Core Insights - Nvidia and Nokia have formed a strategic partnership to integrate Nvidia's commercial-grade AI-RAN products into Nokia's RAN portfolio, enabling telecom operators to launch native AI 5G-Advanced and 6G networks [1][2] - Nvidia will invest $1 billion in Nokia at a subscription price of $6.01 per share, subject to customary closing conditions [1] - The collaboration marks the beginning of a native AI wireless era, laying the groundwork for AI-enabled consumer experiences and enterprise services [1] Market Opportunity - The AI-RAN market is expected to be a significant opportunity, with the RAN market projected to exceed $200 billion by 2030 according to Omdia [1] - The partnership aims to build the necessary strategic infrastructure for telecom operators through large-scale deployment of distributed edge AI inference technology [1] Technological Advancements - The AI-RAN system will significantly enhance system performance and efficiency, ensuring seamless network experiences for consumers using generative, agent-based, and physical AI applications [2][3] - Nvidia's Aerial RAN Computer Pro (ARC-Pro) is introduced as a 6G acceleration computing platform, allowing telecom operators to upgrade from 5G-Advanced to 6G through software [4] Collaboration with T-Mobile - T-Mobile will collaborate with Nokia and Nvidia to drive and test AI-RAN technology as part of its 6G innovation and development process, with trials expected to begin in 2026 [1][8] - This partnership reinforces T-Mobile's leadership in advancing wireless innovation [8] Infrastructure and Integration - Nokia will enhance its 5G and 6G RAN software availability on the Nvidia CUDA platform, facilitating a seamless transition for mobile network customers to future AI-RAN networks [5] - Dell Technologies will support Nokia's AI-RAN solutions with its advanced Dell PowerEdge servers, designed for seamless scaling and low-maintenance upgrades [6] Future Developments - The AI-RAN platform integrates AI and wireless access workloads into a software-defined accelerated infrastructure, improving performance, efficiency, and profitability while providing a smooth transition to 6G [7] - Nvidia and Nokia will also collaborate on developing AI network solutions, including equipping Nvidia's Spectrum-X Ethernet network platform with Nokia's SR Linux software [9]

Core Insights - NVIDIA's market capitalization has reached $4.9 trillion, nearing the $5 trillion mark as it continues to evolve in the AI and computing landscape [2] - CEO Jensen Huang announced significant advancements in GPU technology, including the upcoming Vera Rubin chip, which is expected to generate over $500 billion in visible revenue [3][4] - The demand for GPUs in data centers is surging, with NVIDIA's data center business achieving $41.1 billion in revenue, a 56% year-over-year increase, representing 88% of total revenue [4] Group 1: GPU Technology and Revenue - The Blackwell architecture is currently NVIDIA's core revenue driver, with projected sales exceeding $500 billion for the next five quarters [3] - The Vera Rubin chip, set to launch in 2026, will have a computing power of 100 Petaflops, significantly outperforming previous models [3] - NVIDIA has shipped 6 million Blackwell GPUs in recent quarters, while the previous Hopper architecture sold 4 million units over its lifecycle [3] Group 2: Market Dynamics and AI Infrastructure - The estimated $500 billion revenue from GPUs is comparable to the total global semiconductor market value for 2023, highlighting the critical role of data centers in NVIDIA's valuation [4] - NVIDIA's market potential in China is significant, with estimates suggesting a $50 billion opportunity, although current forecasts do not include this market [4][6] - The company is actively localizing chip production in the U.S. and collaborating with Oracle and the U.S. Department of Energy to develop AI supercomputers [5] Group 3: Strategic Partnerships and Investments - NVIDIA has invested $1 billion in Nokia to accelerate the development of 6G and AI network infrastructure, with Nokia's stock rising 20.86% following the announcement [7] - The company is also collaborating with Intel on AI infrastructure and has signed a letter of intent with OpenAI to deploy at least 10 GW of NVIDIA systems for next-generation AI infrastructure [9][10] - NVIDIA's partnerships extend to various sectors, including telecommunications and manufacturing, as it aims to integrate AI across multiple layers of infrastructure [8][11] Group 4: Physical AI and Real-World Applications - NVIDIA is focusing on "Physical AI," which involves understanding and interacting with the physical world, with applications in robotics and autonomous vehicles [11] - The company is collaborating with Uber to develop a large-scale Level 4 autonomous driving network, with plans to expand the fleet to 100,000 vehicles by 2027 [12] - New products like the NVIDIA BlueField-4 data processor and IGX Thor platform are designed to support AI-driven manufacturing and real-time applications [13]

