Financial Data and Key Metrics Changes - Revenue for the second quarter reached over NT$56 billion, marking a 4.8% year-over-year increase, driven mainly by the expansion of the ICT business and higher sales revenue [22][30] - Operating income and net income rose by 5.2% and 3.5% respectively compared to the same period last year, supported by growth in the Internet data center business and steady performance from subsidiaries [22][30] - Earnings per share increased from NT$1.27 to NT$1.31, reflecting consistent profitability and effective cost control, with EPS reaching the highest levels in nine years for the second quarter [22][30] - EBITDA increased by 3.5% year over year, reaching NT$22.58 billion, with an EBITDA margin of 39.8%, remaining broadly stable compared to last year [23][30] Business Line Data and Key Metrics Changes - Mobile service revenue grew approximately 2% year over year, with a mobile ARPU increase of 38% as more users upgraded to 5G [9] - Fixed broadband revenue increased by 1.8% year over year, driven by strategic bundle plans and symmetrical uplink/downlink speeds for services above 300 Mbps [10] - Enterprise ICT revenue increased by 27% year over year, with core service pillars like IDC, AIoT, and cloud showing robust growth of 40%, 75%, and 140% respectively [14] Market Data and Key Metrics Changes - Mobile market share rose to 40.7% as of June, achieving a new high, with the highest subscriber share among peers at 39.1% [8] - Southeast Asia market delivered double-digit revenue growth driven by demand for ICT services from high-tech companies [18] Company Strategy and Development Direction - The company continues to execute its "sea, land, and sky" strategy to enhance network resilience and seize future opportunities, including investments in undersea cables and satellite services [6][7] - The focus remains on innovation and operational excellence, with a commitment to governance and sustainability recognized by receiving the highest MSCI ESG rating of AAA [7] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth momentum of core businesses and highlighted the importance of strategic investments in ICT and satellite services to support future growth [5][6] - The company remains cautious about global market sentiment amid ongoing uncertainties but continues to invest strategically for long-term growth [18] Other Important Information - The company received the 2025 Taiwan Data Center Service Competitive Strategy Leadership Award from Frost Sullivan, recognizing its AI-ready data center capabilities [7] - Total assets increased by 1.9% as of June 30, 2025, primarily driven by an increase in current monetary assets [25] Q&A Session Summary - No specific questions were recorded during the Q&A session, and the call concluded without further inquiries from participants [33][34]

来源：新浪证券-红岸工作室 8月5日，兆龙互连涨4.93%，成交额13.75亿元，换手率10.50%，总市值163.58亿元。 异动分析 铜缆高速连接+光纤概念+5G+机器视觉+人民币贬值受益 1、2024年1月25日互动易，公司高速组件系列产品（DAC）主要运用于大型数据中心交换机与服务器 的连接，包括25G、100G、200G、400G等不同速率的产品，并已成功开发了800G传输速率的高速电缆 组件。 2、根据2025年5月29日投资者关系活动记录表：公司光产品涵盖光纤跳线、MPO/MTP预端接、LC光纤 连接器等。目前国内主要服务于金融系统（如银行）、高等院校、医疗、展馆等中高端项目；同时正进 一步拓展海外市场，逐步形成小批量业务阶段。 3、招股说明披露：公司是国内少数有能力设计制造超六类、七类、超七类乃至八类数据电缆的企业， 能够满足 5G 时代新的数据传输需求。 4、2025年2月27日互动易：公司机器视觉产品已经批量运用于多种机器视觉连接系统解决方案，包含 CoaXPress、GigE、10GigE、Camera Link、光跳线等。 资金分析 今日主力净流入3555.69万，占比0.03%，行业 ...

格隆汇8月5日｜民生证券研报指出，禾盛新材投资熠知电子，实现AI上下游一体化。公司以自有资金 或自筹资金2.5亿元向熠知电子增资，公司于本次投资后预计持有熠知电子10%股权。熠知电子建立了 完善的高端处理器的研发环境和流程，产品性能逐代提升，功能不断丰富，目前针对不同的应用场景已 经推出了两大系列产品，即包括一代TF16000系列融合处理器及服务器和二代TF7000系列融合处理器及 相应板卡。考虑禾盛新材通过多年的精细化运营，同时子公司海曦技术有望受益于国产AI大模型，认 为公司主业在行业政策支持下有望稳步增长，子公司海曦技术在人工智能、云计算、5G等产业趋势 下，相关订单有望加速落地。看好公司业务前景，维持"推荐"评级。 ...

