11月25日，南下资金今日净买入港股111.66亿港元。 北水关注个股 其中：净买入阿里巴巴-W 56.16亿、快手-W 5.71亿、赣锋锂业2.46亿、小米集团-W 2.31亿、中国移动 1.64亿、优必选1.25亿、龙蟠科技1.2亿；净卖出中国海洋石油2.02亿、中芯国际1.76亿。 小米：中信建投认为，目前实现盈利的新能源车企仍属少数，中国新能源汽车行业在经历多年高速扩张 后正进入整合出清的关键阶段，盈利能力成为下一阶段竞争的核心指标。小米汽车的规模化盈利表明头 部玩家正通过技术自研、供应链整合与组织效率的提升推动经营模型走向成熟。展望未来两年，具备垂 直整合能力、软件生态优势及成本控制优势的企业有望进一步拉大差距，行业竞争将从"扩张比拼"转 向"效率驱动"的新一轮结构性分化周期。 据统计，南下资金已连续9日净买入阿里，共计230.03亿港元；连续3日净买入小米，共计19.8355亿港 元；连续3日净买入快手，共计16.2632亿港元；连续4日净卖出中芯国际，共计14.09亿港元。 快手：港交所公告显示，11月25日以每股45.100港元至46.650港元的价格回购200.00万股，回购金额达 9187 ...

证券之星消息，11月25日通信服务板块较上一交易日上涨0.26%，超讯通信领涨。当日上证指数报收于 3870.02，上涨0.87%。深证成指报收于12777.31，上涨1.53%。通信服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603322 | 超讯通信 | 48.20 | 7.35% | 14.08万 | 6.58亿 | | 300959 | 线上线下 | 129.74 | 6.54% | 5.41万 | 7.04亿 | | 002467 | 二六三 | 6.63 | 3.59% | 115.76万 | 7.62亿 | | 603881 | 数据港 | 36.47 | 3.58% | 113.75万 | 41.31亿 | | 300921 | 南凌科技 | 24.27 | 3.14% | 5.67万 | 1.37亿 | | 002115 | 三维通信 | 10.78 | 2.76% | 68.94万 | 7.42亿 | | 300560 | 中富通 | 18.45 ...

近日，工业和信息化部正式启动卫星物联网业务商用试验，试验为期两年。目标是丰富卫星通信市场供 给，激发市场主体活力，提升行业服务能力，建立安全监管体系，形成可复制可推广的经验和模式，支 撑商业航天、低空经济等新兴产业安全健康发展。 如何理解卫星物联网？此次卫星物联网业务商用试验将如何助力商业航空、低空经济等领域发展？科技 日报记者为此采访了相关专家。 二问：卫星物联网如何在商业航空、低空经济等新兴产业领域发挥作用？ 卫星物联网依托天基网络，可实现对低空飞行器的全球范围实时追踪与数据传输，能精准补齐低空经济 的通信短板。如在无人机物流等低空领域，过去由于地面基站覆盖不足，会产生信号中断、影响飞行安 全和效率等问题。卫星物联网通过天基网络，能实现低空飞行器的全球实时追踪与数据传输。 卫星物联网还能拓展低空经济的应用场景。国研新经济研究院创始院长朱克力举例道，农业无人机跨国 作业时，卫星通信可支持其跨区域调度和作业数据回传；应急救援无人机在灾区失去地面网络时，能依 靠卫星维持与指挥部的联络。在他看来，这种技术融合会吸引更多资本和资源进入低空领域，推动无人 机制造、空域管理、数据服务等产业链环节的协同发展，形成"技术— ...

