Group 1 - The 2025 6G Development Conference in Beijing emphasized the importance of 6G as a strategic direction for digital economy development and future industry cultivation, with a focus on policy support, technology sourcing, and industry ecosystem building [1] - The Beijing 6G Laboratory announced ten major technological advancements, covering key 6G areas such as high-frequency communication, intelligent super surfaces, and integrated sensing and communication [1][2] - The ten advancements include prototypes like the "256TR U6G base station" and innovations in AI wireless technology, which enhance the 6G technology framework and lay the groundwork for practical applications [2] Group 2 - The Beijing Economic-Technological Development Area (BDA) has over 80 upstream and downstream enterprises, forming an initial 6G industry chain, with 50% of the major advancements led or deeply participated in by BDA enterprises [2] - The establishment of a 6G technology overall group and laboratory in Beijing aims to systematically layout technology research, standard studies, and enterprise cultivation, creating a collaborative development framework [3] - China has conducted 6G technology trials for four consecutive years, completing the first phase and accumulating over 300 key technology reserves, with a structured approach to further stages of development [3]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Insights - The report emphasizes a strong outlook for the computing power industry chain, particularly in overseas markets where demand for AI-related services remains high. Domestic companies like Alibaba and ByteDance are expected to continue investing in AI, contributing to sustained growth in the AI sector and related AIDC industry chain [3][23]. - The report highlights the completion of the first phase of 6G technology trials in China, which has laid the groundwork for the second phase focusing on technical solution testing. This development is expected to enhance the country's 6G research and validation capabilities [2][18]. Summary by Sections 1. Artificial Intelligence and Digital Economy - Recommended stocks include: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology, with a focus on optical modules and devices [4][26]. - For switch server PCBs, recommended stocks are: Hudian Co., ZTE, and Unisplendour, with additional stocks suggested for attention [4][26]. - Low valuation and high dividend stocks include China Mobile, China Telecom, and China Unicom [4][26]. - AIDC and cooling solutions are highlighted with recommendations for Yingweike and Runze Technology [4][26]. - AIGC applications and edge computing power stocks recommended include Guohua Communication and Meige Intelligent [4][26]. 2. Offshore Wind and Submarine Cables & Intelligent Driving - Recommended stocks in the submarine cable sector include Hengtong Optic-Electric and Zhongtian Technology [5][27]. - The report suggests focusing on companies with strong offshore recovery potential, such as Huace Navigation and Weisheng Information [5][27]. - For intelligent driving, attention is drawn to module and terminal manufacturers like Guohua Communication and Meige Intelligent [5][27]. 3. Commercial Aerospace - The report notes the rapid development of low-orbit satellites and recommends stocks like Huace Navigation and Haige Communication [6][28]. - Additional stocks for consideration include Chengchang Technology and Zhenlei Technology [6][28]. 4. Market Performance Review - The communication sector experienced a decline of 4.90% in the week of November 10-14, underperforming against the CSI 300 index [29][30]. - Notable stock movements included significant gains for companies like Online Offline and Zhongfu Tong, while declines were observed in stocks like Guodun Quantum and Shiyun Circuit [31][32].

Core Insights - China has completed the first phase of 6G technology trials, achieving over 300 key technology reserves after four years of continuous efforts, marking a significant milestone in the global 6G landscape [1][3] - The trials focus on core technologies such as terahertz communication, intelligent surfaces, and integrated space-ground networks, with peak transmission rates reaching terabits per second, significantly surpassing 5G capabilities [1][2] Group 1: Technological Advancements - 6G is expected to enhance transmission speeds by 10 to 100 times compared to 5G, exceeding 100 Gbps, with latency reduced to microseconds and supporting millions of devices per square kilometer [2][5] - The first phase of trials has established key technology directions, including communication-perception integration and AI-native networks, with the next phases focusing on prototype development and pre-commercial equipment testing [2][3] Group 2: Global Positioning and Standards - China leads in global 6G patent applications, holding 40.3% of the total, and is actively participating in international standard-setting efforts, with significant contributions to the 3GPP's 6G research projects [3][4] - The timeline for 6G standardization is set, with key milestones including the completion of technical research by 2027 and the first version of technical specifications by March 2029 [3][4] Group 3: Market Potential and Applications - The application prospects for 6G are vast, potentially creating a trillion-dollar market by 2040, with expected connections exceeding 5 billion globally, covering various sectors such as low-altitude economy, telemedicine, and smart factories [5] - 6G technology is anticipated to drive innovations in mobile terminals, integrating AI and enabling new forms of devices like AI smartphones and smart glasses, which will be key growth areas in the market [4][5]

