Core Insights - The report highlights the emerging opportunities in the low Earth orbit (LEO) satellite communication sector, particularly following the MWC 2025 event in Shanghai, which showcased advancements in ground infrastructure for satellite internet [5][6] - The report emphasizes the maturation of the NTN (Non-Terrestrial Network) industry chain and the expected acceleration in ground infrastructure development, driven by upcoming commercial trials of LEO satellite systems [5][6] Industry Commentary: Communication - The MWC 2025 event has spotlighted the LEO satellite internet, presenting at least three catalysts for investment opportunities in this sector [5] - The next-generation LEO constellation design is nearing maturity, with domestic projects like Qianfan, State Grid, Hongyan, and Tianqi starting to form, indicating a shift towards a mainstream NTN network architecture [5] - Major players in the 5G equipment sector, such as Huawei, ZTE, and FiberHome, are expected to benefit significantly from this transition, particularly in baseband, routing, and antenna technologies [5] - The report notes that the upcoming commercial trials of LEO satellite systems will likely lead to increased demand for ground infrastructure, including gateway station projects and related components [5][6] Investment Highlights - The AMD Helios cabinet design is set to compete with the Rubin NVL144 supernode cabinet, indicating a trend towards higher bandwidth and more efficient networking solutions [6] - The Mi400 Helios cabinet is expected to integrate 72 Mi400 GPUs, requiring extensive copper cabling and high-density connectors, which suggests a sustained demand for high-speed copper and optical modules in the coming years [6] Market Overview - The report provides a snapshot of the market performance, noting that the overall market saw mixed results, with the Shenwan Communication Index rising by 1.58% while major indices like the Shanghai Composite Index and Shenzhen Component Index experienced declines [8] - Specific sectors such as optical modules and optical cables saw significant weekly gains, indicating strong investor interest in these areas [8] Regulatory Developments: Non-Bank Financial Sector - The report discusses the introduction of the "1+6" policy measures for the Sci-Tech Innovation Board, aimed at optimizing the classification and evaluation of securities firms, which is expected to enhance the financial service ecosystem for technology innovation [9][10] - The new regulations are designed to support high-quality development and encourage differentiated operations among securities firms, fostering a competitive landscape [10]

Group 1 - The three major indices showed mixed performance on June 26, with the AI ETF (512930) reaching a peak increase of over 1% during the day, closing up 0.44% with a trading volume exceeding 60 million [1] - Notable stocks within the AI ETF included Zhongke Shuguang and Xinyi Sheng, both rising over 5%, while other companies like Stone Technology, Qi Anxin-U, and others also saw significant gains [1] - Nvidia's stock surged over 4%, reaching a new all-time high with a market capitalization of $3.77 trillion, making it the highest-valued company globally. Nvidia reported a 69% year-on-year revenue growth in its latest earnings report, with data center business increasing by 73% [1] Group 2 - The AI ETF (512930) closely tracks the CSI Artificial Intelligence Theme Index, which selects representative companies that provide foundational resources, technology, and application support for AI [2] - The Consumer Electronics ETF (561600) tracks the CSI Consumer Electronics Theme Index, selecting 50 listed companies involved in component production and brand design within the consumer electronics sector [2] - Guojin Securities emphasizes the importance of focusing on the semiconductor self-control industry, core hardware for computing power, the Apple supply chain, and AI-driven industry chains, highlighting opportunities in AI smart glasses and related components [2]

Group 1 - The global AI leader's stock price reached a new high, driven by overseas computing power sentiment, leading to significant gains in A-share computing hardware stocks [1] - The Huabao ETF (159363), which tracks the largest and most liquid index in the A-share AI sector, saw a rapid increase, with an intraday price rise of 1.67% and a trading volume exceeding 60 million CNY [1] - Nvidia's stock rose over 4%, reaching a market capitalization of 3.77 trillion USD, reaffirming its position as the world's most valuable company, which reflects positively on A-share investments [1][3] Group 2 - North American computing power upgrades are focused on higher bandwidth (1.6T optical modules/CPO), better connectivity (copper cables/AEC), and more efficient DCI (coherent optics/hollow core fibers), creating new opportunities in the industry [3] - Domestic computing power is expected to recover gradually with the shipment of special chips from Nvidia, driven by high demand and improved supply quality, indicating a potential turning point for the IDC industry [3] - The outlook for the second half of 2025 suggests sustained growth in both North American and domestic computing power sectors, with AI applications expected to accelerate deployment [3] Group 3 - The first AI ETF in the A-share market, Huabao (159363), is recommended for investors to efficiently capture AI thematic trends, focusing on computing hardware, software, and applications [4] - The ETF strategy includes investments in leading companies in optical modules, cloud computing, and AI applications, positioning it as a key player in the AI infrastructure market [4]

