic emerging industry development fund was launched in Beijing with an initial scale of 510 billion RMB, involving major state-owned enterprises as contributors [2] - The Zhejiang Social Security Science and Technology Innovation Fund was established with an initial scale of 500 billion RMB, aimed at supporting key areas of technological innovation [3] - The first biomanufacturing industry fund in Shanghai was initiated, combining resources from industry leaders and venture capital to drive technological breakthroughs [4] Group 2: Regional Funds - Chengdu established a high-level talent innovation and entrepreneurship fund, focusing on early-stage investments to support talent and technology transfer [5][6] - Dongguan's Songshan Lake completed the registration of a 100 billion RMB mother fund to promote technological finance and regional industrial upgrades [7] - Wuhan launched its first concept verification fund group with an annual funding pool of 112.5 million RMB to support startup projects [8] Group 3: Sector-Specific Funds - The Hebei Xiong'an concept verification fund was set up with a focus on aerospace information and biotechnology, with an initial scale of 20 million RMB [9] - The Jilin Province Ice and Snow Economy Fund was established with a total scale of 500 million RMB, targeting the ice and snow tourism and technology sectors [11] - The Zhuhai Zuguang New Intelligence Fund was launched to support high-end intelligent manufacturing, marking a significant step in the region's industrial investment [12] Group 4: Investment Strategies - The Chengdu fund emphasizes market-oriented operations to facilitate talent and technology commercialization [6] - The Dongguan fund aims to create a comprehensive fund system covering the entire lifecycle of enterprises through collaboration with various investment institutions [7] - The Jiangsu Yangzhou Aerospace Industry Fund focuses on strategic emerging industries, leveraging a significant capital structure to enhance investment capabilities [14]

中经记者 谭伦 北京报道 个人移动业务方面，用户饱和触顶的压力进一步凸显。其中，中国移动虽然坐拥10.09亿移动用户，但 市场份额已超 50%，且5G用户达6.22亿户、渗透率升至61.7%，但收入增长严重乏力。前三季度，中国 移动ARPU降至 48 元，较2024年同期的 49.5 元下降 3%，且较 2025 年二季度减少1.5元。 中国电信用户增量空间则已基本闭合，其前三季度服务收入增速 0.9%，仅略高于0.6%的整体营收增 速；而中国联通前三季度移动用户净增 1248 万户，但营收同比仅增 1%，显示用户增长未能有效转化 为收入增长。 家庭宽带市场同样陷入 "量增价减" 的怪圈。数据显示，前三季度，三大运营商宽带用户合计净增2975 万户，较2024 年同期减少18%。其中，中国移动固网宽带用户净增1420万户，总数达3.29亿户，但家庭 客户综合ARPU仅从43.2元增至 44.4元，增幅远低于智算、量子等新兴业务的增长水平；而中国电信千 兆宽带用户渗透率达31.0%，但单季度营收仍同比下降 0.91%。 随着三季度业绩陆续出炉，中国三大运营商浮现出新的忧与喜。 作为产业链龙头，最新财报显示，20 ...

每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 1、美股三大指数集体收跌，纳指跌1.57%，标普500指数跌0.99%，道指跌0.23%；Meta跌超11%，为三 年以来最大单日跌幅，市值蒸发约2140亿美元（约合人民币15216亿元）；特斯拉跌超4%，亚马逊跌逾 3%，微软、英伟达跌超2%，奈飞跌超1%；谷歌涨超2%，苹果小幅上涨。纳斯达克中国金龙指数跌 1.88%，中概股多数下跌，哔哩哔哩跌超5%，网易跌超4%，阿里巴巴跌超3%，京东跌近3%；新东方涨 近4%。 2、现货黄金涨2.41%，报4024.46美元/盎司；COMEX黄金期货涨0.94%，报4038.30美元/盎司；COMEX 白银期货涨1.71%，报48.73美元/盎司。国际油价小幅收跌，美油主力合约收跌0.31%，报60.29美元/ 桶；布伦特原油主力合约跌0.42%，报64.05美元/桶。欧洲三大股指收盘涨跌不一，德国DAX指数涨 0.02%报24128.91点，法国CAC40指数跌0.53%报8157.29点，英国富时100指数涨0.04%报9760.06点。 （二）行业掘金 1、2025年10月30日，中国移动采购网发布《中国移动 ...

