行业报告 | 行业研究周报 通信 证券研究报告 OpenAI 发布 ChatGPT 智能体，商务部部长会见英伟达 CEO 据商务部网站消息，7 月 17 日商务部部长王文涛会见美国英伟达公司总裁兼首席 执行官黄仁勋。王文涛表示，中国吸引外资政策不会变，开放的大门只会越开越 大。中国市场规模巨大，应用场景丰富，创新创造充满活力，希望包括英伟达在内 的跨国公司为中国客户提供优质可靠的产品和服务。黄仁勋表示，中国市场非常有 吸引力，英伟达愿同中国合作伙伴在人工智能领域深化合作。 本周投资观点： 本周行业动态： OpenAI 发布 ChatGPT 智能体 近日 OpenAI 宣布将在 ChatGPT 中推出一款通用型 AI 智能体，该公司表示该智能 体可以帮助用户完成各种基于计算机的任务。该工具名为 ChatGPT agent，结合了 OpenAI 之前多种智能体工具的功能，包括 Operator 点击网站的能力，以及 Deep Research 从数十个网站中综合信息生成简洁研究报告的能力。OpenAI 表示用户只 需通过自然语言提示 ChatGPT 即可与该智能体进行交互。 商务部部长王文涛会见英伟达 CEO 黄 ...

Core Insights - The lawn mowing robot industry is transitioning from a startup-dominated market to one where established companies are competing, driven by increasing capital market interest and significant events in Europe and the US [1][2] - The demand for smart lawn mowers has shifted from being optional consumer goods to essential household appliances, with the European and American market expected to exceed $6 billion by 2025 [1] Market Dynamics - The competition in the smart lawn mower market is intensifying, leading to a focus on price reduction while maintaining performance and user experience [2] - Current mainstream solutions include RTK positioning, laser radar navigation, UWB technology, and pure vision solutions, each with its own advantages and limitations [2][4] Technological Advancements - Pure vision solutions demonstrate significant advantages in cost, convenience, and environmental adaptability, reducing hardware costs by over 80% compared to laser radar solutions [4] - The pure vision approach allows for easy installation and maintenance, requiring only five minutes for mapping, and performs well in complex environments [4][9] Product Development - Guanghetong has developed a complete solution based on pure vision technology, integrating advanced computer vision algorithms and hardware design to enhance environmental perception, autonomous positioning, and intelligent decision-making [5][16] - The solution includes core components and SDKs for path planning and energy management, significantly lowering development barriers and deployment costs for the smart lawn mower industry [5][16] Performance Features - The solution features algorithms for boundary distinction, obstacle avoidance, and global planning, utilizing dual cameras for real-time environmental data analysis [7][10] - It employs VSLAM technology for high-precision navigation and robust performance, effectively controlling positioning errors [7][10] Market Recognition - Guanghetong's pure vision solution has gained international recognition, with successful deployments in Europe and positive reviews from authoritative evaluation agencies [13][14] - The solution is expected to disrupt the high-end market and lower industry entry barriers, encouraging more small and medium-sized manufacturers to enter the market [16]

Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the week (July 7-13, 2025) saw the Shanghai Composite Index rise by 1.09%, the Shenzhen Component Index by 1.78%, and the ChiNext Index by 2.36%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 2.13% during the same period [2][11]. - Within the telecommunications sector, the highest increase was seen in the communication network equipment and devices, which rose by 4.16%, while the communication application value-added services had the lowest increase at 0.16% [2][14]. - Notable individual stock performances included Hengbao Co., which surged by 21.13%, followed by Changxin Bochuang at 19.84% and Shijia Photon at 14.85% [2][16]. Summary by Sections Market Overview - The telecommunications sector is experiencing a high level of prosperity, with significant contributions from advancements in AI and 5.5G technologies, as well as satellite communications [2][3]. - The report highlights a strong performance in the telecommunications sector, with a notable increase in stock prices across various sub-sectors [2][11]. Sub-sector Performance - The communication network equipment and devices sub-sector led the gains with a 4.16% increase, while other sub-sectors also showed positive trends [2][14]. - The report indicates a general upward trend across the telecommunications sub-sectors during the week [2][15]. Individual Stock Highlights - Hengbao Co. led the stock performance with a 21.13% increase, indicating strong market interest and potential investment opportunities [2][16]. - Other notable performers included Changxin Bochuang and Shijia Photon, reflecting a robust market environment for telecommunications stocks [2][16]. Future Focus Areas - The report suggests focusing on the computing power industry chain, particularly the upstream optical chip segment and the module segment, which are expected to benefit from the ongoing demand for AI and computing power [3].