Group 1 - The A-share market is led by sectors such as telecommunications, electronics, and computing, with active concepts including lithium battery electrolytes and solid-state batteries [1] - Nvidia's stock surged 4.3% to $154.31, reaching a market capitalization of $3.77 trillion, surpassing Microsoft as the world's largest company [1] - Nvidia's CEO highlighted the significant opportunities in AI and robotics, indicating a growing global demand for "sovereign AI" and marking the beginning of a decade-long AI infrastructure development wave [1] Group 2 - The Cloud Computing 50 ETF (516630) tracks an index with a high AI computing content, covering popular concepts such as optical modules, data storage, and liquid cooling [2] - The Cloud Computing 50 ETF has the lowest total fee rate for tracking the index [2]

Group 1 - The core viewpoint is that China's AI industry is rapidly developing, with 433 large models registered and online as of June 18, indicating a new wave of technological advancement [1] - The AI ETF by FuGuo (fund code: 159246) is being launched to provide investors with an efficient tool to capture opportunities in the AI sector, closely tracking the ChiNext AI Index [1] - The ChiNext AI Index consists of 50 companies involved in AI-related fields, showcasing a balanced market capitalization distribution that reflects the ecological development and gradient growth of the AI industry [1] Group 2 - The ChiNext AI Index covers the entire AI industry chain, with major concentrations in communication (37.5%) and computer (36.6%) sectors, along with representation in electronics (11.9%), media (10.5%), and defense (3.4%) [2] - The index's top ten constituent stocks include leading companies in optical modules, which can respond to market demands in both domestic and international contexts [2] - The ChiNext AI Index has outperformed mainstream broad-based indices, with one-year and three-year cumulative returns of 37.55% and 93.39%, respectively, significantly exceeding the returns of the CSI 300 Index and other comparable indices [2] Group 3 - The profitability of the AI industry is improving, with the weighted average net profit of the index constituents expected to reach 48.70% in 2024, indicating that over half of the companies are now profitable [3] - The index's price-to-book ratio is 5.25, positioned at the 53.33 percentile of the past decade, suggesting room for further investment [3] - The AI sector is viewed as a key investment theme by institutions, and the FuGuo AI ETF is expected to be a convenient tool for investors looking to enter the AI market [3] Group 4 - The management team of FuGuo Fund has over 16 years of experience in quantitative investment, led by Dr. Li Xiaowei, with a team of over 20 research and investment professionals [3]

成都新易盛通信技术股份有限公司 关于高级管理人员、监事减持计划实施完毕的公告 公司高级管理人员陈巍先生、王诚先生，监事张智强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。 成都新易盛通信技术股份有限公司（以下简称"公司"或"本公司"）于 2025 年 4 月 3 日在巨潮资讯网（www.cninfo.com.cn）披露了《关于高级管理人 员、监事减持计划的预披露公告》（公告编号：2025-008），公司高级管理人员 陈巍先生计划在发布减持预披露公告之日起十五个交易日后的三个月内以集中 竞价交易方式减持本公司股份不超过 47,000 股，（占公司总股本比例 0.007%）， 高级管理人员王诚先生计划在发布减持预披露公告之日起十五个交易日后的三 个月内以集中竞价交易方式减持本公司股份不超过 19,000 股（占公司总股本比 例 0.003%），监事张智强先生计划在发布减持预披露公告之日起十五个交易日 后的三个月内以集中竞价交易方式减持本公司股份不超过 15,000 股（占公司总 股本比例 0.002%）。 ...

Group 1 - The AIGC, Kimi, optical module CPO, and ChatGPT AI concepts are experiencing a short-term pullback, with the ChiNext AI ETF (159381) dropping over 1.7% as of 10:44 AM, led by declines in stocks such as Zhongwen Online, Wanxing Technology, Chuangyi Information, and Dongtu Technology, with Xinyisheng falling over 2% [1] - Open Source Securities suggests that the short-term pullback may present a low-position layout opportunity, as the acceleration of AI large model iterations is enhancing reasoning performance and optimizing reasoning costs, which is expected to boost the practicality of AIGC technology and accelerate its application in industries like education, coding, and gaming [1] - The demand for reasoning computing power is anticipated to increase as user engagement rises, alongside the ongoing implementation of AI video calls and AI online gaming, which will drive the demand for AIDC resources and edge computing resources in major cities, thereby stimulating the domestic AI computing power industry chain [1] Group 2 - The ChiNext AI ETF (159381) tracks the ChiNext AI Index, selecting AI-focused companies listed on the ChiNext board, with a daily price fluctuation limit of ±20% [2] - The fund has a management fee rate of 0.15% and a custody fee rate of 0.05%, making its overall fee rate the lowest among comparable funds [2] - The index covers the entire AI industry chain, focusing on hardware, software, and applications, with a significant emphasis on leading companies in communication equipment and optical modules, where the optical module CPO concept stocks account for over 26.6% of the index [2] - The top five constituent stocks include leading optical module companies Xinyisheng, Zhongji Xuchuang, and Tianfu Communication, along with other industry leaders such as Beijing Junzheng, Quanzhi Technology, Softcom Power, Guanghuan New Network, Wangsu Technology, and Shenxinfeng [2]

