[Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2025 年 8 月 26 日 [Table_Title] Deepseek V3.1 发布，卫星发射持续推进 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2025.8.18-2025.8.24）上证综指上涨 3.49%，深证 成指上涨 4.57%，创业板指上涨 5.85%。本周申万通信上涨 10.84%。考虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续 推动行业发展，我们给予通信行业"推荐"评级。 细分行业：本周（2025.8.18-2025.8.24）通信板块三级子行业中， 通信网络设备及器件上涨幅度最高，涨幅为 17.14%，通信线缆及配 套最低，涨幅为 1.19%，本周各细分板块主要呈上涨趋势。 个股方面：本周（2025.8.18-2025.8.24）通信板块涨幅板块分析方 面 ， 中兴通讯（ 32.21% ） 、 锐 捷 网 络 （ 32.17% ） 、 德 科 立 （30.87%）涨幅分列前三。 建议关注方向：算力产业链、卫星互联网 算力产业链 ...

【导读】稀土板块飙涨，芯片股持续火热，寒武纪继续走高 大家好！来一起关注最新的市场行情和资讯~ 8月25日，A股市场开盘火热：上证指数跳空高开0.59%，深证成指、创业板指涨超1%。截至发稿，上证指数站上3860点，深证成指、创业板指涨幅持续 扩大。 科创50指数盘初一度涨近6%，截至发稿涨幅有所回落。 盘面上，上午有色金属、房地产、算力、芯片等板块走高，稀土、GPU、服务器等概念股活跃；美容护理、银行等板块不振。 港股开盘走高，三大指数开盘涨幅均超1%。上午港股同步冲高，截至发稿，恒生科技指数涨近3%。蔚来涨超13%，领涨恒生科技指数成份股。 | | 序号代码 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 1 | 51.900 6.140 13.42% 9866 蔚来-SW | | | | വ | 0522 ASMPT 73.500 3.800 5.45% | | | | 3 | 9888 百度集团-SW 89.550 3.900 4.55% | | | | ব | 9988 阿里巴巴-W 123.40 | | 5.400 4.58% | | 5 | 9660 地平 ...

【导读】稀土板块飙涨，芯片股持续火热，寒武纪继续走高 中国基金报记者 晨曦 大家好！来一起关注最新的市场行情和资讯 ~ 8 月 25 日， A 股市场开盘火热：上证指数跳空高开 0.59% ，深证成指、创业板指涨超 1% 。截至发稿，上证指数站上 3860 点，深证成指、创业板指涨幅持续扩大。 | 3864.95 | ﺮ | 12364.39 | ુ | 2730.27 | ﻭ | | --- | --- | --- | --- | --- | --- | | 上证指数 +1.02% | | 深证成指 +1.63% | | 创业板指 +1.78% | | 科创 50 指数盘初一度涨近 6% ，截至发稿涨幅有所回落。 | < w | 科创50(000688) Q | | --- | --- | | 08-25 10:19:24 | | | １３００．３０ 昨收 1247.86 成交额 691.37亿 | | | +52.44 | 今开 | | 上涨 = 460 | 平盘 ထ 下跌 一 121 | | 最高价 | 182.6 近20日 23.24% | | 最低价 | 31.48% | | 年时 | 五日 日K ...

Market Overview - A-shares opened higher on August 19, with the Shanghai Composite Index and Shenzhen Component Index both up by 0.3%, and the ChiNext Index up by 0.39% at midday [2] - The total market turnover reached 1.68 trillion yuan, with over 3,200 stocks rising [3] Sector Performance - Strong sectors included telecommunications, computers, food and beverage, and real estate, while defense, non-bank financials, and oil and petrochemicals experienced pullbacks [3] - Notable gainers included: - Optical modules up 4.74% - Rare earths up 4.56% - Liquor up 3.43% [4] Hong Kong Market - The Hong Kong market also saw a synchronized fluctuation, with the Hang Seng Index up by 0.19%, the Hang Seng Tech Index up by 0.1%, and the Hang Seng China Enterprises Index up by 0.13% [5] Pharmaceutical Sector - The pharmaceutical sector experienced a surge, particularly in innovative drugs, with several stocks hitting the daily limit up [6][7] - Key stocks included: - Tuo Jing Life up 20.01% - Fu Rui Shares up 20.00% - Bo Ji Pharmaceutical up 19.98% [8] Optical Module Industry - The optical module industry is expected to enter a prosperous cycle starting in 2025, with significant growth anticipated in 2026 [10] - Domestic optical module giants have established a strong foothold in the global market, particularly through partnerships with North American cloud providers [10] AI and Robotics Development - Shanghai has launched an initiative to accelerate the integration of AI in manufacturing, aiming to implement smart applications in 3,000 manufacturing enterprises [12][13] - The initiative includes the deployment of industrial robots in high-risk and repetitive tasks to enhance production efficiency and safety [13] Stock Movements in AI and Robotics - Stocks related to AI and robotics saw significant gains, with companies like Nan Fang Precision Engineering hitting the daily limit up and reaching historical highs [14][15] - Notable performers included: - Far East Holdings up 10.03% - Chongda Technology up 9.99% - Shanghai Mechanical and Electrical up 9.99% [16] Smartphone Market Trends - The Chinese smartphone market saw a 4.1% decline in Q2, with a total shipment of 68.86 million units, marking the end of six consecutive quarters of growth [17] - Huawei regained the top position among manufacturers after four years, followed by Vivo, OPPO, Xiaomi, and Apple [17]

