6G正逐步从愿景蓝图走向产业实景。近期,工信部正式宣布，我国已顺利完成6G第一阶段技术试验，累 计形成超300项关键技术储备，并全面启动第二阶段试验工作。这标志着我国6G研发从单点技术验证， 正式转向系统方案集成与原型验证的关键阶段，为2030年商用夯实基础。 ● 本报记者 杨洁 面向2030年商用目标，第六代移动通信技术（6G）研发已进入全面冲刺阶段。多位业界专家告诉记 者，作为5G之后的新一代移动通信技术，6G并非简单的代际迭代，而是通信范式的根本性变革，承载 着培育万亿元级产业集群、推动社会数智化深度转型的重要使命。 当前6G产业发展仍面临诸多瓶颈挑战。闫丽娟指出，上游元器件等环节需在集成度、生产成本、工艺 及能耗控制等方面实现突破攻关，仪器仪表、仿真软件等领域也需提升成熟度，培育完善的产业生态。 智能内生 与5G相比，6G的优势并非单一维度的速率提升，而是全方面迭代。业界有个形象的比喻，过去30年， 通信干的活本质上是"快递员"：2G送文字，3G送图片，4G送视频，5G送高清视频和物联网数据，但6G 要干的事，相当于把"快递小哥"直接升级成"管家+秘书+智囊团"。 "6G将向更强性能、更高智能、更广覆 ...

A07 公司纵横 ...

Core Insights - Broadcom (AVGO) is launching BroadPeak, a radio digital front-end (DFE) SoC device, enhancing its Semiconductor Solutions segment and targeting next-generation 5G Advanced and 6G wireless infrastructure [1][9] - BroadPeak is the first solution to meet the technical requirements for the upcoming 5G Advanced standard and the 6G standard, featuring a power reduction of up to 40% compared to existing solutions [1][9] Semiconductor Solutions Expansion - The introduction of BroadPeak, along with the BCM4918 accelerated processing unit (APU) and two new dual-band Wi-Fi 8 devices, strengthens Broadcom's Wireless Device Connectivity solutions business [2] - The semiconductor segment is benefiting from strong demand for XPUs, which are essential for training Generative AI models [2] Revenue Expectations - Broadcom anticipates first-quarter fiscal 2026 AI revenues to double year-over-year to $8.2 billion, with semiconductor revenues expected to reach $12.3 billion, indicating a 50% year-over-year growth [3] - The Zacks Consensus Estimate for semiconductor revenues is currently at $12.09 billion, reflecting a 47.3% year-over-year growth [3] Competitive Landscape - Broadcom faces significant competition in the semiconductor market from NVIDIA and Skyworks [4] - NVIDIA is experiencing strong growth in AI and high-performance computing, with data center revenues increasing by 66% year-over-year [5] - Skyworks is targeting high-growth areas such as connected vehicles and data center networking, with improving demand signals across its customer base [6] Stock Performance and Valuation - Broadcom's shares have appreciated by 63.1% over the past year, outperforming the broader Zacks Computer and Technology sector, which returned 26.8% [7][8] - The Zacks Consensus Estimate for fiscal 2026 earnings is $10.25 per share, suggesting a growth of 50.3% from fiscal 2025 [12] - Broadcom's stock is trading at a forward price/earnings ratio of 28.77X, higher than the sector average of 25.5X, indicating a stretched valuation [14]

In our largest tower market, the U.S., carriers are in the middle stages of the 5G cycle, where they broadly completed their initial 5G coverage-oriented activity and are shifting toward capacity-oriented activity. We anticipate carriers will densify their networks not only to meet the capacity demands of 5G, but also to plan ahead for the 6G cycle. We are excited about the 800 megahertz of higher frequency spectrum that has been earmarked for 6G and believe its deployment will drive significant activity on ...

American Tower (NYSE:AMT) Q4 2025 Earnings call February 24, 2026 08:30 AM ET Company ParticipantsBatya Levi - Managing DirectorMichael Rollins - Managing DirectorNick Del Deo - Managing DirectorRichard Choe - Vice President of Equity ResearchRodney Smith - EVP, CFO, and TreasurerSpencer Kurn - SVP of Investor RelationsSteven Vondran - President and CEOConference Call ParticipantsBrandon Nispel - Director and Equity Research AnalystBrendan Lynch - Vice President and Equity Research AnalystDavid Barden - Res ...

American Tower (NYSE:AMT) Q4 2025 Earnings call February 24, 2026 08:30 AM ET Company ParticipantsBatya Levi - Managing DirectorMichael Rollins - Managing DirectorNick Del Deo - Managing DirectorRichard Choe - Vice President of Equity ResearchRodney Smith - EVP, CFO, and TreasurerSpencer Kurn - SVP of Investor RelationsSteven Vondran - President and CEOConference Call ParticipantsBrandon Nispel - Director and Equity Research AnalystBrendan Lynch - Vice President and Equity Research AnalystDavid Barden - Res ...

