Core Insights - The report by IDC indicates that the Chinese edge cloud market is projected to reach a total scale of 7.39 billion RMB in the second half of 2024, with a year-on-year growth rate of 18.6% [1] - Key drivers for market growth include internet audio and video distribution, real-time interaction, diversified AI training and inference, cloud network services, cloud gaming, and lightweight IT architecture migration for local industry clients [1][2] Market Overview - In the second half of 2024, lightweight model training and related processing in edge environments have become focal points for clients, stimulating rapid growth in the public and dedicated edge cloud service segments, maintaining an annual growth rate close to 20% despite a slowdown in existing demand from the internet sector [3] - Although large-scale data centers have deployed significant heterogeneous computing resources, the actual use of edge heterogeneous resources and products by industry clients remains in the early stages [3] - Major service providers are accelerating the expansion of edge nodes in hotspot areas, offering basic heterogeneous computing leasing, scheduling, and inference API services, while developing two clear growth paths: building large model API aggregation platforms and enhancing edge AI ecosystem collaboration [3][4] Market Outlook - The IDC has updated its long-term growth expectations for the edge cloud market, forecasting a compound annual growth rate of 20.3% from 2024 to 2029 [7] - The focus of clients and service providers has shifted towards edge AI and overseas edge scenarios, which are expected to bring significant incremental growth to the edge cloud market, potentially impacting existing resource structures and service output systems [9] - If services based on multimodal large models and audio-video AI can achieve large-scale promotion in the consumer market, edge cloud will continue to play a unique role in alleviating bandwidth pressure on core backend architecture and reducing long-term operational costs [9]

通信 优于大市（维持） 证券分析师 李宏涛 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 市场表现 -20% -10% 0% 10% 20% 29% 39% 49% 2024-07 2024-11 2025-03 通信 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《海内外算力共振，AIDC 景气将 持续》，2025.7.7 2.《算力软硬件投资和用户仍快速增 长 ， 业 绩 和 市 值 预 期 向 好 》， 2025.6.30 3.《中国新型基础设施：昇腾芯片+低 轨卫星+数字货币》，2025.6.23 4.《星链卫星坠落，低轨卫星新型基 础设施价值凸显》，2025.6.16 5.《中国电信（601728.SH）：高股息 带来稳健收益，数据入表+前沿布局 打开成长空间》，2025.6.12 [Table_Main] 证券研究报告 | 行业周报 通信 2025 年 07 月 15 日 芯片与操作系统筹备国产替代，生态 和出货值得关注 [Table_Summary] 投资要点： 1. 投资策略 3.本周回顾及重点关注组合 2 / 17 请务必阅读正文之后 ...

工作人员在中国移动（600941）智算中心（呼和浩特）机房中维护设备。新华社发（苏雅立 摄） 和林 格尔新区管委会副主任郭菊颖说："我们的数据中心吹的是草原风，用的是塞外风光发电，产的是绿色 数据。"这种得天独厚的禀赋，让数据要素在阴山脚下完成从资源到资产的质变。 截至今年一季度，内蒙古算力规模达12.6万P，其中智算11.6万P，规模居全国第一。为推动绿色算力产 业发展，内蒙古出台专项政策，从产业布局、电力保障等方面发力。同时，内蒙古正有序淘汰高耗能数 据中心，严格控制新建数据中心能耗，着力解决算力与电力协同发展难题。 张蕾说，依托强大的绿色算力，内蒙古围绕人工智能"全生态"创新突破，深耕模型训练市场，落地电信 星辰、移动九天、联通元景、华为盘古、讯飞星火等通用大模型开展训练，训练参数超万亿，同时全区 政务和商业领域加快部署DeepSeek大模型。 呼和浩特市和林格尔新区人工智能体验馆里，一名工作人员在与一款人工智能机器人进行互动。新华社 发（刘慧 摄） 在"中国乳都"呼和浩特市，不少大型牧场已实现智改数转，生产效率显著提升。"现在应 用'星辰大模型'，借助图像几秒就能精准'算'出奶牛头数，掰指头数牛正在成 ...

Market Overview - The three major A-share indices showed mixed results, with the Shanghai Composite Index rising by 0.27%, while the Shenzhen Component Index and the ChiNext Index fell by 0.11% and 0.45% respectively [1] - The trading volume in the Shanghai and Shenzhen markets was less than 1.5 trillion yuan, a decrease of approximately 250 billion yuan compared to the previous Friday [1] Robotics Sector Performance - Human-shaped robot concept stocks led the gains, with Upway New Materials hitting a 20% limit-up for four consecutive trading days, and both New Times and Dafeng Industrial reaching their daily limit [1] - Robotics ETFs, including E Fund and Robotics 50 ETF, increased by over 2.6% [1][3] Fund Inflows - Over 18.6 billion yuan has flowed into robotics ETFs this year, with notable inflows of 10.9 billion yuan into the Huaxia Robotics ETF, 4.7 billion yuan into the Tianhong Robotics ETF, and 1.6 billion yuan into the E Fund Robotics ETF [5][7] ETF Details - The E Fund Robotics ETF and Robotics 50 ETF track the National Index of the Robotics Industry, covering key stocks across the robotics supply chain, including leading companies in various segments such as dual-ring transmission and service robots [9] - The performance of various robotics ETFs includes: - Robotics 50 ETF: +2.89% - E Fund Robotics ETF: +2.68% - Robotics Industry ETF: +2.07% [3] Production Growth - In May 2025, China's industrial robot production reached 69,100 units, a year-on-year increase of 35.5%, driven by the expansion of new energy vehicle production and the recovery of consumer electronics [10] - The service robot production in May 2025 was 1.2164 million units, reflecting a year-on-year growth of 13.8% [11] Industry Outlook - The Chinese robotics industry is experiencing a historical opportunity for growth, with domestic brands expected to increase their market share due to recovering demand and continuous policy support [11]

