行业报告 | 行业研究周报 通信 证券研究报告 英伟达一季报超预期，AI 产业持续向好 本周行业动态： DeepSeek 宣布 R1 小版本试升级：实测编程能力已达到国际一线水平 近日，DeepSeek 在官方交流群中发布通知：DeepSeek R1 模型已完成小版本试升 级，欢迎前往官方网页、App、小程序测试，API 接口和使用方式保持不变。有人 实测了开源 R1 最新 0528 版本，其编程能力已达到国际一线水平。此外，无论是 网页生成、小游戏制作，还是复杂的绘图板 Bug 修复、图片画廊灯箱效果，R1 新 版都展现了极强的代码生成、理解和修正能力，部分任务表现优于 Claude 4。 NVIDIA 发布 2026 财年第一季度财务报告 NVIDIA 发布一季报，第一季度收入为 441 亿美元，较上一季度增长 12%，较去年 同期增长 69%。NVIDIA 对 2026 财年第二季度的展望：收入预计将达 450 亿美元， 上下浮动 2%。GAAP 和非 GAAP 毛利率预计分别为 71.8%和 72.0%，上下浮动 50 个 基准点，公司正持续优化毛利率，力争今年末将毛利率提升至 70%区间中位水平。 ...

证券研究报告 | 2025年06月02日 通信行业 2025 年 6 月投资策略 优于大市 高速光模块景气度持续，商业航天发展加速 （2）中长期视角，三大运营商经营稳健，分红比例持续提升，高股息价值 凸显，建议长期持续配置三大运营商。 6 月投资推荐组合：中国移动、天孚通信、华工科技、广和通。 风险提示：宏观经济波动、AI 发展不及预期、中美贸易摩擦等环境变化。 重点公司盈利预测及投资评级 | 公司 | 公司 | 投资 | 昨收盘 | 总市值 | EPS | | PE | | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | （元） | （亿元） | 2024A | 2025E | 2024A 2025E | | 600941.SH | 中国移动 | 优于大市 | 116.83 | 25221 | 6.45 | 6.75 | 18.33 17.26 | | 300308.SZ | 中际旭创 | 优于大市 | 93.55 | 1038 | 4.72 | 8.08 | 26.74 12.70 | | 000063.SZ | 中兴通讯 ...

证券研究报告 | 行业周报 gszqdatemark 2025 06 02 年 月 日 通信 谷歌的 AI 一体化——"硬件、大模型、应用生态"三体一体 市场预期差——与其内耗"杀手级应用何时诞生"，不如聚焦确定性高、 布局完善的科技巨头。在 AI 浪潮席卷全球的当下，市场亟需明确一个 核心问题：AI 投入如何实现商业回报？我们认为，与其频繁追问"杀 手级应用何时落地"，不如聚焦于具备完整 AI 战略闭环的科技龙头， Google 作为全球少数具备"AI 基础硬件+大模型+终端应用群"全面 布局的科技巨头，正逐步验证其 AI 战略的可行性与商业化路径。 基础财务数据验证 AI 驱动增长，云业务引领商业化突破。25Q1 总营收 902.3 亿美元（YoY +12%），净利润 345 亿美元（YoY +46%），营业 利润率 33.9%；其中，谷歌云营收 123 亿美元（YoY +28%），增速领 跑全业务，25 年初至 25Q1 期末 Vertex AI Studio 和 Gemini API 的活 跃用户数量增长了超过 200%；广告业务 AI Overview 功能覆盖 15 亿 月活用户，使用 Deman ...

Core Viewpoint - Zhongji Xuchuang (300308) has shown a positive price movement, closing at 93.55 yuan, a 1.83% increase from the previous week, with a total market capitalization of 103.758 billion yuan, ranking 2nd in the communication equipment sector and 130th in the A-share market [1]. Trading Information Summary - On May 28, Zhongji Xuchuang recorded two block trades, with institutions net selling 29.6384 million yuan [1][5]. Shareholder Changes - Due to the completion of the second phase of the restricted stock incentive plan, the total share capital of Zhongji Xuchuang increased to 1,109,117,734 shares. The combined shareholding of Zhongji Holdings and its concerted parties was diluted to 17.992%, exceeding the 1% integer multiple [2][5]. Company Announcement Summary - The company announced the results of the fourth vesting period of the second phase of the restricted stock incentive plan, with 3,857,770 shares vesting on May 27, 2025, accounting for 0.35% of the total share capital. The net profit for 2024 was reported at 5.559 billion yuan, meeting performance assessment criteria [3][5].