11月13日至14日，2025年6G发展大会在北京经济技术开发区举行。大会以"智联全球，共建6G技术创新 生态"为主题，邀请两院院士、国内外权威专家、国际组织代表、知名企业家等，共同探讨6G应用需 求、关键技术、国际标准、产业研发、试验验证等议题，推动6G技术及架构形成全球共识，维护全球 统一的6G国际标准和产业生态。 转自：北京日报客户端 大会期间，IMT-2030（6G）推进组宣布6G公共研发新型试验设施能力提升，基于现有6G技术试验平 台，携手业界全面提升五项能力体系，以数据为基础，构建数字孪生底座，创新通智融合、星地融合能 力，共筑一张试验网，助力6G关键技术和样机研发、支撑国际标准研制、服务创新生态应用。大会还 集中展示了超大规模天线样机、感知智能融合应用演示系统、多智能体协同演示系统、新型物联样机等 多款6G概念样机及应用演示。 京日报客户端 来源：北 大会开幕式上，工业和信息化部党组成员、副部长张云明致辞时表示，中国的6G发展正处于技术创新 加速演进、产业方向愈发清晰的关键阶段，亟需全球产学研用各方进一步集思广益、凝聚共识、紧密合 作、共促发展。 北京市政府党组成员、副市长孙硕表示，面向未来，北 ...

Group 1 - Douyin has removed low-priced links for Moutai products, indicating a commitment to regulate misleading sales practices [2] - The majority of Moutai sales links now feature official stores, with third-party low-priced listings taken down [2] - Merchants are awaiting platform assessments to determine if they can continue selling Moutai [2] Group 2 - Xiaomi plans to increase investment in 6G technology research and standardization, having showcased its AI wireless technology prototype at a recent forum [3] - The prototype supports various deployment configurations and aims to leverage AI for data transmission [3] - This move positions Xiaomi to gain a competitive edge in the emerging 6G market [3] Group 3 - Over 80% of winter wheat has been planted nationwide, with significant progress in key regions like Huang-Huai-Hai [4][5] - The recent favorable weather conditions have accelerated the planting process [5] Group 4 - Walmart's CEO Doug McMillon will step down at the end of January, amid challenges such as tariffs and changing consumer demands [6] - This unexpected leadership change comes as the retail giant faces significant industry transformations [6] Group 5 - Bilibili announced 40 new domestic animation projects, including adaptations of popular IPs [7] - The company is collaborating with Shenman Culture for the adaptation of a popular web novel [7] Group 6 - The openEuler community has released a new operating system version supporting super nodes, along with an AI solution [17] - This release marks a significant step in the community's development and collaboration with various enterprises [17] Group 7 - Tim Cook may step down as Apple's CEO as early as next year, with John Ternus seen as a potential successor [18] - The transition plan is reportedly unrelated to the company's current performance [18] Group 8 - Elon Musk stated that the perception of overpopulation is misleading, suggesting that the Earth's population could fit in a single building in New York [19] - He emphasized that much of the Earth remains sparsely populated [19] Group 9 - Shanghai police have cracked down on illegal drone activities, resulting in over 2,500 cases since the initiative began [20] - The crackdown has led to increased registration of drone operators and equipment [20] Group 10 - Musk's X platform has launched a new chat feature aimed at enhancing user communication experiences [21] - This feature integrates audio and video calling, as well as file sharing, into the platform [21]

Group 1 - The central bank reported that the cumulative increase in social financing for the first ten months reached 30.9 trillion yuan, which is an increase of 3.83 trillion yuan compared to the same period last year [2] - The M2 money supply increased by 8.2% year-on-year, while the social financing stock grew by 8.5% year-on-year, indicating a slight decrease in growth rates [2] - The Ministry of Industry and Information Technology announced the completion of the first phase of 6G technology testing, resulting in over 300 key technology reserves [2] Group 2 - The Ministry of Industry and Information Technology plans to develop the "14th Five-Year" plan for intelligent connected new energy vehicles and new battery industries, focusing on expanding the application of power batteries and supporting innovative battery swapping models [3] - The number of newly issued funds this year reached 1,371, the highest in nearly three years, with an average fundraising scale of 782 million yuan, indicating a shift in the public fund issuance market towards a more diversified approach [3] - The China Securities Investment Fund Association is soliciting opinions on guidelines to manage the investment style of theme investment funds, aiming to prevent style drift and ensure stability in investment direction [4][5] Group 3 - Federal Reserve official Bostic expressed a preference for maintaining the federal funds rate stability until clear evidence of inflation moving towards the 2% target is observed [7] - U.S. White House officials are discussing administrative orders to limit the influence of proxy advisers and index fund giants, indicating potential regulatory changes in the investment advisory space [7] Group 4 - Recent global stock market performance has shown divergence, with the Shanghai Composite Index down 0.18% and the Hang Seng Index up 1.26%, reflecting mixed investor sentiment [8][9] - In the bond market, the yield on 10-year Chinese government bonds rose by 1.56 basis points to 1.81%, while the yield on 10-year U.S. government bonds increased by 3.0 basis points to 4.14% [12][13] Group 5 - In the commodity market, precious metals rebounded with COMEX gold rising by 1.86% and silver by 4.69%, while international oil prices also saw an increase [15][16] - The recent week saw a significant dominance of fixed income and pure debt products in bank financing channels, contributing nearly 70% of the total number of funds and over 90% of the financing scale [19][17]

