丨证券研究报告丨 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信周观点：算力硬件满载扩产，AI 模型 SOTA 投资升温 报告要点 [Table_Summary] 2026 年第 6-7 周，通信板块上涨 2.35%，在长江一级行业中排名第 6 位；2026 年年初以来， 通信板块上涨 0.44%，在长江一级行业中排名第 27 位。 Tower 硅光收入翻倍、1.6T 需求高 增，产能与扩产计划上调并获预付款锁定，硅光模块持续渗透。Vertiv 订单及在手量创新高， 出货比升至 2.9 倍。字节 Seedance 2.0 生成可用率行业领先，谷歌 Gemini 3.1 pro 屠榜， Anthropic 年化收入 140 亿美元高速增长。OpenAI 至 2030 年累计算力支出超 6000 亿美元并 上调收入预测。AI 模型进展顺利，算力基础设施景气度持续向上，坚定看好算力主线。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通 ...

Core Viewpoint - The company emphasizes its commitment to accurate financial reporting and long-term strategic investments despite challenges from rising raw material costs and potential shortfalls in performance forecasts for 2025 [2] Financial Reporting - The company adheres strictly to accounting standards and relevant laws to ensure that its financial reports accurately reflect its operational status [2] - Future financial details will be disclosed in periodic reports, indicating a commitment to transparency [2] Strategic Investments - The company is focused on long-term development strategies, which involve significant investments despite current economic challenges [2] Market Conditions - The company's stock price is influenced by various factors, including macroeconomic conditions, industry policies, market sentiment, and funding preferences, which may lead to short-term volatility [2]

证券日报网讯 2月13日，移远通信在互动平台回答投资者提问时表示，公司自成立以来，始终保持着稳 定且高效的治理架构。董事长作为公司的核心领导者，长期以来勤勉尽责、恪尽职守、认真履职。未来 公司也将继续专注主业经营，不断提升治理水平和综合竞争力，以更好的经营成果回报广大投资者。 （文章来源：证券日报） ...

Group 1 - The core viewpoint of the article highlights the performance of the CSI 1000 Enhanced ETF (159680), which rose by 0.76% to 1.732 yuan with a trading volume of 28.7856 million yuan as of the midday close [1] - The fund's performance benchmark is the CSI 1000 Index return, and it has achieved a return of 71.34% since its establishment on November 18, 2022, with a one-month return of 4.69% [1] - The major holdings of the CSI 1000 Enhanced ETF include companies such as O-film Technology, which fell by 0.50%, and Huayang Group, which increased by 2.54% [1] Group 2 - The fund is managed by China Merchants Fund Management Co., with fund managers Cai Zhen and Wen Yu overseeing its operations [1] - The article provides a detailed breakdown of the performance of individual stocks within the ETF, indicating mixed results among its top holdings [1]

Industry Insights - The Ministry of Industry and Information Technology, along with four other departments, has released implementation opinions to strengthen the capacity building of the information and communication industry, supporting the development of low-altitude infrastructure [1] - The low-altitude communication network is identified as a crucial infrastructure for the low-altitude economy, impacting the scalability of this sector significantly [1] - The optimization and planning of traditional base stations are seen as the best solution for enhancing supply capabilities, with a focus on the demand release in the base station renovation segment [1] Technological Developments - The advancement of 5G-A technology is providing new momentum for the development of the low-altitude economy, characterized by ultra-high speed, low latency, and high reliability [2] - 5G-A technology has diverse application scenarios in the low-altitude economy, including real-time data transmission for drone logistics, ensuring safe flight in complex urban environments [2] - The technology also supports air taxi services by enabling high-speed communication between vehicles and traffic management centers, optimizing flight paths and ensuring passenger safety [2] Company Developments - Quectel Wireless Solutions is recognized as a global leader in IoT solutions, having launched ultra-high-speed 5G R17 modules, RedCap series modules, and high-performance intelligent modules [3] - Putian Technology is focusing on satellite internet and low-altitude communication, specializing in the planning and design of communication information networks, and is a leading independent design institute in China [3]

Core Viewpoint - The company, Quectel (移远通信), has confirmed that it adheres to legal regulations regarding information disclosure and has no undisclosed performance information as of now [1] Group 1: Compliance and Disclosure - The company follows the Shanghai Stock Exchange's rules for annual performance forecasts, which require disclosure if certain conditions are met, such as negative net profit or significant changes in net profit compared to the previous year [1] - The company has stated that its production and operational activities are currently normal and orderly [1] Group 2: Performance Monitoring - Investors are advised to pay attention to the company's upcoming annual report for detailed performance information [1]