Group 1 - The core viewpoint of the news is that the China Securities Index for Growth Enterprises (000939) has shown mixed performance, with a recent increase of 1.48% over the past month but a decline of 3.72% over the last three months, and a year-to-date increase of 0.26% [1] - The index consists of 300 listed companies that are characterized by strong external financing needs, growth potential, and low valuation, providing investors with a diversified investment option [1] - The index was established on December 13, 2013, with a base point of 1000.0 [1] Group 2 - The top ten weighted companies in the index include BYD (6.32%), Midea Group (5.44%), Gree Electric Appliances (4.3%), Luxshare Precision (3.18%), Huichuan Technology (2.93%), Sany Heavy Industry (2.31%), SF Express (2.3%), Fuyao Glass (1.92%), Zhongji Xuchuang (1.74%), and Industrial Fulian (1.56%) [1] - The market capitalization distribution of the index shows that 66.55% of the holdings are from the Shenzhen Stock Exchange, while 33.45% are from the Shanghai Stock Exchange [1] Group 3 - The industry composition of the index includes Consumer Discretionary (26.98%), Industrials (23.03%), Information Technology (16.10%), Materials (11.03%), Healthcare (8.54%), Consumer Staples (6.12%), Communication Services (5.33%), Energy (1.38%), Utilities (0.96%), and Financials (0.52%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, and companies that are delisted or undergo mergers, acquisitions, or splits will be handled according to the maintenance guidelines [2]

公开信息显示，信创ETF（562570）跟踪中证信息技术应用创新产业指数。该指数聚焦新质生产力，布 局自主可控头部公司，覆盖人工智能、数据算力、工业软件、信息安全等前沿科创产业。 （文章来源：每日经济新闻） 海通国际认为，华大九天拥有全球客户近700家，且重点客户在所属领域具有技术代表性和先进性，与 公司的合作在业内产生了较强的示范效应，且公司市场份额稳居本土EDA企业首位。眼下公司已实现 对模拟电路设计全流程工具的覆盖，支持5nm、14nm、28nm等先进制程，技术达到国际领先水平， 2024年公司在技术领域推出版图寄生参数分析工具ADA等多项EDA工具实现新突破；同时公司拟收购 产业链公司，有望补足剩余EDA产业链条，多方位提升公司整体竞争力。 本周海光信息、中科曙光宣布战略重组，中证信创指数与该事件相关度较高。目前。海光信息、中科曙 光分别是该指数第1、第7大权重股，合计权重超10.2%。信创ETF（562570）为跟踪该指数规模最大的 ETF。 5月29日早盘，EDA、消费电子代工、一体化压铸、智能驾驶、光模块CPO等概念指数开盘后活跃。近 期备受资金关注的信创ETF（562570）一度涨超2%，持仓 ...

5月29日，卫星ETF（159206）早盘活跃，截至10：00上涨1.52%，成分股新易盛涨超5%，航宇微、中际旭创、信维通 信、上海瀚讯、中海达、星网宇达等跟涨。 此外，来自中国科学院空天信息创新研究院的科研人员，日前成功开展新型星地通信地面技术的实验，实现X频段单 通道最高每秒2100兆比特的通信速度，将微波通信码速率提升了75%。这是目前国内X频段单通道星地通信的最高速 度。 华西证券指出，当前卫星互联网发展势头迅猛，星座常态化发射，实现通信容量增大，时延降低，同时有望看到手机 宽带直连卫星与低轨卫星网联智能驾驶系统的相关应用快速落地。 基金有风险，投资需谨慎。本文所包含的分析基于各种假设，不同假设可能导致分析结果出现重大不同。在任何情况 下，本文中的信息或所表述的意见并不构成对任何人的投资建议。 | 序号 | 代码 | 名称 | 涨跌幅 ▼ | 成交量 | | | --- | --- | --- | --- | --- | --- | | 1 | 300502 | 新易盛 | 5.85% | 3034万 | 26.72亿 | | 2 | 300053 | 航宇微 | 4.44% | 1580万 | 1 ...

