Investment Rating - The report maintains a "Buy" rating for the communication industry and related companies [9][54]. Core Insights - The communication sector saw an 8.70% increase in the index last week, significantly outperforming the Shanghai Composite Index and Shenzhen Component Index, which rose by 1.40% and 3.56% respectively [2][13]. - Domestic computing power is expanding rapidly, with Alibaba's cloud revenue for FY2Q26 reaching 39.824 billion yuan, a year-on-year increase of 34%, exceeding Bloomberg's consensus forecast [3][14]. - The DeepSeek open-source model, DeepSeek-Math-V2, has shown significant improvements in mathematical reasoning capabilities, outperforming other models in various benchmarks [19][20]. - Beijing plans to establish a large-scale data center system in the 700-800 km dawn-dusk orbit, aiming to transfer substantial AI computing power to space [19][20]. Summary by Sections Domestic Computing Power - Alibaba's cloud revenue growth is driven by strong customer demand, with orders increasing faster than server deployment [3][14]. - The company may increase its previously announced investment of 380 billion yuan due to high demand [3][14]. - The DeepSeek-Math-V2 model has achieved near 99% accuracy in basic benchmarks, indicating a significant advancement in AI capabilities [19][20]. Space Computing Power - Beijing's initiative to build a data center in space aims to support large-scale AI computing [19][20]. - The project is structured in three phases, focusing on technological breakthroughs and cost reduction from 2025 to 2035 [19][20]. - The initiative is expected to create a new industry chain integrating reusable rockets, computing constellations, and data applications [19][20]. Recommended Companies - The report recommends several companies within the communication sector, including ZTE Corporation, Ruijie Networks, and Alibaba, highlighting their potential in the AI computing chain and core asset value reassessment [4][54][55]. - Specific target prices and investment ratings for these companies are provided, indicating a positive outlook for their performance [54][55].

12月1日，字节跳动向第一财经表示，豆包团队发布豆包手机助手技术预览版，是在豆包APP基础上与手机厂商在操作系统层面合作的AI助手软件。豆包目 前正与多家手机厂商洽谈助手合作，并没有自己开发手机的计划。目前官方披露的手机合作厂商只有中兴手机。截至发稿，中兴通讯(000063.SZ)股价涨 6.84%。 ...

人民财讯12月1日电，据中兴通讯（000063）消息，目前，搭载豆包手机助手技术预览版的工程样机努 比亚M153少量发售。 ...

Group 1 - ZTE Corporation's stock increased by 5.3% to 44.32 CNY per share, with a trading volume of 4.469 billion CNY and a turnover rate of 2.57%, resulting in a total market capitalization of 212.006 billion CNY [1] - ZTE Corporation, established on November 11, 1997, and listed on November 18, 1997, is located in Shenzhen, Guangdong Province, and primarily engages in the sale of electronic and communication equipment components [1] - The revenue composition of ZTE Corporation is as follows: 49.00% from carrier networks, 26.91% from government and enterprise business, and 24.09% from consumer business [1] Group 2 - According to data, one fund under Puyin Ansheng holds ZTE Corporation as a top ten heavy stock, with the Puyin Ansheng Anhong Return One-Year Holding Mixed A Fund (015012) holding 11,400 shares, accounting for 0.55% of the fund's net value, ranking as the seventh largest heavy stock [2] - The Puyin Ansheng Anhong Return One-Year Holding Mixed A Fund was established on March 2, 2022, with a latest scale of 78.0173 million CNY, yielding a return of 4.45% this year, ranking 6803 out of 8199 in its category [2] - The fund has a one-year return of 5.49%, ranking 6788 out of 8131, and has incurred a loss of 1.6% since its inception [2] Group 3 - The fund managers of Puyin Ansheng Anhong Return One-Year Holding Mixed A Fund are Chu Yanhui and Zhao Nan, with Chu having a cumulative tenure of 11 years and 162 days, managing a total fund size of 634 million CNY, achieving a best fund return of 172.9% during his tenure [3] - Zhao Nan has a cumulative tenure of 4 years and 270 days, managing a total fund size of 13 million CNY, with a best fund return of 5.7% during his tenure [3]

