Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][6]. Core Insights - The overall market performance for the week (April 21-25, 2025) saw the Shanghai Composite Index rise by 0.56%, the Shenzhen Component Index by 1.38%, and the ChiNext Index by 1.74%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 1.32% [2][11]. - Within the telecommunications sub-sectors, communication network equipment and devices had the highest increase at 5.62%, while communication application value-added services experienced the largest decline at 3.52% [2][14]. - Notable individual stock performances included Shijia Photon with a rise of 66.54%, Wuhan Fanggu with 28.87%, and Xinyi Sheng with 22.22% [2][16]. Summary by Sections Market Overview - The telecommunications sector is experiencing a high level of prosperity, with AI, 5.5G, and satellite communications driving growth. The report highlights a positive market trend with an overall increase in the telecommunications index [2][11]. Fund Holdings - In Q1 2025, the proportion of active equity public funds' holdings in the telecommunications sector decreased to 3.92%. The main areas of increased investment were in IDC and operators related to AI and dividends [3][18][21]. Suggested Focus Areas 1. **Computing Power Industry Chain**: The report emphasizes the importance of domestic computing power and supporting communication equipment, especially in light of significant policy risks and a focus on domestic demand [4]. 2. **Satellite Internet**: A strategic cooperation agreement was signed between Shanghai Yuanxin Satellite Technology Co., Ltd. and Thailand's National Telecom, indicating ongoing advancements in satellite communications [4][27]. Company Announcements - Key announcements from the telecommunications sector for the week include earnings reports from various companies, with notable figures such as ZTE Corporation reporting a revenue of 32.968 billion yuan for Q1 2025, reflecting a year-on-year increase of 7.82% [29][30].

Core Viewpoint - The radio frequency power amplifier market is experiencing unprecedented growth driven by advancements in wireless communication technologies such as 5G, IoT, and autonomous driving, with a projected market size of $6.254 billion in 2024 and expected to reach $9.976 billion by 2031, reflecting a compound annual growth rate (CAGR) of 6.90% [1][13]. Industry Overview - Radio frequency power amplifiers are essential electronic devices that amplify input RF signals to higher power levels, crucial for wireless communication, radar, and satellite communication [3]. - The operational principle involves key steps: signal input and matching, signal amplification, and output matching and load driving [3]. Market Dynamics - The market is segmented into linear power amplifiers and switch-type power amplifiers, with linear amplifiers having high frequency but narrow bandwidth, while switch-type amplifiers offer high efficiency and output power but lower linearity [5]. - The demand for RF power amplifiers is significantly driven by the increasing number of 5G base stations, with an expected construction of 4.251 million base stations in China by 2024, an increase of 874,000 from the previous year [11]. Industry Chain - The RF power amplifier industry chain includes upstream suppliers of EDA software, substrate materials, and packaging materials, midstream manufacturers of RF power amplifiers, and downstream manufacturers or operators in mobile terminals, communication base stations, IoT devices, and military radar [7]. Substrate Materials - Common substrates for RF power amplifiers include Si, GaAs, and GaN, with GaAs being the mainstream substrate due to its superior performance in mobile terminals and micro base stations [9]. - The global GaAs substrate market was approximately $200 million in 2019 and is projected to reach $348 million by 2025, with a CAGR of 9.67% [9]. Competitive Landscape - The RF power amplifier market is primarily dominated by American companies such as Skyworks, Qorvo, and Broadcom, while domestic companies in China are gaining competitive advantages through better understanding of local markets and cost control [15]. - Key domestic players include Weijie Chuangxin, Shenzhen Feixiang Technology, Guangzhou Huizhiwei Electronics, and Jiangsu Zhuosheng Microelectronics [15][16]. Company Performance - Weijie Chuangxin reported a revenue of 854 million yuan for its RF power amplifier modules in the first half of 2024, a year-on-year increase of 7.14% [16]. - Guangzhou Huizhiwei Electronics achieved a revenue of 384 million yuan in the first three quarters of 2024, a year-on-year decrease of 3.59%, with a net loss of 298 million yuan [18]. Future Trends - The industry is expected to pursue higher power density, efficiency, and linearity to meet the demands of complex communication environments, with a trend towards miniaturization and integration of RF power amplifiers [20]. - The integration of artificial intelligence technologies is anticipated to enable smart and adaptive RF power amplifiers that optimize power output, gain, and linearity in real-time [20].