Report Industry Investment Rating There is no relevant content provided in the report. Core View of the Report Through macro - fundamental and technical analysis, the report anticipates the trend of various futures on October 29, 2025, with some futures expected to have a strong - side oscillation and others a weak - side oscillation. It also provides resistance and support levels for each futures contract [2]. Summary by Related Catalogs 1. Futures Market Forecast - **Strong - side Oscillation Futures**: IF2512, IH2512, IC2512, IM2512, T2512, TL2512, AU2512, AG2512, CU2512, AL2512, AO2601, LC2601, RB2601, HC2601, I2601, JM2601, FG601, SA601, V2601, M2601 are expected to have a strong - side oscillation, with specific resistance and support levels provided [2][3][4][6]. - **Weak - side Oscillation Futures**: SC2512, TA601, Y2601, P2601 are expected to have a weak - side oscillation, with corresponding resistance and support levels [6]. 2. Macro Information and Trading Tips - "The 14th Five - Year Plan" suggestions are released, aiming at economic growth, technological self - reliance, and further reform. It also promotes the development of strategic emerging industries [7]. - China and ASEAN sign the FTA 3.0 upgrade protocol, expanding cooperation in emerging fields [7]. - There will be a Sino - EU talk on rare earths this Thursday [8]. - China is committed to expanding high - level opening - up in the financial field [8]. - The central bank will implement a moderately loose monetary policy [8]. - Amendments to the Cybersecurity Law and the Environmental Protection Tax Law are passed [8]. - The number of overseas tourists handling tax - free shopping and the tax - refund amount have increased significantly [9]. - The U.S. government shutdown continues as the bill fails to pass the Senate [9]. - Japan plans to invest $550 billion in the U.S., with $100 billion for nuclear reactors [9]. - The U.S. and South Korea plan to cooperate in AI, quantum computing, and 6G [9]. - ADP will release weekly employment data [10]. 3. Commodity Futures Related Information - On October 28, international precious metal futures closed mixed, with COMEX gold down 1.28% and COMEX silver up 0.78%. Analysts expect gold prices to fall in the next three months [12]. - U.S. and Brent crude oil futures prices declined due to increased inventory and weak demand [12]. - Most London base metals rose on October 28 [13]. - The U.S. President nominates a new CFTC chairman [13]. - The Bank of Korea is considering buying gold [13]. - The on - shore RMB against the U.S. dollar rose, hitting a nearly one - year high [13]. - The U.S. dollar index declined, and most non - U.S. currencies rose [14]. 4. Futures Market Analysis and Forecast Stock Index Futures - On October 28, major stock index futures contracts showed a trend of opening low, rising and then falling. Short - term upward momentum weakened, and downward pressure increased slightly [14][15][16]. - It is expected that in October 2025, IF, IH will have a strong - side wide - range oscillation, while IC and IM will have a wide - range oscillation. On October 29, all four contracts are expected to have a strong - side oscillation [19][20]. Treasury Bond Futures - On October 28, the ten - year and thirty - year treasury bond futures contracts had a strong - side oscillation. The central bank conducted a 7 - day reverse repurchase operation, resulting in a net injection of funds [36][40]. - It is expected that on October 29, both the ten - year and thirty - year treasury bond futures contracts will have a strong - side oscillation [38][41]. Precious Metal Futures - On October 28, gold and silver futures contracts had a weak - side oscillation. It is expected that in October 2025, both will have a strong - side wide - range oscillation and reach new highs. On October 29, they are expected to have a strong - side oscillation [44][50]. Base Metal Futures - On October 28, copper, aluminum, and other base metal futures contracts generally showed a downward trend. It is expected that in October 2025, most will have a strong - side wide - range oscillation, while alumina will have a weak - side wide - range oscillation. On October 29, they are expected to have a strong - side oscillation [54][58][63]. Other Commodity Futures - On October 28, iron ore, coking coal, and other commodity futures contracts had different trends. It is expected that in October 2025, they will have different oscillations, and on October 29, most will have a strong - side oscillation, while crude oil, PTA, soybean oil, and palm oil will have a weak - side oscillation [81][85][97].

