丨证券研究报告丨 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信周观点：算力硬件满载扩产，AI 模型 SOTA 投资升温 报告要点 [Table_Summary] 2026 年第 6-7 周，通信板块上涨 2.35%，在长江一级行业中排名第 6 位；2026 年年初以来， 通信板块上涨 0.44%，在长江一级行业中排名第 27 位。 Tower 硅光收入翻倍、1.6T 需求高 增，产能与扩产计划上调并获预付款锁定，硅光模块持续渗透。Vertiv 订单及在手量创新高， 出货比升至 2.9 倍。字节 Seedance 2.0 生成可用率行业领先，谷歌 Gemini 3.1 pro 屠榜， Anthropic 年化收入 140 亿美元高速增长。OpenAI 至 2030 年累计算力支出超 6000 亿美元并 上调收入预测。AI 模型进展顺利，算力基础设施景气度持续向上，坚定看好算力主线。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通 ...

证券日报网讯2月24日，亿联网络（300628）在互动平台回答投资者提问时表示，截至2026年2月13日持 有公司股份人数(已合并)为40117户。 ...

Core Insights - Fujian's economy is characterized by a vibrant private sector, high degree of outward orientation, and strong industrial resilience, with notable companies like CATL and Fuyao Glass leading the market [1] - The recent ESG-V rating by Jinan Jinxin highlights the transformation of market advantages into sustainable governance and long-term value for Fujian companies [1] ESG-V Rating Overview - Three companies, Ruixin Microelectronics, Yilian Network, and Gibit, achieved the highest AAA rating, representing the leading tier in Fujian's ESG-V landscape [2] - These AAA-rated companies are concentrated in the technology and digital economy sectors, indicating that long-term capital recognition is awarded to firms that integrate technological advantages with governance and value realization [2] Value Realization in Manufacturing - The AA tier includes a diverse range of companies from sectors such as power batteries, automotive parts, biomedicine, and food consumption, showcasing strong value realization capabilities [3] - Notable companies like CATL and Fuyao Glass demonstrate robust profitability and clear capital return structures, making them attractive investment opportunities [3] Social Responsibility as a Core Value - High ratings in the social dimension (S) are a common highlight among Fujian-listed companies, reflecting a deep-rooted "Min business culture" that emphasizes reputation, employee care, and community support [4] - This cultural foundation has evolved into a modern social responsibility management system, leading to superior performance in employee rights, product quality, and data privacy [4] Environmental Performance and Green Transition - Fujian companies excel in governance (G) and value (V) dimensions, but environmental (E) performance shows significant variation [5] - Companies with resource-intensive operations, such as Zijin Mining and Xiamen Tungsten, face challenges in meeting environmental standards, while firms in the environmental sector, like Longjing Environmental Protection, are emerging as leaders [5] Investment Implications - The ESG-V rankings reveal that social responsibility translates into trust premiums, which are crucial for building brand loyalty and stable cash flows [6] - Strong governance structures are essential for navigating market fluctuations, while environmental performance will increasingly differentiate competitive advantages in the future [7] - The challenge for Fujian lies in balancing excellence across all ESG dimensions to achieve sustainable development without sacrificing business efficiency [7]