Market News - The three major US stock indices closed mixed, with the Dow Jones up 0.28%, S&P 500 up 0.06%, and Nasdaq down 0.1% [1] - International crude oil futures settled down 1.5%, with WTI crude oil futures for June down 1.54% at $62.05 per barrel, and Brent crude down 1.51% at $65.86 per barrel [1] - COMEX gold futures rose 1.83% to $3358.9 per ounce, while COMEX silver futures increased by 0.21% to $33.08 per ounce [1] - European stock indices showed positive performance, with the Euro Stoxx 50 up 0.50%, FTSE 100 up 0.22%, CAC 40 up 0.50%, and DAX 30 up 0.18% [1] Industry Insights Robotics Sector - ZTE Corporation is entering the companion robot market, planning to launch home robot products that provide emotional value and safety [2] - The "Tina" humanoid robot, developed in collaboration with Sichuan Tianlian, was showcased and is aimed at B-end applications, featuring language understanding and motion decision capabilities [2] AI Large Models - Alibaba Cloud has open-sourced the Qwen3 series models, which have gained significant attention on GitHub, with the flagship model outperforming well-known industry models in various benchmarks [4] - The introduction of mixed thinking modes and enhanced reasoning capabilities in the Qwen3 series is expected to drive rapid development in the AI industry [4] Brain-Computer Interface - The Chinese Academy of Sciences has developed a flexible microelectrode implantation robot, CyberSense, which has passed preliminary acceptance tests, aiding brain-computer interface research [5] - The National Healthcare Security Administration has initiated guidelines for pricing new neurotechnology, paving the way for clinical applications of brain-computer interfaces [6] Autonomous Driving - The Ministry of Industry and Information Technology has released key points for automotive standardization by 2025, focusing on enhancing standards for intelligent connected vehicles [7] - The penetration rate of new energy passenger vehicles has exceeded 50% for five consecutive months, indicating a significant market shift towards intelligent driving technologies [8]

尽管人形机器人、大消费等主题可能在短期内难以改变这一趋势，但其背后的主要逻辑有三点： 各位投资者朋友，请注意以下信息： 今年的投资热点已经清晰显现——算力将成为下半年最为突出的主导趋势！ 据机构预测，未来五年，我国算力服务中心市场预计将以18.9%的复合年增长率持续增长，预计到2027年， 市场规模将达到3075亿元人民币。 3. 中央汇金巨额资金入场，三大行业巨头蓄势待涨 作为依托于央行和财政部的顶尖国家队，中央汇金每次介入市场总能引发重大行情。2015年，它果断介入 泸州老窖，股价随即飙升10倍；2017年，它精准介入长春高新，股价从百元水平攀升至最高680元；今年深 圳华强更是连续16个涨停板！ 1. 政策大力支持，推动国产算力的迅速发展 我国高度重视人工智能在推动现代化产业体系中的关键作用，并从国家层面发布了多项政策，以支持算力 基础设施的建设。 2. 在市场和需求的共同推动下，算力市场正迎来前所未有的扩张 在政策和需求的共同推动下，预计到2025年，算力行业将迎来黄金发展期。 以下三家行业龙头值得特别关注： 第一家企业，中兴通讯： 在通信领域深耕细作，积极推动全国一体化算力网络国家枢纽节点的建设，中 ...

Group 1: AI Companion Robots - ZTE Corporation is entering the AI companion robot market, planning to launch home robots that provide emotional value and safety protection [1] - The global companion robot market is projected to grow from 75 billion yuan in 2023 to 304.3 billion yuan by 2029, with a CAGR of 25.56% from 2024 to 2029 [1] Group 2: Instrumentation and Equipment - Tektronix announced a price adjustment due to rising tariffs and component costs, effective from April 27 [2] - Domestic substitution in the instrumentation sector is accelerating, with only 15.2% of analytical instruments and 37.7% of general electrical measurement instruments being domestically produced [2] Group 3: Data Elements - The National Data Bureau has released 70 demonstration scenarios for public data utilization, aiming to enhance data supply and empower industry development [3] - Key tasks include establishing data property rights, efficient data circulation systems, and fair data revenue distribution [3] Group 4: Commercial Aerospace - The Shenzhou-20 manned spacecraft successfully docked with the Tiangong space station, marking a significant milestone in China's space history [4] - The 2025 China Aerospace Conference showcased various aerospace companies and their core products, including models of rockets and commercial space stations [4] Group 5: Low-Code Development - DeepSeek's new model, DeepSeek R2, is set to launch in early May, expected to reduce costs by 97% compared to GPT-4 [5] - The model will enhance low-code development, with predictions that 70% of enterprise applications will be based on low-code platforms in the next five years [5] Group 6: Controlled Nuclear Fusion - China's "Xuanlong-50U" spherical hydrogen-boron fusion device achieved a breakthrough by generating high-temperature, high-density plasma currents [6] - Hydrogen-boron fusion is gaining attention for its clean fuel source and potential for commercialization [6] Group 7: Brain-Computer Interfaces - The Chinese Academy of Sciences has developed a flexible microelectrode implantation robot, CyberSense, which has passed pre-acceptance tests [7] - This technology supports brain-computer interface research and brain science studies [7]

