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 ...

Summary of Conference Call Notes Company and Industry Overview - The company is involved in the wireless radio testing and simulation instruments sector, specifically focusing on satellite and 6G industries, which are driving demand for general wireless radio testing and simulation instruments [1][2]. Key Points and Arguments 1. **Product Scarcity**: The company is one of the few domestic manufacturers of wireless radio testing and simulation instruments, breaking the long-standing monopoly of international firms. Its core product has outperformed the giant Keysight in the domestic market [1]. 2. **Satellite and 6G Development**: The company is leading the development of a "multi-channel star network chain channel simulation simulator," which simulates star-ground and star-star channel environments. This is crucial for satellite and payload testing, and the growth of the satellite industry is directly increasing the demand for such testing instruments [1]. 3. **Market Share**: The company's channel simulation instrument holds over 40% market share domestically, with major clients including Huawei, China Mobile, and StarNet. However, the overall domestic testing instrument localization rate is only about 10%, indicating significant growth potential [1]. 4. **Profit Margins**: The company maintains a long-term gross margin of over 60% and a net margin of over 30% [2]. 5. **New Product Launch - Mobile Comprehensive Testing Instrument**: This product is seen as a key indicator for the growth of satellite terminals. The founder of Galaxy Aerospace stated that "mobile direct satellite connection will lead the 6G communication revolution" [2][3]. 6. **Commercial Potential**: The mobile direct connection is identified as the most significant application scenario for satellite internet, with the mobile comprehensive testing instrument simulating satellite networks and real channel environments for full process validation [4]. 7. **Market Dynamics**: The first generation of satellite networks is expected to drive demand for mobile direct satellite connections and special terminals, which will subsequently increase the demand for comprehensive testing instruments. Once mobile direct satellite connections are initiated, all mobile baseband chip manufacturers and mobile phone manufacturers will need to equip the mobile comprehensive testing instrument, priced at over 10 million yuan per unit [4]. 8. **Market Size and Revenue Projections**: The market space is projected to be in the tens of billions, with peak years potentially bringing in revenues of several billion for the company. The mobile comprehensive testing instrument has already received orders from some mobile manufacturers, with expectations for demand to surge mid-year [5]. 9. **Future Product Pipeline**: The company has multiple significant products in the pipeline, including those related to AI and semiconductor testing equipment, which are highly anticipated [5]. 10. **Comparison with Keysight**: The company is compared to Keysight, a leading global electronic testing and measurement company with a market value of $37 billion. The global wireless communication and RF microwave instrument market is valued at 100 billion yuan, with expected high growth due to the demand from satellites, 6G, and increased localization rates [5]. 11. **Profit Potential**: The company anticipates a mid-term net profit level of 600 million yuan and a market value target of 20 billion yuan, with several significant product options available [5]. 12. **Risk Factors**: A potential risk highlighted is that the pace of satellite terminal rollout may not meet expectations [5].

2026年开年以来，商业航天领域资本热潮强势涌动，相关概念股表现活跃。不过，在持续"高歌猛 进"后，近日板块又有所降温。那么，商业航天这一领域的行业空间究竟有多大？其产业链包括哪些环 节，投资价值如何挖掘？近日，长城久嘉基金经理尤国梁做客央视财经直播间，围绕这些投资者关注的 核心话题展开了深度交流。 尤国梁表示，从远期视角看，商业航天是一个具有很大的成长潜力与想象空间的新兴产业。目前低轨卫 星互联网已接入大量用户，海外"星链" 业务已持续盈利，证明了其商业模式的可行性，国内星座则在 快速组网，未来除满足国内自身需求外，还有望拓展"一带一路"沿线等国家的业务需求，进一步打开市 场空间。与此同时，海外巨头正积极探索太空算力，国内亦有进展，全球共振趋势，有望为商业航天创 造新的需求，打开发展天花板。 责任编辑：石秀珍 SF183 2026年开年以来，商业航天领域资本热潮强势涌动，相关概念股表现活跃。不过，在持续"高歌猛 进"后，近日板块又有所降温。那么，商业航天这一领域的行业空间究竟有多大？其产业链包括哪些环 节，投资价值如何挖掘？近日，长城久嘉基金经理尤国梁做客央视财经直播间，围绕这些投资者关注的 核心话题展开了 ...

