| 800+ 200+ 30+ 50,000m | | --- | | 企业参展 科研院所 | | 2026 . 06 . 10 → 06 . 12 | 在新能源产业迭代升级的浪潮中，固态电池已成为撬动行业变革的核心支点，是衡量国家高端制造实力的重要 标志。 在固态电池体系中，负极直接决定电池的能量密度、循环寿命， 是制约电池整体性能升级的关 键环节 。 相比于传统石墨负极， 硅基负极凭借优异的性能 （ 硅理论 比容量 是传统石墨负极的10倍以上 ）和与固态 电池体系的高匹 配 度（ 降低 固-固界面阻抗，抑制锂 枝晶析出 ）， 已成为当前固态电池体系主流选择 。 作为高能量密度电池的核心材料， 硅碳负极已成为固态电池产业链的关键布局方向。 2025年，国内硅碳负极 赛道更是呈现全面开花、项目密集落地的火热态势。 据 DT 新材料不完全统计，2025年国内硅碳负极落地项 目数量突破 100 个，规划总产能超 30 万吨，行业总投资额高达800 亿元！ 我们已梳理2025年硅碳负极项目（涵盖受理、公示、开工、投产等全阶段）的核心信息 ， 囊括产能规划、技 术路线、项目规模等关键内容。 扫描下方二维码，转发即可领 ...

丨证券研究报告丨 [Table_Summary] 2026 年第 2 周，通信板块上涨 0.99%，在长江一级行业中排名第 8 位；2026 年年初以来，通 信板块上涨 2.51%，在长江一级行业中排名第 19 位。台积电大幅上修 2026 年 Capex 至 520- 560 亿美元，直言产能非常紧张、未来三年资本支出将显著增加；AI 加速器营收占比提升明显， 2024-2029 年营收 CAGR 指引上调至接近 55%。OpenAI、CoreWeave、Meta 与 xAI 等头部 厂商持续扩建 AI 超算集群，锁定中长期算力与能源资源，全球 AI 算力需求强劲。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信周观点：台积电资本开支上修，算力供需共 振景气向好 报告要点 research.95579.com 1 通信设备Ⅲ cjzqdt11111 [Table_Title 通信周观点：台积电资本开支上修，算力供需共 2] ...

1月21日，睿远基金、银华基金等基金公司披露旗下基金的2025年四季报，傅鹏博、李晓星等知名基金经理2025 年四季度调仓情况随之曝光。 傅鹏博减持了基本面趋势偏弱的公司，增持数据中心液冷、存力和算力的相关公司；李晓星则加仓了港股互联网 和消费股，减持了部分港股金融股。 傅鹏博表示，上市公司2025年年报预披露将于2026年1月底完成，景气度高的AI、有色金属、锂电材料等板块预 计会有较高增长，市场对此已有定价。 李晓星认为，2026年权益市场总体机会大于风险，AI仍是全球科技创新的主线，预计国内互联网大厂的业绩将保 持稳定的增长，港股科技巨头可能是产业趋势和基本面趋势共振的方向。 傅鹏博增持 数据中心液冷、存力和算力相关公司 1月21日，知名基金经理傅鹏博、朱璘管理的睿远成长价值披露2025年四季报。 2025年四季报显示，该基金的前十大重仓股变动较小，迈为股份代替中国移动新进入其前十大重仓股。此外，该 基金增持了寒武纪，减持了新易盛、胜宏科技、宁德时代、腾讯控股、东山精密、立讯精密、阿里巴巴、巨星科 技。 | 序 | 股票代码 | 股票名称 | 数量(股) | 公允价值(元) | 占基金资产净 | | - ...

项目机会清单概览 本次供需对接活动将集中展示和发布以下几大类项目机会，总投资额高达60亿元： 智慧农业项目：巴中市农特产品电商平台建设项目，投资额2400万元，建设覆盖全市的农特产品电商平台，提供线上销售、溯源系统等一站式服务。 数字文旅项目：巴中市光储一体化智能微电网建设项目，投资额4128.96万元，建设智能微电网，推动城市能源管理智能化。 （来源：贵阳大数据交易所） 1月30日，由巴中市营商环境和数据局主办，巴中市大数据服务中心、巴中数据集团承办，数据要素服务创新中心（成都分中心）、中国移动巴中分公司 中国电信巴中分公司、中国联通巴中分公司支持的"2026数字巴中春季供需对接活动"将在巴中市举行。活动现场将集中发布《数字巴中建设需求清单》， 为各方搭建起深度交流与合作的优质平台。数据要素服务创新中心（成都中心）借此契机，诚挚邀请各企业亲临活动现场，面对面深入洽谈，共同把握数 字巴中建设带来的无限商机，携手开启合作共赢新篇章！ PART 01 城市治理项目：巴中市智慧交通建设项目，投资额8000万元，建设全方位交通感知网络，提升城市交通管理水平。 智慧教育项目：巴中市恩阳区智慧教育新型基础设施建设项目，投 ...

