（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司在5G、6G这些领域有涉足布局吗？ 维峰电子（301328.SZ）11月25日在投资者互动平台表示，公司尚未涉足上述领域。 ...

Group 1 - The core viewpoint of the news is the establishment of the Xinke Industrial Investment Fund, with a total scale of 5 billion yuan, focusing on the integrated network construction of "air, land, sea" [1] - The fund is initiated by Wuhan Gaoke Group in collaboration with China Information Communication Technologies Group, Hubei Railway Fund, and Wuhan Fund, leveraging resources from six listed companies under China Information Communication Technologies Group [1] - The investment direction of the fund centers on integrated communication network construction, targeting areas such as optical communication, mobile communication, optoelectronics, integrated circuits, cybersecurity, special communications, and intelligent applications, while also exploring advanced fields like artificial intelligence, satellite internet, quantum communication, and 6G [1] Group 2 - Wuhan Gaoke Group aims to enhance multi-party collaboration through resource sharing and complementary advantages, striving to make the Xinke Industrial Fund a model for collaborative and win-win development between central and local enterprises [2]

Core Viewpoint - Keysight Technologies reported better-than-expected earnings, with a stock surge of 14.2% post-announcement, indicating strong market demand and growth potential in various sectors [3][4]. Financial Performance - Adjusted earnings per share for Q4 reached $1.91, surpassing analyst estimates of $1.82, with revenue of $1.42 billion, exceeding the consensus of $1.39 billion and showing a 10% year-over-year growth from $1.29 billion [3]. - For FY2025, Keysight expects revenue to grow to $5.37 billion, an 8% increase from FY2024's $4.98 billion, with adjusted earnings per share projected at $7.16, up from $6.27 the previous year [4]. Business Segments - The Communications Solutions Group generated $990 million in revenue, an 11% increase year-over-year, driven by investments in AI data center infrastructure and defense modernization [3]. - The Electronic Industrial Solutions Group saw a 9% revenue growth to $429 million [3]. Strategic Initiatives - Keysight announced a $1.5 billion share repurchase plan effective immediately, reflecting confidence in its financial health [4]. - The company is advancing its software-centric solutions strategy through acquisitions, including Spirent, Synopsys Optical Solutions Group, and Ansys PowerArtist [5]. Market Trends - The demand for AI infrastructure and technology stack upgrades is driving significant growth in design, simulation, and testing across multiple sectors [6]. - The company is actively collaborating with industry leaders to shape the future of AI infrastructure, showcasing its solutions at major industry events [7]. Semiconductor Sector - Keysight's semiconductor business experienced robust growth, supported by stable demand for wafer testing and photolithography solutions, as well as AI-driven capacity expansion [9]. - The company is working closely with leading foundries and IDMs to meet end-to-end needs from early R&D to wafer manufacturing [9]. Automotive and Defense - In the automotive sector, Keysight is addressing network compliance and security concerns, while also expanding opportunities in grid modernization [10]. - The company reported a new high in orders and revenue in the aerospace, defense, and government sectors, with an 8% growth year-over-year [8].

Group 1 - The company has not yet engaged in the 6G field, indicating that its main business does not currently involve this emerging technology [2] - An investor inquired about the company's involvement in the 6G sector, highlighting the interest in the company's product alignment with the communication industry [2] - The company's response on the investor interaction platform suggests a focus on existing business areas rather than new developments in 6G [2]

Group 1 - The company, Blue Shield Optoelectronics (300862.SZ), has stated that its main business does not currently involve the 6G field [1]

格隆汇11月25日丨蓝盾光电(300862.SZ)在投资者互动平台表示，公司主营业务暂未涉及6G领域。 ...

