Core Insights - ZTE Corporation has filed an international patent application titled "Optical Transmission Network Signal Processing Method, Storage Medium, and Electronic Device" with application number PCT/CN2024/138955, which is set to be published internationally on November 6, 2025 [1]. Group 1: Patent Application - The patent application reflects ZTE's ongoing innovation efforts in the optical transmission network sector [1]. - This is part of a broader trend, as ZTE has announced a total of 941 international patent applications this year, which represents a 12.3% decrease compared to the same period last year [4]. Group 2: R&D Investment - In the first half of 2025, ZTE invested 12.665 billion yuan in research and development, showing a slight decrease of 0.48% year-on-year [4].

专利详情如下： 证券之星消息，根据企查查数据显示中兴通讯（000063）公布了一项国际专利申请，专利名为"差分过 孔结构、焊球阵列封装组件、印刷电路板及通信设备"，专利申请号为PCT/CN2025/083454，国际公布 日为2025年11月6日。 数据来源：企查查 图片来源：世界知识产权组织（WIPO） 今年以来中兴通讯已公布的国际专利申请941个，较去年同期减少了12.3%。结合公司2025年中报财务 数据，今年上半年公司在研发方面投入了126.65亿元，同比减0.48%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Investment Rating - The communication industry is rated as "Overweight" [10] - The communication equipment manufacturing sector is also rated as "Overweight" [10] Core Insights - The communication sector saw a significant increase in holdings, with the top ten funds holding 7.26% of the communication sector, up 3.58 percentage points from the previous quarter, marking the highest quarterly holding ratio since 2019 [2][3] - The sector's overweight ratio increased to 3.36%, up 2.90 percentage points from the previous quarter [3][14] - Key areas of investment include optical modules, liquid cooling, optical chips, and optical fiber cables, while operators, data centers, and Beidou systems saw reduced holdings [3][14] - The TTM price-to-earnings ratio for the communication sector as of November 7, 2025, is 43.62x, which is at the 69.3% historical percentile since early 2011 [3][14] Summary by Sections Market Performance - The communication index rose by 0.92% last week, while the Shanghai Composite Index increased by 1.08% and the Shenzhen Component Index by 0.19% [2][13] Fund Holdings - In Q3 2025, public funds increased their holdings in the communication sector, with significant increases in companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Yingweike, and Yuanjie Technology, with total market value increases of 82.43 billion, 78.93 billion, 9.29 billion, 4.06 billion, and 3.79 billion respectively [3][25] - The top five companies by increase in holdings during Q3 2025 saw stock price increases of 176.8%, 188.0%, 110.8%, 169.2%, and 120.3% respectively [25][26] Key Companies and Recommendations - Recommended companies include Xinyi Sheng, Zhongxing Communication, Ruijie Network, China Mobile, China Telecom, China Unicom, and Hengtong Optoelectronics, all rated as "Buy" [10][58] - The report highlights the potential for AI computing chain investments, particularly in optical modules and related technologies [2][3] Valuation and Future Outlook - The report anticipates continued growth in the AI computing sector, with companies like Xinyi Sheng expected to benefit significantly from the demand for high-speed products [59][62] - Adjustments to profit forecasts for companies like Zhongxing Communication and Ruijie Network reflect a cautious outlook due to market conditions, but long-term growth potential remains [59][62]

据香港交易所披露，贝莱德(BlackRock)对中兴通讯股份有限公司-H股的多头持仓比例于2025年11月5日 从7.3%降至6.73%。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688027 | 園盾量子 | 522.00 | -6.28% | 6.66万 | 34.92 Z | | 688668 | 鼎通科技 | 90.84 | -5.34% | 5.48万 | 5.01亿 | | 300502 | 新易盛 | 336.00 | -3.94% | 47.26万 | 157.70 Z | | 301205 | 联特科技 | 111.21 | -3.46% | 1 7.29万 | 8.08亿 | | 300570 | 太辰光 | 96.94 | -2.88% | 9.95万 | 9.62 G | | 600487 | 亨通光电 | 21.36 | -2.78% | 65.36万 | 14.04亿 | | 600355 | *ST精伦 | 3.20 | -2.74% | 24.81万 | 7946.53万 | | 688592 | 司南导航 | 39.43 | -2.59% | 1.49万 | 5927.60万 | | 600 ...

