Core Viewpoint - The company, Ying Tong Communications, is experiencing growth in revenue and profit, driven by strategic focus on major clients and asset optimization, with plans for further expansion in health technology and AI sectors [1][2][3]. Group 1: Financial Performance - As of May 23, 2025, Ying Tong Communications' stock price increased by 6.05% to 14.9 yuan, with a total market capitalization of 2.776 billion yuan [1]. - The company projects a revenue of 815 million yuan for 2024, an increase of 8.08% year-on-year, and a net profit of 13.4545 million yuan, reflecting a significant growth of 117.02% compared to the previous year [1][2]. - The profit growth is attributed to serving leading clients in the global technology and consumer electronics sectors and the sale of a subsidiary, generating an investment income of 68.4437 million yuan [1]. Group 2: Market Expansion and Strategy - The company anticipates a 10.68% increase in foreign sales revenue, reaching 440 million yuan in 2024, through establishing multiple production bases and enhancing collaborations with international brands [2]. - The 2024 profit distribution plan includes a cash dividend of 1 yuan per 10 shares, totaling 18.6284 million yuan [2][4]. - The company is actively developing its health technology segment, focusing on products such as smart hearing aids and sleep aids, and aims to expand its market presence in this area [2][3]. Group 3: Research and Development - Ying Tong Communications possesses comprehensive design, manufacturing, and testing technologies, enabling independent product development [2]. - The company is exploring applications of acoustic technology in various fields, including smart vehicles and AI, indicating a commitment to innovation [2][3]. - Plans for future growth include potential acquisitions of quality upstream and downstream technology companies to broaden the company's growth avenues [3].

Core Insights - The development of photonic chips is seen as a significant breakthrough in overcoming Moore's Law, with global investments aimed at practical applications [1] - A team led by Professor Wang Cheng has created a microwave photonic chip that processes electronic signals at speeds 1000 times faster than traditional processors, with lower energy consumption [1][2] - The establishment of a startup, Xili Photonics Technology, indicates that the technology is moving closer to practical application, having secured multi-million funding [2] Group 1: Technological Advancements - The new microwave photonic chip utilizes a lithium niobate platform, enhancing system stability and cost-effectiveness [2] - The chip's capabilities include ultra-fast simulation of electronic signal processing and high precision in calculations [1][2] - The research focuses on integrating more complex functions into photonic chips to facilitate real-world applications [2][3] Group 2: Market and Industry Context - Despite a decline in market enthusiasm for financing, government support for hard technology remains strong, which may benefit the development of foundational technologies in China [2] - The shift towards optical interconnects in data centers is driven by the increasing demands of AI models, replacing traditional copper cables with fiber optics [7][8] - The concept of "optical interconnect" is becoming more prevalent, with fiber optics being used for both long-distance and short-distance data transmission [7] Group 3: Future Directions and Applications - The focus is on achieving higher levels of photonic system integration, with plans to explore applications in radar, microwave signal processing, and spectrum sensing [5][6] - The company aims to develop a high-performance integrated photonic chip platform, with potential applications in autonomous driving and 6G communication [11][12] - The integration of multiple devices on a single chip is a key goal, allowing for complex functionalities previously requiring larger systems [9][10]

