博通 TH6 芯片正式交付；看好 A 股科技板块价值 推荐（维持） 回归 行业研究 通信 2025 年 06 月 08 日 证 券 研 究 报 告 通信行业周报（20250602-20250608） 华创证券研究所 证券分析师：欧子兴 邮箱：ouzixing@hcyjs.com 执业编号：S0360523080007 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 124 | 0.02 | | 总市值(亿元) | 48,971.71 | 4.88 | | 流通市值(亿元) | 21,813.38 | 2.74 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 7.2% | 2.2% | 30.5% | | 相对表现 | 5.5% | 4.7% | 22.7% | -12% 7% 26% 45% 24/06 24/08 24/10 25/01 25/03 25/06 2024-06-07~2025-06-06 通信 沪深300 相关研究报告 《通信行业周报（20250526-2 ...

Core Points - The Ningde-Gutian Expressway has officially opened, marking a significant step towards the full connectivity of the highway [1][3] - This expressway is a key project in Fujian Province's "14th Five-Year" transportation development plan, enhancing regional transportation infrastructure [1][3] - The newly opened section is approximately 29 kilometers long, reducing travel time between Ningde and Gutian by about 30 minutes [1][3] Infrastructure Development - The Ningde-Gutian Expressway is part of the G7021 national highway, which connects Ningde to Wuhan, and is crucial for improving transportation in the region [1][3] - The expressway features two toll stations and several tunnels, contributing to a more efficient transportation network [1][3] - The expressway enhances the economic development of the Dajia Industrial Concentration Area by improving logistics and reducing costs for major enterprises [3] Economic Impact - The opening of the expressway is expected to facilitate industrial growth in Ningde, particularly benefiting companies like CATL and SAIC Ningde [3] - Ningde's industrial output value increased by 12.7% year-on-year in the first four months of this year, with the lithium battery and new materials industries contributing significantly to this growth [5] - The development of rural roads in Ningde has also played a crucial role in promoting rural revitalization and economic development [6]

2/25 11/24 沪 深 300 行业评级:增持 报告日期:2025-06-05 行业指数与沪深 300 走势比较 电子 行业点评 博通推出首款 102.4Tbps 超级芯片，AI 基础设施加速建设 分析师:陈耀波 执业证书号：S0010523060001 邮箱: chenyaobo@hazq.com 主要观点: ● 博通推出首款 102. 4Tbps 超级芯片,是目前市场上以太网交换机带 宽的两倍 博通宣布推出最新一代数据中心交换机芯片 Tomahawk 6. 这也是全球 首款单芯片交换容量达 102. 4Tbps 的芯片。这一芯片的性能较现有以太 网交换机翻倍,专为 AI 时代设计,可支持超大规模 GPU 集群的互联需 求, 单颗芯片即可驱动 10 万张 GPU 协同工作。 Tomahawk 6 的带宽理论峰值达 102Tbps. 相当于每秒处理 2.5 万部 4K 电影,较前代 Tomahawk 5 芯片实现６倍吞吐能力提升。是目前市场上 以太网交换机带宽的两倍。 从博通公告获悉,凭借前所未有的可扩展性、能效和 AI 优化功能, Tomahawk6 专为下一代可扩展和可扩展 AI 网络而设计,通过支 ...

Group 1: Core Insights - Shenzhen has launched a comprehensive plan to boost consumption, focusing on four key product categories: artificial intelligence terminals, whole-home smart devices, modern fashion, and outdoor equipment [1] - The plan includes 39 specific measures aimed at addressing consumption market expansion and resolving existing bottlenecks [1][3] - Shenzhen's retail sales of consumer goods reached 1,063.77 billion yuan in 2024, marking a 1.1% increase from the previous year, with a notable recovery in the second half of the year [2] Group 2: Enhancing Consumer Capacity and Willingness - The plan emphasizes enhancing residents' income and employment, with measures including high-quality job promotion and multi-channel income increases [3] - Specific financial incentives are provided for talent recruitment, with subsidies of up to 30,000 yuan for undergraduates and 100,000 yuan for doctoral graduates [3] - The plan also aims to adjust minimum wage standards and support collective bargaining to improve wage levels for workers [3] Group 3: Expanding Quality and Diverse Consumption Supply - Shenzhen aims to promote artificial intelligence terminal consumption by rewarding high-quality products and supporting flagship stores in key locations [7] - The city encourages local fashion brands to enhance their market presence and develop limited edition products [7] - Outdoor equipment consumption will be fostered through events and the establishment of service centers, leveraging Shenzhen's natural resources [7][8] Group 4: Policy Support and Infrastructure Development - The plan includes measures to support foreign trade enterprises affected by tariffs, such as establishing themed display areas in shopping centers [11] - Shenzhen will facilitate participation in international exhibitions, providing financial support for companies attending overseas events [11] - The city is also promoting the use of REITs to enhance investment in consumption and cultural tourism infrastructure [12]