Summary of Key Points from Conference Call Records Industry Overview - **AI Industry Growth**: The AI industry is experiencing significant growth, particularly among North American tech giants like Google, Microsoft, and Meta, which reported better-than-expected earnings, especially in capital expenditures. These companies are leveraging AI for revenue growth and cost optimization, with Google specifically noting a return on overall investment through AI initiatives [2][17][18]. Company-Specific Insights - **Lumileds Performance**: Lumileds reported earnings that exceeded expectations, with the industry gap widening from 20% to 25%-30%, indicating strong demand in the optical module market [1][2]. - **Storage Industry Trends**: Companies like Western Digital, Micron, and SanDisk reported earnings per share (EPS) that surpassed market expectations, driven by AI data center demand, leading to rising storage prices and creating a second and third wave of market activity [15][40]. - **Domestic Companies**: Domestic firms such as Xuchuang and New Yisheng are also showing strong performance, with optimistic outlooks for the optical communication sector, particularly in 400G and 800G products [2][12][25]. Market Demand and Trends - **Strong Demand for Computing Power**: The domestic computing power market is robust, with companies like Tencent, Alibaba, and ByteDance increasing investments in Kubernetes (K8S) despite GPU shortages. This trend is expected to continue, driven by China's large population base [4][28]. - **AI Application Growth**: Areas such as AI education, customer service, and programming are showing significant growth potential, with domestic companies poised to capitalize on this trend [6]. Future Outlook - **2026 Demand Projections**: The demand for 800G and 1.6T products is expected to rise significantly, with projections for 800G demand increasing from 20 million units to 45-50 million units, and 1.6T demand from 2 million to 20 million units [24]. - **Investment Opportunities**: Companies with high certainty in performance and relatively low valuations, such as Yuanjie Technology and Huamao Technology, are highlighted as potential investment opportunities in the North American computing power supply chain [26][27]. Additional Insights - **Collaboration in Mining and Power Supply**: Recent contracts signed by mining companies with major players like Amazon and Microsoft indicate a growing trend in securing power supply and GPU contracts, which has positively impacted stock prices [10]. - **Technological Advancements**: The transition from training to inference in AI requires a dual focus on Tensor, token, and internet traffic, creating new opportunities for companies in the industry [9]. Conclusion The AI and related industries are poised for significant growth, driven by technological advancements and increasing demand for computing power. Companies that adapt to these trends and invest in the right technologies are likely to see substantial benefits in the coming years.

Core Insights - The "2025 Super Node Data Center Industry Summit and High-Density Data Center Developer Forum" will be held from November 26-28 in Hangzhou, Zhejiang, focusing on topics such as super node data center architecture design, interconnection technology, optical module packaging trends, liquid cooling technology, and high thermal conductivity materials [2] - The forum is expected to attract over 500 industry experts and 40+ speakers from major companies including Nvidia, Huawei, Alibaba Cloud, and China Mobile [2] Group 1: Forum Overview - The event will feature one main conference and two specialized sessions for in-depth discussions [2] - Key topics include innovations in AI chip interconnection protocols and the evolution of super node optical interconnection [3][4] Group 2: Technical Presentations - Presentations will cover high-speed optical interconnection systems for AI clusters and the opportunities and challenges of hollow-core optical fibers in data centers [4][5] - Discussions will also focus on thermal management materials for optical modules and the application of graphene in thermal management [4][5] Group 3: Schedule Highlights - The first day will include keynotes on super node data centers and liquid cooling acceleration plans by Intel [9][10] - The second day will address optical module development and thermal management technologies [11][12] Group 4: Participation and Sponsorship - Various participation formats are available, including theme reports and sponsorship opportunities [16][19] - Registration for the event is priced at 2500 per participant [16]

