Core Viewpoint - The company is focusing on enhancing operational efficiency and profitability while continuing to innovate in technology and products, particularly in the fields of smart modules, high-performance modules, edge AI, and robotics. Group 1: Company Performance and Strategy - As of May 30, 2025, the company's stock price closed at 43.15 yuan, down 2.33% from the previous week, with a total market capitalization of 11.297 billion yuan, ranking 28th in the communication equipment sector [1] - The company held a performance briefing on May 26, 2025, to discuss its operational outlook for 2024, emphasizing its commitment to core business focus and efficiency improvement [1] - The company plans to utilize various measures such as cash dividends, share buybacks, and investor relations management to enhance its investment value [1] Group 2: Product Development and Market Position - The company is a leader in the shipment of 5G module products used in smart cockpits and wireless broadband, with ongoing efforts to launch new 5G products and promote their large-scale application [2] - The company is enhancing its supply chain management and cost optimization strategies to address the impact of raw material prices and product structure on gross margins [2][4] - The company aims to leverage its unique features in intelligent and customized products while optimizing supply chain and R&D efficiency to drive profitability [2] Group 3: Industry Outlook - The industry is experiencing rapid development in technology innovation, product iteration, and market capacity, particularly in the fields of 4G/5G wireless communication and intelligent connected vehicles [3][4] - The ongoing migration of AI to edge applications is expected to drive the large-scale deployment of smart and high-performance modules, with increasing demand for high-speed cellular connections and AI applications [2][4]

一、事件：上海MWC 2025MWC上海移动通信大会将于6月18日至20日举办。 MWC是全球移动通信领域最大、最具影响力的展览会之一，每年在巴塞罗那、上海、拉斯维加斯和基加利举行，是 中国乃至亚太区域移动产业向世界展示最新发展成果与发展战略的关键平台。 作为移动通信技术的风向标，MWC汇集了全球通信领域的领先企业、专家、政府部门和决策者，其中与会企业包括 华为、高通、荣耀、诺基亚、小鹏汽车、智谱AI、移动、联通、电信等。 | 星期三 | 星期四 星期五 | | | --- | --- | --- | | 6月18日 | 6月19日 6月20日 | | | 09:00 (CST) | | | | | 主旨演讲 · 09:00 - 11:00 | 人工智能+ 线下大会 | | | 主旨演讲 1 | | | | KERRY HOTEL MWC 主舞台 | | | 11:00 (CST) | | | | GSMA MWC | 主题峰会 · 11:00 - 13:00 | 原能互联 线下大会 | | IoT Summi | 物联网峰会 | | | Wed 18 June 11:00 CST MWC Connected ...

内容概要：通信模组是将基带、射频、电源、存储等芯片与阻容感等电子元器件集成在一起，并配以特 定的封装形式和软件设计，以满足不同应用场景下物联网智能终端设备的联网需求。近些年来，受益于 物联网设备普及、5G商用及政策支持，我国蜂窝通信模组（如5G、NB-IoT）、无线通信模组（Wi-Fi、 蓝牙等）等通信模组核心产品广泛应用于智能家居、工业自动化、车联网及低空经济等新兴领域，市场 应用需求日益增长，推动国内通信模组市场规模呈现加速扩容态势。以蜂窝通信模组市场为例，2024年 我国蜂窝通信模组市场规模已从2020年的174亿元增长至247亿元，年均复合增长率达9.15%；根据市场 预测，至2025年，国内蜂窝通信模组市场规模将达到282亿元，有望达到全国通信模组行业突破至720亿 元。 相关上市企业：乐鑫科技（688018）；利尔达（832149）；美格智能（002881）；日海智能 （002313）；有方科技（688159）；广和通（300638）；移远通信（603236）等 相关企业：中移物联网有限公司；富士康科技集团有限公司；深圳市天工测控技术有限公司等 关键词：产业链；蜂窝通信模组市场规模；竞争格局；重点 ...