3、港股通最近5个交易日减持榜（前10名） | 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 阿里巴巴－W(09988) | -16.59亿元 | -964.24万股 | | 盈富基金(02800) | -14.05亿元 | -5322.40万股 | | 石药集团(01093) | -13.24亿元 | -17720.74万股 | | 理想汽车-W(02015) | -8.94亿元 | -1109.63万股 | | 中国生物製药(01177) | -4.83亿元 | -7028.04万股 | | 恆生中国企业(02828) | -4.56亿元 | -478.30万股 | | 比亚迪股份(01211) | -3.70亿元 | -355.07万股 | | 荣昌生物(09995) | -3.45亿元 | -408.51万股 | | 东方电气(01072) | -3.03亿元 | -1506.96万股 | | 比亚迪电子(00285) | -2.92亿元 | -781.38万股 | 1、港股通最新持股比例排行（前20名） 智通财经APP获悉，根据2025年10月30日披露数 ...

Market Overview - US stock markets experienced a decline, with the Dow Jones down 0.23%, Nasdaq down 1.58%, and S&P 500 down 0.99%. Notable movements included Google rising over 2%, Apple slightly up, Nvidia down over 2%, Microsoft down nearly 3%, Amazon down over 3%, Tesla down over 4%, and META down over 11% [1] Company Developments - Intel is reportedly in preliminary talks to acquire AI startup SambaNova Systems Inc. [4] - Nvidia plans to invest up to $1 billion in AI startup Poolside to strengthen its ecosystem [5] - OpenAI announced plans to launch the "Stargate" data center in 2026, with a planned capacity exceeding 8 gigawatts and an investment of over $450 billion in the next three years [6] - Novo Nordisk is set to bid $9 billion for Metsera, challenging an established deal with Pfizer [7] - Merck's Q3 revenue exceeded expectations, driven by strong sales of its COVID-19 vaccine Capvaxive [8] - Meta is seeking to raise at least $25 billion through a large bond issuance [9] - Tesla's $1 trillion compensation plan for Elon Musk faced opposition from significant shareholders [10] Domestic Policy and Market Trends - The US has decided to suspend its 301 investigation measures against China's maritime, logistics, and shipbuilding industries for one year, along with suspending the 50% export control rule announced on September 29 and canceling the 10% "fentanyl tariff" [11] - The National Bureau of Statistics encourages the exploration of cutting-edge technologies and innovation scenarios based on data infrastructure [12] - The Ministry of Finance and other departments are expanding the categories of duty-free shops to support both outbound and inbound duty-free sales [13] Sector Insights - Semiconductor Sector: The China Securities Regulatory Commission approved the IPO application of Moore Threads, a company with a founding team that has Nvidia backgrounds, indicating a shift of domestic computing power from "laboratory" to "capital market" [15] - Financial Technology: The People's Bank of China plans to implement "AI+" initiatives to accelerate the digital and intelligent transformation of finance, with the domestic fintech market expected to exceed 580 billion yuan by 2027, growing at a compound annual growth rate of approximately 12% [16] - Duty-Free Retail: New policies are set to enhance the duty-free shopping experience and promote the sale of domestic products in duty-free shops, which is expected to attract more foreign consumers [17] Company Earnings - Zhongji Xuchuang reported a Q3 net profit of 3.137 billion yuan, a year-on-year increase of 124.98% [22] - Demingli's Q3 net profit reached 90.87 million yuan, up 166.80% year-on-year [22] - Tuojing Technology's Q3 net profit was 462 million yuan, reflecting a 225.07% increase year-on-year [22] - Silan Microelectronics reported a Q3 net profit of 84.27 million yuan, up 56.62% year-on-year [22] - Gree Electric's Q3 net profit was 7.049 billion yuan, a decline of 9.92% year-on-year [22]

（原标题：商亮：实现粤港澳移动信息无缝衔接丨十五运365天365人） "自此我们也经历了从2G落后到5G的跨越。2025年我们已经应用最新的5G-A通感一体的技术，可以实 现三载波的聚合，使下载速度能够超过5Gbps。" 中国移动通信集团广东有限公司党委委员、董事、副 总经理、首席网络安全官商亮表示。 商亮介绍，本次是粤港澳三地首次合办赛事，广东移动通过新建跨境链路，让时延得到了极大的缩小， 并与香港澳门运营商深度联合，满足自行车、马拉松画面同步回传，无论身处香港、澳门还是广州，观 众都能第一时间获取比赛结果，实现移动信息无缝衔接。 "特别地荣幸能够参与到本次的盛会，期待本次运动会圆满顺利举行。" 商亮说。 （海报设计：王冰、实习生吴思远） 南方财经记者魏彤 广州报道 11月9日，十五运会将在广州开幕。每逢大型体育赛事，通信保障都是非常重要的一环。 中国移动与广州颇有渊源，就在广州六运会开幕前夕，全国第一个移动电话，正是在广州打通的，也开 启了中国的移动通信时代。 ...