Core Viewpoint - The article highlights the increasing trend of cash dividends among listed companies in the Shenzhen market, with a significant rise in the number of companies distributing dividends and the total amount of cash dividends paid out, reflecting a positive outlook on corporate performance and a commitment to returning value to shareholders [3][4]. Summary by Sections Dividend Distribution Trends - Since December 2025, nearly 120 companies in the Shenzhen market have implemented profit distributions, totaling over 37.5 billion yuan in cash dividends [3]. - In 2025, the total cash dividends distributed by Shenzhen companies reached 547.56 billion yuan, marking the second consecutive year exceeding 500 billion yuan [3]. - During the "14th Five-Year Plan" period, the total cash dividends from Shenzhen companies surpassed 2 trillion yuan, indicating a growing ecosystem of companies willing to distribute dividends regularly [3]. Corporate Performance - As of January 31, 2026, 1,714 out of 2,866 Shenzhen companies pre-disclosed their 2025 operating performance, accounting for 59.39% of the total number of companies and 48.48% of market capitalization [3]. - Nearly 60% of these companies reported improved performance, with a combined net profit of 82.01 billion yuan, an increase of 155.67 billion yuan year-on-year [3]. - Among the top 100 companies by market capitalization in Shenzhen, 40 companies pre-disclosed their 2025 performance, all of which are expected to be profitable, with anticipated growth exceeding 60% [3]. Notable Companies and Their Dividends - Lixun Precision (002475.SZ) announced a cash dividend of 1.6 yuan per 10 shares, totaling approximately 1.165 billion yuan, with a projected net profit for 2025 between 16.518 billion yuan and 17.186 billion yuan, reflecting a year-on-year growth of 23.59% to 28.59% [5]. - Tianshan Aluminum (002532.SZ) implemented a cash dividend of 1 yuan per 10 shares, totaling about 459 million yuan, with a commitment to a minimum cash dividend of 50% of the net profit attributable to shareholders for 2025, up from 41% in 2024 [5]. - Yilian Network (300628.SZ) distributed a cash dividend of 5 yuan per 10 shares, amounting to 633 million yuan, maintaining a high dividend payout ratio of over 50% of its net profit [6]. - GoerTek (002241.SZ) distributed a cash dividend of 1.5 yuan per 10 shares, totaling approximately 521 million yuan, and has established a long-term stable dividend policy through a rolling planning mechanism [7].

Core Viewpoint - The article highlights the increasing trend of cash dividends among listed companies in the Shenzhen market, particularly as the Chinese New Year approaches, with a significant number of companies distributing cash dividends to shareholders, reflecting their strong financial performance and commitment to returning value to investors. Group 1: Cash Dividends in Shenzhen Market - Since December 2025, nearly 120 companies in the Shenzhen market have implemented profit distributions, totaling over 37.5 billion yuan [1] - In 2025, Shenzhen companies distributed a total of 547.56 billion yuan in cash dividends, marking the second consecutive year of exceeding 500 billion yuan [1] - During the "14th Five-Year Plan" period, the total cash dividends distributed by Shenzhen companies surpassed 2 trillion yuan, indicating a growing ecosystem of companies willing to distribute dividends regularly [1] Group 2: Performance and Dividend Distribution - As of January 31, 2026, 1,714 out of 2,866 companies in the Shenzhen market pre-disclosed their 2025 operating performance, with nearly 60% showing improvement [1] - The pre-disclosed companies collectively achieved a net profit of 82.01 billion yuan, an increase of 155.67 billion yuan year-on-year [1] - Among the top 100 companies by market capitalization in Shenzhen, 40 companies pre-disclosed their 2025 performance, all of which are expected to be profitable with a projected growth of over 60% [1] Group 3: Private Enterprises and Dividend Trends - Approximately 70 of the companies that distributed dividends since December 2025 are private enterprises, accounting for about 60% of the total [2] - Leading companies like Luxshare Precision and Tianshan Aluminum have actively announced dividend distributions, reflecting their confidence in business growth and commitment to rewarding investors [2] - Luxshare Precision announced a cash dividend of 1.6 yuan per 10 shares, totaling approximately 1.165 billion yuan, with a projected net profit growth of 23.59% to 28.59% for 2025 [2] Group 4: Specific Company Dividend Policies - Tianshan Aluminum plans to distribute a cash dividend of 1 yuan per 10 shares, totaling approximately 459 million yuan, with a commitment to a minimum cash dividend of 50% of the net profit for 2025 [3] - Yilian Network, a typical "cash cow" on the Growth Enterprise Market, distributed a cash dividend of 5 yuan per 10 shares, totaling 633 million yuan, maintaining a high dividend payout ratio [4] - The company has a policy ensuring that cash distributions will not be less than 20% of the annual distributable profits, which has resulted in a cumulative cash dividend of over 8.5 billion yuan since its listing [4]

