Investment Rating - The report maintains a "Buy" rating for several key companies in the telecommunications and AI computing chain, including ZTE Corporation, NewEase, Ruijie Networks, Zhongji Xuchuang, China Telecom, Haige Communication, China Mobile, and Shanghai Hantong [9][41]. Core Insights - The report highlights the ongoing concerns regarding the sustainability of the AI "bubble" and the effectiveness of Scaling Law, while expressing optimism about the performance of Gemini 3 and Banana Pro, which have exceeded initial expectations [2][3]. - The AI computing chain is expected to continue its upward trend, with a focus on Google's core components such as optical modules and liquid cooling systems [2][3]. - The report emphasizes the generational leap in capabilities of Gemini 3, which has achieved significant benchmarks in reasoning and multimodal tasks, thereby shortening the time from investment to revenue [20][14]. Summary by Sections Market Overview - The telecommunications index fell by 2.51% last week, while the Shanghai Composite Index and Shenzhen Component Index dropped by 3.90% and 5.13%, respectively [2][13]. - Concerns about the overseas AI "bubble" are prevalent, particularly regarding the effectiveness of Scaling Law and the sustainability of ROI [2][3]. Key Companies and Dynamics - The report recommends several companies within the AI computing chain, including: - ZTE Corporation (Buy, target price: 64.34) [41] - NewEase (Buy, target price: 476.71) [41] - Ruijie Networks (Buy, target price: 102.51) [41] - Zhongji Xuchuang (Buy, target price: 626.68) [41] - China Telecom (Buy, target price: 9.11) [41] - Haige Communication (Buy, target price: 13.70) [41] - China Mobile (Buy, target price: 126.20) [41] - Shanghai Hantong (Buy, target price: 28.28) [41] - China Unicom (Hold, target price: 7.56) [41] AI Computing Chain Insights - The report notes that the performance of Gemini 3 and Nano Banana Pro has significantly advanced the capabilities in reasoning and multimodal tasks, indicating a strong integration into the AI ecosystem [20][14]. - The demand for AI computing resources is expected to grow, driven by the increasing need for reasoning capabilities and the expansion of cloud token scales [20][14]. Financial Performance - ZTE Corporation reported a revenue of 100.52 billion yuan for the first nine months of 2025, a year-on-year increase of 12%, but a net profit decline of 33% [42]. - NewEase's revenue for the first three quarters of 2025 reached 16.5 billion yuan, a year-on-year increase of 222%, with a net profit increase of 284% [44]. - Ruijie Networks reported a revenue of 10.68 billion yuan for the first nine months of 2025, a year-on-year increase of 28%, with a net profit increase of 65% [46].

Group 1 - The core viewpoint of the news is that Ruijie Networks has seen a stock price increase of 5.01%, reaching 69.57 CNY per share, with a total market capitalization of 55.34 billion CNY as of the report date [1] - Ruijie Networks, established on October 28, 2003, specializes in the research, design, and sales of network equipment, network security products, and cloud desktop solutions, with the revenue composition being 87.85% from network equipment, 6.12% from others, 3.19% from network security products, and 2.84% from cloud desktop solutions [1] Group 2 - Jin Yuan Shun An Fund has a significant holding in Ruijie Networks, with its Growth Dynamic Flexible Allocation Mixed Fund (620002) holding 9,000 shares, accounting for 2.86% of the fund's net value, making it the sixth-largest holding [2] - The Growth Dynamic Flexible Allocation Mixed Fund (620002) has a total scale of 28.17 million CNY and has achieved a year-to-date return of 16.35%, ranking 4,115 out of 8,209 in its category [2]

Core Viewpoint - On November 21, a total of 9 companies had their restricted shares unlocked, with a total unlocking volume of 753 million shares, amounting to a market value of 49.147 billion yuan based on the latest closing price [1] Summary by Category Unlocking Volume - The companies with the highest unlocking volumes are Ruijie Networks, Jinghua New Materials, and Fenghuo Communication, with unlocking shares of 700 million, 27.1998 million, and 17.2516 million respectively [1] Unlocking Market Value - In terms of unlocking market value, Ruijie Networks, Jinghua New Materials, and Fenghuo Communication lead with values of 47.866 billion yuan, 0.702 billion yuan, and 0.039 billion yuan respectively [1] Unlocking Ratio - One company has an unlocking ratio exceeding 10%. The unlocking ratios for Ruijie Networks, Jinghua New Materials, and Fenghuo Communication are 88.0%, 9.39%, and 1.34% respectively [1]