Core Insights - NVIDIA and Nokia have established a strategic partnership to integrate NVIDIA-driven AI-RAN products into Nokia's RAN portfolio, enabling telecom providers to launch AI-native 5G-Advanced and 6G networks [3][4] - NVIDIA will invest $1 billion in Nokia at a subscription price of $6.01 per share, subject to customary closing conditions [3] - The partnership signifies the beginning of an AI-native wireless era, laying the groundwork for AI-driven consumer experiences and edge enterprise services [3] Group 1: Market Opportunities - The collaboration targets the rapidly growing AI-RAN market, which is expected to exceed $200 billion cumulatively by 2030 [3] - The partnership aims to provide telecom operators with new high-growth frontiers through large-scale distributed edge AI inference [4] - T-Mobile U.S. will collaborate with Nokia and NVIDIA to drive and test AI-RAN technology as part of the 6G innovation and development process, with trials expected to start in 2026 [4][9] Group 2: Technological Advancements - NVIDIA is launching the Aerial RAN Computer Pro (ARC-Pro), a 6G-ready accelerated computing platform that allows telecom companies to migrate from 5G-Advanced to 6G through software upgrades [6] - Nokia will accelerate the availability of its 5G and 6G RAN software on the NVIDIA CUDA platform, enhancing its RAN product offerings [6] - The partnership will enable seamless transitions from current RAN networks to future AI-RAN networks, simplifying the introduction of the ARC-Pro platform [6] Group 3: Future of AI in Telecom - The AI-RAN platform from Nokia and NVIDIA will unify AI and wireless access workloads on a software-defined accelerated infrastructure, improving performance and efficiency while providing a cost-effective path to 6G [8] - The collaboration will support billions of new connections for AI services in vehicles, robotics, drones, and augmented/virtual reality devices [5] - The partnership will also explore the use of Nokia's optical technologies as part of future NVIDIA AI infrastructure architecture [10]

Investment Rating - Strongly Recommended (Maintain) [3] Core Insights - The company reported a revenue of 100.52 billion yuan for Q3 2025, a year-on-year increase of 11.63%, but the net profit attributable to shareholders decreased by 32.69% to 5.32 billion yuan [1] - The company's revenue from computing power increased by 180% year-on-year, accounting for 25% of total revenue, becoming the second-largest revenue pillar after consumer business [7] - The operator network revenue faced pressure due to a decline in domestic telecom infrastructure investment, while the enterprise business grew by 130% year-on-year [7] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 289.67 billion yuan, a year-on-year increase of approximately 5.11%, but the net profit dropped by 87.84% to 264 million yuan [7] - The company’s R&D expenses for the first three quarters were 17.81 billion yuan, accounting for 18% of revenue, indicating a strong commitment to innovation [7] - The projected total revenue for 2025 is estimated at 140.51 billion yuan, with a year-on-year growth of 16% [9] Market Position and Strategy - The company is focusing on a "connection + computing power" strategy, enhancing its AI infrastructure deployment [7] - The company maintains a strong market share in core areas, with its 5G base station and core network shipments ranking second globally [7] - The consumer business, including home and personal segments, accounted for 25% of total revenue, showing robust growth [7] Valuation Metrics - The current price-to-earnings (PE) ratio is projected to be 32.6 for 2025, indicating a valuation that reflects growth expectations [9] - The price-to-book (PB) ratio is expected to be 3.1 for 2025, suggesting a premium valuation relative to book value [9]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - After the high - level oscillation in September, the stock index is expected to enter a direction - selection stage again. The domestic liquidity environment is expected to remain loose, and residents may increase their allocation of equity assets. With the Fed's interest rate cut and RMB appreciation, external funds are also expected to flow into the domestic market. In the fourth quarter, the market style may return to value and be more balanced compared to the third quarter [2] Group 3: Summary by Relevant Catalogs 1. Stock Index Futures Market - **IF Contracts**: The previous day's closing prices for IF contracts (current month, next month, next quarter, and far - quarter) were 4648.40, 4634.80, 4604.00, and 4567.40 respectively, with increases of 68.60, 68.00, 62.40, and 