Core Viewpoint - The article highlights the efforts of telecommunications companies in Inner Mongolia to maintain network stability during a severe cold wave, emphasizing their commitment to ensuring uninterrupted service for users despite harsh weather conditions [1][2][10]. Group 1: Communication Network Stability - Inner Mongolia is experiencing a new round of strong cold air, leading to a significant drop in temperatures, which poses challenges for the stable operation of communication networks [1]. - Hohhot Unicom has implemented a series of practical measures to ensure the stability of the communication "lifeline" during the cold wave, including comprehensive inspections of communication facilities and a 24-hour emergency response mechanism [2]. - The company has focused on optimizing airflow in communication rooms to enhance equipment stability and achieve energy savings [2]. Group 2: Emergency Response and Repair Efforts - In the face of communication interruptions caused by the cold weather, repair teams quickly mobilized to restore services, demonstrating resilience and dedication [4][8]. - Repair personnel worked under extreme conditions, including temperatures dropping to minus twenty degrees Celsius, to restore internet services, showcasing their commitment to customer satisfaction [4]. - The repair efforts not only restored connectivity but also provided a sense of warmth and hope to users, linking them to essential services and communication [4]. Group 3: Community Impact and Customer Relations - The maintenance of communication lines is crucial for local communities, especially during significant events like the New Year, where online connectivity is vital for shopping and communication [6]. - Repair teams faced challenging conditions, including deep snow and difficult terrain, to ensure that rural areas regained their communication capabilities, reflecting the company's dedication to serving all customers [8]. - The gratitude expressed by villagers upon the restoration of services highlights the importance of reliable communication in enhancing community well-being [8].

Market Overview - The communication services sector experienced a decline of 1.48% on January 21, with Sanwei Communication leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Stock Performance - Notable gainers in the communication services sector included: - Zongheng Communication: closed at 16.28, up 2.71% with a trading volume of 176,200 shares and a turnover of 285 million yuan [1] - Wajingke: closed at 39.34, up 2.29% with a trading volume of 49,100 shares and a turnover of 193 million yuan [1] - Hengxin Oriental: closed at 5.66, up 1.43% with a trading volume of 363,300 shares and a turnover of 206 million yuan [1] - Conversely, significant decliners included: - Sanwei Communication: closed at 13.43, down 5.75% with a trading volume of 2.215 million shares and a turnover of 2.994 billion yuan [2] - China Telecom: closed at 5.80, down 2.52% with a trading volume of 3.0047 million shares and a turnover of 1.758 billion yuan [2] - Putian Technology: closed at 31.49, down 1.47% with a trading volume of 223,400 shares and a turnover of 708 million yuan [2] Capital Flow - The communication services sector saw a net outflow of 978 million yuan from institutional investors, while retail investors contributed a net inflow of 495 million yuan [2] - Key stocks with notable capital flows included: - Data Port: net outflow of 55.1 million yuan from institutional investors, with a retail net outflow of 74.6 million yuan [3] - China Mobile: net inflow of 37.96 million yuan from institutional investors, but a net outflow of 83.09 million yuan from retail investors [3] - Hengxin Oriental: net inflow of 15.33 million yuan from institutional investors, with a retail net outflow of 18.77 million yuan [3]

Group 1: Fund Manager Insights - Fund manager Fu Pengbo reduced holdings in companies with weak fundamentals and increased investments in data center liquid cooling, storage, and computing-related companies [1][2] - Fu noted that the annual reports of listed companies for 2025 will be pre-disclosed by the end of January 2026, with high-growth sectors like AI, non-ferrous metals, and lithium battery materials expected to show significant growth [1][3] - Li Xiaoxing increased positions in Hong Kong internet and consumer stocks while reducing holdings in some Hong Kong financial stocks, believing that overall opportunities in the equity market for 2026 outweigh risks [1][4] Group 2: Fund Performance and Adjustments - Fu's fund saw minor changes in its top ten holdings, with Maiwei Co. replacing China Mobile, and increased positions in Han's Laser while reducing stakes in companies like Ningde Times and Tencent [2][3] - Li's fund reported a stock position of 88.55% at the end of Q4 2025, a decrease of 4.54 percentage points from Q3 2025, with new entries in the top ten holdings including Tencent, Alibaba, and Meituan [4][5] Group 3: Market Outlook - Fu and Zhu believe that the stock market's activity is increasing, with a "spring excitement" arriving early, and expect high growth in sectors like AI and semiconductor manufacturing [3][6] - Li highlighted that AI remains the main line of global technological innovation, with significant capital expenditure growth in the AI sector, and domestic internet companies expected to maintain stable growth [6][7] - The consumer sector's performance needs dynamic observation, with many quality consumer stocks showing favorable dividend yields [6][7] Group 4: Sector-Specific Insights - The pharmaceutical sector experienced fluctuations in Q4 2025 due to previously high market expectations and capital flowing to other popular sectors, but long-term prospects for domestic innovative drugs remain positive [7] - The CRO and CDMO segments are showing clear signs of recovery in domestic and international demand, indicating an industry turning point [7]

