该机器人由乐聚机器人全自主研发，中国移动、哈工大、通研院等生态伙伴提供技术支持。据乐聚机器 人相关负责人介绍，"夸父"在本次火炬传递中进行了多项技术创新： 一，乐聚联合哈工大、通研院，优化了机器人跑步的运动控制算法，可显著提升其抗扰性及复杂地形适 应性，让机器人即使手握1.6kg重量的火炬，也能步伐稳健、动作自然的拟人奔跑。 新浪科技讯 11月2日下午消息，第十五届全运会（简称：十五运）火炬传递在港澳广深四城同步举行， 活动现场，"0号火炬手"——人形机器人"夸父"作为全球首个5G-A人形机器人火炬手，在单臂1.6KG的 负载下，以高度拟人的奔跑姿态完成百米传递任务。 责任编辑：王珂 二，中国移动基于5G-A网络，为机器人构建了信息"高速公路"，可实时回传机器人第一视角的高清画 面，让技术人员无需陪跑，也能实现精准的远程控制。（文猛） ...

中新网广州11月2日电 (孙秋霞 黎颖欣)十五运会火炬传递活动2日在香港、澳门、广州、深圳四城同步 启幕，全球首款5G-A人形机器人"夸父"以深圳站"0号"火炬手身份亮相，凭借稳定的5G-A连接保障以及 全新的运动控制算法，"夸父"首次打破对手持遥控器现场控制的依赖，在无技术人员陪跑的情况下，独 立自主完成火炬传递全流程任务，实现步伐稳健、动作自然的拟人奔跑。 图为人形 机器人"夸父"正在进行火炬传递。广东移动供图 作为机器人自主火炬传递的通信底座，5G-A广覆盖、高速率与确定性的网络能力，有效保障机器人在 动态移动过程中的实时高清视频回传与控制指令实时传输，确保机器人在火炬接力过程中动作的精准性 及连贯性。 据了解，中国移动广东公司联合中国移动研究院、乐聚、华为、北京通用人工智能研究院等合作伙伴创 新运用差异化覆盖层技术，引入无线AI智能评估手段，实现5G-A网络技术与机器人应用深度融合，顺 利完成人形机器人火炬传递环节的网络保障任务。 为护航十五运会火炬传递，中国移动广东公司组织专项保障团队。在火炬传递前，该公司对火炬传递路 线涉及区域的网络完成全面巡检，反复检查传递路线涉及的接入环、传输网元的运行参数， ...

来源：环球网 2025年11月2日，第45届北京马拉松在秋日暖阳中鸣枪开跑。作为中国马拉松领域的"国马"，北马既承 载着数十年体育文化积淀，更始终引领着全民健身热潮与赛事服务创新方向。此次赛事中，中国移动以 2025年北京马拉松官方赞助商、官方指定电信服务商、官方唯一指定选手微纪录片服务商等身份深度参 与，不仅为赛事注入全新活力，更凭借开创性服务标准，将通信技术与赛事运营深度融合，成功开 启"体育+科技"协同发展的新篇章，为万名跑者打造更智能、更流畅的赛事体验。 服务融合，构建跑者体验新范式 中国移动依托5G-A与AI技术的深度融合，为北马跑者打造了更高效、更沉浸式的赛事体验。作为2025 北马官方唯一指定选手微纪录片服务商，中国移动为3万名参赛选手提供免费5G-A赛道AI短视频服务。 不仅能智能捕捉跑者奔跑瞬间，还自动融入了城市地标元素，为跑者一键生成专属视频。此外，全新推 出的AR奖牌秀互动体验，让跑友完赛后通过小程序扫描奖牌，即可在实体奖牌上叠加呈现动态路线动 画与个人成绩数据，虚实结合再现奔跑征程，赋予奖牌科技感与纪念价值。 "全球通·逐马计划"的贴心服务贯穿于北马赛程中，在赛道沿线，设有60个补水站 ...

行 业 研 究 通信 2025 年 11 月 02 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% 0% 24% 48% 72% 96% 2024-11 2025-03 2025-07 通信 沪深300 相关研究报告 《海外 AI 财报点评：谷歌、Meta 再 次上调资本开支，谷歌云增速亮眼， 微软资本开支超预期—行业点评报 告》-2025.10.31 《AI 全面加速：Celestica 上调指引， 微软与 OpenAI 深入合作，GTC 大会 亮眼—行业点评报告》-2025.10.29 《"光、液冷、国产算力"全面提速 —行业周报》-2025.10.26 海外 AI 财报总结：巨头加大资本开支，云业务表 现亮眼，海外 AI 发展提速 ——行业周报 | 蒋颖（分析师） | 陈光毅（联系人） | 雷星宇（联系人） | | --- | --- | --- | | jiangying@kysec.cn | chenguangyi@kysec.cn | leixingyu@kysec.cn | | 证书编号：S0790523120003 | 证书编号：S0790124020006 | 证书编号：S ...