66.80 and increases of 1.50%, 1.49%, 1.37%, and 1.48% respectively. The trading volumes were 24392.00, 74172.00, 14177.00, and 3440.00, and the open interest changes were - 2317.00, - 6793.00, - 1216.00, and 1074.00 [1] - **IH Contracts**: The previous day's closing prices for IH contracts (current month, next month, next quarter, and far - quarter) were 3051.20, 3051.60, 3053.00, and 3049.20 respectively, with decreases of - 17.00, - 16.20, - 16.00, and - 18.80 and decreases of - 0.55%, - 0.53%, - 0.52%, and - 0.61% respectively. The trading volumes were 10401.00, 34831.00, 4435.00, and 1454.00, and the open interest changes were - 808.00, - 1601.00, 52.00, and - 68.00 [1] - **IC Contracts**: The previous day's closing prices for IC contracts (current month, next month, next quarter, and far - quarter) were 7287.40, 7231.00, 7068.20, and 6886.60 respectively, with decreases of - 25.60, - 28.40, - 25.40, and - 20.20 and decreases of - 0.35%, - 0.39%, - 0.36%, and - 0.29% respectively. The trading volumes were 24174.00, 82049.00, 15658.00, and 4523.00, and the open interest changes were - 2679.00, - 6265.00, - 377.00, and - 112.00 [1] - **IM Contracts**: The previous day's closing prices for IM contracts (current month, next month, next quarter, and far - quarter) were 7410.00, 7335.60, 7122.60, and 6907.20 respectively, with increases of 2.60, 3.00, 4.20, and 3.00 and increases of 0.04%, 0.04%, 0.06%, and 0.04% respectively. The trading volumes were 38819.00, 141946.00, 22315.00, and 8213.00, and the open interest changes were - 3501.00, - 1434.00, - 1256.00, and 1365.00 [1] - **Inter - month Spreads**: The current values of inter - month spreads for IF (next month - current month), IH (next month - current month), IC (next month - current month), and IM (next month - current month) were - 13.60, 0.40, - 56.40, and - 74.40 respectively, compared to previous values of - 12.80, - 0.60, - 56.00, and - 76.80 [1] 2. Stock Index Spot Market - **CSI 300 Index**: The previous value of the CSI 300 index was 4691.97, with a trading volume of 220.91 billion shares and a total trading value of 5715.63 billion yuan. The previous two - day value was 4716.02, with a trading volume of 262.20 billion shares and a total trading value of 6726.70 billion yuan. The decline was - 0.51% [1] - **SSE 50 Index**: The previous value of the SSE 50 index was 3050.42, with a trading volume of 54.63 billion shares and a total trading value of 1487.20 billion yuan. The previous two - day value was 3069.53, with a trading volume of 70.41 billion shares and a total trading value of 1852.95 billion yuan. The decline was - 0.62% [1] - **CSI 500 Index**: The previous value of the CSI 500 index was 7341.03, with a trading volume of 202.12 billion shares and a total trading value of 4220.69 billion yuan. The previous two - day value was 7379.39, with a trading volume of 232.05 billion shares and a total trading value of 4717.62 billion yuan. The decline was - 0.52% [1] - **CSI 1000 Index**: The previous value of the CSI 1000 index was 7479.22, with a trading volume of 251.80 billion shares and a total trading value of 4310.16 billion yuan. The previous two - day value was 7495.38, with a trading volume of 265.34 billion shares and a total trading value of 4581.70 billion yuan [1] - **Industry Performance**: The declines in energy, raw materials, industry, and optional consumption were - 0.86%, - 2.97%, - 0.31%, and - 0.06% respectively. For other industries like major consumption, medicine and health, real - estate finance, and information technology, the changes were 0.01%, - 1.61%, etc. [1] 3. Futures - Spot Basis - The previous values of the basis for CSI 300, SSE 50, and CSI 1000 futures contracts were provided, showing differences compared to the previous two - day values [1] 4. Other Domestic and Overseas Indexes - Information on the previous values and changes of domestic indexes such as the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - Cap Board Index, and ChiNext Index, as well as overseas indexes like the Hang Seng Index, Nikkei 225, S&P Index, and DAX Index were presented [1] 5. Macroeconomic Information - The "15th Five - Year Plan" proposal was released, with goals including economic growth in a reasonable range, increased total factor productivity, and higher resident consumption rates. It also proposed developing strategic emerging industries and key technology breakthroughs in certain fields. China and ASEAN signed the FTA 3.0 upgrade protocol. There are talks about a China - EU meeting on rare - earth issues. China is committed to opening up its financial sector [2] 6. Industry Information - The 11th batch of national