Group 1 - The core viewpoint of the report emphasizes that the demand for AI computing power will continue to grow and diversify in 2026, extending from data centers to network edges and even internal terminals [8][13][27] - The report highlights the significant capital expenditure (Capex) growth driven by business revenue, with major cloud service providers like Google, Microsoft, and Amazon showing consistent revenue growth exceeding 20% year-on-year [27][31][35] - The report identifies the increasing importance of silicon photonics technology, particularly the 1.6T optical module, which is expected to maintain accelerated growth and enhance the global market share of domestic optical chips and devices [7][54][70] Group 2 - The report discusses the emergence of new technologies such as Scale-UP supernodes and their impact on optical link demand, indicating that these technologies will drive additional link requirements in 2026 [7][9][66] - It notes that the AI infrastructure is experiencing a high level of prosperity, with significant investments in data centers and AI capabilities expected to continue, particularly in the U.S. [47][49][53] - The report anticipates that the integration of silicon photonics will significantly increase its market penetration, projecting that by 2026, over half of optical module sales will come from silicon photonics solutions [70][75]

Group 1 - The company, Zhongguang Lightning Protection, is a supplier of lightning protection products for major global telecommunications equipment manufacturers such as Ericsson, ZTE, Nokia, and Samsung [1] - The technical reserves for lightning protection products for 5G communication equipment have been validated in the market [1] - The company's revenue in the telecommunications sector for the first half of 2025 is projected to be 111.23 million yuan, representing a year-on-year growth of 12.43% [1] Group 2 - The demand for the telecommunications technology service industry is expected to enter a rapid growth phase due to the ongoing construction of 5G and 6G networks and new infrastructure initiatives [1]

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by more than 10% in the next six months [2][44]. Core Insights - The communication industry index has shown a cumulative increase of 1.61% over the past two weeks (January 9 to January 22), outperforming the CSI 300 index by 1.91 percentage points, ranking 21st among 31 first-level industries [4][11]. - In January, the communication sector has risen by 2.48%, again surpassing the CSI 300 index by 0.45 percentage points [4][11]. - The report highlights a critical period of annual performance forecasts for listed companies, which serves as a key window to validate the growth potential and market conditions of various sectors [4][39]. Industry Performance Review - The communication sector's six sub-sectors have varied performance over the past two weeks, with the highest increase in the SW Communication Application Value-Added Services (+11.59%) and the lowest in SW Communication Terminals and Accessories (-1.64%) [4][15]. - The report notes that the communication industry is entering a phase of technological iteration and policy benefits, with new growth drivers expected from AI, quantum communication, and low-altitude economy [4][39]. Industry News and Company Announcements - IDC predicts that by 2030, AI agents will become a significant part of the global workforce, with a projected increase from approximately 28.6 million active agents in 2025 to 2.216 billion [16]. - China Mobile has established a special office for computing power strategy, marking a new phase in its systematic approach to computing power deployment [17][19]. - The Ministry of Industry and Information Technology reports that AI has penetrated over 70% of business scenarios in leading smart factories [20]. - Tianfu Communication expects a net profit increase of 40%-60% for 2025, driven by the growth in AI and data center construction [23]. - Changxin Bochuang anticipates a net profit increase of 344%-413% for 2025, fueled by demand in cloud computing and AI [24]. Industry Data Updates - As of November 2025, the mobile phone user base reached approximately 1.828 billion, a year-on-year increase of 2.20% [27]. - The internet broadband access user base was about 697 million, reflecting a year-on-year increase of 4.28% [29]. - The length of optical cable lines reached approximately 74.44 million kilometers, with a year-on-year growth of 3.63% [30]. - By November 2025, the total number of 5G base stations reached 4.83 million, with a net increase of 579,000 from the previous year [36]. Investment Recommendations - The report suggests focusing on companies that align with the themes of "technology commercialization, policy catalysis, and earnings certainty," highlighting potential opportunities in the sector [4][39]. - Recommended stocks include China Mobile (600941.SH), China Telecom (601728.SH), ZTE Corporation (000063.SZ), Changfei Optical Fiber (601869.SH), and Weisheng Information (688100.SH) [40][42].

