1. 美国银行(BAC.US)周三公布亮丽业绩，带动投资 气氛回暖，标普 500 指数高收 0.4%；纳斯达克综 合指数则上扬 0.7%。不过，中美贸易谈判及美国 政府停摆风险仍令市场保持审慎，道指反覆低收 17 点至 46,253 点。本周的银行业绩显示出美国 大型企业的韧性，也为宏观经济健康状况提供了 线索。由于美国政府部分停摆，多项关键经济数 据发布被迫推迟。不过，导致近期市场剧烈波动 的风险因素仍未消退。随着全球贸易紧张局势升 级，投资者近几日保持警惕。被视为"华尔街恐 慌指数"的 VIX 指标周三午后攀升，最终收于 20.6 点，接近 5 月底以来的最高水平。 市场展望 近日晨报重点强调港股短期再度回调之际，港股 市场优势有望再度显现：较低估值以及交易渐趋 活跃等优势。央国企中远海控前日公告拟及进行 A 股及 H 股回购彰显公司立场，相关举措将有助 于港股股指短期筑底成功。部分科技民企也有相 关举措增强市场信心。晨报再次强调科技自立自 强仍望是未来港股演绎的核心主线之一，相关板 块龙头公司有望迎来中长期发展机遇。 以中国资产为核心的港股配置价值仍然凸显，建 议继续关注：1)人工智能及应用、半导体、工 ...

（文章来源：每日经济新闻） 每经AI快讯，10月16日，IPv6板块上涨，上涨1.31%，其中中兴通讯上涨5.34%，烽火通信上涨0.34%。 ...

10月16日，中兴通讯涨5.04%，截至发稿，报52.94元/股，成交53.27亿元，换手率2.52%，总市值 2532.40亿元。 资料显示，中兴通讯股份有限公司位于广东省深圳市南山区高新技术产业园科技南路中兴通讯大厦,香 港铜锣湾勿地臣街1号时代广场2座31楼，成立日期1997年11月11日，上市日期1997年11月18日，公司主 营业务涉及投资兴办实业,电子及通信设备零部件的销售。主营业务收入构成为：运营商网络49.00%， 政企业务26.91%，消费者业务24.09%。 从基金十大重仓股角度 数据显示，永赢基金旗下1只基金重仓中兴通讯。卫星ETF（159206）二季度减持30.8万股，持有股数 8.14万股，占基金净值比例为2.85%，位居第九大重仓股。根据测算，今日浮盈赚取约20.68万元。 卫星ETF（159206）成立日期2025年3月6日，最新规模9272.81万。成立以来收益18.14%。 卫星ETF（159206）基金经理为刘庭宇。 截至发稿，刘庭宇累计任职时间2年65天，现任基金资产总规模90.46亿元，任职期间最佳基金回报 107.5%， 任职期间最差基金回报-2.55%。 风险提示： ...

新华财经开罗10月16日电（记者张健）15日，在埃及首都开罗举办的"埃及及非洲国家数字转型"主题论 坛上，中兴通讯股份有限公司（简称：中兴通讯）中东非洲区副总裁徐衍枢对记者表示，中兴通讯正在 通过共建基础设施、转移技术能力、共创生态系统"三位一体"助力北非国家数字化转型。 徐衍枢还表示，中兴通讯未来将重点关注"绿色数字化"和"农业数字化"等领域。"我们正致力于将更节 能的绿色技术引入我们的网络解决方案，帮助运营商降低碳排放。同时，我们利用物联网和大数据技 术，与当地农业组织合作，实现精准灌溉和农情监测，助力粮食安全和可持续发展。"他说。 （文章来源：新华财经） 徐衍枢表示，中兴通讯助力北非数字化转型的战略可概括为"三位一体"。一是基础设施的共建。中兴通 讯不仅是提供通信设备，更与当地运营商合作，共同建设面向未来的、高质量的5G和光纤网络。二是 技术能力的转移。中兴通讯设立了当地培训中心和创新实验室，培养当地通信技术人才，赋能当地团队 自主运营和维护的能力。三是生态系统的共创。中兴通讯与当地金融科技公司、银行和内容提供商合 作，基于网络和云平台，开发适合当地的移动支付、数字农业、在线教育等应用，让技术真正融入并 ...

