经济观察网讯 据紫金山天文台消息，6月5日，《国家科学评论》（National Science Review）在线发表 了题为Achieving 500-GHz communication over 1.2 km using an astronomical telescope with a quantum- limited superconducting receiver的研究论文，该成果由中国科学院紫金山天文台牵头的联合实验团队完 成。 研究工作得到国家自然科学基金委、科学技术部、中国科学院以及中国工程物理研究院的支持。 (a) 基于太赫兹天文望远镜作为接收端的太赫兹通信系统概念图，背景显示青藏高原地区可沉降水汽含 量（PWV）的分布；(b) 雪山牧场500 GHz通信系统照片；(c) 60厘米口径太赫兹天文望远镜照片；(d)、 (e) 太赫兹通信系统的发射与接收原理图；(f) 通信系统接收终端照片；(g) 超导隧道结混频器输出的中 频信号频谱；(h)、(i) 在年平均和冬季大气条件下，雪山牧场15米亚毫米波望远镜与卫星之间通信速率 与发射功率关系的定量分析结果。 2024年10月，该研究团队在青海省海西州 ...

Core Insights - The digital economy is reshaping the global development landscape with unprecedented depth and breadth, marking a significant historical shift in resource allocation and economic efficiency [3][5] - The digital economy emphasizes the value of data utilization over mere information transmission, highlighting a transition from the "information explosion" era to a focus on data mining and application [4][5] Group 1: Evolution of Digital Economy - The digital economy is seen as a major paradigm shift that enhances economic quality, efficiency, and dynamism, prompting countries to prioritize its development as a key area for competitiveness [5] - The transition from traditional economic models to digital frameworks is characterized by the integration of various industries and markets, leading to significant changes in organizational forms, consumer behavior, and governance [4][5] Group 2: Data as a Key Element - Data is referred to as the "oil" of the digital economy, but its mere accumulation is insufficient for driving development; clear data rights and effective data asset management are essential [6] - The effective circulation and utilization of data can maximize its scale benefits while managing potential legal and privacy risks [6] Group 3: Technological Innovations - Key technologies such as blockchain, cloud computing, quantum computing, and artificial intelligence are crucial for the functioning of the digital economy, providing reliable environments for data transmission and storage [7] - The emergence of Web3 and new communication technologies enhances network security and expands the boundaries and scenarios of the digital economy [7] Group 4: Organizational Changes - Companies in the digital economy must embrace data and innovate their business models to thrive in competitive markets, with digital technologies enabling rapid innovation and minimal marginal costs [7] - Platform-based enterprises are reshaping traditional supply chains and market value assessments, fostering diverse business model innovations and cross-industry collaborations [7] Group 5: Governance Challenges - The growth of the digital economy introduces challenges such as market monopolies, privacy protection, and digital divides, necessitating effective governance frameworks [8] - A balance between encouraging innovation and regulating the market is essential for sustaining the vitality and creativity of the digital economy [8] Group 6: Comprehensive Research - A comprehensive study titled "The Era of Digital Economy: Historical Evolution and Development Trends" explores various dimensions of the digital economy, including its theoretical foundations, key elements, technologies, corporate practices, and governance challenges [9][10] - The research aims to provide insights and wisdom for policymakers, industry leaders, and researchers to navigate the complexities of the digital economy [10]

Group 1 - The core viewpoint of the article highlights the increasing collaboration between UK universities and Chinese partners in artificial intelligence (AI) research, with approximately 24% of AI research collaborations in the UK now involving China, up from 18% in 2018 [1][2] - The report titled "China Research Landscape" indicates that there is a growing recognition of the necessity of Chinese participation in addressing urgent global challenges, despite existing challenges in the academic community [1] - Four out of five key technologies in the UK, including AI, bioengineering, future communications, and semiconductors, are increasingly reliant on collaboration with Chinese universities, while quantum technology is not included [1] Group 2 - The authors of the report warn that if strategic competition leads the UK to shift its research collaborations away from China, the quality of UK research may decline due to the strong momentum of UK-China collaborative research and China's overall research strength [2] - Areas of mutual interest for collaboration between the UK and China include clean energy, environmental resilience, and global health and epidemic prevention [2] - The Director of the Education Department at the British Council emphasizes that the global reputation of UK universities in research and innovation attracts other countries to collaborate, and that cooperation with China, the second-largest research investor, is crucial for maintaining research quality and influence [2]