Core Insights - The article highlights the establishment of various investment funds across different regions in China, focusing on strategic industries and innovation-driven sectors. Group 1: Fund Establishments - A central enterprise strategic emerging industry development fund was launched in Beijing with an initial scale of 510 billion RMB, involving major state-owned enterprises as contributors [2] - The Zhejiang Social Security Science and Technology Innovation Fund was established with an initial scale of 500 billion RMB, aimed at supporting key areas of technological innovation [3] - The first biomanufacturing industry fund in Shanghai was initiated, combining resources from industry leaders and venture capital to drive technological breakthroughs [4] Group 2: Regional Funds - Chengdu established a high-level talent innovation and entrepreneurship fund, focusing on early-stage investments to support talent and technology transfer [5][6] - Dongguan's Songshan Lake completed the registration of a 100 billion RMB mother fund to promote technological finance and regional industrial upgrades [7] - Wuhan launched its first concept verification fund group with an annual funding pool of 112.5 million RMB to support startup projects [8] Group 3: Sector-Specific Funds - The Hebei Xiong'an concept verification fund was set up with a focus on aerospace information and biotechnology, with an initial scale of 20 million RMB [9] - The Jilin Province Ice and Snow Economy Fund was established with a total scale of 500 million RMB, targeting the ice and snow tourism and technology sectors [11] - The Zhuhai Zuguang New Intelligence Fund was launched to support high-end intelligent manufacturing, marking a significant step in the region's industrial investment [12] Group 4: Investment Strategies - The Chengdu fund emphasizes market-oriented operations to facilitate talent and technology commercialization [6] - The Dongguan fund aims to create a comprehensive fund system covering the entire lifecycle of enterprises through collaboration with various investment institutions [7] - The Jiangsu Yangzhou Aerospace Industry Fund focuses on strategic emerging industries, leveraging a significant capital structure to enhance investment capabilities [14]

Core Insights - The latest financial reports of China's three major telecom operators reveal a mixed performance, with revenue growth slowing down while profit growth remains positive [3][4][5] - The traditional business segments are underperforming, leading to a shift towards AI and digital innovation as new growth engines for the operators [4][5][7] Revenue and Profit Performance - For the first three quarters of 2025, China Mobile, China Telecom, and China Unicom reported revenues of 794.7 billion, 394.3 billion, and 293 billion yuan respectively, with growth rates declining to 0.4%, 0.6%, and 1.0% compared to the same period in 2024 [3] - In terms of net profit, the three operators achieved 115.4 billion, 30.8 billion, and 20 billion yuan respectively, with growth rates of 4.0%, 5.0%, and 5.1%, although these figures also reflect a slowdown from the previous year [3] Traditional Business Challenges - The revenue from traditional business has decreased from 92% in 2020 to 78% in the third quarter of 2025, indicating a significant decline in growth potential [5] - China Mobile's average revenue per user (ARPU) fell to 48 yuan, a 3% decrease from 49.5 yuan in 2024, highlighting the saturation in the mobile user market [5][6] Emerging AI Business Growth - AI-related businesses have emerged as a key profit driver, with significant revenue growth outpacing traditional segments [8][9] - China Unicom reported that AI-related revenue accounted for over 60% of its "smart network" business, with cloud revenue reaching 52.9 billion yuan, a 20.6% increase year-on-year [8][10] Industry Transformation - The telecom industry is shifting from a "pipeline thinking" model to a "computing power and service thinking" model, with increased capital expenditure on AI and data center upgrades [12] - R&D expenditures for the three operators exceeded 22 billion yuan in the first three quarters, with over 40% allocated to AI-related projects [12][13] Market Dynamics - The saturation of the telecom market and price elasticity limits the growth potential of traditional services, necessitating a focus on innovative AI solutions [7][9] - The overall telecom revenue growth is expected to be driven by the successful monetization of AI and computing services, indicating a fundamental change in the industry's growth logic [12][13]

王鸿儒介绍，咪咕公司作为中国移动全资子公司，兼具国资央企背景与互联网属性，已成功筑牢"看体 育上咪咕"的用户心智。他强调，技术不仅是工具，更是重要的创新场景——咪咕的发展始终与技术突 破相伴，从5G、云直播到数字人，如今AI已成为其最重要的创新战场。 依托文体大模型，咪咕构建起AI多模态内容生产矩阵，可实现自动文字解说、球员数据实时显示、精 彩时刻自动生成等功能。在营销层面，咪咕聚焦四大场景推动AI落地：大事件营销中，通过AIGC为品 牌定制宣传片，实现"热点即营销"；节点营销中，利用AI算法完成颗粒度级精准推送；代言营销中，捕 捉运动员高光时刻以实现情绪共振；情绪营销中，通过红包雨、互动弹幕等形式吸引用户参与共创。 王鸿儒总结，咪咕正以体育为核心、AI为驱动，通过"媒体化、社区化、智能化"的"三化"建设，致力于 让AI赋能营销转化为实实在在的落地体验，助力品牌实现从传播到转化的全面提升。 10月24日，第32届中国国际广告节&第34届亚洲广告大会主论坛在中关村国际创新中心成功举行。本次 活动以"智启广告新篇：中国主场，亚洲同频"为主题，以"科技赋能·智启未来"为目标，聚焦广告行业 的创新变革路径与国际合作新 ...

