新华社北京1月28日电（周圆、王舒一）工业和信息化部1月28日发布数据显示，2025年，我国通信业电 信业务量收保持平稳增长，优势领域不断巩固，顺利完成各项发展目标任务。其中，截至2025年底，我 国5G基站数达483.8万个，平均每万人拥有5G基站34.4个，高于"十四五"信息通信行业发展规划建设目 标8.4个。数据显示，2025年，按照上年价格计算的电信业务总量同比增长9.1%，完成电信业务收入 1.75万亿元，同比增长0.7%，以云计算、大数据、物联网、数据中心等为主的新兴业务收入比重已升至 25.7%。我国5G标准必要专利声明量全球占比达42%，6G系统架构与关键技术验证取得阶段性成果。信 息通信基础设施方面，超额完成"十四五"信息通信行业发展规划关于5G、千兆光网建设目标，实现县 县通千兆、所有乡镇及95%以上行政村通5G。截至2025年底，5G-A覆盖超330个城市，首批168个小 区、工厂和园区的万兆光网试点部署顺利开展；全国光缆网络稳步延伸，总长度达7499万公里；三家基 础电信企业对外提供服务的数据中心机架数达93.8万架，2025年新增10.8万架。用户规模方面，截至 2025年底，我国移 ...

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [2][9]. Core Insights - The communication industry index outperformed the Shanghai Composite Index in December 2025, rising by 12.82% compared to +2.06% for the Shanghai Composite Index and +2.28% for the CSI 300 Index [8][14]. - Key material supply for optical modules remains tight, with major players like Longfei and Hengtong winning bids for China Unicom's hollow-core fiber cable procurement [8][9]. - The retail sales of communication equipment in China increased by 20.9% year-on-year in December 2025, driven by the demand for smartphones [8][41]. - The global smartphone shipment is projected to grow by 2% year-on-year in 2025, reaching 1.25 billion units, with AI smartphones expected to penetrate 34% of the market [8][29]. - The export value of optical modules from China decreased by 15.6% year-on-year in 2025, while Thailand's communication equipment exports surged by 152.1% [8][9]. Summary by Sections Market Review - The communication industry index rose by 12.82% in December 2025, outperforming major indices [14]. - Sub-sectors such as cables and network equipment saw significant gains, with increases of 22.05% and 19.44% respectively [15][19]. Industry Tracking - The capital expenditure of major cloud providers in North America reached $112.43 billion in Q3 2025, a 76.9% increase year-on-year [25][28]. - AI applications are driving cloud business growth, with major companies like Amazon, Microsoft, Google, and Meta significantly increasing their capital expenditures [25][29]. - The Chinese ICT market is expected to grow to approximately $889.43 billion by 2029, with a CAGR of 7.0% [39][40]. Domestic Telecom Industry - Telecom business revenue in China reached 1.6096 trillion yuan from January to November 2025, a year-on-year increase of 0.9% [48]. - The number of 5G mobile phone users reached 1.193 billion by November 2025, accounting for 65.3% of total mobile phone users [49]. - The number of fixed broadband users with gigabit access reached 239 million, representing 34.3% of total users [52].

Core Viewpoint - The company, Aisen Co., has announced the establishment of a wholly-owned subsidiary in Nantong Economic and Technological Development Zone to invest in a semiconductor materials manufacturing base, with a total investment of 2 billion yuan [1]. Group 1: Project Overview - The project will cover an area of approximately 159 acres and aims to build a production line with an annual output of 23,000 tons of semiconductor materials [1]. - The project will be implemented in two phases, with the first phase expected to commence production in 2028 and the second phase in 2030, reaching full production by 2035 [1][3]. - The planned products include key materials such as photoresists, plating solutions, and high-purity reagents, which will significantly enhance the company's production capacity and market position [1][4]. Group 2: Market Position and Financial Performance - Aisen Co. anticipates achieving an operating income of approximately 594 million yuan in 2025, representing a year-on-year growth of 37.54%, and a net profit attributable to shareholders of about 50.46 million yuan, up 50.74% year-on-year [4]. - The company is benefiting from the recovery of the semiconductor industry driven by emerging technologies such as 5G, AI, and IoT, leading to increased demand for chips [4]. - The company has established itself as a leader in the production of advanced packaging photoresists and plating solutions, entering the supply chains of major clients like Longji Technology and BOE [6]. Group 3: Strategic Advantages - The establishment of the Nantong manufacturing base will create synergies with the subsidiary's existing projects, enhancing the supply chain stability and reducing procurement costs [6]. - The integration of upstream and downstream operations will facilitate rapid technological iterations and improve customer attraction through one-stop material solutions [6].

经济观察网 据央视新闻客户端消息，工业和信息化部今天（1月28日）发布的《2025年通信业统计公 报》显示，我国通信业产业结构持续优化，5G、千兆等新型信息基础设施建设加快部署。 经初步核算，2025年电信业务收入累计完成1.75万亿元，比上年增长0.7%。云计算、大数据、数据中心 等新兴业务收入达到4508亿元，比上年增长4.7%。截至2025年底，5G移动电话用户超过12亿户，占移 动电话用户总数的65.9%。中国电信（601728）、中国移动（600941）和中国联通三家基础电信企业的 固定宽带用户总数达6.91亿户。其中，1000Mbps及以上接入速率的用户占总用户数的34.5%，固定互联 网宽带接入服务持续在农村地区加快普及，截至2025年底，全国农村宽带用户总数达2.04亿户。 ...

