Group 1: Company Performance and Orders - The company is currently operating normally with rolling order demands [2] - The company will disclose its semi-annual performance in the upcoming semi-annual report [2] - In April and May, the company's operational status remained stable compared to the first quarter [2] Group 2: Market and Technology Developments - The global RAN market is expected to improve in 2025 after a prolonged downturn, with the company experiencing year-on-year growth in overseas sales in Q1 2025 [2] - The company has products that support 5.5G technology and is actively tracking developments in 5.5G and 6G technologies [2][3] Group 3: Investment Activities - The company invested RMB 100 million in Guangju Microelectronics Co., Ltd. on March 25, 2025 [3] - The company will fulfill its information disclosure obligations regarding the investment progress [3]

Core Insights - Nokia has secured a four-year contract extension with Elisa to enhance the capacity, coverage, and speed of its network in preparation for the Advanced 5G era [1][8] - The partnership aims to support ultra-fast speeds and low latency, essential for applications such as AI, virtual reality, augmented reality, and industrial automation [1][8] Network Enhancements - Nokia will provide its energy-efficient AirScale Radio Access Network (RAN) portfolio, including Advanced 5G-ready Habrok 32 Massive MIMO radios and Pandion multi-band remote radio heads [2] - The deployment will also include high-capacity baseband solutions like Tuuli 26e and ultra-performance Ponente, Lodos, and Levante [2] Advanced Technologies - Introduction of AirScale Dual Boost base station technology to maximize base station asset potential, enhancing uplink and downlink processing [3] - Deployment of Nokia's cloud-native Voice Core solution, Cloud Native Communication Suite (CNCS), which improves operational efficiencies and energy efficiency by 10% to 20% compared to standard IMS Voice Core [4] Data Center Solutions - Nokia will supply a modern data center fabric solution, including SR Linux-based switches and the Event-Driven Automation (EDA) platform for interconnection between telco cloud locations [5] - Additional core solutions include Subscriber Data Management and Cloud Signaling Director for enhanced security and data centralization [6] Future Innovations - Elisa is already utilizing 5.5G features in its network, with plans to expand access to this technology in collaboration with Nokia [7] - The Advanced 5G era is expected to drive innovation across various industries, creating new jobs and economic opportunities [8][9]

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, reflecting the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [1][2]. Core Insights - The overall market performance for the week (June 2-6, 2025) saw the Shanghai Composite Index rise by 1.13%, the Shenzhen Component Index by 1.42%, and the ChiNext Index by 2.32%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 5.27% during the same period, indicating a strong upward trend across various sub-sectors [1][10]. - The highest increase among the telecommunications sub-sectors was in communication network equipment and devices, which rose by 8.33%. Other sub-sectors also showed positive growth, with the lowest increase being 1.55% [11][12]. - Notable individual stock performances included Huamai Technology, which surged by 33.74%, followed by Zhongjia Bochuang at 33.33% and Taicheng Guang at 30.31% [14]. Summary by Relevant Sections Market Overview - The telecommunications sector experienced a significant increase in stock prices, with a weekly rise of 5.27% [10]. - The sub-sector of communication network equipment and devices led the gains with an 8.33% increase [11]. Key Developments - The report highlights the successful launch of the fourth batch of "GW Constellation" satellites, which accelerates the establishment of satellite internet networks [26][27]. - The introduction of Broadcom's Tomahawk 6 switch chip, which offers a capacity of 102.4 Tbps, is expected to enhance AI network capabilities significantly [23][24]. - The Ministry of Industry and Information Technology's issuance of the "Computing Power Interconnection Action Plan" aims to improve the efficiency and service level of public computing resources [21][22]. Investment Opportunities - The report suggests focusing on the computing power industry chain and satellite internet as key areas for investment, given the positive developments and government support in these sectors [2].