Group 1: Smartphone Market - Xiaomi has regained the top position in the Chinese smartphone market after ten years, with a shipment of 13.3 million units and a market share of 18.6%, representing a year-on-year growth of 39.9% [2] - Huawei shipped 11.2 million units with a market share of 15.7%, showing a year-on-year increase of 10% [2] - Apple experienced a decline, shipping 9.8 million units and a market share of 13.7%, down 10% year-on-year [2] Group 2: Corporate Developments - Apple is restructuring its teams, moving its robotics team to the hardware department, indicating dissatisfaction with its AI and machine learning leadership [3] - Cyberspace Group has submitted an application for listing on the Hong Kong Stock Exchange, with joint sponsors being CICC and China Galaxy International [4] - Warner Pharmaceuticals has received approval for its bismuth potassium citrate granules, which will enhance its market competitiveness [12] Group 3: Financial Performance - CICC reported a net profit of 2.042 billion yuan for Q1, a year-on-year increase of 64.85%, with revenues of 5.721 billion yuan, up 47.69% [9] - WuXi AppTec achieved a net profit of 3.672 billion yuan in Q1, marking a year-on-year growth of over 89% [10] - Shanghai Pharmaceuticals reported a net profit of 1.333 billion yuan in Q1, down 13.56% year-on-year [11] Group 4: Consumer Goods - Lao Feng Xiang reported a net profit of 613 million yuan in Q1, a decrease of 23.55% year-on-year, with revenues of 17.521 billion yuan, down 31.64% [13] - Three squirrels reported a net profit of 239 million yuan in Q1, a decline of 22.46% year-on-year, with revenues of 3.723 billion yuan, up 2.13% [16] Group 5: New Initiatives - China Petroleum & Chemical Corporation has commenced construction on a 30,000-ton carbon fiber project, expected to be completed by 2027, supporting the new materials industry [22][23] - ZTE is entering the companion robot market, planning to launch products focused on security monitoring and emotional companionship [6] Group 6: Market Trends - TikTok is implementing new regulations to combat malicious marketing accounts, introducing a health score mechanism for accounts [8] - The dining reservation volume for the upcoming holiday has surged, with Haidilao receiving over 25,000 reservations for the first day of the holiday [15]

Group 1 - The core viewpoint is that ZTE Corporation is entering the companion robot market, planning to launch home robot products focused on security monitoring and emotional companionship [1] Group 2 - ZTE's Vice President and General Manager of Wired Product Market, Hu Junjie, announced the company's strategic move into the companion robot sector [1] - The product direction includes features such as safety monitoring and emotional support [1]

Investment Rating - The report maintains an "Overweight" rating for the communication sector and its sub-sectors, including telecommunications operators and data centers [9]. Core Insights - The communication sector's fund holdings decreased to 2.32% in Q1 2025, down 1.06 percentage points from the previous quarter, indicating a shift from overweight to underweight status [2][3]. - The report highlights a positive outlook for telecommunications operators, AI computing chains, and new productivity sectors such as commercial aerospace, low-altitude economy, and deep-sea technology [2][3]. - The TTM P/E ratio for the communication sector as of April 25, 2025, is 29.33x, which is at the 5.90% historical percentile since early 2011 [3][14]. Summary by Sections Market Overview - The communication index rose by 1.32% last week, outperforming the Shanghai Composite Index (0.56%) and the Shenzhen Component Index (1.38%) [2][13]. - Public funds have increased their holdings in data centers, operators, and offshore wind sectors while reducing positions in optical modules and wireless devices [3][14]. Key Companies and Dynamics - Recommended companies include ZTE Corporation, Zhongji Xuchuang, Xinyi Technology, Tianfu Communication, Taicheng Light, and WanGuo Data for AI computing chains [4]. - Core asset value reassessment is suggested for China Mobile, China Telecom, and China Unicom, while Les Information is highlighted for new productivity sectors [4]. Fund Holdings and Changes - The top five companies in terms of fund holdings in Q1 2025 are Xinyi Technology, Zhongji Xuchuang, China Mobile, ZTE Corporation, and China Telecom, with total market values of 120.33 billion, 103.64 billion, 73.51 billion, 49.16 billion, and 36.46 billion respectively [25][26]. - The report notes significant increases in holdings for companies like Aofei Data and Runze Technology, with respective increases of 11.89 billion and 10.94 billion in market value [24]. Sector Trends - The report emphasizes the ongoing development of 5G technology and its applications, including the successful demonstration of 5G NR broadcasting in Hainan [28]. - The establishment of high-speed data centers, such as the China Mobile Yangtze River Delta data center, is noted as a significant investment in infrastructure [35].

