中兴通讯A股成交额达100亿元，现涨近1%。 ...

Core Insights - The telecommunications industry has shown stable overall performance in the first seven months, with continuous growth in telecom business volume and ongoing advancements in new infrastructure construction, including 5G, gigabit, and IoT user scale [1] Summary by Categories Telecom Business Performance - Telecom business revenue reached 1,043.1 billion yuan, reflecting a year-on-year growth of 0.7%. When adjusted for last year's constant prices, the total telecom business volume increased by 8.9% year-on-year [1] User Growth - As of the end of July, the total number of fixed internet broadband access users among the three major telecom companies reached 686 million, with a net increase of 15.79 million users compared to the end of the previous year [1] Infrastructure Development - The total number of 5G base stations reached 4.598 million, with a net increase of 348,000 since the end of the previous year. This accounts for 36% of the total mobile base stations, representing an increase of 0.3 percentage points compared to the first half of the year [1]

Industry Investment Rating - The investment rating for the computer industry is "Outperform the Market" and is maintained [1][8] Core Viewpoints - The report highlights that China Mobile plans to procure approximately 7,058 AI general computing devices (inference type) for 2025-2026, with a capital expenditure of 37.3 billion yuan for AI computing resources [4][5] - The procurement project by China Mobile has a total value exceeding 5 billion yuan, divided into six packages, with significant portions allocated to CUDA and CANN ecosystem devices [4][5] - Huawei's Ascend 910C is noted to have performance comparable to NVIDIA's H100, indicating that domestic computing power can meet the inference needs of large AI models [5] Summary by Relevant Sections Industry Basic Situation - The closing index for the computer industry is 5,804.0, with a 52-week high of 5,804.0 and a low of 2,805.53 [1] Recent Research Reports - The report mentions the acceleration of AI deployment by China Mobile, with a focus on general computing devices for inference [4] - The report provides details on the winning bidders for the procurement, with ZTE winning the largest share at 885 million yuan [5] Investment Recommendations - The report suggests focusing on the domestic computing power supply chain, highlighting companies associated with Huawei and other ecosystems [6]

Core Insights - The communication sector is experiencing significant growth, with the Guozheng Communication Index rising by 4.49% and individual stocks like Shijia Photon increasing by 19.72% [1] - The recent policy direction from the State Council emphasizes the integration of AI with the communication industry, which is expected to create new applications and enhance infrastructure [3][4] Group 1: Market Performance - The Communication ETF (159695) has seen a 3.97% increase, with a weekly cumulative rise of 9.69%, ranking first among comparable funds [1][3] - The ETF's trading volume was active, with a turnover rate of 12.54% and a total transaction value of 20.63 million yuan [3] - The ETF's latest scale reached 160 million yuan, marking a one-year high, and its shares reached 89.81 million, also a one-month high [3] Group 2: Financial Performance - New Yi Sheng reported a revenue of 10.437 billion yuan, a year-on-year increase of 282.64%, and a net profit of 3.942 billion yuan, up 355.68% [4] - The Communication ETF has achieved a net value increase of 92.52% over the past year, ranking 254 out of 2977 in the index stock fund category [3] Group 3: Industry Trends - The integration of AI technology in the communication sector is creating new application scenarios, such as intelligent communication network optimization and AI-based fault prediction [4][5] - The rise of low-altitude economy is driving demand for low-altitude communication networks, expanding market opportunities for the communication industry [5] - The top ten weighted stocks in the Guozheng Communication Index account for 61.8% of the index, indicating concentrated investment in key players [5][7]

融券方面，当日融券卖出3.66万股，净买入0.67万股。 8月26日，沪深两融数据显示，中兴通讯获融资买入额15.30亿元，居两市第7位，当日融资偿还额20.55 亿元，净卖出52552.58万元。 最近三个交易日，22日-26日，中兴通讯分别获融资买入31.10亿元、29.85亿元、15.30亿元。 ...

Core Insights - The Chinese data center switch industry is experiencing rapid growth, driven by advancements in technology and significant market changes, with a projected market size exceeding 21.15 billion yuan in 2024 and 22.68 billion yuan in 2025, largely fueled by AI computing networks contributing over 45% [1][8] - Key technological advancements include the transition from 400G to 800G and 1.6T port speeds, with 400G ports expected to account for 38% of shipments in 2024, and 800G switches entering mass production in 2025 [1][8] - The industry is supported by comprehensive policies such as the "High-Quality Development Action Plan for Computing Power Infrastructure," which promotes the integration of computing power and networks [1][6] Industry Overview - Data center switches are high-performance networking devices designed for large-scale data center environments, characterized by high bandwidth, low latency, and scalability to support cloud computing and AI training [2] - The industry has developed a complete ecosystem, with core components including Ethernet switching chips (45% of costs), optical modules (30%), and PCBs (15%), while domestic manufacturers are making strides in high-end chip markets [6] Market Dynamics - The market is witnessing explosive growth due to three main drivers: AI model training, the "East Data West Computing" national strategy, and the large-scale deployment of 5G edge computing [8] - The data center market in China is expected to reach 277.3 billion yuan in 2024, with a year-on-year growth of 15.2%, and is projected to exceed 318 billion yuan in 2025 [7][8] Competitive Landscape - The market is characterized by a "dual-super, many-strong" competitive landscape, with Huawei and H3C together holding nearly 70% market share, while other players like Ruijie Networks and ZTE are also significant competitors [9] - Recent procurement results from China Mobile highlight the dominance of domestic manufacturers, with Huawei winning the largest share of contracts [9] Future Trends - The industry is evolving along three main lines: technological integration driving performance leaps, vertical customization opening new growth avenues, and green transformation building sustainable competitiveness [10][11][12] - Key trends include the acceleration towards high-speed (800G/1.6T) and optical-electrical integration technologies, with significant advancements expected in AI training and low-latency solutions [11] - The shift from general-purpose devices to scenario-specific solutions is becoming prominent, with increasing demand for customized products in various verticals such as industrial internet and vehicle networking [12] - Green technology is becoming a focal point, with liquid cooling technologies expected to penetrate the market significantly by 2030, contributing to energy efficiency and sustainability goals [13]

