Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [21]. Core Insights - The rapid development of space AI is expected to create new business opportunities in space-based intelligence, with significant advancements from companies like SpaceX and NVIDIA [2][9]. - SpaceX plans to enhance its Starlink V3 satellite scale and establish a space data center, which could alleviate AI computing resource bottlenecks [9]. - NVIDIA's H100 GPU has been successfully sent to space, aiming to test its operational feasibility in orbit and enhance in-space computing capabilities [9]. - China's space computing constellation is accelerating, with plans to deploy over 50 computing satellites by 2025, enhancing data processing efficiency [9]. Company Financial Forecasts and Valuation - Key companies in the industry and their financial metrics are as follows: - Unisoc: Market Cap 67.27 billion, EPS 1.4 (2024A), PE 57.0 (2024A), PS 12.3 (2024A) [5]. - China Satellite: Market Cap 52.62 billion, EPS 0.0 (2024A), PE 1885.1 (2024A), PS 10.2 (2024A) [5]. - LightSpeed Technology: Market Cap 49.61 billion, EPS 0.8 (2024A), PE 75.0 (2024A), PS 6.0 (2024A) [5]. - Other companies include Softcom Power, Zhongke Star Map, and others with varying market caps and financial metrics [5]. Industry Basic Data - The computer industry consists of 337 listed companies with a total market capitalization of 61,235.75 billion and a circulating market capitalization of 55,346.10 billion [6]. Relative Index Performance - The absolute performance of the industry over the past 1 month is -3.1%, while the 6-month and 12-month performances are 24.7% and 22.6%, respectively [7]. - The relative performance compared to the benchmark shows a decline of -3.9% over 1 month, with increases of 2.6% and 9.7% over 6 months and 12 months [7].

Core Viewpoint - On November 10, a total of 10 listed companies will have their restricted shares unlocked, with a total market value of approximately 9.248 billion yuan [1] Summary by Category Restricted Share Unlocking - The companies involved in the unlocking of restricted shares include: - Antai Technology (Stock Code: 000969) with 488,400 shares from equity incentive restrictions - Fenghuo Communication (Stock Code: 600498) with 18.4 million shares from equity incentive restrictions - Supor (Stock Code: 002032) with 604,000 shares from equity incentive restrictions - Shapuaisi (Stock Code: 603168) with 49.9215 million shares from A-share issuance to legal person placement - Zhujiang Piano (Stock Code: 002678) with 152,700 shares from equity incentive restrictions - Chuangli Group (Stock Code: 603012) with 32,400 shares from equity incentive restrictions - Xianle Health (Stock Code: 300791) with 31,950 shares from equity incentive restrictions - Southeast Electronics (Stock Code: 301359) with 57.9959 million shares from pre-issue share restrictions - Lihang Technology (Stock Code: 603261) with 40,740 shares from equity incentive restrictions - Youyan Silicon (Stock Code: 688432) with 740 million shares [1]

Core Insights - The "2025 Super Node Data Center Industry Summit and High-Density Data Center Developer Forum" will be held from November 26-28 in Hangzhou, Zhejiang, focusing on topics such as super node data center architecture design, interconnection technology, optical module packaging trends, liquid cooling technology, and high thermal conductivity materials [2] - The forum is expected to attract over 500 industry experts and 40+ speakers from major companies including Nvidia, Huawei, Alibaba Cloud, and China Mobile [2] Group 1: Forum Overview - The event will feature one main conference and two specialized sessions for in-depth discussions [2] - Key topics include innovations in AI chip interconnection protocols and the evolution of super node optical interconnection [3][4] Group 2: Technical Presentations - Presentations will cover high-speed optical interconnection systems for AI clusters and the opportunities and challenges of hollow-core optical fibers in data centers [4][5] - Discussions will also focus on thermal management materials for optical modules and the application of graphene in thermal management [4][5] Group 3: Schedule Highlights - The first day will include keynotes on super node data centers and liquid cooling acceleration plans by Intel [9][10] - The second day will address optical module development and thermal management technologies [11][12] Group 4: Participation and Sponsorship - Various participation formats are available, including theme reports and sponsorship opportunities [16][19] - Registration for the event is priced at 2500 per participant [16]