Core Insights - Weihai Juqiao Industrial Technology Co., Ltd. has recently completed a multi-million Pre-A round financing led by Jinhuifeng Investment, with participation from an education technology group and Qingdao Hexin [1] Company Overview - Juqiao Industrial, established in early 2024, focuses on the research and production of flexible fiber sensors, with applications in robotics, medical care, and automotive sectors [2] - The company has developed a fourth-generation fiber resistive flexible sensor technology that overcomes traditional sensor limitations, offering high flexibility, elasticity, durability, and breathability [2] Financing Purpose - The funds from this round of financing will primarily be used for the research and iteration of tactile and robotic skin, expansion of production lines, and market promotion [3] - Juqiao Industrial aims to expand into the humanoid robot sector, developing fiber sensors into mass-producible large-area robotic electronic skin [3] - Additional funding will support ongoing technology research, capacity expansion, and team growth to meet the increasing market demand for high-performance sensors [3] Investment Rationale - Jinhuifeng Investment highlighted the significant technological advantages and broad market prospects of Juqiao Industrial's flexible fiber sensor solutions [4] - The products achieve a combination of high flexibility, sensitivity, precision, wide range, durability, and low cost, with production costs significantly reduced through in-house manufacturing and process improvements [4] - The team's capabilities in technology research and industrialization of flexible fiber sensors have been validated by the market, positioning the investment as a potential leader in the "full skin perception" era for humanoid robots [4] Industry Perspective - The investment reflects a strong focus and demand for innovative sensor technologies in the current tech landscape [5] - The development of artificial intelligence and 5G communication technologies presents vast application prospects for flexible sensors across various industries [5] - Government policies supporting entrepreneurial investment encourage the growth of innovative companies, facilitating rapid technology deployment and application [5]

Group 1 - The smart connected vehicle ETF (159872.SZ) increased by 0.33%, with its associated index CS Vehicle Networking (930725.CSI) rising by 0.09% [1] - Major component stocks such as BYD rose by 2.05%, Aerospace Science and Technology by 2.22%, and CATL by 0.88%, reflecting a positive market sentiment towards the new energy vehicle and smart connected industry chain [1] - According to the latest survey by the China Passenger Car Association, the narrow passenger car retail market is expected to reach approximately 1.85 million units this month, representing a year-on-year growth of 8.5% and a month-on-month increase of 5.4% [1] Group 2 - Galaxy Securities noted that satellite communication is being integrated into high-level autonomous driving emergency link systems, particularly in western and high-speed scenarios, complementing 5G and vehicle-road collaboration [2] - The domestic policy continues to support "smart connected vehicles" and "vehicle-road collaboration," accelerating the construction of national smart connected vehicle demonstration zones and driving demand for vehicle communication [2] - The battery swap model, represented by CATL, enhances efficiency by reducing vehicle energy consumption and battery replacement costs, with applications in vehicle networking infrastructure such as NIO's battery swap stations [2]

Core Insights - Satellite baseband chips are crucial for integrated air-ground communication, with market growth accelerated by the explosion of low-orbit constellations and the maturation of direct satellite connection technology [1][15] - Chinese companies, represented by Huawei HiSilicon and Unisoc, are making significant technological breakthroughs, laying the foundation for a self-controlled industrial chain [1][15] - By 2028, the Chinese satellite baseband chip market is expected to exceed 28 billion yuan, forming a tripartite structure among the vehicle networking, consumer electronics, and low-altitude economy sectors [1][15] Industry Overview - Satellite baseband chips are the core components of satellite communication systems, responsible for digital signal conversion, modulation, demodulation, protocol control, and data processing [2][4] - The industry has evolved from reliance on imports to achieving significant domestic innovation, with key milestones including the launch of the first fully autonomous "Navigation No. 1" chip in 2008 [6][8] Current Market Analysis - The penetration rate of smartphones supporting satellite communication is projected to rise from less than 10% in 2023 to over 30% by 2025 [1][15] - The demand for vehicle-mounted satellite communication chips is expected to maintain an annual growth rate of over 50% due to the rapid development of smart connected vehicles [1][15] - The market for satellite communication chips in the low-altitude economy is anticipated to surpass 10 billion yuan in the next three years [1][15] Competitive Landscape - The industry exhibits a "pyramid" competition structure, with leading companies like Huawei HiSilicon and Huali Chuantong at the top, followed by firms like Unisoc and Hezhong Star [17][19] - The overall landscape is characterized by military-driven innovation, civilian market expansion, and breakthroughs in technology, with a focus on high-reliability military chips and consumer applications [19] Future Trends - The industry is expected to undergo a transformation driven by technological autonomy, expanding application scenarios, and collaborative development across the supply chain [22][25] - Key advancements include the development of multi-mode compatible chips and quantum-safe encryption technologies, which will help break foreign technology monopolies [24][26] - The satellite baseband chip sector is becoming a core infrastructure of national digital economy strategy, with projections indicating a potential market impact exceeding 3 trillion yuan [27]

