Group 1: Event Overview - The 2025 World Mobile Communication Conference (MWC25 Shanghai) is showcasing the strong momentum of technological innovation in China and the Asia-Pacific region, focusing on themes such as AI+, industry interconnectivity, and 5G integration [1][2] - GSMA CEO emphasized that the next phase of mobile communication will be defined by 5G-Advanced (5G-A), independent networking, and AI, providing Chinese companies with broader development opportunities [1][2] Group 2: 5G and AI Integration - China is leading the global market in 5G-A technology, with projections indicating that by 2025, over 95% of the population will be covered by 5G networks, contributing $2 trillion to the economy [2] - Huawei and major telecom operators launched 5G-A experience innovations, with a goal for 95% of vehicles to be connected by 5G by 2030, seizing opportunities in the smart connected vehicle market [2][3] Group 3: AI Applications - AI models showcased at the conference include applications in flood management and chemical safety, enhancing disaster monitoring and operational efficiency [3][4] - Lenovo demonstrated advanced AI capabilities with intelligent systems that can create and act, showcasing the potential of multimodal AI models [4] Group 4: Innovative Transportation Solutions - The conference introduced a new GSMA innovation area featuring various innovative transportation systems, including eVTOL aircraft for logistics and emergency services [5][6] - Companies like Peak Aviation Technology and Chang'an Automobile presented advanced aerial vehicles capable of vertical takeoff and landing, targeting applications in firefighting and recreation [6] Group 5: Communication Technology Advancements - Companies are developing integrated solutions combining 5G-A technology with robotics and marine communication systems, enhancing connectivity across various domains [7] - The integration of satellite communication and terrestrial networks is seen as crucial for bridging digital divides, with companies like Guangdong Tongyu Communications focusing on comprehensive coverage [8] Group 6: Global Impact and Future Prospects - MWC25 Shanghai is positioned as a key platform for transforming local innovations into international standards, facilitating the global expansion of China's digital economy [9]

Core Insights - Shanghai is progressively achieving its goal of becoming an international technology and innovation center, with MWC Shanghai playing a crucial role in this transformation [1][9] - China has emerged as the largest mobile connectivity nation globally, leading in 5G user scale and technology development [1][10] - The mobile industry is projected to contribute over $2 trillion to China's economy by 2030, with growth rates expected to surpass the global average due to accelerated 5G application [3] Group 1: MWC Shanghai's Role and Significance - MWC Shanghai has been established for twelve years and is now a platform for showcasing China's mobile industry creativity, innovation, and leadership [4] - The event is expected to attract participation from approximately 150 countries and regions, focusing on regional market characteristics while accommodating international business needs [4] - The GSMA Innovation Hub at MWC Shanghai will feature cutting-edge technologies from leading Chinese companies, emphasizing the region's advancements in mobile technology [6] Group 2: Technological Advancements and Industry Development - Shanghai has built over 843,000 outdoor 5G base stations and 442,600 indoor small stations, establishing a leading advantage in 5G-A, optical networks, and industry-specific networks [4] - The city is promoting the development of a new generation of communication industry chains, focusing on satellite internet and 5G-A network applications [5] - MWC Shanghai will showcase key scenarios and pathways for "communication technology+" innovations, including AI, autonomous driving, and satellite communication [6] Group 3: Policy and Standardization - The Policy Leaders Forum (PLF) at MWC Shanghai will gather global policymakers and industry leaders to discuss the impact of AI, bridging the digital divide, and the future potential of mobile connectivity in the 6G era [9] - The forum will address the need for unified global communication technology standards to avoid fragmentation, which was a challenge before the advent of 4G technology [9][10] - MWC Shanghai is positioned not only as a technology showcase but also as a vital engine for promoting international cooperation and economic development [9]

继东山精密投资近60亿布局光通信业务后，6月18日，东山精密发布《向特定对象发行A股股票发行情况报告书》的增发事项公告，募资金额总额为14.04 亿元。 | | 序号 | 融资轮次 | 融资金额 | 企业估值 | 比例 | 投资方 | 关联机构 | 来源 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 2025-06-18 | 定向增发 | 14.04亿人民币 | = | . | 个人投资者 | 个人投资者 | | | 2 | 2019-10-18 | 定向增发 | 20亿人民币 | = | | 未披露 | 未披露 | 东山精密拟具资不超 20亿元用于无线模 块生产建设等项目 | | 3 | 2019-06-30 | 股权融资 | 未披露 | . | | 张家港产业资本中心 | 张家港产业资本中心 | | | র্ব | 2018-06-30 | 定向增发 | 未披露 | - | - | 前海开源 | 前海开源 | | | 5 | 2017-08-16 | 战略融资 | 未披露 | u | | 恒锐创投 | 恒锐创投 | | | ...