Group 1 - The CPO concept stocks in the A-share market continue to rise, with Cambridge Technology hitting the daily limit, and Dekoli and Liantech rising over 9% [1] - Tianfu Communication increased by over 8%, while Jiulian Technology and Taicheng Light rose over 4% [1] - Other companies such as Guangku Technology, Juguang Technology, Hengtong Optic-Electric, and Xinyi Sheng saw increases of over 3% [1] Group 2 - Cambridge Technology (stock code: 603083) experienced a 9.99% increase, with a total market value of 17.4 billion and a year-to-date increase of 60.43% [2] - Dekoli (stock code: 688205) rose by 9.96%, with a market value of 14.4 billion and a year-to-date increase of 30.79% [2] - Liantech (stock code: 301205) saw a 9.22% increase, with a market value of 14.7 billion and a year-to-date increase of 50.12% [2] - Tianfu Communication (stock code: 300394) increased by 8.67%, with a market value of 93.8 billion and a year-to-date increase of 86.02% [2] - Jiulian Technology (stock code: 688609) rose by 4.99%, with a market value of 6.105 billion and a year-to-date increase of 15.19% [2] - Taicheng Light (stock code: 300570) increased by 4.60%, with a market value of 28.6 billion and a year-to-date increase of 75.00% [2] - Guangku Technology (stock code: 300620) rose by 3.98%, with a market value of 25.1 billion and a year-to-date increase of 108.02% [2] - Juguang Technology (stock code: 688167) increased by 3.86%, with a market value of 10.7 billion and a year-to-date increase of 86.81% [2] - Hengtong Optic-Electric (stock code: 600487) rose by 3.05%, with a market value of 45.8 billion and a year-to-date increase of 9.48% [2] - Xinyi Sheng (stock code: 300502) increased by 3.00%, with a market value of 250 billion and a year-to-date increase of 206.03% [2]

Market Overview - A-shares experienced an upward trend with major indices rising, particularly in the communication equipment and pharmaceutical sectors, as well as AI hardware stocks like optical modules (CPO), liquid-cooled servers, and MCU chips [1][6] - The Hong Kong market showed mixed results, with the Hang Seng Index declining while sectors like steel and non-ferrous metals gained [2][3] A-share Performance - As of the latest update, the Shanghai Composite Index rose by 0.41% to 3743.43, the Shenzhen Component Index increased by 0.50% to 11894.47, and the ChiNext Index climbed by 0.89% to 2629.31 [1] - The total margin balance in A-shares surpassed 2.1 trillion yuan, marking a significant milestone not seen in 10 years [5] Hong Kong Market Performance - The Hang Seng Index fell by 0.07% to 25158.06, while the Hang Seng Tech Index decreased by 0.44% to 5554.62 [2][3] Bond Market - The bond market continued its downward trend, with the 30-year main contract dropping by 0.16%, the 10-year contract down by 0.04%, and the 5-year contract down by 0.02% [3][4] Commodity Market - Domestic commodity futures mostly declined, with significant drops in alumina, eggs, lithium carbonate, and coking coal, all falling over 1% [4][5] - Notable exceptions included slight increases in polysilicon, soybean meal, and rubber [5] Sector Highlights - The innovation drug sector saw a surge, with stocks like Kangyuan Pharmaceutical hitting the daily limit, and others like Ganli Pharmaceutical and Nuosilan further rising [6][8] - CPO-related stocks continued to perform well, with Zhongji Xuchuang rising over 4%, and its market capitalization surpassing 300 billion yuan [10][11]