drug procurement was successfully bid. The soybean area in China is expected to remain above 150 million mu for four consecutive years, and the number of breeding sows has decreased. A special campaign against live - streaming reward chaos was launched. The added value of the wholesale and retail industry increased by 5.6% in the first three quarters, and rural road construction progress and investment were reported [2] 7. Stock Index Views - U.S. stock indexes continued to rise, while the domestic stock index adjusted downward the previous day. The market turnover was 2.17 trillion yuan, and the margin trading balance increased. After the high - level oscillation in September, the stock index is expected to enter a direction - selection stage. The market style may return to value in the fourth quarter [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Although the Shanghai Composite Index failed to hold above 4000 points with a slight decline in trading volume, it is certain that the index will reach 4000 points. Considering the "15th Five-Year Plan" and the current market environment, the strategic value of the technology and military sectors is prominent. It is recommended to focus on these two core sectors and seize the opportunity to go long on stock index futures [3]. Summary by Related Catalogs Market Analysis - The full text of the "15th Five-Year Plan" proposal has been released, aiming for economic growth within a reasonable range, increased total factor productivity, and a significantly higher household consumption rate. It also aims to boost technological self - reliance, deepen reforms, and ensure synchronous growth of household income and economic growth, as well as labor compensation and labor productivity. The plan proposes to accelerate the development of strategic emerging industries and promote new economic growth points. It also plans to break through key core technologies in key areas and implement the "Artificial Intelligence +" action. Additionally, it aims to boost consumption and improve the capital market [1]. - The central bank governor stated that the moderately loose monetary policy will be implemented, and new policy measures will be studied and reserved to consolidate the positive momentum of the capital market and improve the market - stabilizing mechanism. Overseas, the three major US stock indexes closed higher [2]. Spot Market - A - share indexes rose and then fell. The Shanghai Composite Index dropped 0.22% to 3988.22 points, and the ChiNext Index fell 0.15%. Most sector indexes declined, with national defense and military, transportation, and textile and apparel sectors leading the gains, while non - ferrous metals, beauty care, and steel sectors had the largest declines. The trading volume of the Shanghai and Shenzhen stock markets was 2 trillion yuan [2][13]. Futures Market - In the futures market, the basis of the current - month contracts of the four major stock index futures rebounded. The trading volume and open interest of stock index futures decreased simultaneously [2][15]. Strategy - Focus on the technology and military sectors and seize the opportunity to go long on stock index futures [3].

Domestic Market Overview - The domestic market experienced a pullback after a rise, with the Shanghai Composite Index closing at 3988.22 points, down 0.22% [10][11] - The Shenzhen Component Index closed at 13430.1 points, down 0.44%, while the ChiNext Index fell by 0.15% [11] - A total of 30 first-level industries saw 9 industries rise, with defense and military, as well as computer sectors leading the gains, while non-ferrous metals, steel, and construction faced significant declines [11][12] Overseas Market Overview - The U.S. stock market indices all closed higher, with the Dow Jones up 0.34% and the Nasdaq rising by 0.8% [2] - Notable performers included Nvidia, which rose nearly 5%, and Sherwin-Williams, which increased over 5% [2] Key Economic Data - From January to September, industrial enterprises above designated size in China achieved a total profit of 537.32 billion yuan, reflecting a year-on-year growth of 3.2% [21] - In September, profits for these enterprises increased by 21.6% year-on-year [22] - The demand for cold chain logistics in the food sector reached 1.173 billion tons in the third quarter, marking a year-on-year growth of 4.72% [22] Policy and Strategic Developments - The "14th Five-Year Plan" recommendations were fully released, emphasizing economic growth within a reasonable range, improvement in total factor productivity, and significant increases in resident consumption rates [12][14] - The plan advocates for the development of strategic emerging industries such as new energy, aerospace, and quantum technology, aiming to create new economic growth points [12][14] - It also calls for comprehensive implementation of the "Artificial Intelligence +" initiative and measures to boost consumption [12][14]

