1.【Omdia：2026年Micro LED显示器收入预计将同比增长100%至1.05亿美元】Omdia《Micro LED显示器市场追踪报告》显示，Micro LED（微发光二极管）显示器收入预计将同比增长100%， 从2025年的5,240万美元增至2026年的1.054亿美元。尽管Micro LED显示器在公共显示屏、超大 尺寸电视、智能手表和智能眼镜上的应用仍然有限，但快速成熟的制造能力和新产品的普及预计将在 短期内显著推动出货量和收入的增长。（财联社） 2.【中国移动发布全球首台超百T智算互联路由器样机】当地时间3月2日，在西班牙巴塞罗那世界移 动通信大会（MWC）期间，中国移动发布原创Scale-Across技术——GSE-DCI（全调度以太网智 算中心互联），同时，发布全球首台超百T智算互联路由器样机，吞吐量达115.2Tbps。中国移动表 示，本次发布是我国在跨智算中心互联网络核心技术领域的重大突破。（光明网） 3.【 比亚迪将发布第二代刀片电池及闪充技术 】比亚迪将于3月5日发布第二代刀片电池及闪充技 术。2020年，比亚迪发布第一代刀片电池，推动其进入业务高速增长周期。随着第二代刀片电池 ...

第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00941 | | 說明 | 於香港聯交所上市的股份（「香港股份」） | | | | | | 多櫃檯證券代號 | 80941 | RMB | 說明 | 香港股份 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | 庫存股份數目 | | | 已發行股份總數 | | | 上月底結存 | | | 20,748,353,197 | | | 0 | | 20,748,353,197 | | 增加 / 減少 (-) | | | | 2,805,017 | | 0 | | | | 本月底結存 | | | 20,751,158,214 | | | 0 | | 20,751,158,214 | 足夠公眾持股量的確認(註4) 股份發行人及根據《 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年2月28日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國移動有限公司 | | | 呈交日期: | 2026年3月4日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00941 | | 說明 | 於香港聯交所上市的股份（「香港股份」） | | | | | | 多櫃檯證券代號 | 80941 | RMB | 說明 | 香港股份 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | 庫存股份數目 | | | 已發 ...

Core Viewpoint - China Telecom has announced an emergency procurement project for fiber optic cables in its Guangdong branch for Q1 2026, indicating a significant price increase in the fiber optic market, with the maximum price for GJYXFCH-1 core cable set at 310 yuan per kilometer, reflecting a 45.36% increase from previous prices [1][2]. Group 1: Procurement Details - The procurement focuses on FTTH butterfly-shaped fiber optic cables, with a maximum response price of 1,726,955.49 yuan for the project [2]. - The previous maximum price for GJYXFCH-1 core cable was 213.27 yuan per kilometer, highlighting a substantial price increase in the current procurement [2]. Group 2: Market Trends - The demand for fiber optic cables is increasing, with operators raising procurement prices; for instance, China Telecom's procurement prices for G.652.D cables have risen by over 31% year-on-year, with some prices increasing by as much as 64.29% [3]. - The price of G.652.D fiber has exceeded 50 yuan per core kilometer, compared to 20 yuan in November 2025 and 35.6 yuan in January 2026, indicating a robust market [3]. Group 3: Industry Outlook - The fiber optic market is experiencing sustained price increases due to rapid growth in AI and computing networks, with a projected global demand increase of 4.1% for fiber optic cables by 2025, and a 75.9% increase in data center fiber cable demand [4]. - Supply constraints are expected to persist due to the long expansion cycle for optical fiber preform, which is approximately two years, suggesting continued price potential for fiber optic cables [4]. Group 4: Key Companies - The report highlights several core manufacturers in the fiber optic cable sector, including Zhongtian Technology, Hengtong Optic-Electric, Yangtze Optical Fibre and Cable, TeFa Information Technology, Yongding Co., and FiberHome Technologies [5].