Group 1 - The core event "ZTE AI Home Experience Day" showcased how AI technology can enhance family life and emotional connections, featuring interactive experiences and expert exchanges [1] - The event included three main experience zones: "Seamless Connectivity," "Vibrant Interaction," and "Safe Enjoyment," highlighting ZTE's innovative AI home terminal products [1] - The "Seamless Connectivity" zone focused on comprehensive home network coverage with products like the Wenti BE6800Pro+ router and 5G portable WiFi, facilitating emotional communication and information sharing among family members [1] Group 2 - The AI technology is significantly reshaping the industry landscape, with unprecedented growth opportunities in the AI terminal market, expanding from traditional networks to "network, computing, screen, and body" [2] - ZTE aims to leverage its annual shipment of over 100 million home terminals and its service foundation for billions of families to drive the development of AI home products, focusing on AI home networks, computing, smart screens, and robots [2] - The company emphasizes its commitment to "All in AI" and "AI for All," investing in AI infrastructure and providing intelligent solutions across various sectors, while also exploring innovative products like embodied intelligent robots [2][3] Group 3 - ZTE plans to deepen its investment in AI, using "connectivity + computing" as a lever to accelerate the deployment and upgrading of AI infrastructure, promoting the integration of AI technology into industry applications and personal life [3]

昨天，我们说A股是"大"、"猛"、"快"，放到今天，依然是适用的： 成交额依然大 ，今天虽然缩量，但还在2.7万亿以上，连续第10个交易日站上2万亿； 融资盘还是猛 ，我们下面会聊到； 今天如果我们把目光放大一点的话，下图，从昨晚美股开始，全球风险资产都在下跌，回吐了一部分鲍师傅周五讲话后的涨幅，法国因为国内政 治危机，跌幅更大一点，而我们看美债这边， 30年美债日内上了5bps ，重新逼近5%，因此，回吐也有回吐的逻辑。 当然，A股和外围的相关性，目前其实是非常弱的，说好听点是自我为主，说难听点是比较封闭，因此还是走的自己的逻辑。 指数其实冲的还是快 ，今天，wind全A虽然收盘微跌0.09%，但日内高点，其实已经破了6200点，按照我们此前统计的逻辑，相当于从6000点到 6100点，用了1个交易日，从6100点到6200点，还是只用了1个交易日，惯性仍在。 今天，我还是给大家拉几张图，解释一下当下的市场。 第一，昨日融资买入额，创下历史次高，而今天，杀的就是融资盘。 下图，我解释一下，我把0924以来， 融资盘，单日"净买入"的前十大 都拉了出来，从左到右，依次排列，就是蓝色的柱子；而 橙色的柱子，是 ...

[Table_Rating] 增持（维持） ◼[Table_Summary] 周行情 [行业Table_Industry] : 通信 | 日期: | 2025年08月26日 shzqdatemark | | --- | --- | | [Table_Author] 分析师: | 刘京昭 | | E-mail: | liujingzhao@shzq.com | | SAC 编号: | S0870523040005 | | 联系人: | 杨昕东 | SAC 编号: S0870123090008 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -5% 9% 23% 37% 51% 65% 79% 93% 107% 08/24 11/24 01/25 04/25 06/25 08/25 通信 沪深300 [Table_ReportInfo] 相关报告： 《大规模算力具备必要性，国产 AI 芯片生 态不断完善》 ——2025 年 08 月 21 日 《周专题： GPT-5 重磅发布，eSIM 赛道加 速破局》 ——2025 年 08 月 12 日 《业绩驱动科技公司上涨，关注 AI 应用个 股行 ...

Core Insights - The 2025 China Computing Power Conference showcased significant breakthroughs in computing power, including the "Jiuzhou" computing power optical network developed by China Mobile, achieving 10 EFLOPS, capable of performing 100 trillion calculations in one second [1] - The conference highlighted ten major advancements in China's computing industry, focusing on both core underlying technologies and ecological solutions that enhance efficiency and sustainability [1][2] - These advancements are expected to drive GDP growth by over 12.6 billion yuan, indicating a strong economic impact from the computing power sector [1] Group 1: Major Breakthroughs - China Mobile's "Jiuzhou" optical network is the world's largest 400G all-optical inter-provincial backbone network [1] - Shanxi Qineng's integrated platform for computing and electricity saves 10 million yuan in electricity costs annually and reduces carbon emissions by 100,000 tons [1] - Super Fusion's FusionOne AI solution enables rapid deployment of AI applications, with over 500 projects already implemented [1] Group 2: Collaborative Technologies - China Telecom's "Wide-area Intelligent Computing Lossless Networking Technology" allows efficient collaboration between distant data centers [2] - China Unicom's "Distributed Training and Inference Key Technology" ensures efficient and secure AI training while protecting data privacy [2] - Lenovo's "Comprehensive Large Model Training and Inference Solution" enhances model inference performance by ten times and enables rapid fault recovery [2] Group 3: Ecosystem Development - Alibaba Cloud's heterogeneous GPU cloud platform facilitates collaboration among different brands of domestic GPUs, supporting over 100 major projects [2] - ZTE's intelligent computing supernode system enables large-scale high-speed interconnection of domestic GPU cards, supporting training of models with over one trillion parameters [2] - Shanghai AI Laboratory's DeepLink solution allows large-scale mixed training across provinces, optimizing national computing resources [2][3]