Core Viewpoint - The company is actively advancing its digital transformation and smart manufacturing initiatives, leveraging industrial internet platforms and new generation information technologies such as AI, 5G, and big data [1] Group 1: Digital Transformation - The company is deepening its digital construction efforts [1] - It is implementing smart manufacturing practices [1] - The company utilizes industrial internet platforms as foundational support [1] Group 2: Technology Integration - The company applies advanced technologies including AI, 5G, and big data [1] - It employs various systems such as MES, SCADA, APS, QMS, and ERP to enhance production processes [1] - The focus is on achieving process-oriented and flexible manufacturing [1] Group 3: Smart Decision-Making - The company aims for intelligent diagnosis and decision-making in production processes [1]

Group 1 - A wave of layoffs is sweeping through telecom operators and equipment manufacturers, with major companies like Verizon, Telefónica, and BT announcing significant job cuts [1] - Ericsson plans to cut approximately 1,600 jobs in Sweden, representing about 13% of its local workforce, as part of a global initiative to optimize its cost structure [2][4] - Nokia is also implementing layoffs across several European markets, including plans to close its Munich office, affecting hundreds of employees, and cutting over 700 jobs by 2030 [5] Group 2 - The layoffs are driven by pressures from a declining global RAN (Radio Access Network) market, which saw a significant drop from $45 billion in 2022 to $40 billion in 2023, a decrease of 11% [8] - Both companies reported disappointing financial results, with Ericsson's net sales declining by 9% year-on-year in Q3 2025, while Nokia's net profit fell by 43.7% despite a 12% increase in sales revenue [6][8] - The European market has become a challenging environment for both companies, with Nokia's sales in Europe dropping by 4% year-on-year, while North America shows strong growth [11] Group 3 - The anticipated deployment of 6G networks is expected to begin around 2028-2029, which may lead to a new growth cycle for the RAN market [9] - Both companies are increasingly shifting their focus and investments towards the North American market due to the stagnation in Europe, with Nokia planning significant investments in the U.S. [11]

Metal Market - Domestic base metals experienced a general increase, with Shanghai tin rising by 1.93% and Shanghai zinc by 0.77%, while other metals saw declines, with Shanghai nickel leading the drop at 1.87% [1] - In the external market, most base metals fell, except for London tin, which increased by 3.59% [1] - Precious metals showed mixed results, with COMEX gold rising by 0.07% and COMEX silver dropping by 4.4%. In the domestic market, Shanghai gold rose by 1.52%, reaching a new historical high of 1154.46 yuan per gram, while Shanghai silver surged by 7.25%, breaking the 30,000 yuan per kilogram mark [1][2] Black Metals - The black metal sector collectively declined, with stainless steel down by 1.26% and rebar down by 0.79%. Other metals also saw minor declines [1] - In the coking coal sector, coking coal fell by 3% and coking coke by 2.77% [1] Lithium and Silicon - Lithium carbonate rose by 1.5%, while polysilicon increased by 0.42%. However, industrial silicon fell by 0.78% [1] Macro Economic Indicators - The National Bureau of Statistics reported that profits for large-scale industrial enterprises in China are expected to grow by 0.6% in 2025, totaling 73,982 billion yuan [4] - The People's Bank of China conducted a net injection of 780 billion yuan through reverse repos, maintaining the operation rate at 1.40% [5] Oil Market - Oil prices fell slightly, with WTI down by 0.18% and Brent down by 0.28%. Investors are closely monitoring the resumption of supply from Kazakhstan [8] - Canada and India are set to expand their oil and gas trade, indicating a strategic value in their energy relationship [8][9]

Core Viewpoint - The article discusses the rapid changes in the A-share market style, highlighting the influence of recent government policies on emergency management equipment innovation and the implications for investment strategies in the technology sector [1][3][4]. Group 1: Government Policies and Initiatives - The Ministry of Emergency Management and the Ministry of Industry and Information Technology issued guidelines to accelerate innovation in emergency management equipment, aiming to tackle over 20 key core technologies and develop more than 20 innovative equipment types by the end of 2027 [3]. - Recent favorable policies from various government departments aim to enhance the investment in technology innovation, including the promotion of artificial intelligence in manufacturing [4]. Group 2: Market Dynamics and Trends - The A-share market has experienced rapid style shifts, with funds rotating between technology, cyclical, and dividend sectors, leading to uncertainty among investors [1][6]. - The market is currently influenced by three main variables: the impact of deleveraging on bullish sentiment, the adjustment of large-cap stocks affecting theme speculation, and the potential for earnings surprises as the reporting season approaches [5][8]. - As of January 26, the financing balance in the Shanghai and Shenzhen stock exchanges remained high, indicating sustained market activity despite recent adjustments [7].