1月23日消息，中兴通讯终端事业部总裁、努比亚技术有限公司总裁倪飞发微博谈#曝20周年iPhone不是 真全面屏#话题时表示，外界一直传闻苹果计划推出屏下摄像真全屏。事实上从2020年开始，中兴就开 始了屏下摄像真全面屏的商用，从中兴Axon20到努比亚Z80 Ultra，已经迭代7代。从突破屏下3D结构 光，到第一代平衡屏幕显示与前置摄像，再到如今Z80 Ultra呈现完美一整块全面屏，前摄近乎隐身，前 置拍照轻松覆盖日常多数场景。 他表示，国产手机在屏下摄像真全面屏的创新探索与商用，早已将苹果远远甩在身后。若iPhone真要等 到2030年才实现商用，那相比国产手机可能就晚了近10年！ 而在近日早些时候，中兴通讯副总裁、努比亚旗舰产品总经理张雷也发微博谈#曝20周年iPhone不是真 全面屏#话题，他表示，全面屏概念炒了这么久，20周年的iPhone还是没兑现？ "全面屏技术的研发需要时间和技术的积累，并不是谁想做就能做出来的。努比亚深耕七代屏下技术， 才有 #努比亚Z80Ultra# 的无挖孔沉浸体验。期待iPhone真的跟进全面屏的那一天。等不及的朋友，可以 看看横扫2025各大榜单的真全面屏Z80U ...

"全面屏技术的研发需要时间和技术的积累，并不是谁想做就能做出来的。努比亚深耕七代屏下技术， 才有 #努比亚Z80Ultra# 的无挖孔沉浸体验。期待iPhone真的跟进全面屏的那一天。等不及的朋友，可以 看看横扫2025各大榜单的真全面屏Z80U。"他说。 1月23日消息，中兴通讯副总裁、努比亚旗舰产品总经理张雷发微博谈#曝20周年iPhone不是真全面屏# 话题，他表示，全面屏概念炒了这么久，20周年的iPhone还是没兑现？ 责任编辑：李思阳 1月23日消息，中兴通讯副总裁、努比亚旗舰产品总经理张雷发微博谈#曝20周年iPhone不是真全面屏# 话题，他表示，全面屏概念炒了这么久，20周年的iPhone还是没兑现？ "全面屏技术的研发需要时间和技术的积累，并不是谁想做就能做出来的。努比亚深耕七代屏下技术， 才有 #努比亚Z80Ultra# 的无挖孔沉浸体验。期待iPhone真的跟进全面屏的那一天。等不及的朋友，可以 看看横扫2025各大榜单的真全面屏Z80U。"他说。 责任编辑：李思阳 ...

Summary of Conference Call Records Company: ZTE Corporation Key Points - ZTE Corporation's self-developed chip capabilities are gaining market attention, with the company possessing the ability to develop core chips such as CPUs, switching chips, inter-card connection chips, and DPUs [1] - In 2026, multiple product iterations are expected to be launched, highlighting ZTE Micro's undervalued core competitiveness [1] - ZTE Micro's chip self-development capabilities are notable, with anticipated releases including a 51.2T switching chip and a 51.2T inter-card connection chip [1][1] - The company's CPU, the Summit chip, is expanding its market share among operators and has achieved mass application with major clients, which is significant [1] - ZTE is also focusing on breakthroughs in AI, particularly in the DPU and GPU sectors [1] Company: Nubia Technology Key Points - Nubia's smartphone division is enhancing its influence with flagship releases such as the Red Magic 11 Pro series and Nubia Z80 Ultra, integrating AI capabilities deeply with the Doubao model [2] - The company has launched the M153, further collaborating with Doubao to incorporate the Doubao mobile assistant, indicating a strong outlook for Nubia in the AI smartphone sector [2] - In the server domain, Nubia is experiencing high growth driven by breakthroughs with internet giants, with computing revenue increasing by 180% year-on-year, accounting for 25% of total revenue [2] - Server and storage revenue grew by 250% year-on-year, while data center product revenue increased by 120% [2] - Nubia's intelligent computing servers have entered the core business scenarios of major domestic internet and financial companies, including Alibaba, Tencent, ByteDance, Baidu, JD.com, Meituan, and Kuaishou [2] - The company is fully integrating AI and expanding its "connection + computing" strategy, with promising developments in the computing + AI terminal field [2] - Nubia is investing in AI direction, building a core competitiveness in "chips + complete machines + modular R&D + AI" [2][3] Additional Insights - Nubia is positioning itself as a rare leading enterprise in the computing field, spanning across "chips," "connectivity," and "terminals," which enhances its market competitiveness [5] - The introduction of intelligent computing supernode systems aims to support the creation of highly efficient large-scale intelligent computing clusters [4]