Core Viewpoint - China Tower (00788) reported stable revenue growth for the half-year ending June 30, 2025, with operating income reaching RMB 49.601 billion, a year-on-year increase of 2.8% [1] - The company continues to enhance its profitability, with EBITDA reaching RMB 34.227 billion, up 3.6% year-on-year, and net profit attributable to shareholders at RMB 5.757 billion, an increase of 8.0% [1] Group 1: Financial Performance - Operating cash flow for the period was RMB 28.679 billion, with free cash flow amounting to RMB 16.287 billion [1] - The board has decided to distribute an interim dividend of RMB 0.13250 per share (pre-tax) for 2025 [1] Group 2: Business Development - The company is optimizing resource allocation and deepening reform and innovation, leading to improved operational quality and efficiency [1] - In the first half of 2025, the operator business generated revenue of RMB 42.461 billion, reflecting a 0.8% year-on-year growth [1] Group 3: Two-Wing Business Growth - The two-wing business achieved revenue of RMB 6.935 billion in the first half of 2025, accounting for 14.0% of total revenue, an increase of 1.6 percentage points compared to the same period last year [2] - The company is focusing on technological innovation, enhancing core capabilities, and driving business growth [2] Group 4: R&D and Innovation - The company is strengthening its R&D in key technologies such as next-generation mobile communications, artificial intelligence, edge computing, and IoT, with a 29% increase in R&D personnel compared to the same period last year [2] - The number of authorized invention patents increased by 16% compared to the end of 2024 [2]

Core Insights - Inseego Corp. has appointed Lawrence Hau as Chief Supply Chain Officer and Zack Kowalski as Senior Vice President of Business Development to enhance its supply chain and channel expansion strategies [1][2][3] Group 1: Leadership Changes - Lawrence Hau will oversee end-to-end procurement and supply chain functions, focusing on improving global supply chain agility and resilience [2][3] - Zack Kowalski will lead business development for non-carrier-direct channels, including value-added resellers, distributors, OEMs, and managed service providers [2][3] Group 2: Strategic Objectives - The addition of seasoned leaders is part of Inseego's transformation strategy to strengthen product innovation, go-to-market capabilities, and supply chain management [2][3] - Exceptional supply chain management is viewed as a strategic competitive advantage for Inseego, especially in navigating evolving industry dynamics [3] Group 3: Leadership Backgrounds - Lawrence Hau brings over 20 years of experience in global procurement operations, previously serving as Chief Procurement Officer at Vantiva and an advisor at Bain & Company [3][4] - Zack Kowalski has over 17 years of experience in building strategic partnerships and business operations, previously transforming Kajeet into a leading IoT service provider [4][5] Group 4: Company Vision - Inseego aims to leverage its investment in the Inseego Connect cloud management platform to create new services and optimize business operations for its customers [5][6] - The company positions itself to capitalize on the shift towards wireless communications, aiming to become a leading provider of wireless broadband solutions worldwide [5][6]

Core Insights - Anhui Yunta Technology Co., Ltd. has completed nearly 300 million RMB in Series B financing, marking a new phase of accelerated development as a rising player in the RF chip sector [1][6] - The financing round was led by Anhui Guokong Investment Co., Ltd. and Dafu Technology (Anhui) Co., Ltd., highlighting the recognition of Yunta Technology's technological scarcity and market leadership in RF filters [1][5] Company Overview - Yunta Technology, established in 2016, focuses on the research and sales of RF front-end chips and modules, having launched over 150 filter products to the market [3] - The company has a long-term technical accumulation in ultra-high-performance integrated passive devices (SPD) and hybrid filters, demonstrating comprehensive R&D and supply capabilities across all types of filters [3] Market Position and Products - Yunta Technology's products are primarily used in high-precision positioning devices, smartphones, tablets, IoT modules, network devices, routers, quantum computing devices, smart cockpits, industrial robots, and smart factories [3] - The company has developed three major product series, including Series 3, Series 5, and hybrid series, all of which have achieved mass production and serve over 170 clients, including more than 15 industry leaders [3] Strategic Partnerships - Dafu Technology plans to leverage industrial synergies with Yunta Technology through channel sharing and resource integration, focusing on strategic emerging fields such as cellular wireless communication, IoT, smart connected vehicles, and satellite communication [1][2] - The partnership aims to promote industrial innovation and breakthroughs, establishing a mutually beneficial development framework [1] Technological Advancements - Yunta Technology has introduced the world's first LB/MB/HB/UHB four-in-one device, providing a versatile and flexible RF front-end solution with broad application prospects in smartphones, IoT, laptops, CPE, and vehicle networking [5] - The company is noted for being the only domestic entity capable of large-scale production of high-performance combiners, breaking the long-standing foreign monopoly in this field, which is significant for the development of China's 5G and 6G wireless communication industries [5]

来源：新浪证券-红岸工作室 8月4日，联特科技跌0.40%，成交额5.05亿元，换手率7.78%，总市值124.61亿元。 异动分析 共封装光学(CPO)+5G+数据中心+人民币贬值受益+芯片概念 今日主力净流入-341.34万，占比0.01%，行业排名43/89，连续3日被主力资金减仓；所属行业主力净流 入-11.05亿，连续3日被主力资金减仓。 区间今日近3日近5日近10日近20日主力净流入-341.34万-8270.02万-6573.52万367.98万-2.97亿 主力持仓 1、2022年12月8日互动易回复：公司拥有了光芯片集成、高速光器件以及高速光模块设计、生产的核心 能力，在高速信号设计和仿真、光学仿真和光耦合工艺领域掌握了相关核心技术。公司目前研发的有基 于EML（电吸收调制激光器）、SIP（硅光）、TFLN（薄膜铌酸锂）调制技术的800G光模块，以及用 于下一代产品NPO（近封装光学）/CPO（共封装光学）所需的高速光连接技术、激光器技术和芯片级 光电混合封装技术等。 2、光模块目前主要应用市场包括数通市场、电信市场和新兴市场。其中数通市场是光模块增速最快的 市场，目前已超越电信市场成为第一 ...

