Investment Rating - The report maintains a "Recommended" rating for the communication industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communication developments [4][1]. Core Insights - The overall market performance for the week (November 24-30, 2025) saw the Shanghai Composite Index rise by 1.40%, the Shenzhen Component Index by 3.56%, and the ChiNext Index by 4.54%. The communication sector, represented by the Shenwan Communication Index, increased by 8.70% [1][9]. - Within the communication sector, the highest increase was observed in the communication network equipment and devices, which rose by 12.14%, while the lowest increase was in communication application value-added services, which rose by 3.56% [12][1]. - Notable individual stock performances included Guangku Technology with a 39.19% increase, Tongyu Communication at 39.06%, and TeFa Information at 34.07% [14][1]. Summary by Sections Weekly Market Overview - The communication industry index increased by 8.70% during the week [9]. - The communication network equipment and devices sub-sector had the highest increase at 12.14% [12]. - The majority of stocks in the communication sector experienced gains, with 89.52% of stocks rising [14]. News Highlights - Google has adjusted its 2027 TPU shipment expectations upward, indicating a positive outlook for the non-NV inference chip supply, which is expected to boost the overseas computing hardware chain [2]. - Alibaba's cloud revenue for Q2 FY2026 reached 398.24 billion yuan (approximately 55.94 billion USD), marking a 34% year-on-year growth, with AI-related product revenue achieving triple-digit growth for nine consecutive quarters [2][21]. - The establishment of the Commercial Space Administration in China is expected to enhance coordination and integration within the satellite industry, promoting high-quality development [2][20]. Key Company Announcements - Notable announcements from the communication sector include ongoing equity acquisitions and transfers by companies such as Unisplendour and Tianfu Communication [24][26].

Core Viewpoint - The traditional copper cable communication links in smart vehicles are becoming inadequate for high-speed, secure, and stable data transmission, leading to the introduction of V-PON optical communication technology by FiberHome Communications Technology Co., Ltd. [1][3] Group 1: Technology Overview - V-PON optical communication technology integrates architecture, optical fiber harnesses, key chips, and core modules to create a "one-to-many optical network" within vehicles, transforming the communication structure from "one line to one device" to "one fiber for the entire vehicle" [3][4] - Optical fibers offer significant advantages over copper cables, including larger bandwidth, lower latency, stronger anti-interference, and lighter weight, making them particularly suitable for electric vehicles operating in high electromagnetic environments [3] Group 2: Benefits for Smart Vehicles - The implementation of optical communication technology in smart vehicles will lead to faster response times, improved perception accuracy, and reduced costs for vehicle upgrades, enhancing the overall performance of intelligent driving systems [3][4] - The technology allows for simpler wiring within vehicles, contributing to weight reduction and improved energy efficiency, while also meeting the high bandwidth and strong integration demands of smart driving [3] Group 3: Industry Collaboration and Development - FiberHome is committed to developing automotive-grade optical communication chips, which are crucial for managing data flow within the optical network, ensuring that the entire solution is a "Chinese solution" [4] - The transition to vehicle-mounted optical communication requires collaboration among automakers, component manufacturers, and testing institutions, as no single company can dominate this emerging field [4]

Core Viewpoint - The announcement details the maturity and repayment of the "Fenghuo Convertible Bonds," including the conversion results and the impact on the company's shareholding structure. Group 1: Convertible Bond Issuance and Maturity - The company issued 30,883,500 convertible bonds with a total value of RMB 308,835 million, each with a face value of RMB 100, approved by the China Securities Regulatory Commission on December 2, 2019 [2][11]. - The bonds were listed on the Shanghai Stock Exchange on December 25, 2019, and have a maturity period of six years [2][11]. Group 2: Conversion and Repayment Details - The repayment date for the bonds is set for December 2, 2025, with a total repayment amount of RMB 1,181,169,660, which corresponds to 11,143,110 bonds [5][7]. - As of December 1, 2025, a total of RMB 1,974,037,000 worth of bonds have been converted into 90,919,246 shares, representing 7.7643% of the total shares before conversion [4][12]. - The total amount of unconverted bonds stands at RMB 1,114,311,000, accounting for 36.0811% of the total issuance [4][12]. Group 3: Impact on Shareholding Structure - The conversion of bonds has led to an increase in the company's total share capital, with the controlling shareholder's stake diluted from 45.04% to 42.65% due to the bond conversion [10][12]. - This dilution does not involve any change in the number of shares held by the controlling shareholder and does not affect the company's governance structure or ongoing operations [10][14].

证券代码：600498 证券简称：烽火通信 公告编号：2025-074 烽火通信科技股份有限公司 关于"烽火转债"到期兑付结果暨股份变动的公告 一、烽火转债的发行上市概况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 经中国证券监督管理委员会《关于核准烽火通信科技股份有限公司公开发 行可转换公司债券的批复》（证监许可[2019]1490 号）核准，烽火通信科技股份 有限公司（以下简称"公司"或"本公司"）于 2019 年 12 月 2 日公开发行了 30,883,500 张可转换公司债券（债券简称：烽火转债，债券代码：110062），每 张面值人民币 100 元，发行总额人民币 308,835 万元，存续期限为自发行之日起 6 年。经上海证券交易所"[2019]296 号"自律监管决定书同意，公司 308,835 万元可转换公司债券于 2019 年 12 月 25 日起在上海证券交易所挂牌交易，债券 简称"烽火转债"，债券代码"110062"。 公司于 2025 年 11 月 4 日、11 月 5 日、 ...