（文章来源：第一财经） 12月1日，字节跳动向第一财经表示，豆包团队发布豆包手机助手技术预览版，是在豆包APP基础上与 手机厂商在操作系统层面合作的AI助手软件。豆包目前正与多家手机厂商洽谈助手合作，并没有自己 开发手机的计划。目前官方披露的手机合作厂商只有中兴手机。截至发稿，中兴通讯（000063.SZ）股 价涨6.84%。 ...

消息面上，据划重点KeyPoints独家报道称，从供应链等多方了解到，字节跳动和中兴通讯合作的AI手 机即将在12月初发布。其中，字节主导豆包大模型的植入与AI交互功能定义，中兴则主导硬件定义、 产品设计和生产制造。报道指出，知情人士透露，相比目前主流AI手机，这款手机在字节和中兴努比 亚团队的深度合作下，对硬件层、软件层、甚至操作系统层，都进行了更深入的整合和重构，这被定义 为一款"AI 原生手机"（AI Native Phone）。 华创证券此前研报曾指出，中兴通讯已在硬件设计、研发及生产等当面积累了深厚的技术底蕴，而豆包 大模型等AI技术作为系统级的能力其在手机中的应用亦可极大的拓宽AI模型的应用边界，从而在更多 应用场景下完成落地，建议关注相关手机研发进展及相关增量为中兴通讯等合作方带来的市值弹性空 间。 中兴通讯（000063）(00763)涨超7%，截至发稿，涨7.07%，报33.64港元，成交额7.65亿港元。 ...

华创证券此前研报曾指出，中兴通讯已在硬件设计、研发及生产等当面积累了深厚的技术底蕴，而豆包 大模型等AI技术作为系统级的能力其在手机中的应用亦可极大的拓宽AI模型的应用边界，从而在更多 应用场景下完成落地，建议关注相关手机研发进展及相关增量为中兴通讯等合作方带来的市值弹性空 间。 智通财经APP获悉，中兴通讯(00763)涨超7%，截至发稿，涨7.07%，报33.64港元，成交额7.65亿港元。 消息面上，据划重点KeyPoints独家报道称，从供应链等多方了解到，字节跳动和中兴通讯合作的AI手 机即将在12月初发布。其中，字节主导豆包大模型的植入与AI交互功能定义，中兴则主导硬件定义、 产品设计和生产制造。报道指出，知情人士透露，相比目前主流AI手机，这款手机在字节和中兴努比 亚团队的深度合作下，对硬件层、软件层、甚至操作系统层，都进行了更深入的整合和重构，这被定义 为一款"AI 原生手机"（AI Native Phone）。 ...

Core Insights - ByteDance and ZTE are collaborating to launch the Doubao AI phone in December, marking ByteDance's first foray into the smartphone market, which is seen as a revolutionary AI smart entry rather than a simple smartphone upgrade [1] - The Doubao phone is expected to create significant growth opportunities in the consumer electronics sector, akin to the "Seres" model in the automotive industry [1] Group 1: Product and Technology - ByteDance is implementing a "big model + super application + hardware" closed-loop strategy, leveraging its self-developed large model capabilities, its own super app ecosystem, and a vast global user base [2] - The Doubao phone will feature deep AI integration, allowing it to perform complex tasks through voice commands, such as booking flights and organizing meeting notes, thus acting as a personal intelligent assistant [2][3] - The device aims to create a seamless ecosystem across various devices, breaking down barriers between smartphones, wearables, tablets, and smart home devices [2] Group 2: Market Impact and Partnerships - ZTE is positioned to benefit significantly from this collaboration, potentially revitalizing its smartphone brand by integrating ByteDance's AI ambitions into the Doubao phone [4] - Kexiang Co., Ltd. is also a major beneficiary, deeply integrated into ByteDance's ecosystem through its supply chain partnerships with ZTE and other key players [5] - Kexiang is positioned to meet the increasing demand for high-density, high-frequency, and lightweight PCB solutions driven by the AI phone's requirements [7]