Core Insights - Shanghai Xinen Jiyuan Technology Co., Ltd. has been established with a registered capital of 5 million RMB, fully owned by Shanghai Xinhong Intelligent Technology Co., Ltd. [1] Company Overview - The legal representative of Shanghai Xinen Jiyuan Technology Co., Ltd. is Wu Minhua [1] - The company is classified as a limited liability company with a natural person investment or holding [1] - The business scope includes technology services, development, consulting, and various applications in artificial intelligence and 5G communication technology [1] Business Activities - The company engages in software development, information technology consulting, and network security software development [1] - It also covers a wide range of sales activities, including household appliances, electronic products, and machinery [1] - The company is authorized to conduct construction engineering projects and value-added telecommunications services, subject to approval [1]

HUAWEI X HUXIU 没有人不在期待大模型能够成为下一个电动车，作为代表中国的新兴产业，在世界范围内掀 起狂澜。 然而主流的MoE架构大模型，却苦于其结构上的"先天不足"：巨大的硬件成本与多重拖累效 率的环节，使得中国企业在这场芯片堆砌与效率挖掘的苦径上难以提速。 作为智能基础设施提供商，华为在这场战役中另辟蹊径，利用其在数学算法和工程领域的深 厚积累，为DeepSeek显著提升了效率及用户体验。 山就在那里，但中国企业找到了不一样的登顶之路。 近期，虎嗅将打造《华为技术披露集》系列内容，全面揭秘超大规模MoE模型推理部署技 术，通过一连串的技术报告，首次全面披露技术细节。 希望本系列内容能为业界起到参考价值，也希望更多人能与华为一起，共同打造长期持续的 开放协作生态环境，让昇腾生态在中国茁壮成长。 《华为技术披露集》系列 VOL.4 ：通信优化 01 大模型的推理， 就只是算力吗？ 大语言模型(Large Language Models, LLMs) 自从其问世以来，便迅速成为全球科技领域乃至 整个社会的焦点。 根据Scaling law，大语言模型的能力与其参数量的对数正相关，因此大语言模型的参数 ...

" MoE模型推理面临的3大通信难题，被通信尖子生华为逐一突 破，未来将进一步优化。 " 作者丨李希 大语言模型 (Large Language Models, LLMs) 自从其问世以来，便迅速成为全球科技领域乃至整个社会 的焦点。根据 Scaling law ，大语言模型的能力与其参数量的对数正相关，因此大语言模型的参数规模也 在指数级增长。随之而来的，是大语言模型部署形态的变化，从神经网络时代的单卡部署，到稠密模型时 代的多卡 / 单节点部署，再到以最近发布的 DeepSeek V3/R1 模型为代表的混合专家（ Mixture of Experts, MoE ）模型，它甚至会采用数百卡组成的集群和超节点来部署。 而在这基于集群的大模型推理中，集合通信操作就像是一群工人协作盖房子时传递材料和信息的方式，能 让多个计算节点高效配合完成任务。有一些常用集合通信操作，比如全量规约（A ll Reduce）可以想象 成一群工人各自收集了不同区域的建筑材料数据，全量规约就是把所有工人手里的数据汇总到一个地方， 进行求和、求平均值等计算。 大模型的推理，就只是算力吗？ 在大模型里，多个计算节点可能各自计算了一部分参 ...

