Investment Rating - The report maintains a "Positive" investment rating for the communication industry [9]. Core Insights - The communication sector experienced a decline of 5.63% in the 42nd week of 2025, ranking 28th among primary industries in the Yangtze River region. However, since the beginning of 2025, the sector has risen by 50.74%, ranking 2nd among primary industries [2][4]. - OpenAI has partnered with NVIDIA, AMD, and Broadcom to establish a 26 GW computing power layout, launching a $1 trillion five-year plan to support long-term expansion through diversified business models [5][7]. - At ECOC 2025, Broadcom's CPO achieved a million-port-hour fault-free operation with a 65% reduction in power consumption. The OCP 2025 introduced the ESUN standardized project to accelerate the evolution of optical interconnects within open Ethernet ecosystems [6][7]. Summary by Sections Market Performance - In the 42nd week of 2025, the communication sector fell by 5.63%, while it has increased by 50.74% since the start of the year, ranking 2nd among primary industries [2][4]. OpenAI's Strategic Initiatives - OpenAI's five-year plan includes partnerships with NVIDIA for a 10 GW AI computing cluster, AMD for 6 GW of GPU deployment, and Broadcom for developing ASIC chips, totaling approximately 26 GW of computing power with an investment exceeding $1 trillion [5]. Technological Developments - Broadcom's CPO switch demonstrated zero link disruption over a million 400G equivalent port hours, with a significant reduction in optical power consumption. The ESUN project aims to standardize Ethernet for low-latency, high-reliability applications, promoting the transition from proprietary solutions to standard Ethernet [6]. Investment Recommendations - The report recommends several companies across various segments, including: - Telecom Operators: China Mobile, China Telecom, China Unicom - Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - Liquid Cooling: Yingweike - AI Applications: Boshi Jie, Heertai, Tuobang Co., Yiyuan Communication - Satellite Applications: Huace Navigation, Haige Communication [7].

10月21日，国务院国资委发布最新中央企业外部董事任免消息，对中国电信集团、中国卫星网络集团等 5户央企的董事会结构进行优化。 其中，周渝波出任中国电信集团有限公司外部董事。 采写：南都·湾财社记者 孔学劭 公开资料显示，周渝波，男，1960年生，北京大学经济法研究生。1982年7月本科毕业于西南政法大学 法律专业，北京航空航天大学、北京交通大学和西南政法大学兼职教授。 周渝波长期在工业部门和经济综合部门工作，负责有关工业行业和企业管理、国企改革工作。上世纪80 年代曾任兼职律师，后被评聘为高级经济师，历任原化学工业部政策法规司法规处处长、原国家石油和 化学工业局政策法规司副司长，原国家经济贸易委员会经济法规司副司长，国务院国有资产监督管理委 员会政策法规局局长、党支部书记。 2015年2月，其任国务院国有资产监督管理委员会副秘书长。而在此次出任中国电信集团有限公司外部 董事前，周渝波曾任中国国新控股有限责任公司董事长、党委书记。 此外，张建恒获聘为中国卫星网络集团有限公司外部董事。作为我国卫星互联网建设的核心力量，中国 星网正加速推进低轨星座组网和天地一体化网络布局。张建恒曾长期担任中国航天科技集团公司党组 ...

Market Overview - The Shanghai Composite Index rose by 1.36% on October 21, with 30 out of 31 sectors experiencing gains, led by the communication and electronics sectors, which increased by 4.90% and 3.50% respectively [1] - The total net inflow of capital in the two markets was 27.724 billion yuan, with 17 sectors seeing net inflows [1] Sector Performance - The communication sector topped the gainers' list with a rise of 4.90%, attracting a net inflow of 5.525 billion yuan [1] - The electronic sector followed with a net inflow of 12.028 billion yuan and a daily increase of 3.50% [1] Capital Flow Analysis - The banking sector experienced the largest net outflow, totaling 1.705 billion yuan, followed by the coal sector with a net outflow of 1.409 billion yuan [1] - Other sectors with significant net outflows included agriculture, forestry, animal husbandry, fishery, non-ferrous metals, and transportation [1] Communication Sector Details - Within the communication sector, 125 stocks were tracked, with 102 stocks rising and 19 stocks declining [2] - The top three stocks by net inflow were: - Xinyi Technology (新易盛) with a net inflow of 1.792 billion yuan and a rise of 10.99% - Zhongji Xuchuang (中际旭创) with a net inflow of 1.088 billion yuan and a rise of 9.55% - ZTE Corporation (中兴通讯) with a net inflow of 1.006 billion yuan and a rise of 5.43% [2] Communication Sector Outflows - The stocks with the highest net outflows in the communication sector included: - Chaoxun Communication (超讯通信) with a net outflow of 402.09 million yuan and a decline of 3.36% - Sanwei Communication (三维通信) with a net outflow of 127.17 million yuan and a decline of 1.34% - Dongxin Peace (东信和平) with a net outflow of 110.87 million yuan and a decline of 1.88% [3]

证券之星消息，10月21日通信服务板块较上一交易日上涨0.02%，线上线下领涨。当日上证指数报收于 3916.33，上涨1.36%。深证成指报收于13077.32，上涨2.06%。通信服务板块个股涨跌见下表： 从资金流向上来看，当日通信服务板块主力资金净流出4.44亿元，游资资金净流入1.35亿元，散户资金净 流入3.1亿元。通信服务板块个股资金流向见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603881 | 数据港 | 9793.32万 | 9.78% | -77.84万 | -0.08% | -9715.48万 | -9.71% | | 300959 线上线下 | | 6031.99万 | 4.22% | -6051.62万 | -4.23% | 19.63万 | 0.01% | | 300383 光环新网 | | 2736.13万 | 5.82% | 999.22万 | 2.12% | -373 ...