证券研究报告 科技 英伟达新推 LPU，重视铜缆/液冷机遇 华泰研究 2026 年 3 月 01 日│中国内地 行业周报（第九周） 本周观点 市场方面，上周通信（申万）指数上涨 4.76%，同期上证综指上涨 1.98%， 深证成指上涨 2.80%。英伟达在 4QFY26 财报电话会议上详细阐述了对 Groq 的整合计划，并表示后续会推出整合 Groq LPU 技术的推理平台。LPU 作为语言处理单元，在实时 token 生成中可实现极低延迟+高能效。我们认 为英伟达强调对 Groq 的整合计划代表了后续对 LPU 这一推理产品的重视， 未来围绕 LPU 的相关算力配套产业链或受益，其中我们看好 LPU 机柜形式 下的铜缆及液冷需求上行。 周专题：英伟达新推 LPU，重视铜缆/液冷机遇 上周，英伟达在 4QFY26 财报电话会议上详细阐述了对 Groq 的整合计划， 并表示后续会推出整合 Groq LPU 技术的推理平台。我们认为：1）英伟达 斥资 200 亿收购 Groq 且明确阐述整合计划，足见英伟达对推理市场及 LPU 产品重视，未来资源或有所倾斜；2）此前 Groq 自研有 LPU 机柜形式，已 运用在 ...

"6G关乎移动通信产业的未来，是实现产业代际跃升、迈向下一轮繁荣的战略核心。"在接受中国证券 报记者专访时，中国移动集团级首席专家、中关村泛联院首席科学家刘光毅抛出这个观点，直击当前移 动通信行业发展增量不增收、同质化竞争加剧等核心痛点，6G不仅是未来产业技术探索的制高点，更 是移动通信产业突破增长瓶颈、实现转型升级的必由之路。 刘光毅强调，6G以通感算智深度融合为目标，将构建未来产业的智能化综合性数字信息基础设施。面 向2030年具备商用能力，时间紧迫、任务艰巨，"我们不能再像过去那样先搞技术、再找应用"，刘光毅 表示，产业链上下游企业需充分协同，技术收敛和应用培育要齐头并进，从而推动6G成为驱动未来经 济增长的新引擎。 转型升级 在刘光毅看来，当前通信行业正站在一个关键的十字路口，5G商用发展距离实现当初的预期目标还有 差距，在B端赋能、运维升级以及能耗管理等方面均存在挑战，运营商传统的"管道式"发展模式也已走 到尽头，6G是我国移动通信产业必须打赢的一场硬仗。 "我们原来设想5G到来，能够支撑更多诸如超高清视频这样的大流量应用实现爆发，但现实却是，流量 增长带来的收入增长已经接近天花板，同时5G在服务千 ...

刘光毅强调，6G以通感算智深度融合为目标，将构建未来产业的智能化综合性数字信息基础设施。面 向2030年具备商用能力，时间紧迫、任务艰巨，"我们不能再像过去那样先搞技术、再找应用"，刘光毅 表示，产业链上下游企业需充分协同，技术收敛和应用培育要齐头并进，从而推动6G成为驱动未来经 济增长的新引擎。 "6G关乎移动通信产业的未来，是实现产业代际跃升、迈向下一轮繁荣的战略核心。"在接受中国证券 报记者专访时，中国移动（600941）集团级首席专家、中关村泛联院首席科学家刘光毅抛出这个观点， 直击当前移动通信行业发展增量不增收、同质化竞争加剧等核心痛点，6G不仅是未来产业技术探索的 制高点，更是移动通信产业突破增长瓶颈、实现转型升级的必由之路。 融合破界 与5G侧重通信本身能力提升不同，刘光毅认为，6G的核心特征是通感算智深度融合，即将通信、感 知、计算、智能等多维能力集成到一个系统中，这将打破过去各领域各自为战的"烟囱式"架构，同时也 需要底层芯片平台从过去的"专用化"路线，迈向"通用化"能力。他表示，6G绝非简单的技术升级，而是 超越传统通信范畴的系统性变革。 面对6G将超越传统通信范畴这一现实，刘光毅表示，行 ...