Group 1 - The core viewpoint of the article is that Ruijie Networks (301165) is focusing on selling LPO optical modules primarily to internet companies with high-performance computing network needs, which currently represents a small portion of the company's total revenue [1] Group 2 - The LPO optical modules are designed to be compatible with the data center switch products and overall solutions that these internet companies procure [1] - The company is actively engaging with investors through interactive platforms to provide insights into its product offerings and market strategy [1]

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, citing sustained high prosperity driven by AI, 5.5G, and satellite communications [2][6]. Core Insights - The overall market performance for the week (November 10-16, 2025) saw the Shanghai Composite Index decline by 0.18%, the Shenzhen Component Index by 1.40%, and the ChiNext Index by 3.01%. The telecommunications sector, represented by the Shenwan Communications Index, experienced a decline of 4.77% [2][12]. - Within the telecommunications sub-sectors, communication engineering and services had the highest increase at 1.57%, while communication network equipment and devices faced the largest decline at 6.98% [2][15]. - Notable individual stock performances included "Online and Offline" with a rise of 46.55%, followed by Zhongfutong at 30.69% and Meilixin at 11.87% [2][17]. Summary by Sections Market Overview - The telecommunications sector is experiencing a high demand for core chips, which is becoming a bottleneck for the performance expansion of domestic and international module manufacturers. The supply-demand balance for optical chips is expected to remain tight until the first half of 2026, maintaining high product prices [3]. - Huawei is set to release a groundbreaking AI technology on November 21, which could significantly improve the utilization efficiency of computing resources from the current 30%-40% to 70%, enhancing the penetration of domestic computing chips in the market [3]. Satellite Industry - The upcoming launch of the "Zhuque-3" reusable rocket is anticipated to be a milestone for China's space capabilities, aiming to reduce launch costs to below 20,000 RMB per kilogram, comparable to SpaceX's Falcon 9 [4]. Key Announcements - Meta Platforms plans to invest over $600 billion in AI infrastructure in the U.S. over the next three years, aiming to enhance its computing capabilities and support local economies [19]. - China successfully launched 13 low-orbit satellites for internet connectivity, marking a significant achievement in its commercial space endeavors [22]. - The Ministry of Industry and Information Technology (MIIT) is accelerating the construction of manufacturing pilot platforms, focusing on AI and quantum technology [25]. Company Highlights - CoreWeave reported a significant increase in customer order backlog, reaching $55.6 billion, nearly double from the previous quarter, despite a slight downward adjustment in revenue guidance due to delays in third-party data center construction [27]. - Baidu announced the launch of its next-generation Kunlun chips, aimed at optimizing large-scale inference and multi-modal model training [28]. - LightCounting reported that optical module suppliers are actively expanding capacity in response to increased demand from cloud computing companies [30].

（编辑 任世碧） 证券日报网讯 11月18日晚间，锐捷网络发布关于首次公开发行前已发行股份解除限售并上市流通的提 示性公告称，本次解除限售并上市流通的股份为公司首次公开发行前已发行的股份。解除限售股份的股 东户数为2户，解除限售股份数量为700，000，000股，占公司总股本的比例为88.00%。限售期限为自 公司首次公开发行的股票上市之日起36个月。本次解除限售股份的上市流通日期为2025年11月21日（星 期五）。 ...