Group 1 - SenseTime MEA has formed a significant partnership with China Telecom (UAE) to advance AI vision applications in the smart city sector in Oman, marking a new era of digital transformation in the region [1] - SenseTime MEA, a joint venture established in late 2021 between SenseTime and Saudi Arabia's Public Investment Fund (PIF), focuses on developing smart cities, smart tourism, and AI education in the Middle East [1] - The collaboration combines SenseTime MEA's experience and technology in the Middle East with China Telecom's integrated advantages in "cloud-network-intelligence security," expanding AI technology into more Gulf regions [1] Group 2 - SenseTime is an AI software company committed to leading AI research and creating a scalable and inclusive AI software platform, aiming to drive economic, social, and human development [3] - The company has a strong academic foundation and invests heavily in original technology research, enhancing its capabilities in multimodal and multitask general AI, covering key areas such as perception intelligence, natural language processing, decision intelligence, and intelligent content generation [3] - SenseTime's business includes generative AI, visual AI, and innovative ventures, focusing on efficient, low-cost, and scalable AI innovations to unlock commercial value [3] Group 3 - SenseTime advocates for an ethical view of AI development and actively participates in the formulation of industry, national, and international standards related to data security, privacy protection, and sustainable AI [4] - The company's "AI Sustainable Development Ethical Guidelines" were selected for the United Nations AI Strategic Resource Guide, making it the only Asian AI company to receive this honor [4] - SenseTime is publicly listed on the Hong Kong Stock Exchange and has established offices in various cities globally, including Hong Kong, Shanghai, Beijing, and several international locations [4]

Group 1 - Five central enterprises have undergone changes in external board member positions [1][2][3][4][5] - China National Nuclear Corporation appointed Ge Xiaochun as an external director, while Ouyang Qian is no longer serving in this role [1] - China Aerospace Science and Industry Corporation appointed Zhang Fengchun as an external director [2] - China Telecom Group appointed Zhou Yubo as an external director [3] - China Satellite Network Group appointed Zhang Jianheng as an external director [4] - China FAW Group appointed Ding Shaobin as an external director [5]

中国核工业集团有限公司 10月21日，国务院国资委网站发布《央企人事｜5户中央企业外部董事职务变动》： 经研究，聘任 葛小春 为中国核工业集团有限公司外部董事， 欧阳谦 不再担任中国核工业集团有限公司 外部董事职务。 中国航天科工集团有限公司 经研究，聘任 张逢春 为中国航天科工集团有限公司外部董事。 中国电信集团有限公司 经研究，聘任 周渝波 为中国电信集团有限公司外部董事。 中国卫星网络集团有限公司 经研究，聘任 张建恒 为中国卫星网络集团有限公司外部董事。 中国第一汽车集团有限公司 经研究，聘任 丁绍斌 为中国第一汽车集团有限公司外部董事。 来源： 国务院国资委网站 责编：杨喻程 校 对： 姚远 百万用户都在看 刚刚，利好来了！A股公司，密集公告！ 突发！美国、印度，重大变局！ 刚刚，涨爆了！股市，集体拉升！ 暴涨1600点！日本股市，突然引爆！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 看券商中国 知天下财经 扫码关注券商中国公众号 扫码下载 券 中 社 A P P quanshangcn 舞#t 券中社APP qzs.stcn.com 券 商 中 国 是 证 ...

Core Insights - China Telecom has announced the procurement of G.654.E optical fibers, marking the first time it has conducted a trunk cable tender in a framework format, with Yangtze Optical Fibre and Cable Joint Stock Limited Company winning the largest share [1] - The procurement involves approximately 2.24 million core kilometers of G.654.E optical fibers, indicating a significant increase in demand driven by the national "East Data West Computing" initiative [1] - The construction of backbone optical cable networks by China Telecom is accelerating, with the current procurement only meeting about half a year's project needs, suggesting a larger upcoming procurement in mid to late 2026 [1] Industry Trends - The three major telecom operators in China, including China Mobile and China Unicom, are entering a peak phase of G.654.E trunk network construction [1] - G.654.E optical fibers are becoming a critical foundation for supporting computing power networks, essential for the macro strategy of "East Data West Computing" and precise deployment in urban areas [1] - The new type of optical fiber, characterized by ultra-low loss, ultra-large capacity, and ultra-low latency, is being recognized as a "golden channel" for facilitating the digital economy in China [1]

经研究，聘任张逢春为中国航天科工集团有限公司外部董事。 经研究，聘任葛小春为中国核工业集团有限公司外部董事，欧阳谦不再担任中国核工业集团有限公司外 部董事职务。 中国航天科工集团有限公司 人民财讯10月21日电，据国务院国资委网站，5户中央企业外部董事职务变动。 中国核工业集团有限公司 中国电信集团有限公司 经研究，聘任周渝波为中国电信（601728）集团有限公司外部董事。 中国第一汽车集团有限公司 经研究，聘任丁绍斌为中国第一汽车集团有限公司外部董事。 中国卫星网络集团有限公司 经研究，聘任张建恒为中国卫星（600118）网络集团有限公司外部董事。 ...

Key Points - The State-owned Assets Supervision and Administration Commission of the State Council announced personnel changes for five central enterprises [1] Group 1: Personnel Changes - China National Nuclear Corporation appointed Ge Xiaochun as an external director, while Ouyang Qian is no longer serving in this role [2] - China Aerospace Science and Industry Corporation appointed Zhang Fengchun as an external director [3] - China Telecom Group appointed Zhou Yubo as an external director [4] - China Satellite Network Group appointed Zhang Jianheng as an external director [5] - China FAW Group appointed Ding Shaobin as an external director [6]