人工智能最近几年大热，成为一个影响世界经济的热点，也在很大程度上面会影响人类未来。经过几年的发展，到了2025年，美国出现了非常严重的人工 智能泡沫论，这两天英伟达发布三季度财报，营收大幅度增长，本来这是一个重大的利好消息，然而突然之间急转直下，股价大跌，而且美国出现了非常 多的质疑声音。 黄仁勋在内部也感叹，现在交了已经很好报表，市场质疑英伟达是人工智能泡沫的推动者，交了不好的报表，市场就认为这是人工智能泡沫的证明。在美 国人工智能泡沫已经成为一个重要的话题。 然而在中国我们很少听到人工智能泡沫的声音，无论是产业界还是社会大众，基本上没有人讨论人工智能泡沫，其中的原因何在？ 中国这样一个独特的模式，一开始就为着场景和落地而去建设人工智能，在这样的智算中心中，有几十个专用的大模型，为众多的企业提供相关服务，今 天这些智算中心很多的利用率达到了70%。 2.社会管理首先是人工智能的大用户，大运会这样一个大型的运动会，要做到零差错、零失误、零容忍，一个这样的大型运动会，要保证网络的畅通，要 把大量的信息传送出去，要完成大量的高清视频的传输和编辑，要用最短的时间支持赛场裁判、记分工作。 这样的工作当然需要人工智能， ...

Core Viewpoint - The 2025 China 5G + Industrial Internet Conference was inaugurated in Wuhan, marking a significant step in the development of satellite IoT business trials, which will enhance the satellite communication market supply and support the growth of emerging industries such as commercial aerospace and low-altitude economy [1] Group 1 - The Ministry of Industry and Information Technology officially launched commercial trials for satellite IoT services during the conference [1] - The commercial trials aim to enrich the supply in the satellite communication market and support the safe and healthy development of new industries [1] - A cooperation memorandum was signed between the Hubei Provincial Government and major telecom companies including China Telecom, China Unicom, China Mobile, China Information Communication Technologies, and China Tower [1] Group 2 - The industrial and information technology departments of Jiangxi, Hubei, and Hunan provinces signed a memorandum for collaborative development of the industrial internet in the Yangtze River Middle Reaches urban agglomeration [1]

Core Insights - The 2025 Mobile Communication High-Quality Development Forum was held in Wuhan, focusing on 5G applications, 5G-A technology breakthroughs, 6G planning, and integrated network construction [2] - The forum highlighted the transition of China's 5G industry from "technology leadership" to "value empowerment" [2] Group 1: Technological Advancements - 5G-A and 6G are key focal points, with major telecom operators showcasing their technological innovations and breakthroughs [3] - China Mobile is advancing a "hexagonal" technology framework for 6G, focusing on ten innovation areas, including high-performance networks and integrated sensing [3] - China Telecom is conducting outdoor trials for millimeter-wave sensing and has established over 300 low-altitude sensing stations across 18 provinces [4] - China Unicom has achieved full commercial use of 5G-A, with download speeds reaching 5Gbps outdoors and 5.7Gbps indoors [4] Group 2: Industry Applications - 5G applications are now in a phase of large-scale deployment, significantly driving the digital transformation of various industries [6] - China Mobile has integrated 5G into industrial production, while China Unicom has served over 20,000 industry-specific clients with more than 50,000 large-scale application projects [6] - China Telecom's low-altitude economy and satellite internet initiatives are emerging as new growth areas, with direct satellite services covering 25 million mobile devices [6] Group 3: Communication and Public Perception - The "2025 China 5G Development Communication Power Analysis" report indicates a shift in public perception from technical parameters to actual value [8] - From January to November 2025, there were 13.47 million online news reports related to 5G development, with a peak in August [8] - Key provinces leading in 5G communication include Beijing, Shanghai, and Guangdong, with major telecom companies acting as core communicators of 5G value [8] Group 4: Emerging Trends - Five major trends in communication were identified, including the mainstreaming of application results and the economic and social value of large-scale deployments [9] - The integration of 5G with AI is creating a new paradigm for intelligent communication networks [9] - The forum emphasized the importance of collaboration among telecom operators and industry players to build a synergistic ecosystem for innovation and value creation [9]