Core Insights - The article emphasizes the critical role of network optimization equipment in enhancing network performance, security, and stability, serving as a key infrastructure for digital transformation [1][5] - The industry is experiencing significant growth driven by policies such as "New Infrastructure" and "East Data West Computing," with the market expected to reach CNY 42.25 billion in 2024 and exceed CNY 47.78 billion in 2025 [1][8] - Major players in the market include Huawei and ZTE, with a competitive landscape featuring both global leaders and domestic companies focusing on niche markets [1][9] Industry Overview - Network optimization equipment aims to systematically enhance network performance, structure, security, and stability through hardware and software technologies [2] - The equipment is widely used across various sectors, including enterprises, data centers, telecommunications, and home environments, providing comprehensive solutions from basic devices to intelligent management systems [2] Market Classification - The industry can be categorized into four main types: wireless network optimization devices, wired network optimization devices, edge computing and intelligent optimization devices, and security and management optimization devices [3] - Applications vary across different scenarios, including home/small office, enterprise/park, telecommunications operators, and industrial internet [3] Policy Support - Recent policies in China, such as the "Implementation Opinions on Promoting IPv6 Technology Evolution," have established a solid policy foundation for the network optimization equipment industry, driving high-quality development [5] Industry Chain - The industry chain is clearly structured, with upstream focusing on core components and software support, midstream covering equipment manufacturing and system integration, and downstream catering to diverse demand from telecom operators and internet companies [5] Current Market Status - The network optimization equipment industry is in a strategic opportunity period, with a market size of CNY 42.25 billion in 2024, expected to grow to CNY 47.78 billion in 2025 [8] - Wireless network optimization devices are the core segment, with a market size of CNY 30.28 billion in 2024, showing an 11.3% year-on-year growth [8] Competitive Landscape - The competitive landscape features a multi-tiered structure, with leading companies like Huawei and ZTE dominating the market due to their comprehensive self-research capabilities [9] - Domestic leaders such as H3C and Ruijie Network focus on specific market segments, while international firms like Cisco maintain significant market shares [9] Future Development Trends - The industry is expected to evolve with a focus on AI empowerment, green energy, and 6G research, leading to a shift towards high-quality, high-value-added development [11] - Key trends include the localization of core components, customization for vertical markets, and a transition towards a "hardware + service" business model [11][12][13]

Core Viewpoint - The company has developed a patented hollow-core optical fiber that offers significant advantages over solid-core fibers, including ultra-low latency, low loss, wide bandwidth support, and resistance to electromagnetic interference [1] Group 1: Product Innovation - The hollow-core optical fiber uses air as the transmission medium, fundamentally avoiding material dispersion and nonlinear loss issues [1] - The company's self-developed four-tube nested hollow-core fiber optimizes the nested structure design, balancing high mechanical strength and bending resistance to adapt to complex deployment environments [1] Group 2: Market Position - The hollow-core optical fiber is currently in the pilot verification and small-scale commercial use stage, with the company actively promoting customer-side projects [1]

烽火通信（600498.SH）11月6日在投资者互动平台表示，公司控股的长江计算公司中标中国移动PC服 务器集中采购项目，在三个国产化标段总中标金额突破3亿元，是项目的核心供应商之一。 （记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：烽火通信旗下长江计算中标中国移动集中采购项目3个 多亿？ ...

Core Viewpoint - The company, Fenghuo Communication, has won a significant contract as a core supplier for China Mobile's centralized procurement project for PC servers, with a total bid amount exceeding 300 million yuan in three domestic segments [1]. Group 1 - The company is a core supplier for China Mobile's PC server procurement project [1]. - The total bid amount for the project exceeds 300 million yuan [1]. - The company is controlled by Changjiang Computing Company, which is involved in the procurement project [1].

人民财讯11月6日电，烽火通信（600498）11月6日在互动平台称，空芯光纤以空气为传输介质，从根本 上规避了材料色散与非线性损耗问题，具备超低时延、超低损耗、宽频带支持及抗电磁干扰等显著优 势。公司自主研发的四管双嵌套式空芯光纤，通过优化嵌套结构设计，兼顾高机械强度与抗弯曲特性， 可适应复杂部署环境。空芯光纤目前整体处于试点验证和小规模商用阶段，公司正在积极推进客户侧项 目。 ...

（文章来源：证券日报） 证券日报网讯 11月5日晚间，烽火通信发布公告称，根据《上海证券交易所股票上市规则》等规定，烽 火转债将于2025年11月27日开始停止交易，11月26日为烽火转债最后交易日。在停止交易后、转股期结 束前（即自2025年11月27日至2025年12月1日），烽火转债持有人仍可以依据约定的条件将烽火转债转 换为公司普通股。烽火转债到期日和兑付登记日为2025年12月1日，本次兑付的对象为截至2025年12月1 日上海证券交易所收市后在中国证券登记结算有限责任公司上海分公司（以下简称"中登上海分公司"） 登记在册的烽火转债全体持有人。烽火转债到期兑付本息金额为人民币106元/张，兑付资金发放日为 2025年12月2日。自2025年12月2日起，烽火转债将在上海证券交易所摘牌。 ...

烽火通信科技股份有限公司 2025 年第二次临时股东大会 会 议 文 件 二零二五年十一月 烽火通信科技股份有限公司 2025 年第二次临时股东大会会议议程 | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | 股股东 A | | 非累积投票议案 | | | | 1 | 关于与中国信科集团（香港）有限公司签署《金 融服务协议》暨关联交易的议案 | √ | | 2 | 关于聘任 年审计机构的议案 2025 | √ | | 3 | 关于修改《公司章程》有关条款的议案 | √ | 上述议案 3 为特别决议议案；议案 1 关联股东回避表决。 一、 会议时间：2025 年 11 月 14 日 14:30 二、 会议地点：武汉东湖高新区高新四路 6 号烽火科技园 1 号楼 5 楼会议室 三、 会议召集人：公司董事会 四、 会议议程： 五、 公司股东（或受托代理人）投票表决、计票； 六、 宣布现场表决结果； 七、 见证律师宣读法律意见书； 八、 现场会议结束。 四、出席本次股东大会现场会议的股东（或股东代表）必须在会议召开前向 大会会务组办理登记签到手续。股东参加本次大会依法享有 ...