Core Viewpoint - The company, Quectel, has established a strong technical foundation and rich customer resources in the fields of vehicle networking, satellite communication, and AIoT, indicating a positive outlook for its operations and order situation [2] Group 1: Company Operations - The overall order situation of the company is good, and production activities are being carried out normally and orderly [2] - The company's Changzhou factory is currently operating at full capacity, and it collaborates with multiple global foundries to meet customer demands [2] - The company plans to disclose specific operational details in its first-quarter report for 2026 [2]

Core Viewpoint - The company, Quectel, is facing a patent infringement lawsuit filed by Koninklijke Philips N.V. in the European Unified Patent Court, which claims that the company and some of its subsidiaries have infringed on two standard essential patents related to cellular IoT modules [1][4]. Group 1: Lawsuit Details - The lawsuit has been officially accepted by the court but has not yet gone to trial [2]. - Philips alleges that the company and its subsidiaries manufactured, sold, promised to sell, imported, and used products implementing the two patents without permission in certain European countries [4]. - Philips is seeking a permanent injunction, product recall and destruction, compensation for damages or profits gained from the infringement, provision of necessary information, and coverage of legal costs, with the total value of the lawsuit estimated at €48 million [4]. Group 2: Company Response and Impact - The company has stated it will actively respond to the lawsuit to protect its and its shareholders' legal rights, asserting that its operations remain normal and are not significantly impacted by the lawsuit [4]. - The specific amount of compensation sought by Philips has not been disclosed, and the potential impact on the company's profits remains uncertain pending the court's decision [4]. Group 3: Financial Performance - For the first three quarters of 2025, the company reported total revenue of ¥17.877 billion, a year-on-year increase of 34.96%, and a net profit attributable to shareholders of ¥733 million, up 105.65% [7]. - The company also reported a net cash flow from operating activities of -¥800 million, compared to ¥307 million in the same period last year [7]. Group 4: Recent Developments - The company completed a private placement plan, raising ¥2.2 billion, with the funds allocated for expansion projects in automotive and 5G modules, AI computing modules, and upgrading its headquarters and R&D center [8]. - As of February 6, the company's stock closed at ¥86.18, with a total market capitalization of ¥24.805 billion [8].

Core Viewpoint - The company has been sued by Philips for patent infringement, with the total value of the lawsuits amounting to €48 million, and the cases have not yet gone to trial [1] Group 1: Legal Proceedings - The company received a procedural order from the European Unified Patent Court in The Hague regarding the patent infringement dispute initiated by Philips [1] - The lawsuits involve the company and some of its subsidiaries, with a combined value of €48 million [1] - The company has previously faced an investigation in the U.S. in 2020, which concluded with a ruling of non-infringement [1] Group 2: Financial Impact - The company states that its production and operations are currently normal, and the impact on profits will depend on the outcomes of the legal proceedings [1] - Over the past 12 months, the company and its subsidiaries have been involved in litigation and arbitration with a total amount of approximately ¥470 million, which represents 11.65% of the most recent audited net assets [1]

证券代码：603236 证券简称：移远通信 公告编号：2026-002 上海移远通信技术股份有限公司 关于累计诉讼及仲裁的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 三、本次诉讼事项对公司的影响 飞利浦曾于 2020 年 12 月 18 日向美国国际贸易委员会（ITC）提出申请， 主张对美出口、在美进口或在美销售的 UMTS 和 LTE 蜂窝通信模组及产品侵 犯其专利权，请求发起 337 调查，并申请 ITC 发布普遍排除令、有限排除令 和禁止令，公司及其他多家企业被列名为被申请人。根据 ITC 最终裁决结果， 公司产品不涉及侵犯飞利浦公司专利权，并未违反《美国 1930 年关税法》第 337 条的规定。具体内容详见公司披露的《关于美国国际贸易委员会对公司开展 337 调查的公告》（公告编号：2020-064）、《关于美国国际贸易委员会对公司开展 337 调查的进展公告》（公告编号：2022-011）、《关于美国国际贸易委员会对公司开 展 337 调查的最终裁决结果公告》（公告编号：2022-037） ...