Investment Rating - The report maintains a positive outlook on the communication industry, emphasizing three main lines of investment: AI computing network differentiation, strengthening of the satellite industry, and optimization of the economic cycle [5][6]. Core Insights - The AI industry is evolving towards inference-driven models, with a diversified computing power solution landscape. The domestic supply chain for chips and modules is beginning to integrate, and the data center supply-demand inflection point has emerged [5][6]. - The satellite communication sector is experiencing significant catalysts, with a complete industry chain forming. Direct satellite connections are expected to drive growth in antennas, RF chips, and inter-satellite communication [5][6]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a potential return of the investment "pendulum" [5][6]. Summary by Sections AI Computing Network - The AI computing network is highlighted as a key investment line, with operators actively building computing power and expected stable growth. High dividend yields continue to attract investors [5][6]. - The network equipment sector benefits from AI demand, with capital expenditures from operators and CSPs providing structural boosts [5][6]. - The optical device and chip industry is seeing continuous performance releases, driven by both domestic and international demand [5][6]. Satellite Communication - The satellite internet industry is undergoing intense catalysis, with multiple segments expected to maintain high value and high barrier attributes. The focus is on regular launch progress and commercialization [5][6]. Economic Cycle Optimization - The report emphasizes the recovery of demand in various sectors, including high-precision positioning and connectors, with significant growth expected in industrial automation and IoT driven by AI and robotics [5][6]. - The IDC sector is experiencing a structural supply-demand reversal, with core demand remaining in short supply, indicating a sustained high economic cycle [5][6]. Company Performance Predictions - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [5][6]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures and improve return on equity through optimized revenue-cost dynamics [7][8]. Key Companies and Their Prospects - **China Mobile**: Focused on AI computing networks, with stable capital expenditure and improved ROE [7]. - **Zhongji Xuchuang**: Leading in optical modules, benefiting from AI computing demand [7]. - **NewEase**: Strong brand presence in optical communication, expected to benefit from AI computing network demand [7]. - **Tianfu Communication**: Anticipated to maintain high growth due to increasing demand for optical devices [7]. - **Zhongxing Communication**: Positioned well for growth through digital transformation and internal profit margin improvements [8]. This comprehensive analysis highlights the positive outlook for the communication industry, driven by advancements in AI, satellite technology, and cyclical recovery across various sectors.

Group 1: Market Overview - The overall shipment volume of China's cloud terminal market is expected to reach 2.576 million units in the first half of 2025, marking a significant year-on-year increase of 54.9% [2] - The shipment volume of consumer cloud terminals is projected to grow nearly 40% year-on-year, making it the fastest-growing segment [2] - By the first half of 2025, public cloud service-type cloud terminal shipments will surpass private cloud for the first time, with a market share increasing to 58%, representing a year-on-year growth of 185% [2] - The total shipment volume for the Chinese cloud terminal market is anticipated to exceed 5.3 million units in 2025 and reach 9.55 million units by 2029, with a five-year compound annual growth rate (CAGR) of over 16% [2] Group 2: Industry Trends - The cloudification of enterprise IT architecture is a crucial component of social digital transformation, driving the evolution of traditional smart terminals into cloud terminal forms [2] - Product innovation in terminal hardware is identified as a core factor driving the growth of the cloud terminal market, reflecting real user needs [2] - In the first half of 2025, the shipment volume of tablet-shaped cloud terminals reached a record high, capturing a 42% market share, while mobile products, including laptops, accounted for 48% of the market [2] Group 3: Company Insights - ZTE Corporation has emerged as a key player in the rapidly developing cloud terminal market, leveraging its strong technical foundation, continuous innovation, and precise market insights [3] - The company has launched a series of innovative cloud terminal products, including "Xiaoyao," "Yufeng," "Linglong," and "Fuyiao," covering various forms such as PAD, notebook, business card, all-in-one, and desktop types [3] - ZTE's newly introduced "Free Screen" product features a 27-inch high-definition touch screen and integrates multiple functions, including TV, large PAD, and cloud computer, with innovative physical button designs for quick mode switching [3] Group 4: Future Outlook - ZTE has shipped over 6 million cloud terminals globally and serves over 10 million cloud computer users, contributing to the digital transformation across various industries [5] - The company aims to continue its product philosophy of "refined AI-driven networks, strong cloud, and optimized terminals," focusing on creating new forms of terminals that are "refined, user-friendly, affordable, and durable" [5] - ZTE plans to enhance the overall competitiveness of its cloud computers and establish differentiated core advantages, paving the way for the integration of cloud computers and smart terminals [5]