量子算力跨越临界点 20250618 摘要 量子计算利用量子比特的叠加和纠缠特性，实现并行计算，理论上在特 定算法上可实现指数级加速，解决经典计算机难以处理的复杂问题，如 优化、模拟等。 量子通信通过量子密钥分发（QKD）保障密钥安全性，利用量子隐形传 态传递量子态，并发展量子直接通信，旨在提供更高安全级别的信息传 输，但现有技术仍依赖经典信道。 超导是量子计算主流技术路线之一，谷歌、IBM 等公司采用，门保真度 高，相干时间长。其他技术路线包括离子阱、中性原子光镊等，各有优 劣，均在快速发展。 量子计算产业尚处于早期阶段，主要应用于教育和科研市场。未来潜在 应用领域包括材料、化工、生物医药、金融等，这些领域对复杂计算问 题有迫切需求。 量子计算发展面临的关键问题包括环境噪声影响、量子纠错、上游产业 链薄弱（如稀释制冷剂禁运）、测控系统优化以及软件算法开发等。 Q&A 量子信息技术包括哪些主要领域？ 量子信息技术主要包括三个领域：量子计算、量子通信和量子精密测量。量子 精密测量涉及原子钟、传感器等利用物理原理开发的测量产品，与传统的信息 技术有所区别。今天我们主要关注的是量子计算和量子通信。 什么是"量子"？ ...

证券研究报告 通信 | 通信设备 非金融|首次覆盖报告 hyzqdatemark 2025 年 06 月 19 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 市场表现： | 基本数据 | 年 | 06 | 月 | 日 | | 18 | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 13.85 | | | 一 年 内 高 最 低 | | | | | 最 | | | | / | | （元） | | | 17.78/12.10 | | | | | | | | 总市值（百万元） | | | 47,269.35 | | | | | | | | 流通市值（百万元） | | | 47,269.35 | | | | | | | ...

Group 1 - The 14th China (Beijing) Defense Informationization Equipment and Technology Expo was held from June 12 to 14, 2025, attracting over 35,000 professional visitors from military, armed police, border defense, and research institutions [1] - KeliXun showcased three core solutions: 350M PDT wireless cluster communication system, 400M DMR wireless cluster communication system, and the "Three Breaks" guaranteed wireless communication system, generating significant interest among domestic and international professional audiences [1] Group 2 - The "Three Breaks" guaranteed communication system is designed for emergency communication in extreme scenarios of "network break, power break, and road break," utilizing wireless self-organizing network technology [3] - The system includes solar and wind energy-powered fixed stations, mobile stations, drone modules, multi-mode smart terminals, and a dispatch management system, capable of operating independently for over 72 hours without grid power [3] - The system is resilient against extreme disasters such as floods and earthquakes, ensuring reliable deployment in various geological conditions [3] Group 3 - The 350M PDT wireless cluster communication system focuses on domestic production, high reliability, and strong security, catering to industries such as public security, military, and border defense [5] - It features end-to-end encryption, authentication, and ESN verification, meeting high information security standards for public security and armed police [8] - The system enhances emergency command and collaborative combat efficiency while supporting the digital transformation and modernization of public security and border defense sectors [8] Group 4 - The 400M DMR wireless cluster communication system employs a flexible architecture, supporting various networking modes suitable for different applications, including campus and cross-province operations [10] - It ensures high availability through multi-level fault tolerance and hot backup capabilities, enhancing response efficiency during emergencies [10] - The unified dispatch platform integrates GIS tracking, full network recording, and remote control functions, providing high compatibility and low upgrade costs for complex application scenarios [11] Group 5 - KeliXun's participation in the expo allowed the company to showcase its product strength and technological accumulation in the wireless private network communication system field [11] - The company aims to continue focusing on autonomous control, intelligent integration, and security reliability, striving for innovation to provide more efficient, intelligent, and secure communication solutions [11] - KeliXun is committed to supporting the high-quality development of national public safety and emergency response systems [11]

想象一下，仅用一盏夜灯，不到五秒就能将一部高清电影从上海传送到洛杉矶——跨越三个太平洋的宽 度。 这听起来可能有些天方夜谭，因为星链在距离地球仅数百公里的轨道上运行，最高速度只有几Mbps。 然而，在一颗停泊在地球静止轨道上、高度超过星链60倍的秘密卫星上，一支中国科学家团队仅利用2 瓦激光(亮度仅相当于一支蜡烛)就在湍流大气中将数据以1Gbps的速度传输至地球，速度是星链的五 倍。 卫星激光下行链路虽速度极快，但面临一个敌人：大气湍流。它会将光线散射成数百米宽极弱且模糊的 光斑，待光线到达地面时已严重衰减。 他们在丽江天文台测试了该系统，使用一台1.8米的望远镜瞄准了一颗距离36705公里的未命名卫星。望 远镜内部有 357 个微镜，可以重塑扭曲的激光束并减少波前畸变。 多平面转换器(MPLC)将进入多模光纤的光束分成8个基模通道。通过定制芯片驱动的"路径选择"算法， 实时选取并合并了其中三个最强信号。 研究人员观察到信号强度显著提升。与仅使用自适应光学 (AO) 相比，自适应光学 + 多模反射 (MDR) 在关键信号可靠性阈值下实现了显著增益。 团队写道："这种乘数效应在多次实验验证中均被一致观察到。" ...