证券代码：600498 证券简称：烽火通信 公告编号：2025-075 ● 本次权益变动不涉及股东股份增持或减持，不触及要约收购，不会导致 公司控股股东及实际控制人发生变化，不会影响公司的治理结构和持续经营。 | 权益变动方向 | 比例增加□ | | 比例减少√ | | --- | --- | --- | --- | | 权益变动前合计比例 | 45.04% | | | | 权益变动后合计比例 | 42.65% | | | | 本次变动是否违反已作出的承 | 是□ | 否√ | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否√ | | 一、公司可转债的基本情况 经中国证券监督管理委员会《关于核准烽火通信科技股份有限公司公开发行 可转换公司债券的批复》（证监许可[2019]1490 号）核准，烽火通信科技股份 有限公司（以下简称"公司"或"本公司"）于 2019 年 12 月 2 日公开发行了 30,883,500 张可转换公司债券（债券简称：烽火转债，债券代码：110062）， 每张面值人民币 100 元，发行总额人民币 308,835 万元，存续期限为自发行之日 起 ...

Core Viewpoint - The announcement indicates that the shareholding ratio of the controlling shareholder, Fenghuo Technology Group Co., Ltd., and its concerted party, China Information Communication Technology Group Co., Ltd., has been diluted from 45.04% to 42.65% due to the conversion of convertible bonds, without affecting the number of shares held [1] Group 1 - The total share capital of the company has increased as a result of the conversion of convertible bonds [1] - The change in shareholding does not trigger a mandatory tender offer [1] - There will be no change in the controlling shareholder or actual controller of the company, nor will it affect the company's governance structure and ongoing operations [1]

Core Viewpoint - The communication equipment sector experienced a slight increase of 0.23% on December 2, with notable gains from specific stocks, while the overall market indices, Shanghai Composite and Shenzhen Component, saw declines of 0.42% and 0.68% respectively [1] Group 1: Stock Performance - The leading stock in the communication equipment sector was Feiling Kesi, which surged by 20.00% to a closing price of 112.20, with a trading volume of 104,900 shares and a transaction value of 1.079 billion [1] - Tongyu Communication and Guanghe Dao followed with increases of 10.02% and 6.24%, closing at 28.78 and 34.40 respectively [1] - The sector also included other gainers such as Shida Group and Zhaolong Huilian, which rose by 6.08% and 5.65% respectively [1] Group 2: Market Capital Flow - The communication equipment sector saw a net outflow of 5.137 billion from institutional investors, while retail investors contributed a net inflow of 3.624 billion [2] - The data indicates that speculative funds had a net inflow of 1.513 billion, highlighting a mixed sentiment among different investor types [2] Group 3: Individual Stock Fund Flow - New Yisheng recorded a significant net inflow of 1.076 billion from institutional investors, while it faced a net outflow of 435 million from speculative funds [3] - Feiling Kesi also showed strong institutional support with a net inflow of 18.4 million, despite a net outflow from speculative and retail investors [3] - Other stocks like Tianfu Communication and Zhaolong Huilian experienced varying levels of net inflow and outflow, reflecting diverse investor interest [3]

Core Viewpoint - The report highlights significant growth in China's mobile communication base station equipment production, indicating a robust market trend in the telecommunications industry from 2025 to 2031 [1]. Industry Summary - In September 2025, the production of mobile communication base station equipment reached 559,000 RF modules, representing a year-on-year increase of 76.9% [1]. - From January to September 2025, the cumulative production of mobile communication base station equipment totaled 3.758 million RF modules, showing a cumulative growth of 10.9% [1]. Company Summary - Listed companies in the telecommunications sector include ZTE Corporation (000063), Datang Telecom (600198), Xinke Mobile (688387), FiberHome Technologies (600498), Shenglu Communication (002446), *ST Rihai (002313), and Chaoxun Communication (603322) [1]. - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services for investment decisions [1].

● 会议召开时间：2025年12月10日（星期三）14:00-15:00 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 登录新浪财经APP 搜索【信披】查看更多考评等级 ● 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心网络互动 ● 投资者可于2025年12月03日（星期三）至12月09日（星期二）16:00前登录上证路演中心网站首页点 击"提问预征集"栏目或通过公司邮箱info@fiberhome.com进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 烽火通信科技股份有限公司（以下简称"公司"）已于2025年10月30日发布公司2025年第三季度报告，为 便于广大投资者更全面深入地了解公司2025年第三季度经营成果、财务状况，公司计划于2025年12月10 日 （星期三） 14:00-15:00举行2025年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 重要内容提示： 会议召开时间：2025年12月10日（星期三）14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于2025年12月03日（星期三）至12月09日（星期二）16:00前登录上证路演中心网站首页点 击"提问预征集"栏目或通过公司邮箱info@fiberhome.com进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 烽火通信科技股份有限公司（以下简称"公司"）已于2025年10月30日发布公司2025年第三季度报告，为 便于广大投资者更全面深入地了解公司2025年第三季度经营成果、财务状况，公司计划于2025年12月10 日 （星期三） 14:00-15:00举行2025年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 证券代码：600498 证券简称：烽火通信 公告编号：2025-073 烽火通信科技股份有限公司 关于召开2025年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告 ...