2025 MWC 上海将于6月18日开幕 首次举办世界机器人大赛选拔赛 《科创板日报》13日讯，GSMA主办的上海世界移动通信大会（MWC上海）将于2025年6月18日至20日 在上海新国际博览中心及浦东嘉里大酒店举行。《科创板日报》获悉，中国移动、中国铁塔、长安汽 车、荣耀、华为、联想、中兴通讯等将出席并发表演讲。此外，2025年世界机器人大赛选拔赛将首次登 陆展会现场。（记者 黄心怡） ...

我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 从去年开始，越来越多的芯片人开始把目光投向海外市场。在技术创新与本土竞争趋于白热化的背 景下， "出海" 成为产业升级与持续增长的新选项。 但芯片人想要做到真正出海并不容易，背后需要对终端市场、区域法规、技术趋势与产业节奏的真 正理解，真正看清趋势、理解产业、建立链接，比 "走出去"本身更重要。 因此， 9 月 4 日至 9 月 14 日 ，芯片超人决定开启 "挖掘欧洲电子领域芯动向" 德国商 务考察活动 ，实地走访德国 柏林、莱比锡、德累斯顿、斯图加特以及慕尼黑 五个城市，重点聚 焦 全球两大顶级展会： IFA 柏林国际消费电子和家电产品展览会 与 IAA 德国国际汽车及 智慧出行博览会 （简称"慕尼黑车展"） ，带大家一起走进欧洲电子产业的最前沿，实地理解消 费电子与汽车电子的真实需求与发展方向。 IFA ，源于 1924 年，作为 世界上规模和影响力最大的国际视听及消费类电子产品展览会之一 ，上一届 IFA 吸引了 1800 多家展商，以及来自 ...

通信行业 2025 年 6 月 13 日 分析师：陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 周 报 分析师：罗炜斌 S0340521020001 电话：0769-22110619 邮箱：luoweibin@dgzq.com.cn S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn 资料来源：东莞证券研究所，iFind 相关报告 超配（维持） 通信行业双周报（2025/5/30-2025/6/12） 行 业 中国移动 40 万站 5G 主设备集采，五大设备商集体中标 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： 通信行业指数近两周涨跌幅：申万通信板块近2周（5/30-6/12）累计上 涨4.42%，跑赢沪深300指数3.55个百分点，涨幅在31个申万一级行业中 位列第5位；申万通信板块6月累计上涨5.64%，跑赢沪深3 ...

6月9日，温州宏丰（300283）（300283.SZ）披露公告称，公司控股子公司浙江宏丰铜箔有限公司于近 日收到由国家知识产权局颁发的1项实用新型专利证书。该专利名称为"一种用于电解铜箔的阳极槽屏蔽 板"，实用新型专利的专利权期限为十年。 今年以来，温州宏丰及子公司已新增四项实用新型专利证书，温州宏丰认为，专利技术有利于发挥公司 及子公司自主知识产权优势，形成持续创新机制，提升公司及子公司核心竞争力。 温州宏丰业务涵盖电接触材料、硬质合金材料、铜箔材料等高新技术材料领域。产品广泛应用于新能源 汽车、电力、数据中心基础设施、工业电器、家用电器、汽车电器、交通和控制机械、储能、信息工 程、医疗、机械加工、采掘、化工等各个领域。在电接触材料领域，公司目前已成为国内规模最大的电 接触功能复合材料、元件及组件的综合解决方案提供商之一。 在国家大力推进新能源、5G通信、数据中心、算力中心等战略性新兴产业发展的背景下，市场对合金 材料的综合性能提出了更高的要求，推动了高性能合金材料在新兴应用领域的快速拓展。近年来，公司 通过完善产业布局，构建了以电接触功能复合材料为核心、延伸发展金属基功能复合材料、硬质合金材 料、锂电铜 ...

Industry Overview - Substrate-like PCB (SLP) is a new type of circuit board positioned between traditional PCBs and semiconductor packaging substrates, experiencing rapid development in recent years [1][4] - The global SLP market size is projected to reach 31.5 billion yuan in 2024, with a year-on-year growth of 6.06% [1][15] - SLP technology meets the increasing demand for miniaturization and high performance in electronic products, with line width/spacing reduced to 20/35 microns, allowing for double the component density compared to traditional HDI [1][15] Industry Development History - The SLP industry in China has gone through four stages: the initial stage (2010-2016), the startup phase (2017-2020), the scaling phase (2021-2023), and the internationalization phase (2024-present) [4][5][6] - The introduction of SLP technology by Apple in the iPhone X marked its commercial application, leading to increased demand from consumer electronics [4][5] - Chinese manufacturers like Pengding Holdings and Shenzhen Sannan Circuit began to break the technological monopoly of international firms during the startup phase [5][6] Industry Chain - The upstream of the SLP industry chain includes raw materials (copper foil, resin, glass fiber cloth, etc.) and production equipment (laser drilling machines, plating equipment, etc.) [9] - The midstream involves the manufacturing of SLP, while the downstream applications include smartphones, wearable devices, automotive electronics, data centers, and 5G communication devices [9] Market Size - The SLP market is expected to continue growing, driven by advancements in technology and increasing demand for high-density circuit boards [15][24] - The market is projected to expand further by 2030, particularly in China, due to the proliferation of 5G networks and upgrades in consumer electronics [24] Key Companies' Performance - Pengding Holdings, a leading PCB manufacturer, has achieved significant revenue growth, with SLP-related income accounting for over 45% of total revenue in 2024 [21] - Shenzhen Sannan Circuit has made advancements in SLP technology, achieving mass production of 25μm line width/spacing and continuously pushing towards 20μm [19][21] - Shenzhen Jingwang Electronics has established a strong position in the high-end PCB market, with a focus on SLP technology and significant revenue growth in 2025 [19][21] Industry Development Trends - The SLP technology is advancing towards higher density and finer lines, with line width/spacing shrinking to below 15/15 microns for applications in AR/VR and 6G communication [6][23] - The demand for high-performance PCBs is expected to drive industry expansion, with companies focusing on capacity expansion and technological upgrades to meet market needs [24][25] - Increased competition is anticipated, leading to higher market concentration, with leading companies solidifying their positions through innovation and market integration [25]