机器之心发布 机器之心编辑部 在今年 2 月的 DeepSeek 开源周中，大模型推理过程中并行策略和通信效率的深度优化成为重点之一。 近日， 华为数学家出手，祭出 FlashComm，三箭齐发，解决大模型推理通算难题 ： 随着大语言模型（Large Language Models, LLMs）规模的指数级扩张，其部署形态也随之变化，显卡配置朝着规模化、集约化演进。从神经网络时代的单卡部署， 到稠密模型时代的多卡 / 单节点部署，再到以最近发布的 DeepSeek V3/R1 模型为代表的混合专家（Mixture of Experts, MoE）模型，大语言模型甚至会采用数百卡 组成的集群和超节点来部署。 可以说，模型推理早已不是「单兵作战」，而是一场高协同的「群体作战」。而在这基于集群的大模型推理中， 集合通信操作就像是一群工人协作盖房子时传递 材料和信息的方式，能让多个计算节点高效配合完成任务 。 由上可以看出， 集合通信操作是大模型推理中多个计算节点协作的「桥梁」，不同的并行策略（TP、DP、EP）通过这些操作实现高效的数据交互和计算，从而 加速大模型的推理过程 。 通信：Scaling law 头顶的 ...

Core Viewpoint - The company maintains stable operations despite a decline in revenue, with high growth rates in net profit attributable to shareholders and net profit excluding non-recurring items. The domestic computing power business continues to grow rapidly, and overseas capacity is being continuously improved, leading to an optimistic outlook for the company's future development, resulting in an upward adjustment of the target price and a maintained buy rating [1]. Financial Performance - The company reported a revenue of 28.549 billion yuan for 2024, a year-on-year decrease of 8.29%. The net profit attributable to shareholders was 703 million yuan, reflecting a year-on-year increase of 39.05%, while the net profit excluding non-recurring items was 653 million yuan, up 43.70% year-on-year. For Q1 2025, revenue was 4.049 billion yuan, down 19.97% year-on-year, with a net profit of 55.2 million yuan, an increase of 33.08% year-on-year, and a net profit excluding non-recurring items of 53.95 million yuan, up 28.96% year-on-year [2]. Profit Forecast - The company updated its profit forecast, expecting net profits attributable to shareholders to be 1.006 billion yuan, 1.167 billion yuan, and 1.344 billion yuan for 2025-2027, respectively. Corresponding EPS for 2025-2027 is projected to be 0.85 yuan, 0.99 yuan, and 1.13 yuan. Based on industry average valuation and prudent considerations, a PE of 35x for 2025 is given, raising the target price to 29.72 yuan from the previous 24.72 yuan, while maintaining a buy rating [2]. Business Segments - In the optical communication sector, the company achieved revenue of 22.313 billion yuan from communication system equipment, down 6.19% year-on-year, with a gross margin of 19.46%, up 0.26 percentage points. Revenue from fiber and cable was 4.699 billion yuan, down 12.77% year-on-year, with a gross margin of 25.35%, up 4.16 percentage points. Data network product revenue was 1.144 billion yuan, down 27.44% year-on-year, with a gross margin of 43.92%, up 2.56 percentage points. The company secured a position as a core supplier for the 400G network by winning bids from three major operators [3]. Computing Power Business - The domestic computing power revenue reached nearly 6 billion yuan, with a compound annual growth rate exceeding 100% over the past two years. The company’s Longjiang Computing has been certified as a leading partner for Huawei's Kunpeng and Ascend products, ranking in the top three in the ecosystem, indicating potential benefits from the growth in domestic computing power demand [3]. Global Expansion - The company has initiated trial production at its R&D and manufacturing bases in Thailand and Hungary, which is expected to help mitigate trade risks [3]. Cost Management - In 2024, the company's sales, management, and R&D expense ratios were 6.59%, 1.54%, and 10.09%, respectively, showing year-on-year changes of +0.85 percentage points, +0.44 percentage points, and -1.40 percentage points. The combined expense ratio decreased by 0.11 percentage points year-on-year, indicating effective cost control amid declining overall revenue [3]. Catalysts - The demand for domestic computing power is expected to exceed expectations, serving as a potential catalyst for growth [4].