Core Insights - The AI computing industry is transitioning into an "application dividend period," driven by the integration of artificial intelligence and high-performance computing, with a projected global market size of $234 billion in 2024 and expected to exceed $2.75 trillion by 2032, reflecting a compound annual growth rate of 36.8% [5][6][10] AI Computing Industry Overview - AI computing (Intelligent Computing) combines AI with high-performance computing, utilizing dedicated hardware and distributed architecture to provide efficient and scalable computing power for AI tasks [2][3] - The industry is characterized by a three-pronged model of "computing power + algorithms + data," which supports complex AI model training and inference, making it a critical infrastructure for the digital economy [2][3] Global and Chinese AI Computing Development - The global AI market is evolving from a "model dividend period" to an "application dividend period," becoming a core engine for the digital economy, with significant advancements in computing power architecture [5][6] - In 2024, the total global computing power is expected to reach 2207 EFLOPS, with intelligent computing power contributing 1610 EFLOPS, marking a year-on-year growth of 63.8% [5][6] - China's total computing power is projected to reach 280 EFLOPS in 2024, with intelligent computing power at 90 EFLOPS, indicating a significant gap between supply and future demand [6][10] AI Computing Industry Chain in China - The AI computing industry chain in China consists of upstream hardware (GPUs, NPUs), midstream service providers (telecom operators, cloud service providers), and downstream application sectors (internet, finance, manufacturing) [8][10] - The market for AI acceleration chips is expected to grow from 17.56 billion yuan in 2020 to 142.54 billion yuan in 2024, with a compound annual growth rate of 68.8% [9][10] Competitive Landscape - Major players in the infrastructure layer include Huawei, which leads in domestic chip production, and Inspur, which dominates the AI server market [10] - Telecom operators and cloud service providers, such as China Telecom, Alibaba Cloud, and Tencent Cloud, are key players in the computing service layer [10] Future Trends in AI Computing Industry - The industry is expected to evolve towards collaborative evolution, with a focus on efficient resource utilization and deep integration with the real economy [11][12] - The emphasis will shift from model performance to creating measurable business value through large-scale applications in key sectors such as manufacturing, finance, and healthcare [13]

酸联全球 SAN CONTEMENCE CONFERENCE 商通未来 2025全球数商大会 Global Data Ecosystem Conference 2025 乘数无 . Suite in a dically and STERNET A 2000 2025年11月26日上午，上海国际会议中心将迎来一场聚焦企业出海的行业盛会——2025全球数商大 会"联接世界 通链全球"中国联通护航企业出海主题论坛。 核心亮点： 论坛主题 "联接世界 通链全球" 中国联通护航企业出海 政企大咖共探企业出海新路径 论坛将邀请全球专家、政府、业界代表和企业负责人，围绕企业如何探寻出海有效路径、构建多元化市 场格局进行研讨，共同解码中国企业出海战略，为出海企业提供更完善的服务及保障。 论坛信息： 关键细节抢先看 事项 举办时间 上海市数商协会 上海智慧城市发展研究院 上海市数字企业出海服务协会 2025年11月26日 上午 9:00-11:55 论坛地点 上海国际会议中心上海厅Ⅰ（上海市浦东新区滨江大道2727号） 中国联合网络通信有限公司上海市分公司 中国联通国际有限公司 协办单位 上海数据集团有限公司 支持单位 即刻报 ...

即刻报名： 锁定出海战略红利 2025年11月26日上午，上海国际会议中心将迎来一场聚焦企业出海的行业盛会——2025全球数商 大会"联接世界 通链全球"中国联通护航企业出海主题论坛。 核心亮点： 政企大咖共探企业出海新路径 论坛将邀请全球专家、政府、业界代表和企业负责人，围绕企业如何探寻出海有效路径、构建 多元化市场格局进行研讨，共同解码中国企业出海战略，为出海企业提供更完善的服务及保 障。 论坛信息： | 关键细节抢先看 事项 | 详情 | | --- | --- | | 论坛主题 | "联接世界 通链全球" | | | 中国联通护航企业出海 | | 举办时间 | 2025年11月26日 | | | 上午 9:00-11:55 | | 论坛地点 | 上海国际会议中心上海厅Ⅰ（上海市浦东新区滨江大道2727号） | | 主办单位 | 中国联合网络通信有限公司上海市分公司 | | | 中国联通国际有限公司 | | 协办单位 | 上海数据集团有限公司 | | 支持单位 | 上海市数商协会 | | | 上海智慧城市发展研究院 | | | 上海市数字企业出海服务协会 | 本次论坛面向出海企业负责人、数字化转型决策者 ...

Investment Rating - The report maintains a "Strong Buy" rating for the communication industry, indicating a positive outlook for investment opportunities [3]. Core Insights - The communication industry has shown continuous growth in performance, with a revenue increase of 3.3% year-on-year for the first three quarters of 2025, reaching a total of 19,549 billion yuan, while net profit grew by 9.0% to 1,943 billion yuan [9][24]. - The North American AI sector has led the growth, with a staggering revenue increase of 265% since the beginning of 2025, highlighting significant investment potential in this area [15][23]. - The report suggests focusing on specific segments such as optical modules, copper interconnects, switches, temperature control and power supply equipment, IDC rooms, edge AI, and robotics for potential investment opportunities [2]. Summary by Sections 1. Industry Performance - The communication industry index has increased by 58.8% since the beginning of 2025, outperforming major indices like the Shanghai Composite [15][21]. - The North American AI sector has shown exceptional growth, with revenue and net profit increasing by 71.5% and 129.5% respectively in Q3 2025 [45]. 2. Overall Performance - The overall revenue growth has slowed, but profit growth remains strong, with Q3 2025 showing a 3.7% increase in revenue and a 12.1% increase in net profit [24][29]. - The communication sector's overall gross margin and net margin have shown slight improvements, indicating better profitability management [29][32]. 3. Key Segment Analysis 3.1. Operators - The operators' segment has shown stable growth, with a revenue increase of 0.6% and a net profit increase of 4.3% in the first three quarters of 2025 [39][40]. 3.2. 5G - The 5G segment has maintained low growth rates, but there was a marginal improvement in Q3 2025, with revenue growth of 3.6% [41]. 3.3. North American AI - The North American AI segment has experienced rapid growth, with significant increases in both revenue and net profit, driven by high demand and product optimization [45][47]. 3.4. Domestic Computing Power - The domestic computing power segment has shown overall positive performance, with a revenue increase of 22.0% and net profit growth of 38.8% in the first three quarters of 2025 [48].