Financial Data and Key Metrics Changes - In Q4 2025, revenue reached $1,419 million, a 10% increase year-over-year, or 9% on a core basis [18] - Orders grew to $1,533 million, up 14% year-over-year, or 12% on a core basis [19] - Full year revenue was $5,375 million, an 8% increase as reported, or 7% on a core basis [19] - Earnings per share (EPS) for Q4 was $1.91, a 16% increase year-over-year, while full year EPS was $7.16, up 14% [19] Business Segment Data and Key Metrics Changes - The Communication Solutions Group (CSG) generated Q4 revenue of $990 million, up 11% reported, or 9% core [20] - The Electronic Industrial Solutions Group (EISG) reported revenue of $429 million, a 9% increase reported, or 8% core [20] - CSG achieved a gross margin of 66% and an operating margin of 27%, while EISG had a gross margin of 60% and an operating margin of 25% [20] Market Data and Key Metrics Changes - The aerospace, defense, and government sector saw record orders with an 8% revenue increase for the year [11] - Wireless orders and revenue grew high single digits for the full year, driven by advancements in 5G and early 6G research [10] - Wireline orders and revenue grew double digits both in Q4 and for the full year, setting a new record [7] Company Strategy and Development Direction - Keysight is focusing on software-centric solutions and has made strategic acquisitions to enhance its capabilities [6] - The company is well-positioned to capitalize on trends in AI, 6G, and defense modernization, aligning its solutions with customer priorities [5][6] - A new $1.5 billion share repurchase program has been authorized to support capital return to shareholders [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth in wireless and wireline segments, driven by stabilization in 5G and advancements in AI infrastructure [28] - The company anticipates revenue growth in FY 2026 to be at or above the high end of its long-term target of 5%-7% [22] - Management highlighted a robust sales pipeline and backlog entering FY 2026, with expectations for continued strong performance [22] Other Important Information - Keysight achieved record free cash flow of $1.3 billion in FY 2025, with significant investments in R&D and acquisitions [7] - The company is working to realize over $100 million in synergies from recent acquisitions, expected to be accretive to earnings within 12 months post-close [22] Q&A Session Summary Question: How does the company see wireless trending in FY 2026? - Management is optimistic about wireless growth, driven by stabilization in 5G and investments in advanced technologies [28] Question: Will there be additional growth or acceleration in the adoption of 1.6 Terabit wireline? - The company believes its first-to-market solutions will continue to drive momentum in wireline, particularly with advancements in AI [30] Question: What is the expected cadence of revenue contribution from recent acquisitions? - Approximately 30% of the acquisition revenue is expected in Q1, with the remainder distributed evenly across the following quarters [61] Question: What are the expectations for EPS growth despite mild dilution from acquisitions? - Management indicated that the dilution would be low single digits, with expectations for EPS growth at or above 10% [66] Question: How does the company view the growth potential in the automotive sector? - The automotive sector is stabilizing, with growth seen in software-defined vehicles and electric vehicle solutions [106]

Financial Performance and Key Metrics - Keysight reported Q4 revenue of $1,419 million, a 10% increase year-over-year, and orders grew 14% to $1,533 million [18][19] - Full year revenue reached $5,375 million, up 8% as reported, with EPS increasing 14% to $7.16 [19][20] - Gross margin for Q4 was 64%, with an operating margin of 26% [19] Business Segment Performance - The Communication Solutions Group (CSG) generated Q4 revenue of $990 million, up 11%, driven by strong wireline and wireless growth [20] - The Electronic Industrial Solutions Group (EISG) reported revenue of $429 million, a 9% increase, with growth in semiconductor and general electronics [20][21] - Software and services accounted for approximately 37% of total revenue, with annual recurring revenue at 29% [20] Market Trends and Key Indicators - Strong demand in wireline driven by AI infrastructure buildouts and technology upgrades, with double-digit growth in orders and revenue [8][20] - Wireless segment saw high single-digit growth, supported by advancements in 5G and early 6G research [10][20] - Aerospace, defense, and government sectors achieved record orders, with an 8% revenue increase, reflecting strong customer engagement in defense modernization [11][20] Company Strategy and Industry Positioning - Keysight's strategy focuses on software-centric solutions and strategic acquisitions to enhance capabilities, including recent acquisitions of Spirent and Synopsys Optical Solutions Group [6][7] - The company is well-positioned to capitalize on trends in AI, 6G, and semiconductor advancements, with a robust pipeline of sales opportunities [5][17] - Keysight aims to achieve over $100 million in synergies from recent acquisitions while maintaining critical investments in R&D [22][23] Management Commentary on Business Environment and Outlook - Management expressed optimism about growth in wireless and wireline segments, anticipating continued demand driven by technological advancements [28][30] - The company expects Q1 2026 revenue to be between $1,530 million and $1,550 million, representing a 19% year-over-year growth at the midpoint [21][22] - Keysight's leadership remains confident in the fundamentals of its business model and long-term shareholder value creation [17][24] Other Important Information - Keysight achieved record free cash flow of $1.3 billion in FY25, with $375 million returned to shareholders through buybacks [7][21] - The company has authorized an additional $1.5 billion share repurchase program [7] Q&A Session Summary Question: Wireless segment outlook for FY2026 - Management is optimistic about wireless growth, driven by stabilization in 5G and investments in advanced technologies [26][28] Question: Growth potential from 1.6 TB per second wireline - The company is well-positioned to continue momentum in wireline, leveraging first-to-market solutions and technological complexity [29][30] Question: Order acceleration details - The significant acceleration in orders is attributed to broad strength across both CSG and EISG businesses, with a robust pipeline for future growth [34][36] Question: M&A revenue contribution cadence - Approximately 30% of the revenue from acquisitions is expected in Q1, with the remainder distributed evenly across the following quarters [61] Question: EPS growth despite dilution from acquisitions - Management indicated that the expected dilution from acquisitions is mild, with low single-digit percentage impacts [66][68] Question: Revenue growth expectations across different segments - AI is expected to be a significant growth driver, with wireline and wireless segments anticipated to grow in line with long-term targets [73][75]