Core Viewpoint - The report from Zhongyuan Securities indicates that a series of AI industry catalytic events will occur in 2026, strengthening the leading position of top optical module manufacturers due to their technological, customer, and scale advantages. The current valuation of the communication industry index is below the ten-year average, and the industry maintains a "stronger than the market" investment rating based on performance growth expectations and valuation levels [1][2]. Summary by Sections Review of 2025 - In early 2025, the DeepSeek large model boosted market sentiment, and the three major operators completed the deployment of DeepSeek computing power private networks, enhancing their cloud service capabilities. Domestic cloud manufacturers provided positive capital expenditure guidance, leading to an increase in industry valuations. However, from February to April, the industry index experienced significant fluctuations due to concerns over U.S. tariff policies and future demand for optical modules. By mid-April, the easing of tariff policies and validation of AI computing power demand led to a gradual recovery in the industry index and valuations. In late July, North American cloud manufacturers raised their capital expenditure guidance, further catalyzing the industry. Since September, leading manufacturers faced short-term performance fatigue due to product iterations and customer structure adjustments, raising concerns about unclear downstream business models [2]. Outlook for 2026 - A series of AI industry catalytic events are expected, including the mass production of NVIDIA's next-generation Rubin GPU, the release of Google's new large model Gemini, and clear capital expenditure guidance from cloud manufacturers. AI smartphones equipped with large models are anticipated to become personalized smart assistants, potentially driving the next wave of smartphone upgrades. The development of key 6G technologies by telecom operators is expected to accelerate revenue growth from AI computing power. The report is optimistic about the high industry prosperity and strong growth potential of optical modules, optical devices, optical chips, and the increasing penetration of AI smartphones, as well as the stable operations of quality dividend assets in telecom operators [3][4]. Capital Expenditure Outlook for Leading Cloud Manufacturers - The demand for 800G is increasing, and the industry is transitioning from 800G to 1.6T technology. Leading optical module manufacturers are expected to further highlight their advantages due to technological leadership, stable customer relationships, and scalable delivery capabilities. The development of AI is driving the construction of large data centers, benefiting optical device manufacturers. The long R&D and expansion cycles for optical chips create high barriers in technology, talent, customer validation, and capital, leading to a persistent supply-demand gap for certain optical chips. The increasing demand for domestic controllable solutions is expected to translate into performance for domestic computing power. Recommended companies to watch include: NewEase, Huagong Technology, Guangxun Technology, Yuanjie Technology, Shijia Photon, and Taicheng Light [4]. AI Smartphones and Market Trends - Generative AI smartphones are set to provide users with new interactive experiences, multimodal content generation capabilities, personalized services, and innovative application ecosystems. The continuous improvement of edge AI computing power and large model capabilities is expected to further increase the market penetration of AI smartphones. Innovations and upgrades in AI smartphones are likely to lead to higher average selling prices and improved profit margins. The growth in edge AI shipments will drive sustained growth in core product lines of consumer electronics components [5]. Telecom Operators' Performance - The three major telecom operators are considered quality dividend assets with high dividend yield potential, offering cash dividends twice a year. The quality of traditional business revenue is improving, and a decrease in capital expenditure is expected to lower future depreciation and amortization costs, maintaining stable operations. Additionally, telecom operators are likely to leverage their advantages in data centers, big data, and network infrastructure to reconstruct business models with the help of AI. Investment recommendations include focusing on the optical module, optical device, and optical chip sectors, as well as AI smartphone and telecom operator sectors [6].

根据回复报告，直真科技报告期内前五大客户收入占比分别为89.34%、90.73%、89.92%和86.70%，其 中第一大客户中国移动（同一控制下合并口径）的销售占比分别为78.24%、83.04%、80.01%和 60.49%，客户集中度显著高于行业平均水平。 公司表示，客户集中主要源于下游电信行业寡头垄断格局。国内电信运营商市场由中国移动、中国电 信、中国联通三大主体构成，同行业可比公司如亚信科技、思特奇等亦存在类似客户集中情况。以亚信 科技为例，其2023年对中国移动的收入占比达61.96%，与公司客户结构具有可比性。 外购服务占比超90% 主要用于辅助性工作 北京直真科技股份有限公司（证券简称：直真科技，证券代码：003007）近日发布《关于申请向特定对 象发行股票的审核问询函之回复报告(修订稿)》，就深圳证券交易所提出的客户集中度、外购服务、毛 利率波动等问题进行了详细回应。报告显示，公司存在客户集中度较高且对第一大客户中国移动存在重 大依赖的情况，但相关情形符合行业惯例。 客户集中度维持高位 对中国移动收入占比超60% 公司上市后业绩出现波动，2025年1-9月扣非后归母净利润为-4,874.44 ...

