Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Delton Technology (Guangzhou) Inc. 廣州廣合科技股份有限公司 (the "Company") (A joint ...

Core Insights - The U.S. telecom market is projected to grow at a compound annual growth rate (CAGR) of 6.8% from 2024 to 2029, driven by factors such as 5G adoption, fiber expansion, and increasing mobile data traffic [2] Group 1: AT&T - AT&T is experiencing strong momentum in its communications segment, with service revenues improving due to solid subscriber gains and higher equipment revenues [3] - The company added 288,000 net fiber subscribers and 270,000 Internet Air subscribers in the third quarter, indicating growth in its Consumer Wireline business [3] - AT&T is rapidly expanding its 5G infrastructure, deploying mid-band spectrum from Echo Star across 23,000 cell sites, enhancing download speeds by 80% for mobility and 55% for Internet Air users [4][5] - The integration of AI tools, such as Ask AT&T Workflows, aims to improve operational efficiency and customer service, potentially boosting profitability and cash flow [6] - Despite facing competition from Verizon and T-Mobile, AT&T's strong foundation and focus on customer service position it well for competitive advantage [7] Group 2: Comcast - Comcast focuses on broadband Internet and in-home WiFi, but its revenues from the Residential Connectivity & Platforms segment decreased by 1.5% year over year in the third quarter, primarily due to weaknesses in video and advertising [8] - The company has a robust broadband infrastructure and is rolling out DOCSIS 4.0 technology to deliver multigigabit symmetrical broadband speeds [11] - Comcast is facing increased competition from AT&T and Verizon, which could hinder its growth prospects, especially as AT&T adds significant fiber customers [12] - The Zacks Consensus Estimate indicates a decline in Comcast's 2025 sales by 0.07% year over year, with EPS projected to decline by 3.46% [14] Group 3: Comparative Analysis - Over the past year, AT&T's stock has gained 4.1%, while Comcast's has declined by 31.4% [19] - From a valuation perspective, Comcast appears more attractive with a price/earnings ratio of 6.72 compared to AT&T's 10.79 [20] - Both companies are expanding their network infrastructure, but AT&T's strategic acquisitions and focus on 5G and AI integration suggest a stronger long-term growth potential [23]

（原标题：河内致力将和乐高科技园打造为越南"硅谷"） 越通社12月10日报道，乘着越南科创改革东风，河内和乐高科技园区正面临前所未有发展机遇，力 求实现强劲转型，朝着成为越南"硅谷"目标迈进，努力成为越南知识经济在民族奋发图强新时代中的发 展标志。 河内市已同步推进多项措施：重构创新空间，推动政产研三方协作及创新生态系统建设；有针对性 吸引投资，聚焦人工智能、半导体芯片、生物医药等核心技术；突破制度建设，打造创新"软基础设 施"；发展交通、数字及智慧城市基础设施。 目前，《至2030年和乐高科技园区发展方案及2045年愿景》正在完善中，待提交市政府批准。根据 该方案，到2030年，园区对河内地区生产总值（GRDP）贡献率要至少达5%，累计吸引投资额200万亿 越盾，培养、吸引2万名高质量人才。到2045年，该园区将成为一个集成化、智能化"科创之城"，成为 全球创新体系重要节点之一。 据悉，和乐高科技园距河内市中心30公里，交通便利，河内地铁5号线预计将于12月19日开工建 设，将实现园区与市中心的直接连接。园区已吸引109个投资项目，总注册资金约121万亿越盾。越南军 队电信集团（Viettel）承诺投资12 ...

目前这款产品在京东售价3976.51元，在拍易得最新一期 的活动中成交价仅2784元，浏览器访问拍易得官网可获 得最新详情！ 目前这款产品在京东售价3976.51元，在拍易得最新一期的活动中成交价仅2784元，浏览器访问拍易得 官网可获得最新详情！ Apple iPhone 16e 5G手机，2025年全新发布，轻薄设计，机身仅厚7.8mm，重167g，握感舒适。搭载 A18处理器与苹果首款自研C1基带，支持5G网络，性能稳定高效。配备6.1英寸超视网膜XDR OLED 屏，2532×1170分辨率，支持原彩显示与HDR，典型亮度800尼特。前置刘海屏设计，后置48MP单摄， 支持2倍光学变焦。内置128GB存储，采用USB-C 2.0接口。续航表现出色，视频播放最长可达26小时， 支持20W有线与7.5W无线充电。铝合金中框搭配超瓷晶面板和磨砂玻璃背板，具备IP68级防尘防水， 品质可靠。 Apple iPhone 16e 5G手机，2025年全新发布，轻薄设 计，机身仅厚7.8mm，重167g，握感舒适。搭载A18处 理器与苹果首款自研C1基带，支持5G网络，性能稳定高 效。配备6.1英寸超视网膜XDR ...

