Group 1 - The CPO concept saw a significant rise, with Dekoli increasing by over 13% and Zhongci Electronics hitting the daily limit [1] - Other companies such as Zhishang Technology and Ruijie Network also experienced gains following the trend [1]

Group 1 - The core viewpoint is that computing hardware stocks are experiencing a strong upward trend, with several companies showing significant gains [1] Group 2 - Zhongci Electronics has achieved a two-day consecutive increase in stock price [1] - Dekeli has risen by over 10% [1] - Other companies such as Ruijie Networks, Taicheng Light, Zhishang Technology, Optoelectronic Co., and Yueling Co. have all seen stock price increases of over 5% [1]

Group 1: Market Performance - As of December 8, the WiFi 6 concept index rose by 3.00%, ranking 8th among concept sectors, with 49 stocks increasing in value [1] - Notable gainers included Huamai Technology, Tongyu Communication, and Taijing Technology, which hit the daily limit, while Ruijie Networks, Fenghuo Communication, and Zhenyou Technology saw increases of 11.23%, 8.18%, and 7.12% respectively [1] - The sector experienced a net inflow of 1.886 billion yuan, with 26 stocks receiving net inflows, and 9 stocks exceeding 100 million yuan in net inflow [2] Group 2: Key Stocks and Their Performance - Tongyu Communication led the net inflow with 323 million yuan, followed by Cambridge Technology, Fenghuo Communication, and Huanxu Electronics with net inflows of 294 million yuan, 267 million yuan, and 242 million yuan respectively [2] - The top stocks by net inflow ratio included Taijing Technology (32.22%), Huamai Technology (28.70%), and Huanxu Electronics (22.88%) [3] - Other significant performers included Ruijie Networks with a 11.23% increase and a net inflow of 136.58 million yuan [3][4] Group 3: Decliners and Market Sentiment - Decliners in the WiFi 6 sector included Thunder Technology, Silin Jie, and Jingchen Technology, which fell by 1.47%, 1.30%, and 0.55% respectively [1] - The overall market sentiment showed a mixed performance across various sectors, with the CPO concept leading gains at 4.72% while sectors like Tianjin Free Trade Zone and Glyphosate saw declines [2]

天弘创业板ETF联接（A类：001592；C类：001593）紧密跟踪创业板指数，创业板指由创业板中市值 大、流动性好的100只股票组成，反映创业板市场的运行情况，覆盖科技、新能源、医药等高潜力成长 赛道。感兴趣的伙伴，上支付宝、天天基金、京东金融等渠道搜索：天弘创业板ETF联接（A类： 001592；C类：001593），即可了解详情。 国盛证券指出，在AI算力需求驱动下，全球光模块产业正加速向800G/1.6T升级。光隔离器作为光模块 中保护激光器的关键无源组件，正因其上游核心材料法拉第旋光片的全球性供应短缺，成为制约光模块 产能扩张的关键环节。据了解，剑桥科技的核心业务聚焦于光模块的研发、生产与销售，其在800G、 1.6T等高端光模块领域技术领先。在供应链层面，公司完成了硅光芯片、隔离器等关键物料的多源认 证，保障了物料齐套率与出货达成率均达到100%。 国联民生证券表示，过去一个季度，宏微观不确定因素共振下，全球科技板块波动率放大，科技板块龙 头个股多数出现回撤。但整体看，中美科技巨头本季度经营业绩稳健。结构上，多数公司核心业务稳定 增长，AI相关业务增速提升，其中微软、亚马逊和阿里巴巴的云收入均录 ...

Investment Rating - The report maintains an "Overweight" rating for the telecommunications sector and its sub-sectors, including telecommunications equipment manufacturing [9]. Core Insights - The commercial aerospace sector is experiencing significant growth, driven by key events such as the successful launch of the Zhuque-3 rocket and the upcoming launch of the Long March 12 rocket, which aims to achieve reusability [2][3]. - The Shanghai Songjiang Satellite Internet Industry Conference highlighted the development opportunities in satellite internet, with partnerships being formed to enhance aviation satellite internet applications [16]. - The report emphasizes the importance of ground terminals and applications as critical components of the commercial aerospace industry's business ecosystem, suggesting a focus on undervalued segments with broad potential [18]. Summary by Sections Market Performance - The telecommunications index rose by 3.69% last week, outperforming the Shanghai Composite Index, which increased by 0.37%, and the Shenzhen Component Index, which rose by 1.26% [2][12]. Key Events - Significant events in the commercial aerospace sector include: 1. The successful first flight of the Zhuque-3 rocket, achieving orbit but failing to recover the first stage [3][13]. 2. The upcoming first flight of the Long March 12 rocket, which will attempt reusability [3][13]. 3. The Shanghai Songjiang Satellite Internet Industry Conference, where major players discussed advancements in satellite technology [16]. 4. The initiation of a tender for phased array terminals by China StarNet, indicating a focus on ground terminal development [18]. Recommended Companies - The report recommends several companies within the telecommunications sector, including: - ZTE Corporation (Buy, target price: 64.34 CNY) [38]. - Ruijie Networks (Buy, target price: 102.51 CNY) [38]. - China Telecom (Buy, target price: 9.11 CNY) [38]. - NewEase (Buy, target price: 476.71 CNY) [38]. - China Mobile (Buy, target price: 126.20 CNY) [38]. - Zhongji Xuchuang (Buy, target price: 626.68 CNY) [38]. - Haige Communications (Buy, target price: 13.70 CNY) [38]. - Shanghai Hanyun (Buy, target price: 28.28 CNY) [38]. - China Unicom (Hold, target price: 7.56 CNY) [38]. Performance Highlights - The report notes that the top-performing stocks in the past week included: - Aerospace Development (up 52.26%) - Tianfu Communication (up 25.79%) - Shanghai Hanyun (up 24.98%) [10]. Future Outlook - The report suggests that the commercial aerospace sector is poised for further growth, particularly in ground terminal applications and satellite manufacturing, as the industry approaches critical technological milestones [2][3][18].

