Core Insights - The technology sector has undergone significant changes in 2025, with AI, chips, and new energy themes driving market trends [1][4] - The upcoming investment strategy meeting by Great Wall Fund highlights the focus on AI hardware as a key growth area supported by favorable liquidity and economic conditions [1][4] Investment Opportunities - The AI sector is identified as a core investment theme for 2026, with expectations for high growth and significant product launches in AI applications, including software agents and hardware like AI glasses and humanoid robots [2][5] - The commercial space industry is also highlighted as a promising investment area, particularly following the recent successful launch of reusable rockets, which is seen as a major technological milestone [2][5] - The successful recovery of rockets is expected to lead to a rapid scaling of commercial space operations, potentially supporting thousands of satellite launches and creating a new trillion-dollar market [2][5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company plans to acquire Weiyu Tiandao to transform into a comprehensive testing service platform and deepen collaboration with the China Academy of Information and Communications Technology in the "6G + Satellite" direction [5][7] - The company is positioned as a leading domestic high-end wireless communication testing instrument provider, focusing on 5G/6G communication, Beidou navigation, and semiconductor RF sectors, while expanding into automotive networking and satellite internet applications [8] Financial Summary - The projected net profit for the company from 2025 to 2027 is estimated to be CNY 0.19 billion, CNY 0.34 billion, and CNY 0.49 billion, corresponding to a price-to-earnings ratio of 226.5, 130.4, and 89.3 times respectively [6] - Revenue for 2025 is expected to be CNY 269 million, with a year-on-year growth rate of 15.51% [9] - The company anticipates a net profit of CNY 19 million in 2025, reflecting a year-on-year increase of 54.91% [9] Strategic Initiatives - The company aims to integrate communication testing systems with navigation testing systems through the acquisition of Weiyu Tiandao, which specializes in satellite navigation testing technology [7][8] - Recent strategic agreements include collaboration with the East China branch of the China Academy of Information and Communications Technology to establish a testing and verification center for next-generation 6G communication and satellite internet [8]

证券日报网讯 12月16日，中兴通讯在互动平台回答投资者提问时表示，公司积极把握全球算力市场的 发展机遇，深度践行"连接+算力"战略，深化中资企业出海及海外本地客户合作。在中东市场，公司聚 焦"数字化转型、AI赋能、绿色低碳与本地化合作"四大方向，助力中东智能化数字基础设施建设；在欧 洲市场，公司依托创新的产品技术以及完善的本地化体系，与中资互联网云厂商深度协同，推动算力产 品在多个国家实现销售。光模块的应用场景非常广泛，公司基于市场、技术因素综合考虑决定对外采购 光模块或自行研发和生产光模块。在光传输领域，公司研发和生产光传输网络相干光模块（包括 OTN100G/400G/800G可插拔光模块），用于光传输设备；在用于服务器等数据通信领域的光模块方 面，公司对外采购光模块。2025年是6G标准化元年，公司深度参与全球6G标准化进程，作为3GPP、 ITU、CCSA等主流标准组织的重要成员，积极推动6G标准的统一与演进。在核心技术方面，公司聚焦 6G与AI融合、空天地一体、通感一体、空间技术等多个关键领域和主流方向的技术深耕和创新突破。 公司连续四年参与IMT2030（6G）推进组测试，参与了全部技术方向的测 ...

For the first time, powerful techniques born in AI—like transformer models, neural networks, tokenization, data regeneration, and agentic AI—are being applied to rewrite the rules of wireless. 6G will be built with these AI techniques woven in from the start. This special address showcases the first milestones achieved on NVIDIA platforms that are setting the stage for 6G today and spotlights ecosystem announcements. The session will feature demonstrations showing how AI is transforming every layer of next- ...

风险防控迈入秒级时代 "合规是金融租赁的生命线"，而数智化转型正让这条"生命线"更具韧性。《金融时报》记者发现， 当前，不少租赁公司都在升级"拓客—运营—风控"全链条系统，推动业务全流程线上化，一套全新的数 字风控体系正在形成。 根据中国招标投标公共服务平台及公开招投标数据，2025年以来，全国至少有50家金融租赁与融资 租赁公司启动核心业务系统升级招标，通过技术转型迭代升级，对租赁业务投放、风险管理、数据分 析、经营管理、监管报送等方面提供了全方位的技术支撑，实现了数智化跃升，成为融资租赁行业数字 化转型的标杆。 当下，融资租赁企业的数智化转型成效，显著强化了其服务实体经济的桥梁作用。通过技术赋能， 将业务、风控、资产、企业管理及监管等核心环节深度融合，持续拓展了租赁服务实体经济的深度与广 度。 从金融业界实践看，无论是DeepSeek引发的AI热潮，还是日常业务里的流程简化，数字化、AI早 已不是新鲜词，而是逐渐成为贯穿业务全链条的新动能。 这股转型浪潮的背后，既有国家战略的引领，也有监管政策的护航。随着我国数字化转型深入实 施，人工智能等技术不断突破，为金融行业数智化转型提供了坚实支撑。具体到金融租赁领 ...