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Insights - The commercial closure of the autonomous logistics sector is forming, with policies continuously promoting the industry. Level 4 (L4) autonomous vehicles are on the verge of large-scale deployment in logistics scenarios. As of May 27, Jiushi Intelligent has launched its E-series autonomous logistics vehicle platform, with the first model priced at 19,800 yuan and a subscription service for full self-driving (FSD) at 1,800 yuan per month. Jiushi has delivered over 3,000 units and aims for a total of 10,000 units by the end of the year [3][4] - Cost reductions are aiding the formation of a commercial closure, as autonomous logistics meets the need for cost reduction at the terminal. In 2024, China's express delivery volume is expected to reach 174.5 billion packages, with revenue of 1.4 trillion yuan, reflecting year-on-year growth of 21% and 13%, respectively. The high cost of delivery personnel and low safety in delivery are significant issues. Currently, 80%-90% of autonomous logistics scenarios are concentrated between express delivery points and service stations, covering round-trip distances of approximately 10-30 kilometers, effectively supplementing delivery capacity and reducing overall costs. New Stone's X6 autonomous logistics vehicle can reduce the cost per delivery by 50% [4] - Central and local policies are driving the industry forward, with legislative measures being implemented to standardize development. In June 2024, thirteen ministries jointly issued a document supporting the large-scale application of new energy autonomous delivery vehicles. The Ministry of Transport's "Implementation Opinions on Artificial Intelligence + Transportation" has completed the consultation process and will be expedited for release. Additionally, the number of cities with road rights licenses has increased from 30 in 2023 to 93 in 2024 [4] Summary by Sections Autonomous Driving in Passenger Vehicles - The impact of autonomous driving in passenger vehicles is expanding, with a high feasibility for commercializing L4 in limited scenarios. According to NE Era New Energy data, the penetration rate of Level 2 (L2) and above autonomous driving exceeded 60% from January to March 2025, while L2++ and above reached 16.8%. The maturity of the supply chain and scale effects are leading to cost reductions in core components such as LiDAR and domain controllers [5] - The rapid iteration of autonomous driving algorithms and their validation in real-world scenarios are facilitating the application of these technologies in other commercial fields, particularly in limited areas such as ports, industrial parks, and express delivery branches. The feasibility of technology in these scenarios reduces labor costs and promotes commercialization [5] - Various players can benefit from L4 in limited scenarios, with technology providers being a core segment. Many players are already involved, and component manufacturers are expected to share in the industry benefits, achieving both performance and valuation improvements. Specific operational players in unique scenarios can leverage their understanding to enhance efficiency and reduce costs, securing a position in the market. Recommended companies include XPeng Motors, Changan Automobile, BYD, Great Wall Motors, Desay SV, and others [5]

Group 1: Financial Performance and Market Position - The company reported a significant increase in profits in Q1 2025, despite a declining stock market over the past ten days [2] - The company is focusing on core business areas and enhancing operational efficiency to improve profitability [2][4] - The gross profit margin has been affected by product structure, exchange rate fluctuations, and raw material prices [4][7] Group 2: Cost Management Strategies - Major cost components include raw material procurement and R&D personnel salaries [4] - The company plans to strengthen supply chain management and optimize costs through strategic inventory management and automation investments [4][5] - Continuous efforts will be made to enhance production efficiency and reduce costs [4][7] Group 3: Future Growth Drivers - The migration of AI to edge devices is expected to drive the large-scale deployment of intelligent and high-performance modules [7] - There is a growing demand for high-speed cellular connections and AI in core industries [7] - The company aims to leverage its unique intelligent and customized product offerings to enhance profitability [7] Group 4: Market Expansion and Product Development - The company is actively developing new 5G products and integrating AI technology to enhance product offerings [3] - The penetration rate of 5G communication modules is expected to continue increasing across various sectors [3] - The company is committed to expanding its market share in the 5G communication module sector [3]

上周（5月19日~23日）堪称港交所IPO（首次公开募股）市场的"黄金周"。 《每日经济新闻》记者梳理发现，共有8家公司在上周递表港交所，其中，5月23日一天就有4家。 2025年4月递表港交所的企业数量达到近4年来高点后，A股上市公司赴港上市热情持续升温，包括韦尔 股份（SH603501，股价128.82元，市值1568亿元）在内的4家A股公司在上周首次披露拟赴港IPO。 此外，宁德时代（SZ300750，股价255.90元，市值1.17万亿元）和恒瑞医药（SH600276，股价53.35 元，市值3523亿元）两大巨头登陆港交所，直接将港交所重新送回了年内IPO募资额全球第一的宝座。 出现1天内4家公司递表 港交所官网显示，5月23日有4家公司递表港交所，分别为科望医药、乐自天成、华曦达和福瑞泰克。上 周递表港交所的公司数量总共达到8家，其他4家公司为三一重工、聚水潭集团、快驴科技和富卫集团。 记者注意到，科望医药曾在2021年向美国证监会提交了上市申请文件，但在2022年撤回上述申请。2024 年6月，科望医药曾递表港交所，但随后也失效。招股书显示，科望医药是一家处于临床阶段的生物医 药公司，致力于全球 ...