上周品牌工程指数多只成分股表现强势。具体来说，兆易创新上涨11.23%，排在涨幅榜首位；中际旭 创上涨10.88%，居次席；北方华创、中兴通讯涨逾10%；阳光电源、安集科技涨逾8%；丸美生物和安 琪酵母分别上涨7.89%和5.40%；我武生物、迈瑞医疗、国瓷材料、恒瑞医药、澜起科技涨逾4%；广联 达、紫光股份、恒生电子、豪威集团、以岭药业、长电科技涨逾3%；老板电器、信立泰、泰格医药、 华谊集团、盾安环境等多只成分股涨逾2%。 □本报记者 王宇露 上周市场反弹，中证新华社民族品牌工程指数上涨2.08%，报1978.41点。兆易创新、中际旭创、北方华 创等成分股上周表现强势；下半年以来，中际旭创、阳光电源、兆易创新等成分股涨幅居前。 展望后市，机构认为，短期不确定性因素减少，下行风险释放较为充分，后续股市可能表现为震荡修 复。从中长期视角看，此轮大行情的基础并未发生改变。 多只成分股表现强势 上周市场反弹，上证指数上涨1.40%，深证成指上涨3.56%，创业板指上涨4.54%，沪深300指数上涨 1.64%，品牌工程指数上涨2.08%，报1978.41点。 从中长期视角看，星石投资认为，此轮大行情的基础并未发生 ...

Core Insights - The mobile industry is entering a new chapter with the upcoming release of an AI-native phone developed by ByteDance and ZTE, set to launch in early December [1][2] - This phone features a high-permission AI agent that integrates deeply with hardware, software, and the operating system, offering a significantly enhanced user experience compared to current AI smartphones [1][4] - The first generation of this AI phone has a production volume of approximately 30,000 units, with a second generation already in the planning stages for release in the first half of next year [1][2] Group 1: Industry Dynamics - The AI phone is positioned as a key player in the evolving landscape of mobile technology, with 2024 being regarded as the "year of AI phones" and expectations for killer AI applications by 2026 [4][5] - The competitive landscape for AI phones is emerging in three tiers: pioneers (Honor, OPPO, Huawei), ecosystem collaborators (Xiaomi, Vivo), and cross-industry entrants (ByteDance, ZTE Nubia) [4][5] - ByteDance's entry into the mobile market introduces new variables, leveraging its strengths in recommendation algorithms and natural language processing to potentially redefine user interaction from "clicking icons" to "intent recognition" [5][6] Group 2: Strategic Partnerships - ByteDance's collaboration with ZTE Nubia allows for a comprehensive approach to hardware design and manufacturing, addressing ByteDance's previous shortcomings in hardware implementation [2][3] - The AI phone project is part of ByteDance's broader strategy to explore new user interface interactions and enhance its AI hardware capabilities, with the Ocean team responsible for multiple AI device developments [2][3] - ZTE has the opportunity to reshape its hardware and software capabilities through this partnership, potentially positioning itself among the top-tier brands in the AI era [5][7] Group 3: Future Outlook - The AI-native phone represents a culmination of ByteDance's efforts to establish a full-stack AI ecosystem, integrating computing power, model capabilities, applications, and hardware [3][6] - The collaboration signifies a shift in strategy for ByteDance, moving from merely being an app developer to a player in the hardware space, aiming to control the entry points of AI technology [6][7] - Both ByteDance and ZTE face challenges in the early stages of AI phone development, but they also share significant opportunities for growth and innovation in the market [7]