Group 1: Communication ETF and Market Performance - The Communication ETF (515880) opened higher on June 12 and closed with a gain of 2.07% for the day [1] Group 2: Broadcom's Financial Performance and Market Outlook - Broadcom announced the shipment of its Tomahawk 6 switch chip, which is the world's first single-chip with a switching capacity of 102.4 terabits per second [2] - For FY2025 Q2, Broadcom reported revenue of $15.004 billion, a year-on-year increase of 20% and a quarter-on-quarter increase of 1% [2] - The gross margin for Broadcom was 79.4%, reflecting a year-on-year increase of 3.2 percentage points and a quarter-on-quarter increase of 0.3 percentage points [2] - Broadcom's guidance for Q3 revenue is approximately $15.8 billion, representing a year-on-year growth of 21% [2] Group 3: Oracle's Financial Results and Growth Projections - Oracle reported total revenue of $15.9 billion for Q4 of FY2025, marking an 11% year-on-year increase [3] - Cloud services revenue reached $6.7 billion, a 27% year-on-year increase, while cloud infrastructure revenue was $3 billion, showing a 52% year-on-year growth [3] - Oracle's CEO projected that cloud infrastructure revenue is expected to grow over 70% in FY2026, following a 50% growth rate in FY2025 [3] Group 4: PCB Industry and Communication Network Upgrades - The A-share PCB manufacturers have been experiencing capacity shortages, with high-end switches requiring PCBs with more than 20 layers, and some exceeding 30 layers [3] - The price of PCBs has significantly increased compared to previous automotive applications, which typically had 8-15 layers [3] - The upgrade of communication networks is expected to benefit various segments of the industry, including optical modules, PCBs, switch assembly, and switch chip design [3]

IDT Corporation FY Conference Summary Company Overview - IDT Corporation is a global provider of fintech, cloud communications, and traditional communication solutions with a market cap of $1.5 billion, recently increased to approximately $1.6 billion, reflecting an 80% growth over the past year [1][4] - The company operates under four segments: national retail, BOSS money, net to phone, and traditional communications [1] Financial Performance - IDT is profitable with a solid balance sheet, holding $224 million in cash and no debt, allowing for strategic flexibility [2][5] - The company increased its dividend payout by 20% and repurchased $16 million worth of shares over the last twelve months [2] - For the third quarter of fiscal year 2025, IDT generated $120.4 million in adjusted EBITDA, with expectations to reach at least $126 million for the full fiscal year [30][31] Key Business Segments National Retail Solutions (NRS) - NRS operates the largest point of sale (POS) platform for independent retailers in the U.S., with 35,600 active terminals across approximately 31,000 stores [7][8] - The addressable market for NRS is estimated at 200,000 independent stores, indicating an 82% market opportunity remaining [9] - Recurring revenue for NRS increased 23% year-over-year to $29.4 million, with a 70% compound annual growth rate (CAGR) [11] - NRS's adjusted EBITDA for Q3 was $7.2 million, with an EBITDA margin of 23% [17] BOSS Money - BOSS Money is IDT's international money remittance business, generating over 90% of the fintech segment's revenue [18] - Digital transaction volume increased by 32% in Q3, while send volume rose by 40% [21] - Digital revenue for BOSS Money grew 31% to $24.5 million in Q3, with an annualized growth rate of 27% [21] - The fintech segment turned adjusted EBITDA positive last year, generating over $5 million in Q3 with a 13% margin [23] Net2Phone - Net2Phone provides cloud-based communication services, serving 415,000 seats across North and South America [25] - Subscription revenue increased by 7%, with adjusted EBITDA jumping 50% year-over-year to $3.2 million [26] - The company is focusing on migrating customers to premium plans and AI-powered features to drive growth [26] Traditional Communications Segment - This segment generated $867 million in revenue over the trailing twelve months, accounting for 71% of IDT's consolidated revenue [28] - Despite a revenue decrease of 5%, adjusted EBITDA increased by 30% to $19.3 million due to cost reductions and pricing execution [29] Strategic Initiatives and Future Outlook - IDT is exploring acquisition opportunities primarily in high-growth segments like NRS and BOSS Money, aiming to enhance scale and operational efficiencies [35][38] - The company is leveraging AI technology to improve customer service and operational efficiency across its segments [41][42] - Management is cautious about regulatory changes and cybersecurity risks, which could impact business operations [47] Conclusion - IDT Corporation is positioned for continued growth with a strong balance sheet, a diversified portfolio of high-margin businesses, and a strategic focus on leveraging technology and acquisitions to enhance its market position [31][35]