Financial Data and Key Metrics Changes - For the full year 2025, attributable AFFO per share as adjusted grew by 8%, with over 13% growth in Q4 [3] - Consolidated property revenue increased approximately 4% year-over-year, with about 5% growth when excluding non-cash straight line and FX impacts [13] - Adjusted EBITDA grew approximately 5% year-over-year, with a 7% increase when excluding non-cash net straight line and FX impacts [13][20] - The company ended 2025 with a leverage ratio of 4.9x, back within the target range of 3-5x [14] Business Line Data and Key Metrics Changes - The data center business experienced approximately 14% revenue growth, driven by strong demand for hybrid and multi-cloud deployments [13][19] - Organic Tenant Billings Growth for 2026 is expected to be approximately 1%, with a 4% growth excluding DISH churn [15] - In the U.S. and Canada, Organic Tenant Billings Growth is anticipated to be approximately 0.5%, or 4.5% when excluding DISH churn [16] Market Data and Key Metrics Changes - In the U.S., carriers are transitioning from initial 5G coverage to capacity-oriented activities, with expectations of mid-single-digit organic growth in the U.S. portfolio [5] - Internationally, organic tenant billings growth is expected to be approximately 8.5% in Africa and APAC, with colocation and amendment growth of about 7% [16] - In Europe, organic tenant billings growth is projected at approximately 4%, with significant new build activity anticipated [16][81] Company Strategy and Development Direction - The company aims to drive durable revenue growth, focusing on mobile data consumption, 5G adoption, and AI applications [4] - Capital allocation will prioritize developed markets, with significant investments in tower markets and CoreSite [11][25] - The company is pursuing operational efficiency through cost management initiatives, targeting 200-300 basis points of cash EBITDA margin expansion by 2030 [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential driven by mobile data consumption and interconnection-rich data centers [26] - The company is optimistic about the prospects of a healthier customer base following DISH's default, which is expected to enhance future growth [6] - Management noted that while 2026 may see higher churn, they anticipate an acceleration in organic growth starting in 2027 [18] Other Important Information - The company repurchased approximately $365 million of common stock in 2025, the largest buyback since 2017, and continued repurchases in 2026 [14][25] - The company is involved in ongoing litigation with DISH to recover lease obligations, which could provide upside to future financials [44] Q&A Session Summary Question: Can you provide more color on the pacing of activity from carriers? - Management noted steady activity levels with a higher incidence of new colocations and a healthy amendment pipeline, expecting the majority of new leasing to come from amendments [29][33] Question: What is the amount owed by DISH? - Management indicated that DISH represents about 4% of U.S. revenue, approximately $200 million annually, and they plan to pursue litigation to recover this amount [44] Question: How should we think about M&A opportunities? - Management stated they are evaluating M&A opportunities but noted a disconnect between private and public multiples, which has kept them on the sidelines [47][48] Question: Can you elaborate on the cost reduction program? - Management highlighted ongoing cost management efforts and the addition of a COO to enhance efficiency, aiming for continued margin expansion [78] Question: What are the expectations for property growth in Europe? - Management expressed confidence in strong opportunities in Europe, particularly in Germany and Spain, with a record number of new builds expected [81]

Core Insights - China's future industry innovation is making significant progress, with 5 categories of 6G typical scenarios and 14 key capability indicators adopted by the International Telecommunication Union [1] - The global market share of humanoid robots produced in China exceeds 80% [1] - China ranks among the top tier in quantum computing, being the only country to achieve "quantum computing superiority" in both optical quantum and superconducting technology [1] - The country leads in non-invasive brain-computer interface technology, holding the highest number of patents and applications in various fields [1] - China maintains the largest scale in hydrogen production and consumption, as well as renewable energy hydrogen production capacity [1] - Approximately 20 provinces, including Beijing, Shanghai, Guangdong, and Jiangsu, have introduced policies related to future industries, with 63 pilot zones established in 8 provinces [1] Challenges - The future industry in China faces several risks, including insufficient original innovation capabilities, reliance on foreign core technologies, poor technology transfer, and an underdeveloped innovation ecosystem [2] - There is a need for a problem-oriented approach to strengthen weaknesses, mitigate risks, and enhance advantages in the future industry [2]

华宝基金 wabao WP Fund Car The State The First 2026年02月 | 3A系列ETF当日场内行情 ■ 中证A100ETF基金 A50ETF华宝 A500ETF华宝 159596 562000 563500 +0.78% +1.0% +0.94% 數据来源:沪深交易所等,行情数据截至 A50ETF华宝于2024.3.18上市,中证A100ETF基金于2022.8.1上 市,A500ETF华宝于2024.12.2上市 当日大市行情 m +0.87% +1.36% +0.99% 创业板指 上证指数 深证成指 两市成交额2.2万亿元 较上一日+2194亿元 全市场个股涨跌数 86日 1392景 4006 =1 上涨 il 持平 『下跌 资金净流入TOP3行业(申万一级) +36.19亿元 +39.7917元 机构观点 国投证券:节后行情核心驱动力有望来自三方面 一是政策预期推动或密集落地,两会临近将明确新质生产力、新型能 源体系等产业支持细则,例如6G、水电、机器人等领域有望获得专项 资金或试点推广,直接提振相关板块估值提升预期。二是流动性环境 改善,节后资金回流叠加假期人民币汇 ...

AI大模型迭代与下一代通信技术突破正驱动全球光通信产业进入加速爆发期。伴随底层算力需求的呈指数级增长与光电共封装技术（CPO）的商 业化落地，光通信产业链正迎来基本面与资本市场的全面共振。 在产业端加速量产的同时，中国科研力量在基础通信架构上取得标志性突破。据科技日报及国家信息光电子创新中心消息，北京大学王兴军教授 团队联合鹏城实验室、上海科技大学及国家信息光电子创新中心，在国际上首次提出集成"光纤—无线融合通信"概念，该成果于1月19日发表于 《自然》期刊。 受多重利好集中催化，2月24日A股光通信概念股集体爆发。截至当日收盘，光通信板块整体涨幅超过3%，法尔胜开盘仅1分钟即直线涨停，华工 科技、长飞光纤、昀冢科技等十余只个股涨停或涨幅超过10%。 | 代码 | 名称 | 现价 | 涨跌幅 ▼ | 涨跌 | | --- | --- | --- | --- | --- | | 300394 | 天孚通信 | 351.01 с | 12.65% | 39.43 | | 688205 | 德科立 | 176.00 с | 10.07% | 16.10 | | 000988 | 华工科技 | 82.42 c | 1 ...