Core Insights - The E Fund Robotics ETF (159530) experienced a nearly 3% intraday increase on July 14, 2025, with a turnover of 6.62% and a transaction volume of 117 million yuan [1] - As of July 11, 2025, the latest scale of the E Fund Robotics ETF reached 1.73 billion yuan, with a total share count of 1.367 billion, both marking new highs since its inception [1] - The ETF has seen a continuous net inflow of funds totaling approximately 57.7 million yuan over the past three days [1] Industry Developments - Recently, Zhiyuan Robotics and Yushu Technology won contracts for humanoid biped robot manufacturing services from China Mobile for the period of 2025 to 2027, with a total contract value of 124 million yuan [1] - The project is divided into two packages: Zhiyuan Robotics secured a contract for full-size humanoid robots worth 78 million yuan, while Yushu Technology won a contract for small-size humanoid robots, computing backpacks, and dexterous hands worth 46.05 million yuan [1] - According to Zhonghang Securities, the humanoid robot industry is on a clear upward trend, with a projected cumulative global demand of approximately 2 million units by 2030, currently entering a critical breakthrough phase [1] Company Innovations - Tesla's CEO Elon Musk announced the launch of its latest AI model, Grok4, marking a significant advancement for Tesla in the artificial intelligence sector [1] - Figure's founder stated that the production of humanoid robots will be increased by approximately three times during the July to September period [1] - There is a positive outlook for Tier 1 and core component suppliers within the humanoid robotics sector [1]

Core Viewpoint - The development of 5G-A network at Mount Everest Base Camp has significantly improved communication capabilities for tourists and researchers, enhancing their experience and operational efficiency [1][2][4]. Group 1: Network Development - The 5G network at Mount Everest Base Camp has become stable and reliable, allowing visitors to stream videos and share experiences in real-time [1]. - In 2020, China Mobile was responsible for the first-ever 5G signal transmission to the summit of Mount Everest, establishing eight base stations along the climbing route [2]. - The 5G-A network offers lower latency, higher speed, and better user experience compared to 4G, facilitating real-time video calls and data uploads for scientific research [2][3]. Group 2: Technical Challenges - The construction and deployment of communication equipment at high altitudes present significant challenges due to low oxygen levels, extreme cold, and strong winds [3]. - Engineers have made targeted improvements to equipment to ensure reliable operation in harsh conditions, focusing on heat dissipation and equipment sealing [3]. Group 3: Future Plans - China Mobile plans to increase investment in 5G network construction, aiming to cover more key scenic areas with advanced 5G-A networks [4]. - The collaboration between China Mobile and ZTE will deepen in areas such as industry empowerment and smart socialization, contributing to the upgrade of Tibet's communication industry [4].

Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the week (July 7-13, 2025) saw the Shanghai Composite Index rise by 1.09%, the Shenzhen Component Index by 1.78%, and the ChiNext Index by 2.36%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 2.13% during the same period [2][11]. - Within the telecommunications sector, the highest increase was seen in the communication network equipment and devices, which rose by 4.16%, while the communication application value-added services had the lowest increase at 0.16% [2][14]. - Notable individual stock performances included Hengbao Co., which surged by 21.13%, followed by Changxin Bochuang at 19.84% and Shijia Photon at 14.85% [2][16]. Summary by Sections Market Overview - The telecommunications sector is experiencing a high level of prosperity, with significant contributions from advancements in AI and 5.5G technologies, as well as satellite communications [2][3]. - The report highlights a strong performance in the telecommunications sector, with a notable increase in stock prices across various sub-sectors [2][11]. Sub-sector Performance - The communication network equipment and devices sub-sector led the gains with a 4.16% increase, while other sub-sectors also showed positive trends [2][14]. - The report indicates a general upward trend across the telecommunications sub-sectors during the week [2][15]. Individual Stock Highlights - Hengbao Co. led the stock performance with a 21.13% increase, indicating strong market interest and potential investment opportunities [2][16]. - Other notable performers included Changxin Bochuang and Shijia Photon, reflecting a robust market environment for telecommunications stocks [2][16]. Future Focus Areas - The report suggests focusing on the computing power industry chain, particularly the upstream optical chip segment and the module segment, which are expected to benefit from the ongoing demand for AI and computing power [3].

