Rx 荣续智库 零碳园区自皮书系列 哈尔滨经济技术 开发区 首席研究员 刘瀚阳 CFA ESG证书:103397250 高级注册ESG分析师:23RZQLKC001159A 人工智能ESG分析师: IITCPXDZJD25001252 任职于中国检验认证集团北京有限公司, 同时兼任上海环境能源交易所碳排放交 易员、安徽省零碳协会特聘专家、同济 大学经管学院外聘讲师、全国工商联现 代服务业专业人才库成员、联合国可持 续发展ESG高级策略顾问等职。 寒地松江畔,振兴潮正涌。作为东北老工业基地转型升级的排头兵,哈尔 滨经济技术开发区始终以实体经济为根基，以科技创新为引擎，在高质量 发展的征程上步履铿锵。 当"双碳"目标成为国家战略的重要坐标,哈经开区主动肩负时代使命, 将零碳转型与产业升级深度融合,在这片充满创新活力的土地上,书写绿 色发展的全新篇章。从航空装备的蓝天翱翔到低空经济的吨级突破,从数 字工厂的智能迭代到生物医药的全球拓展,哈经开区的产业振兴之路,始 终贯穿着转型提质的坚定追求。分布式光伏照亮生产车间，工业余热温暖 万家灯火，循环经济让资源高效流转,新型电力系统筑牢能源根基。这不 仅是对生态责任的践行， ...

Core Viewpoint - China Telecom has announced an emergency procurement project for fiber optic cables in its Guangdong branch for Q1 2026, indicating a significant price increase in the fiber optic market, with the maximum price for GJYXFCH-1 core cable set at 310 yuan per kilometer, reflecting a 45.36% increase from previous prices [1][2]. Group 1: Procurement Details - The procurement focuses on FTTH butterfly-shaped fiber optic cables, with a maximum response price of 1,726,955.49 yuan for the project [2]. - The previous maximum price for GJYXFCH-1 core cable was 213.27 yuan per kilometer, highlighting a substantial price increase in the current procurement [2]. Group 2: Market Trends - The demand for fiber optic cables is increasing, with operators raising procurement prices; for instance, China Telecom's procurement prices for G.652.D cables have risen by over 31% year-on-year, with some prices increasing by as much as 64.29% [3]. - The price of G.652.D fiber has exceeded 50 yuan per core kilometer, compared to 20 yuan in November 2025 and 35.6 yuan in January 2026, indicating a robust market [3]. Group 3: Industry Outlook - The fiber optic market is experiencing sustained price increases due to rapid growth in AI and computing networks, with a projected global demand increase of 4.1% for fiber optic cables by 2025, and a 75.9% increase in data center fiber cable demand [4]. - Supply constraints are expected to persist due to the long expansion cycle for optical fiber preform, which is approximately two years, suggesting continued price potential for fiber optic cables [4]. Group 4: Key Companies - The report highlights several core manufacturers in the fiber optic cable sector, including Zhongtian Technology, Hengtong Optic-Electric, Yangtze Optical Fibre and Cable, TeFa Information Technology, Yongding Co., and FiberHome Technologies [5].

Core Insights - Qualcomm Technologies, Inc. has announced a strategic coalition with industry partners to accelerate the development and global deployment of 6G, with a roadmap aimed at delivering commercial systems starting from 2029 [1][5] Industry Collaboration - The coalition includes major global partners such as Airtel, Amazon, Cisco, Google, Microsoft, Samsung Electronics, and many others, highlighting a strong industry commitment to 6G development [2][7] 6G Technology Framework - 6G is being designed as an AI-native system based on three key pillars: connectivity, wide-area sensing, and high-performance compute, which will enable advanced capabilities like intelligent radios and AI-based network autonomy [3][4] Market Opportunities - The introduction of 6G is expected to transform the telecom sector by enabling new classes of AI-enabled services and improving efficiency and performance for telecommunications applications [4][5] Development Goals - The coalition aims to establish essential 6G standards, validate systems, and demonstrate pre-commercial devices and networks by 2028, with a focus on creating new business models and services to enhance the 6G ecosystem [5][6]

证券研究报告 科技 英伟达新推 LPU，重视铜缆/液冷机遇 华泰研究 2026 年 3 月 01 日│中国内地 行业周报（第九周） 本周观点 市场方面，上周通信（申万）指数上涨 4.76%，同期上证综指上涨 1.98%， 深证成指上涨 2.80%。英伟达在 4QFY26 财报电话会议上详细阐述了对 Groq 的整合计划，并表示后续会推出整合 Groq LPU 技术的推理平台。LPU 作为语言处理单元，在实时 token 生成中可实现极低延迟+高能效。我们认 为英伟达强调对 Groq 的整合计划代表了后续对 LPU 这一推理产品的重视， 未来围绕 LPU 的相关算力配套产业链或受益，其中我们看好 LPU 机柜形式 下的铜缆及液冷需求上行。 周专题：英伟达新推 LPU，重视铜缆/液冷机遇 上周，英伟达在 4QFY26 财报电话会议上详细阐述了对 Groq 的整合计划， 并表示后续会推出整合 Groq LPU 技术的推理平台。我们认为：1）英伟达 斥资 200 亿收购 Groq 且明确阐述整合计划，足见英伟达对推理市场及 LPU 产品重视，未来资源或有所倾斜；2）此前 Groq 自研有 LPU 机柜形式，已 运用在 ...

