Investment Rating - Industry Rating: Outperform the market (maintained rating) [8] Core Viewpoints - The overseas computing power industry chain remains highly prosperous and has not been impacted by DeepSeek and trade frictions, with stronger fundamental resonance in the related industry chain. The AI industry is viewed as the main investment theme for the year, with expectations for continued high prosperity in the AI sector and the AIDC industry chain. The year 2025 is anticipated to be a pivotal year for domestic AI infrastructure competition and application development [4][22]. - The report emphasizes the importance of "AI + overseas expansion + satellite" core investment opportunities, highlighting areas such as optical modules, liquid cooling, and domestic computing power lines. The report also notes the recovery of the offshore wind industry and the promising developments in the satellite internet sector [5][23]. Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations include: - Optical modules & optical devices: Focus on companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [6]. - Switch server PCB: Key recommendations include Huadian Co., ZTE, and Unisplendour [6]. - Low valuation, high dividend, and cloud computing IDC resource reassessment: China Mobile, China Telecom, and China Unicom [6]. - AIDC & cooling: Key recommendations include Yingweike, Runze Technology, and Guanghuan New Network [6]. - AIGC applications / edge computing: Key recommendations include Yiyuan Communication, Guanghetong, and Meige Intelligent [6]. 2. Offshore Wind and Submarine Cables & Intelligent Driving - Offshore wind and submarine cables: Key recommendations include Hengtong Optic-Electric, Zhongtian Technology, and Oriental Cable [7]. - Recovery of overseas expansion & concentration on leading companies: Key recommendations include Huace Navigation, Weisheng Information, and Tuobang Co. [7]. - Intelligent driving: Suggested focus on modules & terminals, sensors, connectors, and structural components [7]. 3. Satellite Internet & Low Altitude Economy - Accelerated development of low-orbit satellites and low-altitude economy: Key recommendations include Huace Navigation and Haige Communication [8]. - Suggested focus on companies like Chengchang Technology, Zhenlei Technology, and Shenglu Communication [8]. 4. Market Performance Review - The communication sector rose by 7.02% during the week of July 14-18, outperforming the CSI 300 index by 5.93 percentage points. The communication equipment manufacturing sector increased by 9.80% [29][31].

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 ...

Group 1 - Guanghetong Wireless Co., Ltd. has experienced a decline in stock price, with a cumulative drop of -8.34% over five consecutive trading days [1] - The company, founded in 1999, is recognized as the first listed wireless communication module enterprise in China, with stock code 300638 [1] - Southern Fund's Southern CSI 1000 ETF is among the top ten shareholders of Guanghetong, having reduced its holdings in the first quarter of this year [1] Group 2 - The Southern CSI 1000 ETF has achieved a year-to-date return of 7.12%, ranking 890 out of 3426 in its category [2] - The fund's performance over various periods includes a quarterly increase of 3.21% and a three-month increase of 16.02% [2] - The fund manager, Cui Lei, has extensive experience in fund management and has been with Southern Fund since February 2015 [4][5]

Group 1: Financial Performance - 阳光诺和预计2025年营业收入将较2024年增长不低于10%[1] - 九号公司2025年营业收入预计为2509百万，较2024年增长40%[1] - 牧原股份2025年预计销量高速增长，2025年净利润增速为26%[1] Group 2: Market Trends and Risks - STC007新药研发进展领先，市场空间较大，潜在BD预期将增厚利润[1] - 美团外卖在补贴力度升级下可能受到影响，但长期看具备运营效率优势[1] - 华友钴业受益于刚果金延长出口禁令，钴价有望上涨[1] Group 3: Strategic Developments - 精智达预计2025年半导体设备收入将达到5亿，是2024年的两倍[1] - 阳光电源在全球储能市场具备竞争优势，预计2025年净利润具备高增潜力[1] - 广和通布局具身智能机器人，供货全球头部机器人公司[1]

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（ ...

Investment Rating - The report maintains a "Recommended" investment rating for the communication industry [1] Core Insights - The 2025 World Mobile Communication Conference (MWC) focused on key themes such as 5G integration, AI, and satellite communication, highlighting significant advancements in the industry [15][49] - The communication sector has shown resilience, outperforming major indices like the CSI 300 and the ChiNext Index in both weekly and year-to-date performance [8][9] - Key companies to watch include China Mobile, China Telecom, and China Unicom, with specific recommendations for various segments such as AI applications, satellite communication, and optical components [49][51] Summary by Sections Industry Overview - The communication industry consists of 124 listed companies with a total market capitalization of approximately 484.33 billion [3] - The sector's performance has been robust, with a 1.58% increase in the past week, outperforming the CSI 300 by 2.04 percentage points [8][9] MWC Highlights - Major announcements included the release of the "Agentic AI for Telco" white paper by China Mobile and several partners, outlining a framework for AI collaboration in telecommunications [15][16] - China Mobile introduced a series of AIoT products, emphasizing the integration of AI with IoT and satellite communications [21][22] - China Telecom showcased its cloud-network integration strategy, focusing on AI-driven applications across various sectors [25][27] Investment Recommendations - Recommended companies include: - Telecom Operators: China Mobile, China Telecom, China Unicom [51] - Optical Components: New Yisheng, Tianfu Communication, Zhongji Xuchuang [51] - Satellite Communication: Haige Communication, Shanghai Hanhua, Qiyi Er [51] - Equipment Manufacturers: Gongjin Co., Unisoc, ZTE, Ruijie Networks [51] - IoT Modules: Guanghetong, with a focus on AI applications [51]

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]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 30.00 CNY, indicating a potential upside from the current price of 26.25 CNY [1][7]. Core Insights - The company is positioned in the communication industry and has recently launched an AI-powered toy that leverages its MagiCore module, which is expected to drive growth in the emerging AI consumer market [8][9]. - The company has submitted an application for a Hong Kong stock listing, with funds raised intended for R&D, manufacturing facilities, strategic investments, and working capital [9]. - Despite a decline in revenue in Q1 2023, the company is expected to stabilize its gross margin and improve profitability through cost reduction and efficiency measures [9][14]. Company Overview - The company operates primarily in the wireless communication module sector, accounting for 97.35% of its product mix, with the remaining 2.65% from other products [3]. - As of June 11, 2025, the company's A-share market capitalization is approximately 139.89 billion CNY, with a total of 765.45 million shares issued [2]. Financial Performance - In Q1 2023, the company reported revenue of 1.856 billion CNY, a year-on-year decrease of 12.59%, and a net profit of 118 million CNY, down 37.30% [9]. - The projected net profit for 2025 is estimated at 617.32 million CNY, reflecting a year-on-year decrease of 7.58% [12][14]. - The company anticipates a recovery in profitability driven by growth in the AI and robotics sectors, with EPS expected to be 0.81 CNY in 2025 [12][14]. Market Position and Strategy - The company is actively investing in 5G RedCap products and exploring applications in various sectors, including power, video surveillance, and wearable devices [9]. - The establishment of a smart computing product line in 2023 indicates the company's commitment to advancing its capabilities in robotics and AI [9].