Core Insights - Qualcomm has participated in the China International Import Expo for eight consecutive years, showcasing its commitment to global trade cooperation and innovation in various technology sectors [1][2][5] - The company emphasizes its extensive involvement in mobile technology, particularly through its Snapdragon chips, which have been integrated into over 3 billion devices globally [1] - Qualcomm is expanding its focus beyond smartphones to include sectors such as 5G, IoT, automotive electronics, and AI, highlighting its role in driving the global digital economy [1][8] Qualcomm's Participation in the Expo - The expo serves as a platform for Qualcomm to demonstrate its collaboration with Chinese partners and showcase innovations across multiple fields, including smartphones, automotive, IoT, and edge AI [1][2] - The company has seen a diversification of its product offerings at the expo, moving from smartphones to include PCs, smart connected vehicles, and XR technologies [2] Technological Advancements and Market Trends - Qualcomm has been a key player in the evolution of mobile communication technologies, from CDMA to 5G, and is now preparing for the transition to 6G [5][15] - The company anticipates significant growth in the robotics and smart wearable device markets, which may rival or surpass the smartphone market in the future [7][8] - AI integration is expected to redefine product design and user interaction across various sectors, with Qualcomm positioning itself at the intersection of connectivity, computing, and AI [9][10] AI and IoT Developments - The company is actively developing AI solutions for a wide range of devices, including smartphones, PCs, and IoT terminals, to enhance user experiences and create new business models [10][11] - Qualcomm's new brand "Qualcomm Leap" focuses on industrial IoT and cellular infrastructure, complementing its consumer-oriented Snapdragon brand [8] Automotive Sector Innovations - The automotive industry is emerging as a significant area for innovation, with Qualcomm's Snapdragon Digital Chassis supporting over 210 vehicle models from various Chinese brands [12][13] - The company aims to leverage China's robust automotive ecosystem to accelerate the adoption of advanced technologies in smart vehicles [13] Future Outlook on 6G - Qualcomm is preparing for the 6G era, emphasizing the integration of AI and communication technologies as a key direction for future development [15][16] - The company envisions 6G as a collaborative innovation platform that will enhance AI applications and connectivity, with commercial deployment expected as early as 2028 [15][16]

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected performance exceeding the benchmark index by more than 10% [1][40]. Core Insights - Nvidia's GTC event provided a significant CAPEX guidance of $500 billion for the Blackwell-Rubin series, with North American CSPs showing a clear upward trend in capital expenditures for Q3 2025 [4][16]. - The report highlights a strong growth trend in AI infrastructure investments, with North American CSPs' capital expenditures reaching a total of $113.3 billion in Q3, marking a 75% year-on-year increase [5][17]. - The A-share communication industry is experiencing high growth in AI computing performance, although there is a mismatch between high short-term expectations and actual performance releases [5][17]. Summary by Sections Industry Dynamics - Nvidia's guidance for North American CSPs suggests CAPEX could reach $443 billion, $549 billion, and $632 billion from 2025 to 2027, with GPU shipments expected to total 20 million units [4][16]. - The report emphasizes the stability of capital markets regarding concerns over "AI bubble" investments, with Nvidia's roadmap enhancing investment certainty in areas like 1.6T optical modules and quantum computing [4][16]. A-Share Communication Industry Overview - The report notes that leading companies in optical modules, such as Zhongji Xuchuang and Xinyi Technology, continue to expand production, with stable gross margin trends despite short-term performance fluctuations [5][17]. - The bottleneck effects in core materials like optical chips are becoming more pronounced, with domestic chip manufacturers expected to gain market share as overseas giants slow down production [5][17]. Market Performance - The overall market showed mixed performance during the week of October 27 to October 31, 2025, with the Shenzhen Component Index rising by 0.67% and the communication index declining by 3.59% [11][20]. - The report identifies cloud computing as the leading sector with a weekly increase of 22.48%, followed by IDC and equipment manufacturers [11][20]. Recommended Companies - The report suggests focusing on companies in various segments, including optical devices (e.g., Guangke Technology, Shijia Photon) and AIOT solutions (e.g., Rockchip, Yiyuan Communication) [20].

