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]

Core Viewpoint - The performance growth of XW Communication has not continued, with a decline in both revenue and profit in Q1 2025, indicating challenges in new business areas and overall profitability [1][8]. Group 1: Financial Performance - In Q1 2025, XW Communication reported revenue of 1.743 billion yuan, a year-on-year decline of 6.19%, and a net profit of 77.49 million yuan, down 48.9% [8]. - The 2024 annual report showed revenue of 8.744 billion yuan, a year-on-year increase of 15.85%, and a net profit of 662 million yuan, up 26.89% [2]. - The contribution from the newly acquired Weishi Technology was significant, accounting for 23% of total revenue and 31% of net profit in 2024 [2]. Group 2: Business Expansion and Acquisitions - XW Communication has expanded its business from mobile terminal antennas to connectors, RF, and acoustic modules through acquisitions, including Weishi Technology in 2023 [1][3]. - The company has made several acquisitions since 2012, including the purchase of antenna supplier Yinzilai and other companies to diversify its product offerings [3]. Group 3: Market Performance - The company’s overseas revenue accounted for over 70% of total revenue in 2024, amounting to 6.402 billion yuan, a year-on-year increase of 4.29% [5]. - Domestic revenue reached 2.342 billion yuan in 2024, showing a significant growth of 66.2% [5]. Group 4: Profitability and Margins - The gross margin for XW Communication has been under pressure, with a decline in gross margins for both domestic and international markets [5][8]. - In Q1 2025, the gross margin was 19.47%, down 0.82 percentage points year-on-year [8]. Group 5: Cash Flow and Expenses - The net cash flow from operating activities in 2024 was 1.076 billion yuan, a decrease of 40.83% year-on-year, attributed to increased production costs [6]. - The growth in selling, research and development, and administrative expenses in Q1 2025 further squeezed the company's profit margins [9]. Group 6: Stock Performance and Market Confidence - XW Communication's stock price has been declining, with a drop of over 30% from its peak of 32 yuan per share in November 2023 to 22.12 yuan per share by June 2025 [10]. - The company initiated a share buyback program to boost market confidence, increasing the buyback amount to between 300 million and 600 million yuan [9][10].

q 证券研究报告 | 公司首次覆盖 中国电信(601728.SH) 2025 年 06 月 12 日 买入（首次） 相关研究 中国电信（601728.SH）：高股 息带来稳健收益，数据入表+前 沿布局打开成长空间 投资要点 所属行业：通信/通信服务 当前价格(元)：7.76 证券分析师 李宏涛 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 市场表现 -23% -11% 0% 11% 23% 34% 46% 57% 69% 2024-06 2024-10 2025-02 中国电信 沪深300 | 沪深300对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅(%) | 0.51 | -1.01 | -2.37 | | 相对涨幅(%) | -0.75 | -4.86 | -1.18 | | 资料来源：德邦研究所，聚源数据 | | | | 请务必阅读正文之后的信息披露和法律声明 传统业务维持稳健，产业数字化成效卓著。2020-2024 年公司营收主体仍然是传 统通信业务（移动通信服务、固网及智慧家庭服务）。2020 年 ...

科技股能否迎来一波反弹行情。 机构看好科技板块修复 兴业证券建议抓住6月科技板块的修复窗口。该机构表示，观察到成长板块自底部"蠢蠢欲动"。当前从拥挤度、滚动收益差、成交占比、日历效应等各项 指标来看，近期科技板块的位置已自底部抬升，整体仍处于高性价比区间。其次，近期海外不确定性仍在降温，风险偏好修复带动海外市场尤其是科技板 块大涨并重回年内高位，也将对A股科技成长板块形成映射。当地时间6月6日周五公布的非农就业数据好于预期，缓解了市场对美国经济即将放缓的担 忧。此外，从近10年风格表现的日历效应看，6月份科技板块也表现出相对较高的胜率。 中银证券则表示，算力基础设施悲观预期正在扭转，美股英伟达、博通等龙头厂商市场表现均亮眼，海外映射逻辑催化下A股算力基础设施同步反应，再 次强调算力基础设施的高景气趋势正在持续验证。此外，端侧AI眼镜新品密集落地，应用端AI应用正从概念走向深度集成与任务执行，微软、谷歌等科 技巨头正全力布局，6月字节即将召开火山引擎2025原动力大会，国内AI应用亦有催化。海外映射驱动叠加市场风格轮动之下，AI产业链具备一定反弹空 间，当前正是较优配置时机。 早盘科技股涨幅居前 今天早盘科技股 ...