Core Insights - The State Council Information Office held a press conference on January 21, highlighting significant updates in the telecommunications sector regarding the renewal of secondary phone numbers and unbinding internet applications [1] Group 1: Secondary Number Renewal - Telecommunications companies have renewed over 250 million secondary phone numbers before their official launch [1] - The "secondary number renewal" service will be expanded to cover more internet applications closely related to people's livelihoods [1] Group 2: Unbinding Internet Applications - More than 1 billion instances of unbinding from internet applications have been processed [1] - The official app and mini-program have introduced a "proactive renewal" service entry to support the unbinding of historical connections with 239 commonly used internet applications [1] - Over 5.8 million users have had their unbinding requests processed, totaling more than 360 million instances [1] Group 3: Future Developments - China Mobile, China Unicom, and China Telecom are set to launch the "secondary number renewal" service by May 2025, allowing users to unbind historical internet accounts with a single click [1]

Investment Rating - The report maintains an "Outperform" rating for the commercial aerospace industry [1] Core Insights - The aerospace sector is transitioning from being viewed as a "cost center" driven by national will to a "growth engine" driven by commercial demand, with significant investments and strategic planning from both the US and China [6][9] - The global aerospace economy is projected to reach $613 billion in 2024, with commercial aerospace contributing 78%, and is expected to exceed $1 trillion by 2032 [6][9] - The value chain of commercial aerospace is divided into five core levels: "space, ground, terminal, rocket, and application," each presenting unique market opportunities and technical challenges from 2026 to 2030 [10][29] Summary by Sections 1. Space: Satellite Manufacturing - The satellite manufacturing market in China is expected to grow from approximately 7.1 billion yuan in 2025 to about 39.4 billion yuan by 2030, reflecting a shift from sporadic research models to continuous, batch engineering deliveries [16][18] 2. Ground: Ground Systems - The ground systems market is projected to increase from around 1.2 billion yuan in 2025 to approximately 39.1 billion yuan by 2030, evolving from a supporting role to a core infrastructure essential for stable satellite constellation operations [21][22] 3. Terminal: Key Variable for Commercial Aerospace - The terminal market is anticipated to grow from 500 million yuan in 2025 to about 141.9 billion yuan by 2030, driven by multiple vertical industries and potential consumer scenarios [23][24] 4. Rocket: Core Constraint - The cost of rocket launches is a critical constraint, with reusable technology expected to reduce costs by 80%-90% compared to traditional expendable rockets. The market for rocket launch services is projected to grow from approximately 10.7 billion yuan in 2025 to about 34.3 billion yuan by 2030 [25][26] 5. Application: Final Value Realization - The application market is expected to expand from 200 million yuan in 2025 to 525 billion yuan by 2030, with the revenue share from applications projected to rise from single digits to over 67% by around 2030 [27][28] 6. Investment Opportunities - Investment opportunities in commercial aerospace can be categorized into three main tracks: 1. Launch and manufacturing segments, which are expected to benefit directly from increased orders and visibility 2. Core components and systems, characterized by high technical barriers and critical for long-term competitiveness 3. Downstream applications and operational services, which, while currently limited in scale, hold the greatest long-term potential for value realization [29][30]

Core Insights - The three major telecom operators in China are shifting their strategies towards "strategic contraction and focused transformation," moving away from a "large and comprehensive" approach to concentrate resources on core business areas such as computing power, AI applications, and enterprise markets [1][4] Financial Performance - In 2024, the total revenue of the three operators approached 2 trillion yuan, with a year-on-year growth rate slowing to approximately 3%, a significant decline compared to previous years. The combined net profit was about 192 billion yuan, reflecting a year-on-year increase of approximately 6.1%. The combined EBITDA was around 574 billion yuan, showing a slight decline of about 0.7%, indicating a fatigue in profitability [2] Strategic Focus - China Telecom is upgrading its strategy from "cloud transformation" to "intelligent and beneficial cloud transformation," emphasizing AI empowerment and security in enterprise construction. In 2024, the revenue from digitalization in its industry is expected to increase, with a 22% year-on-year growth in capital expenditure for computing power [3] - China Unicom is focusing on four core areas: connectivity, computing power, services, and security, moving away from a comprehensive coverage model. Its investment in computing power is expected to rise by 19% in 2024, with plans to build a multi-layered computing supply system [3] - China Mobile aims to strengthen its three main businesses: communication services, computing services, and intelligent services, with a focus on technology leadership and scale synergy. The planned investment in computing power for 2025 is 37.3 billion yuan, maintaining the same level as 2024 but increasing its share in capital expenditure to 25% [4] Embracing AI - All three operators are sending a clear signal of "fully embracing AI." China Unicom is focusing on the synergy between AI and its core areas, while China Telecom is integrating AI throughout its operations. China Mobile is also prioritizing intelligent services and plans to develop 15 million AI terminals by 2026 [5][6] Capital Expenditure Trends - The capital expenditure of the three operators is showing a trend of "overall contraction with localized increases," with a total planned capital expenditure for 2025 reduced by 9.1% to 289.8 billion yuan. The focus is shifting towards "intelligent computing centers" and "massive card clusters" [7]