Core Insights - The China Securities Regulatory Commission (CSRC) has emphasized the importance of corporate governance and board effectiveness in listed companies, leading to the launch of the "2025 Best Practices for Corporate Boards" initiative, which has recognized 240 best practice cases, 190 excellent cases, and 156 typical cases [1][2]. Group 1: Corporate Governance and Board Effectiveness - The initiative aims to enhance the legal and compliant operation of corporate boards, improving governance effectiveness in response to higher demands from the new "National Nine Articles" and the "1+N" policy framework [1]. - The core role of corporate boards is to drive strategic decision-making, align with national macro policies, and integrate company growth into the modernization of the industrial system [1][2]. - Companies are encouraged to establish robust internal control systems and risk supervision capabilities to support high-quality development in the capital market [1][2]. Group 2: Value Management and Shareholder Returns - Corporate boards are elevating value management to a strategic level, focusing on enhancing intrinsic value, optimizing investor communication, and standardizing information disclosure [2]. - Emphasis on sustainable dividends has become a key aspect of governance, with companies responding to policies for multiple dividends per year and ensuring the continuity and stability of shareholder return policies [2]. - The boards are actively working to improve investor satisfaction and confidence through optimized dividend strategies [2]. Group 3: ESG Integration - Corporate boards are advancing the establishment and practice of Environmental, Social, and Governance (ESG) frameworks, embedding sustainability into strategic planning and performance evaluation [3]. - The ESG strategy focuses on innovation, employee growth, environmental friendliness, and corporate governance, aiming for a sustainable development governance model unique to China [3]. Group 4: Best Practice Case Listings - A comprehensive list of recognized companies for best practices in corporate governance has been compiled, showcasing a diverse range of sectors and industries [4][5][6][7][8][9][10].

Core Insights - The 2025 World Intelligent Manufacturing Conference will be held in Nanjing from November 27 to 29, marking its tenth anniversary since its inception in 2016, with a theme of "Digital Intelligence Drives New Quality Leadership" [1][2] - The conference aims to create a high-end, international platform for global intelligent manufacturing exchange and cooperation, showcasing the latest achievements in the field and discussing the integration of technological breakthroughs with industrial transformation [1][2] Group 1: Event Highlights - The conference will feature a main conference, a market-oriented exhibition, and 12 specialized activities, with participation from major companies like Dassault and JD.com, as well as 16 industry ecosystem activities [1][2] - Approximately 2000 attendees are expected, including nearly 200 important guests from domestic and international institutions, such as academicians and industry leaders [2][3] Group 2: Specialized Activities - The main conference will include the appointment ceremony for the new National Intelligent Manufacturing Committee, the release of the 2025 Intelligent Manufacturing Blue Book, and the announcement of the top ten technological advancements in intelligent manufacturing for the year [3][4] - A market-oriented exhibition will cover 55,000 square meters, featuring 452 companies from 18 countries and regions, with a focus on robotics, smart factories, industrial software, and intelligent equipment [4][5] Group 3: International Collaboration - The exhibition will introduce an international invited exhibition area for the first time, showcasing leading intelligent manufacturing technologies and solutions from global companies [5] - A series of specialized activities, including financial roadshows and technology exchanges, will be held to facilitate cooperation and win-win outcomes across the industry chain [5]

据了解，周光涛专注于车联网与智慧交通领域的技术研发与创新，是中国联通集团车联网及智慧交 通领域的学术带头人，在海南深度参与自贸港智慧交通建设。 海南日报海口11月20日讯(海南日报全媒体记者 曹马志)"海南自贸港发展智能交通前景广阔，我们 充满期待。"11月20日，从北京赶来海南参加2025第二十届中国智能交通大会的联通智网科技车辆智能 网联研究院院长周光涛化身"代言人"，分享海南机遇。 "我们携手联通海南公司，推动在海南实现无人接驳、智慧泊车、远程驾驶等多元应用落地，助力 海南跻身全国首批'车路云一体化'应用示范区域。"周光涛在接受海南日报全媒体记者采访时表示，作 为中国联通在车联网与智慧交通领域的专业子公司，联通智网科技深度融合中国联通"云、大、物、 智、链、安"新一代数字基础设施能力，系统沉淀交通大数据治理、数字孪生建模、AI智能分析、全息 感知融合、车路协同预警等核心能力。 周光涛介绍，当前，该公司已构建形成覆盖车路协同示范应用、数字交通精准管控、网联车辆增值 服务三大业务领域的"车路云一体化"智慧交通产品体系。未来，将紧扣海南自贸港交通发展需求，联通 智网科技将持续深化在琼布局，推动5G、AI与大模 ...