来源：环球网 11月24日，由咪咕数字传媒有限公司、陕西广电精品综艺导演工作室、榆林市非遗协会出品的陕北民歌 题材微短剧《阔少回乡》在陕西榆林开机。出品方相关负责人、剧集主演及多位陕北民歌手、陕北民歌 的非遗传承人出席开机仪式。 《阔少回乡》以"破碎与重建"为情感核心，讲述了海归青年白维特经历家族破产后，通过接触陕北民 歌、道情、腰鼓等非遗，从浮华"阔少"蜕变为非遗传承者。他逐渐领悟音乐并非炫技工具，而是生活回 响与情感载体。据悉，该剧是通过一位陕北民间歌手的真经历事改编，故事充满了生活的真实体悟，在 独特陕北文化的底色上又充满了情感的冲击。 陕北民歌，是黄土高原上流淌的血液，是中华民族文化宝库中一颗璀璨的明珠。它不仅是陕西省的文化 名片，更是国家级非物质文化遗产的重要组成部分。该剧正是将陕北民歌这一古老非遗通过微短剧的全 新载体做了创新型转化。文化和旅游部曾召开关于对我国非遗保护传承的重要工作会议，强调"要扎实 做好非物质文化遗产的系统性保护，更好满足人民日益增长的精神文化需求，推进文化自信自强"。在 国家广播电视总局"跟着微短剧看非遗"创作计划倡导下，微短剧《阔少回乡》应运而生。该剧是"微短 剧+非遗"、 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the telecommunications and AI computing chain, including ZTE Corporation, NewEase, Ruijie Networks, Zhongji Xuchuang, China Telecom, Haige Communication, China Mobile, and Shanghai Hantong [9][41]. Core Insights - The report highlights the ongoing concerns regarding the sustainability of the AI "bubble" and the effectiveness of Scaling Law, while expressing optimism about the performance of Gemini 3 and Banana Pro, which have exceeded initial expectations [2][3]. - The AI computing chain is expected to continue its upward trend, with a focus on Google's core components such as optical modules and liquid cooling systems [2][3]. - The report emphasizes the generational leap in capabilities of Gemini 3, which has achieved significant benchmarks in reasoning and multimodal tasks, thereby shortening the time from investment to revenue [20][14]. Summary by Sections Market Overview - The telecommunications index fell by 2.51% last week, while the Shanghai Composite Index and Shenzhen Component Index dropped by 3.90% and 5.13%, respectively [2][13]. - Concerns about the overseas AI "bubble" are prevalent, particularly regarding the effectiveness of Scaling Law and the sustainability of ROI [2][3]. Key Companies and Dynamics - The report recommends several companies within the AI computing chain, including: - ZTE Corporation (Buy, target price: 64.34) [41] - NewEase (Buy, target price: 476.71) [41] - Ruijie Networks (Buy, target price: 102.51) [41] - Zhongji Xuchuang (Buy, target price: 626.68) [41] - China Telecom (Buy, target price: 9.11) [41] - Haige Communication (Buy, target price: 13.70) [41] - China Mobile (Buy, target price: 126.20) [41] - Shanghai Hantong (Buy, target price: 28.28) [41] - China Unicom (Hold, target price: 7.56) [41] AI Computing Chain Insights - The report notes that the performance of Gemini 3 and Nano Banana Pro has significantly advanced the capabilities in reasoning and multimodal tasks, indicating a strong integration into the AI ecosystem [20][14]. - The demand for AI computing resources is expected to grow, driven by the increasing need for reasoning capabilities and the expansion of cloud token scales [20][14]. Financial Performance - ZTE Corporation reported a revenue of 100.52 billion yuan for the first nine months of 2025, a year-on-year increase of 12%, but a net profit decline of 33% [42]. - NewEase's revenue for the first three quarters of 2025 reached 16.5 billion yuan, a year-on-year increase of 222%, with a net profit increase of 284% [44]. - Ruijie Networks reported a revenue of 10.68 billion yuan for the first nine months of 2025, a year-on-year increase of 28%, with a net profit increase of 65% [46].