Investment Rating - The report maintains an "Outperform" rating for the communication industry [4] Core Views - The global computing power continues to show high prosperity, driven by the launch of xAI's Grok4 model and strong performance forecasts from computing power infrastructure companies [1][2] - AI inference demand is rapidly increasing, with market size expectations likely to be revised upwards, indicating a significant growth opportunity in the computing power industry [17][18] - The performance forecasts for various companies in the computing power supply chain indicate sustained high growth, particularly in optical modules and copper connection sectors [34][49][51] Summary by Sections Industry News Tracking - xAI launched the Grok4 model, which supports more complex interactions and has a subscription fee of $30/month, surpassing OpenAI's highest fee [1][12] - Broadcom's management indicated that AI inference demand has significantly increased, exceeding current capacity, and this demand was not included in previous market size forecasts of $60-90 billion [1][17] - Mellanox announced the availability of the Quantum-X switch, which features a bandwidth of 115.2 tb/s and is expected to drive orders for related components [1][19][20] Performance Forecasts - Companies such as Ruijie Networks and Huagong Technology forecast substantial profit increases, with Ruijie expecting a net profit of 400-510 million yuan, a year-on-year increase of 160.11%-231.64% [2][34] - Taiwan's AI server ODM manufacturers reported a total monthly revenue of 100.26 billion NTD in June, a 35% year-on-year increase, indicating strong demand in the AI infrastructure market [2][24] Investment Recommendations - The report recommends focusing on various segments of the AI computing power infrastructure, including optical devices and copper connection industries, as well as domestic computing power companies benefiting from increased investments [3][80] - Long-term investment in the three major telecom operators is suggested due to their stable operations and increasing dividend payouts, with a cumulative revenue of 748.8 billion yuan in the first five months of the year, a 1.4% year-on-year increase [3][80]

Group 1 - The Ministry of Finance issued a notice to guide insurance funds for long-term stable investment and to strengthen long-cycle assessments of state-owned commercial insurance companies. The assessment method for "return on net assets" has been adjusted to include annual, 3-year, and 5-year indicators with respective weights of 30%, 50%, and 20% [1][5][16] - The Ministry of Industry and Information Technology (MIIT) is promoting digital transformation in manufacturing and small and medium-sized enterprises (SMEs) through pilot programs and guidelines, aiming to enhance the digital capabilities of key industries [2][3] - The State-owned Assets Supervision and Administration Commission (SASAC) emphasized the need for state-owned enterprises to focus on strategic emerging industries and enhance their role in technological innovation and industrial control [3] Group 2 - The Ministry of Finance allocated 197 million yuan to support agricultural disaster recovery in seven provinces affected by floods and typhoons, focusing on crop replanting and infrastructure repair [4] - The National Development and Reform Commission and the National Energy Administration announced plans to increase the green power consumption ratio for steel, cement, polysilicon industries, and new data centers by 2025 [2] - The Shanghai Stock Exchange released guidelines for the "Science and Technology Innovation Growth Layer," allowing 32 unprofitable companies to enter this new tier without additional listing thresholds [5] Group 3 - The China Securities Regulatory Commission (CSRC) has initiated investigations into companies suspected of financial misconduct, including Yuandao Communication for false financial reporting and Jiaoda Anlian for information disclosure violations [7][32] - The National Energy Administration reported that the new energy capacity connected to the grid exceeded 203 million kilowatts in the first half of the year, marking a 108.7% year-on-year increase [20] - The automotive industry in China is experiencing stability compared to other countries, with a noted decline of only 12% in the passenger car market from 2018 to 2020, indicating strong macroeconomic support [21]

智元、宇树中标中国移动旗下公司1.2亿元人形机器人采购订单 近日，智元机器人和宇树科技在中移（杭州）信息技术有限公司2025年至2027年人形双足机器人代工服务采购项目中 中标。中移（杭州）信息技术有限公司由中国移动通信有限公司100%持股。根据此前该项目的比选公告，中移（杭 州）信息技术有限公司本次采购的项目总预算为1.2405亿元（含税）。采购包1为全尺寸人形双足机器人，预算为7800 万元（含税），最终中选人为智元机器人；采购包2为小尺寸人形双足机器人、算力背包、五指灵巧手，预算为4605万 元（含税），中标人为宇树科技。 7月11日，记者走访北京奶茶店发现，随着美团加码"0元购"，一家沪上阿姨门店陷入"爆单"混乱，中午12点左右就已 闭店不再接单。一位外卖员表示，只要是"0元购"多的奶茶店都开始爆单了。 点评：相比此前各平台比拼红包补贴，美团有了转变打法的味道，主打"神枪手"等优惠频道的用户心智。各平台的"打 法"正在出现分野。相比闪击战，淘宝更愿意发起周度、月度的常态化作战，试图覆盖用户的更多消费场景。京东则将 补贴对准了高客单价商品。 智元获上市公司上纬新材实际控制权 7月8日晚间，上纬新材（68 ...