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [1][4]. Core Insights - The overall market performance for the week (May 19-23, 2025) saw a decline in major indices, with the Shanghai Composite Index down 0.57%, the Shenzhen Component Index down 0.46%, and the ChiNext Index down 0.88%. The telecommunications sector, represented by the Shenwan Communications Index, experienced a decline of 2.31% [1][10]. - In the telecommunications sub-sectors, "Other Communication Equipment" had the highest increase at 1.81%, while "Communication Network Equipment and Devices" saw the largest decline at 3.87%. Overall, most sub-sectors exhibited a downward trend [1][13][14]. - Notable individual stock performances included Dongtu Technology with a rise of 14.45%, Mengwang Technology at 11.67%, and *ST Tianyu at 7.67%, leading the gains in the telecommunications sector [1][15]. Summary by Sections Market Overview - The telecommunications sector's index declined by 2.31% during the week, reflecting a broader market trend of declines across major indices [1][10]. - The highest gain in sub-sectors was seen in "Other Communication Equipment" with a 1.81% increase, while "Communication Network Equipment and Devices" faced a 3.87% decline [1][13][14]. Key Developments - The launch of Kunlun Wanwei's Tian Gong Super Intelligent Agent received positive market feedback, ranking first in deep research capabilities on the GAIA list. However, the service faced user overload, leading to throttling measures due to high demand [2][22][23]. - The deployment of 5G-A is expected to accelerate, particularly in light of the easing of EU restrictions on Chinese communication equipment manufacturers, which is anticipated to positively impact industry scale [2]. Company Announcements - Significant announcements from the telecommunications sector included Gansu Unicom's launch of a dual 10G network, aiming to enhance F5G-A commercial applications [17][19]. - Shanghai's plan to achieve comprehensive communication signal coverage for low-altitude flight routes by 2027 was outlined, with ambitious targets for 5G base station deployment [20]. - AT&T's acquisition of Lumen's consumer fiber business for $5.75 billion was announced, aimed at expanding its fiber service coverage across the U.S. [21][22].

Group 1: Research and Development Achievements - The company has a strong focus on mold design and manufacturing, successfully testing the world's first 13,000T dual-chamber super-large body mold [3] - In the telecommunications sector, the company has extensive experience in designing molds for large structural components for 4G and 5G base stations, and was awarded "Best Supplier" by Ericsson in 2024 [3] - The company is actively developing products for the new energy vehicle sector, covering components such as battery enclosures and control heat sinks, with four major product platforms established [4] Group 2: Market Expansion and New Ventures - The company is expanding into the energy storage and semiconductor industries, which will enhance its technological capabilities and product competitiveness [4] - The company is closely monitoring the automotive industry and has established a factory in North America to strengthen collaboration with key clients [7][8] - The company is also exploring opportunities in the robotics sector, although specific collaborations cannot be disclosed due to confidentiality agreements [10] Group 3: Financial Performance and Client Relationships - In 2024, the company's sales of new energy vehicle products saw significant growth, with new client information available in periodic reports [6] - The telecommunications product revenue experienced a substantial decline in 2024 due to industry cyclicality, but is now stabilizing [9] - The company plans to maintain its technological advantage in telecommunications by synchronizing research and development with major clients in 5.5G and 6G technologies [9] Group 4: Future Development Plans - The company aims to continue focusing on new energy vehicles and telecommunications while expanding into energy storage and semiconductor markets [10] - A new company has been established in Chongqing to develop the semiconductor industry, focusing on specialized equipment manufacturing and precision manufacturing [10] - The company is committed to enhancing its cooling technology expertise for application in new products for core clients [10]

[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 5 月 18 日 [Table_Title] "星算"首批星发射，美 AI 扩散规则趋严 ——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（2025.5.12-2025.5.16）上证综指上涨 0.76%，深证 成指上涨 0.52%，创业板指上涨1.38%。本周申万通信下跌 0.12%。 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（2025.5.12-2025.5.16）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 1.16%，通信应用增值服 务回调幅度最高，跌幅为 3.27%，本周各细分板块主要呈下跌趋势。 个股方面：本周（2025.5.12-2025.5.16）通信板块涨幅板块分析方 面，*ST 天喻（14.78%）、有方科技（12.20%）、永鼎股份 （9.60%）涨幅分列前三。 建议关注方向：算力产业链、卫星互联网、无线通信设备链 1) 算力产业链：国内链 ...

