Core Insights - The article discusses the collaboration and solutions in the supernode field, highlighting the major players and their respective strategies in the market [3][4]. Supernode Collaboration and Solutions - Major CSP manufacturers are seeking customized server cabinet products from server suppliers, with a focus on NV solutions [4]. - Key supernode solutions in China include Tencent's ETH-X, NV's NVL72, Huawei's Ascend CM384, and Alibaba's Panjiu, which are either being promoted or have existing customers [4]. - ByteDance is planning an Ethernet innovation solution for large models, primarily based on Broadcom's Tomahawk, but it has not yet been promoted [4]. - Tencent's ETH-X collaborates with Broadcom and Amphenol, utilizing Tomahawk switches and PCIe switches for GPU traffic management [5]. - The main applications of these solutions differ: CM384 focuses on training and large model computation, while ETH-X is more inclined towards inference [5]. Market Share and Supplier Landscape - The supernode solutions have not yet captured a significant market share, with traditional AI servers dominated by Inspur, H3C, and others [6]. - From September 16, CSPs including BAT were restricted from purchasing NV compliant cards, leading to a shift towards domestic cards, which are expected to reach 30%-40% in the coming years [6]. - The overseas market share for major internet companies like Alibaba and Tencent remains small, with ByteDance's overseas to domestic ratio projected to improve [6]. Vendor Competition and Second-Tier Landscape - Inspur remains competitive in terms of cost and pricing, while the competition for second and third places among suppliers is less clear [8]. - The second-tier internet companies have smaller demands, and mainstream suppliers are not actively participating in this segment [9]. - The article notes that the domestic AI ecosystem is lagging behind international developments, with significant advancements expected by 2027 [9][10]. Procurement and Self-Developed Chips - Tencent and Alibaba have shown a preference for NV cards when available, with a current ratio of NV to domestic cards at 3:7 for Alibaba and 7:3 for ByteDance [10]. - The trend towards supernodes is driven by the need for increased computing power and reduced latency, with expectations for large-scale demand in the future [10]. Economic and Technical Aspects - The article highlights the profit margins for AI servers, with major manufacturers achieving higher gross margins compared to general servers [11]. - The introduction of software solutions is expected to enhance profitability, with significant profit increases anticipated from supernode implementations [11].

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating expected performance above the market benchmark by more than 10% [5][53]. Core Insights - The global cloud service provider (CSP) AI arms race is accelerating, benefiting the computing infrastructure development, which is considered a primary growth area. Key recommendations include focusing on optical devices and modules, communication equipment, liquid cooling solutions, and edge computing [4][50]. - The three major telecom operators are viewed as important assets for dividend allocation, with stable operations and increasing dividend payout ratios, suggesting a long-term investment strategy in these operators [4][50]. - The report highlights significant advancements in AI computing infrastructure, including Alibaba's launch of the new generation of AI servers and Nvidia's substantial investment in OpenAI, which is expected to deploy at least 10GW of Nvidia systems [2][3][4]. Summary by Sections Industry News Tracking - Alibaba Cloud launched the new generation of the "Panjun 128" ultra-node AI server, which supports 128 AI computing chips per cabinet and achieves a power density of 350kW [2][12]. - ZTE showcased a super-node server supporting 64 GPUs and introduced its self-developed 51.2T switching chip [3][29]. - Nvidia announced a $100 billion investment in OpenAI, with plans to deploy 10GW of systems, marking a historic investment in AI infrastructure [3][4]. Market Performance Review - The communication index fell by 0.28% this week, while the Shanghai and Shenzhen 300 index rose by 1.07%, resulting in a relative return of -1.35% [3][41]. - Within the sector, fiber optic cables, communication equipment manufacturers, and IDC showed relatively strong performance [3][41]. Company Earnings Forecast and Investment Ratings - Key companies such as China Mobile, Zhongji Xuchuang, and ZTE are rated as "Outperform" with projected earnings per share (EPS) for 2025 estimated at 6.72, 8.08, and 1.79 respectively [5][49]. - The report provides a detailed earnings forecast for various companies, indicating a positive outlook for the communication sector [49]. Investment Recommendations - The report emphasizes the importance of continuously monitoring the development of AI computing infrastructure and suggests a focus on specific companies such as China Mobile, Zhongji Xuchuang, ZTE, and Guanghetong for investment opportunities [4][50].