Core Viewpoint - Guangdong Micro Battery New Energy Co., Ltd. (referred to as "Micro Battery New Energy") has officially submitted its application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider of high-performance, high-safety micro lithium-ion battery solutions in the global market [2]. Group 1: Company Overview - Micro Battery New Energy is recognized as a top five global supplier in various micro lithium-ion battery sectors, with a focus on addressing core challenges in battery materials and design [2]. - The company has established a broad customer base, including world-renowned smart device and consumer electronics brands [2]. - In 2024, the company is projected to ship 103.2 million consumer-grade smart terminal micro lithium-ion batteries, ranking fourth globally and second among Chinese suppliers [2]. - For wireless earphones, the company expects to ship 86.9 million micro lithium-ion batteries, ranking second globally and first among Chinese suppliers [2]. Group 2: Manufacturing and Production - The manufacturing system of Micro Battery New Energy is built around three global production bases located in Huizhou, Guangdong Province, Ganzhou, Jiangxi Province, and Bac Ninh Province, Vietnam, each optimized for specific battery types [3]. - The company implements end-to-end traceability and automation processes from raw material procurement to final packaging, ensuring quality consistency and compliance with regional regulations [3]. - The production process includes three core stages: battery manufacturing, testing and inspection, and battery pack assembly, with customized production processes for each battery type [3]. Group 3: Market Trends and Financial Performance - The micro lithium-ion battery market is experiencing long-term growth driven by trends in IoT, 5G, cloud computing, and artificial intelligence, with the global market expected to reach 2,496.1 million units in 2024 and grow at a compound annual growth rate of 12.4% from 2025 to 2029 [3]. - Micro Battery New Energy has successfully capitalized on market opportunities, with revenue increasing by 51.7% from RMB 351.2 million in 2023 to RMB 532.9 million in 2024 [3]. - The company's net profit is projected to rise significantly from RMB 6.8 million in 2023 to RMB 57.8 million in 2024, achieving a net profit of RMB 42.8 million for the nine months ending September 30, 2025 [3]. Group 4: Industry Landscape - The global consumer-grade micro lithium-ion battery industry is relatively concentrated, with the top five suppliers accounting for 27.6% and 37.7% of the market for consumer-grade smart terminal batteries and wireless earphone batteries, respectively [4]. - Micro Battery New Energy believes it is well-positioned to capture growth trends in the global consumer-grade micro lithium-ion battery industry due to its comprehensive product portfolio, diverse customer base, mature R&D capabilities, and advanced manufacturing processes [4]. - Chinese policies are also promoting technological innovation and standard-setting in lithium-ion batteries, with key battery materials and automated manufacturing equipment classified as "encouraged industries" in the 2024 Industrial Structure Adjustment Guidance Catalog [4].

Core Viewpoint - The Ministry of Emergency Management and the Ministry of Industry and Information Technology have issued guidelines to accelerate the innovation and development of emergency management equipment, emphasizing the importance of integrating advanced technologies and enhancing the capabilities of emergency management systems [1][2]. Group 1: Overall Requirements - The guidelines are guided by Xi Jinping's thoughts and aim to enhance the modernization of emergency management equipment, focusing on reform and innovation to strengthen core technology development [2]. - The approach emphasizes a demand-driven and practical orientation, targeting urgent needs in emergency management and ensuring a systematic and comprehensive planning process [2]. Group 2: Key Equipment Research and Innovation - By the end of 2027, the goal is to overcome more than 20 key core technologies, develop over 20 innovative equipment types, and promote more than 30 advanced technology applications [3]. - A mechanism for continuous collection of equipment research needs will be established to ensure timely and precise responses to frontline demands [4]. Group 3: Promotion and Application of Advanced Equipment - There will be an increased focus on equipping emergency rescue teams with advanced and applicable technologies, enhancing their capabilities in extreme scenarios [6]. - The guidelines call for the establishment of a standardized equipment system to improve interoperability and efficiency among various emergency management tools [5]. Group 4: Strengthening Support Structures - The establishment of technology innovation platforms and support for key laboratories will be prioritized to enhance research and development capabilities in emergency management equipment [8]. - Talent development initiatives will be encouraged, including partnerships with educational institutions to cultivate professionals in emergency management and equipment technology [8]. Group 5: Standardization and Normative Support - A comprehensive standardization system for emergency management equipment will be developed to improve the relevance and performance of the equipment [10]. - The guidelines advocate for the creation of a classification system for emergency management equipment to enhance its practical application [10]. Group 6: Promoting Equipment Industry Development - A platform for professional exchange and supply-demand matching will be established to foster collaboration between various stakeholders in the emergency management equipment sector [11]. - The guidelines aim to cultivate a robust ecosystem for the emergency management industry, encouraging innovation and the development of high-tech enterprises [11]. Group 7: Implementation and Coordination - Mechanisms for research, validation, promotion, and standardization of emergency management equipment will be improved to ensure coordinated efforts across different levels of government and industry [12]. - The guidelines emphasize the need for diversified funding mechanisms to support the development of emergency management equipment and industry [12].