Group 1 - The Chinese Ministry of Foreign Affairs issued a warning for citizens to avoid traveling to Japan due to provocative remarks made by Japanese leaders regarding Taiwan, which have severely deteriorated the atmosphere for Sino-Japanese exchanges and pose significant risks to the safety of Chinese citizens in Japan [2] - In October, China's national economy showed stability with a continuous upward trend, as indicated by the National Bureau of Statistics [2] - From January to October, China's railway fixed asset investment reached 671.5 billion yuan, representing a year-on-year increase of 5.7% [2] Group 2 - The Shenzhou-20 astronaut crew successfully returned to Earth aboard the Shenzhou-21 manned spacecraft, with all three astronauts safely arriving in Beijing [4] - China has developed over 300 key technologies related to 6G [4] - The domestically produced C919 aircraft arrived in Dubai for the Dubai Airshow [6] Group 3 - The Chinese government is intensifying efforts to regulate the misuse of AI in impersonating public figures for live marketing, having dealt with over 11,000 accounts [6] - The Shanghai government has announced measures to strengthen and improve the management of school meal services [6] - The former general manager of China Datang was prosecuted for abuse of power that caused significant losses to national interests [6] Group 4 - France showcased its new supersonic nuclear cruise missile for the first time [8] - President Macron stated that France has thwarted 85 terrorist plots in the past decade [8] - Ukrainian President Zelensky reported large-scale attacks by Russian forces, resulting in four deaths [8] Group 5 - The first amphibious assault ship of China, the Sichuan ship, set sail from the Shanghai Hudong-Zhonghua Shipyard for its first navigation test [15]

Core Insights - The Beijing 6G Laboratory has released ten significant advancements in 6G technology, covering areas such as high-frequency communication, intelligent super surfaces, and satellite-ground integration [1][2] - Key breakthroughs include a prototype for a 256TR U6G base station, a new long-distance transmission record, and the first low-orbit satellite environment for vehicle networking [1] - The advancements have achieved a peak single-user downlink speed of 20 Gbps in the U6G frequency band and significant improvements in transmission and networking capabilities [1] Group 1 - The ten technological innovations include a cloud-based sensing integrated base station prototype and AI wireless technology prototype verification system [1] - The establishment of a 6G technology overall group and the initiation of the Beijing 6G Laboratory construction work have been announced, forming a collaborative development framework [2] - The current progress includes systematic layout for technology research, standard studies, enterprise cultivation, and application scenarios [2]

Investment Rating - The report indicates a positive investment sentiment towards the North Exchange market, particularly in the new energy sector, suggesting a potential for growth and investment opportunities [4][27]. Core Insights - The North Exchange A-share trading volume reached 23.87 billion yuan on November 13, 2025, an increase of 3.952 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1529.62, up 2.62% [8][4]. - A total of 282 companies were listed on the North Exchange, with 229 stocks rising, 9 remaining flat, and 44 declining. The top five gainers included Tianhong Lithium Battery (30.0%), Meideng Technology (13.6%), and Derui Lithium Battery (12.1%) [18][4]. - The report highlights that the new energy industry chain performed strongly, with significant contributions from lithium battery chemicals and diversified chemical sectors, indicating a robust market interest [4][21]. Summary by Sections Market Review - On November 13, 2025, the North Exchange A-share trading volume was 23.87 billion yuan, marking a 39.52 billion yuan increase from the previous day. The North Exchange 50 Index closed at 1529.62, reflecting a 2.62% increase, with a PE_TTM of 72.59 [8][4]. - The North Exchange specialized index closed at 2531.88, up 1.86% [8]. Stock Performance - Among the 282 companies, 229 saw an increase in stock prices, while 44 experienced declines. The top five gainers were Tianhong Lithium Battery (30.0%), Meideng Technology (13.6%), and Derui Lithium Battery (12.1%) [18][4]. - Conversely, the top five decliners included Ruixing Co. (-4.7%) and Chicheng Co. (-3.5%) [18][4]. Investment Recommendations - The report suggests that the North Exchange market is experiencing heightened activity, driven by increased investor interest in the new energy sector. The report emphasizes the long-term investment value of companies in specialized and innovative sectors [4][27]. - The report notes that the global monetary easing cycle continues, favoring small-cap stocks, which aligns with the characteristics of companies listed on the North Exchange [4].

Core Insights - The 6G promotion group, in collaboration with the International Telecommunication Union (ITU), is advancing the definition of typical 6G scenarios, focusing on five major technological directions including immersive communication and wireless intelligence [1][4] - The international standardization timeline for 6G has been established, with research starting in 2025, standard formulation in the first half of 2027, and completion of international standards by the first half of 2029, aiming for commercial deployment around 2030 [1][3] - China has successfully completed the first phase of 6G technology testing, resulting in over 300 key technology reserves [1][6] Industry Developments - The 6G promotion group leader, Wang Zhiqin, indicated that from 2025, the focus will shift to the experimental phase of equipment development, moving from single-point key technologies to systematic testing of scenario-based solutions [3] - China's advantageous technologies have been incorporated into the overall 6G framework, with five typical scenarios and 14 key capability indicators proposed by China being adopted by the ITU [1][4]