Group 1 - Fujian Ruijie Zhuoyun Technology Co., Ltd. has been established with a registered capital of 30 million yuan [1] - The legal representative of the company is Chen Xingbin [1] - The business scope includes software sales, information system integration services, data processing services, and wholesale of computer software and hardware [1] Group 2 - The company is jointly held by Ruijie Networks (301165) and Fuzhou Economic and Technological Development Zone Baifutongzhou Investment Partnership (Limited Partnership) [1]

锐捷网络股份有限公司 简式权益变动报告书 信息披露义务人：厦门锐进东方企业管理咨询合伙企业（有限合伙） 住所及通讯地址：中国（福建）自由贸易试验区厦门片区湖里大道22号201-132 单元（文创口岸1#） 股份变动性质：解除一致行动关系 签署日期：2025 年11 月28 日 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披 露内容与格式准 则第15 号——权益变动报告书》及其他相关法律、法规和部门 规章的有关规定 编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人公司章程或内部规则中的任何条款，或与之相冲突。 上市公司名称：锐捷网络股份有限公司 股票上市地点：深圳证券交易所创业板 股票简称：锐捷网络 股票代码：301165 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发 行证券的公司信息披露内容与格式准则第15 号——权益变动 报告书》的规定， 本报告书已全面披露信息披露义务人在锐捷网络股份有限公司中拥有权益的股份 变动情况。截至本报告书签署日，除本报告书 ...

锐捷网络股份有限公司 住所及通讯地址：福州市仓山区金山大道618号桔园洲星网锐捷科技园19-22栋 股份变动性质：解除一致行动关系 签署日期：2025 年11 月28 日 简式权益变动报告书 上市公司名称：锐捷网络股份有限公司 股票上市地点：深圳证券交易所创业板 股票简称：锐捷网络 股票代码：301165 信息披露义务人：福建星网锐捷通讯股份有限公司 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披 露内容与格式准 则第15 号——权益变动报告书》及其他相关法律、法规和部门 规章的有关规定 编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人公司章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》和《公开 发行证券的公司信息披露内容与格式准则第15 号——权益变动 报告书》的规定， 本报告书已全面披露信息披露义务人在锐捷网络股份有限公司中拥有权益的股份 变动情况。截至本报告书签署日，除本报告书披露的持股信息外，上述信息披露 义务人 ...

Core Viewpoint - The Chinese firewall market is experiencing rapid growth, driven by the digital transformation of enterprises and increasing network security demands, with the market size expected to reach $2.8 billion by 2024 [15]. Industry Overview - Firewalls are essential network security devices that monitor, filter, and control network traffic based on predefined security policies, serving as the first line of defense against cyber threats [1]. - Firewalls can be categorized into traditional firewalls, Unified Threat Management (UTM) firewalls, Next-Generation Firewalls (NGFW), and AI firewalls, with NGFW integrating multiple security functions for improved performance [1][2]. Industry Chain Analysis - The firewall industry chain consists of upstream hardware components (chips, hard drives, etc.), midstream firewall products, and downstream application sectors including government, finance, telecommunications, and energy [5]. - Key upstream hardware companies include Loongson Technology and Huawei, while midstream product suppliers include Huawei, Sangfor, and Hillstone Networks [5]. Industry Development History - The firewall industry has evolved from simple packet filtering in 1989 to advanced AI firewalls that utilize machine learning for threat detection, addressing complex cyber threats [7]. Policy Background - The Chinese government emphasizes the importance of network security in its "14th Five-Year Plan," establishing a solid policy foundation for the firewall industry [9]. Market Size and Growth - The Chinese firewall market is projected to grow significantly, with a compound annual growth rate (CAGR) of 4.9% from 2025 to 2030, reaching approximately $3.7 billion by 2030 [25]. Competitive Landscape - The firewall industry is concentrated in Beijing and Guangdong, with major players like Qihoo 360 and Sangfor located in these regions, facilitating collaboration and resource sharing [17][21]. - The market features numerous participants, with competition and cooperation occurring simultaneously among various companies [20]. Future Trends and Predictions - The industry is shifting towards intelligent firewalls and adapting to new architectures, with AI and machine learning becoming core upgrade directions [23]. - The market is also seeing a transition from product sales to service-oriented models, such as "Firewall as a Service," which lowers initial costs for small and medium enterprises [24].

Core Points - The equity change is due to the expiration of the "Consistent Action Agreement" between Fujian StarNet Ruijie Communication Co., Ltd. and Xiamen Ruijin Dongfang Enterprise Management Consulting Partnership (Limited Partnership) on November 21, 2025 [1] - The termination of the consistent action relationship will not result in any changes to the controlling shareholder or actual controller of Ruijie Network Co., Ltd. [1]