Core Viewpoint - The article discusses the strategic partnership between Nokia and Nvidia, highlighting the implications of Nvidia's investment and influence on Nokia's technology strategy, particularly in the context of 5G and 6G networks [2]. Group 1: Nokia and Nvidia Partnership - Nokia accepted a $1 billion investment from Nvidia, which led to a significant increase in its stock price, but also made Nvidia the second-largest shareholder, granting it substantial influence over Nokia's technology strategy [2]. - As part of the deal, future 5G and 6G network software must be designed based on Nvidia's GPUs, linking Nokia's technology closely with AI [2]. - Nokia's CTO emphasized the creation of a hardware abstraction layer to allow compatibility with various chip architectures, including Marvell chips and Nvidia GPUs, aiming to reduce complexity while maintaining software consistency [4]. Group 2: Ericsson's Strategy - Ericsson maintains a different approach by promoting hardware independence, focusing on ensuring that its network software can be deployed on various chip platforms rather than relying on a single chip provider [2][3]. - Ericsson's CEO stated that their software can run on multiple architectures, including x86 and GPUs, and they aim to keep hardware choices open as they approach AI-RAN and 6G [3]. - The company has been cautious about fully committing to any single chip architecture, reflecting concerns over the longevity of x86 in the face of a shift towards Arm architecture [7]. Group 3: Market Dynamics and Challenges - The article notes that many telecom operators advocate for complete separation of software and hardware, but achieving this remains challenging due to the inherent nature of proprietary chips [4]. - There is skepticism regarding the feasibility of a "full chip" strategy, with the likelihood that Ericsson may eventually adopt a common software core similar to Nokia's approach [8]. - The wireless access network (RAN) market shows little sign of significant recovery, posing risks for both Nokia's aggressive Nvidia partnership and Ericsson's cautious strategy [9].

证券日报网讯 1月27日，盛路通信在互动平台回答投资者提问时表示，在6G领域，公司在K/Ka波段有 源相控阵天线、可重构超表面阵列天线方面取得初步研发成果；同时，公司依托毫米波通信及有源相控 阵等技术，推进卫星通信方向的产业化探索。 （编辑 王雪儿） ...

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]

"我们这支团队，是伴随着中国通信产业从3G到5G的反战过程一起成长起来的。"元测信息创始人王奥博向天虎科技表示。 元测信息核心团队 时间拉回到20年前，当中国自主知识产权的3G通信标准TD-SCDMA在2004年准备迈向产业化时，市场上几乎没有支持这一标准的通信测试仪器。面对着 被国外企业"卡脖子"的困境，来自北京邮电大学张平院士的团队接下了这项"从零开始"的攻关任务，并在2006年推出了全球首台TD-SCDMA终端综测仪， 填补了产业空白。那段科研攻关经历，不仅为TD-SCDMA网络的商用铺平了道路，也造就了一支出身北京邮电大学的国内顶尖通信测试团队，核心成员 即包括了王奥博、姜军、唐恬、陈杰等元测信息公司的创始班底。 这段渊源，也形成了元测信息迄今与北京邮电大学网络与交换技术国家重点实验室、中关村泛联移动通信技术创新应用研究院等顶尖科研单位的紧密合 作。同时元测信息还邀请到了以院士为首的众多产业技术专家，为公司"以技术为第一竞争力、以前瞻握未来主动权"的发展理念指航把舵。 一个源自北京的创业团队，何以在落地成都不足两年的时间内，便吸引到国内知名硬科技投资机构的密集关注？近期创新工场二次增资，深创投最新进 ...