Core Insights - Meige Intelligent (002881) collaborates with Agassi to launch the second-generation intelligent plant protection robot by Weitian Technology [1] - The robot is equipped with Meige Intelligent's high-performance AI module SNM970, developed on the QCS8550 platform, featuring 48 TOPS computing power [1] - The module's high NPU, CPU, and GPU integrated computing power enables complete automation in agricultural unmanned driving and field management operations [1]

行业报告 | 行业研究周报 博通发布单通道 200G 能力的第三代 CPO 方案 通信 证券研究报告 Oracle 将采购 40 万枚英伟达 GB200 芯片，博通发布单通道 200G CPO 方案 博通宣布在光电合封 CPO 领域的重大进展，推出第三代 200G/lane 的 CPO 方案， 并表示第二代 100G/lane 产品和生态系统已经成熟，重点强调了 OSAT 工艺、散热 设计、操作流程、光纤布线和整体良率的关键改进。 本周行业动态： 本周投资观点： Oracle 将采购 40 万枚英伟达 GB200 芯片 Oracle 计划投资约 400 亿美元购买 Nvidia 最新的高性能芯片，用于支持 OpenAI 在 美国的新数据中心建设。Oracle 将采购约 40 万枚 Nvidia 最新的 GB200 芯片，该数 据中心预计将于明年年中全面投入运营，Oracle 已同意签署 15 年的租赁协议。 OpenAI、Oracle 和 Nvidia 还参与了中东地区的 Stargate 项目，计划在阿联酋建设 一个新的大型 AI 数据中心。 由于外部政治环境动荡扰动，市场整体情绪较为低落，但我们仍然看好 ...

通信 证券研究报告 通信赋能机器人在 AI 浪潮下茁壮生长，产业链星辰大海 机器人市场规模持续扩大，25 年有望成为量产元年 随着人工智能和机器人技术的飞速进步，机器人产业正在迅速渗透多个领 域，市场空间稳步增长。根据国际机器人联合会（IFR）的数据，2024 年全 球工业机器人市场预计将达到 230 亿美元；中国市场也持续增长，2024 年 产量将突破 55 万台，同比增长 29.53%。全球人形机器人市场预计从 2023 年的 21.6 亿美元增至 2029 年的 206 亿美元，年复合增长率 57%。 海内外多领域大厂入局，机器人或成为 AI 重要落地方向 行业报告 | 行业专题研究 Figure AI、优必选、宇树科技等初创企业不断迭代产品，特斯拉、英伟达、 OpenAI、小鹏、华为等跨界巨头积极布局，2024 年人形机器人行业融资超 64 亿美元。多模态大模型赋予机器人环境理解和任务规划能力，推动其在 工业制造、医疗护理、家庭服务和仓储物流等场景加速落地。未来 5-10 年， 具身机器人有望从辅助角色到逐步承担危险、高强度任务，成为 AI 的重要 终端，开启规模化应用时代。 上游核心零部件技术突破， ...

Core Viewpoint - The company has announced its 2024 annual profit distribution plan, which includes a cash dividend of 1.30 yuan per 10 shares (tax included) to all shareholders, with no stock dividends or capital reserve transfers [1][2]. Summary by Sections Shareholder Meeting Approval - The profit distribution plan was approved at the shareholder meeting held on May 19, 2025, with the base for distribution calculated after deducting shares held in the company's repurchase account [1][2]. Profit Distribution Plan - The profit distribution plan specifies a cash dividend of 1.30 yuan per 10 shares (tax included) for all shareholders, excluding shares held in the repurchase account [2][3]. - The actual cash dividend for different types of shareholders varies, with specific tax treatments for QFII, RQFII, and individual investors based on their holding periods [2]. Key Dates - The record date for the profit distribution is set for May 29, 2025, and the ex-dividend date is May 30, 2025 [2][3]. Distribution Method - Cash dividends will be directly credited to shareholders' accounts through their securities companies or other custodians [3]. Ex-Dividend Price Calculation - The ex-dividend price will be adjusted based on the cash dividend distribution, calculated as 1.295998 yuan per 10 shares [4][5]. Adjustment of Stock Options - Following the profit distribution, the company will adjust the exercise price of stock options in accordance with relevant regulations and will disclose further details in future announcements [5].