具身智能头部效应凸显。 作者/刘博 报道/投资界PEdaily 马年伊始，最大具身智能融资诞生了。 投资界获悉，银河通用机器人今日宣布完成2 5亿元新一轮融资，投资方阵容豪华—— 国家人工智能产业基金（国家大基金三期）、 中国石化、中信集团投资控股、中国银行、上汽集团金控、中芯聚源、亦庄国投、未来产业投资、鲲鹏基金、无锡创投、福建产投等 及多家老股东继续追加投资 。 至此，银河通用累计融资额稳居中国具身智能领域首位，估值继续领跑人形机器人行业。一场诸神之战，拉开帷幕。 刚刚，开年最大具身融资 估值已破200亿 短短三年，银河通用已经成创投圈的现象级公司。正如大家可以看到：几乎市场上所有类型的顶级投资机构，都出现在银河通用的身 后。 时间回到2 0 2 3年5月，银河通用成立，便迅速完成了种子轮融资，此后不断有头部顶级机构进入。彼时据知情人透露，银河通用接受 投资的门槛较高、融资节奏又快，一大批慕名而来的投资人都没能挤进来。 直至2 0 2 4年6月，银河通用宣布最终完成共计7亿元人民币天使轮融资——包括美团、北汽等战略及产业投资方,以及启明创投、经纬 创投、IDG资本等头部投资机构。 同年11月，银河通用又完 ...

1.【英伟达与全球电信巨头携手，致力于在开放、安全的原生AI平台上构建6G网络】英伟达宣布，与 博思艾伦、英国电信集团、思科、德国电信、爱立信、美国麻省理工学院研究与工程公司、诺基亚、 OCUDU生态基金会、开放数据中心委员会、韩国SK电讯、软银集团以及T-Mobile美国公司达成合 作，致力于在原生AI、开放、安全且可信的平台上，构建全球下一代无线网络。英伟达创始人兼首席 执行官黄仁勋表示："AI正在重新定义计算，并推动人类历史上规模最大的基础设施建设，电信行业 将是下一个变革领域。英伟达正与全球产业领袖联盟携手，打造AI无线接入网，将全球电信网络转变 为无处不在的AI基础设施。"（搜狐） 2.【冲刺"Multi-Agent第一股"，广州独角兽钛动科技递表港交所】专注于AI营销科技领域的钛动科 技正式递表港交所，凭借自研钛极多模态大模型与全球首批营销多智能体Navos，冲刺"Multi-Agent （多智能体）第一股"。此举意味着AI应用的前沿走到资本市场聚光灯下。（新浪财经） 3.【视频大模型黑马SkyReels V4异军突起，冲进Artificial Analysis榜单全球第2名】Skywork AI ...

中国移动 互联网AIGC赛道 丨流量报告 摘要： 研究意 义 20 25年前10个月，AIGC赛道进入规模化应用期，用户规模4.83亿，市场渗透率突破30%。 核心用户群体 AIGC应 用的核心用户为35岁以下的青年白领，多分布于高线城市，具有较强的消费能力和对社交 分享的需求。 移动端AIGC赛道整体流量趋势 细分赛道分析 语言模型 ：豆包APP在语言模型领域流量领先，腾讯元宝流量跃升显著。 智能伴聊 ：行业增长低迷，但星野APP用户规模实现正增长。 智能工具 ：行业规模稳定，用户流量生态与平台设备深度绑定。 图像处理 ：即梦AI在图像处理领域断层式第一。 增速排名 截至10月，即梦AI、腾讯元宝、豆包等APP在今年近10个月内用户增长速度领先。 2025年AIGC赛道进入规模化应用期，市场渗透率突破30% 2025年1-10月，AIGC赛道月独立设备数从3.18亿台增长至4.83亿台，渗透率从22.1%提升至33.2%，反映AIGC已从"尝鲜工具"转向大众级应用。AIGC 应细分赛道中，语言模型、智能工具等生产力场景将持续占据主流，APP独立设备数均超2亿。 移动端AIGC赛道用户画像 高线城市中具有较强 ...