Investment Rating - The report suggests a positive investment outlook for companies involved in semantic communication and 6G technology, highlighting specific companies as potential investment opportunities [5]. Core Insights - The report emphasizes that traditional communication technologies are approaching Shannon's limit, necessitating a shift towards semantic communication to enhance efficiency and reliability in 6G networks [5][15]. - Semantic communication is positioned as a breakthrough technology that can bypass traditional limitations by focusing on the transmission of meaning rather than just bits, significantly reducing bandwidth requirements [5][15]. - The report identifies key players in the industry, such as Zhongbei Communication, Xinke Mobile, and Fenghuo Communication, which are actively engaged in advancing semantic communication technologies [5][63]. Summary by Sections Industry Background - The report discusses the transition from traditional communication paradigms to semantic communication, which integrates AI to enhance data transmission efficiency and reduce redundancy [6][15]. Technical Pathways - Semantic communication architecture introduces a semantic layer that extracts and reconstructs information, allowing for more efficient data transmission compared to traditional methods [26][29]. - Two main technical routes are identified: IS-JSCC (Iterative Structured Joint Source-Channel Coding) and SGSCC (Semantics-Guided Source-Channel Coding), both aiming to optimize communication in 6G networks [29]. Industry Shape - The report outlines the transformation of satellite networks into AI-native intelligent computing networks, emphasizing the integration of computing capabilities within satellite nodes to enhance data processing and transmission [37][42]. - The establishment of space data centers is highlighted as a critical infrastructure development to support the increasing demand for data processing in the context of 6G [42]. Related Companies - Zhongbei Communication is noted for its focus on 5G infrastructure and cloud computing services, positioning itself as a key player in the semantic communication landscape [63]. - Xinke Mobile is recognized for its leadership in 5G technology and its role in developing standards for satellite internet, contributing to the advancement of semantic communication [73]. - Fenghuo Communication is mentioned for its development of low-power satellite routing systems, which are expected to benefit from the push towards 6G and semantic communication [75].

（来源：千龙网） 26日的发布会上，北京市科委、中关村管委会党组成员、副主任翟天瑞介绍，"十五五"时期，北京将通 过多维举措全面激活科技创新动能，推动区域创新发展提质增效。推动在京全国重点实验室集群式发 展。 为巩固科技创新策源引领优势，北京将进一步完善部市合作机制，支持国家实验室牵头承担国家科技重 大专项，跨区域整合创新资源。同时，推动在京全国重点实验室集群式发展，助力清华大学南口全国重 点实验室基地、北京大学昌平产教研融合创新中心建设，强化怀柔重大科技基础设施集群的后续建设与 开放运行。此外，还将支持高水平研究型大学开展使命导向的科技创新，承担国家及区域重大科技攻关 任务，支持中国科学院等国家科研机构在京布局，持续实施攻坚专项和先导专项。 人才是科技创新的核心支撑。翟天瑞表示，北京将大力引进战略科学家、科技领军人才及青年人才，通 过多举措强化人才培育与保障。深化"新工科"建设，鼓励高校超常规布局前沿学科、交叉学科、新兴学 科，引导市属高校新增急需紧缺学科专业和学位授予点；推动"双一流"高校有序扩大招生规模，深化产 教融合协同育人，推进工程硕博士培养改革专项试点，吸纳更多高校与科技型企业参与。同时，布局新 ...

Core Viewpoint - Beijing is embarking on a significant development journey for its high-tech industries, emphasizing the importance of building a skilled workforce to drive innovation and economic growth [1][6]. Group 1: High-Tech Industry Development - The Beijing government has prioritized the development of high-tech industries in its work report, focusing on areas such as integrated circuits, international pharmaceutical innovation parks, and the implementation of "AI+" initiatives [1][6]. - The city aims to cultivate a modern industrial system that includes advanced sectors like 6G and quantum technology, requiring a robust and skilled talent pool [1][2]. Group 2: Talent Requirements - The evolving nature of high-tech industries necessitates a new breed of talent that combines deep expertise in specific fields with broad interdisciplinary knowledge [2]. - There is a call for the cultivation of "strategic craftsmen" and "industrial scientists" who possess system thinking, innovative spirit, and excellent execution capabilities [2]. Group 3: Talent Ecosystem - To establish itself as a global benchmark city for the digital economy, Beijing must attract top-tier talent and develop a substantial base of skilled engineers and technical managers [3]. - The city is encouraged to create a competitive talent ecosystem that includes comprehensive educational pathways and strong industry-academia collaboration [3]. Group 4: Structural Talent Optimization - The transition to new economic drivers requires a restructuring of the talent pool, focusing on engineers who understand both traditional crafts and digital technologies [4]. - There is a need for a cultural shift that encourages exploration and tolerates failure, allowing for the emergence of innovative talent [4]. Group 5: Value of Talent - The role of talent has evolved from a mere production factor to a strategic foundation for economic and social development, reflecting a significant change in development philosophy [5]. - High-skilled talent is seen as essential for supporting high-quality development and sustainable competitiveness in Beijing, contributing to the city's overall progress [5].