Investment Rating - Industry rating: Recommended [4] Core Insights - The report emphasizes the potential growth of the Beidou satellite navigation system and its applications in various sectors, including telecommunications, smart grid, and emergency response, indicating a multi-faceted development landscape [1][6] - The report highlights the increasing focus on domestic AI computing power, driven by significant growth in companies like Alibaba Cloud and Huawei, suggesting a robust acceleration in the scale and application of domestic AI computing [2][11] - The telecommunications operators are positioned to leverage their natural advantages in network operations and customer integration to promote satellite technology penetration, with a stable profit outlook supported by AI empowerment and cost reduction [8][9] Summary by Sections Beidou and Satellite Applications - The Beidou system is expected to upgrade significantly, with a projected annual growth rate of over 3% in applications, leading to an estimated 420 million new devices by 2028 [6] - The report notes that the telecommunications operators are crucial in expanding satellite applications, with traditional mobile business revenues under pressure but new opportunities arising from AI and satellite communications [7][8] AI Computing Power - The report recommends focusing on domestic AI computing power, with key beneficiaries including Cambrian, Moer Thread, and SMIC, as the industry anticipates accelerated growth in AI applications [2][11] - The demand for optical modules and components is expected to rise due to AI computing needs, with companies like LightSpeed Technology and Huagong Technology positioned to benefit [12][13] Telecommunications Sector - The report identifies telecommunications operators as key players in the AI and computing infrastructure space, with a focus on cloud and smart upgrades, benefiting from the "East Data West Computing" strategy [9][18] - The report suggests that the telecommunications sector is at a turning point, with traditional revenue streams under pressure but new growth areas emerging in satellite and IoT applications [8][18] Edge Computing and Security - The edge computing sector is anticipated to see renewed growth opportunities, with companies like Wangsu Technology and Yuke Technology highlighted as beneficiaries [20][21] - The report also emphasizes the importance of information security, recommending companies like Unisplendour and Qihoo 360 as key players in this space [21]

Investment Rating - The report maintains an "Outperform the Market" rating for the communication industry [5][53]. Core Viewpoints - The global cloud service providers (CSP) are accelerating the AI arms race, benefiting the computing infrastructure development, which is considered the main track for investment [4][50]. - The report highlights the importance of the three major telecom operators as significant assets for dividend allocation, emphasizing their stable operations and increasing dividend payout ratios [4][50]. - Key recommended stocks for the upcoming week include China Mobile, Zhongji Xuchuang, ZTE Corporation, and Guanghetong [4][50]. Summary by Sections Industry News Tracking - Alibaba Cloud launched the new generation of the "Panjun 128" ultra-node AI server, which supports various AI chips and has a power density of up to 350kW [2][12]. - ZTE Corporation showcased a super-node server supporting 64 GPUs and introduced its self-developed 51.2T switching chip [3][29]. - NVIDIA announced a $100 billion investment in OpenAI, with plans to deploy at least 10GW of NVIDIA systems [3][29]. Market Performance Review - The communication index decreased by 0.28% this week, while the Shanghai and Shenzhen 300 index increased by 1.07%, resulting in a relative return of -1.35% [3][41]. - Among the sub-sectors, fiber optic cables, communication equipment manufacturers, and IDC performed relatively well [3][41]. Key Company Earnings Forecast and Investment Ratings - China Mobile: Outperform the Market, with an estimated EPS of 6.72 in 2025 and a PE ratio of 15.74 [5]. - Zhongji Xuchuang: Outperform the Market, with an estimated EPS of 8.08 in 2025 and a PE ratio of 51.18 [5]. - ZTE Corporation: Outperform the Market, with an estimated EPS of 1.79 in 2025 and a PE ratio of 24.83 [5].