"拉丁美洲已成为'数字丝绸之路'合作内容最丰富、成果最丰硕的地区之一。"西班牙"中国政策观察"网 站近期刊文表示，在中国数字技术与合作理念的带动下，云计算、5G通信、智慧农业、电子商务等新 兴技术正在拉美加速落地。一条跨越太平洋的"数字丝绸之路"从安第斯山脉延伸至加勒比海海岸，串联 起拉美各国创新发展图景，为中拉全面合作伙伴关系注入强劲动力，为构建中拉命运共同体筑牢数字根 基。 数字基建先行夯实合作底座 在智利首都圣地亚哥，由中国华为公司建设的云数据中心机房里，一排排服务器稳定运转，闪烁的指示 灯有序传递着数据信号。这座数据中心，不仅为智利当地提供优质云服务，更吸引阿根廷、秘鲁等邻国 客户接入。"华为在智利建设公有云，并辐射服务至拉美其他国家，加强和巩固了智利作为拉美区域在 数字化转型、信息基础设施建设中的数字港和领导者地位。"前智利外资委员会主席克里斯蒂安·罗德里 格斯说。 近年来，智利积极推进"数字国家战略"，提出建设南半球数据枢纽的目标，中国企业成为这一进程的重 要合作伙伴。华为在智利接连启动第二、第三个数据中心项目，以云计算、大数据、人工智能等技术助 力该国升级数字基础设施；中兴通讯与西班牙电讯智利公 ...

中欧这盘棋，又起风，欧盟准备下重手，成员国真会点头吗 据报道，欧盟委员会在酝酿一份新提案，把过去那套建议性规则，改成必须执行的硬规定，目标直指中国供应商，电信网络要管，安检设备要管，连太阳能 系统也要管，力度不小吧 如果强行断供应，或者要求换掉现有设备，后果很直白，成本暴涨，项目延缓，绿色转型踩刹车，欧盟嘴上喊要降对中美依赖，追战略自主，但不少人认 为，目前拿不出能落地的替代方案，没有替代就硬脱钩，像不像自废武功 这事能不能推下去，关键不在布鲁塞尔，在柏林马德里巴黎，国家安全一向归成员国管，欧盟委员会这次是在试探主权边界，强制拆设备，不只越线，还直 击财政神经，谁都不想为一纸焦虑掏真金白银 先翻旧账，2020年那份5G网络安全工具箱，说白了就是一套评估方法，怎么用，禁不禁，各国自己拿主意，然后就出现冷热不一的局面，瑞典德国收紧， 西班牙希腊继续用华为中兴，理由很简单，价比高，网更稳 这种碎片化，欧盟的强硬派看着刺眼，结果呢，他们想统一节奏，把自愿改成强制，把建议改成义务，从现在起，一旦在关键基础设施继续用被标记高风险 的中国设备，可能面对欧盟层面的诉讼和罚款，谁来承担账单 从建议到强制，这份提案的靶子不止华为 ...

Group 1 - The global share of China's essential patents for 5G standards has reached 42%, and the first phase of 6G technology trials has been completed, with over 300 key technology reserves formed [2] - The development of 6G technology is entering a critical window, with significant focus on the integration of low-orbit satellite networks and a comprehensive space-ground-sea network [2] - Companies are actively engaging in 6G-related business, with a focus on millimeter-wave technology as a core frequency band for 6G [3] Group 2 - Companies like 创远信科 are upgrading testing technologies and instruments towards higher frequency bands and greater bandwidth, with a focus on terahertz testing and AI communication testing [3] - 昂瑞微 is targeting the U6G frequency band and developing high-performance components, including high-power amplifiers and low-noise amplifiers, to enhance their competitive edge in RF solutions [4] - 紫光股份 is leveraging its strengths in ICT infrastructure to provide comprehensive ICT services for 6G networks, participating in various hardware and software service projects [4] Group 3 - 中兴通讯 has been actively involved in the IMT 2030 (6G) promotion group, contributing to testing and research in key technology areas such as 6G and AI integration [4] - 创远信科 has initiated the second phase of 6G technology trials and is focusing on the application of 6G+AI technology in specific scenarios like satellite internet and smart connected vehicles [5] - 瑞可达 is developing solutions for 6G communication and commercial satellite applications, while 臻镭科技 is positioning itself as a core chip supplier for 6G satellite internet [5]

Group 1 - The core point of the article is that ZTE Corporation reported its total number of shareholders as of January 20, 2026, which stands at 610,003, including 609,717 A-share shareholders and 286 H-share shareholders [1] Group 2 - The breakdown of shareholders indicates a significant majority of A-share holders compared to H-share holders, highlighting the company's stronger presence in the A-share market [1] - The data reflects the company's engagement with its investors through interactive platforms, showcasing transparency and communication [1] - The inclusion of both registered and non-registered shareholders in the H-share count suggests a comprehensive approach to shareholder representation [1]