Core Viewpoint - The "5G+AI Emergency Disaster Monitoring and Early Warning System" project by China Mobile Guangxi Company and the Guangxi Emergency Management Department showcases innovative technology and practical effectiveness, winning the first prize at the 2025 5G Application Competition in Guangxi [1] Group 1: Project Overview - The project addresses the challenges of late detection, slow warning, difficult coordination, and high costs in forest fire prevention in Guangxi, leveraging 5G, AI, and Beidou technologies to create an integrated monitoring network [1][9] - The system enables "second-level warning, precise location, and efficient handling" of fire incidents, providing a digital solution for ecological protection in Guangxi [1] Group 2: Technological Implementation - The project employs a "1+3+N" core architecture, which includes "one platform for management, three networks for support, and N applications for implementation," covering the entire chain from monitoring to decision-making and response [9] - The use of 5G smart thermal imaging cameras and drones allows for inspections of key areas to be completed in 1 to 2 hours, achieving a fire detection rate of over 90%, doubling the efficiency compared to manual inspections [9][10] Group 3: Impact and Benefits - Since the implementation of the system, 332 AI monitoring devices have been deployed across seven cities, increasing monitoring coverage by 75% and successfully issuing early warnings for multiple fire incidents, resulting in a reduction of direct economic losses by over 30% [10] - The project is estimated to reduce carbon emissions by approximately 500,000 tons annually and save 4.5 million yuan in labor costs, demonstrating significant ecological and economic benefits [10]

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, indicating market trends and hotspots [1][4] - As of December 12, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 3.48%, Shenzhen Component Index 3.40%, CSI 300 3.52%, CSI 500 5.02%, CSI 1000 3.62%, CSI 2000 2.46%, ChiNext Index 3.91%, and STAR Market 12.36% [6][26] - Among the CITIC first-level industry indices, the sectors closest to their 250-day new highs include telecommunications, non-ferrous metals, defense and military industry, home appliances, and light industry manufacturing [9][26] Group 2 - A total of 746 stocks reached a 250-day new high in the past 20 trading days, with the highest number of new highs in the basic chemicals, machinery, and electronics sectors [2][14] - The sectors with the highest proportion of new high stocks are non-ferrous metals (27.42%), textiles and apparel (25.25%), and agriculture, forestry, animal husbandry, and fishery (24.30%) [14][26] - The manufacturing and cyclical sectors had the most new high stocks this week, with respective counts of 228 and 202 [17] Group 3 - The report identifies 44 stocks that have shown stable new highs, with the most from the cyclical and technology sectors, each contributing 16 stocks [3][22] - The non-ferrous metals industry had the highest number of new highs within the cyclical sector, while the electronics industry led in the technology sector [22][27] - The selection criteria for stable new high stocks include analyst attention, relative strength of stock prices, price path stability, and continuity of new highs [20][21]

Core Insights - The traditional business of the telecommunications industry is developing steadily, while innovative applications are actively being laid out. Following a recent market surge, valuation levels have rebounded, and telecom companies are exploring new growth points based on current performance [1] - The collaboration between ByteDance and ZTE provides a new paradigm for AI smartphone development, enabling rapid verification of technology through lightweight empowerment, which may lead the industry into a new cycle defined by AI hardware [1] - The global 5G network slicing market is expected to reach $67.5 billion by 2030, with a compound annual growth rate of approximately 70%, driven by the increasing adoption of this technology in both enterprise and consumer sectors [1] Industry Developments - The ChiNext AI ETF (159388) tracks the ChiNext AI Index (970070), which saw a daily fluctuation of 20%. This index selects listed companies involved in machine learning, natural language processing, and other AI technologies to reflect the overall performance of AI-related companies in the ChiNext market [1] - The index focuses on high-tech innovation, showcasing the technological content and growth characteristics of Chinese ChiNext AI enterprises [1]

Core Points - Qualcomm participated in the torch relay for the 2026 Milan-Cortina Winter Olympics, symbolizing collaboration and progress [1] - Qualcomm has been collaborating with TCL for over 20 years, focusing on market expansion and innovation in various technology sectors [3] - Qualcomm's commitment to technology innovation aligns with the Olympic spirit of "Faster, Higher, Stronger," emphasizing the importance of connectivity and computing performance [4] Company Collaboration - Qualcomm and TCL have worked together to enhance user experiences in smartphones, smart devices, and smart glasses [3] - The partnership aims to deliver superior connectivity, efficient computing performance, and enriched product experiences to global users [4] Industry Trends - There is a growing demand for high-performance, low-power, and wide-coverage connectivity solutions in the context of evolving 5G, Wi-Fi, AI, and IoT technologies [4] - Qualcomm plans to leverage its leading technology platforms to support the deployment of innovative applications and drive the smart upgrade of various intelligent terminals [4]