Financial Performance and Key Metrics - Keysight reported fourth quarter revenue of $1,419 million, exceeding guidance and reflecting a 10% increase year-over-year, or 9% on a core basis [16] - Orders for the fourth quarter reached $1,533 million, up 14% on a reported basis or 12% on a core basis [17] - Full year revenue was $5,375 million, an 8% increase as reported, or 7% on a core basis, with earnings per share (EPS) of $7.16, up 14% [17][18] Business Segment Performance - The Communication Solutions Group (CSG) generated fourth quarter revenue of $990 million, up 11% on a reported basis, driven by strong wireline and wireless performance [18] - The Electronic Industrial Solutions Group (EISG) reported revenue of $429 million, a 9% increase on a reported basis, with growth in semiconductor and general electronics [18] - Software and services accounted for approximately 37% of total revenue, with annual recurring revenue at 29% [18] Market Performance - Wireline orders and revenue grew double digits in Q4 and for the full year, driven by AI infrastructure buildouts and technology upgrades [6][10] - Wireless orders and revenue grew high single digits for the full year, supported by ongoing standards evolution and early 6G research [9] - Aerospace, defense, and government sectors saw record orders, with revenue increasing by 8% for the year, reflecting strong customer engagement in defense modernization [10][11] Company Strategy and Industry Competition - Keysight's strategy focuses on software-centric solutions and recent acquisitions to enhance capabilities in AI, 6G, and semiconductor markets [4][5] - The company is well-positioned to capture growth opportunities in emerging technologies, including AI and defense, with a robust sales pipeline [4][10] - Keysight aims to realize over $100 million in synergies from recent acquisitions, which are expected to be accretive to earnings within 12 months post-close [20][21] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about wireless growth in FY2026, driven by stabilization in 5G and advancements in next-gen connectivity [24] - The company anticipates revenue growth in FY2026 to be at or above the high end of its long-term target of 5%-7%, excluding acquisitions [20][22] - Keysight's operating model is expected to generate strong free cash flow, allowing for continued investment in R&D and shareholder returns [5][19] Other Important Information - Keysight achieved record free cash flow of $1.3 billion in FY2025, with $375 million returned to shareholders through buybacks [5][19] - The company has authorized an additional $1.5 billion share repurchase program to support ongoing capital return [5] Q&A Session Summary Question: How does the company see wireless trending in FY2026? - Management is optimistic about wireless growth, driven by stabilization in 5G and investments in advanced technologies [24] Question: What is the expected growth from the adoption of 1.6 TB per second wireline? - The company believes that higher technological complexity will drive growth in wireline, with a strong focus on first-to-market solutions [25] Question: Can you elaborate on the order acceleration and its drivers? - The revenue outperformance was attributed to broad order strength across both CSG and EISG, with a robust pipeline for future growth [27][28] Question: What are the expectations for M&A revenue contributions? - Approximately 30% of the revenue from acquisitions is expected in Q1, with the remainder distributed evenly across the following quarters [39] Question: How does the company plan to achieve operating margin targets? - Management indicated that achieving the 31%-32% operating margin target is further out, with current margins at 26% [47] Question: What is the outlook for software and services revenue growth? - The company expects continued growth in software and services, particularly with the integration of recent acquisitions [56]

Financial Performance - Q4 2025 revenue reached $1.4 billion, a 10% year-over-year increase, with earnings per share at $1.91, up 16% year-over-year[4] - FY25 revenue grew by 8%, with Communications Solutions Group (CSG) up 9% year-over-year and Electronic Industrial Solutions Group (EISG) up 6% year-over-year[4] - The company generated a record free cash flow of $1.3 billion in FY25[4] - Q1 2026 guidance projects revenue between $1.53 billion and $1.55 billion, and non-GAAP earnings per share between $1.95 and $2.01[36] Orders and Backlog - Q4 2025 orders increased by 14% year-over-year to $1.5 billion, also growing 14% quarter-over-quarter[4] - FY25 orders totaled $5.5 billion, an 8% year-over-year increase, driven by record orders in aerospace, defense, government, and wireline sectors[4] - The company's backlog stands at $2.7 billion, positioning it for a strong start to FY26[4] Segment Performance - Communications Solutions Group (CSG) revenue in Q4 2025 was $990 million, an 11% year-over-year increase[17] - Electronic Industrial Solutions Group (EISG) revenue in Q4 2025 was $429 million, a 9% year-over-year increase[22] - Commercial Communications revenue grew 12% year-over-year to $660 million[20, 29] Strategic Investments - The company invested $1.7 billion in R&D and acquisitions in FY25[4] - A new $1.5 billion share repurchase authorization reflects confidence in long-term growth and value creation[4] - Acquisitions of Spirent, Optical Solutions Group, and PowerArtist expand the served addressable market by approximately $1.25 billion and grow the overall software mix by roughly 300 basis points[4]