Investment Rating - The report maintains a "Buy" rating for several companies, including Alibaba, StarNet Ruijie, and WanGuo Data [2][9]. Core Insights - Alibaba's "Qianwen" project is seen as a significant move in the AI 2C application landscape, aiming to compete with ChatGPT by integrating various life scenarios into its app [3][4]. - The report highlights the potential for growth in the domestic AI market, noting that there is still considerable room for development in C-end AI applications [4]. - Increased investment in AI infrastructure is anticipated, with Alibaba planning to invest 380 billion in AI infrastructure, which is expected to benefit hardware ecosystem partners [5]. Summary by Sections Company Developments - Alibaba has launched the "Qianwen" project, which is viewed as a strategic initiative for the AI era, with the app expected to compete directly with ChatGPT [3][4]. - The "Qianwen" app is based on the Qwen3-Max model and aims to connect with Alibaba's other business lines, enhancing its competitive edge in the AI space [4]. Market Potential - The report indicates that the domestic AI market has not yet seen a high penetration of C-end AI applications, suggesting significant growth potential [4]. - Data from QuestMobile shows that major competitors have lower daily active users compared to ChatGPT, indicating an opportunity for Alibaba's "Qianwen" to capture market share [4]. Infrastructure Investment - Alibaba's commitment to expanding its AI infrastructure is expected to drive demand for data centers, with a projected tenfold increase in energy consumption by 2032 [5]. - The report suggests that companies involved in data center operations and equipment, such as Data Port and Invec, will benefit from this increased demand [5][10]. Stock Recommendations - The report recommends a "Buy" rating for several companies, including: - StarNet Ruijie (002396 CH) with a target price of 39.16 [9][11] - WanGuo Data (9698 HK) with a target price of 45.83 [9][14] - Alibaba (BABA US) with a target price of 215.60 [9][14] - Huagong Technology (000988 CH) with a target price of 92.01 [9][14] - The report also suggests an "Increase" rating for companies like Unigroup (000938 CH) and Invec (002837 CH) [9][11].

限售期限为自公司首次公开发行的股票上市之日起36个月，上市流通日期为2025年11月21日。本次解除 限售前后股本结构变动情况如下： 11月18日，锐捷网络（301165）发布公告，本次解除限售并上市流通的股份为公司首次公开发行前已发 行的股份，解除限售股份的股东户数为2户，解除限售股份数量为7亿股，占公司总股本的比例为88%。 2025年前三季度，锐捷网络实现收入106.80亿元，归母净利润6.80亿元。 本次解除限售股份的股东分别为福建星网锐捷通讯股份有限公司和厦门锐进东方企业管理咨询合伙企业 （有限合伙）。 | 类别 | 本次变动前 | | 本次变动股份 | 本次变动后 | | | --- | --- | --- | --- | --- | --- | | | 数量 | 占总股本比 | 数 | 数量 | 占总股本比 | | | | 例 | | | 例 | | 一、有限售条 件流通股 | 700,000,000 | 88.00% | -700,000,000 | | | | 其中:高管锁 定股 | | | | | | | 首 发 前 限售股 | 700,000,000 | 88.00% | -700,00 ...

中信证券股份有限公司 关于锐捷网络股份有限公司 首次公开发行前已发行股份解除限售并上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为锐捷网络 股份有限公司（以下简称"锐捷网络"、"公司"）首次公开发行股票并在创业板 上市的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上 市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范 运作》等相关法律法规和规范性文件的规定，对锐捷网络首次公开发行战略配售股 份上市流通事项进行了审慎核查，核查意见如下： 一、首次公开发行股份及股本变动情况 根据中国证券监督管理委员会《关于同意锐捷网络股份有限公司首次公开发行 股票注册的批复》（证监许可[2022]2002 号），公司首次公开发行人民币普通股 （A 股）共计 68,181,818 股，于 2022 年 11 月 21 日在深圳证券交易所创业板上市。 首次公开发行股票前，公司总股本为 500,000,000 股。首次公开发行股票完成 后，公司总股本为 568,181,818 股，其中无限售条件流通股为 57,684,230 股，占发 行后总股本的比例为 1 ...

证券代码：301165 证券简称：锐捷网络 公告编号：2025-044 锐捷网络股份有限公司 关于首次公开发行前已发行股份解除限售并上市流通的提示性公告 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、本次解除限售并上市流通的股份为锐捷网络股份有限公司（以下简称"公 司"或"锐捷网络"）首次公开发行前已发行的股份。解除限售股份的股东户数为 2 户，解除限售股份数量为 700,000,000 股，占公司总股本的比例为 88.00%。限售 期限为自公司首次公开发行的股票上市之日起 36 个月。 2、本次解除限售股份的上市流通日期为 2025 年 11 月 21 日（星期五）。 一、首次公开发行股份及股本变动情况 根据中国证券监督管理委员会《关于同意锐捷网络股份有限公司首次公开发 行股票注册的批复》（证监许可[2022]2002 号），公司首次公开发行人民币普通股 （A 股）共计 68,181,818 股，于 2022 年 11 月 21 日在深圳证券交易所创业板上 市。 首次公开发行股票前，公司总股本为 500,000,000 股。首次公开发行股票 ...