Group 1 - China has become the world's largest holder of artificial intelligence patents, accounting for 60% of the total [2] - The National Intellectual Property Administration is advancing the innovation of intellectual property systems in the AI field and plans to establish new protection rules for AI and big data [2] - The report from the World Intellectual Property Organization highlights the positive momentum in China's AI development [2] Group 2 - Manus AI, a Chinese startup, has raised $75 million in a new funding round led by Benchmark, increasing its valuation to nearly $500 million [3] - The company plans to expand its services into markets including the US, Japan, and the Middle East with the new funds [3] Group 3 - iFlytek reported a revenue of 4.658 billion yuan for Q1 2025, a year-on-year increase of 27.74%, with net profit growth of 35.68% [6] - The company's non-net profit increased by 48.29%, and operating cash flow rose by 48.54% [6] Group 4 - ByteDance's Agent product "Kouzi Space" has entered internal testing, focusing on solving complex work tasks with multiple expert agents [4] - The product is driven by domestic models and integrates various tools to enhance task-solving capabilities [4] Group 5 - Shenzhen University has officially established an Artificial Intelligence College, collaborating with Tencent Cloud to build an industry academy [9] - The college includes a research team of approximately 80 members, including two academicians from the Chinese Academy of Sciences [9] Group 6 - Lenovo and Xinhua Union Culture, along with Hanshe Culture Group, have launched China's first intelligent agent for the cultural tourism industry [10] - The intelligent agent is based on large models and aims to enhance operational management and industry empowerment [10] Group 7 - Ant Group has established two operational centers in Guangzhou, focusing on digital finance and cross-border payment [11] - The centers are part of a strategic cooperation agreement with the Guangzhou municipal government [11] Group 8 - Alibaba has announced the cancellation of the "refund only" policy across multiple e-commerce platforms, marking a significant shift in consumer rights [13] - This change aims to balance merchant rights protection with consumer experience improvement [13] Group 9 - Huawei has officially launched its high-speed L3 commercial solution, preparing for the commercial capabilities of L3 by 2025 [14] - The company emphasizes the challenges of transitioning from L2 to L3 automation [14] Group 10 - Tencent Cloud has introduced a cabin-side large model that provides precise Q&A services for driving behavior and vehicle operation [15] - This model is designed to enhance user experience in the automotive sector [15] Group 11 - Yandex has launched a new generation AI in-car platform tailored for the Russian-speaking market, featuring smart voice interaction [16] - The platform has already gained over 70 million monthly active users in Russia [16] Group 12 - ZTE Corporation reported a net profit decline of 10.5% year-on-year for Q1 2025, despite a revenue increase of 7.82% [20] - The company's revenue reached 32.968 billion yuan [20] Group 13 - The first humanoid robot half marathon concluded in Beijing, with the top three companies being clients of Feishu [7] - These companies utilized AI products for management and efficiency improvements [7] Group 14 - The establishment of the Greater Bay Area (Dongguan) AI Alliance aims to enhance AI development and application scenarios by 2027 [26] - The alliance includes major tech companies and aims to utilize over 10,000 P of intelligent computing power [26] Group 15 - The launch of the "Deep Small Note" application in Shenzhen allows users to apply for business licenses using AI [27] - This marks a significant step towards fully intelligent government service applications [27] Group 16 - OceanBase has announced a comprehensive entry into the AI era, appointing its CTO as the head of AI strategy [57] - The company aims to build a data foundation for the AI era [57]

2024年，中兴通讯5G基站与核心网连续第五年全球发货量位居第二、国产智算服务器实现规模发货； 太辰光多个光密集连接产品实现技术突破；广和通让机器视觉、语音交互等能力在模组级产品中实 现"轻量化落地" ◎记者时娜徐潇潇 5G标准必要专利声明量全球领先，空芯光纤、高速光电模块器件研制取得新进展，万兆光网启动试 点，低空智联网、星间及星地通信等加快建设应用，自研AI大模型多项能力实现升级……2024年以 来，我国通信行业关键领域创新持续取得突破，深市通信企业成为其中的重要贡献者。 从通信元器件到智算新基建，聚焦"连接+算力+AI"，深市通信企业全面助力全球构建万物互联的智能 世界。2024年，中兴通讯5G基站与核心网连续第五年全球发货量位居第二、国产智算服务器实现规模 发货；太辰光多个光密集连接产品实现技术突破；广和通让机器视觉、语音交互等能力在模组级产品中 实现"轻量化落地"。 夯实数字经济通信"底座" 资本市场助力通信龙头抢抓机遇 深交所通过多元化的资本市场工具和创新服务生态，为中兴通讯、广和通、太辰光等通信龙头企业筑路 数字经济、赋能各行各业智能化升级、竞逐AI与算力新赛道提供了强大助力。 2020年，中兴 ...