证券之星消息，10月31日通信服务板块较上一交易日下跌0.99%，超讯通信领跌。当日上证指数报收于 3954.79，下跌0.81%。深证成指报收于13378.21，下跌1.14%。通信服务板块个股涨跌见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300442 润泽科技 | | -8734.47万 | 4.00% | -843.88万 | -0.39% | -7890.60万 | -3.61% | | 603220 中贝通信 | | 5330.95万 | 15.94% | -2118.18万 | -6.33% | -3212.78万 | -9.61% | | 603881 | 数据港 | 4569.63万 | 4.77% | -6360.90万 | -6.65% | 1791.26万 | 1.87% | | 300383 光环新网 | | 3498.55万 | 5.52% | -1685.69万 | - ...

Investment Rating - The communication industry is rated positively with a significant increase in fund holdings, indicating strong investor interest and confidence in growth potential [1][5][31]. Core Insights - The communication sector's fund holdings increased to 7.76% in Q3 2025, up by 3.90 percentage points, ranking it among the top five sectors [1][5][31]. - The sector's overall valuation is above historical averages, with a PE-TTM of 43x, positioned at the 67th percentile, suggesting room for growth despite high expectations [23][31]. - The AI industry chain remains a focal point, with key companies like ZhongJi InnoLight, Eoptolink Technology, and Suzhou Tfc Optical Communication leading in fund holdings [22][32]. Summary by Sections Fund Holdings Overview - In Q3 2025, the communication sector's fund holdings accounted for 7.76%, ranking fourth among 31 primary industries, with notable increases in holdings for electronic and power equipment sectors [1][5][31]. - The top three companies in fund holdings within the communication sector are ZhongJi InnoLight (RMB 1114.46 billion, +62.53%), Eoptolink Technology (RMB 1101.72 billion, +60.81%), and Suzhou Tfc Optical Communication (RMB 145.44 billion, +14.90%) [13][22][32]. Investment Recommendations - Key investment targets include: 1. Optical modules: ZhongJi InnoLight, Eoptolink Technology, and others 2. CPO/Silicon Photonics: Suzhou Tfc Optical Communication and others 3. PCB: Wus Printed Circuit and others 4. Terminal: ZTE 5. IDC/Liquid Cooling: Wangsu Science & Technology and others 6. Network: ZTE, Ruijie Networks, and others 7. High-speed Copper Cable: Zhaolong Interconnect 8. Operators: China Mobile, China Telecom, China Unicom 9. Military Communication: Guangzhou Haige Communications and others 10. U.S. stocks: Credo, MaxLinear, and others [22][30]. Valuation and Growth Potential - The communication sector's valuation is above historical averages, with expectations of sustained growth driven by AI infrastructure and new connectivity developments [23][31]. - The sector is expected to gradually absorb its valuation while maintaining significant growth potential [23][31].

每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 1、美股三大指数集体收跌，纳指跌1.57%，标普500指数跌0.99%，道指跌0.23%；Meta跌超11%，为三 年以来最大单日跌幅，市值蒸发约2140亿美元（约合人民币15216亿元）；特斯拉跌超4%，亚马逊跌逾 3%，微软、英伟达跌超2%，奈飞跌超1%；谷歌涨超2%，苹果小幅上涨。纳斯达克中国金龙指数跌 1.88%，中概股多数下跌，哔哩哔哩跌超5%，网易跌超4%，阿里巴巴跌超3%，京东跌近3%；新东方涨 近4%。 2、现货黄金涨2.41%，报4024.46美元/盎司；COMEX黄金期货涨0.94%，报4038.30美元/盎司；COMEX 白银期货涨1.71%，报48.73美元/盎司。国际油价小幅收跌，美油主力合约收跌0.31%，报60.29美元/ 桶；布伦特原油主力合约跌0.42%，报64.05美元/桶。欧洲三大股指收盘涨跌不一，德国DAX指数涨 0.02%报24128.91点，法国CAC40指数跌0.53%报8157.29点，英国富时100指数涨0.04%报9760.06点。 （二）行业掘金 1、2025年10月30日，中国移动采购网发布《中国移动 ...