Core Viewpoint - Nokia has decided to apply for delisting its shares from the Euronext Paris stock exchange due to an assessment of trading volume, costs, and administrative requirements [1] Group 1 - The delisting application is expected to take effect within three months if approved by the exchange [1] - Nokia's shares will continue to be listed on the Helsinki Nasdaq and its American Depositary Receipts will remain on the New York Stock Exchange [3] - As of the close on the announcement date, Nokia's stock was priced at €5.962, down nearly 2.9% from the previous trading day, but has seen an increase of over 40% year-to-date [1] Group 2 - Recently, Nvidia announced a $1 billion investment in Nokia, equivalent to approximately 71 million RMB, and the two companies have formed a strategic partnership to develop next-generation 6G technologies [5]

Core Insights - The eighth China International Import Expo (CIIE) has officially opened, showcasing 461 new products, technologies, and services, indicating China's commitment to global trade and economic cooperation [2][3] - The event has attracted over 2,000 exhibitors, marking the largest scale in its history, with a significant focus on food products and innovative technologies [3][6] Group 1: Event Overview - The CIIE serves as a platform for global leaders from politics, business, and academia to discuss opportunities in the Chinese market, particularly in light of the recently approved "14th Five-Year Plan" [2] - The exhibition area spans 430,000 square meters, with a diverse range of products and services aimed at enhancing international trade relations [2] Group 2: Exhibitor Highlights - Major companies like Bayer and Qualcomm are showcasing their latest innovations, with Bayer presenting 26 highlight products and Qualcomm emphasizing its role in 5G and future 6G technologies [5][6] - The event has seen high engagement from attendees, with significant business discussions taking place, particularly in the technology and healthcare sectors [7][8] Group 3: Market Opportunities - The expo has highlighted the growing interest in China's service industry and consumer market, with foreign companies eager to explore new business directions [2][4] - The presence of high-level executives and government representatives at the event underscores the importance of CIIE as a networking and business development opportunity [7]

Core Insights - Qualcomm has participated in the China International Import Expo for eight consecutive years, showcasing its continuous innovation in technology and collaboration with Chinese industry partners [3][14] - The theme of Qualcomm's exhibition this year is "Together, We Achieve Progress for Everyone," highlighting its commitment to enhancing China's innovation ecosystem through technological advancements [3][14] Qualcomm's Product Showcase - At the expo, 12 flagship smartphones from Chinese manufacturers featuring the fifth-generation Snapdragon 8 Gen 2 mobile platform were displayed, marking the first large-scale offline exhibition of these products [5] - Qualcomm's collaboration with leading Chinese smartphone brands such as Xiaomi, Honor, and iQOO demonstrates the rapid innovation and performance breakthroughs in AI, imaging, gaming, and connectivity [5][9] - The Snapdragon X series platform has expanded to nearly 150 PC designs, showcasing Qualcomm's strong presence in the multi-device ecosystem [5] Automotive Innovations - Qualcomm partnered with Chery to develop the intelligent connected vehicle, the Zongheng G700, utilizing the Snapdragon digital chassis to create a mobile intelligent space [7] - Since 2023, Qualcomm's digital chassis has supported over 210 models from Chinese automotive brands, facilitating the transition from electrification to intelligence in the automotive industry [7] AI and IoT Applications - The launch of the "Qualcomm Leap" brand emphasizes the integration of AI and connectivity across various industries, with applications showcased at the expo including humanoid robots and retail terminals [9] - Qualcomm has released the "2025 Qualcomm IoT Innovation Case Collection," highlighting over 170 digital transformation practices in collaboration with more than 90 Chinese partners since 2019 [9] Future Technologies and Collaborations - Qualcomm's chairman in China, Meng Pu, emphasized the importance of AI, 5G, IoT, and edge computing in transforming lifestyles and industries during a forum at the expo [14] - The "AI Acceleration Program," launched in September, aims to scale AI deployment on devices in collaboration with Chinese telecom operators and terminal manufacturers [18] - Qualcomm is actively researching 6G technology, with expectations for commercial terminal availability by 2028, positioning itself as a leader in future connectivity solutions [16][18]

Core Insights - Qualcomm showcased a variety of new terminals at the China International Import Expo, featuring 12 flagship smartphones equipped with the fifth-generation Snapdragon 8 Gen 2 chip, marking their first large-scale offline exhibition in China [1] - The exhibition highlighted innovative technologies across different platforms, including advanced automotive interfaces and AI-powered devices, demonstrating the integration of technology into daily life [1] - The immersive experience zone attracted significant attention, featuring augmented reality (AR) projects that provided interactive experiences, showcasing the potential of future technologies like 6G [1] Group 1 - Qualcomm's booth featured 12 flagship smartphones with the Snapdragon 8 Gen 2 chip, representing their debut at a major offline event in China [1] - The exhibition included various "black technologies," such as multi-screen collaboration in vehicles and AI glasses for payment and communication [1] - The immersive experience area offered AR experiences, allowing visitors to engage with virtual environments and characters [1] Group 2 - The demonstration of 6G technology at the booth illustrated Qualcomm's vision for the future and its collaboration with operators and ecosystem partners [1] - The diverse scenarios presented at Qualcomm's booth showcased the integration of smart technologies across multiple sectors, from mobile devices to automotive solutions [1]