算力需求再加码 20250612 AI 时代推动数据分析从 BI 迈向多模态数据处理，对算力需求不断提升。火山引 擎多模态数据湖解决方案支持 GPU 和 CPU 异构计算，从强化学习的发展来看， 其算力消耗迅速攀升。预计七八月份国内头部大模型若有新升级且性能超预期， 将带动新一轮行情。目前正是布局机会，应关注 AA agent 对算力需求及芯片 卡供需剪刀差测算。 摘要 国内公有云大模型调用量市场中，火山引擎以 46.4%的市场份额领先。 AI 工具类 TOKEN 消耗增长显著，编程类增长 8.4 倍，工具类增长 10 倍，视觉理解模型在 K12 教育场景中增长 12 倍，智能巡检视频和视频 检索日均 TOKEN 消耗突破百亿，预示 AI 应用加速渗透。 火山引擎豆包 1.6 定价策略根据输入区间调整，若企业请求集中在 0~32K 范围且输入输出比为 3:1，成本可降低 63%，显著降低下游应 用成本，利好 AI 行业发展。同时，AI 时代推动多模态数据处理，算力需 求提升，关注 AA agent 对算力需求及芯片卡供需剪刀差。 国家发改委绿电直联政策利好国能日新和朗新，推动新能源就地消纳。 国能日新在新能源 ...

Fundraising Plan - The company plans to raise a total of up to 1,069 million yuan through a private placement of A-shares, with the funds allocated for satellite internet communication product R&D and industrialization, as well as all-optical network system R&D and industrialization [1][2] Project Necessity and Feasibility - The implementation of the project is necessary to maintain the company's leading position in the industry, aligning with the trend of integrated satellite and terrestrial communication [2][3] - The company aims to enhance its satellite communication product system by focusing on ground gateways, satellite payloads, and intelligent terminals, ensuring comprehensive service capabilities across various satellite systems [3][4] - The project will leverage opportunities from the "Belt and Road" initiative to expand overseas communication markets, particularly in regions with growing demand for satellite communication services [4][5] Technological Development - The project will focus on advancing optical network and AI technologies, promoting the efficiency upgrade of intelligent computing networks, and addressing the challenges faced by operators in network maintenance and cost management [5][6] - The company will strengthen R&D in cutting-edge technologies to ensure sustained collaboration with clients, adapting to the evolving demands of the telecommunications market [7][8] Market Growth and Demand - The satellite internet communication market is expected to grow rapidly, driven by diverse applications across various industries, including emergency rescue, maritime, and aviation sectors [10][12] - The company has a strong technical foundation and project experience in the satellite internet communication field, having developed multiple core technologies and participated in significant national projects [12][13] Financial Impact - The fundraising will enhance the company's financial position, increasing total assets and net assets, while improving risk resistance capabilities [17] - The implementation of the projects is anticipated to lead to improved operational scale and profitability, ultimately benefiting the company's market position and comprehensive strength [17][18] Conclusion - The fundraising plan aligns with national industrial policies and industry development trends, supporting the company's strategic objectives in satellite internet communication and optical network systems [17][18]

Core Insights - The article highlights the significant achievement of Hytera Communications Corporation Limited (referred to as "Hytera") in the global public safety communication sector, particularly its recent contract with the Brazilian Federal Police [2][3] - Hytera's subsidiary Teltronic secured a framework agreement worth nearly $40 million to provide critical communication solutions for public safety departments across Brazil [2][3] Group 1: Contract Details - Under the framework agreement, Hytera will deliver 40,000 TETRA radios and TETRA/LTE multimode smart radios, along with MCX software, within two years [3] - The equipment will enhance the Brazilian Federal Police's ability to coordinate efficiently across departments, enabling real-time sharing of voice, data, and video information [3] Group 2: Technological Aspects - The solutions provided by Hytera are based on international mainstream critical communication open standards, integrating narrowband TETRA and broadband MCX technologies [2] - TETRA technology is known for its high reliability and stability, making it suitable for public safety scenarios that require high-quality voice communication and interference resistance [2] - MCX technology supports high-definition video and large-capacity data transmission, offering richer information support for command decision-making [2] Group 3: Strategic Implications - This contract marks a significant breakthrough for Hytera in the Brazilian public safety market, reinforcing its leading position in the critical communication sector [3] - The collaboration with the Brazilian Federal Police is seen as a new starting point for Hytera in Brazil and an important milestone in its global strategic layout [3] - Hytera aims to leverage its strong R&D capabilities, quality products and services, and extensive industry experience to further expand its global market presence [3]