Core Viewpoint - A-share listed companies are increasingly distributing cash dividends, with nearly 120 companies in the Shenzhen market having completed profit distribution, totaling over 37.5 billion yuan in cash dividends since December 2025, reflecting a strong commitment to shareholder returns [1] Group 1: Dividend Distribution Trends - Private enterprises are the main contributors to pre-holiday dividends, with nearly 70 out of the 120 companies being private, accounting for about 60% of the total [1] - The trend of multiple dividends per year and concentrated distributions before the Spring Festival is becoming a norm in the market, enhancing investor satisfaction [2] - In 2025, Shenzhen listed companies issued a total of 547.56 billion yuan in cash dividends, maintaining over 500 billion yuan for two consecutive years, indicating a positive ecosystem for dividends [2] Group 2: Company Performance and Dividend Policies - As of January 31, 2026, 1,714 out of 2,866 listed companies in Shenzhen have pre-disclosed their 2025 performance, with nearly 60% showing improved results, collectively achieving a net profit of 82.01 billion yuan, a significant increase of 155.67 billion yuan year-on-year [2] - Yilian Network, a representative "cash cow" enterprise, has implemented a consistent dividend policy since its listing in 2017, with a total cash dividend exceeding 8.5 billion yuan and an average dividend rate close to 60% [3] - Companies are enhancing the transparency and predictability of their dividend policies by revising company charters and establishing medium to long-term dividend plans [2][3]

Core Insights - The report emphasizes the dual focus on AI advancements and the deepening of domestic network capabilities in the communication industry, predicting significant growth in AI-related investments and domestic production across various segments [4][5][6] - The anticipated performance for Q4 2025 shows a robust increase in net profits for key companies, with some expected to see over 50% year-on-year growth [4][15] Group 1: AI and Network Development - The AI focus is expected to evolve around overseas mapping, optical communication trends, and changes in optoelectronic technology, with a shift from Scale out to Scale up in ecosystem development [4][5] - Domestic production trends are accelerating across four key areas: chips, cloud, network, and end devices, with significant growth potential in the chip sector due to global supply chain dynamics [4][5] - The report highlights the expected explosion in demand for optical devices and chips, driven by AI needs and the introduction of new technologies like silicon photonics [5][6] Group 2: Company Performance Predictions - Key companies are projected to experience substantial profit growth, with notable increases such as Heertai (+798%), Guangku Technology (+439%), and 5.5G Canqin Technology (+290%) [4][15] - The report outlines specific performance forecasts for major players, indicating a strong recovery in demand across various sectors, including optical communication and satellite internet [4][15] - Companies like China Mobile and ZTE are expected to benefit from increased capital expenditures directed towards AI and network investments, enhancing their revenue and profitability [6][15] Group 3: Investment Opportunities - The report identifies several investment opportunities in the AI computing network, including companies like Zhongji Xuchuang and Xinyi Technology, which are positioned to benefit from the growing demand for AI capabilities [4][6] - The satellite internet sector is highlighted as having high barriers to entry and significant long-term investment potential, with companies like Zhenyou Technology and Xinke Mobile being key players [4][6] - The IoT sector is expected to see a surge in demand driven by AI and robotics, with companies like Lexin Technology and Guanghe Technology poised for growth [10][11]

证券日报网讯2月3日，亿联网络（300628）在互动平台回答投资者提问时表示，根据中国证券登记结算 有限责任公司《合并普通账户和融资融券信用账户前N名明细数据表》，截至2026年1月31日持有公司 股份人数(已合并)为39999户。 ...

证券日报网讯1月28日，亿联网络（300628）在互动平台回答投资者提问时表示，目前经销商库存健 康，关税等政策波动因素对公司产品竞争力及与销售渠道的合作未产生负面影响，公司也会持续保持对 市场的动态关注，以灵活应对市场反馈。 ...

来源：市场资讯 有投资者在互动平台向亿联网络提问："针对美国市场的关税和不稳定的问题，亿联网络在2026年是否 已经有相关解决方案？" 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 针对上述提问，亿联网络回应称："目前经销商库存健康，关税等政策波动因素对公司产品竞争力及与 销售渠道的合作未产生负面影响，公司也会持续保持对市场的动态关注，以灵活应对市场反馈。" ...