Core Viewpoint - The financial cybersecurity range is evolving from a technical validation tool to a core infrastructure for digital financial security, enhancing the defensive capabilities of financial institutions and promoting proactive immunity against cyber threats [5]. Industry Overview - The financial cybersecurity range integrates virtualization, big data, and other technologies to provide a comprehensive security infrastructure for financial institutions, including attack-defense drills, vulnerability verification, emergency response training, and system testing [1]. - The industry value chain consists of upstream technology providers, midstream platform developers, and downstream financial institutions, forming a complete chain from equipment supply to operational services, with a gross margin of approximately 50-65% [3]. Market Trends - According to QYResearch, the global financial cybersecurity range market is projected to reach $1.37 billion by 2031, with a compound annual growth rate (CAGR) of 7.1% over the coming years [3]. - The financial cybersecurity range is becoming a critical infrastructure in the digital transformation of the financial industry, driven by the acceleration of digitalization and the evolution of cyberattack methods [5]. Industry Chain Collaboration - The industry chain covers three main segments: upstream technology support focusing on core technology development, midstream platform construction and operation, and downstream application scenarios expanding to fintech companies and third-party payment platforms [7]. - Upstream focuses on core technology research, including virtualization engines and AI attack-defense algorithms, while midstream involves specialized security vendors providing modular designs for core functional modules [7]. Policy Drivers - Global financial regulatory frameworks have set clear requirements for the construction of cybersecurity ranges, with policies accelerating their adoption among financial institutions [8]. - The Chinese "Financial Technology Development Plan (2022-2025)" emphasizes the establishment of a cybersecurity attack-defense exercise system, mandating regular drills for financial institutions [8]. Challenges and Opportunities - The financial cybersecurity range faces challenges such as reliance on imported technologies, high construction costs, and a significant talent gap in the industry [9]. - The market has high entry barriers, requiring expertise in core patents, substantial funding, and compliance with security certifications [10]. Future Directions - The financial cybersecurity range is expected to evolve into a "financial security brain," integrating various technologies and expanding its application scenarios [10]. - Companies are encouraged to pursue differentiated competition by focusing on full-scenario coverage in the financial industry and collaborating with academic institutions to overcome technological bottlenecks [10].

Core Insights - Corning Incorporated (GLW) and CommScope Holding Company, Inc. (COMM) are significant players in the communications components industry, with Corning specializing in cables and connectivity products, while CommScope focuses on infrastructure solutions [1][2] - The communications component market is projected to grow substantially due to AI data center expansion, 5G rollout, and increasing demand for high-bandwidth applications, positioning both companies to capitalize on these trends [3] Corning Insights - Corning's Optical Communications segment has been a key growth driver, supported by the rising demand for high-bandwidth cloud and AI applications, particularly from hyperscalers expanding their data centers [4] - The company is gaining traction with its high-density Gen AI fiber and cable system, which allows for increased fiber capacity in existing conduits, catering to the needs of hyperscale clients [6] - Corning's premium glass innovations are performing well in the smartphone segment, aided by collaborations with major manufacturers like Apple and Samsung [7] - However, Corning's revenue is heavily reliant on its Display and Optical segments, which are sensitive to consumer spending, and its significant presence in China poses risks due to trade tensions [8] CommScope Insights - CommScope's innovation focus is evident, with impressive downstream speeds achieved in DOCSIS 4.0 modems, showcasing a 77% year-over-year growth in the ANS segment [9][11] - The company is experiencing strong demand for WiFi 7 products and has secured U.S. federal government certification, which is expected to drive growth [12] - CommScope's RUCKUS network has introduced advanced products that enhance network management and reliability, giving it a competitive edge [13] - The company maintains a large customer base and a global salesforce, enabling it to serve clients across 100 countries effectively [14] Financial Performance and Estimates - The Zacks Consensus Estimate for CommScope's 2025 sales indicates a year-over-year growth of 17.18%, with EPS projected at $1.64, a significant improvement from a loss of 3 cents the previous year [15] - For Corning, the 2025 sales estimate suggests a growth of 12.99%, with EPS projected at $2.52, up from $1.96 the previous year [16] - Over the past year, CommScope's stock has increased by 248%, outperforming the industry growth of 120.3%, while Corning's stock has risen by 94.6% [19] Valuation and Investment Outlook - CommScope appears more attractive from a valuation perspective, trading at a price/sales ratio of 0.71 compared to Corning's 4.47 [19] - CommScope holds a Zacks Rank 1 (Strong Buy), while Corning has a Zacks Rank 3 (Hold), indicating a more favorable investment outlook for CommScope [20][23]