Group 1 - The market opened with fluctuations, with the technology growth sector rebounding after a pullback, particularly the AI ETF (515070) which saw significant gains in its holdings such as Zhongji Xuchuang and notable increases in stocks like Xinyisheng and Chip Origin [1] - The Shanghai Municipal Development and Reform Commission, along with other departments, issued a three-year action plan (2025-2027) to accelerate the development of the rehabilitation assistive devices industry, emphasizing the integration of AI and other technologies in this field [1] - The plan aims to implement 10 key technology development projects and support at least 5 products in elderly care technology by 2027, encouraging enterprises to apply for national-level projects [1] Group 2 - The AI ETF (515070) tracks the CS Artificial Intelligence Theme Index (930713), focusing on companies that provide technology, resources, and applications in the AI sector, often referred to as the "brain" creators of robots and the "ground" of the Internet of Everything [2] - The top ten weighted stocks in the ETF include leading domestic technology firms such as Cambricon Technologies, Hikvision, Zhongji Xuchuang, and others [2] Group 3 - Related products include the AI ETF (515070), China Securities Artificial Intelligence Theme ETF Link A (008585), and China Securities Artificial Intelligence Theme ETF Link C (008586) [3]

证券代码：300308 证券简称：中际旭创 公告编号：2025-066 中际旭创股份有限公司 关于控股股东及其一致行动人持股比例被动稀释 超过 1%整数倍的公告 公司控股股东山东中际投资控股有限公司及其一致行动人王伟修先生、王晓东 先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述 或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 中际旭创股份有限公司（以下简称"公司"或"中际旭创"）于 2025 年 5 月 27 日收到控股股东山东中际投资控股有限公司（以下简称"中际控股"）及其一致行动 人王伟修先生、王晓东先生的通知，因公司股权激励股份行权中际控股及其一致行动 人合计持股比例被动稀释超过 1%整数倍，现将相关情况公告如下： | 1、基本情况 | | | | --- | --- | --- | | 信息披露义务人 | | 山东中际投资控股有限公司 | | 住所 | | 烟台龙口市诸由观镇北 | | 一致行动人（1） | | 王伟修 | | 住所 | | 山东省龙口市诸由观镇丛林街****** | | 一致行动人（2） | | 王晓东 | | 住所 | | ...

Core Viewpoint - The China Securities 5G Communication Theme Index has shown a decline in performance over the past three months and year-to-date, despite a slight increase in the past month [2]. Group 1: Index Performance - The China Securities 5G Communication Theme Index decreased by 1.75% to 849.03 points, with a trading volume of 30.387 billion yuan [1]. - Over the past month, the index has increased by 2.63%, but it has decreased by 19.80% over the past three months and 11.06% year-to-date [2]. Group 2: Index Composition - The index includes companies related to 5G construction and applications, reflecting the overall performance of listed companies in the 5G communication theme [2]. - The top ten weighted companies in the index are: Luxshare Precision (8.42%), ZTE Corporation (7.19%), Zhongji Xuchuang (5.82%), Xinyi Technology (5.72%), Zhaoyi Innovation (5.4%), Industrial Fulian (5.28%), Unisplendour (3.95%), GoerTek (3.67%), AVIC Optoelectronics (3.55%), and Sanan Optoelectronics (3.18%) [2]. Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shenzhen Stock Exchange (73.70%) and the Shanghai Stock Exchange (26.30%) [2]. - In terms of industry composition, Information Technology accounts for 54.49%, Communication Services for 39.59%, Industry for 3.86%, and Consumer Discretionary for 2.07% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Public funds tracking the 5G communication theme include: Huaxia CSI 5G Communication Theme ETF Connect A, Huaxia CSI 5G Communication Theme ETF Connect C, Yinhua CSI 5G Communication Theme ETF Connect A, Yinhua CSI 5G Communication Theme ETF Connect C, Yinhua CSI 5G Communication Theme ETF, and Huaxia CSI 5G Communication Theme ETF [3].