Core Insights - As of June 17, the total market financing balance reached 1.82 trillion yuan, an increase of 5.27 billion yuan from the previous trading day [1] - A total of 1,732 stocks received net financing purchases, with 316 stocks having net purchases exceeding 10 million yuan, and 42 stocks exceeding 50 million yuan [1] - China Ping An topped the list with a net purchase of 316 million yuan, followed by Hengrui Medicine and New Yisheng with net purchases of 196 million yuan and 153 million yuan, respectively [1] Financing Balance and Stock Performance - The financing balance in the Shanghai market was 919.99 billion yuan, increasing by 3.70 billion yuan, while the Shenzhen market's balance was 889.87 billion yuan, up by 1.68 billion yuan [1] - The North Exchange saw a decrease in financing balance to 5.46 billion yuan, down by 112 million yuan [1] - The average financing balance as a percentage of circulating market value for stocks with significant net purchases was 4.69% [2] Sector Analysis - The sectors with the highest concentration of stocks receiving net purchases over 50 million yuan included electronics, pharmaceuticals, and computers, with 10, 6, and 5 stocks, respectively [1] - Among the top net purchases, the financial sector, pharmaceuticals, and electronics were prominent, with notable stocks like China Ping An and Hengrui Medicine leading the way [2][3] Individual Stock Highlights - The stock with the highest financing balance relative to its circulating market value was Suzhou Tianmai, with a financing balance of 309 million yuan, accounting for 13.30% of its market value [2] - Other stocks with high financing balance percentages included Zhongying Electronics (9.92%), Hanyu Pharmaceutical (9.12%), and Maigemi (8.37%) [2] - The top net purchases on June 17 included China Ping An (-0.17% change), Hengrui Medicine (-3.57% change), and New Yisheng (0.39% change) [2][3]

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [10]. Core Insights - The communication sector experienced a decline of 0.55% in the 24th week of 2025, ranking 18th among major industries in the Yangtze River region. Year-to-date, the sector has increased by 1.32%, also ranking 18th [2][5]. - Oracle's cloud revenue for FY25Q4 reached $6.7 billion, a year-on-year increase of 27%. The IaaS revenue surpassed $10 billion for the first time, growing by 52% [6]. - The launch of the Doubao model 1.6 enhances the capabilities and cost-effectiveness of AI agents, facilitating their large-scale application in complex business scenarios [7]. - The current valuation of the communication sector is at historical lows, presenting a high cost-performance ratio for investors [2]. Summary by Sections Market Performance - In the 24th week of 2025, the communication sector fell by 0.55%, with notable stock performances including Tianfu Communication (+13.8%) and Zhongji Xuchuang (+12.6%). The worst performers included Erli San (-10.1%) and Aofei Data (-8.9%) [5]. Oracle's Cloud Business - Oracle's FY25Q4 revenue was $15.9 billion, an 11% increase year-on-year, with cloud revenue at $6.7 billion, up 27%. IaaS revenue grew to $3 billion, a 52% increase, while SaaS revenue reached $3.7 billion, an 11% increase [6]. AI and Doubao Model - The Doubao model 1.6, launched by ByteDance, supports 256K context and features multi-modal understanding, significantly reducing application costs. The average daily token usage exceeded 16.4 trillion, a 137-fold increase since its initial release [7]. Investment Recommendations - Recommended stocks include China Mobile, China Telecom, and China Unicom in the operator category. For optical modules, Zhongji Xuchuang and Xinyi Sheng are highlighted, while for domestic computing, Fenghuo Communication and Huafeng Technology are recommended [8].

Group 1 - The popularity of stablecoins is rising, with a resonance between the digital currency and AI industry chains [1] - The AI ETF (515070) has seen significant gains, with stocks like NewEase rising over 5%, and other tech stocks such as Zhongji Xuchuang, Guangxun Technology, and Shenzhou Taiyue also experiencing increases [1] - Meta AI has launched its first generative video editing feature, allowing users to make intelligent changes to clothing, scenes, and lighting with over 50 preset AI prompts, currently available in more than ten countries [1] Group 2 - China International Capital Corporation (CICC) believes that domestic large models are approaching international standards in key areas such as multimodal capabilities and inference efficiency, with a focus on companies that can commercialize these technological advantages [1] - The industry is entering an "application verification period," with high-value sectors like healthcare and finance becoming the main battlegrounds for competition, where technical barriers and industry know-how are crucial for long-term advantages [1] - The AI ETF (515070) tracks the CS AI Theme Index (930713), selecting component stocks that provide technology, basic resources, and applications for AI, focusing on the midstream and upstream of the AI industry chain [1] Group 3 - The top ten weighted stocks in the AI ETF include leading domestic tech companies such as Cambricon Technologies, Hikvision, Zhongji Xuchuang, Zhongke Shuguang, iFlytek, Weir Shares, NewEase, Lanke Technology, Kingsoft, and Unisplendour [1]