Company Developments - Changfei Company will showcase its innovations in the fields of 5.5G, AI computing power, and green lighting at the 2025 "China Optics Valley" International Optoelectronic Exposition from May 15 to 17, 2025, under the theme "Light Leading a Green Future" [2] - In the 5.5G sector, Changfei has launched several innovative products, including the Farbei® ultra-low loss G.654.E optical fiber, which is ideal for long-distance data center transmission, and various flexible multimode fibers that meet diverse transmission needs [2] - The company also presented a full range of cable solutions, including indoor and outdoor cables, leakage cables, ODN, and submarine cables, ensuring excellent product quality through its advanced drawing technology [2] Breakthroughs in Special Optical Communication - Changfei has made significant breakthroughs in special optical communication and sensing products, introducing a polarizer that effectively blocks reverse transmission signals, enhancing the stability and security of optical communication systems [3] - The company showcased its "Panda" polarization-maintaining fiber and other star products, demonstrating its deep expertise and innovative capabilities in the special fiber sector [3] AI Green Computing Solutions - In response to the explosive growth of data driven by AI computing and reasoning, Changfei launched AI green computing solutions centered around hollow-core and multi-core fibers [3] - The hollow-core fiber, a disruptive technology for next-generation optical communication, achieves efficient signal transmission in air cores, with a speed increase of approximately 47% and a delay reduction of about 31% compared to conventional fibers [3] - At the recent OFC in March, the company demonstrated the latest advancements in hollow-core fiber technology, achieving a single fiber length exceeding 20 kilometers and a minimum attenuation coefficient of 0.05 dB/km, setting a new global record [3][4] Multi-Core Fiber Applications - The application of multi-core fibers has significantly increased transmission capacity to dozens of times that of conventional single-mode fibers, enhancing information transmission efficiency and reducing cable volume by over 75% [4] - Changfei also showcased 400G/800G high-speed optical modules and high-density integrated wiring products, effectively covering the optical interconnection needs of intelligent computing hubs from 7 meters to 2 kilometers [4] Green Lighting Innovations - In the green lighting sector, Changfei introduced an intelligent sunlight introduction system that uses specialized optical fiber lamps and lighting cables to bring outdoor natural light indoors, addressing the needs for green lighting, environmental health, energy conservation, and low-carbon living [4] - This system has been successfully applied in various locations, including Shanghai Hongqiao, Xiamen North Station, and residential villas [5]

Group 1 - The 5.5G concept is gaining traction, with companies like Wuhan Fangu and Shobei De seeing significant stock price increases due to their involvement in 5.5G technology and products [1] - Wuhan Fangu's products, such as multi-frequency multi-channel filters, are already being applied in 5.5G systems, leading to a stock price increase of 10.04% [1] - Shobei De has turned profitable and its antenna products are applicable in 5.5G networks, with a stock price rise of 7.68% [1] Group 2 - Recent reports indicate that users in Beijing are experiencing 5G-A signals, which are ten times faster than 5G, with testing networks deployed across 31 provinces in China [2] - Major telecom operators in China are investing heavily in 5G-A, with China Mobile planning to invest nearly 10 billion yuan to expand AI applications in wireless networks [3] - China Telecom and China Unicom are also pushing for 5G-A applications across various industries and key urban areas [3] Group 3 - During the 14th Five-Year Plan, China's 5G-A user base is expected to approach 1.3 billion, accounting for over 50% of the global total, enhancing digital transformation across industries [4] - 5G-A is seen as a significant upgrade to 5G, improving communication speed, connection density, latency, and positioning accuracy, paving the way for 6G technology [5] - The demand for dielectric waveguide filters is expected to rise due to their advantages in size, weight, and cost, benefiting the production of key components like antennas and filters [5] Group 4 - There is potential market growth in areas such as RedCap modules, integrated sensing, satellite communications, and XR, indicating a release of market space [6]