根据市场公开信息及6月11日披露的机构调研信息，知名私募康曼德资本近期对1家上市公司进行了调 研，相关名单如下： 机构简介： 深圳市康曼德资本管理有限公司成立于2013年7月，注册于深圳前海。2013年11月，第一支产品通过中 信信托成立。2014年3月，公司成为第一批通过中国基金业协会登记的私募投资基金50家管理人之一， 现为协会特别会员。2014年12月，第一支渠道代销产品康曼德甘由中信证券成功募集发行。致力于建设 成全能型轻资产管理公司，汇聚海内外金融业尖端特种兵式人才，致力于顺应大势，精准挖掘市场的投 资机会，为客户提供长期、稳健、高收益的资本管理服务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 1）国盾量子 （康曼德资本参与公司特定对象调研&券商策略会） 调研纪要：本次机构调研介绍了量子通信、量子计算、量子精密测量三个领域的行业情况，交流公司在 三大领域的业务布局及近期业绩情况。量子通信技术难点包括高效率低噪声单光子探测等，运营商在光 纤、用户等方面有优势，可能在6G时代探索量子功能。量子通信设备主要以大项目为主，提供 ...

投资者关系活动记录表 编号：2025-004 证券代码：300394 证券简称：天孚通信 | 投资者关系活动 | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 类别 | □ 媒体采访 | □业绩说明会 | | | □ 新闻发布会 | □路演活动 | | | □ 现场参观 | | | | 其他（线上通讯会） | | | 参与单位名称 | Blackrock、Point 72、白犀基金、百年保险、宝盈基金、贝莱德基金、 | | | （排名不分先 | 博道基金、博时基金、财通基金、财通资管、常春藤资产、晨曦投资、 | | | 后） | 诚熠投资、冲积资产、大成基金、大家资产、德邦基金、东方阿尔法基 | | | | 金、东方红、东吴基金、方正自营、复胜资产、赋格投资、富国基金、 | | | | 高毅、歌斐资产、光大保德信基金、光大永明资产、广发基金、国联基 | | | | 金、国寿养老、国泰基金、国投瑞银、海富通基金管理有限公司、海通 | | | | 资管、禾其投资、宏利基金、华安基金、华宝基金、华泰柏瑞、华泰保 | | | | 兴、华泰资产、华夏基金、汇丰晋信、汇添富、混沌投资 ...

Economic and Regulatory News - The first meeting of the China-US economic and trade consultation mechanism has entered its second day, with discussions described as professional, rational, in-depth, and candid by Li Chenggang, the Deputy Minister of Commerce [1] - The State Administration for Market Regulation has publicly solicited opinions on the "Live E-commerce Supervision Management Measures" to enhance supervision and promote healthy development in the live e-commerce sector [1] - The Ministry of Commerce has extended the anti-dumping investigation period for imported pork and pork products from the EU until December 16, 2025, due to the complexity of the case [1] Company News - BYD Auto has announced a unified payment term of 60 days for suppliers to support the stability of the industrial supply chain and promote high-quality development in the automotive industry [2] - Tencent Music Entertainment Group plans to acquire 100% of Himalaya for $1.26 billion in cash and stock, with Himalaya stating that its brand, product independence, and core management team will remain unchanged [3] - Chengdu Huami has successfully launched a 4-channel, 12-bit, 16GSPS high-precision RF direct sampling ADC chip, marking a significant breakthrough in high-speed data conversion technology [4] - Dongfang Electric has signed a strategic cooperation agreement with Xiaomi's subsidiary to develop robotic electronic skin, leveraging each other's strengths in product development and market expansion [5] - Haiguang Information and Zhongke Shuguang will hold an investor briefing on June 11, 2025, regarding significant asset restructuring matters [6][7] - Qu Mei Home announced that a director sold 58,000 shares during a period of abnormal stock trading, which saw a cumulative price increase of over 20% [7] - Guangting Information plans to acquire 100% of Kaima Technology for 360 million yuan, aiming to integrate resources and enhance cooperation in overseas markets [7]

丨证券研究报告丨 固收资产配置丨点评报告 [Table_Title] 转债市场走强，风险偏好回暖 ——可转债周报 20250607 报告要点 [Table_Summary] 当周（2025 年 6 月 3 日–2025 年 6 月 6 日），A 股市场震荡整理，主要股指温和回升，中小 盘及科创方向表现突出。可转债市场整体回暖，资金偏好中小盘高弹性标的，日均成交额升至 645.7 亿元。低平价转债估值显著修复，中高平价区间表现谨慎，风险偏好有所回升。行业层 面，传媒、轻工制造等板块转债领涨。个券层面，涨幅靠前者多具正股驱动特征。一级市场供 给平稳，条款博弈活跃，需关注供给端变化。整体来看，市场轮动修复态势延续，短期配置建 议兼顾低估值修复机会与高评级蓝筹转债的防御价值，灵活把握结构性行情。 分析师及联系人 [Table_Author] 当周（2025 年 6 月 3 日–2025 年 6 月 6 日），A 股市场震荡整理，主要股指温和回升，中小 盘及科创方向表现突出，科技成长及高景气题材交投活跃。可转债市场整体回暖，资金偏好中 小盘高弹性标的，日均成交额升至 645.7 亿元。低平价转债估值显著修复，中高平价区 ...