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 Viewpoints - The overall market performance for the week (June 22-28, 2025) shows the Shanghai Composite Index rising by 1.91%, the Shenzhen Component Index by 3.73%, and the ChiNext Index by 5.69%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 5.53% during the same period [2][10]. - Within the telecommunications sector, the highest increase was seen in the communication application value-added services, which rose by 10.06%. The lowest increase was in communication cables and supporting services, which rose by 4.97% [2][13]. - Notable individual stock performances included Zhongguang Fanglei with a rise of 47.26%, Hengbao Co. with 30.27%, and Youfang Technology with 22.85% [2][15]. Summary by Sections Weekly Market Overview - The telecommunications industry index increased by 5.53% during the week [10]. - The communication application value-added services sector had the highest weekly increase at 10.06% [13]. - The top three individual stock performers in the telecommunications sector were Zhongguang Fanglei (47.26%), Hengbao Co. (30.27%), and Youfang Technology (22.85%) [15]. Industry News - China Mobile announced a centralized procurement project for G.654E optical fiber cables, with an estimated procurement scale of approximately 2.29 million kilometers, equivalent to 314 million core kilometers [17]. - As of the end of May, the total number of 5G base stations in China reached 4.486 million, reflecting a net increase of 235,000 from the previous year [17][19]. Company Announcements - Key announcements from the telecommunications sector for the week included: - Shijia Photon is in the process of acquiring control of Dongguan Fuke Xima Communications Technology Co., Ltd. through a combination of issuing shares and cash payments [18]. - Robotech signed a significant contract with a leading U.S. company, with a total contract value of approximately €17.1 million (over 100 million RMB), which exceeds 12.82% of Robotech's audited revenue for 2024 [18].
通信行业周报:FiconTEC获大单,推荐关注新技术渗透节奏-20250629
Guoyuan Securities·2025-06-29 13:44