Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the continuous growth of AI application tools, with a significant increase in the usage of tokens for AI models, particularly the Doubao model, which saw a daily average usage exceeding 16.4 trillion tokens by the end of May 2025, marking a 137-fold increase since its launch in May 2024 [4][5] - The report identifies the AIDC computing power industry chain as a core focus area, recommending attention to seven key sectors including AIDC data center construction, IT equipment, network devices, computing power leasing, cloud computing platforms, AI applications, and satellite internet & 6G [6] Summary by Sections Industry Overview - The Doubao model has been upgraded to version 1.6, enhancing its reasoning, mathematics, and instruction-following capabilities, with a significant cost reduction of 63% compared to the previous version [5] - The report highlights the rapid adoption of AI tools, with AI tool usage increasing from 14.9% to 30.3% of total token calls, and notable growth in AI search and programming applications [4] Market Trends - The report notes that 9 out of the top 10 global smartphone manufacturers are collaborating with the Doubao model, and it is being utilized by 70% of systemically important banks and numerous securities and fund companies [5] - The education sector is also seeing growth, with K12 online education increasing by 12 times in token usage [4] Investment Recommendations - Recommended stocks include Zhongji Xuchuang, Xinyi Sheng, Xinyi Network Group, Yingweike, and Guanghetong, focusing on the AIDC computing power industry chain [6]

Group 1: Hong Kong Stock Market Overview - The Hong Kong stock market has seen a significant increase in activity this year, regaining the top position globally in terms of fundraising scale [1] - As of May 31, 28 new companies have been listed on the Hong Kong Stock Exchange, raising a total of HKD 77.36 billion, representing a year-on-year increase of 33.3% and 707% respectively [1] - There are currently 3 companies scheduled to list next week, with over 150 companies waiting in line for listing in Hong Kong [1] Group 2: A+H Share IPO Trend - The "A+H" share model has become a dominant trend in the Hong Kong IPO market this year [2] - Notable IPOs include CATL, which raised approximately HKD 41 billion, marking one of the largest IPOs in recent years [2] - Following CATL, Hengrui Medicine also listed in Hong Kong, raising nearly HKD 10 billion, with around 50 A-share companies planning to list in Hong Kong [2] Group 3: Company Spotlight - Guanghetong - Guanghetong, a wireless communication module manufacturer, has experienced rapid growth, with revenue increasing from CNY 560 million in 2017 to CNY 8.2 billion in 2024, and net profit rising from CNY 44 million to CNY 668 million [3] - The company is focusing on expanding its AI and robotics business, with plans to use funds raised from its Hong Kong listing to enhance investments in these areas [3] - Guanghetong has established an AI research institute and launched various AI solutions, including a smart robot development platform [3] Group 4: Investment Focus on AI and Robotics - AI and robotics are currently hot investment sectors, with over half of the companies planning to list in Hong Kong involved in these fields [4] - Companies like Huake Chuangzhi are entering the AI and robotics space through new materials, while Dongxin Marketing Technology operates China's largest AI marketing company [6][4] - Dipo Technology, established in 2018, is also focusing on enterprise-level AI applications and has submitted its listing application to the Hong Kong Stock Exchange [6]

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]

Industry Overview - Communication modules integrate baseband, RF, power, storage chips, and other electronic components to meet the networking needs of IoT smart terminal devices [1][2] - The domestic communication module market is experiencing accelerated expansion due to the proliferation of IoT devices, the commercialization of 5G, and policy support [10][12] - The cellular communication module market in China is projected to grow from CNY 17.4 billion in 2020 to CNY 24.7 billion in 2024, with a compound annual growth rate (CAGR) of 9.15% [10][12] Market Status - The global cellular communication module market is expected to grow from CNY 32.3 billion in 2020 to CNY 43.6 billion in 2024, with a CAGR of 7.79% [6][10] - The market is segmented into data transmission modules, smart modules, and AI modules, with respective market shares of 79%, 19%, and 2% in 2024 [8] Competitive Landscape - The global communication module market is highly concentrated, with leading companies like Quectel, China Mobile IoT, and others holding over 75% of the market share [12][14] - Chinese manufacturers have increased their global market share from 25% in 2015 to 60% currently, driven by technological innovation and cost advantages [12][14] Future Trends - The integration of technologies such as 5G, AI, and satellite communication is driving the evolution of communication modules from single-function to intelligent and integrated products [18] - The domestic communication module industry is witnessing a "stronger gets stronger" trend, with leading companies like Quectel capturing significant market share through competitive pricing strategies [19] - The Chinese government aims for 4G/5G IoT terminal connections to exceed 95% by 2027, further stimulating market demand in sectors like smart connected vehicles and industrial IoT [20]