Core Viewpoint - The article discusses the release of the evaluation index system for world-class enterprises in 16 industries by state-owned enterprises, highlighting the progress and assessment of central enterprises in building world-class standards [1]. Group 1: Evaluation Index System - The first batch of 11 industry evaluation index systems was released in November 2024, followed by a second batch of 5 in November 2025, covering 16 industries including power grid, oil and gas exploration, and telecommunications [1]. - The evaluation index system aims to assess the construction of world-class enterprises based on data from the year 2024 [1]. Group 2: Assessment Results - Among the 45 central enterprises evaluated, 13, including China National Petroleum, China Petroleum & Chemical, and State Grid, ranked in the top tier of their respective industries [1]. - The overall results indicate that central enterprises are making solid progress in building world-class standards [1]. Group 3: Key Evaluation Metrics - The evaluation metrics include various dimensions such as competitiveness, innovation, control, influence, and risk management, with specific indicators for each dimension [2][4][5]. - Key indicators include total revenue, total assets, profit margins, and R&D investment intensity, which are essential for assessing the performance and competitiveness of enterprises [2][3][4][5].

分析师：李璐毅 登记编码：S0730524120001 通信 lily2@ccnew.com 021-50586278 智启新质，算力互联破浪前行 ——通信行业年度策略 证券研究报告-行业年度策略 强于大市(维持) 发布日期：2025 年 11 月 24 日 -11% 3% 16% 30% 44% 58% 72% 85% 2024.11 2025.03 2025.07 2025.11 通信 沪深300 资料来源：中原证券研究所，聚源 相关报告 《通信行业月报：北美云厂商继续上调资本开 支，硅光助力 AI 网络规模化扩展》 2025-11-13 《通信行业月报：三大电信运营商 eSIM 手机 商用试验获批，全球电信设备收入恢复增长》 2025-10-15 《通信行业月报：甲骨文云业务高速增长，光 博会展出 3.2T demo 产品》 2025-09-18 联系人：李智 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共62页 通信相对沪深 300 指数表现 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18 楼 地址： 上 ...

破局攻坚，扛起自主创新时代使命。3G时代，为打破欧美FDD技术垄断，我国超前预判时分双工（TDD）在频谱宽带化、灵活化等方面的优势，将其确立 为产业图强的战略切入点。但TDD组网面临重大难题，全球都不看好TDD发展，王晓云带领中国移动团队勇担国家使命，扛起TDD组网创新大旗，携手产 业链各方实现全方位突破。标准层面，补齐并完善首个TDD标准；组网层面，提出"三不三新三融合"等技术方案；产业层面，推动产业初步构建起我国移动 通信端到端产业链，推动我国自主技术首次实现全球商用部署，掀开中国通信事业新篇章。 跨越赶超，紧抓机遇实现历史转折。随着移动互联网兴起，4G技术成为数字经济核心底座，"新一代宽带无线移动通信"被世界各国视作科技竞争的制高点 之一。我国紧抓全球4G发展机遇，建立产学研深度融合创新体系，突破核心技术，主导国际标准与产业发展，实现移动通信历史性转折。这一进程中，王 晓云继续带领团队通过自主创新做大做强TDD网，特别是提出多域协同TDD组网架构与机制，攻克了TDD同频组网中的广域高干扰难题等，最终推动TD- LTE成为4G国际主流标准。中国移动联合产业界克服技术、产业、组网、测试、组织机制五大难题，首 ...