Group 1 - The article highlights the importance of major announcements in the stock market, including "suspensions and resumption of trading, shareholding changes, investment wins, acquisitions, performance reports, unlocks, and high transfers" to help investors identify investment hotspots and mitigate risks [1] - The company focuses on commercial satellites and aerospace defense, with its Star series business primarily targeting these sectors [1] - Another company is involved in satellite communication modules based on high-orbit satellites, integrating technologies such as 6G, digital currency, and humanoid robots [1] - A third company has made a significant procurement of servers worth 9 billion, aimed at providing cloud computing services to its clients, leveraging storage chips and data centers [1]

在下午的科技产业投资专场中，圆桌对话《穿越周期的早期投资：从"赛道思维"到"认知红利"》探讨了 在共识廉价、市场极度内卷的当下，投资人如何穿越周期，从"赛道思维"转向"认知红利"。 英诺天使基金合伙人、北京前沿国际人工智能研究院理事长王晟作为嘉宾主持人，对话红杉中国合伙人 张涵、元禾原点合伙人乐金鑫、峰瑞资本合伙人马睿、心资本合伙人吴炳见等多位嘉宾。 面对AI、具身智能等赛道的迅速拥挤，嘉宾们指出，单纯赌赛道的时代已经结束，真正的决胜点在于 对人、对周期以及对非共识的深刻理解。 在"红海"共识中寻找认知的非共识。 2025年12月3日，「甲子光年」在北京万达文华酒店圆满举办"轰然成势，万象归一"2025甲子引力年终 盛典。 红杉中国合伙人张涵 乐金鑫：我是来自元禾原点的乐金鑫，元禾大本营是在苏州，既不靠北也不靠南。元禾原点一直是元禾 旗下早期的投资平台，到今年也12年的时间了。 从红杉中国的全链条布局，到峰瑞资本的内容影响力构建，再到新兴机构的个人IP打造，投资人们正在 通过不同的方式建立自己的"认知模型"和项目雷达。 大家普遍认为，保持"手感"、建立正向反馈循环以及在行业低谷期的坚持，是"捕捉下一个珍珠"的 ...

北京市发展和改革委员会党组书记、主任杨秀玲接受专访时强调，北京要加快围绕现代化产业体系，强 化中试等产业平台建设，推动人工智能、生物医药、机器人等优势领域做大做强，加速布局6G、量 子、生物制造、脑机接口等新赛道，大力发展现代服务业，扎实推动高质量发展。（中新网） ...

市场研究部证券研究报告 2025 年 12 月 16 日 国内市场综述 冲高回落 震荡走弱 周一（12 月 15 日）大盘冲高回落，震荡走弱。截至 收盘，上证综指收于 3867.92 点，下跌 0.55%；深成 指收于 13112.09 点，下跌 1.1%；科创 50 下跌 2.22%； 创业板指下跌 1.77%，万得全 A 成交额共 17944 亿元， 较前一日有所下降。 行业方面，30 个中信一级行业有 17 个上涨，其中商 贸零售、非银行金融及农历牧渔涨幅居前，而电子、 通信及计算机则跌幅较大。概念方面，乳业、保险精 选及化学纤维精选等指数表现活跃。 海外市场综述 美股三大指数指小幅收跌，博通跌超 5% 周一（12 月 15 日），美国三大股指小幅收跌，道指 跌 0.09%，标普 500 指数跌 0.16%，纳指跌 0.59%。赛 富时跌近 3%，3M 公司跌近 2%，领跌道指。万得美国 科技七巨头指数跌 0.23%，亚马逊、苹果跌超 1%。芯 片股多数下跌，博通跌超 5%，ARM 跌逾 4%。中概股普 遍下跌，小马智行跌超 5%，百度集团跌近 5%。 新闻精要 1. 《求是》杂志发表习近平总书记重要文 ...

中原期货研究咨询部 晨会纪要 2025 第（228）期 发布日期：2025-12-16 | 中原期货研究咨询部 | 0371-58620081 | | --- | --- | | 0371-58620083 | | | 公司官方微信 | | 0371-58620083 公司官方微信 1 中原期货研究咨询部 | 化工 | 主力合约 | 2025/12/16 | 2025/12/15 | 涨跌 | 涨跌幅/% | | --- | --- | --- | --- | --- | --- | | | | 8:00 | 15:00 | | | | | 焦煤 | 1,057.00 | 1,061.00 | -4.0 | -0.377 | | | 焦炭 | 1,497.00 | 1,503.50 | -6.50 | -0.432 | | | 天然橡胶 | 15,230.00 | 15,200.00 | 30.0 | 0.197 | | | 20号胶 | 12,435.00 | 12,360.00 | 75.0 | 0.607 | | | 塑料 | 6,545.00 | 6,557.00 | -12.0 | -0.183 | ...