Core Points - The report by researchers from the University of Melbourne accuses Chinese manufacturers of dominating the construction of underwater infrastructure, posing a threat to its safety [1][3] - The report suggests that countries in the Indo-Pacific region should enhance the resilience of underwater infrastructure and collaborate on data security through the "Quad" security dialogue mechanism [1][3] Group 1: Underwater Infrastructure and Resilience - The concept of "resilience" in underwater infrastructure primarily refers to strengthening the resilience of submarine cables to prevent secondary or tertiary impacts from cable damage [4] - Historical examples, such as the UK's "All-Red Line" policy in 1901, illustrate the importance of protecting underwater cables for national strategic and commercial interests [5] - The International Telecommunication Union (ITU) and the International Cable Protection Committee (ICPC) are set to establish a consulting body for submarine cable resilience by December 2024 [5] Group 2: Western Criticism and "Gray Zone Tactics" - Western think tanks have consistently criticized China's deep-sea activities, often labeling them as having malicious intent, linking them to potential damage to underwater infrastructure [3][6] - The term "gray zone tactics" refers to coercive activities that fall between peace and armed conflict, including the destruction of underwater cables and pipelines [7][9] - Recent incidents involving underwater cable disruptions have been attributed to Chinese vessels, despite investigations indicating these were accidental events [10][11] Group 3: International Cooperation and Non-State Entities - The protection of underwater infrastructure is primarily the responsibility of state actors, yet non-state entities, such as private companies, play a significant role in cable laying and investment [14][15] - The International Cable Protection Committee serves as a platform for dialogue between government and non-state entities, although many key national government agencies are not members [17][19] - The United Nations Convention on the Law of the Sea outlines the rights of countries to lay submarine cables, but the enforcement of these rights often lacks clarity regarding non-state actors [12][16] Group 4: China's Role and Legal Framework - China has stringent laws against the destruction of underwater cables, with penalties significantly harsher than those in other countries [11] - The international legal framework primarily addresses state responsibilities, leaving gaps in accountability for non-state actors involved in cable damage [16] - The article emphasizes the need for a collaborative approach to underwater infrastructure protection, advocating for consensus among nations and non-state entities [20]

新华社郑州6月6日电（记者 马意翀）麦粒饱满、外观发亮、放进嘴里"嘎嘣脆"……在素有"豫北粮仓"之称的河南安阳滑县的小 铺乡长虹渠附近的农田中，联合收割机来往穿梭、机器轰鸣。 眼下，滑县180余万亩小麦正迎来大规模收获季。小铺富强种植农民专业合作社理事长王付强正驾驶收割机在忙碌着。随着金黄 的麦粒从收割机出粮管道倾泻而下，源源不断地被送上运粮车，他和家人们脸上洋溢着丰收的喜悦。 "今年丰收来之不易，前期天旱为啥还能丰收？农业基础设施建设持续投入是丰收的'法宝'。地里不缺水，产量有保障。"王付强 告诉记者，合作社今年流转土地800多亩，承包的地块都属于高标准农田。旱能浇、涝能排，手机轻点一下，地里安装的喷灌设 施就开始浇灌了。 王付强拍了拍身边的最新款联合收割机表示，今年麦收期间滑县当地很多跨区作业的农机都运用了北斗导航系统，他自己的地 块已实现小麦收割全程机械化，预计未来3天左右就能收获完成。 "别小看农民合作社装备水平，今年麦收跟以前可大不一样！"杜焕永说着指了指不远处合作社院内正在摆弄电子设备的多个年 轻人。原来今年麦收期间，河南农业大学机电工程学院数十名师生正在焕永农民种植专业合作社内实习，通过在"田间 ...

美能源高管：美国输电基建滞后将拖累AI竞赛 金十数据6月7日讯，乌裔美国企业家、能源开发商Invenergy首席执行官Michael Polsky发出警告称， 如果美国不 紧急对陈旧的输电基础设施进行现代化改造，就有可能在全球人工智能竞赛中落后。他的公司正准备动工建设一 条800英里长的高压输电线路，该线路旨在将5吉瓦电力（相当于五座核反应堆的发电量）从堪萨斯州输送到美国 东部（如图），连接多个区域电网，为数据中心和陆上制造业供电。他表示，特朗普曾发布行政命令，表明美国 面临能源紧急状况，我确实认为这是紧急情况，因为建设相关设施非常困难。他还补充说："我们没有几十年的时 间来解决这个问题，我们只有几年时间。" 查看一下美国输电线路图就会清楚一件事： 这将需要大量的铜。看好 铜价的人深知这一点…… 他认为，能源基础设施开发商需要得到与马斯克的太空项目同等程度的联邦支持，强调 迫切需要建立一个类似于国家高速公路系统的国家输电管理机构来建设高压输电线路。 ...