[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 5 月 4 日 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 [Table_Invest]推荐|维持 [Table_Title] 小米发布首个推理模型 MiMo，Meta 上修资本开支 指引 ——通信行业周报 周行情：本周（2025.4.28-2025.5.2）上证综指回调 0.49%，深证成 指回调0.17%，创业板指上涨 0.04%。本周申万通信上涨0.59%。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（2025.4.28-2025.5.2）通信板块三级子行业中，通 信应用增值服务上涨幅度最高，涨幅为 6.23%，其他通信设备回调幅 度最高，跌幅为 0.93%，本周各细分板块主要呈上涨趋势。 个股方面：本周（2025.4.28-2025.5.2）涨幅板块分析方面，博创科 技（26.63%）、平治信息（23.03%）、万隆光电（15.28%）涨幅 分列前三。 建议关注方向：算力产业链、卫星互联网 1) 算 ...

Summary of Fujida's Conference Call Company Overview - Fujida reported a 1% year-over-year decline in revenue for Q1 2025, with a net profit decrease of 6.68%, primarily due to insufficient demand for core military projects. However, orders increased by approximately 20% year-over-year, indicating potential future performance improvement. Civilian products accounted for 40% of revenue, while military defense and satellite-related businesses made up 60% [2][3][4]. Key Points Financial Performance - Q1 2025 revenue was 190 million yuan, with a net profit of 12.37 million yuan. The decline in revenue and profit was attributed to the delivery cycle impact from military project demand shortages [3][4]. - The company anticipates significant revenue growth in 2025, with an increase of at least 10% to 20%, although profit levels may not reach 2023 levels due to price reductions and sample giveaways in 2024 [4][32]. Profitability and Margins - Gross margin improvement was mainly due to increased output in the military sector, leading to economies of scale and reduced fixed cost amortization. Although military component margins are expected to decline in 2024, they are projected to stabilize in 2025 [2][6]. - The gross margin for the Q1 2025 remained stable, with the commercial satellite segment maintaining a margin of around 40% [2][31]. Orders and Inventory - Inventory increased from 123 million yuan in Q4 2024 to 139 million yuan in Q1 2025, reflecting pre-investment for projects following order increases [5]. - The average order-to-revenue conversion cycle is approximately three months, with noticeable improvements expected in Q2 2025 [9][11]. Research and Development - R&D investment accounted for about 8% of revenue, focusing on new military protection projects, which are crucial for long-term development [2][3][12]. - Despite a decline in military orders, R&D investment remained stable, with the proportion rising to around 11% due to overall revenue decline [12]. Market Dynamics - The commercial satellite market is stable, with Fujida securing a contract for 300 satellites from Samsung SDS, to be delivered by 2025. However, the launch schedule is lagging, with only one launch in Q1 2025 [16][31]. - The civilian market demand remains stable, with Fujida maintaining its bidding success for Huawei's 4G and 5G products, while also developing new high-end manufacturing instruments [20]. Future Plans and Strategies - Following the termination of a private placement, the company plans to secure funding through bank loans and other means to continue project development and expand production capacity for aerospace products [2][7][8]. - The company aims to expand its testing subsidiary's external third-party testing business, targeting electronic component manufacturers, with plans to grow this segment by 10% to 20% annually [4][38][39]. Challenges and Risks - The company faces challenges in meeting its five-year plan due to previous years' stagnation, making it difficult to achieve the original targets set for 2025 [14][32]. - There are rumors of changes in overseas market access policies, particularly in Europe, but the impact on Fujida's export business is expected to be minimal [21]. Additional Insights - The company is actively pursuing advancements in quantum computing and medical products, with ongoing collaborations and certifications aimed at replacing imported products [27][28]. - The cable business will continue to focus on military applications, despite exploring civilian products like high-speed copper cables [36]. This summary encapsulates the key insights and developments from Fujida's conference call, highlighting the company's current performance, market strategies, and future outlook.