Core Points - The 2025 World Internet Conference in Wuzhen announced the "Outstanding Contribution Award" winners, recognizing 5 individuals and 14 companies for their contributions to the internet [1][2]. Group 1: Award Winners - The awarded individuals include Robert Kahn, Vint Cerf, Jun Murai, Latifah Cohen, and Qian Hualin, each recognized for their significant contributions to internet technology and development [1]. - The awarded companies are categorized into three types: "Social Contribution," "Innovative Breakthrough," and "Growth Potential" [2][3]. Group 2: Company Categories - Companies recognized in the "Social Contribution" category include Tencent, Lenovo, Qiangna Technology, AgriPredict Solutions, and Arm [3]. - Companies in the "Innovative Breakthrough" category include China Mobile Research Institute, ZTE Corporation, Anheng Information, and Pakistan Mobile Communications [3]. - Companies in the "Growth Potential" category include Li Auto, Yushu Technology, Tianzu Zhixin, Ant Group's Antimi, and Tianyi Cloud [3]. Group 3: Changes from Previous Year - Notable changes from the 2024 awards include Tencent moving from "Innovative Breakthrough" to "Social Contribution," ZTE changing from "Social Contribution" to "Innovative Breakthrough," and Ant Group's Antimi receiving the "Growth Potential" award instead of Ant Group itself [5]. Group 4: Company Statements - Tencent's senior vice president emphasized that "Tech for Good" is ingrained in the company's ethos, focusing on innovation and positive impact [6]. - Ant Group's vice president highlighted the importance of addressing security challenges in data flow during the AI era, indicating a commitment to enhancing technology for large-scale data applications [6].

Core Insights - The event showcased advancements in communication technology, particularly in AI and 5G-A, with international vendors aiming to penetrate the Chinese market while Chinese companies presented their visions for 6G and AI applications [1] Group 1: 6G and Communication Technology - ZTE presented its "6G Space-Ground Integrated" theme, demonstrating key technological breakthroughs in space-ground integrated communication and conducting multiple NTN technology trials with domestic operators and satellite companies [2] - ZTE aims to support the intelligent upgrade of various industries by providing ultra-large bandwidth, low latency, and high reliability through all-optical networks, establishing a solid foundation for connectivity [2] Group 2: Global Computing Network Infrastructure - China Mobile International showcased its global computing network infrastructure centered around "road-station-island," with over 100 submarine and land cable resources and a total international transmission bandwidth of 310T [4] - The company plans to deliver a data center in Hong Kong by early 2026, featuring over 10,000 cabinets and designed to support supercomputing capabilities [6] Group 3: AI and 5G Commercialization - Ericsson and Nokia focused on current market opportunities, with both companies presenting AI-enabled products and solutions at the event [7] - Nokia's wireless private network solutions aim to facilitate rapid deployment and intelligent operations across various scenarios, emphasizing sustainability [7] - Ericsson highlighted the potential for differentiated connectivity driven by AI, which could accelerate 5G commercialization and influence future 6G applications [12]

Core Points - The "2025 Nanshan Badminton Mixed Team Cup" was successfully held, showcasing a unique blend of sports and business networking [1][3] - The event featured teams from 27 listed companies, 2 financial institutions, and 3 government departments, emphasizing the collaborative spirit of Nanshan's business environment [3][4] - Nanshan District is recognized for its high density of listed companies, with 218 currently, benefiting from a favorable business ecosystem [4] Group 1: Event Overview - The event was guided by the Nanshan District People's Government and aimed to enhance interaction among listed companies through badminton [1][3] - Notable companies such as Tencent, ZTE, and Mindray participated, highlighting the competitive and collaborative nature of the local business community [4][6] - The opening ceremony included a performance that creatively combined workplace themes with badminton, promoting a balance between work and health [7] Group 2: Networking Opportunities - The "CEO Coffee Area" provided a relaxed environment for executives to discuss business needs and explore collaboration opportunities without formalities [8][10] - Direct interactions between company executives and government officials facilitated quick responses to business inquiries and policy consultations [10] - The event served as a platform for companies to showcase their latest products and innovations, fostering potential partnerships [12][14] Group 3: Future Prospects - The Nanshan Badminton series will continue with upcoming finals in December, featuring top teams from various categories [14] - The district aims to enhance its service model for businesses, promoting resource connections and addressing industry challenges [17]