Core Viewpoint - The satellite ETF (159206) is experiencing significant activity, driven by the recent announcement from the FCC to expand satellite communication frequency spectrum, which is expected to enhance the satellite communication industry and stimulate competition [1][2][3]. Group 1: Market Activity - As of May 29, the satellite ETF (159206) rose by 1.52% in early trading, with key component stocks such as Xinyisheng increasing by over 5% [1]. - The top-performing stocks within the ETF include: - Xinyisheng: +5.85%, trading volume of 30.34 million, market cap of 26.72 billion - Hangyuwei: +4.44%, trading volume of 15.80 million, market cap of 1.96 billion - Zhongji Xuchuang: +4.20%, trading volume of 21.36 million, market cap of 20.35 billion - Xinyu Communication: +3.94%, trading volume of 12.19 million, market cap of 2.68 billion - Shanghai Huanxun: +3.54%, trading volume of 9.87 million, market cap of 2.09 billion [2]. Group 2: Industry Developments - The FCC plans to release over 20,000 MHz of frequency resources to support the development of low Earth orbit (LEO) satellites and next-generation satellite broadband services, addressing the spectrum shortage faced by the commercial space and satellite internet sectors [3]. - Recent advancements in ground communication technology have achieved a record communication speed of 2100 Mbps in the X-band, marking a 75% increase in microwave communication code rate [3]. - The satellite internet sector is rapidly evolving, with regular satellite launches increasing communication capacity and reducing latency, paving the way for applications like direct satellite connections for mobile broadband and intelligent driving systems [3]. Group 3: Future Outlook - The satellite communication industry is positioned as a foundational technology for the development of 6G, vehicle networking, and the Internet of Things (IoT) [3]. - The Chinese satellite industry is expected to enter a phase of mass satellite deployment by 2025, with both state-owned and private enterprises collaborating on low-cost satellite manufacturing [3].

Core Insights - Guanghe Tong has expanded its business beyond wireless communication modules into artificial intelligence and robotics, launching products such as lawn mowers and the Fibot intelligent robot development platform [1][3] - The company has established a dedicated robotics product line in 2023, focusing on multi-sensor fusion positioning, visual perception, autonomous navigation, and real-time environmental awareness [2][4] - Guanghe Tong's intelligent lawn mower solution addresses traditional mower limitations, achieving centimeter-level precision and has already entered mass production [3] Group 1 - Guanghe Tong is located in the "Robot Valley" of Shenzhen and has developed a new exhibition hall showcasing its AI solutions and product matrix [1] - The company has developed the Fibocom AI Stack technology platform and a high-performance edge AI inference engine to support its robotics initiatives [1] - The communication module serves as the "nerve center" for robots, providing high-speed, high-bandwidth data transmission capabilities [1] Group 2 - The company has partnered with Cloud Deep Technology to provide a customized binocular vision module for a new generation of quadruped robots [2] - The RV-BOT module integrates visual and RTK sensors for stable centimeter-level positioning in outdoor environments [2] - Guanghe Tong's AI solutions have been recognized, with its Suntek mower receiving a five-star rating from a German evaluation agency [3] Group 3 - Future plans include optimizing lightweight robotic arms, enhancing cost-performance of main control units, and developing vertical scene models [4] - Guanghe Tong is deeply embedded in the local "hard technology" ecosystem, promoting the integration of communication, visual perception, and motion control technologies with robotics [4] - The company has established an "AI Product Joint Laboratory" with Shifeng Culture to explore multi-modal AI technology innovations [4]

Group 1 - The core viewpoint of the articles highlights the increasing trend of A-share companies, particularly in the semiconductor sector, pursuing dual listings in Hong Kong, driven by favorable regulatory policies and the need for global expansion [1][6][8] - The "A+H model" allows companies to access both domestic and international capital markets, enhancing their financial strength and market recognition [6][8] - Several semiconductor companies, including Zhaoyi Innovation, Unisoc, and others, have announced plans for Hong Kong listings, indicating a significant shift towards internationalization [2][4][5] Group 2 - The semiconductor companies aim to strengthen their global presence, with many explicitly stating that their Hong Kong listings are part of a strategy to enhance their international business operations and competitiveness [6][7] - The funds raised from these listings are primarily targeted at improving core technology capabilities, expanding product lines, and enhancing overseas sales networks [6][7] - Recent regulatory changes, such as the "Five Measures to Benefit Hong Kong" policy and adjustments to listing requirements, have made it easier for A-share companies to pursue dual listings in Hong Kong [7][8]