Market Overview - The A-share market continued to rebound, with the Shanghai Composite Index rising by 0.44%, the Shenzhen Component Index by 0.57%, and the ChiNext Index by 1.04% as of 9:45 AM on August 19 [1] - The pharmaceutical sector showed strong performance, particularly in innovative drugs, with Ji Min Health hitting the daily limit [1] - AI hardware stocks like New Yisheng and Zhongji Xuchuang reached historical highs, while sectors such as film, media, military, banking, oil and gas, and wind power experienced declines [1] Key Sectors Innovative Drug Sector - The innovative drug sector saw significant gains, with Ji Min Health and Kangyuan Pharmaceutical hitting the daily limit, and other companies like Nuo Si Lan De and Li Fang Pharmaceutical also rising [2] - CITIC Securities reports a favorable policy environment for innovative drugs starting from 2025, recommending investments in innovation-driven and internationalization strategies, particularly in the innovative drug field [2] CPO Concept - CPO concept stocks maintained strong performance, with New Yisheng and Zhongji Xuchuang reaching historical highs, and companies like Jianqiao Technology and Tengjing Technology also seeing gains [3] - CITIC Jiantou Securities highlights a shift in AI training network architecture, leading to increased demand for optical modules, with 800G optical modules expected to see significant growth starting in 2023 [3] Institutional Insights Shenwan Hongyuan - Shenwan Hongyuan believes the short-term bull market atmosphere will continue to dominate, with a focus on securities, insurance, military, and rare earth sectors before early September [4] - The firm emphasizes the importance of sectors with scarce overseas computing power and suggests a price alliance in high market share manufacturing segments [4] Huatai Securities - Huatai Securities suggests that the market may have entered the mid-stage of a bull market, characterized by structural features and rapid sector rotation [5] - The firm notes that the current slow bull market may extend the upward cycle, with a need for increased market signals to attract more external funds [5] Dongfang Securities - Dongfang Securities anticipates no major adjustment risks for stock indices in August, with a "local advance, multi-point bloom" characteristic in the current market [6] - The firm advises caution against potential pullbacks and emphasizes the importance of "high-low switching" in the event of market adjustments, recommending focus on technology autonomy, innovative drugs, military, and robotics sectors [6]

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 16.057 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 2.029 billion yuan [1] - A total of 237 stocks saw net inflows, while 350 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 479 stocks rose, with 8 stocks hitting the daily limit, including Nanxin Pharmaceutical and Shenlian Biological [1] - The stocks with the highest net inflows included Xindong Link Technology with 217.20 million yuan, Hengxuan Technology with 191.18 million yuan, and Yitang Co., Ltd. with 174.30 million yuan [2] Continuous Fund Flow - There are 42 stocks with continuous net inflows for more than three trading days, with Huahai Qingke leading at six consecutive days [2] - Conversely, 176 stocks have seen continuous net outflows, with Nami Technology experiencing the longest streak at 14 consecutive days [2] Notable Stocks - The top stocks by net inflow include: - Xindong Link Technology: 217.20 million yuan, 12.80% inflow rate, 15.08% increase [2] - Hengxuan Technology: 191.18 million yuan, 8.00% inflow rate, 9.89% increase [2] - Yitang Co., Ltd.: 174.30 million yuan, 8.16% inflow rate, 18.27% increase [2] Stocks with Significant Outflows - The stock with the highest net outflow was Shijia Photon, which saw a net outflow of 254 million yuan despite a 16.38% increase in its price [1] - Other notable outflows included Electric Wind Power and Lanqi Technology, with net outflows of 246 million yuan and 245 million yuan, respectively [1]

Market Performance - On August 18, the communication equipment sector rose by 5.17%, with Dekoli leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Top Gainers - Dekoli (688205) closed at 82.92, up 20.00% with a trading volume of 121,400 shares and a transaction value of 9.67 billion [1] - Ruijie Network (301165) also saw a 20.00% increase, closing at 81.85 with a trading volume of 203,700 shares and a transaction value of 15.77 billion [1] - Other notable gainers include Guangku Technology (300620) up 18.29%, Shijia Photon (688313) up 16.38%, and ST Lutong (300555) up 13.14% [1] Market Capital Flow - The communication equipment sector experienced a net inflow of 3.363 billion from institutional investors, while retail investors saw a net outflow of 327 million [2][3] - Major stocks like ZTE Corporation (000063) had a significant net outflow of 1.603 billion from retail investors, despite a net inflow of 2.756 billion from institutional investors [3] Individual Stock Performance - ZTE Corporation (000063) closed at 38.31, up 8.80%, with a trading volume of 3,859,200 shares and a transaction value of 14.703 billion [1] - Other stocks such as Dongxin Peace (002017) and Zhongji Xuchuang (300308) also showed positive performance with respective increases of 10.00% and 9.22% [1]

Group 1 - The A-share market experienced a strong upward trend on August 18, with the Shanghai Composite Index reaching a nearly 10-year high [1] - The STAR Market Composite Index ETF by Huatai-PB rose by 1.94%, indicating positive market sentiment [1] - The STAR Market Composite Index itself surged by 2.08%, with notable gains from constituent stocks such as Nanxin Pharmaceutical and Shunlian Bio, both increasing by over 20% [1] Group 2 - As of August 18, 2025, the top ten constituent stocks of the STAR Market ETF include companies like Saiwei Technology and Haiguang Information, with varying performance in terms of price changes and trading volumes [2] - The semiconductor industry in China saw a total investment of 455 billion yuan in the first half of 2025, reflecting a 9.8% year-on-year decline, while semiconductor equipment investment grew by 53.4%, highlighting a strategic focus on supply chain autonomy [3] - Major global tech companies are significantly increasing their capital expenditures for AI infrastructure, with Microsoft planning to spend $88.2 billion in the 2025 fiscal year, followed by Google and Meta with substantial increases as well [3][4]