Core Insights - NVIDIA's CEO Jensen Huang emphasized the importance of accelerated computing and GPU technology as core drivers of technological advancement, especially as Moore's Law becomes less effective [2][6] - The company announced significant partnerships and investments, including a $1 billion investment in Nokia to develop AI-native 6G networks [3][20] - NVIDIA is transitioning from a chip manufacturer to a full-stack AI infrastructure provider, showcasing its next-generation Vera Rubin super GPU and various collaborations across industries [5][6][42] Group 1: AI and 6G Collaboration - NVIDIA and Nokia are collaborating to launch the Aerial RAN Computer (ARC) to facilitate the transition to 6G networks, integrating AI capabilities into their offerings [20][21] - The AI-RAN market is projected to exceed $200 billion by 2030, highlighting the growth potential of this collaboration [21] - T-Mobile will also partner with Nokia and NVIDIA to test and develop AI-RAN technology, focusing on performance and efficiency improvements [22] Group 2: Quantum Computing and Supercomputing - NVIDIA introduced NVQLink technology, which connects quantum processors with GPU supercomputers, aiming to enhance quantum computing capabilities [4][23] - The company is collaborating with the U.S. Department of Energy to build the largest AI supercomputer, equipped with 100,000 NVIDIA Blackwell GPUs, to support advanced scientific research [28] - NVIDIA's Vera Rubin supercomputer architecture boasts significant performance improvements, achieving up to 3.6 Exaflops in inference performance [10][11] Group 3: AI in Various Industries - NVIDIA's BlueField-4 processor is designed to support AI factory operations, enhancing data processing capabilities for AI infrastructure [30][31] - The company is partnering with CrowdStrike to develop AI-driven cybersecurity solutions, integrating NVIDIA's computing power with CrowdStrike's Falcon platform [32][35] - NVIDIA and Palantir are working together to optimize supply chain processes using AI, with Lowe's as one of the first adopters of this integrated technology [42][43] Group 4: Autonomous Vehicles - NVIDIA announced a partnership with Uber to deploy a fleet of 100,000 Robotaxi vehicles by 2027, utilizing NVIDIA's DRIVE AGX Hyperion platform [36][38] - The DRIVE AGX Hyperion platform enables manufacturers to develop vehicles equipped for Level 4 autonomous driving, marking a significant step in the evolution of transportation [40] - Stellantis and other automotive manufacturers are collaborating with NVIDIA to enhance their autonomous vehicle capabilities [41] Group 5: Pharmaceutical Advancements - Eli Lilly is building a supercomputer powered by over 1,000 Blackwell Ultra GPUs to accelerate drug discovery and development processes [44][45] - The collaboration aims to leverage AI models to significantly reduce the time required for drug development, with potential benefits expected by 2030 [46] - The partnership will utilize federated learning to allow biotech companies to access AI models without sharing sensitive data directly [46]

Core Insights - The communication ETF (515880) has seen a year-to-date market increase of over 117%, ranking first among all ETFs in the market [1] Group 1: NVIDIA Developments - NVIDIA CEO Jensen Huang delivered a keynote at the GTC conference, focusing on breakthroughs in 6G, AI, quantum computing, and robotics [1] - NVIDIA announced a strategic partnership with Nokia, investing $1 billion to acquire shares and jointly advance an AI-native 6G network platform [1] - The company introduced NVQLink technology, integrating AI supercomputing with quantum computing, which has gained support from 17 quantum computing firms [1] - NVIDIA is collaborating with the U.S. Department of Energy to build the largest AI supercomputer for the department [1] - The launch of the Bluefield-4 processor will support AI factory operations [1] Group 2: Market Outlook - Continuous investment in domestic and international computing infrastructure is expected to maintain high demand in the optical module market [1] - As of October 24, the communication ETF (515880) is the largest in its category, with "optical modules + servers + copper connections + optical fibers" accounting for over 80% of its composition [1] - Optical modules represent over 50% of the ETF, indicating potential investment opportunities in related sectors [1]