Company and Industry Summary Company Overview - The company focuses on AI, Data, and Agent as core components, providing end-to-end data services and is responsible for delivery results. Initially concentrated on the Southeast Asian financial market, it has expanded into 7-8 industries including retail, urban operations, and healthcare. Clients include private equity funds, public funds, and large enterprises like China Mobile [2][3] Core Business Model - The revenue model primarily consists of annual fees charged per module, supplemented by a transaction model. The company has high customer stickiness due to continuous delivery and support. In the first half of 2025, revenue was approximately 200 million yuan, although this figure is affected by client acceptance delays [2][6][7] Competitive Advantages - The company does not directly own client data, allowing clients to choose their front-end tools and models. Its strength lies in transforming heterogeneous and dirty data into high-quality usable data and providing adaptation and tuning capabilities between data and large models, creating deep binding relationships, especially in high-demand industries like finance [2][8] Industry Expansion Strategy - The company adopts a top-down expansion strategy, entering 1-2 new industries each year, starting with leading clients for customized delivery and gradually increasing standardization. Industries that are expected to take 3-5 years or 5-7 years to converge will be postponed. In 2026, the focus will be on investing in a robot training data platform and commercial aerospace [2][10] Project Delivery and Client Engagement - Typical projects cover the entire process from data acquisition, cleaning, standardization, to modeling, transforming large amounts of heterogeneous and dirty data into high-quality data. Delivery methods depend on client needs and can support remote delivery if data formats are adequate [4][11] Research and Development - Approximately 67% of the workforce is dedicated to R&D, with around 320 personnel. The company’s tools and engineering capabilities are reusable across industries, but entering new industries requires learning specific industry data and bringing in expert personnel [12] Pricing and Revenue Growth - The current pricing model is primarily based on annual fees per module, with exploration into backend revenue sharing based on value creation. Future considerations may include pricing based on traffic or tokens. The goal is to gradually align gross margins across industries towards the financial sector's level of around 80% [13] Client Concentration and Risk - The current client concentration is not significantly high, with revenue derived from both financial and diversified industry clients. As the amount from diversified clients increases, overall revenue is expected to rise [9] Market Trends and Client Acquisition - The company relies on client referrals for customer acquisition, with low sales personnel costs. There is a notable increase in interest from state-owned enterprises in AI, shifting from hardware-focused investments to recognizing the value of data [19] Financial Performance and Future Outlook - The company anticipates considerable growth in 2025, with expectations to achieve breakeven and generate profit in 2026. Current trends and forecasts indicate a normal and relatively optimistic performance [20]

两会召开在即，科技创新将成为关注重点 眽眻眽睁 年 眾 月 眼 日 光通信相关标的：中际旭创（眾眻眻眾眻睃）， 新易盛（眾眻眻着眻眽）等；IDC 相关标 的：光环新网（眾眻眻眾睃眾）等；光纤光缆龙头：长飞光纤（睁眻眼睃睁睄），亨通光电 （睁眻眻眿睃睂），中天科技（睁眻眻着眽眽）等；量子通信：国盾量子（睁睃睃眻眽睂）等； 运营商相关标的：中国移动（A+H），中国电信（A+H），中国联通（A+H） 等；卫星互联网相关标的：通宇通讯（眻眻眽睂睄眽），普天科技（眻眻眽着眿眿）等。 风险提示：AIGC 应用推广不及预期的风险；国内外政策和技术摩擦的不确定 性风险；着G 规模化商用推进不及预期的风险等。 通信行业 | | | 分析师 赵良毕 ：眻眼眻-睃眻睄眽-睂睁眼睄 ：zhaoliangbi_yj@chinastock.com.cn 行业周报 · 通信行业 分析师登记编码：S眻眼眾眻着眽眽眻眾眻眻眻眾 研究助理：刘璐 ：yj.liulu@chinastock.com.cn 相对沪深 眾眻眻 表现图 眽眻眽睁-眻眽-眽睃 资料来源：Wind，中国银河证券研究院 -50% 0% 50% 100% 150% 2025/2/ ...

行业周报 · 通信行业 两会召开在即，科技创新将成为关注重点 眽眻眽睁 年 眾 月 眼 日 光通信相关标的：中际旭创（眾眻眻眾眻睃）， 新易盛（眾眻眻着眻眽）等；IDC 相关标 的：光环新网（眾眻眻眾睃眾）等；光纤光缆龙头：长飞光纤（睁眻眼睃睁睄），亨通光电 （睁眻眻眿睃睂），中天科技（睁眻眻着眽眽）等；量子通信：国盾量子（睁睃睃眻眽睂）等； 运营商相关标的：中国移动（A+H），中国电信（A+H），中国联通（A+H） 等；卫星互联网相关标的：通宇通讯（眻眻眽睂睄眽），普天科技（眻眻眽着眿眿）等。 风险提示：AIGC 应用推广不及预期的风险；国内外政策和技术摩擦的不确定 性风险；着G 规模化商用推进不及预期的风险等。 通信行业 | | | 分析师 赵良毕 ：眻眼眻-睃眻睄眽-睂睁眼睄 ：zhaoliangbi_yj@chinastock.com.cn 分析师登记编码：S眻眼眾眻着眽眽眻眾眻眻眻眾 研究助理：刘璐 ：yj.liulu@chinastock.com.cn 相对沪深 眾眻眻 表现图 眽眻眽睁-眻眽-眽睃 资料来源：Wind，中国银河证券研究院 -50% 0% 50% 100% 150% 2025/2/ ...