Core Viewpoint - In the past week, a significant number of institutional research activities have been conducted, with Defu Technology being the most researched stock, indicating strong interest from various investment entities [1][2]. Group 1: Defu Technology - Defu Technology (301511) had a total of 238 institutional research engagements, including 48 fund companies, 44 securities firms, 60 private equity firms, and 15 insurance institutions [2]. - The company signed a share purchase agreement with Volta Energy Solutions S.à.r.I. to acquire 100% of Circuit Foil Luxembourg S.a.r.I. for a total enterprise value of €215 million, with the final acquisition price expected to be around €174 million after adjustments [2]. - Circuit Foil Luxembourg is the only non-Japanese leader in high-end IT copper foil technology and production, with core products including HVLP and DTH, serving applications in AI servers and 5G base stations, indicating substantial growth potential [2][3]. Group 2: Stock Performance - Defu Technology's stock price has seen a notable increase of over 29% in the past week, with a daily turnover rate exceeding 10% for five consecutive days [5]. - Other stocks that have also experienced significant gains include Shenghong Technology, New Asia Electronics, and Dayang Biology, each rising over 10% [7][8]. Group 3: Other Companies - Huichen Co. (慧辰股份) and Haida Group (海大集团) also attracted over 100 institutional research engagements, with Huichen's stock rising by 13.58% [6][10]. - Huichen has developed its own AI application platform and models, leveraging data and algorithms to meet client needs for cost reduction and efficiency [6]. - Shenghong Technology anticipates further improvements in gross margin and product quality, supported by top-tier production equipment and experienced management [7]. - New Asia Electronics has successfully patented a new manufacturing technology for high-speed copper cables, enhancing signal transmission efficiency [7].

Group 1 - Two stocks, Defu Technology and Shenghong Technology, surged over 20% this week, reaching new highs for the year [1] - The A-share market saw a decline in major indices, with the Shanghai Composite Index down 0.94% and the Shenzhen Component down 1.58% [1] - Defu Technology received the highest number of institutional visits this week, with 144 institutions participating in a research meeting [2] Group 2 - Defu Technology plans to acquire 100% of Luxembourg Copper Foil for €174 million, which is the only non-Japanese leader in high-end IT copper foil technology [2] - The acquisition will increase Defu Technology's electrolytic copper foil capacity from 175,000 tons per year to 191,000 tons per year, making it the world's largest producer [2] - Shenghong Technology announced plans for a Hong Kong IPO to capitalize on global AI opportunities, positioning itself as a leading player in the AI hardware supply chain [3] Group 3 - CIMC reported optimistic demand for its container business, with orders currently scheduled through the third quarter, and expects industry production to exceed 3 million TEU for the year [4] - CATL disclosed a net profit of 30.5 billion yuan for the first half of the year, a 33.33% increase year-on-year, with a high capacity utilization rate of around 90% [4] - BOE Technology indicated a slight decline in LCD TV prices but anticipates a recovery in demand and stabilization of prices in August [4]

Market Overview - A-shares experienced fluctuations with the Shanghai Composite Index peaking at 3636.17 points before closing down 0.94% for the week at 3559.95 points [1] - The Shenzhen Component and ChiNext Index also saw declines of 1.58% and 0.74% respectively [1] - Most sectors entered a correction phase, with notable gains in biomedicine, communication, and media, while coal, non-ferrous metals, and real estate sectors faced significant declines [1] Company Highlights - Defu Technology (301511) attracted the highest number of institutional investors this week, with 144 participating in a recent survey, driven by its plan to acquire 100% of Luxembourg Copper Foil for €174 million [3] - The acquisition is expected to enhance Defu Technology's production capacity from 175,000 tons/year to 191,000 tons/year, solidifying its position as the world's largest producer of electrolytic copper foil [3] - The company aims to leverage the acquisition to expand into emerging markets and improve profitability through resource integration and brand advantages [3] Victory Technology - Victory Technology, also in the electronic components sector, announced plans for a Hong Kong IPO to capitalize on global AI opportunities [4] - The company positions itself as a leading player in the AI hardware supply chain, with backing from internationally recognized strategic investors to enhance its financing and risk management capabilities [4][6] - Proceeds from the IPO will be used for high-end capacity expansion, smart upgrades, and R&D in advanced PCB technologies to meet global expansion needs [6] Industry Insights - CIMC Group reported optimistic demand in the container business, with orders extending into Q3, and expects the industry to produce no less than 3 million TEUs this year, exceeding initial forecasts [6] - CATL disclosed a net profit of 30.5 billion yuan for the first half of the year, a 33.33% increase year-on-year, with a high capacity utilization rate of approximately 90% [6] - BOE A indicated a continued trend of inventory reduction in the LCD TV sector, with slight price declines, but anticipates a recovery in demand and stabilization of panel prices in August [7]