Investment Rating - The report suggests focusing on sectors driven by domestic AI development, such as servers and IDC, as well as sectors benefiting from overseas AI growth, including servers and optical modules [5] Core Insights - Nvidia plans to invest $100 billion in OpenAI to build AI data centers with a capacity of at least 10GW, which will significantly enhance OpenAI's computational capabilities [1][54] - Google’s Gemini 2.5 Flash Image model has gained significant traction, completing over 200 million image edits in its first week and attracting 10 million new users, indicating a surge in computational demand [1][55] - Microsoft has introduced a microfluidic cooling technology that reduces GPU chip temperatures by 65%, enhancing efficiency and supporting higher power density designs [1][56] - Alibaba Cloud announced a 380 billion yuan AI infrastructure plan, significantly increasing its daily call volume and launching new AI models and servers [1][9] - Domestic AI models are rapidly iterating, with increasing computational demands and a shift towards domestic supply chains [1] Summary by Sections Server Sector - The server index increased by 0.63% this week and 2.96% this month, driven by partnerships like SAP and OpenAI's "OpenAI for Germany" initiative [2][7] - Google’s Gemini model has significantly boosted token usage and computational demand, contributing to Alphabet's market value surpassing $3 trillion [7] Optical Modules - The optical module index decreased by 4.66% this week but increased by 2.73% this month, with Nvidia's investment in AI data centers positively impacting optical module manufacturers [2][8] IDC - The IDC index rose by 2.15% this week and 1.49% this month, with Alibaba Cloud's daily call volume increasing 15 times and a substantial investment in AI infrastructure [3][9] Liquid Cooling - Microsoft’s microfluidic cooling technology is expected to enhance AI chip performance and reduce energy costs, with a planned $30 billion investment in AI infrastructure [1][15]

Investment Rating - The report maintains an "Outperform the Market" rating for the communication industry [5][50]. Core Views - The global cloud service providers (CSP) are accelerating the AI arms race, benefiting the computing infrastructure development, which is considered the main track for investment [4][50]. - The three major telecom operators are still important assets for dividend allocation, with stable operations and increasing dividend ratios, suggesting a long-term investment strategy [4][50]. - Key recommended stocks for the upcoming week include China Mobile, Zhongji Xuchuang, ZTE Corporation, and Guanghetong [4][50]. Summary by Sections Industry News Tracking - Alibaba Cloud launched the new generation of the Pangu 128 ultra-node AI server, which supports various AI chips and has a power density of up to 350kW [2][12]. - ZTE Corporation showcased a super-node server supporting 64 GPUs and introduced its self-developed 51.2T switching chip [3][29]. - Nvidia announced a $100 billion investment in OpenAI, with plans to deploy at least 10GW of Nvidia systems [3][29]. Market Performance Review - The communication index fell by 0.28% this week, while the Shanghai and Shenzhen 300 index rose by 1.07%, resulting in a relative return of -1.35% [3][41]. - In terms of sector performance, fiber optic cables, communication equipment manufacturers, and IDC showed relatively strong performance [3][41]. Key Company Earnings Forecast and Investment Ratings - China Mobile: Outperform the Market, with a projected EPS of 6.72 in 2025 and a PE ratio of 15.74 [5]. - Zhongji Xuchuang: Outperform the Market, with a projected EPS of 8.08 in 2025 and a PE ratio of 51.18 [5]. - ZTE Corporation: Outperform the Market, with a projected EPS of 1.79 in 2025 and a PE ratio of 24.83 [5].