但稳定币自诞生之日起就遭受众多质疑。其中，稳定币发行机构的储备资产透明度不足是重要隐患；流 动性管理风险也是常见隐患，发行机构须确保有足够的高流动性资产应对用户赎回。2018年，号称与美 元1∶1锚定的稳定币Basis就因监管压力被迫关停；2022年，和美元挂钩的稳定币UST因为发行机构缺乏 真实资产支撑而在72小时内价值归零，造成投资者巨大损失。 此外，由于稳定币的匿名性，反洗钱难度会大于传统金融机构。目前各国和地区已经或即将通过的法 律，也主要针对这些问题。如中国香港地区的《稳定币条例》就对稳定币储备资产的充足性有严格要 求，并要求发行人建立完善的反洗钱制度，确保稳定币不被用于非法金融活动。 从更高层面看，如果稳定币和法币挂钩，使用将更加广泛，其背后的资产影响力就越大。因此，稳定币 被视为未来数字金融基础设施的重要组成部分。美国政府就希望通过联邦法律确保美元稳定币成为全球 标准，继续在数字货币时代保持对国际金融的影响力。中国香港地区希望将稳定币立法视为强化其国际 金融中心地位的战略举措，并有望通过抢先构建完善的监管体系，在区域乃至全球稳定币发展中占据主 动。 中国香港地区的《稳定币条例》近期刊宪并将于8月 ...

Company Overview - Stantec (STN) is a company providing professional services in infrastructure and facilities across Canada, the United States, and internationally, focusing on water treatment, highway systems, and urban development [2] - The company offers a range of services including evaluation, planning, designing infrastructure solutions, sustainable water resource management, environmental services, integrated architecture, engineering, and energy solutions [2] Financial Performance - Stantec has received a Zacks Rank 1 (Strong Buy) due to six analysts increasing their earnings estimates for the current and next year [4] - The Zacks Consensus Estimate for the current year has risen from $3.58 to $3.86, indicating a growth of 19.5%, while next year's estimate increased from $4.07 to $4.33, reflecting a growth of 12.2% [4] - Revenue growth is projected at 11% for the current year and 9.71% for the next year [4] Market Position - The stock is trading above its 50-day and 200-day moving averages, indicating a positive technical outlook [6] - The price and earnings estimates are showing a consistent upward trend, suggesting that the market is recognizing Stantec's reliable execution [5] Industry Context - Stantec operates in sectors such as infrastructure, water, transportation, and environmental services, which are supported by long-cycle projects and significant public and private investment [7] - The U.S. Infrastructure Investment and Jobs Act continues to inject billions into infrastructure projects, creating opportunities for firms like Stantec as municipalities modernize outdated systems [7]

王东升二次创业的"芯"产业版图估值早已超过300亿元。 作者：牛钰 封图：图虫创意 从京东方退休后二次创业的王东升，又将一家芯片独角兽企业送上了IPO（首次公开发行）之路。 5月30日，北京奕斯伟计算技术股份有限公司（下称"奕斯伟计算"）首次向香港交易所（下称"港 交所"）递交招股书。奕斯伟计算是一家专注于RISC-V（开源指令集架构）的企业。 若能成功在港上市，奕斯伟计算有望成为"RISC-V第一股"。 6月5日，对于筹备IPO的进程和背后的细节，奕斯伟计算相关工作人员对经济观察报表示，因公司 正处于静默期不方便回复。 奕斯伟计算的单一最大股东为北京奕斯伟科技集团有限公司（下称"奕斯伟集团"），王东升为奕斯 伟集团的实际控制人和董事长。在该集团的子公司中，还有估值约240亿元的西安奕斯伟材料科技 股份有限公司（下称"奕斯伟材料"）和几十家科技行业的子公司。 "火星"与"造芯" 招股书引用的弗若斯特沙利文资料显示，按2024年相关收入计算，奕斯伟计算是国内最大的RISC- V全定制解决方案供应商。 从公开信息可见，在奕斯伟计算身上，知名机构云集。中信证券和中信建投国际为奕斯伟计算IPO 的保荐人。从2019年 ...