Investment Rating - The report maintains a positive outlook on the communication industry, indicating an "Overweight" rating for the sector [2][22]. Core Insights - The report emphasizes three main lines for the communication industry in 2025: differentiation in computing networks, strengthening of the satellite industry, and optimization of the economic cycle [4][5]. - The AI industry is evolving towards inference-driven models, with a diversified approach to computing solutions. The supply-demand turning point for data centers has been observed, and technologies like liquid cooling are accelerating penetration [4][5]. - The satellite communication sector is experiencing intensive industry catalysis, forming a closed loop across the entire industry chain, with direct satellite connections expected to drive growth in antennas, RF chips, and inter-satellite communication [4][5]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a return of the investment "pendulum" [4][5]. Summary by Sections Computing Network - The AI industry trend is shifting towards inference dominance, with the upstream supply chain for domestic chips and modules beginning to integrate [4]. - Data center supply-demand dynamics are changing, with liquid cooling technologies gaining traction [4][5]. Satellite Communication - The second half of 2024 marks a significant catalyst for the satellite communication industry, with a complete industry chain now established [4][5]. Economic Cycle Optimization - The report highlights the importance of downstream economic conditions, particularly in sectors like Beidou navigation and controllers, indicating a strong potential for cyclical stocks [4][5]. Performance Forecast for Key Companies - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [4][14]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures, with a focus on AI computing networks [6][14]. Related Companies - Key companies identified include Zhongji Xuchuang, NewEase, and Huagong Technology in the AI computing network segment, and operators like China Mobile and China Telecom [4][6][14].

Volatility - Today, 9 stocks in the A-share market experienced a volatility exceeding 20% [1] - Stocks such as Guangshengtang and Xiangrikui had the highest volatility [1] Turnover Rate - There were 3 stocks in the A-share market with a turnover rate exceeding 40% today [1] - Stocks like Beifang Changlong and Lihexing had the highest turnover rates [1] Main Capital Flow - Main capital today saw a net inflow into the pharmaceutical and household appliance sectors, while there was a net outflow from the non-ferrous metals and telecommunications sectors [1] - The stocks with the largest net inflow of main capital included Sanhua Intelligent Control (16.42 billion), Sunshine Power (12.98 billion), Luxshare Precision (10.07 billion), Shenghong Technology (7.43 billion), and Changan Automobile (6.8 billion) [1] - The stocks with the largest net outflow of main capital included Shanzi Gaoke (15.27 billion), Ganfeng Lithium (9.91 billion), Chuangjiang New Material (7.21 billion), ST Huaton (6.12 billion), and ZTE Corporation (5.79 billion) [1]

Market Overview - The Shanghai Composite Index rose by 1.22% on October 15, with 29 out of the 31 sectors in the Shenwan classification experiencing gains. The top-performing sectors were electric power equipment and automobiles, with increases of 2.72% and 2.37% respectively. The telecommunications sector also saw a rise of 1.42% [1] - The main funds in the two markets experienced a net outflow of 853 million yuan, while 16 sectors saw net inflows. The pharmaceutical and biological sector led with a net inflow of 3.845 billion yuan and a daily increase of 2.08%, followed by the electric power equipment sector with a net inflow of 1.704 billion yuan [1] Telecommunications Sector - The telecommunications sector increased by 1.42% today, but experienced a net outflow of 2.137 billion yuan. Out of 125 stocks in this sector, 103 rose while 18 fell. There were 54 stocks with net inflows, with the highest being Guanghetong, which saw a net inflow of 84.1974 million yuan [2] - The top three stocks with the highest net inflows in the telecommunications sector were Guanghetong (3.77% increase), Jianqiao Technology (2.03% increase), and Guandun Quantum (4.51% increase) [2] - The stocks with the highest net outflows included ZTE Corporation (-0.40% change), New Yisheng (-1.92% change), and Hengbao Co., Ltd. (-2.46% change), with net outflows of 666.95 million yuan, 464.37 million yuan, and 187.19 million yuan respectively [3]

针对Scale up、Scale out分别有不同的通信协议，大厂自研私有协议+第三方与中小厂推动公有协议将成 为未来的发展趋势。具体而言，Scale up层面英伟达NVlink、AMD Infinity Fabric(Ualink)与华为UB mesh 是私有协议的代表，而博通所推动的SUE与行业历史悠久的PCIe是公有协议的代表。Scale out层面，英 伟达Infiniband为私有，博通则致力于推动基于公有以太网的RoCE2，此外海外众多厂商还一起推动超 级以太网联盟，成为Scale out新力量。 运力硬件国产化率极低，有望成为下一个高赔率的国产替代新方向 智通财经APP获悉，开源证券发布研报称，当下传统算力架构已难以满足高效、低耗、大规模协同的AI 训练需求，超节点成为趋势，其通过提升单节点计算能力，大幅带动了Scale up相关硬件需求。另一方 面，超大规模AI集群的建设需要横向推动大量节点之间的互联，带动Scale out相关硬件需求，随着更大 规模的集群逐渐出现，单一地区的电力资源成为瓶颈，于是跨数据中心的Scale across方案也将在未来逐 步采用。针对Scale up、Scale ...