6月1日，北京市进入汛期。为加强监测预警、提升地质灾害技防能力，保障全市安全度汛，北京市规划 和自然资源委员会对10个区增加布设了1760台（套）新地质灾害监测设备。目前，全市监测设备总量达 到18类共3600多台（套），监测点位提升至每百平方公里35~36处，形成覆盖北京山区全域的突发地质 灾害自动化立体感知网络，实时保护着山区地质灾害易发区3万余名群众的生命财产安全。 2023年，在"杜苏芮"台风极端强降雨影响下，北京地质灾害专业监测网的雨量站数据传输稳定，保障了 地质灾害监测预警系统运行平稳，有效支撑了市政府地质灾害防治决策和应对工作。今年，全市监测设 备布设在数量增加的基础上，技术也实现了提升。 北京规自委相关负责人介绍，今年该市探索了更适用于本地的地质灾害监测设备，新增加了泥石流断线 报警器、雷视一体泥位计和新型崩塌监测仪。其中，泥石流断线报警器可在灾害发生时快速响应，为避 险转移争取更多时间；雷视一体泥位计集成 AI高性能处理系统，通过图像和监测数据相互验证，减少 误报情况发生；新型崩塌监测仪依据国际最新理论研发，基于静力学、动力学与运动学特征，输出30多 个监测指标，相对于传统采用位移监测的手段 ...

Group 1 - The 2025 China Automotive Industry Development (Teda) International Forum will be held from September 18 to 21, 2025, in Tianjin Binhai New Area, as announced by the chairman of China Automotive Technology Research Center, An Tiecheng [1] - The forum will feature 18 thematic meetings, including an opening conference focused on "Deepening Reform and Innovation: '14th Five-Year' Automotive Industry Policy and Vision Outlook" and high-level summits on "Focusing on Hard Technology" and "Collaborative Deepening" [1] - Key topics will also include the development of intelligent connected new energy vehicles and advanced technology layout in a closed-door high-end think tank meeting [1] Group 2 - The automotive industry is experiencing three major trends in technological innovation: the acceleration of green low-carbon technology across the entire industry chain, the rapid implementation of cutting-edge technologies like AI and 5G, and shorter R&D cycles for automotive technology and products [2] - In the first four months of 2025, China's automotive production and sales both exceeded 10 million units, reaching 10.175 million and 10.06 million respectively, with year-on-year growth rates of 12.9% and 10.8%, marking a historical high for the same period [2] - The proportion of vehicle replacement and purchase is expected to rise to over 65% in 2025, driven by the continuous optimization of automotive consumption structure [2] - The power battery industry is characterized by technological diversification, localization of overseas operations, and the improvement of recycling systems [2] - The key to the intelligent transformation of the automotive industry lies in addressing challenges related to data flow and application, emphasizing the need for enhanced data governance and deeper technological integration [2]

博通 TH6 催化的光通信变化，展望字节等互联网大厂的新 投入新应用 20250608 摘要 博通 TH6 网络芯片的发布，支持 102T 交换，有效提升 AI 数据中心网 络性能，并推动 200G/224G SerDes 技术发展，加速 CPU 及高集成度 光通信设备升级，对 AI 光通信领域起到重要催化作用。 Credo 最新财报显示营收环比增长 20%，同比增长近 180%，计划加 大资本开支投入，看好 AI 发展前景；Xena 营收同比增长 20%以上，但 毛利因成本增加有所下滑，整体营收仍显示行业受益趋势。 光纤跳线市场需求旺盛，亨泰光作为 CPU 标签的核心布线解决方案供应 商，以及世佳、世佳光子、博创科技等公司将受益于 800G/1.6T 放量， 泰正光子受益于 MPO 供不应求。 德科立、Ciena 和 Akasia 等公司在全球长距离数据中心和网络传输领 域具有稀缺性，预计将持续受益于行业发展，伟创等台湾服务器代工商 AI 服务器营收增长显著。 新型 CPU 技术和硅光技术将提升光模块的毛利率及毛利额，1.6T 和 800G 光模块需求量预计在 2026 年继续增加，国内外市场光模块需求 有 ...

[Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2025 年 6 月 8 日 [Table_Invest]推荐|维持 [Table_Title] 博通 Tomahawk6 可支持 CPO，中美领导人直接沟通 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2025.6.2-2025.6.6）上证综指上涨 1.13%，深证成 指上涨1.42%，创业板指上涨 2.32%。本周申万通信上涨5.27%。考 虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业发 展，我们给予通信行业"推荐"评级。 细分行业：本周（2025.6.2-2025.6.6）通信板块三级子行业中，通 信网络设备及器件上涨幅度最高，涨幅为 8.33%，本周各细分板块呈 上涨趋势。 个股方面：本周（2025.6.2-2025.6.6）通信板块涨幅板块分析方 面 ， 华脉科技（ 33.74% ） 、 中 嘉 博 创 （ 33.33% ） 、 太 辰 光 （30.31%）涨幅分列前三。 建议关注方向：算力产业链、卫星互联网 1) 算力产业链：202 ...

证券研究报告 | 2025年6月8日 估值周观察(6月第2期) 小盘成长、TMT估值扩张幅度较大 策略研究 · 专题报告 证券分析师：王开 021-60933132 wangkai8@guosen.com.cn S0980521030001 证券分析师：陈凯畅 021-60375429 chengkaichang@guosen.com.cn S0980523090002 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 • 近一周（2025.6.2-2025.6.6）海外市场整体上涨，估值温和扩张。整体延续上涨趋势，仍是韩国市场最突出，韩国综合指数和 KOSPI50指数分别上涨4.24%和5.04%；美国主要指数涨幅均在1%-2%；香港市场本周明显反弹，主要指数涨幅约为2%。仅日本市场 整体回调。估值方面，整体温和扩张。英国富时100和法国CAC40指数分别小幅上涨0.75%、0.68%，但PE分别收缩0.47x和0.67x；韩 国综合指数显著上涨，但PE缩小0.5x，盈利有所修复。德国DAX指数PE扩张幅度最大，达到1.35x，不同统计口径下的估值分位数均 ...

中美元首 本周四通话后 ，拉开了新一轮经贸对话的帷幕。中美经贸团队 下周一开始 将在英 国伦敦重启经贸磋商机制的首次会议，这不仅是一次久违的面对面接触，更因其选址特殊、参 与人员不凡，以及前期双方互动释放出的信号，而引发了资本市场广泛关注与高度预期。市场 参与者在盯着伦敦看，不是为了看风景，而是试图从这次会谈中捕捉下一轮宏观趋势的 " 预期 差 " 。 一、元首通话引燃市场期待，磋商机制重启意义重大 今年 6 月初，中美元首的一次通话为本次经贸磋商机制会议定下基调。与过往不同，这次通话 并未止步于 " 保持沟通 " ，而是直接推动了经贸对话机制重启，地点定在伦敦。要知道，自 2023 年年底以来，中美经贸团队的互动虽不乏接触，但多为试探性、碎片化的交流。此次明 确设定机制化会议，意味着双方在经贸合作层面有了阶段性共识。 资本市场对这一动向反应灵敏。 A 股中特斯拉、稀土、航空等中美相关概念板块在消息释放 后的交易日出现明显波动，美股中概股也迎来一轮小幅反弹。市场解读很明确：对话意味着摩 擦有可能减弱，政策预期可能变暖，进出口、科技、汽车、原材料等领域的 " 不确定性折价 " 有望缓解。 二、从 "补救式沟通" ...

行 业 及 产 业 行 业 研 究 / 行 业 点 评 证券分析师 李国盛 A0230521080003 ligs@swsresearch.com 刘菁菁 A0230522080003 liujj@swsresearch.com 联系人 郝知雨 (8621)23297818× haozy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 06 月 08 日 海外本土两手抓，光通信、算力基 建共振 看好 ——通信算力网络行业点评 本期投资提示： 证 券 研 究 报 告 表：通信行业部分重点上市公司估值表 | 证券代码 | 证券简称 | | 2025/6/6 | | Wind 一致预期净利润（亿元） | | | PE | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 收盘价(元) | 总市值（亿元） | 2024 | 2025E | 2026E | 2025E | 2026E | | 000988.SZ | 华工科技 | 44.77 | 450.16 | 12.21 | 16.85 | 21. ...