证券代码：300638 证券简称：广和通 公告编号：2025-043 深圳市广和通无线股份有限公司 关于控股股东、实际控制人部分股份提前购回解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市广和通无线股份有限公司（以下简称"公司"）于 2025 年 7 月 8 日 收到公司控股股东、实际控制人张天瑜先生有关部分股份提前购回解除质押的通 知，现就具体情况公告如下： 一、股东股份提前购回解除质押基本情况 | 股东 | 是否为控股 股东或第一 | 本次解除质 押股份数量 | 占其所 持股份 | 占公司 总股本 | 质押开始 | 原质押到 | 提前购回 解除质押 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其 | | | | 日期 | 期日 | | | | | 一致行动人 | （股） | 比例 | 比例 | | | 日期 | | | 张天瑜 | 是 | 3,500,000 | 1.24% | 0.46% | 2025-1-17 | 2026-1 ...

| | | 今年以来各阶段业绩及同类排名 | | | | | --- | --- | --- | --- | --- | --- | | 阶段涨幅 | 季度涨幅 年度涨幅 | | | | | | | 近1周 | 近1月 | 近3月 | 近6月 | 今年来 | | 阶段涨幅 | -0.41% | 3.21% | 16.02% | 12.14% | 7.12% | | 同类平均0 | -0.05% | 2.57% | 13.24% | 8.93% | 5.11% | | 沪深300 | 0.74% | 2.35% | 10.47% | 4.45% | 0.77% | | 跟踪标的� | -0.46% | 2.83% | 15.11% | 11.16% | 6.20% | | 同类排名 3 | 2679 4047 | 1348 3977 | 895 3720 776 3431 | .. | 890 3426 | | | | | | 图片来源:天天基金网 2025/7/7 | | 7月7日，广和通连续5个交易日下跌，区间累计跌幅-8.34%。深圳市广和通无线股份有限公司始创于1999年,是中国首家上市的无线通信模组企 ...

证券代码：300638 证券简称：广和通 公告编号：2025-042 深圳市广和通无线股份有限公司 2024 年度分红派息实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、深圳市广和通无线股份有限公司（以下简称"公司"）回购专用证券账 户中已回购股份 2,627,960 股不参与本次权益分派。本次权益分派方案为：以公 司总股本 765,453,542 股剔除公司回购专用证券账户中已回购股份 2,627,960 股 后的股本 762,825,582 股为基数，向全体股东每 10 股派发现金红利 3.50 元（含 税），合计派发现金红利 266,988,953.70 元（含税），不送红股，不以资本公积 金转增股本。 3、本次实施的分配方案与股东大会审议通过的分配方案及其调整原则一致。 4、本次实施分配方案距离股东大会审议通过的时间不超过两个月。 二、本次实施的利润分配方案 1、以公司现有总股本剔除已回购股份 2,627,960.00 股后的 762,825,582.00 股 为基数，向全体股东每 10 股派 3.500000 元人民币现金（ ...

Group 1 - The core viewpoint of the article highlights the significant growth in the global cellular IoT module market, with a year-on-year shipment increase of 16% driven by strong demand from India, China, and other regions [1][10] - The top five companies in the cellular IoT module market are all Chinese firms, accounting for 69% of global shipments, indicating a high market concentration [2][10] - The leading company, Quectel, holds a substantial 37% of the global shipment share, with a year-on-year growth of 17%, slightly above the global average [5][10] Group 2 - China Mobile experienced a remarkable 77% growth in shipments, moving from a lower position to second place, surpassing Guanghetong [5][10] - Guanghetong ranked third with a shipment growth rate of 29%, while the fourth-ranked company, Rihai, had a slower growth of only 9% [5][10] - The fifth company, Lierda, showed a significant 62% growth, indicating potential for further advancement in rankings if the trend continues [5][10] Group 3 - The article notes that the market structure has remained stable, with Chinese companies dominating both shipment volume and revenue, but challenges persist for these firms in international markets [11][10] - Geopolitical factors pose significant challenges for Chinese companies seeking to expand overseas, with concerns over network security leading to increased scrutiny and regulatory hurdles [12][14] - The rapid evolution of technology presents product planning challenges for cellular IoT module companies, as they must navigate competitive pressures and potential opportunity costs [15][10] Group 4 - The need for localization in overseas markets is emphasized, as Chinese firms must adapt to local demands and regulatory environments to maintain their competitive edge [16][17] - The article suggests that while Chinese companies have captured a significant market share, sustaining high growth rates in a low-growth environment will be increasingly difficult [16][10] - Establishing a localized ecosystem and understanding market needs are crucial for Chinese firms to thrive in international markets [17][10]