国资能带动市场化基金的投资热情，在一些融资额较大的项目上，可以做国资领投，市场化基金跟投的合作 文｜《财经》记者 刘以秦 编辑｜谢丽容 10月29日，中国国新控股有限公司（下称"中国国新"）联合北京市西城区，在北京举行中央企业战略性新兴产业发展专项基金（下称"央企战 新基金"）发布仪式。 央企战新基金首期募资510亿元，共有15个出资方，由中国国新受托募集和管理，中国国新出资150亿元，持股29.4%，为第一大股东。此外还 有13家央企和北京市西城区共同出资合作。 今年以来，已有多个百亿级央企创投基金成立。在今年9月的国新办新闻发布会上，国务院国资委副主任袁野表示，不少中央企业都设立了创 投基金，目前总规模已接近千亿元，这些基金聚焦科技属性、技术价值、新兴领域，积极投早、投小、投长期、投硬科技，形成了产融结合的 新模式。 其中，北京市西城区出资100亿元，中国移动出资60亿元，中国石化出资50亿元，中国海油出资30亿元，中国石油出资20亿元，中国电信出资 15亿元，中国联通出资15亿元，中电科投出资10亿元，中煤能源出资10亿元，华润出资10亿元，招商局集团出资10亿元，宝武钢铁出资10亿 元，国家电投集团出 ...

Core Viewpoint - The article highlights the significant improvements in the lives of rural residents in the Huizhou region, driven by the efforts of Huizhou Mobile to enhance communication infrastructure and services, thereby bridging the digital divide between urban and rural areas [2][11]. Group 1: Communication Infrastructure Development - Huizhou Mobile has invested a total of 65 million yuan in the "Two Mountains" area to improve communication services, focusing on signal coverage, broadband access, and line rectification [2]. - The company initiated a signal enhancement campaign, planning to build 153 new base stations, including 70 4G and 83 5G stations, resulting in a 19.3% year-on-year increase in base station scale [5]. - The region has achieved 100% 5G/4G signal coverage in administrative villages, with over 95% coverage in natural villages, raising the overall coverage rate to 98% [5]. Group 2: Broadband Access and Digital Life - Huizhou Mobile invested 30 million yuan to lay optical cables in 1,720 natural villages, enabling 85,000 households and 350,000 villagers to access stable broadband networks [7]. - The company has developed a special plan to ensure that the remaining 12 extremely remote natural villages achieve fiber optic coverage by the end of October, aiming for "broadband access in every village and network in every household" [7]. - The extension of fiber optic networks has supported the development of rural e-commerce, smart agriculture, and rural tourism, with a 30% year-on-year increase in orders for local agricultural products [8]. Group 3: Line Rectification and Safety - Huizhou Mobile has invested 35 million yuan in line rectification, completing 218 kilometers of main road and 289 villages, removing 129 kilometers of old poles and 418 kilometers of old cables [9]. - The company has implemented an innovative model for line rectification, allowing for shared resources and coordinated construction, which has reduced costs and avoided repeated construction [9]. - The improvements in line aesthetics and safety have enhanced the environment, attracting more tourists and supporting the development of the local tourism industry [9]. Group 4: Future Plans and Community Impact - Huizhou Mobile aims to continue its efforts in network construction and service optimization, guided by party building, to ensure that more urban and rural residents benefit from digital development [11]. - The initiatives undertaken by Huizhou Mobile are seen as a pathway to achieving common prosperity and enhancing the quality of life for rural residents [11].

Group 1 - The core point of the article is the announcement of a leadership change at China Mobile, with Chen Zhongyue appointed as the new chairman of the parent company, China Mobile Communications Group, while Yang Jie is stepping down from the position [1]