2024年11月，英伟达创始人黄仁勋获香港科技大学工程学荣誉博士学位时，盛赞粤港澳大湾区机器人产 业："这里是全球唯一兼具机电与人工智能技术的地区，机器人产业迎来黄金发展期。"这番评价，道出 了珠三角具身智能的核心竞争力。 "历经数十年发展，珠三角已构建起覆盖设计、研发、生产制造与应用的独特生态。这里汇聚了全球顶 尖的垂直细分供应链资源，使得我们的产品迭代速度可以达到硅谷的5—10倍，而成本仅为硅谷的1/10 —1/5。"深圳科创学院创始合伙人、副院长于盈向证券时报记者阐述道。 广东省工业和信息化厅数据显示，截至今年一季度末，广东人工智能核心产业规模突破2200亿元。凭借 深厚的电子信息制造根基与全产业链覆盖优势，珠三角在具身智能机器人这片"新赛场"上迅速崛起，产 业链各环节创新加速，在资本市场的强力赋能下，正稳步迈向全球具身智能机器人产业创新的制高点。 产业落地加速推进 坐落于东莞松山湖国家高新区的XbotPark机器人产业基地，是2014年由香港科技大学教授李泽湘与高秉 强、甘洁联合创办，专注于发现、培育、投资勇于革新的早期硬科技创业者。基地链接大湾区乃至全球 高校、研究所与供应链资源，已先后培育出智能机 ...

Group 1 - The WiFi 6 concept sector experienced a decline of 1.55%, ranking among the top declines in concept sectors, with notable declines from companies such as Wanlong Optoelectronics, Broadcom Integrated, and Aojie Technology [1] - In terms of capital flow, the WiFi 6 concept sector saw a net outflow of 755.6 million yuan, with 43 stocks experiencing net outflows, and five stocks seeing outflows exceeding 50 million yuan [1][2] - The stocks with the highest net outflows included Unisplendour, with a net outflow of 73.72 million yuan, followed by Yiyuan Communication and Guanghetong [1][2] Group 2 - The top gainers in the WiFi 6 concept sector included Chutian Expressway, Xinwei Communication, and ST Luton, with respective increases of 1.33%, 0.48%, and 0.34% [1] - The overall market performance showed that the graphite electrode sector led with a gain of 2.57%, while the PEEK materials sector declined by 1.79% [1] - The data indicates that the main capital inflows were observed in stocks such as Digital Video, Electronic Science Chip, and Chuangyao Technology, with inflows of 13.82 million yuan, 10.71 million yuan, and 9.94 million yuan respectively [2][3]

Investment Rating - The report maintains a "Buy-B" rating for the company Guanghetong (300638.SZ) [1] Core Views - The company is positioned as a leader in AI and IoT, with embodied intelligence gaining a competitive edge [1] - The global IoT industry is recovering, with edge AI presenting new opportunities, particularly in smart modules [5] - The company is focusing on vertical industries within IoT and continuously optimizing its product matrix [6] Financial Performance - In 2024, the company achieved revenue of 8.189 billion yuan, a year-on-year increase of 6.13%, and a net profit of 668 million yuan, up 18.53% [4] - For Q1 2025, the company reported revenue of 1.856 billion yuan, a decrease of 12.59% year-on-year, and a net profit of 118 million yuan, down 37.30% [4] - Excluding the impact of Ruilin Wireless's automotive pre-installation business, the company's 2024 revenue grew by 23.34%, driven by significant growth in the domestic automotive electronics and smart home sectors [4] Market Data - As of May 20, 2025, the closing price was 27.43 yuan, with a total market capitalization of 146.18 billion yuan [3] - The company has a total share capital of 766 million shares, with 533 million shares in circulation [3] Growth Opportunities - The number of global IoT terminals is expected to reach 18.8 billion in 2024, a year-on-year increase of 13%, and projected to reach 41.1 billion by 2030 [5] - The company is launching various AI solutions, including AI toy models and multifunctional AI infrared camera solutions, which are expected to enhance user interaction and expand into multiple application scenarios [6][7] - The company is also developing edge AI solutions for various industries, including a grass-cutting robot solution that integrates advanced positioning and obstacle avoidance capabilities [7] Profit Forecast and Valuation Analysis - The company is projected to achieve net profits of 553 million yuan, 697 million yuan, and 873 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of -17.3%, 26.1%, and 25.3% [8] - The estimated EPS for 2025, 2026, and 2027 is 0.72 yuan, 0.91 yuan, and 1.14 yuan, respectively, with corresponding P/E ratios of 38.0, 30.1, and 24.0 [8]