Group 1: 6G Technology Development - The 2025 6G Development Conference will be held on November 13-14 in Beijing, focusing on key scenarios such as intelligent integration and immersive communication [1] - By 2040, the number of 6G terminal connections is expected to increase over 30 times compared to 2022, highlighting the importance of infrastructure development for communication upgrades [2] - Companies like Segar Technology and Guolai Testing are actively involved in the research and development of 6G technology and related products [2] Group 2: Winter Tourism in Heilongjiang - Heilongjiang Province will launch a "100-day action" for winter ice and snow tourism from November 8, 2025, aiming to create a comprehensive ice and snow tourism system [3] - The ice and snow industry is projected to exceed 1 trillion yuan in value by 2025, driven by policy and supply incentives [3] - Investment opportunities are identified in infrastructure construction, ice and snow equipment production, and training for ice and snow sports [3] Group 3: Green Hydrogen Energy - Over 60 countries have announced hydrogen energy strategies, with green hydrogen accelerating its application in industrial, chemical, and transportation sectors [6] - The hydrogen energy industry is expected to grow due to favorable policies and increased investment in hydrogen production technologies [6] - Companies like Meijin Energy and Yihua Tong are developing comprehensive hydrogen energy solutions, including production, storage, and application in various fields [7] Group 4: Quantum Communication - China Telecom is rapidly expanding its "quantum metropolitan area network" in multiple cities, indicating a strong focus on quantum communication infrastructure [8] - China has established a complete technology system in quantum communication, achieving significant milestones such as the world's first large-scale quantum network [8] - Companies like Dipu Technology and Fujida are involved in key quantum communication projects and product development [8] Group 5: Virtual Power Plants - The largest thermal storage virtual power plant in China has been launched, demonstrating the integration of energy and information technology [10] - The government aims for a mature operational mechanism for virtual power plants by 2027, with a target capacity of over 20 million kilowatts [10] - Companies like Guodian Nanzi and GCL Energy are actively developing virtual power plant solutions and expanding their operations across various regions [11]

Core Insights - Nokia's Board of Directors has decided to apply for the delisting of its shares from Euronext Paris, which was initially listed in November 2015 [1][2] - The delisting follows a review of trading volume, costs, and administrative requirements, with the primary listing remaining on Nasdaq Helsinki and ADRs continuing on the New York Stock Exchange [2] - This decision reflects Nokia's transformation from a mobile phone leader to a business-to-business technology company, focusing on network infrastructure [3] Financial Performance - Nokia reported a 31.58% year-on-year increase in net profit for the first half of 2025 [4] - The company's extensive patent portfolio generates nearly €500 million in stable annual revenue, covering technologies from 2G to 5G [4] Strategic Partnerships - Nokia has entered a strategic partnership with NVIDIA, which includes a $1 billion equity investment aimed at accelerating innovation in AI-native mobile networks and transitioning from 5G to 6G [5]

Group 1: Company Overview and Activities - The company conducted an investor relations activity on November 5, 2025, involving a site visit and discussions with various investment institutions [2][3]. - Participants included representatives from multiple investment firms and individual investors [2]. Group 2: Market Conditions and Business Performance - The domestic communication equipment market is facing challenges due to slowed operator investments and increased product price competition, leading to pressure on profit margins [3]. - The company's overseas business has become a core growth driver, with overseas revenue surpassing domestic revenue for the first time this year, primarily through expansion in "Belt and Road" countries, the Middle East, and Southeast Asia [3][4]. Group 3: Product Development and Innovations - The MACRO WIFI product features long-range coverage and high user capacity, with a recent order of 1,000 units from an Australian client, marking significant overseas market penetration [3][4]. - The filter business focuses on compact and lightweight products, primarily for export, with Ericsson as a core client, while the microwave antenna business achieved approximately 119 million yuan in revenue in the first half of 2025, a year-on-year increase of about 84% [5]. Group 4: Future Outlook and Strategic Initiatives - The company has established a comprehensive satellite communication product system and aims to participate in the national low-orbit satellite internet construction, anticipating growth from new market opportunities [6]. - The transition from 5G to 6G is underway, with the company positioning itself in key areas such as multi-beam communication and microwave technology, aligning with the development of satellite internet [7].

Core Viewpoint - Nokia has decided to apply for delisting its shares from the Euronext Paris stock exchange due to an evaluation of trading volume, costs, and administrative requirements [1] Group 1: Delisting Decision - The application for delisting is expected to take effect within three months if approved by the exchange [1] - Nokia was listed on the Euronext Paris stock exchange on November 19, 2015 [1] - As of the close on the announcement date, Nokia's share price was €5.962, down nearly 2.9% from the previous trading day, but has increased over 40% year-to-date [1] Group 2: Continued Listings - Nokia's shares will continue to be listed on the Nasdaq Helsinki in Finland [1] - The company's American Depositary Receipts will remain listed on the New York Stock Exchange [1] Group 3: Strategic Partnership - Recently, Nvidia announced a $1 billion investment in Nokia, approximately 71 million RMB, and both companies have formed a strategic partnership to develop next-generation 6G technologies [1]