今天上午，PCB板块上涨，逸豪新材、生益电子等个股大涨，其中，生益电子、胜宏科技两只龙头股盘 中股价均创历史新高。截至上午收盘，生益电子上涨10.21%，胜宏科技上涨1.95%。 今天上午，A股震荡。截至上午收盘，上证指数下跌0.2%，深证成指下跌0.15%，创业板指下跌0.36%。 盘面上，军工股领涨，白酒板块反弹，TMT板块表现活跃，其中，PCB（印制电路板）板块中，两只龙 头股胜宏科技（300476）、生益电子（688183）股价盘中均创历史新高。消费电子板块中，最近刚上市 的新股影石创新涨超17%，盘中触及涨停。 PCB板块上涨 据中信证券测算，到2026年，云端AI服务器PCB市场空间有望增长至490亿元，云端AI相关数据交互 PCB市场空间有望增长至113亿元。 产能供给方面，招商证券表示，PCB厂商一季度整体稼动率在90%—95%，二季度景气度维持向上，从 2024年下半年开始PCB产业扩产节奏加速，行业将进入新一轮产能扩张期，主要集中于高多层硬板及高 端基材领域。 平安证券表示，当前电子下游需求整体呈现复苏态势，叠加以AI、高速通信为代表的创新领域景气度 持续向上，共同支撑PCB整体需求增长。 ...

本报讯 （记者 史晓菲）日前，由中国自行车协会组织起草的团体标准《电动自行车用铅酸电池充电通 信协议》（以下简称《协议》）已完成征求意见稿，正公开征求意见。《协议》草案共5章，规定了电 动自行车用铅酸蓄电池充电通信协议的范围、规范性引用文件、术语和定义、通讯物理技术要求、通讯 字节格式要求等内容。 通信协议是指双方实体完成通信或服务所必须遵循的规则和约定。没有通信协议就会造成很多不便，如 20世纪90年代，一款手机配一个充电器，接口各不相同，每个消费者手中都有多个充电器，造成社会资 源的极大浪费。 电动自行车充电器也是如此。据中国自行车协会调研数据，目前全国电动自行车年销量超过4000万辆， 社会保有量超过3.5亿辆，铅酸电池车型占比仍高达85%，其中配套充电器年产销量超过1亿只。然而， 与快速增长的市场规模形成鲜明对比的是：电动自行车电池与充电器之间缺乏统一通信协议，导致不同 品牌间无法互通，产品重复设计、适配复杂，社会资源浪费严重。特别是同一款充电器，性能安全技术 水平完全一样，充电器生产厂家出于应对市场的不同需求，需要设计几十上百个通信协议。这意味着， 同样的硬件平台，只因协议不同，就得开模生产不同版本 ...

内容概况：作为半导体封装环节的核心设备，塑封机的技术升级与产业布局深刻影响着中国半导体产业 链的自主化进程。2025年1-4月，中国半导体塑封机进口金额为3144.82万美元，同比增长29.46%；出口 金额为1605.21万美元，同比下降28.05%。进口增长方面，一是国内先进封装产能扩张，尤其是第三代 半导体（SiC、GaN）封装线建设，对日本东和半导体、荷兰ASMPT等企业的超高压塑封机需求激增。 二是高端设备国产替代率不足，500MPa级超高压成型机、激光辅助成型设备等仍依赖进口，单台设备 价格超50万美元，推高进口总额。出口下降则反映全球市场压力。一方面，东南亚、印度等新兴市场本 土封装厂崛起，以价格优势挤压中国设备出口；另一方面，美国《芯片与科学法案》限制中国设备进入 高端市场，叠加欧盟碳关税（CBAM）政策，导致出口成本上升。此外，国产设备在稳定性、精度 （±1μm以下）等指标上仍落后于国际巨头，难以满足台积电、三星等大客户要求。 相关上市企业：耐科装备（688419）、三佳科技（600520）、长电科技（600584） 相关企业：衡所华威电子有限公司、北京科化新材料科技有限公司、宁波博威合金材 ...