Core Viewpoint - ZTE Corporation is a leading global provider of integrated information and communication technology solutions, accelerating its transformation towards "connectivity + computing power" as 5G network construction enters a platform phase [1] Financial Performance - In the first half of 2025, the company achieved revenue of 71.553 billion yuan, representing a year-on-year increase of 14.51% [1] - The revenue from government and enterprise business, particularly in servers and storage products, doubled [1] Growth Potential - The company's performance is expected to return to a growth trajectory, supported by its position as the fourth largest telecommunications equipment supplier globally [1] - The operator network business remains stable, while the computing power and terminal business is showing significant results as a second growth curve [1] Technology Development - The company has self-developed and reserved core underlying technologies, which enhances its competitive edge in the market [1] - The report initiates coverage of the company with a "buy" rating [1]

Investment Rating - The industry investment rating is "Positive" [5] Core Insights - The low-altitude economy is experiencing significant growth, with strategic partnerships and projects being established, such as the collaboration between Zero Gravity Aircraft Industry and Dongtou Group to procure 50 eVTOLs [18][29] - The Guangdong low-altitude economy conference resulted in 23 projects being launched, indicating strong regional interest and investment in the sector [26] - The establishment of the Shanxi Low Altitude Economy Association and its five-year action plan aims to boost the local low-altitude economy to over 150 billion yuan by 2030, creating more than 30,000 jobs [27] Summary by Sections 1. Weekly Review - The average change in the low-altitude economy sector was -0.2%, with Penghui Energy leading the gains at +18.6% [10][22] - The top five gainers included Penghui Energy (+18.6%), Xinwangda (+16.0%), and Kaizhong Co. (+15.4%) [12][21] 2. Industry Dynamics - The low-altitude industry chain is robust, with 881 registered companies and over 4.06 million low-altitude equipment products [24] - The low-altitude economy is entering a phase of large-scale commercial application, expanding into various sectors such as logistics and emergency rescue [25] 3. Individual Company Developments - Zero Gravity Aircraft Industry has signed a framework agreement with Dongtou Group for the procurement of 50 eVTOLs, enhancing the low-altitude tourism industry in Yulin [29] - ZTE Corporation proposed a low-altitude integrated perception technology solution, incorporating AI to improve safety and efficiency in low-altitude operations [28]

Core Viewpoint - ZTE Corporation has announced the launch of its first AI electronic pet, Mochi, which aims to provide an interactive experience similar to that of a living being. The product is not yet officially on the market, and its release will be coordinated with the company's schedule for launching new terminal products [1]. Group 1 - ZTE Corporation's AI pet Mochi represents the latest achievement in innovative AI forms [1] - The product is designed to offer a lifelike interaction experience [1] - The official market launch date is yet to be determined and will align with the company's product release strategy [1]

运营商财经网 陈聪敏/文 中国电信采购55万台WiFi设备，华为、瑞斯康达报价差几千万！具体是什么情况？ 该项目为中国电信政企融合网关增强版产品（2024-2025年）集中采购项目询比（第二次），早在2024 年12月，中国电信就发布了项目预选公告，计划共采购55万套产品，标包1为标准款（WiFi6），标包2 为增强款（WiFi7），在预算有效期内，采购人按年为周期进行预选评审，按需组织询比。 此次为项目第二次询比，9月5日，结果公示，标包1有三位成交供应商，按排名依次是华为、中兴通 讯、瑞斯康达；标包2有两位成交供应商，分别是华为、中兴通讯。此外，两个标包的备选供应商都是 烽火通信。 特别声明：以上文章内容仅代表作者本人观点，不代表新浪网观点或立场。如有关于作品内容、版权或其它问 题请于作品发表后的30日内与新浪网联系。 标包1中，华为报价11398.08万元，是三位中标人中的最高报价，报价最低的是瑞斯康达，其响应报价 为7064.35万元，两者报价差距超过4300万元；中兴通讯报价9987.98万元，报价居中。标包2中，华为报 价8001万元，中兴通讯报价6657.77万元。 有意思的是，这种情况并非首次 ...