2025 年 6 月 12 日 | 何利超 H70529@capital.com.tw | | | --- | --- | | 目标价(元) | 30.00 | 公司基本资讯 | 产业别 | | 通信 | | --- | --- | --- | | A 股价(2025/6/11) | | 26.25 | | 深证成指(2025/6/11) | | 10246.02 | | 股价 12 个月高/低 | | 44.44/10.03 | | 总发行股数(百万) | | 765.45 | | A 股数(百万) | | 532.93 | | A 市值(亿元) | | 139.89 | | 主要股东 | | 张天瑜 | | | | (36.78%) | | 每股净值(元) | | 4.87 | | 股价/账面净值 | | 5.39 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -11.5 -22.5 | 63.0 | | 近期评等 | | | | 出刊日期 | 前日收盘 | 评等 | | 2024-10-29 | 16.20 | 买进 | | 2023-8-7 | 22.16 | 买进 | | 202 ...

21世纪经济报道记者 雷若馨 深圳报道 今年以来，港股市场持续升温，融资规模重回全球第一。 Wind数据统计，截至5月31日，港交所共迎来28家新上市公司，总共募资额达773.6亿港元，分别较去年 同期同比增长了33.3%和707%。 目前，港股市场还有3家企业将在下周上市，另有8家企业已经通过聆讯、超过150家企业正排队等候在 香港上市。 6月5日，"X-Day"西丽湖路演社港股基石/锚定投资专场在深圳大学城国际会议中心举办。本次活动汇聚 了7家拟赴港上市企业，覆盖无线通信、AI营销、跨境物流、生物科技、新材料等前沿领域。吸引了近 200家潜在基石及锚定投资者报名，包括深投控资本、平安人寿、中银国际等多家头部投资机构。 广和通"A+H"赴港募资 "A+H"股成为了今年港股IPO市场的主旋律。 5月20日，全球动力电池龙头宁德时代（3750.HK）在港交所上市，实际募资总额约410亿港元，成为近 年来港股市场最大的IPO项目之一，也是2025年以来全球最大的IPO。随后,恒瑞医药（1276.HK）赴港 上市，募资总额接近100亿港元。 在二者的带动下，"A+H"火上加火。根据证监会备案信息与上市公司披露，后续 ...

Event Overview - The 2025 MWC Shanghai Mobile Communication Conference will be held from June 18 to 20, 2025, serving as a key platform for showcasing the latest developments and strategies in the mobile industry in China and the Asia-Pacific region [1] - MWC is one of the largest and most influential exhibitions in the global mobile communication field, featuring leading companies, experts, government departments, and decision-makers [1] Key Themes and Agenda - The conference will focus on four main themes: Artificial Intelligence+, 5G Integration, Empowering Connectivity, and Industry Connectivity, with industry leaders delivering keynote speeches [1] - A detailed agenda includes various summits and sessions, such as the IoT Summit and Open Gateway Summit, scheduled throughout the event [2] Industry Growth Projections - According to the GSMA's report on the mobile economy in the Asia-Pacific region, the mobile industry is expected to contribute over $1 trillion by 2030, with growth rates in the region anticipated to exceed the global average due to the accelerated application of 5G technology [3] Historical Performance of Leading Companies - ZTE Corporation announced ten innovative products and solutions related to 5G-A during the MWC 2024, experiencing a continuous rise in stock prices before and during the conference [4] Participating Companies - Notable speakers at the conference will include executives from major companies such as Meige Intelligent, Unisoc, ZTE, China Mobile, and China Unicom, among others [6]