内容概况：5G工厂指充分利用以5G为代表的新一代信息技术，基于工业互联网新型基础设施，新建或 改造产线、车间、工厂等生产现场，形成生产单元广泛连接、信息运营深度融合、数据要素充分利用、 创新应用高效赋能的先进工厂。近年来，工信部发布了《5G规模化应用"扬帆"行动升级方案》《打 造"5G+工业互联网"512工程升级版实施方案》《中小企业数字化赋能专项行动方案（2025—2027 年）》等一系列政策，鼓励企业建设5G工厂。一系列政策的出台推动5G工厂建设步伐加速，5G应用生 态不断壮大，进一步提升传统产业数字化和信息化建设水平。在制造业数字化转型需求日益迫切，以及 国家政策大力扶持等多重因素推动下，我国5G工厂建设成效显著，5G工厂建设已从起步探索迈入规模 应用新阶段，截至2025年末，我国已建设超8000个5G工厂，广泛覆盖电子、装备制造、化工等多个行 业，有效赋能传统产业转型升级，实现生产效能与产品质量双提升、运营成本稳步下降。此外，已有 100家高水平5G工厂达到全球领先水平，平均产能提升25%，产品质量提升21%，运营成本降低19%。 工信部自2022年起大力推动5G工厂建设，开展5G工厂"百千万"行动， ...

Core Viewpoint - Chuling Information (300250) has confirmed its participation as a limited partner (LP) in the China Mobile Chain Long Beijing Fund, indicating a small investment share of approximately 1.08% in the fund [1] Group 1 - The company is involved in the China Mobile Chain Long Beijing Fund and the China Mobile Chain Long Shanghai Fund [1] - The investment in the Beijing Digital New Economy Industry Fund is characterized as a minor contribution [1] - The company has advised investors to be aware of the uncertainties in the secondary market [1]

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The communication sector saw a 2.35% increase in the 6th-7th week of 2026, ranking 6th among primary industries in the Yangtze River region; since the beginning of 2026, it has risen by 0.44%, ranking 27th [2][6] - Tower's silicon photonics revenue doubled, with a high demand for 1.6T, and capacity expansion plans have been adjusted with prepayments secured; silicon photonics modules continue to penetrate the market [2][10] - Vertiv's orders and backlog reached new highs, with a shipment-to-order ratio rising to 2.9 times [2][10] - ByteDance's Seedance 2.0 has industry-leading generation availability, while Google's Gemini 3.1 Pro tops the charts, and Anthropic's annual revenue is growing rapidly at $14 billion [2][10] - OpenAI's cumulative computing expenditure is expected to exceed $600 billion by 2030, with an upward revision of revenue forecasts [2][10] Summary by Sections Market Performance - In the 6th-7th week of 2026, the communication sector increased by 2.35%, ranking 6th among primary industries; since the start of 2026, it has risen by 0.44%, ranking 27th [2][6] - Among companies with a market capitalization above 8 billion, the top three gainers this week were Dawei Technology (+39.4%), Shengke Communication (+31.7%), and Shenling Environment (+29.6%); the top three decliners were Tongyu Communication (-11.7%), Dingtong Technology (-9.7%), and Xinke Mobile (-9.3%) [6] Company Highlights - **Tower**: In Q4 2025, revenue reached $440 million, a year-on-year increase of 13.7%, with GAAP net profit of $80 million, up 45.3%. The company expects silicon photonics revenue to reach $228 million in 2025, doubling from 2024, and has raised its capacity target from 3 times to over 5 times the Q4 2025 shipment [7] - **Vertiv**: In Q4 2025, revenue was $2.88 billion, a year-on-year increase of 22.7%, with GAAP net profit of $450 million, up 203.1%. The company reported a significant increase in organic orders, with a year-on-year growth of 252% [7] AI Model Developments - On February 12, ByteDance launched Seedance 2.0, achieving industry-leading performance in complex scenarios with a high generation availability rate [8] - Anthropic completed a $30 billion Series G financing round with a post-money valuation of $380 billion, reporting an annual revenue of approximately $14 billion [8] - On February 19, Google released Gemini 3.1 Pro, which ranked first in AI analysis, showing significant improvements in reasoning capabilities [8] Future Projections - OpenAI updated its financial outlook, projecting cumulative computing-related expenditures to exceed $600 billion by 2030, with training costs expected to rise significantly in 2025 and 2026 [9]